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  4. [10-Q] Main Street Capital CORP Quarterly Earnings Report

[10-Q] Main Street Capital CORP Quarterly Earnings Report

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q
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Nuts, LLC, Secured Debt 12025-09-300001396440American Nuts, LLC, Secured Debt 22025-09-300001396440American Nuts, LLC, Preferred Equity2025-09-300001396440main:AmericanNutsLLCMember2025-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12025-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22025-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12025-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22025-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2025-09-300001396440main:AnalyticalSystemsKecoHoldingsLLCMember2025-09-300001396440ASC Interests, LLC, Secured Debt 12025-09-300001396440ASC Interests, LLC, Secured Debt 22025-09-300001396440ASC Interests, LLC, Preferred Member Units2025-09-300001396440ASC Interests, LLC, Member Units2025-09-300001396440main:ASCInterestsLLCMember2025-09-300001396440Barfly Ventures, LLC, Secured Debt2025-09-300001396440Barfly Ventures, LLC, Member Units2025-09-300001396440main:BarflyVenturesLLCMember2025-09-300001396440Batjer TopCo, LLC, Secured Debt 12025-09-300001396440Batjer TopCo, LLC, Secured Debt 22025-09-300001396440Batjer TopCo, LLC, Secured Debt 32025-09-300001396440Batjer TopCo, LLC, Preferred Stock2025-09-300001396440main:BatjerTopCoLLCMember2025-09-300001396440BDB Holdings, LLC, Secured Debt2025-09-300001396440BDB Holdings, LLC, Preferred Equity2025-09-300001396440main:BDBHoldingsLLCMember2025-09-300001396440Bolder Panther Group, LLC, Secured Debt 12025-09-300001396440Bolder Panther Group, LLC, Secured Debt 22025-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2025-09-300001396440main:BolderPantherGroupLLCMember2025-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2025-09-300001396440Brewer Crane Holdings, LLC, Preferred Member Units 12025-09-300001396440Brewer Crane Holdings, LLC, Preferred Member Units 22025-09-300001396440main:BrewerCraneHoldingsLLCMember2025-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2025-09-300001396440Bridge Capital Solutions Corporation, Warrants2025-09-300001396440main:BridgeCapitalSolutionsCorporationMember2025-09-300001396440California Splendor Holdings LLC, Secured Debt 12025-09-300001396440California Splendor Holdings LLC, Secured Debt 22025-09-300001396440California Splendor Holdings LLC, Preferred Member Units 12025-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22025-09-300001396440main:CaliforniaSplendorHoldingsLLCMember2025-09-300001396440CBT Nuggets, LLC, Member Units2025-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12025-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22025-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2025-09-300001396440main:CentreTechnologiesHoldingsLLCMember2025-09-300001396440Chamberlin Holding LLC, Secured Debt 12025-09-300001396440Chamberlin Holding LLC, Secured Debt 22025-09-300001396440Chamberlin Holding LLC, Member Units 12025-09-300001396440Chamberlin Holding LLC, Member Units 22025-09-300001396440main:ChamberlinHoldingLLCMember2025-09-300001396440Charps, LLC, Unsecured Debt2025-09-300001396440Charps, LLC, Preferred Member Units2025-09-300001396440main:CharpsLLCMember2025-09-300001396440Clad-Rex Steel, LLC, Secured Debt 12025-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22025-09-300001396440Clad-Rex Steel, LLC, Secured Debt 32025-09-300001396440Clad-Rex Steel, LLC, Member Units 12025-09-300001396440Clad-Rex Steel, LLC, Member Units 22025-09-300001396440main:CladRexSteelLLCMember2025-09-300001396440Cody Pools, Inc., Secured Debt 12025-09-300001396440Cody Pools, Inc., Secured Debt 22025-09-300001396440Cody Pools, Inc., Preferred Member Units2025-09-300001396440main:CodyPoolsIncMember2025-09-300001396440Colonial Electric Company LLC, Secured Debt 12025-09-300001396440Colonial Electric Company LLC, Secured Debt 22025-09-300001396440Colonial Electric Company LLC, Preferred Member Units2025-09-300001396440main:ColonialElectricCompanyLLCMember2025-09-300001396440CompareNetworks Topco, LLC, Secured Debt2025-09-300001396440CompareNetworks Topco, LLC, Preferred Member Units2025-09-300001396440main:CompareNetworksTopcoLLCMember2025-09-300001396440Compass Systems & Sales, LLC, Secured Debt 12025-09-300001396440Compass Systems & Sales, LLC, Secured Debt 22025-09-300001396440Compass Systems & Sales, LLC, Preferred Equity2025-09-300001396440main:CompassSystemsSalesLLCMember2025-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2025-09-300001396440Cybermedia Technologies, LLC, Secured Debt 12025-09-300001396440Cybermedia Technologies, LLC, Secured Debt 22025-09-300001396440Cybermedia Technologies, LLC, Preferred Member Units2025-09-300001396440Cybermedia Technologies, LLC, Preferred Equity2025-09-300001396440main:CybermediaTechnologiesLLCMember2025-09-300001396440Datacom, LLC, Secured Debt 12025-09-300001396440Datacom, LLC, Secured Debt 22025-09-300001396440Datacom, LLC, Preferred Member Units2025-09-300001396440main:DatacomLLCMember2025-09-300001396440Digital Products Holdings LLC, Secured Debt2025-09-300001396440Digital Products Holdings LLC, Preferred Member Units2025-09-300001396440main:DigitalProductsHoldingsLLCMember2025-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12025-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22025-09-300001396440Direct Marketing Solutions, Inc., Preferred Stock2025-09-300001396440main:DirectMarketingSolutionsIncMember2025-09-300001396440Doral Holdings, LLC, Secured Debt 12025-09-300001396440Doral Holdings, LLC, Secured Debt 22025-09-300001396440Doral Holdings, LLC, Preferred Equity2025-09-300001396440main:DoralHoldingsLLCMember2025-09-300001396440Elgin AcquireCo, LLC, Secured Debt 12025-09-300001396440Elgin AcquireCo, LLC, Secured Debt 22025-09-300001396440Elgin AcquireCo, LLC, Secured Debt 32025-09-300001396440Elgin AcquireCo, LLC, Common Stock 12025-09-300001396440Elgin AcquireCo, LLC, Common Stock 22025-09-300001396440main:ElginAcquireCoLLCMember2025-09-300001396440Flame King Holdings, LLC, Secured Debt 12025-09-300001396440Flame King Holdings, LLC, Secured Debt 22025-09-300001396440Flame King Holdings, LLC, Preferred Equity2025-09-300001396440main:FlameKingHoldingsLLCMember2025-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12025-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 22025-09-300001396440Gamber-Johnson Holdings, LLC, Member Units2025-09-300001396440main:GamberJohnsonHoldingsLLCMember2025-09-300001396440Garreco, LLC, Member Units2025-09-300001396440GRT Rubber Technologies LLC, Secured Debt 12025-09-300001396440GRT Rubber Technologies LLC, Secured Debt 22025-09-300001396440GRT Rubber Technologies LLC, Member Units2025-09-300001396440main:GRTRubberTechnologiesLLCMember2025-09-300001396440Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2025-09-300001396440Harris Preston Fund Investments, LP Interests (2717 HPP-MS, L.P.)2025-09-300001396440Harris Preston Fund Investments, LP Interests (2717 GRE-LP, L.P.)2025-09-300001396440Harris Preston Fund Investments, LP Interests (423 COR, L.P.)2025-09-300001396440main:HarrisPrestonFundInvestmentsMember2025-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2025-09-300001396440IG Investor, LLC, Secured Debt 12025-09-300001396440IG Investor, LLC, Secured Debt 22025-09-300001396440IG Investor, LLC, Common Equity2025-09-300001396440main:IGInvestorLLCMember2025-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12025-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22025-09-300001396440Jensen Jewelers of Idaho, LLC, Member Units2025-09-300001396440main:JensenJewelersOfIdahoLLCMember2025-09-300001396440JorVet Holdings, LLC, Secured Debt2025-09-300001396440JorVet Holdings, LLC, Preferred Equity2025-09-300001396440main:JorVetHoldingsLLCMember2025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 12025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 22025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 32025-09-300001396440JTI Electrical & Mechanical, LLC, Common Equity 12025-09-300001396440JTI Electrical & Mechanical, LLC, Common Equity 22025-09-300001396440main:JTIElectricalMechanicalLLCMember2025-09-300001396440KBK Industries, LLC, Secured Debt2025-09-300001396440KBK Industries, LLC, Member Units2025-09-300001396440main:KBKIndustriesLLCMember2025-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12025-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22025-09-300001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2025-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2025-09-300001396440main:KickhaeferManufacturingCompanyLLCMember2025-09-300001396440Metalforming Holdings, LLC, Secured Debt 12025-09-300001396440Metalforming Holdings, LLC, Secured Debt 22025-09-300001396440Metalforming Holdings, LLC, Preferred Equity2025-09-300001396440Metalforming Holdings, LLC, Common Stock 2025-09-300001396440main:MetalformingHoldingsLLCMember2025-09-300001396440Moffitt Holdings, LLC, Secured Debt 2025-09-300001396440Moffitt Holdings, LLC, Preferred Equity2025-09-300001396440main:MoffittHoldingsLLCMember2025-09-300001396440MS Private Loan Fund I, LP, Secured Debt 2025-09-300001396440MS Private Loan Fund I, LP, LP Interests 2025-09-300001396440main:MSPrivateLoanFundILPMember2025-09-300001396440MS Private Loan Fund II, LP, Secured Debt 2025-09-300001396440MS Private Loan Fund II, LP, LP Interests 2025-09-300001396440main:MSPrivateLoanFundIILPMember2025-09-300001396440MSC Adviser I, LLC, Member Units2025-09-300001396440MSC Income Fund, Inc., Common Equity2025-09-300001396440MVI MSO, LLC, Secured Debt2025-09-300001396440MVI MSO, LLC, Preferred Equity2025-09-300001396440main:MVIMSOLLCMember2025-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12025-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22025-09-300001396440Mystic Logistics Holdings, LLC, Common Stock2025-09-300001396440main:MysticLogisticsHoldingsLLCMember2025-09-300001396440NAPCO Precast, LLC, Member Units 12025-09-300001396440NAPCO Precast, LLC, Member Units 22025-09-300001396440main:NAPCOPrecastLLCMember2025-09-300001396440Nello Industries Investco, LLC, Secured Debt2025-09-300001396440Nello Industries Investco, LLC, Preferred Equity2025-09-300001396440main:NelloIndustriesInvestcoLLCMember2025-09-300001396440NexRev LLC, Preferred Member Units2025-09-300001396440NRP Jones, LLC, Secured Debt2025-09-300001396440NRP Jones, LLC, Preferred Equity2025-09-300001396440NRP Jones, LLC, Member Units 12025-09-300001396440NRP Jones, LLC, Member Units 22025-09-300001396440NRP Jones, LLC, Common Equity2025-09-300001396440main:NRPJonesLLCMember2025-09-300001396440NuStep, LLC, Secured Debt 12025-09-300001396440NuStep, LLC, Secured Debt 22025-09-300001396440NuStep, LLC, Preferred Member Units 12025-09-300001396440NuStep, LLC, Preferred Member Units 22025-09-300001396440main:NuStepLLCMember2025-09-300001396440OMi Topco, LLC, Secured Debt2025-09-300001396440OMi Topco, LLC, Preferred Member Units2025-09-300001396440main:OMiTopcoLLCMember2025-09-300001396440Orttech Holdings, LLC, Secured Debt 12025-09-300001396440Orttech Holdings, LLC, Secured Debt 22025-09-300001396440Orttech Holdings, LLC, Preferred Stock2025-09-300001396440main:OrttechHoldingsLLCMember2025-09-300001396440Pinnacle TopCo, LLC, Secured Debt 12025-09-300001396440Pinnacle TopCo, LLC, Secured Debt 22025-09-300001396440Pinnacle TopCo, LLC, Preferred Equity2025-09-300001396440main:PinnacleTopCoLLCMember2025-09-300001396440PPL RVs, Inc., Secured Debt 12025-09-300001396440PPL RVs, Inc., Secured Debt 22025-09-300001396440PPL RVs, Inc., Common Stock 12025-09-300001396440PPL RVs, Inc., Common Stock 22025-09-300001396440main:PPLRVsIncMember2025-09-300001396440Principle Environmental, LLC, Secured Debt2025-09-300001396440Principle Environmental, LLC, Preferred Member Units2025-09-300001396440Principle Environmental, LLC, Common Stock2025-09-300001396440main:PrincipleEnvironmentalLLCMember2025-09-300001396440Quality Lease Service, LLC, Member Units2025-09-300001396440River Aggregates, LLC, Member Units2025-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12025-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22025-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2025-09-300001396440main:RobbinsBrosJewelryIncMember2025-09-300001396440Tedder Industries, LLC, Secured Debt 12025-09-300001396440Tedder Industries, LLC, Secured Debt 22025-09-300001396440Tedder Industries, LLC, Preferred Member Units 12025-09-300001396440Tedder Industries, LLC, Preferred Member Units 22025-09-300001396440Tedder Industries, LLC, Preferred Member Units 32025-09-300001396440main:TedderIndustriesLLCMember2025-09-300001396440Televerde, LLC, Preferred Stock2025-09-300001396440Televerde, LLC, Member Units2025-09-300001396440main:TeleverdeLLCMember2025-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12025-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22025-09-300001396440Trantech Radiator Topco, LLC, Common Stock2025-09-300001396440main:TrantechRadiatorTopcoLLCMember2025-09-300001396440Victory Energy Operations, LLC, Secured Debt 12025-09-300001396440Victory Energy Operations, LLC, Secured Debt 22025-09-300001396440Victory Energy Operations, LLC, Preferred Equity2025-09-300001396440main:VictoryEnergyOperationsLLCMember2025-09-300001396440Volusion, LLC, Secured Debt2025-09-300001396440Volusion, LLC, Preferred Member Units 12025-09-300001396440Volusion, LLC, Preferred Member Units 22025-09-300001396440Volusion, LLC, Preferred Member Units 32025-09-300001396440Volusion, LLC, Common Stock2025-09-300001396440main:VolusionLLCMember2025-09-300001396440VVS Holdco LLC, Secured Debt 12025-09-300001396440VVS Holdco LLC, Secured Debt 22025-09-300001396440VVS Holdco LLC, Preferred Equity2025-09-300001396440main:VVSHoldcoLLCMember2025-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12025-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22025-09-300001396440Ziegler’s NYPD, LLC, Preferred Member Units2025-09-300001396440Ziegler’s NYPD, LLC, Warrants2025-09-300001396440main:ZieglersNYPDLLCMember2025-09-300001396440AAC Holdings, Inc., Secured Debt 12025-09-300001396440AAC Holdings, Inc., Secured Debt 22025-09-300001396440AAC Holdings, Inc., Secured Debt 32025-09-300001396440AAC Holdings, Inc., Preferred Equity2025-09-300001396440AAC Holdings, Inc., Common Stock2025-09-300001396440AAC Holdings, Inc., Warrants2025-09-300001396440main:AACHoldingsIncMember2025-09-300001396440Boccella Precast Products LLC., Secured Debt 2025-09-300001396440Boccella Precast Products LLC., Member Units2025-09-300001396440main:BoccellaPrecastProductsLLCMember2025-09-300001396440Buca C, LLC., Secured Debt 12025-09-300001396440Buca C, LLC., Secured Debt 22025-09-300001396440Buca C, LLC, Secured Debt 32025-09-300001396440Buca C, LLC, Preferred Member Units2025-09-300001396440main:BucaCLLCMember2025-09-300001396440Career Team Holdings, LLC, Secured Debt 12025-09-300001396440Career Team Holdings, LLC, Secured Debt 22025-09-300001396440Career Team Holdings, LLC, Common Stock2025-09-300001396440main:CareerTeamHoldingsLLCMember2025-09-300001396440CenterPeak Holdings, LLC, Secured Debt 12025-09-300001396440CenterPeak Holdings, LLC, Secured Debt 22025-09-300001396440CenterPeak Holdings, LLC, Preferred Equity2025-09-300001396440main:CenterPeakHoldingsLLCMember2025-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2025-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2025-09-300001396440Connect Telecommunications Solutions Holdings, Inc., Secured Debt 2025-09-300001396440Connect Telecommunications Solutions Holdings, Inc., Preferred Equity2025-09-300001396440main:ConnectTelecommunicationsSolutionsHoldingsInc.Member2025-09-300001396440DMA Industries, LLC, Secured Debt 12025-09-300001396440DMA Industries, LLC, Secured Debt 22025-09-300001396440DMA Industries, LLC, Preferred Equity 12025-09-300001396440DMA Industries, LLC, Preferred Equity 22025-09-300001396440main:DMAIndustriesLLCMember2025-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2025-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2025-09-300001396440main:DosRiosPartnersMember2025-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2025-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2025-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt 2025-09-300001396440FCC Intermediate Holdco, LLC, Warrants2025-09-300001396440main:FCCIntermediateHoldcoLLCMember2025-09-300001396440Freeport Financial Funds, LP Interests (Freeport Financial SBIC Fund LP)2025-09-300001396440Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2025-09-300001396440main:FreeportFinancialFundsMember2025-09-300001396440FRG AcquireCo, LLC, Secured Debt 12025-09-300001396440FRG AcquireCo, LLC, Secured Debt 22025-09-300001396440FRG AcquireCo, LLC, Preferred Equity2025-09-300001396440main:FRGAcquireCoLLCMember2025-09-300001396440GFG Group, LLC, Secured Debt2025-09-300001396440GFG Group, LLC, Preferred Member Units2025-09-300001396440main:GFGGroupLLCMember2025-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12025-09-300001396440Gulf Manufacturing, LLC, Secured Debt 22025-09-300001396440Gulf Manufacturing, LLC, Member Units2025-09-300001396440Gulf Manufacturing, LLC, Common Stock2025-09-300001396440main:GulfManufacturingLLCMember2025-09-300001396440Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2025-09-300001396440Harris Preston Fund Investments, LP Interests (HPEP 4, L.P.)2025-09-300001396440Harris Preston Fund Investments, LP Interests (423 HAR, L.P.)2025-09-300001396440main:HarrisPrestonFundInvestmentsTwoMember2025-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12025-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22025-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12025-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22025-09-300001396440main:HawkRidgeSystemsLLCMember2025-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2025-09-300001396440Houston Plating and Coatings, LLC, Member Units2025-09-300001396440main:HoustonPlatingAndCoatingsLLCMember2025-09-300001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2025-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2025-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2025-09-300001396440main:InfinityX1HoldingsLLCMember2025-09-300001396440Integral Energy Services, Secured Debt2025-09-300001396440Integral Energy Services, Preferred Equity 12025-09-300001396440Integral Energy Services, Preferred Equity 22025-09-300001396440Integral Energy Services, Common Stock2025-09-300001396440main:IntegralEnergyServicesMember2025-09-300001396440Iron-Main Investments, LLC, Secured Debt 12025-09-300001396440Iron-Main Investments, LLC, Secured Debt 22025-09-300001396440Iron-Main Investments, LLC, Secured Debt 32025-09-300001396440Iron-Main Investments, LLC, Secured Debt 42025-09-300001396440Iron-Main Investments, LLC, Secured Debt 52025-09-300001396440Iron-Main Investments, LLC, Preferred Equity 12025-09-300001396440Iron-Main Investments, LLC, Preferred Equity 22025-09-300001396440Iron-Main Investments, LLC, Common Stock2025-09-300001396440main:IronMainInvestmentsLLCMember2025-09-300001396440ITA Holdings Group, LLC, Secured Debt 12025-09-300001396440ITA Holdings Group, LLC, Secured Debt 22025-09-300001396440ITA Holdings Group, LLC, Secured Debt 32025-09-300001396440ITA Holdings Group, LLC, Secured Debt 42025-09-300001396440ITA Holdings Group, LLC, Secured Debt 52025-09-300001396440ITA Holdings Group, LLC, Warrants2025-09-300001396440main:ITAHoldingsGroupLLCMember2025-09-300001396440KMS, LLC, Secured Debt 12025-09-300001396440KMS, LLC, Secured Debt 22025-09-300001396440KMS, LLC, Preferred Equity2025-09-300001396440main:KMSLLCMember2025-09-300001396440Mills Fleet Farm Group, LLC, Secured Debt 12025-09-300001396440Mills Fleet Farm Group, LLC, Secured Debt 22025-09-300001396440Mills Fleet Farm Group, LLC, Preferred Equity2025-09-300001396440main:MillsFleetFarmGroupLLCMember2025-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt 2025-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units 2025-09-300001396440MoneyThumb Acquisition, LLC, Warrants2025-09-300001396440main:MoneyThumbAcquisitionLLCMember2025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42025-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2025-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2025-09-300001396440OnAsset Intelligence, Inc., Common Stock2025-09-300001396440OnAsset Intelligence, Inc., Warrants2025-09-300001396440main:OnAssetIntelligenceIncMember2025-09-300001396440Oneliance, LLC, Preferred Stock2025-09-300001396440RA Outdoors LLC, Secured Debt 12025-09-300001396440RA Outdoors LLC, Secured Debt 22025-09-300001396440RA Outdoors LLC, Secured Debt 32025-09-300001396440RA Outdoors LLC, Secured Debt 42025-09-300001396440RA Outdoors LLC, Secured Debt 52025-09-300001396440RA Outdoors LLC, Common Equity2025-09-300001396440main:RAOutdoorsLLCMember2025-09-300001396440Revenue Recovery Holdings, LLC, Secured Debt 12025-09-300001396440Revenue Recovery Holdings, LLC, Secured Debt 22025-09-300001396440Revenue Recovery Holdings, LLC, Preferred Equity2025-09-300001396440main:RevenueRecoveryHoldingsLLCMember2025-09-300001396440RFG AcquireCo, LLC, Secured Debt 12025-09-300001396440RFG AcquireCo, LLC, Secured Debt 22025-09-300001396440RFG AcquireCo, LLC, Secured Debt 32025-09-300001396440RFG AcquireCo, LLC, Preferred Equity2025-09-300001396440main:RFGAcquireCoLLCMember2025-09-300001396440SI East, LLC, Secured Debt 12025-09-300001396440SI East, LLC, Secured Debt 22025-09-300001396440SI East, LLC, Preferred Member Units2025-09-300001396440main:SIEastLLCMember2025-09-300001396440Slick Innovations, LLC, Secured Debt2025-09-300001396440Slick Innovations, LLC, Common Stock2025-09-300001396440main:SlickInnovationsLLCMember2025-09-300001396440Specialized Aviation Holdings, LLC, Secured Debt2025-09-300001396440Specialized Aviation Holdings, LLC, Preferred Stock2025-09-300001396440main:SpecializedAviationHoldingsLLCMember2025-09-300001396440Student Resource Center, LLC, Secured Debt 12025-09-300001396440Student Resource Center, LLC, Secured Debt 22025-09-300001396440Student Resource Center, LLC, Preferred Equity2025-09-300001396440main:StudentResourceCenterLLCMember2025-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2025-09-300001396440The Affiliati Network, LLC, Secured Debt 12025-09-300001396440The Affiliati Network, LLC, Secured Debt 22025-09-300001396440The Affiliati Network, LLC, Preferred Stock 12025-09-300001396440The Affiliati Network, LLC, Preferred Stock 22025-09-300001396440main:TheAffiliatiNetworkLLCMember2025-09-300001396440UnionRock Energy Fund II, LP, LP Interests2025-09-300001396440UnionRock Energy Fund III, LP, LP Interests2025-09-300001396440UniTek Global Services, Inc., Preferred Stock 12025-09-300001396440UniTek Global Services, Inc., Preferred Stock 22025-09-300001396440UniTek Global Services, Inc., Preferred Stock 32025-09-300001396440UniTek Global Services, Inc., Common Stock2025-09-300001396440main:UniTekGlobalServicesIncMember2025-09-300001396440Urgent DSO LLC, Secured Debt2025-09-300001396440Urgent DSO LLC, Preferred Equity2025-09-300001396440main:UrgentDSOLLCMember2025-09-300001396440Wildcats Topco LLC, Common Equity2025-09-300001396440World Micro Holdings, LLC, Secured Debt2025-09-300001396440World Micro Holdings, LLC, Preferred Equity2025-09-300001396440main:WorldMicroHoldingsLLCMember2025-09-300001396440Adams Publishing Group, LLC, Secured Debt 12025-09-300001396440Adams Publishing Group, LLC, Secured Debt 22025-09-300001396440main:AdamsPublishingGroupLLCMember2025-09-300001396440AGS American Glass Services Acquisition, LLC, Secured Debt 12025-09-300001396440AGS American Glass Services Acquisition, LLC, Secured Debt 22025-09-300001396440AGS American Glass Services Acquisition, LLC, Secured Debt 32025-09-300001396440AGS American Glass Services Acquisition, LLC, Preferred Equity2025-09-300001396440main:AGSAmericanGlassServicesAcquisitionLLCMember2025-09-300001396440Airo Purchaser, Inc., Secured Debt 12025-09-300001396440Airo Purchaser, Inc., Secured Debt 22025-09-300001396440Airo Purchaser, Inc., Secured Debt 32025-09-300001396440Airo Purchaser, Inc., Common Equity2025-09-300001396440main:AiroPurchaserInc.Member2025-09-300001396440AMEREQUIP LLC, Common Stock2025-09-300001396440American Health Staffing Group, Inc., Secured Debt 12025-09-300001396440American Health Staffing Group, Inc., Secured Debt 22025-09-300001396440main:AmericanHealthStaffingGroupIncMember2025-09-300001396440ArborWorks, LLC, Secured Debt 12025-09-300001396440ArborWorks, LLC, Secured Debt 22025-09-300001396440ArborWorks, LLC, Preferred Equity 12025-09-300001396440ArborWorks, LLC, Preferred Equity 22025-09-300001396440ArborWorks, LLC, Common Equity2025-09-300001396440main:ArborWorksLLCMember2025-09-300001396440Archer Systems, LLC, Common Stock2025-09-300001396440ATS Operating, LLC, Secured Debt 12025-09-300001396440ATS Operating, LLC, Secured Debt 22025-09-300001396440ATS Operating, LLC, Secured Debt 32025-09-300001396440ATS Operating, LLC, Common Stock2025-09-300001396440main:ATSOperatingLLCMember2025-09-300001396440AVEX Aviation Holdings, LLC, Secured Debt 12025-09-300001396440AVEX Aviation Holdings, LLC, Secured Debt 22025-09-300001396440AVEX Aviation Holdings, LLC, Common Equity2025-09-300001396440main:AVEXAviationHoldingsLLCMember2025-09-300001396440Berry Aviation, Inc., Preferred Member Units 12025-09-300001396440Berry Aviation, Inc., Preferred Member Units 22025-09-300001396440Berry Aviation, Inc., Preferred Member Units 32025-09-300001396440main:BerryAviationIncMember2025-09-300001396440Bettercloud, Inc., Secured Debt 12025-09-300001396440Bettercloud, Inc., Secured Debt 22025-09-300001396440Bettercloud, Inc., Secured Debt 32025-09-300001396440Bettercloud, Inc., Secured Debt 42025-09-300001396440main:BettercloudIncMember2025-09-300001396440Binswanger Enterprises, LLC, Member Units2025-09-300001396440Bluestem Brands, Inc., Secured Debt 12025-09-300001396440Bluestem Brands, Inc., Secured Debt 22025-09-300001396440Bluestem Brands, Inc., Secured Debt 32025-09-300001396440Bluestem Brands, Inc., Common Stock2025-09-300001396440Bluestem Brands, Inc., Warrants2025-09-300001396440main:BluestemBrandsIncMember2025-09-300001396440B-O-F Corporation, Secured Debt 12025-09-300001396440B-O-F Corporation, Secured Debt 22025-09-300001396440B-O-F Corporation, Secured Debt 32025-09-300001396440B-O-F Corporation, Common Equity2025-09-300001396440main:BOFCorporationMember2025-09-300001396440Bond Brand Loyalty ULC, Secured Debt 12025-09-300001396440Bond Brand Loyalty ULC, Secured Debt 22025-09-300001396440Bond Brand Loyalty ULC, Secured Debt 32025-09-300001396440Bond Brand Loyalty ULC, Preferred Equity2025-09-300001396440Bond Brand Loyalty ULC, Common Equity2025-09-300001396440main:BondBrandLoyaltyULCMember2025-09-300001396440BP Loenbro Holdings Inc., Secured Debt 12025-09-300001396440BP Loenbro Holdings Inc., Secured Debt 22025-09-300001396440BP Loenbro Holdings Inc., Secured Debt 32025-09-300001396440BP Loenbro Holdings Inc., Secured Debt 42025-09-300001396440BP Loenbro Holdings Inc., Secured Debt 52025-09-300001396440BP Loenbro Holdings Inc., Common Equity2025-09-300001396440main:BPLoenbroHoldingsInc.Member2025-09-300001396440Brainworks Software, LLC, Secured Debt 12025-09-300001396440Brainworks Software, LLC, Secured Debt 22025-09-300001396440main:BrainworksSoftwareLLCMember2025-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2025-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2025-09-300001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund V, LP)2025-09-300001396440main:BrightwoodCapitalFundInvestmentsMember2025-09-300001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 12025-09-300001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 22025-09-300001396440main:BurningGlassIntermediateHoldingCompanyIncMember2025-09-300001396440CaseWorthy, Inc., Common Equity2025-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 12025-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 22025-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 32025-09-300001396440Channel Partners Intermediateco, LLC, Secured Debt 42025-09-300001396440main:ChannelPartnersIntermediatecoLLCMember2025-09-300001396440Clarius BIGS, LLC, Secured Debt2025-09-300001396440Computer Data Source, LLC, Secured Debt 12025-09-300001396440Computer Data Source, LLC, Secured Debt 22025-09-300001396440main:ComputerDataSourceLLCMember2025-09-300001396440Core Transformers, Secured Debt 12025-09-300001396440Core Transformers, Secured Debt 22025-09-300001396440Core Transformers, Secured Debt 32025-09-300001396440Core Transformers, Common Equity2025-09-300001396440main:CoreTransformersMember2025-09-300001396440Coregistics Buyer LLC, Secured Debt 12025-09-300001396440Coregistics Buyer LLC, Secured Debt 22025-09-300001396440Coregistics Buyer LLC, Secured Debt 32025-09-300001396440Coregistics Buyer LLC, Secured Debt 42025-09-300001396440main:CoregisticsBuyerLLCMember2025-09-300001396440CQ Fluency, LLC, Secured Debt 12025-09-300001396440CQ Fluency, LLC, Secured Debt 22025-09-300001396440main:CQFluencyLLCMember2025-09-300001396440Creative Foam Corporation, Secured Debt 12025-09-300001396440Creative Foam Corporation, Secured Debt 22025-09-300001396440Creative Foam Corporation, Secured Debt 32025-09-300001396440Creative Foam Corporation, Common Equity2025-09-300001396440main:CreativeFoamCorporationMember2025-09-300001396440Dalton US Inc., Common Stock2025-09-300001396440DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2025-09-300001396440DTE Enterprises, LLC, Class A Preferred Member Units2025-09-300001396440main:DTEEnterprisesLLCMember2025-09-300001396440Dynamic Communities, LLC, Secured Debt 12025-09-300001396440Dynamic Communities, LLC, Secured Debt 22025-09-300001396440Dynamic Communities, LLC, Preferred Equity 12025-09-300001396440Dynamic Communities, LLC, Preferred Equity 22025-09-300001396440Dynamic Communities, LLC, Common Equity2025-09-300001396440main:DynamicCommunitiesLLCMember2025-09-300001396440Electro Technical Industries, LLC, Secured Debt 12025-09-300001396440Electro Technical Industries, LLC, Secured Debt 22025-09-300001396440Electro Technical Industries, LLC, Common Equity2025-09-300001396440main:ElectroTechnicalIndustriesLLCMember2025-09-300001396440Emerald Technologies Acquisition Co, Inc., Secured Debt2025-09-300001396440EnCap Energy Fund Investments., LP Interests (EnCap Energy Capital Fund VIII, L.P.)2025-09-300001396440EnCap Energy Fund Investments., LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)2025-09-300001396440EnCap Energy Fund Investments., LP Interests (EnCap Energy Capital Fund IX, L.P.)2025-09-300001396440EnCap Energy Fund Investments., LP Interests (EnCap Energy Capital Fund X, L.P.)2025-09-300001396440EnCap Energy Fund Investments., LP Interests (EnCap Energy Capital Fund XII, L.P.)2025-09-300001396440EnCap Energy Fund Investments., LP Interests (EnCap Flatrock Midstream Fund II, L.P.)2025-09-300001396440EnCap Energy Fund Investments., LP Interests (EnCap Flatrock Midstream Fund III, L.P.)2025-09-300001396440main:EnCapEnergyFundInvestmentsMember2025-09-300001396440Escalent, Inc., Secured Debt 12025-09-300001396440Escalent, Inc., Secured Debt 22025-09-300001396440Escalent, Inc., Secured Debt 32025-09-300001396440Escalent, Inc., Common Equity2025-09-300001396440main:EscalentIncMember2025-09-300001396440Event Holdco, LLC., Secured Debt 12025-09-300001396440Event Holdco, LLC., Secured Debt 22025-09-300001396440main:EventHoldcoLLCMember2025-09-300001396440Fuse, LLC., Secured Debt 2025-09-300001396440Fuse, LLC., Common Stock2025-09-300001396440main:FuseLLCMember2025-09-300001396440Garyline, LLC., Secured Debt 12025-09-300001396440Garyline, LLC., Secured Debt 22025-09-300001396440Garyline, LLC., Common Equity2025-09-300001396440main:GarylineLLCMember2025-09-300001396440GradeEight Corp., Secured Debt 12025-09-300001396440GradeEight Corp., Secured Debt 22025-09-300001396440GradeEight Corp., Secured Debt 32025-09-300001396440GradeEight Corp., Common Equity2025-09-300001396440main:GradeEightCorp.Member2025-09-300001396440GS HVAM Intermediate, LLC., Secured Debt 12025-09-300001396440GS HVAM Intermediate, LLC., Secured Debt 22025-09-300001396440GS HVAM Intermediate, LLC., Secured Debt 32025-09-300001396440GS HVAM Intermediate, LLC., Secured Debt 42025-09-300001396440GS HVAM Intermediate, LLC., Secured Debt 52025-09-300001396440main:GSHVAMIntermediateLLCMember2025-09-300001396440GULF PACIFIC ACQUISITION, LLC., Secured Debt 12025-09-300001396440GULF PACIFIC ACQUISITION, LLC., Secured Debt 22025-09-300001396440GULF PACIFIC ACQUISITION, LLC., Secured Debt 32025-09-300001396440main:GULFPACIFICACQUISITIONLLCMember2025-09-300001396440Harris Preston Fund Investments, LP Interests (423 AER II, LP)2025-09-300001396440HDC/HW Intermediate Holdings., Secured Debt 12025-09-300001396440HDC/HW Intermediate Holdings., Secured Debt 22025-09-300001396440HDC/HW Intermediate Holdings., Secured Debt 32025-09-300001396440HDC/HW Intermediate Holdings., Common Equity2025-09-300001396440main:HDCHWIntermediateHoldingsMember2025-09-300001396440Hornblower Sub, LLC., Secured Debt 12025-09-300001396440Hornblower Sub, LLC., Secured Debt 22025-09-300001396440main:HornblowerSubLLCMember2025-09-300001396440HOWLCO LLC., Secured Debt2025-09-300001396440Hybrid Promotions, LLC., Secured Debt2025-09-300001396440IG Parent Corporation, Secured Debt 12025-09-300001396440IG Parent Corporation, Secured Debt 22025-09-300001396440IG Parent Corporation, Secured Debt 32025-09-300001396440main:IGParentCorporationMember2025-09-300001396440Imaging Business Machines, L.L.C., Common Equity2025-09-300001396440Implus Footcare, LLC, Secured Debt 12025-09-300001396440Implus Footcare, LLC, Secured Debt 22025-09-300001396440Implus Footcare, LLC, Common Equity2025-09-300001396440main:ImplusFootcareLLCMember2025-09-300001396440Insight Borrower Corporation, Secured Debt 12025-09-300001396440Insight Borrower Corporation, Secured Debt 22025-09-300001396440Insight Borrower Corporation, Common Equity2025-09-300001396440main:InsightBorrowerCorporationMember2025-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 12025-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 22025-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 32025-09-300001396440Inspire Aesthetics Management, LLC, Secured Debt 42025-09-300001396440Inspire Aesthetics Management, LLC, Common Equity2025-09-300001396440main:InspireAestheticsManagementLLCMember2025-09-300001396440Interface Security Systems, L.L.C, Secured Debt 12025-09-300001396440Interface Security Systems, L.L.C, Secured Debt 22025-09-300001396440Interface Security Systems, L.L.C, Common Stock2025-09-300001396440main:InterfaceSecuritySystemsLLCMember2025-09-300001396440Invincible Boat Company, LLC., Secured Debt 12025-09-300001396440Invincible Boat Company, LLC., Secured Debt 22025-09-300001396440main:InvincibleBoatCompanyLLCMember2025-09-300001396440Isagenix International, LLC, Secured Debt2025-09-300001396440Isagenix International, LLC, Common Equity2025-09-300001396440main:IsagenixInternationalLLCMember2025-09-300001396440Island Pump and Tank, LLC, Secured Debt 12025-09-300001396440Island Pump and Tank, LLC, Secured Debt 22025-09-300001396440Island Pump and Tank, LLC, Secured Debt 32025-09-300001396440Island Pump and Tank, LLC, Secured Debt 42025-09-300001396440main:IslandPumpAndTankLLCMember2025-09-300001396440Jackmont Hospitality, Inc., Secured Debt 12025-09-300001396440Jackmont Hospitality, Inc., Secured Debt 22025-09-300001396440Jackmont Hospitality, Inc., Secured Debt 32025-09-300001396440Jackmont Hospitality, Inc., Secured Debt 42025-09-300001396440Jackmont Hospitality, Inc., Preferred Equity2025-09-300001396440main:JackmontHospitalityIncMember2025-09-300001396440JDC Power Services, LLC, Secured Debt 12025-09-300001396440JDC Power Services, LLC, Secured Debt 22025-09-300001396440main:JDCPowerServicesLLCMember2025-09-300001396440Joerns Healthcare, LLC, Secured Debt 12025-09-300001396440Joerns Healthcare, LLC, Secured Debt 22025-09-300001396440Joerns Healthcare, LLC, Common Equity 2025-09-300001396440main:JoernsHealthcareLLCMember2025-09-300001396440LKCM Headwater Investments I, L.P., LP Interests2025-09-300001396440LLFlex, LLC, Secured Debt2025-09-300001396440Logix Acquisition Company, LLC, Secured Debt 12025-09-300001396440Logix Acquisition Company, LLC, Secured Debt 22025-09-300001396440main:LogixAcquisitionCompanyLLCMember2025-09-300001396440Looking Glass Investments, LLC, Member Units2025-09-300001396440Microbe Formulas, LLC, Secured Debt 12025-09-300001396440Microbe Formulas, LLC, Secured Debt 22025-09-300001396440Microbe Formulas, LLC, Secured Debt 32025-09-300001396440main:MicrobeFormulasLLCMember2025-09-300001396440Mini Melts of America, LLC, Secured Debt 12025-09-300001396440Mini Melts of America, LLC, Secured Debt 22025-09-300001396440Mini Melts of America, LLC, Secured Debt 32025-09-300001396440Mini Melts of America, LLC, Secured Debt 42025-09-300001396440Mini Melts of America, LLC, Common Equity2025-09-300001396440main:MiniMeltsOfAmericaLLCMember2025-09-300001396440Mission Critical Group, Secured Debt 12025-09-300001396440Mission Critical Group, Secured Debt 22025-09-300001396440Mission Critical Group, Secured Debt 32025-09-300001396440Mission Critical Group, Common Equity2025-09-300001396440main:MissionCriticalGroupMember2025-09-300001396440MonitorUS Holding, LLC, Secured Debt 12025-09-300001396440MonitorUS Holding, LLC, Secured Debt 22025-09-300001396440MonitorUS Holding, LLC, Secured Debt 32025-09-300001396440MonitorUS Holding, LLC, Secured Debt 42025-09-300001396440MonitorUS Holding, LLC, Unsecured Debt 12025-09-300001396440MonitorUS Holding, LLC, Unsecured Debt 22025-09-300001396440MonitorUS Holding, LLC, Common Stock2025-09-300001396440main:MonitorUSHoldingLLCMember2025-09-300001396440Obra Capital, Inc., Secured Debt 12025-09-300001396440Obra Capital, Inc., Secured Debt 22025-09-300001396440Obra Capital, Inc., Secured Debt 32025-09-300001396440main:ObraCapitalInc.Member2025-09-300001396440OnPoint Industrial Services, LLC, Secured Debt 12025-09-300001396440OnPoint Industrial Services, LLC, Secured Debt 22025-09-300001396440main:OnPointIndustrialServicesLLCMember2025-09-300001396440Ospemifene Royalty Sub LLC, Secured Debt2025-09-300001396440Peaches Holding Corporation, Common Equity2025-09-300001396440PrimeFlight Aviation Services, Secured Debt 12025-09-300001396440PrimeFlight Aviation Services, Secured Debt 22025-09-300001396440PrimeFlight Aviation Services, Secured Debt 32025-09-300001396440PrimeFlight Aviation Services, Secured Debt 42025-09-300001396440PrimeFlight Aviation Services, Secured Debt 52025-09-300001396440PrimeFlight Aviation Services, Secured Debt 62025-09-300001396440main:PrimeFlightAviationServicesMember2025-09-300001396440PTL US Bidco, Inc, Secured Debt 12025-09-300001396440PTL US Bidco, Inc, Secured Debt 22025-09-300001396440main:PTLUSBidcoIncMember2025-09-300001396440Purge Rite, LLC, Preferred Equity2025-09-300001396440Purge Rite, LLC, Common Equity2025-09-300001396440main:PurgeRiteLLCMember2025-09-300001396440Richardson Sales Solutions, Secured Debt 12025-09-300001396440Richardson Sales Solutions, Secured Debt 22025-09-300001396440Richardson Sales Solutions, Secured Debt 32025-09-300001396440main:RichardsonSalesSolutionsMember2025-09-300001396440Roof Opco, LLC, Secured Debt 12025-09-300001396440Roof Opco, LLC, Secured Debt 22025-09-300001396440Roof Opco, LLC, Secured Debt 32025-09-300001396440main:RoofOpcoLLCMember2025-09-300001396440Rug Doctor, LLC., Secured Debt 12025-09-300001396440Rug Doctor, LLC., Secured Debt 22025-09-300001396440main:RugDoctorLLCMember2025-09-300001396440South Coast Terminals Holdings, LLC, Secured Debt 12025-09-300001396440South Coast Terminals Holdings, LLC, Secured Debt 22025-09-300001396440South Coast Terminals Holdings, LLC, Secured Debt 32025-09-300001396440South Coast Terminals Holdings, LLC, Common Equity2025-09-300001396440main:SouthCoastTerminalsHoldingsLLCMember2025-09-300001396440SPAU Holdings, LLC, Secured Debt 12025-09-300001396440SPAU Holdings, LLC, Secured Debt 22025-09-300001396440SPAU Holdings, LLC, Common Stock2025-09-300001396440main:SPAUHoldingsLLCMember2025-09-300001396440TEC Services, LLC, Secured Debt 12025-09-300001396440TEC Services, LLC, Secured Debt 22025-09-300001396440TEC Services, LLC, Secured Debt 32025-09-300001396440main:TECServicesLLCMember2025-09-300001396440Tectonic Financial, LLC, Common Stock2025-09-300001396440Tex Tech Tennis, LLC, Preferred Equity2025-09-300001396440Titan Meter Midco Corp., Secured Debt 12025-09-300001396440Titan Meter Midco Corp., Secured Debt 22025-09-300001396440Titan Meter Midco Corp., Secured Debt 32025-09-300001396440Titan Meter Midco Corp., Secured Debt 42025-09-300001396440Titan Meter Midco Corp., Preferred Equity2025-09-300001396440main:TitanMeterMidcoCorp.Member2025-09-300001396440U.S. TelePacific Corp., Secured Debt 12025-09-300001396440U.S. TelePacific Corp., Secured Debt 22025-09-300001396440main:USTelePacificCorpMember2025-09-300001396440UPS Intermediate, LLC, Secured Debt2025-09-300001396440UPS Intermediate, LLC, Common Equity2025-09-300001396440main:UPSIntermediateLLCMember2025-09-300001396440UserZoom Technologies, Inc., Secured Debt2025-09-300001396440Vitesse Systems, Secured Debt 12025-09-300001396440Vitesse Systems, Secured Debt 22025-09-300001396440main:VitesseSystemsMember2025-09-300001396440VORTEQ Coil Finishers, LLC, Common Equity2025-09-300001396440Wash & Wax Systems LLC, Secured Debt 12025-09-300001396440Wash & Wax Systems LLC, Secured Debt 22025-09-300001396440Wash & Wax Systems LLC, Secured Debt 32025-09-300001396440Wash & Wax Systems LLC, Common Equity2025-09-300001396440main:WashWaxSystemsLLCMember2025-09-300001396440Watterson Brands, LLC, Secured Debt 12025-09-300001396440Watterson Brands, LLC, Secured Debt 22025-09-300001396440Watterson Brands, LLC, Secured Debt 32025-09-300001396440Watterson Brands, LLC, Secured Debt 42025-09-300001396440main:WattersonBrandsLLCMember2025-09-300001396440Winter Services LLC, Secured Debt 12025-09-300001396440Winter Services LLC, Secured Debt 22025-09-300001396440Winter Services LLC, Secured Debt 32025-09-300001396440Winter Services LLC, Secured Debt 42025-09-300001396440main:WinterServicesLLCMember2025-09-300001396440Xenon Arc, Inc. Secured Debt 12025-09-300001396440Xenon Arc, Inc. Secured Debt 22025-09-300001396440Xenon Arc, Inc. Secured Debt 32025-09-300001396440main:XenonArcIncMember2025-09-300001396440YS Garments, LLC, Secured Debt2025-09-300001396440ZRG Partners, LLC Secured Debt 12025-09-300001396440ZRG Partners, LLC Secured Debt 22025-09-300001396440ZRG Partners, LLC Secured Debt 32025-09-300001396440ZRG Partners, LLC Secured Debt 42025-09-300001396440main:ZRGPartnersLLCMember2025-09-300001396440Dreyfus Government Cash Management2025-09-300001396440Fidelity Government Fund2025-09-300001396440Fidelity Treasury2025-09-300001396440us-gaap:MoneyMarketFundsMember2025-09-300001396440us-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMember2025-09-300001396440us-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMember2025-09-300001396440us-gaap:SecuredOvernightFinancingRateSofrMembersrt:WeightedAverageMember2025-09-300001396440srt:MinimumMemberBolder Panther Group, LLC, Secured Debt 22025-09-300001396440main:SOFRAdjustmentSpreadMembersrt:MinimumMember2025-09-300001396440main:SOFRAdjustmentSpreadMembersrt:MaximumMember2025-09-300001396440 Fidelity Government Fund2025-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12024-12-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22024-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12024-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22024-12-310001396440Analytical Systems Keco Holdings, LLC, Warrants2024-12-310001396440main:AnalyticalSystemsKecoHoldingsLLCMember2024-12-310001396440ASC Interests, LLC, Secured Debt 12024-12-310001396440ASC Interests, LLC, Secured Debt 22024-12-310001396440ASC Interests, LLC, Preferred Member Units2024-12-310001396440ASC Interests, LLC, Member Units2024-12-310001396440main:ASCInterestsLLCMember2024-12-310001396440ATS Workholding, LLC, Secured Debt 12024-12-310001396440ATS Workholding, LLC, Secured Debt 22024-12-310001396440ATS Workholding, LLC, Preferred Member Units2024-12-310001396440main:ATSWorkholdingLLCMember2024-12-310001396440Barfly Ventures, LLC, Secured Debt2024-12-310001396440Barfly Ventures, LLC, Member Units2024-12-310001396440main:BarflyVenturesLLCMember2024-12-310001396440Batjer TopCo, LLC, Secured Debt 12024-12-310001396440Batjer TopCo, LLC, Secured Debt 22024-12-310001396440Batjer TopCo, LLC, Secured Debt 32024-12-310001396440Batjer TopCo, LLC, Preferred Stock2024-12-310001396440main:BatjerTopCoLLCMember2024-12-310001396440BDB Holdings, LLC Preferred Equity2024-12-310001396440BDB Holdings, LLC, Preferred Equity2024-12-310001396440Bolder Panther Group, LLC, Secured Debt2024-12-310001396440Bolder Panther Group, LLC, Secured Debt, (9)2024-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2024-12-310001396440main:BolderPantherGroupLLCMember2024-12-310001396440Brewer Crane Holdings, LLC, Secured Debt2024-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2024-12-310001396440main:BrewerCraneHoldingsLLCMember2024-12-310001396440Bridge Capital Solutions Corporation, Warrants2024-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2024-12-310001396440main:BridgeCapitalSolutionsCorporationMember2024-12-310001396440Café Brazil, LLC, Member Units2024-12-310001396440California Splendor Holdings LLC, Secured Debt 12024-12-310001396440California Splendor Holdings LLC, Secured Debt 22024-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12024-12-310001396440California Splendor Holdings LLC, Preferred Member Units 22024-12-310001396440main:CaliforniaSplendorHoldingsLLCMember2024-12-310001396440CBT Nuggets, LLC, Member Units2024-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 12024-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 22024-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2024-12-310001396440main:CentreTechnologiesHoldingsLLCMember2024-12-310001396440Chamberlin Holding LLC, Secured Debt 12024-12-310001396440Chamberlin Holding LLC, Secured Debt 22024-12-310001396440Chamberlin Holding LLC, Member Units 12024-12-310001396440Chamberlin Holding LLC, Member Units 22024-12-310001396440main:ChamberlinHoldingLLCMember2024-12-310001396440Charps, LLC, Unsecured Debt2024-12-310001396440Charps, LLC, Preferred Member Units2024-12-310001396440main:CharpsLLCMember2024-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12024-12-310001396440Clad-Rex Steel, LLC, Secured Debt 22024-12-310001396440Clad-Rex Steel, LLC, Secured Debt 32024-12-310001396440Clad-Rex Steel, LLC, Member Units 12024-12-310001396440Clad-Rex Steel, LLC, Member Units 22024-12-310001396440main:CladRexSteelLLCMember2024-12-310001396440Cody Pools, Inc., Secured Debt 12024-12-310001396440Cody Pools, Inc., Secured Debt 22024-12-310001396440Cody Pools, Inc., Preferred Member Units2024-12-310001396440main:CodyPoolsIncMember2024-12-310001396440Colonial Electric Company LLC, Secured Debt 12024-12-310001396440Colonial Electric Company LLC, Secured Debt 22024-12-310001396440Colonial Electric Company LLC, Preferred Member Units2024-12-310001396440main:ColonialElectricCompanyLLCMember2024-12-310001396440CompareNetworks Topco, LLC, Secured Debt2024-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2024-12-310001396440main:CompareNetworksTopcoLLCMember2024-12-310001396440Compass Systems & Sales, LLC, Secured Debt 12024-12-310001396440Compass Systems & Sales, LLC, Secured Debt 22024-12-310001396440Compass Systems & Sales, LLC, Preferred Equity2024-12-310001396440main:CompassSystemsSalesLLCMember2024-12-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-12-310001396440Cybermedia Technologies, LLC, Secured Debt 12024-12-310001396440Cybermedia Technologies, LLC, Secured Debt 22024-12-310001396440Cybermedia Technologies, LLC, Preferred Member Units2024-12-310001396440main:CybermediaTechnologiesLLCMember2024-12-310001396440Datacom, LLC, (Secured Debt 12024-12-310001396440Datacom, LLC, (Secured Debt 22024-12-310001396440Datacom, LLC, Preferred Member Units2024-12-310001396440main:DatacomLLCMember2024-12-310001396440Digital Products Holdings LLC, Secured Debt2024-12-310001396440Digital Products Holdings LLC, Preferred Member Units2024-12-310001396440main:DigitalProductsHoldingsLLCMember2024-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 12024-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 22024-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2024-12-310001396440main:DirectMarketingSolutionsIncMember2024-12-310001396440Elgin AcquireCo, LLC, Secured Debt 12024-12-310001396440Elgin AcquireCo, LLC, Secured Debt 22024-12-310001396440Elgin AcquireCo, LLC, Secured Debt 32024-12-310001396440Elgin AcquireCo, LLC, Common Stock 12024-12-310001396440Elgin AcquireCo, LLC, Common Stock 22024-12-310001396440main:ElginAcquireCoLLCMember2024-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 12024-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22024-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2024-12-310001396440main:GamberJohnsonHoldingsLLCMember2024-12-310001396440Garreco, LLC, Member Units2024-12-310001396440GRT Rubber Technologies LLC, Secured Debt 12024-12-310001396440GRT Rubber Technologies LLC, Secured Debt 22024-12-310001396440GRT Rubber Technologies LLC, Member Units2024-12-310001396440main:GRTRubberTechnologiesLLCMember2024-12-310001396440Gulf Publishing Holdings, LLC, ESecured Debt 12024-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22024-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2024-12-310001396440Gulf Publishing Holdings, LLC, Member Units2024-12-310001396440main:GulfPublishingHoldingsLLCMember2024-12-310001396440Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-12-310001396440Harris Preston Fund Investments, LP Interests (2717 HPP-MS, L.P.)2024-12-310001396440Harris Preston Fund Investments, LP Interests (2717 GRE-LP, L.P.)2024-12-310001396440Harris Preston Fund Investments, LP Interests (423 COR, L.P.)2024-12-310001396440main:HarrisPrestonFundInvestmentsOneMember2024-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2024-12-310001396440IG Investor, LLC, Secured Debt 12024-12-310001396440IG Investor, LLC, Secured Debt 22024-12-310001396440IG Investor, LLC, Common Equity2024-12-310001396440main:IGInvestorLLCMember2024-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12024-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22024-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2024-12-310001396440main:JensenJewelersOfIdahoLLCMember2024-12-310001396440JorVet Holdings, LLC, (12), Secured Debt2024-12-310001396440JorVet Holdings, LLC, Preferred Equity2024-12-310001396440main:JorVetHoldingsLLCMember2024-12-310001396440KBK Industries, LLC, Secured Debt2024-12-310001396440KBK Industries, LLC, Member Units2024-12-310001396440main:KBKIndustriesLLCMember2024-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2024-12-310001396440main:KickhaeferManufacturingCompanyLLCMember2024-12-310001396440Metalforming Holdings, LLC, Secured Debt 12024-12-310001396440Metalforming Holdings, LLC, Secured Debt 22024-12-310001396440Metalforming Holdings, LLC, Preferred Equity2024-12-310001396440Metalforming Holdings, LLC, Common Stock2024-12-310001396440main:MetalformingHoldingsLLCMember2024-12-310001396440MS Private Loan Fund I, LP, Secured Debt2024-12-310001396440MS Private Loan Fund I, LP, LP Interests2024-12-310001396440main:MSPrivateLoanFundILPMember2024-12-310001396440MS Private Loan Fund II, LP, Secured Debt2024-12-310001396440MS Private Loan Fund II, LP, LP Interests2024-12-310001396440main:MSPrivateLoanFundIILPMember2024-12-310001396440MSC Adviser I, LLC, Member Units2024-12-310001396440MSC Income Fund, Inc., Common Equity2024-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12024-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 22024-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2024-12-310001396440main:MysticLogisticsHoldingsLLCMember2024-12-310001396440NAPCO Precast, LLC, Member Units2024-12-310001396440Nello Industries Investco, LLC, Secured Debt 12024-12-310001396440Nello Industries Investco, LLC, Secured Debt 22024-12-310001396440Nello Industries Investco, LLC, Common Equity2024-12-310001396440main:NelloIndustriesInvestcoLLCMember2024-12-310001396440NexRev LLC, Secured Debt 12024-12-310001396440NexRev LLC, Secured Debt 22024-12-310001396440NexRev LLC, Member Units2024-12-310001396440main:NexRevLLCMember2024-12-310001396440NRP Jones, LLC, Secured Debt2024-12-310001396440NRP Jones, LLC, Member Units 12024-12-310001396440NRP Jones, LLC, Member Units 22024-12-310001396440main:NRPJonesLLCMember2024-12-310001396440NuStep, LLC, Secured Debt 12024-12-310001396440NuStep, LLC, Secured Debt 22024-12-310001396440NuStep, LLC, Preferred Member Units 12024-12-310001396440NuStep, LLC, Preferred Member Units 22024-12-310001396440main:NuStepLLCMember2024-12-310001396440OMi Topco, LLC, Secured Debt2024-12-310001396440OMi Topco, LLC, Preferred Member Units2024-12-310001396440main:OMiTopcoLLCMember2024-12-310001396440Orttech Holdings, LLC, Secured Debt 12024-12-310001396440Orttech Holdings, LLC, Debt 22024-12-310001396440Orttech Holdings, LLC, Preferred Stock2024-12-310001396440main:OrttechHoldingsLLCMember2024-12-310001396440Pinnacle TopCo, LLC, ecured Debt 12024-12-310001396440Pinnacle TopCo, LLC, Secured Debt 22024-12-310001396440Pinnacle TopCo, LLC, Preferred Equity2024-12-310001396440main:PinnacleTopCoLLCMember2024-12-310001396440PPL RVs, Inc., Secured Debt 12024-12-310001396440PPL RVs, Inc., Secured Debt 22024-12-310001396440PPL RVs, Inc., Common Stock 12024-12-310001396440PPL RVs, Inc., Common Stock 22024-12-310001396440main:PPLRVsIncMember2024-12-310001396440Principle Environmental, LLC, Secured Debt2024-12-310001396440Principle Environmental, LLC, Preferred Member Units2024-12-310001396440Principle Environmental, LLC, Common Stock2024-12-310001396440main:PrincipleEnvironmentalLLCMember2024-12-310001396440Quality Lease Service, LLC, Member Units2024-12-310001396440River Aggregates, LLC, Member Units2024-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 12024-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22024-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2024-12-310001396440main:RobbinsBrosJewelryIncMember2024-12-310001396440Tedder Industries, LLC, Secured Debt 12024-12-310001396440Tedder Industries, LLC, Secured Debt 22024-12-310001396440Tedder Industries, LLC, Preferred Member Units 12024-12-310001396440Tedder Industries, LLC, Preferred Member Units 22024-12-310001396440Tedder Industries, LLC, Preferred Member Units 32024-12-310001396440main:TedderIndustriesLLCMember2024-12-310001396440Televerde, LLC, Preferred Stock2024-12-310001396440Televerde, LLC, Member Units2024-12-310001396440main:TeleverdeLLCMember2024-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 12024-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 22024-12-310001396440Trantech Radiator Topco, LLC, Common Stock2024-12-310001396440main:TrantechRadiatorTopcoLLCMember2024-12-310001396440Victory Energy Operations, LLC, Secured Debt 12024-12-310001396440Victory Energy Operations, LLC, Secured Debt 22024-12-310001396440Victory Energy Operations, LLC, Preferred Equity2024-12-310001396440main:VictoryEnergyOperationsLLCMember2024-12-310001396440Volusion, LLC, Secured Debt2024-12-310001396440Volusion, LLC, Preferred Member Units 12024-12-310001396440Volusion, LLC, Preferred Member Units 22024-12-310001396440Volusion, LLC, Preferred Member Units 32024-12-310001396440Volusion, LLC, Common Stock2024-12-310001396440main:VolusionLLCMember2024-12-310001396440VVS Holdco LLC, Secured Debt 12024-12-310001396440VVS Holdco LLC, Secured Debt 22024-12-310001396440VVS Holdco LLC, Preferred Equity2024-12-310001396440main:VVSHoldcoLLCMember2024-12-310001396440Ziegler’s NYPD, LLC, Secured Debt2024-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2024-12-310001396440Ziegler’s NYPD, LLC, Warrants2024-12-310001396440main:ZieglersNYPDLLCMember2024-12-310001396440AAC Holdings, Inc., Secured Debt 12024-12-310001396440AAC Holdings, Inc., Secured Debt 22024-12-310001396440AAC Holdings, Inc., Common Stock2024-12-310001396440AAC Holdings, Inc., Warrants2024-12-310001396440main:AACHoldingsIncMember2024-12-310001396440Boccella Precast Products LLC, Secured Debt2024-12-310001396440Boccella Precast Products LLC, Member Units2024-12-310001396440main:BoccellaPrecastProductsLLCMember2024-12-310001396440Buca C, LLC, Secured Debt 12024-12-310001396440Buca C, LLC, Secured Debt 22024-12-310001396440Buca C, LLC, Secured Debt 32024-12-310001396440Buca C, LLC, Preferred Member Units2024-12-310001396440main:BucaCLLCMember2024-12-310001396440Career Team Holdings, LLC, Secured Debt 12024-12-310001396440Career Team Holdings, LLC, Secured Debt 22024-12-310001396440Career Team Holdings, LLC, Common Stock2024-12-310001396440main:CareerTeamHoldingsLLCMember2024-12-310001396440CenterPeak Holdings, LLC, Secured Debt 12024-12-310001396440CenterPeak Holdings, LLC, Secured Debt 22024-12-310001396440CenterPeak Holdings, LLC, Preferred Equity2024-12-310001396440main:CenterPeakHoldingsLLCMember2024-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2024-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-12-310001396440Connect Telecommunications Solutions Holdings, Inc., Secured Debt2024-12-310001396440Connect Telecommunications Solutions Holdings, Inc., Preferred Equity2024-12-310001396440main:ConnectTelecommunicationsSolutionsHoldingsInc.Member2024-12-310001396440DMA Industries, LLC, Secured Debt 12024-12-310001396440DMA Industries, LLC, Secured Debt 22024-12-310001396440DMA Industries, LLC, Preferred Equity 12024-12-310001396440DMA Industries, LLC, Preferred Equity 22024-12-310001396440main:DMAIndustriesLLCMember2024-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2024-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2024-12-310001396440main:DosRiosPartnersMember2024-12-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2024-12-310001396440EIG Fund Investments, LP Interests (EIG 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Interests (HPEP 3, L.P.)2024-12-310001396440Harris Preston Fund Investments, LP Interests (HPEP 4, L.P.)2024-12-310001396440Harris Preston Fund Investments, LP Interests (423 HAR, L.P.)2024-12-310001396440main:HarrisPrestonFundInvestmentsTwoMember2024-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 12024-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 22024-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12024-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22024-12-310001396440main:HawkRidgeSystemsLLCMember2024-12-310001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2024-12-310001396440Houston Plating and Coatings, LLC, Member Units2024-12-310001396440main:HoustonPlatingAndCoatingsLLCMember2024-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-12-310001396440Infinity X1 Holdings, LLC, Secured Debt2024-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2024-12-310001396440main:InfinityX1HoldingsLLCMember2024-12-310001396440Integral Energy Services, Secured Debt2024-12-310001396440Integral Energy Services, Preferred Equity2024-12-310001396440Integral Energy Services, Common Stock2024-12-310001396440main:IntegralEnergyServicesMember2024-12-310001396440Iron-Main Investments, LLC, Secured Debt 12024-12-310001396440Iron-Main Investments, LLC, Secured Debt 22024-12-310001396440Iron-Main Investments, LLC, Secured Debt 32024-12-310001396440Iron-Main Investments, LLC, Secured Debt 42024-12-310001396440Iron-Main Investments, LLC, Secured Debt 52024-12-310001396440Iron-Main Investments, LLC, Preferred Equity2024-12-310001396440Iron-Main Investments, LLC, Common Stock2024-12-310001396440main:IronMainInvestmentsLLCMember2024-12-310001396440ITA Holdings Group, LLC, Secured Debt 12024-12-310001396440ITA Holdings Group, LLC, Secured Debt 22024-12-310001396440ITA Holdings Group, LLC, Secured Debt 32024-12-310001396440ITA Holdings Group, LLC, Secured Debt 42024-12-310001396440ITA Holdings Group, LLC, Warrants2024-12-310001396440main:ITAHoldingsGroupLLCMember2024-12-310001396440Mills Fleet Farm Group, LLC, Secured Debt2024-12-310001396440Mills Fleet Farm Group, LLC, Common Equity2024-12-310001396440main:MillsFleetFarmGroupLLCMember2024-12-310001396440MoneyThumb Acquisition, LLC, Secured Debt2024-12-310001396440MoneyThumb Acquisition, LLC, Preferred Member Units2024-12-310001396440MoneyThumb Acquisition, LLC, Warrants2024-12-310001396440main:MoneyThumbAcquisitionLLCMember2024-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12024-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22024-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32024-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2024-12-310001396440main:NebraskaVetAcquireCoLLCMember2024-12-310001396440OnAsset Intelligence, Inc., Secured Debt 12024-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22024-12-310001396440OnAsset Intelligence, Inc., Secured Debt 32024-12-310001396440OnAsset Intelligence, Inc., Secured Debt 42024-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2024-12-310001396440OnAsset Intelligence, Inc., Preferred Stock2024-12-310001396440OnAsset Intelligence, Inc., Common Stock2024-12-310001396440OnAsset Intelligence, Inc., Warrants2024-12-310001396440main:OnAssetIntelligenceIncMember2024-12-310001396440Oneliance, LLC, Preferred Stock2024-12-310001396440RA Outdoors LLC, Secured Debt 12024-12-310001396440RA Outdoors LLC, Secured Debt 22024-12-310001396440RA Outdoors LLC, Common Equity2024-12-310001396440main:RAOutdoorsLLCMember2024-12-310001396440SI East, LLC, Secured Debt 12024-12-310001396440SI East, LLC, Secured Debt 22024-12-310001396440SI East, LLC, Member Units2024-12-310001396440main:SIEastLLCMember2024-12-310001396440Slick Innovations, LLC, Secured Debt2024-12-310001396440Slick Innovations, LLC, Common Stock2024-12-310001396440main:SlickInnovationsLLCMember2024-12-310001396440Student Resource Center, Secured Debt 12024-12-310001396440Student Resource Center, LLC, Secured Debt 22024-12-310001396440Student Resource Center, LLC, Preferred Equity2024-12-310001396440main:StudentResourceCenterLLCMember2024-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2024-12-310001396440The Affiliati Network, LLC, Secured Debt 12024-12-310001396440The Affiliati Network, LLC, Secured Debt 22024-12-310001396440The Affiliati Network, LLC, Preferred Stock 12024-12-310001396440The Affiliati Network, LLC, Preferred Stock 22024-12-310001396440main:TheAffiliatiNetworkLLCMember2024-12-310001396440UnionRock Energy Fund II, LP, LP Interests2024-12-310001396440UnionRock Energy Fund III, LP, LP Interests2024-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt 12024-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt 22024-12-310001396440UniTek Global Services, Inc.,Preferred Stock 12024-12-310001396440UniTek Global Services, Inc., Preferred Stock 22024-12-310001396440UniTek Global Services, Inc., Preferred Stock 32024-12-310001396440UniTek Global Services, Inc., Preferred Stock 42024-12-310001396440UniTek Global Services, Inc., Common Stock2024-12-310001396440main:UniTekGlobalServicesIncMember2024-12-310001396440Urgent DSO LLC, Secured Debt2024-12-310001396440Urgent DSO LLC, Preferred Equity2024-12-310001396440main:UrgentDSOLLCMember2024-12-310001396440World Micro Holdings, LLC, Secured Debt2024-12-310001396440World Micro Holdings, LLC, Preferred Equity2024-12-310001396440main:WorldMicroHoldingsLLCMember2024-12-310001396440Adams Publishing Group, LLC, Secured Debt 12024-12-310001396440Adams Publishing Group, LLC, Secured Debt 22024-12-310001396440main:AdamsPublishingGroupLLCMember2024-12-310001396440AMEREQUIP LLC, Common Stock2024-12-310001396440American Health Staffing Group, Inc., Secured Debt 12024-12-310001396440American Health Staffing Group, Inc., Secured Debt 22024-12-310001396440main:AmericanHealthStaffingGroupIncMember2024-12-310001396440American Nuts, LLC, Secured Debt 12024-12-310001396440American Nuts, LLC, Secured Debt 22024-12-310001396440American Nuts, LLC, Secured Debt 32024-12-310001396440American Nuts, LLC, Secured Debt 42024-12-310001396440main:AmericanNutsLLCMember2024-12-310001396440American Teleconferencing Services, Ltd., Secured Debt 12024-12-310001396440American Teleconferencing Services, Ltd., Secured Debt 22024-12-310001396440main:AmericanTeleconferencingServicesLtdMember2024-12-310001396440Ansira Partners II, LLC, Secured Debt 12024-12-310001396440Ansira Partners II, LLC, Secured Debt 22024-12-310001396440main:AnsiraPartnersIILLCMember2024-12-310001396440ArborWorks, LLC, Secured Debt 12024-12-310001396440ArborWorks, LLC, Secured Debt 22024-12-310001396440ArborWorks, LLC, Preferred Equity 12024-12-310001396440ArborWorks, LLC, Preferred Equity 22024-12-310001396440ArborWorks, LLC, Common Equity2024-12-310001396440main:ArborWorksLLCMember2024-12-310001396440Archer Systems, LLC, Common Stock2024-12-310001396440ATS Operating, LLC, Secured Debt 12024-12-310001396440ATS Operating, LLC, Secured Debt 22024-12-310001396440ATS Operating, LLC, Secured Debt 32024-12-310001396440ATS Operating, LLC, Common Stock2024-12-310001396440main:ATSOperatingLLCMember2024-12-310001396440AVEX Aviation Holdings, LLC, Secured Debt 12024-12-310001396440AVEX Aviation Holdings, LLC, Secured Debt 22024-12-310001396440AVEX Aviation Holdings, LLC, Common Equity2024-12-310001396440main:AVEXAviationHoldingsLLCMember2024-12-310001396440Berry Aviation, Inc., Preferred Member Units 12024-12-310001396440Berry Aviation, Inc., Preferred Member Units 22024-12-310001396440Berry Aviation, Inc., Preferred Member Units 32024-12-310001396440main:BerryAviationIncMember2024-12-310001396440Bettercloud, Inc., Secured Debt 12024-12-310001396440Bettercloud, Inc., Secured Debt 22024-12-310001396440main:BettercloudIncMember2024-12-310001396440Binswanger Enterprises, LLC, Member Units2024-12-310001396440Bluestem Brands, Inc., Secured Debt 12024-12-310001396440Bluestem Brands, Inc., Secured Debt 22024-12-310001396440Bluestem Brands, Inc., Secured Debt 32024-12-310001396440Bluestem Brands, Inc., Common Stock2024-12-310001396440Bluestem Brands, Inc., Warrants2024-12-310001396440main:BluestemBrandsIncMember2024-12-310001396440Bond Brand Loyalty ULC, Secured Debt 12024-12-310001396440Bond Brand Loyalty ULC, Secured Debt 22024-12-310001396440Bond Brand Loyalty ULC, Secured Debt 32024-12-310001396440Bond Brand Loyalty ULC, Preferred Equity2024-12-310001396440Bond Brand Loyalty ULC, Common Equity2024-12-310001396440main:BondBrandLoyaltyULCMember2024-12-310001396440BP Loenbro Holdings Inc., Secured Debt 12024-12-310001396440BP Loenbro Holdings Inc., Secured Debt 22024-12-310001396440BP Loenbro Holdings Inc., Secured Debt 32024-12-310001396440BP Loenbro Holdings Inc., Common Equity2024-12-310001396440main:BPLoenbroHoldingsInc.Member2024-12-310001396440Brainworks Software, LLC, Secured Debt 12024-12-310001396440Brainworks Software, LLC, Secured Debt 22024-12-310001396440main:BrainworksSoftwareLLCMember2024-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2024-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2024-12-310001396440Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund V, LP)2024-12-310001396440main:BrightwoodCapitalFundInvestmentsMember2024-12-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 12024-12-310001396440Burning Glass Intermediate Holding Company, Inc., Secured Debt 22024-12-310001396440main:BurningGlassIntermediateHoldingCompanyIncMember2024-12-310001396440CAI Software LLC, Preferred Equity 12024-12-310001396440CAI Software LLC, Preferred Equity 22024-12-310001396440main:CAISoftwareLLCMember2024-12-310001396440CaseWorthy, Inc., Common Equity2024-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 12024-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 22024-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 32024-12-310001396440Channel Partners Intermediateco, LLC, Secured Debt 42024-12-310001396440main:ChannelPartnersIntermediatecoLLCMember2024-12-310001396440Clarius BIGS, LLC, Secured Debt2024-12-310001396440Computer Data Source, LLC, Secured Debt 12024-12-310001396440Computer Data Source, LLC, Secured Debt 22024-12-310001396440Computer Data Source, LLC, Secured Debt 32024-12-310001396440main:ComputerDataSourceLLCMember2024-12-310001396440Coregistics Buyer LLC, Secured Debt 12024-12-310001396440Coregistics Buyer LLC, Secured Debt 22024-12-310001396440Coregistics Buyer LLC, Secured Debt 32024-12-310001396440Coregistics Buyer LLC, Secured Debt 42024-12-310001396440main:CoregisticsBuyerLLCMember2024-12-310001396440CQ Fluency, LLC, Secured Debt 12024-12-310001396440CQ Fluency, LLC, Secured Debt 22024-12-310001396440CQ Fluency, LLC, Secured Debt 32024-12-310001396440main:CQFluencyLLCMember2024-12-310001396440Creative Foam Corporation, Secured Debt 12024-12-310001396440Creative Foam Corporation, Secured Debt 22024-12-310001396440main:CreativeFoamCorporationMember2024-12-310001396440Dalton US Inc., Common Stock2024-12-310001396440DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2024-12-310001396440DTE Enterprises, LLC, Class A Preferred Member Units2024-12-310001396440main:DTEEnterprisesLLCMember2024-12-310001396440Dynamic Communities, LLC, Secured Debt 12024-12-310001396440Dynamic Communities, LLC, Secured Debt 22024-12-310001396440Dynamic Communities, LLC, Preferred Equity 12024-12-310001396440Dynamic Communities, LLC, Preferred Equity 22024-12-310001396440Dynamic Communities, LLC, Common Equity2024-12-310001396440main:DynamicCommunitiesLLCMember2024-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 12024-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 22024-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 32024-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 42024-12-310001396440Eastern Wholesale Fence LLC, Secured Debt 52024-12-310001396440main:EasternWholesaleFenceLLCMember2024-12-310001396440Emerald Technologies Acquisition Co, Inc., Secured Debt2024-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII, L.P.)2024-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)2024-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund IX, L.P.)2024-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund X, L.P.)2024-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Energy Capital Fund XII, L.P.)2024-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund II, L.P.)2024-12-310001396440EnCap Energy Fund Investments, LP Interests (EnCap Flatrock Midstream Fund III, L.P.)2024-12-310001396440main:EnCapEnergyFundInvestmentsMember2024-12-310001396440Escalent, Inc., Secured Debt 12024-12-310001396440Escalent, Inc., Secured Debt 22024-12-310001396440Escalent, Inc., Secured Debt 32024-12-310001396440Escalent, Inc., Common Equity2024-12-310001396440main:EscalentIncMember2024-12-310001396440Event Holdco, LLC, Secured Debt 12024-12-310001396440Event Holdco, LLC, Secured Debt 22024-12-310001396440main:EventHoldcoLLCMember2024-12-310001396440Fuse, LLC, Secured Debt2024-12-310001396440Fuse, LLC, Common Stock2024-12-310001396440main:FuseLLCMember2024-12-310001396440Garyline, LLC, Secured Debt 12024-12-310001396440Garyline, LLC, Secured Debt 22024-12-310001396440Garyline, LLC, Common Equity2024-12-310001396440main:GarylineLLCMember2024-12-310001396440GradeEight Corp., Secured Debt 12024-12-310001396440GradeEight Corp., Secured Debt 22024-12-310001396440GradeEight Corp., Secured Debt 32024-12-310001396440GradeEight Corp., Common Equity2024-12-310001396440main:GradeEightCorp.Member2024-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 12024-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 22024-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 32024-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 42024-12-310001396440GS HVAM Intermediate, LLC, Secured Debt 52024-12-310001396440main:GSHVAMIntermediateLLCMember2024-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 12024-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 22024-12-310001396440GULF PACIFIC ACQUISITION, LLC, Secured Debt 32024-12-310001396440main:GULFPACIFICACQUISITIONLLCMember2024-12-310001396440HDC/HW Intermediate Holdings, Secured Debt 12024-12-310001396440HDC/HW Intermediate Holdings, Secured Debt 22024-12-310001396440HDC/HW Intermediate Holdings, Common Equity2024-12-310001396440main:HDCHWIntermediateHoldingsMember2024-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 12024-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 22024-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 32024-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 42024-12-310001396440HEADLANDS OP-CO LLC, Secured Debt 52024-12-310001396440main:HEADLANDSOPCOLLCMember2024-12-310001396440Hornblower Sub, LLC, Secured Debt 12024-12-310001396440Hornblower Sub, LLC, Secured Debt 22024-12-310001396440main:HornblowerSubLLCMember2024-12-310001396440HOWLCO LLC, Secured Debt2024-12-310001396440Hybrid Promotions, LLC, Secured Debt2024-12-310001396440IG Parent Corporation, Secured Debt 12024-12-310001396440IG Parent Corporation, Secured Debt 22024-12-310001396440IG Parent Corporation, Secured Debt 32024-12-310001396440main:IGParentCorporationMember2024-12-310001396440Imaging Business Machines, L.L.C., Secured Debt 12024-12-310001396440Imaging Business Machines, L.L.C., Secured Debt 22024-12-310001396440Imaging Business Machines, L.L.C., Common Equity2024-12-310001396440main:ImagingBusinessMachinesLLCMember2024-12-310001396440Implus Footcare, LLC, Secured Debt2024-12-310001396440Insight Borrower Corporation, Secured Debt 12024-12-310001396440Insight Borrower Corporation, Secured Debt 22024-12-310001396440Insight Borrower Corporation, Secured Debt 32024-12-310001396440Insight Borrower Corporation, Common Equity2024-12-310001396440main:InsightBorrowerCorporationMember2024-12-310001396440Inspire Aesthetics Management, LLC, Secured Debt 12024-12-310001396440Inspire Aesthetics Management, LLC, Secured Debt 22024-12-310001396440Inspire Aesthetics Management, LLC, Secured Debt 32024-12-310001396440Inspire Aesthetics Management, LLC, Common Equity2024-12-310001396440main:InspireAestheticsManagementLLCMember2024-12-310001396440Interface Security Systems, L.L.C, Secured Debt 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LLC, Secured Debt 22025-01-012025-09-300001396440OMi Topco, LLC, Secured Debt 22024-12-310001396440OMi Topco, LLC, Secured Debt 22025-09-300001396440OMi Topco, LLC, Secured Debt 32025-01-012025-09-300001396440OMi Topco, LLC, Secured Debt 32024-12-310001396440OMi Topco, LLC, Secured Debt 32025-09-300001396440OMi Topco, LLC, Secured Debt 42025-09-300001396440OMi Topco, LLC, Secured Debt 42025-01-012025-09-300001396440OMi Topco, LLC, Secured Debt 42024-12-310001396440OMi Topco, LLC, Preferred Member Units2025-01-012025-09-300001396440Principle Environmental, LLC, Secured Debt2025-01-012025-09-300001396440Principle Environmental, LLC, Secured Debt2024-12-310001396440Principle Environmental, LLC, Preferred Member Units2025-01-012025-09-300001396440Principle Environmental, LLC, Common Stock2025-01-012025-09-300001396440Quality Lease Service, LLC, Member Units2025-01-012025-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12025-01-012025-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22025-01-012025-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2025-01-012025-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12025-01-012025-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22025-01-012025-09-300001396440Trantech Radiator Topco, LLC, Common Stock2025-01-012025-09-300001396440Victory Energy Operations, LLC, Secured Debt 12025-01-012025-09-300001396440Victory Energy Operations, LLC, Secured Debt 22025-01-012025-09-300001396440Victory Energy Operations, LLC, Preferred Equity2025-01-012025-09-300001396440Volusion, LLC, Secured Debt2025-01-012025-09-300001396440Volusion, LLC, Preferred Member Units 22025-01-012025-09-300001396440Volusion, LLC, Preferred Member Units 12025-01-012025-09-300001396440Volusion, LLC, Preferred Member Units 32025-01-012025-09-300001396440Volusion, LLC, Common Stock2025-01-012025-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12025-01-012025-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12024-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 22025-01-012025-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22024-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2025-01-012025-09-300001396440Ziegler’s NYPD, LLC, Warrants2025-01-012025-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2025-01-012025-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2024-12-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2025-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2025-01-012025-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2024-12-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2025-09-3000013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2025-01-012025-09-3000013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2024-12-3100013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2025-09-300001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2025-01-012025-09-300001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2024-12-310001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2025-09-300001396440American Nuts, LLC, Preferred Equity2025-01-012025-09-300001396440American Nuts, LLC, Preferred Equity2024-12-310001396440American Nuts, LLC, Secured Debt 52025-09-300001396440American Nuts, LLC, Secured Debt 52025-01-012025-09-300001396440American Nuts, LLC, Secured Debt 52024-12-310001396440American Nuts, LLC, Secured Debt 62025-09-300001396440American Nuts, LLC, Secured Debt 62025-01-012025-09-300001396440American Nuts, LLC, Secured Debt 62024-12-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22025-01-012025-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12025-01-012025-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2025-01-012025-09-300001396440ASC Interests, LLC, Secured Debt 12025-01-012025-09-300001396440ASC Interests, LLC, Secured Debt 22025-01-012025-09-300001396440ASC Interests, LLC, Preferred Member Units2025-01-012025-09-300001396440ASC Interests, LLC, Member Units2025-01-012025-09-300001396440ATS Workholding, LLC, Secured Debt 12025-01-012025-09-300001396440ATS Workholding, LLC, Secured Debt 12025-09-300001396440ATS Workholding, LLC, Secured Debt 22025-01-012025-09-300001396440ATS Workholding, LLC, Secured Debt 22025-09-300001396440ATS Workholding, LLC, Preferred Member Units2025-01-012025-09-300001396440ATS Workholding, LLC, Preferred Member Units2025-09-300001396440Barfly Ventures, LLC, Secured Debt2025-01-012025-09-300001396440Barfly Ventures, LLC, Member Units2025-01-012025-09-300001396440Batjer TopCo, LLC, Secured Debt 12025-01-012025-09-300001396440Batjer TopCo, LLC, Secured Debt 22025-01-012025-09-300001396440Batjer TopCo, LLC, Secured Debt 32025-01-012025-09-300001396440Batjer TopCo, LLC, Preferred Stock2025-01-012025-09-300001396440Bolder Panther Group, LLC, Secured Debt 12025-01-012025-09-300001396440Bolder Panther Group, LLC, Secured Debt 12024-12-310001396440Bolder Panther Group, LLC, Secured Debt 22025-01-012025-09-300001396440Bolder Panther Group, LLC, Secured Debt 22024-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2025-01-012025-09-300001396440Bolder Panther Group, LLC, Secured Debt 32025-01-012025-09-300001396440Bolder Panther Group, LLC, Secured Debt 32024-12-310001396440Bolder Panther Group, LLC, Secured Debt 32025-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2025-01-012025-09-300001396440Bridge Capital Solutions Corporation, Warrants 12025-01-012025-09-300001396440Bridge Capital Solutions Corporation, Warrants 12024-12-310001396440Bridge Capital Solutions Corporation, Warrants 12025-09-300001396440Bridge Capital Solutions Corporation, Warrants 22025-01-012025-09-300001396440Bridge Capital Solutions Corporation, Warrants 22024-12-310001396440Bridge Capital Solutions Corporation, Warrants 22025-09-300001396440CBT Nuggets, LLC, Member Units2025-01-012025-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2025-01-012025-09-300001396440Chamberlin Holding LLC, Secured Debt 12025-01-012025-09-300001396440Chamberlin Holding LLC, Secured Debt 22025-01-012025-09-300001396440Chamberlin Holding LLC, Member Units 12025-01-012025-09-300001396440Chamberlin Holding LLC, Member Units 22025-01-012025-09-300001396440Charps, LLC, Unsecured Debt2025-01-012025-09-300001396440Charps, LLC, Preferred Member Units2025-01-012025-09-300001396440Colonial Electric Company LLC, Secured Debt 12025-01-012025-09-300001396440Colonial Electric Company LLC, Secured Debt 22025-01-012025-09-300001396440Colonial Electric Company LLC, Preferred Member Units2025-01-012025-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2025-01-012025-09-300001396440Digital Products Holdings LLC, Secured Debt2025-01-012025-09-300001396440Digital Products Holdings LLC, Preferred Member Units2025-01-012025-09-300001396440Doral Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440Doral Holdings, LLC, Preferred Equity2024-12-310001396440Doral Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Doral Holdings, LLC, Secured Debt 12024-12-310001396440Doral Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Doral Holdings, LLC, Secured Debt 22024-12-310001396440Elgin AcquireCo, LLC, Secured Debt 12025-01-012025-09-300001396440Elgin AcquireCo, LLC, Secured Debt 22025-01-012025-09-300001396440Elgin AcquireCo, LLC, Secured Debt 32025-01-012025-09-300001396440Elgin AcquireCo, LLC, Common Stock 12025-01-012025-09-300001396440Elgin AcquireCo, LLC, Common Stock 22025-01-012025-09-300001396440Flame King Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440Flame King Holdings, LLC, Secured Debt2025-09-300001396440Flame King Holdings, LLC, Secured Debt2025-01-012025-09-300001396440Flame King Holdings, LLC, Secured Debt2024-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 42025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 42025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 42024-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 52025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 52025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 52024-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 72025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 72025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 72024-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 82025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 82025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 82024-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 102025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 102025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 102024-12-310001396440JTI Electrical & Mechanical, LLC, Secured Debt 92025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 92025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Secured Debt 92024-12-310001396440JTI Electrical & Mechanical, LLC, Common Equity 22025-01-012025-09-300001396440JTI Electrical & Mechanical, LLC, Common Equity 22024-12-310001396440JorVet Holdings, LLC, Secured Debt2025-01-012025-09-300001396440JorVet Holdings, LLC, Secured Debt2024-12-310001396440JorVet Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440KBK Industries, LLC, Member Units2025-01-012025-09-300001396440KBK Industries, LLC, Secured Debt 12025-01-012025-09-300001396440KBK Industries, LLC, Secured Debt 12024-12-310001396440KBK Industries, LLC, Secured Debt 12025-09-300001396440KBK Industries, LLC, Secured Debt 22025-09-300001396440KBK Industries, LLC, Secured Debt 22025-01-012025-09-300001396440KBK Industries, LLC, Secured Debt 22024-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12025-01-012025-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22025-01-012025-09-300001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2025-01-012025-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2025-01-012025-09-300001396440Metalforming Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Metalforming Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Metalforming Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440Metalforming Holdings, LLC, Common Stock2025-01-012025-09-300001396440Metalforming Holdings, LLC, Common Stock2025-09-300001396440Moffitt Holdings, LLC, Secured Debt2025-09-300001396440Moffitt Holdings, LLC, Secured Debt2025-01-012025-09-300001396440Moffitt Holdings, LLC, Secured Debt2024-12-310001396440Moffitt Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440Moffitt Holdings, LLC, Preferred Equity2024-12-310001396440MS Private Loan Fund I, LP, Secured Debt2025-09-300001396440MS Private Loan Fund I, LP, Secured Debt2025-01-012025-09-300001396440MS Private Loan Fund I, LP, LP Interests2025-01-012025-09-300001396440MS Private Loan Fund I, LP, LP Interests2025-09-300001396440MS Private Loan Fund II, LP, Secured Debt2025-09-300001396440MS Private Loan Fund II, LP, Secured Debt2025-01-012025-09-300001396440MS Private Loan Fund II, LP, LP Interests2025-01-012025-09-300001396440MS Private Loan Fund II, LP, LP Interests2025-09-300001396440MSC Income Fund, Inc., Common Equity2025-01-012025-09-300001396440MVI MSO, LLC (Milford Vascular), Secured Debt2025-09-300001396440MVI MSO, LLC (Milford Vascular), Secured Debt2025-01-012025-09-300001396440MVI MSO, LLC (Milford Vascular), Secured Debt2024-12-310001396440MVI MSO, LLC (Milford Vascular), Preferred Equity2025-01-012025-09-300001396440MVI MSO, LLC (Milford Vascular), Preferred Equity2024-12-310001396440MVI MSO, LLC (Milford Vascular), Preferred Equity2025-09-300001396440NAPCO Precast, LLC, Member Units 12025-01-012025-09-300001396440NAPCO Precast, LLC, Member Units 12024-12-310001396440NAPCO Precast, LLC, Member Units 22025-01-012025-09-300001396440NAPCO Precast, LLC, Member Units 22024-12-310001396440Nello Industries Investco, LLC, Secured Debt 12025-09-300001396440Nello Industries Investco, LLC, Secured Debt 12025-01-012025-09-300001396440Nello Industries Investco, LLC, Secured Debt 22025-09-300001396440Nello Industries Investco, LLC, Secured Debt 22025-01-012025-09-300001396440Nello Industries Investco, LLC, Preferred Stock2025-01-012025-09-300001396440Nello Industries Investco, LLC, Preferred Stock2024-12-310001396440Nello Industries Investco, LLC, Preferred Stock2025-09-300001396440NexRev LLC, Secured Debt 12025-01-012025-09-300001396440NexRev LLC, Secured Debt 12025-09-300001396440NexRev LLC, Secured Debt 22025-01-012025-09-300001396440NexRev LLC, Secured Debt 22025-09-300001396440NexRev LLC, Preferred Member Units2025-01-012025-09-300001396440NexRev LLC, Preferred Member Units2024-12-310001396440NuStep, LLC, Secured Debt 12025-01-012025-09-300001396440NuStep, LLC, Secured Debt 22025-01-012025-09-300001396440NuStep, LLC, Preferred Member Units 22025-01-012025-09-300001396440NuStep, LLC, Preferred Member Units 12025-01-012025-09-300001396440Orttech Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Orttech Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Orttech Holdings, LLC, Secured Debt 22024-12-310001396440Orttech Holdings, LLC, Preferred Stock2025-01-012025-09-300001396440Pinnacle TopCo, LLC, Secured Debt 12025-01-012025-09-300001396440Pinnacle TopCo, LLC, Secured Debt 12024-12-310001396440Pinnacle TopCo, LLC, Secured Debt 22025-01-012025-09-300001396440Pinnacle TopCo, LLC, Preferred Equity2025-01-012025-09-300001396440PPL RVs, Inc., Secured Debt 12025-01-012025-09-300001396440PPL RVs, Inc., Secured Debt 22025-01-012025-09-300001396440PPL RVs, Inc., Common Stock 12025-01-012025-09-300001396440PPL RVs, Inc., Common Stock 22025-01-012025-09-300001396440River Aggregates, LLC, Member Units2025-01-012025-09-300001396440Tedder Industries, LLC, Secured Debt 12025-01-012025-09-300001396440Tedder Industries, LLC, Secured Debt 22025-01-012025-09-300001396440Tedder Industries, LLC, Preferred Member Units 12025-01-012025-09-300001396440Tedder Industries, LLC, Preferred Member Units 22025-01-012025-09-300001396440Tedder Industries, LLC, Preferred Member Units 32025-01-012025-09-300001396440Televerde, LLC, Member Units2025-01-012025-09-300001396440Televerde, LLC, Preferred Stock2025-01-012025-09-300001396440VVS Holdco LLC, Secured Debt 12025-01-012025-09-300001396440VVS Holdco LLC, Secured Debt 22025-01-012025-09-300001396440VVS Holdco LLC, Preferred Equity2025-01-012025-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 12025-01-012025-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 12024-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 12025-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2025-01-012025-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2024-12-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2025-09-300001396440AAC Holdings, Inc., Secured Debt 42025-01-012025-09-300001396440AAC Holdings, Inc., Secured Debt 42024-12-310001396440AAC Holdings, Inc., Secured Debt 42025-09-300001396440AAC Holdings, Inc., Secured Debt 62025-01-012025-09-300001396440AAC Holdings, Inc., Secured Debt 62024-12-310001396440AAC Holdings, Inc., Secured Debt 62025-09-300001396440AAC Holdings, Inc., Preferred Equity2025-01-012025-09-300001396440AAC Holdings, Inc., Preferred Equity2024-12-310001396440AAC Holdings, Inc., Secured Debt 72025-09-300001396440AAC Holdings, Inc., Secured Debt 72025-01-012025-09-300001396440AAC Holdings, Inc., Secured Debt 72024-12-310001396440AAC Holdings, Inc., Secured Debt 32025-01-012025-09-300001396440AAC Holdings, Inc., Secured Debt 32024-12-310001396440AAC Holdings, Inc., Common Stock2025-01-012025-09-300001396440AAC Holdings, Inc., Warrants2025-01-012025-09-300001396440AAC Holdings, Inc., Secured Debt 82025-09-300001396440AAC Holdings, Inc., Secured Debt 82025-01-012025-09-300001396440AAC Holdings, Inc., Secured Debt 82024-12-310001396440Boccella Precast Products LLC, Secured Debt2025-09-300001396440Boccella Precast Products LLC, Secured Debt2025-01-012025-09-300001396440Boccella Precast Products LLC, Member Units2025-01-012025-09-300001396440Boccella Precast Products LLC, Member Units2025-09-300001396440Buca C, LLC, Secured Debt 12025-09-300001396440Buca C, LLC, Secured Debt 12025-01-012025-09-300001396440Buca C, LLC, Preferred Member Units2025-01-012025-09-300001396440Buca C, LLC, Secured Debt 22025-09-300001396440Buca C, LLC, Secured Debt 22025-01-012025-09-300001396440Buca C, LLC, Secured Debt 32025-01-012025-09-300001396440Career Team Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Career Team Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Career Team Holdings, LLC, Common Stock2025-01-012025-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2025-01-012025-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2025-01-012025-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2025-09-300001396440Connect Telecommunications Solutions Holdings, Inc., Secured Debt2025-09-300001396440Connect Telecommunications Solutions Holdings, Inc., Secured Debt2025-01-012025-09-300001396440Connect Telecommunications Solutions Holdings, Inc., Preferred Equity2025-01-012025-09-300001396440DMA Industries, LLC, Secured Debt 22025-01-012025-09-300001396440DMA Industries, LLC, Preferred Equity 12025-01-012025-09-300001396440DMA Industries, LLC, Secured Debt 12025-01-012025-09-300001396440DMA Industries, LLC, Preferred Equity 22025-01-012025-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2025-01-012025-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2025-01-012025-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2025-01-012025-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2025-01-012025-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2025-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2025-01-012025-09-300001396440FCC Intermediate Holdco, LLC, Warrants2025-01-012025-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2025-01-012025-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2024-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2025-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2025-01-012025-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2024-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2025-09-300001396440FRG AcquireCo, LLC, Secured Debt 12025-01-012025-09-300001396440FRG AcquireCo, LLC, Secured Debt 12024-12-310001396440FRG AcquireCo, LLC, Secured Debt 22025-01-012025-09-300001396440FRG AcquireCo, LLC, Secured Debt 22024-12-310001396440FRG AcquireCo, LLC, Preferred Equity2025-01-012025-09-300001396440FRG AcquireCo, LLC, Preferred Equity2024-12-310001396440GFG Group, LLC, Secured Debt 12025-01-012025-09-300001396440GFG Group, LLC, Secured Debt 12024-12-310001396440GFG Group, LLC, Secured Debt 12025-09-300001396440GFG Group, LLC, Secured Debt 22025-01-012025-09-300001396440GFG Group, LLC, Secured Debt 22024-12-310001396440GFG Group, LLC, Secured Debt 22025-09-300001396440GFG Group, LLC, Secured Debt 32025-09-300001396440GFG Group, LLC, Secured Debt 32025-01-012025-09-300001396440GFG Group, LLC, Secured Debt 32024-12-310001396440GFG Group, LLC, Preferred Member Units2025-01-012025-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12025-01-012025-09-300001396440Gulf Manufacturing, LLC, Secured Debt 22025-01-012025-09-300001396440Gulf Manufacturing, LLC, Member Units2025-01-012025-09-300001396440Gulf Manufacturing, LLC, Common Stock2025-01-012025-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12025-01-012025-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22025-01-012025-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12025-01-012025-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22025-01-012025-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2025-01-012025-09-300001396440Houston Plating and Coatings, LLC, Member Units2025-01-012025-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.) 12025-01-012025-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.) 12024-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.) 12025-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.) 22025-01-012025-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.) 22024-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.) 22025-09-300001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2025-01-012025-09-300001396440Infinity X1 Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Infinity X1 Holdings, LLC, Secured Debt 12024-12-310001396440Infinity X1 Holdings, LLC, Secured Debt 12025-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440Infinity X1 Holdings, LLC, Secured Debt 22025-09-300001396440Infinity X1 Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Infinity X1 Holdings, LLC, Secured Debt 22024-12-310001396440Integral Energy Services, Secured Debt2025-01-012025-09-300001396440Integral Energy Services, Preferred Equity 12025-01-012025-09-300001396440Integral Energy Services, Preferred Equity 12024-12-310001396440Integral Energy Services, Common Stock2025-01-012025-09-300001396440Integral Energy Services, Preferred Equity 22025-01-012025-09-300001396440Integral Energy Services, Preferred Equity 22024-12-310001396440Iron-Main Investments, LLC, Secured Debt 12025-01-012025-09-300001396440Iron-Main Investments, LLC, Secured Debt 22025-01-012025-09-300001396440Iron-Main Investments, LLC, Secured Debt 32025-01-012025-09-300001396440Iron-Main Investments, LLC, Secured Debt 42025-01-012025-09-300001396440Iron-Main Investments, LLC, Secured Debt 52025-01-012025-09-300001396440Iron-Main Investments, LLC, Common Stock2025-01-012025-09-300001396440Iron-Main Investments, LLC, Preferred Equity 12025-01-012025-09-300001396440Iron-Main Investments, LLC, Preferred Equity 12024-12-310001396440Iron-Main Investments, LLC, Preferred Equity 22025-01-012025-09-300001396440Iron-Main Investments, LLC, Preferred Equity 22024-12-310001396440ITA Holdings Group, LLC, Secured Debt 12025-01-012025-09-300001396440ITA Holdings Group, LLC, Secured Debt 72025-01-012025-09-300001396440ITA Holdings Group, LLC, Secured Debt 72024-12-310001396440ITA Holdings Group, LLC, Secured Debt 72025-09-300001396440ITA Holdings Group, LLC, Secured Debt 82025-09-300001396440ITA Holdings Group, LLC, Secured Debt 82025-01-012025-09-300001396440ITA Holdings Group, LLC, Secured Debt 82024-12-310001396440ITA Holdings Group, LLC, Secured Debt 32025-01-012025-09-300001396440ITA Holdings Group, LLC, Secured Debt 42025-01-012025-09-300001396440ITA Holdings Group, LLC, Secured Debt 52025-01-012025-09-300001396440ITA Holdings Group, LLC, Secured Debt 52024-12-310001396440ITA Holdings Group, LLC, Warrants2025-01-012025-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12025-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12025-01-012025-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12024-12-310001396440Johnson Downie Opco, LLC, Secured Debt 22025-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22025-01-012025-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22024-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2025-01-012025-09-300001396440Johnson Downie Opco, LLC, Preferred Equity2024-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2025-09-300001396440KMS, LLC, Secured Debt 82025-09-300001396440KMS, LLC, Secured Debt 82025-01-012025-09-300001396440KMS, LLC, Secured Debt 82024-12-310001396440KMS, LLC, Secured Debt 42025-09-300001396440KMS, LLC, Secured Debt 42025-01-012025-09-300001396440KMS, LLC, Secured Debt 92025-09-300001396440KMS, LLC, Secured Debt 92025-01-012025-09-300001396440KMS, LLC, Secured Debt 92024-12-310001396440KMS, LLC, Secured Debt 32025-09-300001396440KMS, LLC, Secured Debt 32025-01-012025-09-300001396440KMS, LLC, Secured Debt 72025-09-300001396440KMS, LLC, Secured Debt 72025-01-012025-09-300001396440KMS, LLC, Secured Debt 72024-12-310001396440KMS, LLC, Secured Debt 102025-09-300001396440KMS, LLC, Secured Debt 102025-01-012025-09-300001396440KMS, LLC, Secured Debt 102024-12-310001396440KMS, LLC, Secured Debt 112025-09-300001396440KMS, LLC, Secured Debt 112025-01-012025-09-300001396440KMS, LLC, Secured Debt 112024-12-310001396440KMS, LLC, Preferred Equity2025-01-012025-09-300001396440KMS, LLC, Preferred Equity2024-12-310001396440Mills Fleet Farm Group, LLC, Secured Debt 12025-01-012025-09-300001396440Mills Fleet Farm Group, LLC, Secured Debt 12024-12-310001396440Mills Fleet Farm Group, LLC, Secured Debt 22025-01-012025-09-300001396440Mills Fleet Farm Group, LLC, Secured Debt 22024-12-310001396440Mills Fleet Farm Group, LLC, Preferred Equity2025-01-012025-09-300001396440Mills Fleet Farm Group, LLC, Preferred Equity2024-12-310001396440MoneyThumb Acquisition, LLC, Secured Debt2025-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt2025-01-012025-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units2025-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units2025-01-012025-09-300001396440MoneyThumb Acquisition, LLC, Warrants2025-01-012025-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12025-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12025-01-012025-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2025-01-012025-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2024-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2025-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52025-01-012025-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52024-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52025-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42025-01-012025-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42024-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42025-01-012025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 62025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 62025-01-012025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 62024-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22025-01-012025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 52025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 52025-01-012025-09-300001396440OnAsset Intelligence, Inc., Secured Debt 52024-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2025-01-012025-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2025-01-012025-09-300001396440OnAsset Intelligence, Inc., Common Stock2025-01-012025-09-300001396440OnAsset Intelligence, Inc., Warrants2025-01-012025-09-300001396440Oneliance, LLC, Preferred Stock2025-01-012025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12025-01-012025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12024-12-310001396440RA Outdoors (Aspira) LLC, Secured Debt 22025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 22025-01-012025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 22024-12-310001396440RA Outdoors (Aspira) LLC, Secured Debt 32025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 32025-01-012025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 32024-12-310001396440RA Outdoors (Aspira) LLC, Secured Debt 42025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 42025-01-012025-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 42024-12-310001396440RA Outdoors (Aspira) LLC, Common Equity2025-01-012025-09-300001396440RA Outdoors (Aspira) LLC, Common Equity2024-12-310001396440RA Outdoors (Aspira) LLC, Common Equity2025-09-300001396440Revenue Recovery Holdings, LLC, Secured Debt 12025-01-012025-09-300001396440Revenue Recovery Holdings, LLC, Secured Debt 12024-12-310001396440Revenue Recovery Holdings, LLC, Secured Debt 22025-01-012025-09-300001396440Revenue Recovery Holdings, LLC, Secured Debt 22024-12-310001396440Revenue Recovery Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440Revenue Recovery Holdings, LLC, Preferred Equity2024-12-310001396440RFG AcquireCo, LLC, Secured Debt 12025-01-012025-09-300001396440RFG AcquireCo, LLC, Secured Debt 12024-12-310001396440RFG AcquireCo, LLC, Secured Debt 22025-01-012025-09-300001396440RFG AcquireCo, LLC, Secured Debt 22024-12-310001396440RFG AcquireCo, LLC, Secured Debt 32025-01-012025-09-300001396440RFG AcquireCo, LLC, Secured Debt 32024-12-310001396440RFG AcquireCo, LLC, Preferred Equity2025-01-012025-09-300001396440RFG AcquireCo, LLC, Preferred Equity2024-12-310001396440SI East, LLC, Secured Debt 12025-01-012025-09-300001396440SI East, LLC, Secured Debt 22025-01-012025-09-300001396440SI East, LLC, Preferred Member Units2025-01-012025-09-300001396440SI East, LLC, Preferred Member Units2024-12-310001396440Slick Innovations, LLC, Secured Debt 12025-01-012025-09-300001396440Slick Innovations, LLC, Secured Debt 12024-12-310001396440Slick Innovations, LLC, Secured Debt 12025-09-300001396440Slick Innovations, LLC, Secured Debt 22025-09-300001396440Slick Innovations, LLC, Secured Debt 22025-01-012025-09-300001396440Slick Innovations, LLC, Secured Debt 22024-12-310001396440Slick Innovations, LLC, Common Stock2025-01-012025-09-300001396440Specialized Aviation Holdings, LLC, Secured Debt2025-01-012025-09-300001396440Specialized Aviation Holdings, LLC, Secured Debt2024-12-310001396440Specialized Aviation Holdings, LLC, Preferred Stock2025-01-012025-09-300001396440Specialized Aviation Holdings, LLC, Preferred Stock2024-12-310001396440Specialized Aviation Holdings, LLC, Preferred Stock2025-09-300001396440Student Resource Center, LLC, Secured Debt 22025-01-012025-09-300001396440Student Resource Center, LLC, Preferred Equity2025-01-012025-09-300001396440Student Resource Center, LLC, Secured Debt 12025-01-012025-09-300001396440Student Resource Center, LLC, Secured Debt 12024-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2025-01-012025-09-300001396440The Affiliati Network, LLC, Secured Debt 12025-01-012025-09-300001396440The Affiliati Network, LLC, Secured Debt 22025-01-012025-09-300001396440The Affiliati Network, LLC, Preferred Stock 22025-01-012025-09-300001396440The Affiliati Network, LLC, Preferred Stock 12025-01-012025-09-300001396440UnionRock Energy Fund II, LP, LP Interests2025-01-012025-09-300001396440UnionRock Energy Fund III, LP, LP Interests2025-01-012025-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12025-01-012025-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12025-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22025-01-012025-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22025-09-300001396440UniTek Global Services, Inc., Preferred Stock 42025-01-012025-09-300001396440UniTek Global Services, Inc., Preferred Stock 42024-12-310001396440UniTek Global Services, Inc., Preferred Stock 42025-09-300001396440UniTek Global Services, Inc., Preferred Stock 62025-09-300001396440UniTek Global Services, Inc., Preferred Stock 62025-01-012025-09-300001396440UniTek Global Services, Inc., Preferred Stock 62024-12-310001396440UniTek Global Services, Inc., Preferred Stock 72025-09-300001396440UniTek Global Services, Inc., Preferred Stock 72025-01-012025-09-300001396440UniTek Global Services, Inc., Preferred Stock 72024-12-310001396440UniTek Global Services, Inc., Preferred Stock 32025-01-012025-09-300001396440UniTek Global Services, Inc., Common Stock2025-01-012025-09-300001396440Urgent DSO LLC, Secured Debt2025-01-012025-09-300001396440Urgent DSO LLC, Preferred Equity2025-01-012025-09-300001396440Wildcats Topco LLC (NVS Heritage), Common Equity2025-01-012025-09-300001396440Wildcats Topco LLC (NVS Heritage), Common Equity2024-12-310001396440Wildcats Topco LLC (NVS Heritage), Common Equity2025-09-300001396440World Micro Holdings, LLC, Secured Debt2025-01-012025-09-300001396440World Micro Holdings, LLC, Preferred Equity2025-01-012025-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 22025-01-012025-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 22024-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 22025-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001396440us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001396440main:NortheastRegionAndCanadaMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001396440main:NortheastRegionAndCanadaMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001396440us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001396440us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001396440us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12023-12-310001396440Analytical Systems Keco Holdings, LLC, Secured Debt 12024-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22024-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Analytical Systems Keco Holdings, LLC, Secured Debt 22023-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12024-01-012024-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 12024-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22024-01-012024-09-300001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-12-310001396440Analytical Systems Keco Holdings, LLC, Preferred Member Units 22024-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2024-01-012024-09-300001396440Analytical Systems Keco Holdings, LLC, Warrants2023-12-310001396440Analytical Systems Keco Holdings, LLC, Warrants2024-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2024-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2024-01-012024-09-300001396440Brewer Crane Holdings, LLC, Secured Debt2023-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2024-01-012024-09-300001396440Brewer Crane Holdings, LLC, Preferred Member Units2023-12-310001396440Brewer Crane Holdings, LLC, Preferred Member Units2024-09-300001396440Café Brazil, LLC, Member Units2024-01-012024-09-300001396440Café Brazil, LLC, Member Units2023-12-310001396440Café Brazil, LLC, Member Units2024-09-300001396440California Splendor Holdings LLC, Secured Debt 12024-09-300001396440California Splendor Holdings LLC, Secured Debt 12024-01-012024-09-300001396440California Splendor Holdings LLC, Secured Debt 12023-12-310001396440California Splendor Holdings LLC, Secured Debt 22024-09-300001396440California Splendor Holdings LLC, Secured Debt 22024-01-012024-09-300001396440California Splendor Holdings LLC, Secured Debt 22023-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12024-01-012024-09-300001396440California Splendor Holdings LLC, Preferred Member Units 12023-12-310001396440California Splendor Holdings LLC, Preferred Member Units 12024-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22024-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22024-01-012024-09-300001396440California Splendor Holdings LLC, Preferred Member Units 22023-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12024-01-012024-09-300001396440Clad-Rex Steel, LLC, Secured Debt 12023-12-310001396440Clad-Rex Steel, LLC, Secured Debt 12024-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22024-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22024-01-012024-09-300001396440Clad-Rex Steel, LLC, Secured Debt 22023-12-310001396440Clad-Rex Steel, LLC, Secured Debt 32024-09-300001396440Clad-Rex Steel, LLC, Secured Debt 32024-01-012024-09-300001396440Clad-Rex Steel, LLC, Secured Debt 32023-12-310001396440Clad-Rex Steel, LLC, Member Units 12024-01-012024-09-300001396440Clad-Rex Steel, LLC, Member Units 12023-12-310001396440Clad-Rex Steel, LLC, Member Units 12024-09-300001396440Clad-Rex Steel, LLC, Member Units 22024-01-012024-09-300001396440Clad-Rex Steel, LLC, Member Units 22023-12-310001396440Clad-Rex Steel, LLC, Member Units 22024-09-300001396440Cody Pools, Inc., Secured Debt 12024-01-012024-09-300001396440Cody Pools, Inc., Secured Debt 12023-12-310001396440Cody Pools, Inc., Secured Debt 12024-09-300001396440Cody Pools, Inc., Secured Debt 22024-09-300001396440Cody Pools, Inc., Secured Debt 22024-01-012024-09-300001396440Cody Pools, Inc., Secured Debt 22023-12-310001396440Cody Pools, Inc., Preferred Member Units2024-01-012024-09-300001396440Cody Pools, Inc., Preferred Member Units2023-12-310001396440Cody Pools, Inc., Preferred Member Units2024-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12024-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12024-01-012024-09-300001396440CompareNetworks Topco, LLC, Secured Debt 12023-12-310001396440CompareNetworks Topco, LLC, Secured Debt 22024-09-300001396440CompareNetworks Topco, LLC, Secured Debt 22024-01-012024-09-300001396440CompareNetworks Topco, LLC, Secured Debt 22023-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2024-01-012024-09-300001396440CompareNetworks Topco, LLC, Preferred Member Units2023-12-310001396440CompareNetworks Topco, LLC, Preferred Member Units2024-09-300001396440Cybermedia Technologies, LLC, Secured Debt 12024-01-012024-09-300001396440Cybermedia Technologies, LLC, Secured Debt 12023-12-310001396440Cybermedia Technologies, LLC, Secured Debt 12024-09-300001396440Cybermedia Technologies, LLC, Secured Debt 22024-09-300001396440Cybermedia Technologies, LLC, Secured Debt 22024-01-012024-09-300001396440Cybermedia Technologies, LLC, Secured Debt 22023-12-310001396440Cybermedia Technologies, LLC, Preferred Member Units2024-01-012024-09-300001396440Cybermedia Technologies, LLC, Preferred Member Units2023-12-310001396440Cybermedia Technologies, LLC, Preferred Member Units2024-09-300001396440Datacom, LLC, Secured Debt 12024-09-300001396440Datacom, LLC, Secured Debt 12024-01-012024-09-300001396440Datacom, LLC, Secured Debt 12023-12-310001396440Datacom, LLC, Secured Debt 22024-09-300001396440Datacom, LLC, Secured Debt 22024-01-012024-09-300001396440Datacom, LLC, Secured Debt 22023-12-310001396440Datacom, LLC, Preferred Member Units2024-01-012024-09-300001396440Datacom, LLC, Preferred Member Units2023-12-310001396440Datacom, LLC, Preferred Member Units2024-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12024-01-012024-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 12023-12-310001396440Direct Marketing Solutions, Inc., Secured Debt 12024-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22024-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22024-01-012024-09-300001396440Direct Marketing Solutions, Inc., Secured Debt 22023-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2024-01-012024-09-300001396440Direct Marketing Solutions, Inc., Preferred Stock2023-12-310001396440Direct Marketing Solutions, Inc., Preferred Stock2024-09-300001396440Elgin AcquireCo, LLC, Secured Debt 12024-09-300001396440Elgin AcquireCo, LLC, Secured Debt 12024-01-012024-09-300001396440Elgin AcquireCo, LLC, Secured Debt 12023-12-310001396440Elgin AcquireCo, LLC, Secured Debt 22024-09-300001396440Elgin AcquireCo, LLC, Secured Debt 22024-01-012024-09-300001396440Elgin AcquireCo, LLC, Secured Debt 22023-12-310001396440Elgin AcquireCo, LLC, Secured Debt 32024-09-300001396440Elgin AcquireCo, LLC, Secured Debt 32024-01-012024-09-300001396440Elgin AcquireCo, LLC, Secured Debt 32023-12-310001396440Elgin AcquireCo, LLC, Common Stock 12024-01-012024-09-300001396440Elgin AcquireCo, LLC, Common Stock 12023-12-310001396440Elgin AcquireCo, LLC, Common Stock 12024-09-300001396440Elgin AcquireCo, LLC, Common Stock 22024-01-012024-09-300001396440Elgin AcquireCo, LLC, Common Stock 22023-12-310001396440Elgin AcquireCo, LLC, Common Stock 22024-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12024-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 12023-12-310001396440Gamber-Johnson Holdings, LLC, Secured Debt 22024-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Gamber-Johnson Holdings, LLC, Secured Debt 22023-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2024-01-012024-09-300001396440Gamber-Johnson Holdings, LLC, Member Units2023-12-310001396440Gamber-Johnson Holdings, LLC, Member Units2024-09-300001396440GRT Rubber Technologies LLC, Secured Debt 12024-09-300001396440GRT Rubber Technologies LLC, Secured Debt 12024-01-012024-09-300001396440GRT Rubber Technologies LLC, Secured Debt 12023-12-310001396440GRT Rubber Technologies LLC, Secured Debt 22024-09-300001396440GRT Rubber Technologies LLC, Secured Debt 22024-01-012024-09-300001396440GRT Rubber Technologies LLC, Secured Debt 22023-12-310001396440GRT Rubber Technologies LLC, Member Units2024-01-012024-09-300001396440GRT Rubber Technologies LLC, Member Units2023-12-310001396440GRT Rubber Technologies LLC, Member Units2024-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12024-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 12023-12-310001396440Gulf Publishing Holdings, LLC, Secured Debt 22024-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Gulf Publishing Holdings, LLC, Secured Debt 22023-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Gulf Publishing Holdings, LLC, Preferred Equity2023-12-310001396440Gulf Publishing Holdings, LLC, Preferred Equity2024-09-300001396440Gulf Publishing Holdings, LLC, Member Units2024-01-012024-09-300001396440Gulf Publishing Holdings, LLC, Member Units2023-12-310001396440Gulf Publishing Holdings, LLC, Member Units2024-09-300001396440IG Investor, LLC, Secured Debt 12024-09-300001396440IG Investor, LLC, Secured Debt 12024-01-012024-09-300001396440IG Investor, LLC, Secured Debt 12023-12-310001396440IG Investor, LLC, Secured Debt 22024-09-300001396440IG Investor, LLC, Secured Debt 22024-01-012024-09-300001396440IG Investor, LLC, Secured Debt 22023-12-310001396440IG Investor, LLC, Common Equity2024-01-012024-09-300001396440IG Investor, LLC, Common Equity2023-12-310001396440IG Investor, LLC, Common Equity2024-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12024-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12024-01-012024-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 12023-12-310001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22024-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22024-01-012024-09-300001396440Jensen Jewelers of Idaho, LLC, Secured Debt 22023-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2024-01-012024-09-300001396440Jensen Jewelers of Idaho, LLC, Member Units2023-12-310001396440Jensen Jewelers of Idaho, LLC, Member Units2024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-01-012024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-12-310001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-01-012024-09-300001396440Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-01-012024-09-300001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-12-310001396440Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2024-01-012024-09-300001396440Kickhaefer Manufacturing Company, LLC, Member Units2023-12-310001396440Kickhaefer Manufacturing Company, LLC, Member Units2024-09-300001396440Metalforming Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Metalforming Holdings, LLC, Secured Debt 12023-12-310001396440Metalforming Holdings, LLC, Secured Debt 12024-09-300001396440Metalforming Holdings, LLC, Secured Debt 22024-09-300001396440Metalforming Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Metalforming Holdings, LLC, Secured Debt 22023-12-310001396440Metalforming Holdings, LLC, Preferred Equity2024-09-300001396440Metalforming Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Metalforming Holdings, LLC, Preferred Equity2023-12-310001396440Metalforming Holdings, LLC, Common Stock2024-01-012024-09-300001396440Metalforming Holdings, LLC, Common Stock2023-12-310001396440Metalforming Holdings, LLC, Common Stock2024-09-300001396440MH Corbin Holding LLC, Secured Debt2024-09-300001396440MH Corbin Holding LLC, Secured Debt2024-01-012024-09-300001396440MH Corbin Holding LLC, Secured Debt2023-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12024-01-012024-09-300001396440MH Corbin Holding LLC, Preferred Member Units 12023-12-310001396440MH Corbin Holding LLC, Preferred Member Units 12024-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22024-01-012024-09-300001396440MH Corbin Holding LLC, Preferred Member Units 22023-12-310001396440MH Corbin Holding LLC, Preferred Member Units 22024-09-300001396440MSC Adviser I, LLC, Member Units2024-01-012024-09-300001396440MSC Adviser I, LLC, Member Units2023-12-310001396440MSC Adviser I, LLC, Member Units2024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 12023-12-310001396440Mystic Logistics Holdings, LLC, Secured Debt 12024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Mystic Logistics Holdings, LLC, Secured Debt 22023-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2024-01-012024-09-300001396440Mystic Logistics Holdings, LLC, Common Stock2023-12-310001396440Mystic Logistics Holdings, LLC, Common Stock2024-09-300001396440OMi Topco, LLC, Secured Debt2024-09-300001396440OMi Topco, LLC, Secured Debt2024-01-012024-09-300001396440OMi Topco, LLC, Secured Debt2023-12-310001396440OMi Topco, LLC, Preferred Member Units2024-01-012024-09-300001396440OMi Topco, LLC, Preferred Member Units2023-12-310001396440OMi Topco, LLC, Preferred Member Units2024-09-300001396440PPL RVs, Inc., Secured Debt 12024-09-300001396440PPL RVs, Inc., Secured Debt 12024-01-012024-09-300001396440PPL RVs, Inc., Secured Debt 12023-12-310001396440PPL RVs, Inc., Secured Debt 22024-09-300001396440PPL RVs, Inc., Secured Debt 22024-01-012024-09-300001396440PPL RVs, Inc., Secured Debt 22023-12-310001396440PPL RVs, Inc., Common Stock 12024-01-012024-09-300001396440PPL RVs, Inc., Common Stock 12023-12-310001396440PPL RVs, Inc., Common Stock 12024-09-300001396440PPL RVs, Inc., Common Stock 22024-01-012024-09-300001396440PPL RVs, Inc., Common Stock 22023-12-310001396440PPL RVs, Inc., Common Stock 22024-09-300001396440Principle Environmental, LLC, Secured Debt2024-09-300001396440Principle Environmental, LLC, Secured Debt2024-01-012024-09-300001396440Principle Environmental, LLC, Secured Debt2023-12-310001396440Principle Environmental, LLC, Preferred Member Units2024-01-012024-09-300001396440Principle Environmental, LLC, Preferred Member Units2023-12-310001396440Principle Environmental, LLC, Preferred Member Units2024-09-300001396440Principle Environmental, LLC, Common Stock2024-01-012024-09-300001396440Principle Environmental, LLC, Common Stock2023-12-310001396440Principle Environmental, LLC, Common Stock2024-09-300001396440Quality Lease Service, LLC, Member Units2024-01-012024-09-300001396440Quality Lease Service, LLC, Member Units2023-12-310001396440Quality Lease Service, LLC, Member Units2024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12024-01-012024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 12023-12-310001396440Robbins Bros. Jewelry, Inc., Secured Debt 22024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22024-01-012024-09-300001396440Robbins Bros. Jewelry, Inc., Secured Debt 22023-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2024-01-012024-09-300001396440Robbins Bros. Jewelry, Inc., Preferred Equity2023-12-310001396440Robbins Bros. Jewelry, Inc., Preferred Equity2024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12024-01-012024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 12023-12-310001396440Trantech Radiator Topco, LLC, Secured Debt 12024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22024-01-012024-09-300001396440Trantech Radiator Topco, LLC, Secured Debt 22023-12-310001396440Trantech Radiator Topco, LLC, Common Stock2024-01-012024-09-300001396440Trantech Radiator Topco, LLC, Common Stock2023-12-310001396440Trantech Radiator Topco, LLC, Common Stock2024-09-300001396440Volusion, LLC, Secured Debt2024-09-300001396440Volusion, LLC, Secured Debt2024-01-012024-09-300001396440Volusion, LLC, Secured Debt2023-12-310001396440Volusion, LLC, Preferred Member Units 12024-01-012024-09-300001396440Volusion, LLC, Preferred Member Units 12023-12-310001396440Volusion, LLC, Preferred Member Units 12024-09-300001396440Volusion, LLC, Preferred Member Units 22024-01-012024-09-300001396440Volusion, LLC, Preferred Member Units 22023-12-310001396440Volusion, LLC, Preferred Member Units 22024-09-300001396440Volusion, LLC, Preferred Member Units 32024-01-012024-09-300001396440Volusion, LLC, Preferred Member Units 32023-12-310001396440Volusion, LLC, Preferred Member Units 32024-09-300001396440Volusion, LLC, Common Stock2024-01-012024-09-300001396440Volusion, LLC, Common Stock2023-12-310001396440Volusion, LLC, Common Stock2024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 12023-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 22024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 22023-12-310001396440Ziegler’s NYPD, LLC, Secured Debt 32024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Secured Debt 32023-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Preferred Member Units2023-12-310001396440Ziegler’s NYPD, LLC, Preferred Member Units2024-09-300001396440Ziegler’s NYPD, LLC, Warrants2024-01-012024-09-300001396440Ziegler’s NYPD, LLC, Warrants2023-12-310001396440Ziegler’s NYPD, LLC, Warrants2024-09-300001396440Other Controlled Investments, Warrants2025-01-012025-09-300001396440Other Controlled Investments, Warrants2024-12-310001396440Other Controlled Investments, Warrants2025-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2024-01-012024-09-3000013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2023-12-3100013964402717 MH, L.P., LP Interests (2717 MH, L.P.)2024-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2024-01-012024-09-3000013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2023-12-3100013964402717 MH, L.P., LP Interests (2717 HPP-MS, L.P.)2024-09-3000013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2024-01-012024-09-3000013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2023-12-3100013964402717 MH, L.P., LP Interests (2717 GRE-LP, L.P.)2024-09-300001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2024-01-012024-09-300001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2023-12-310001396440HPEP 423 COR, LP, LP Interests (423 COR, L.P.)2024-09-300001396440ASC Interests, LLC, Secured Debt 12024-09-300001396440ASC Interests, LLC, Secured Debt 12024-01-012024-09-300001396440ASC Interests, LLC, Secured Debt 12023-12-310001396440ASC Interests, LLC, Secured Debt 22024-09-300001396440ASC Interests, LLC, Secured Debt 22024-01-012024-09-300001396440ASC Interests, LLC, Secured Debt 22023-12-310001396440ASC Interests, LLC, Preferred Member Units2024-01-012024-09-300001396440ASC Interests, LLC, Preferred Member Units2023-12-310001396440ASC Interests, LLC, Preferred Member Units2024-09-300001396440ASC Interests, LLC, Member Units2024-01-012024-09-300001396440ASC Interests, LLC, Member Units2023-12-310001396440ASC Interests, LLC, Member Units2024-09-300001396440ATS Workholding, LLC, Secured Debt 12024-09-300001396440ATS Workholding, LLC, Secured Debt 12024-01-012024-09-300001396440ATS Workholding, LLC, Secured Debt 12023-12-310001396440ATS Workholding, LLC, Secured Debt 22024-09-300001396440ATS Workholding, LLC, Secured Debt 22024-01-012024-09-300001396440ATS Workholding, LLC, Secured Debt 22023-12-310001396440ATS Workholding, LLC, Preferred Member Units2024-01-012024-09-300001396440ATS Workholding, LLC, Preferred Member Units2023-12-310001396440ATS Workholding, LLC, Preferred Member Units2024-09-300001396440Barfly Ventures, LLC, Secured Debt2024-09-300001396440Barfly Ventures, LLC, Secured Debt2024-01-012024-09-300001396440Barfly Ventures, LLC, Secured Debt2023-12-310001396440Barfly Ventures, LLC, Member Units2024-01-012024-09-300001396440Barfly Ventures, LLC, Member Units2023-12-310001396440Barfly Ventures, LLC, Member Units2024-09-300001396440Batjer TopCo, LLC, Secured Debt 12024-09-300001396440Batjer TopCo, LLC, Secured Debt 12024-01-012024-09-300001396440Batjer TopCo, LLC, Secured Debt 12023-12-310001396440Batjer TopCo, LLC, Secured Debt 22024-09-300001396440Batjer TopCo, LLC, Secured Debt 22024-01-012024-09-300001396440Batjer TopCo, LLC, Secured Debt 22023-12-310001396440Batjer TopCo, LLC, Secured Debt 32024-09-300001396440Batjer TopCo, LLC, Secured Debt 32024-01-012024-09-300001396440Batjer TopCo, LLC, Secured Debt 32023-12-310001396440Batjer TopCo, LLC, Preferred Stock2024-01-012024-09-300001396440Batjer TopCo, LLC, Preferred Stock2023-12-310001396440Batjer TopCo, LLC, Preferred Stock2024-09-300001396440Bolder Panther Group, LLC, Secured Debt 12024-09-300001396440Bolder Panther Group, LLC, Secured Debt 12024-01-012024-09-300001396440Bolder Panther Group, LLC, Secured Debt 12023-12-310001396440Bolder Panther Group, LLC, Class B Preferred Member Units2024-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2024-01-012024-09-300001396440Bolder Panther Group, LLC, Class B Preferred Member Units2023-12-310001396440Bolder Panther Group, LLC, Secured Debt 22024-01-012024-09-300001396440Bolder Panther Group, LLC, Secured Debt 22023-12-310001396440Bolder Panther Group, LLC, Secured Debt 22024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 12023-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 12024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Secured Debt 22023-12-310001396440Bridge Capital Solutions Corporation, Secured Debt 22024-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Preferred Member Units2023-12-310001396440Bridge Capital Solutions Corporation, Preferred Member Units2024-09-300001396440Bridge Capital Solutions Corporation, Warrants 12024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Warrants 12023-12-310001396440Bridge Capital Solutions Corporation, Warrants 12024-09-300001396440Bridge Capital Solutions Corporation, Warrants 22024-01-012024-09-300001396440Bridge Capital Solutions Corporation, Warrants 22023-12-310001396440Bridge Capital Solutions Corporation, Warrants 22024-09-300001396440CBT Nuggets, LLC, Member Units2024-01-012024-09-300001396440CBT Nuggets, LLC, Member Units2023-12-310001396440CBT Nuggets, LLC, Member Units2024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 12023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 22024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 22023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 32024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Secured Debt 32023-12-310001396440Centre Technologies Holdings, LLC, Secured Debt 32024-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2024-01-012024-09-300001396440Centre Technologies Holdings, LLC, Preferred Member Units2023-12-310001396440Centre Technologies Holdings, LLC, Preferred Member Units2024-09-300001396440Chamberlin Holding LLC, Secured Debt 12024-09-300001396440Chamberlin Holding LLC, Secured Debt 12024-01-012024-09-300001396440Chamberlin Holding LLC, Secured Debt 12023-12-310001396440Chamberlin Holding LLC, Secured Debt 22024-09-300001396440Chamberlin Holding LLC, Secured Debt 22024-01-012024-09-300001396440Chamberlin Holding LLC, Secured Debt 22023-12-310001396440Chamberlin Holding LLC, Member Units 12024-01-012024-09-300001396440Chamberlin Holding LLC, Member Units 12023-12-310001396440Chamberlin Holding LLC, Member Units 12024-09-300001396440Chamberlin Holding LLC, Member Units 22024-01-012024-09-300001396440Chamberlin Holding LLC, Member Units 22023-12-310001396440Chamberlin Holding LLC, Member Units 22024-09-300001396440Charps, LLC, Unsecured Debt2024-09-300001396440Charps, LLC, Unsecured Debt2024-01-012024-09-300001396440Charps, LLC, Unsecured Debt2023-12-310001396440Charps, LLC, Preferred Member Units2024-01-012024-09-300001396440Charps, LLC, Preferred Member Units2023-12-310001396440Charps, LLC, Preferred Member Units2024-09-300001396440Colonial Electric Company LLC, Secured Debt 12024-01-012024-09-300001396440Colonial Electric Company LLC, Secured Debt 12023-12-310001396440Colonial Electric Company LLC, Secured Debt 12024-09-300001396440Colonial Electric Company LLC, Secured Debt 22024-09-300001396440Colonial Electric Company LLC, Secured Debt 22024-01-012024-09-300001396440Colonial Electric Company LLC, Secured Debt 22023-12-310001396440Colonial Electric Company LLC, Preferred Member Units 12024-01-012024-09-300001396440Colonial Electric Company LLC, Preferred Member Units 12023-12-310001396440Colonial Electric Company LLC, Preferred Member Units 12024-09-300001396440Colonial Electric Company LLC, Preferred Member Units 22024-01-012024-09-300001396440Colonial Electric Company LLC, Preferred Member Units 22023-12-310001396440Colonial Electric Company LLC, Preferred Member Units 22024-09-300001396440Compass Systems & Sales, LLC, Secured Debt 12024-01-012024-09-300001396440Compass Systems & Sales, LLC, Secured Debt 12023-12-310001396440Compass Systems & Sales, LLC, Secured Debt 12024-09-300001396440Compass Systems & Sales, LLC, Secured Debt 22024-09-300001396440Compass Systems & Sales, LLC, Secured Debt 22024-01-012024-09-300001396440Compass Systems & Sales, LLC, Secured Debt 22023-12-310001396440Compass Systems & Sales, LLC, Preferred Equity2024-01-012024-09-300001396440Compass Systems & Sales, LLC, Preferred Equity2023-12-310001396440Compass Systems & Sales, LLC, Preferred Equity2024-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-01-012024-09-300001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-12-310001396440Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-09-300001396440Digital Products Holdings LLC, Secured Debt2024-09-300001396440Digital Products Holdings LLC, Secured Debt2024-01-012024-09-300001396440Digital Products Holdings LLC, Secured Debt2023-12-310001396440Digital Products Holdings LLC, Preferred Member Units2024-01-012024-09-300001396440Digital Products Holdings LLC, Preferred Member Units2023-12-310001396440Digital Products Holdings LLC, Preferred Member Units2024-09-300001396440Garreco, LLC, Secured Debt2024-09-300001396440Garreco, LLC, Secured Debt2024-01-012024-09-300001396440Garreco, LLC, Secured Debt2023-12-310001396440Garreco, LLC, Member Units2024-01-012024-09-300001396440Garreco, LLC, Member Units2023-12-310001396440Garreco, LLC, Member Units2024-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2024-01-012024-09-300001396440Harrison Hydra-Gen, Ltd., Common Stock2023-12-310001396440Harrison Hydra-Gen, Ltd., Common Stock2024-09-300001396440JorVet Holdings, LLC, Secured Debt2024-09-300001396440JorVet Holdings, LLC, Secured Debt2024-01-012024-09-300001396440JorVet Holdings, LLC, Secured Debt2023-12-310001396440JorVet Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440JorVet Holdings, LLC, Preferred Equity2023-12-310001396440JorVet Holdings, LLC, Preferred Equity2024-09-300001396440KBK Industries, LLC, Secured Debt2024-09-300001396440KBK Industries, LLC, Secured Debt2024-01-012024-09-300001396440KBK Industries, LLC, Secured Debt2023-12-310001396440KBK Industries, LLC, Member Units2024-01-012024-09-300001396440KBK Industries, LLC, Member Units2023-12-310001396440KBK Industries, LLC, Member Units2024-09-300001396440MS Private Loan Fund I, LP, Secured Debt2024-01-012024-09-300001396440MS Private Loan Fund I, LP, Secured Debt2023-12-310001396440MS Private Loan Fund I, LP, Secured Debt2024-09-300001396440MS Private Loan Fund I, LP, LP Interests2024-01-012024-09-300001396440MS Private Loan Fund I, LP, LP Interests2023-12-310001396440MS Private Loan Fund I, LP, LP Interests2024-09-300001396440MS Private Loan Fund II, LP, Secured Debt2024-09-300001396440MS Private Loan Fund II, LP, Secured Debt2024-01-012024-09-300001396440MS Private Loan Fund II, LP, Secured Debt2023-12-310001396440MS Private Loan Fund II, LP, LP Interests2024-01-012024-09-300001396440MS Private Loan Fund II, LP, LP Interests2023-12-310001396440MS Private Loan Fund II, LP, LP Interests2024-09-300001396440MSC Income Fund, Inc., Common Equity2024-01-012024-09-300001396440MSC Income Fund, Inc., Common Equity2023-12-310001396440MSC Income Fund, Inc., Common Equity2024-09-300001396440NAPCO Precast, LLC, Member Units2024-01-012024-09-300001396440NAPCO Precast, LLC, Member Units2023-12-310001396440NAPCO Precast, LLC, Member Units2024-09-300001396440Nello Industries Investco, LLC, Secured Debt 12024-09-300001396440Nello Industries Investco, LLC, Secured Debt 12024-01-012024-09-300001396440Nello Industries Investco, LLC, Secured Debt 12023-12-310001396440Nello Industries Investco, LLC, Secured Debt 22024-09-300001396440Nello Industries Investco, LLC, Secured Debt 22024-01-012024-09-300001396440Nello Industries Investco, LLC, Secured Debt 22023-12-310001396440Nello Industries Investco, LLC, Common Equity2024-01-012024-09-300001396440Nello Industries Investco, LLC, Common Equity2023-12-310001396440Nello Industries Investco, LLC, Common Equity2024-09-300001396440NexRev LLC, Secured Debt 12024-09-300001396440NexRev LLC, Secured Debt 12024-01-012024-09-300001396440NexRev LLC, Secured Debt 12023-12-310001396440NexRev LLC, Secured Debt 22024-09-300001396440NexRev LLC, Secured Debt 22024-01-012024-09-300001396440NexRev LLC, Secured Debt 22023-12-310001396440NexRev LLC, Preferred Member Units2024-01-012024-09-300001396440NexRev LLC, Preferred Member Units2023-12-310001396440NexRev LLC, Preferred Member Units2024-09-300001396440NRP Jones, LLC, Secured Debt2024-09-300001396440NRP Jones, LLC, Secured Debt2024-01-012024-09-300001396440NRP Jones, LLC, Secured Debt2023-12-310001396440NRP Jones, LLC, Member Units 12024-01-012024-09-300001396440NRP Jones, LLC, Member Units 12023-12-310001396440NRP Jones, LLC, Member Units 12024-09-300001396440NRP Jones, LLC, Member Units 22024-01-012024-09-300001396440NRP Jones, LLC, Member Units 22023-12-310001396440NRP Jones, LLC, Member Units 22024-09-300001396440NuStep, LLC, Secured Debt 12024-09-300001396440NuStep, LLC, Secured Debt 12024-01-012024-09-300001396440NuStep, LLC, Secured Debt 12023-12-310001396440NuStep, LLC, Secured Debt 22024-09-300001396440NuStep, LLC, Secured Debt 22024-01-012024-09-300001396440NuStep, LLC, Secured Debt 22023-12-310001396440NuStep, LLC, Preferred Member Units 12024-01-012024-09-300001396440NuStep, LLC, Preferred Member Units 12023-12-310001396440NuStep, LLC, Preferred Member Units 12024-09-300001396440NuStep, LLC, Preferred Member Units 22024-01-012024-09-300001396440NuStep, LLC, Preferred Member Units 22023-12-310001396440NuStep, LLC, Preferred Member Units 22024-09-300001396440Orttech Holdings, LLC, Secured Debt 12024-09-300001396440Orttech Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Orttech Holdings, LLC, Secured Debt 12023-12-310001396440Orttech Holdings, LLC, Secured Debt 22024-09-300001396440Orttech Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Orttech Holdings, LLC, Secured Debt 22023-12-310001396440Orttech Holdings, LLC, Preferred Stock2024-01-012024-09-300001396440Orttech Holdings, LLC, Preferred Stock2023-12-310001396440Orttech Holdings, LLC, Preferred Stock2024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12024-01-012024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 12023-12-310001396440Pearl Meyer Topco LLC, Secured Debt 12024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22024-01-012024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 22023-12-310001396440Pearl Meyer Topco LLC, Secured Debt 32024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32024-01-012024-09-300001396440Pearl Meyer Topco LLC, Secured Debt 32023-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2024-01-012024-09-300001396440Pearl Meyer Topco LLC, Preferred Equity2023-12-310001396440Pearl Meyer Topco LLC, Preferred Equity2024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 12024-01-012024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 12023-12-310001396440Pinnacle TopCo, LLC, Secured Debt 12024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 22024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 22024-01-012024-09-300001396440Pinnacle TopCo, LLC, Secured Debt 22023-12-310001396440Pinnacle TopCo, LLC, Preferred Equity2024-01-012024-09-300001396440Pinnacle TopCo, LLC, Preferred Equity2023-12-310001396440Pinnacle TopCo, LLC, Preferred Equity2024-09-300001396440River Aggregates, LLC, Member Units2024-01-012024-09-300001396440River Aggregates, LLC, Member Units2023-12-310001396440River Aggregates, LLC, Member Units2024-09-300001396440Tedder Industries, LLC, Secured Debt 12024-09-300001396440Tedder Industries, LLC, Secured Debt 12024-01-012024-09-300001396440Tedder Industries, LLC, Secured Debt 12023-12-310001396440Tedder Industries, LLC, Secured Debt 22024-09-300001396440Tedder Industries, LLC, Secured Debt 22024-01-012024-09-300001396440Tedder Industries, LLC, Secured Debt 22023-12-310001396440Tedder Industries, LLC, Preferred Member Units 12024-01-012024-09-300001396440Tedder Industries, LLC, Preferred Member Units 12023-12-310001396440Tedder Industries, LLC, Preferred Member Units 12024-09-300001396440Tedder Industries, LLC, Preferred Member Units 22024-01-012024-09-300001396440Tedder Industries, LLC, Preferred Member Units 22023-12-310001396440Tedder Industries, LLC, Preferred Member Units 22024-09-300001396440Tedder Industries, LLC, Preferred Member Units 32024-01-012024-09-300001396440Tedder Industries, LLC, Preferred Member Units 32023-12-310001396440Tedder Industries, LLC, Preferred Member Units 32024-09-300001396440Televerde, LLC, Member Units2024-01-012024-09-300001396440Televerde, LLC, Member Units2023-12-310001396440Televerde, LLC, Member Units2024-09-300001396440Televerde, LLC, Preferred Stock2024-01-012024-09-300001396440Televerde, LLC, Preferred Stock2023-12-310001396440Televerde, LLC, Preferred Stock2024-09-300001396440Vision Interests, Inc., Series A Preferred Stock2024-01-012024-09-300001396440Vision Interests, Inc., Series A Preferred Stock2023-12-310001396440Vision Interests, Inc., Series A Preferred Stock2024-09-300001396440VVS Holdco LLC, Secured Debt 12024-09-300001396440VVS Holdco LLC, Secured Debt 12024-01-012024-09-300001396440VVS Holdco LLC, Secured Debt 12023-12-310001396440VVS Holdco LLC, Secured Debt 22024-09-300001396440VVS Holdco LLC, Secured Debt 22024-01-012024-09-300001396440VVS Holdco LLC, Secured Debt 22023-12-310001396440VVS Holdco LLC, Preferred Equity2024-01-012024-09-300001396440VVS Holdco LLC, Preferred Equity2023-12-310001396440VVS Holdco LLC, Preferred Equity2024-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 12024-01-012024-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 12023-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 12024-09-300001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001396440us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2024-01-012024-09-300001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2023-12-310001396440423 HAR, LP, LP Interests (423 HAR, L.P.)2024-09-300001396440AAC Holdings, Inc., Secured Debt 12024-09-300001396440AAC Holdings, Inc., Secured Debt 12024-01-012024-09-300001396440AAC Holdings, Inc., Secured Debt 12023-12-310001396440AAC Holdings, Inc., Secured Debt 22024-09-300001396440AAC Holdings, Inc., Secured Debt 22024-01-012024-09-300001396440AAC Holdings, Inc., Secured Debt 22023-12-310001396440AAC Holdings, Inc., Common Stock2024-01-012024-09-300001396440AAC Holdings, Inc., Common Stock2023-12-310001396440AAC Holdings, Inc., Common Stock2024-09-300001396440AAC Holdings, Inc., Warrants2024-01-012024-09-300001396440AAC Holdings, Inc., Warrants2023-12-310001396440AAC Holdings, Inc., Warrants2024-09-300001396440Boccella Precast Products LLC, Secured Debt2024-09-300001396440Boccella Precast Products LLC, Secured Debt2024-01-012024-09-300001396440Boccella Precast Products LLC, Secured Debt2023-12-310001396440Boccella Precast Products LLC, Member Units2024-01-012024-09-300001396440Boccella Precast Products LLC, Member Units2023-12-310001396440Boccella Precast Products LLC, Member Units2024-09-300001396440Buca C, LLC, Secured Debt 12024-09-300001396440Buca C, LLC, Secured Debt 12024-01-012024-09-300001396440Buca C, LLC, Secured Debt 12023-12-310001396440Buca C, LLC, Preferred Member Units2024-09-300001396440Buca C, LLC, Preferred Member Units2024-01-012024-09-300001396440Buca C, LLC, Preferred Member Units2023-12-310001396440Buca C, LLC, Secured Debt 22024-09-300001396440Buca C, LLC, Secured Debt 22024-01-012024-09-300001396440Buca C, LLC, Secured Debt 22023-12-310001396440Buca C, LLC, Secured Debt 32024-09-300001396440Buca C, LLC, Secured Debt 32024-01-012024-09-300001396440Buca C, LLC, Secured Debt 32023-12-310001396440Career Team Holdings, LLC, Secured Debt 12024-09-300001396440Career Team Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Career Team Holdings, LLC, Secured Debt 12023-12-310001396440Career Team Holdings, LLC, Secured Debt 22024-09-300001396440Career Team Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Career Team Holdings, LLC, Secured Debt 22023-12-310001396440Career Team Holdings, LLC, Common Stock2024-01-012024-09-300001396440Career Team Holdings, LLC, Common Stock2023-12-310001396440Career Team Holdings, LLC, Common Stock2024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12024-01-012024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 12023-12-310001396440Classic H&G Holdings, LLC, Secured Debt 22024-01-012024-09-300001396440Classic H&G Holdings, LLC, Secured Debt 22023-12-310001396440Classic H&G Holdings, LLC, Secured Debt 22024-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2024-01-012024-09-300001396440Classic H&G Holdings, LLC, Preferred Member Units2023-12-310001396440Classic H&G Holdings, LLC, Preferred Member Units2024-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-01-012024-09-300001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2023-12-310001396440Congruent Credit Opportunities Funds, LP Interests (Congruent Credit Opportunities Fund III, LP)2024-09-300001396440DMA Industries, LLC, Secured Debt 12024-09-300001396440DMA Industries, LLC, Secured Debt 12024-01-012024-09-300001396440DMA Industries, LLC, Secured Debt 12023-12-310001396440DMA Industries, LLC, Preferred Equity 12024-01-012024-09-300001396440DMA Industries, LLC, Preferred Equity 12023-12-310001396440DMA Industries, LLC, Preferred Equity 12024-09-300001396440DMA Industries, LLC, Secured Debt 22024-09-300001396440DMA Industries, LLC, Secured Debt 22024-01-012024-09-300001396440DMA Industries, LLC, Secured Debt 22023-12-310001396440DMA Industries, LLC, Preferred Equity 22024-09-300001396440DMA Industries, LLC, Preferred Equity 22024-01-012024-09-300001396440DMA Industries, LLC, Preferred Equity 22023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2024-01-012024-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners, LP)2024-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2024-01-012024-09-300001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2023-12-310001396440Dos Rios Partners, LP Interests (Dos Rios Partners - A, LP)2024-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2024-01-012024-09-300001396440Dos Rios Stone Products LLC, Class A Preferred Units2023-12-310001396440Dos Rios Stone Products LLC, Class A Preferred Units2024-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2024-01-012024-09-300001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2023-12-310001396440EIG Fund Investments, LP Interests (EIG Global Private Debt Fund-A, L.P.)2024-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2024-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2024-01-012024-09-300001396440FCC Intermediate Holdco, LLC, Secured Debt2023-12-310001396440FCC Intermediate Holdco, LLC, Warrants2024-01-012024-09-300001396440FCC Intermediate Holdco, LLC, Warrants2023-12-310001396440FCC Intermediate Holdco, LLC, Warrants2024-09-300001396440Flame King Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Flame King Holdings, LLC, Preferred Equity2023-12-310001396440Flame King Holdings, LLC, Preferred Equity2024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2024-01-012024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2023-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport Financial SBIC Fund LP)2024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2024-01-012024-09-300001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-310001396440Freeport Financial SBIC Fund LP, LP Interests (Freeport First Lien Loan Fund III LP)2024-09-300001396440GFG Group, LLC, Secured Debt2024-09-300001396440GFG Group, LLC, Secured Debt2024-01-012024-09-300001396440GFG Group, LLC, Secured Debt2023-12-310001396440GFG Group, LLC, Preferred Member Units2024-01-012024-09-300001396440GFG Group, LLC, Preferred Member Units2023-12-310001396440GFG Group, LLC, Preferred Member Units2024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12024-01-012024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 12023-12-310001396440Gulf Manufacturing, LLC, Secured Debt 22024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 22024-01-012024-09-300001396440Gulf Manufacturing, LLC, Secured Debt 22023-12-310001396440Gulf Manufacturing, LLC, Member Units2024-01-012024-09-300001396440Gulf Manufacturing, LLC, Member Units2023-12-310001396440Gulf Manufacturing, LLC, Member Units2024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 12023-12-310001396440Hawk Ridge Systems, LLC, Secured Debt 22024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Secured Debt 22023-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 12023-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 12024-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22024-01-012024-09-300001396440Hawk Ridge Systems, LLC, Preferred Member Units 22023-12-310001396440Hawk Ridge Systems, LLC, Preferred Member Units 22024-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2024-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2024-01-012024-09-300001396440Houston Plating and Coatings, LLC, Unsecured Convertible Debt2023-12-310001396440Houston Plating and Coatings, LLC, Member Units2024-01-012024-09-300001396440Houston Plating and Coatings, LLC, Member Units2023-12-310001396440Houston Plating and Coatings, LLC, Member Units2024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-01-012024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-12-310001396440HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2024-01-012024-09-300001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2023-12-310001396440HPEP 3, L.P., LP Interests (HPEP 4, L.P.)2024-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2024-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2024-01-012024-09-300001396440I-45 SLF LLC, Member Units (Fully diluted 20.0%; 21.75% profits interest)2023-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-01-012024-09-300001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-12-310001396440Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2024-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2024-01-012024-09-300001396440Infinity X1 Holdings, LLC, Secured Debt2023-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440Infinity X1 Holdings, LLC, Preferred Equity2023-12-310001396440Infinity X1 Holdings, LLC, Preferred Equity2024-09-300001396440Integral Energy Services, Secured Debt2024-09-300001396440Integral Energy Services, Secured Debt2024-01-012024-09-300001396440Integral Energy Services, Secured Debt2023-12-310001396440Integral Energy Services, Preferred Equity2024-09-300001396440Integral Energy Services, Preferred Equity2024-01-012024-09-300001396440Integral Energy Services, Preferred Equity2023-12-310001396440Integral Energy Services, Common Stock2024-01-012024-09-300001396440Integral Energy Services, Common Stock2023-12-310001396440Integral Energy Services, Common Stock2024-09-300001396440Iron-Main Investments, LLC, Secured Debt 12024-09-300001396440Iron-Main Investments, LLC, Secured Debt 12024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 12023-12-310001396440Iron-Main Investments, LLC, Secured Debt 22024-09-300001396440Iron-Main Investments, LLC, Secured Debt 22024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 22023-12-310001396440Iron-Main Investments, LLC, Secured Debt 32024-09-300001396440Iron-Main Investments, LLC, Secured Debt 32024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 32023-12-310001396440Iron-Main Investments, LLC, Secured Debt 42024-09-300001396440Iron-Main Investments, LLC, Secured Debt 42024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 42023-12-310001396440Iron-Main Investments, LLC, Secured Debt 52024-09-300001396440Iron-Main Investments, LLC, Secured Debt 52024-01-012024-09-300001396440Iron-Main Investments, LLC, Secured Debt 52023-12-310001396440Iron-Main Investments, LLC, Common Stock2024-01-012024-09-300001396440Iron-Main Investments, LLC, Common Stock2023-12-310001396440Iron-Main Investments, LLC, Common Stock2024-09-300001396440Iron-Main Investments, LLC, Preferred Equity2024-09-300001396440Iron-Main Investments, LLC, Preferred Equity2024-01-012024-09-300001396440Iron-Main Investments, LLC, Preferred Equity2023-12-310001396440ITA Holdings Group, LLC, Secured Debt 12024-09-300001396440ITA Holdings Group, LLC, Secured Debt 12024-01-012024-09-300001396440ITA Holdings Group, LLC, Secured Debt 12023-12-310001396440ITA Holdings Group, LLC, Secured Debt 22024-09-300001396440ITA Holdings Group, LLC, Secured Debt 22024-01-012024-09-300001396440ITA Holdings Group, LLC, Secured Debt 22023-12-310001396440ITA Holdings Group, LLC, Secured Debt 32024-09-300001396440ITA Holdings Group, LLC, Secured Debt 32024-01-012024-09-300001396440ITA Holdings Group, LLC, Secured Debt 32023-12-310001396440ITA Holdings Group, LLC, Secured Debt 42024-09-300001396440ITA Holdings Group, LLC, Secured Debt 42024-01-012024-09-300001396440ITA Holdings Group, LLC, Secured Debt 42023-12-310001396440ITA Holdings Group, LLC, Warrants2024-01-012024-09-300001396440ITA Holdings Group, LLC, Warrants2023-12-310001396440ITA Holdings Group, LLC, Warrants2024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12024-01-012024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 12023-12-310001396440Johnson Downie Opco, LLC, Secured Debt 12024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22024-01-012024-09-300001396440Johnson Downie Opco, LLC, Secured Debt 22023-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2024-01-012024-09-300001396440Johnson Downie Opco, LLC, Preferred Equity2023-12-310001396440Johnson Downie Opco, LLC, Preferred Equity2024-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt2024-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt2024-01-012024-09-300001396440MoneyThumb Acquisition, LLC, Secured Debt2023-12-310001396440MoneyThumb Acquisition, LLC, Preferred Member Units2024-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units2024-01-012024-09-300001396440MoneyThumb Acquisition, LLC, Preferred Member Units2023-12-310001396440MoneyThumb Acquisition, LLC, Warrants2024-01-012024-09-300001396440MoneyThumb Acquisition, LLC, Warrants2023-12-310001396440MoneyThumb Acquisition, LLC, Warrants2024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 12023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 22024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 32024-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2023-12-310001396440Nebraska Vet AcquireCo, LLC, Preferred Member Units2024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 42023-12-310001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52024-01-012024-09-300001396440Nebraska Vet AcquireCo, LLC, Secured Debt 52023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 12024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 12023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 22024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 22023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 32024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 32023-12-310001396440OnAsset Intelligence, Inc., Secured Debt 42024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42024-01-012024-09-300001396440OnAsset Intelligence, Inc., Secured Debt 42023-12-310001396440OnAsset Intelligence, Inc., Unsecured Debt2024-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2024-01-012024-09-300001396440OnAsset Intelligence, Inc., Unsecured Debt2023-12-310001396440OnAsset Intelligence, Inc., Preferred Stock2024-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2024-01-012024-09-300001396440OnAsset Intelligence, Inc., Preferred Stock2023-12-310001396440OnAsset Intelligence, Inc., Common Stock2024-01-012024-09-300001396440OnAsset Intelligence, Inc., Common Stock2023-12-310001396440OnAsset Intelligence, Inc., Common Stock2024-09-300001396440OnAsset Intelligence, Inc., Warrants2024-01-012024-09-300001396440OnAsset Intelligence, Inc., Warrants2023-12-310001396440OnAsset Intelligence, Inc., Warrants2024-09-300001396440Oneliance, LLC, Secured Debt 12024-09-300001396440Oneliance, LLC, Secured Debt 12024-01-012024-09-300001396440Oneliance, LLC, Secured Debt 12023-12-310001396440Oneliance, LLC, Secured Debt 22024-09-300001396440Oneliance, LLC, Secured Debt 22024-01-012024-09-300001396440Oneliance, LLC, Secured Debt 22023-12-310001396440Oneliance, LLC, Preferred Stock2024-01-012024-09-300001396440Oneliance, LLC, Preferred Stock2023-12-310001396440Oneliance, LLC, Preferred Stock2024-09-300001396440Quality Lease Service, LLC, Preferred Member Units2024-01-012024-09-300001396440Quality Lease Service, LLC, Preferred Member Units2023-12-310001396440Quality Lease Service, LLC, Preferred Member Units2024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12024-01-012024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 12023-12-310001396440RA Outdoors (Aspira) LLC, Secured Debt 22024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 22024-01-012024-09-300001396440RA Outdoors (Aspira) LLC, Secured Debt 22023-12-310001396440RA Outdoors (Aspira) LLC, Common Equity2024-01-012024-09-300001396440RA Outdoors (Aspira) LLC, Common Equity2023-12-310001396440RA Outdoors (Aspira) LLC, Common Equity2024-09-300001396440SI East, LLC, Secured Debt 12024-09-300001396440SI East, LLC, Secured Debt 12024-01-012024-09-300001396440SI East, LLC, Secured Debt 12023-12-310001396440SI East, LLC, Secured Debt 22024-01-012024-09-300001396440SI East, LLC, Secured Debt 22023-12-310001396440SI East, LLC, Secured Debt 22024-09-300001396440SI East, LLC, Secured Debt 32024-09-300001396440SI East, LLC, Secured Debt 32024-01-012024-09-300001396440SI East, LLC, Secured Debt 32023-12-310001396440SI East, LLC, Preferred Member Units2024-01-012024-09-300001396440SI East, LLC, Preferred Member Units2023-12-310001396440SI East, LLC, Preferred Member Units2024-09-300001396440Slick Innovations, LLC, Secured Debt2024-09-300001396440Slick Innovations, LLC, Secured Debt2024-01-012024-09-300001396440Slick Innovations, LLC, Secured Debt2023-12-310001396440Slick Innovations, LLC, Common Stock2024-01-012024-09-300001396440Slick Innovations, LLC, Common Stock2023-12-310001396440Slick Innovations, LLC, Common Stock2024-09-300001396440Student Resource Center, LLC, Secured Debt 12024-09-300001396440Student Resource Center, LLC, Secured Debt 12024-01-012024-09-300001396440Student Resource Center, LLC, Secured Debt 12023-12-310001396440Student Resource Center, LLC, Preferred Equity2024-01-012024-09-300001396440Student Resource Center, LLC, Preferred Equity2023-12-310001396440Student Resource Center, LLC, Preferred Equity2024-09-300001396440Student Resource Center, LLC, Secured Debt 22024-09-300001396440Student Resource Center, LLC, Secured Debt 22024-01-012024-09-300001396440Student Resource Center, LLC, Secured Debt 22023-12-310001396440Superior Rigging & Erecting Co., Secured Debt2024-01-012024-09-300001396440Superior Rigging & Erecting Co., Secured Debt2023-12-310001396440Superior Rigging & Erecting Co., Secured Debt2024-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2024-01-012024-09-300001396440Superior Rigging & Erecting Co., Preferred Member Units2023-12-310001396440Superior Rigging & Erecting Co., Preferred Member Units2024-09-300001396440The Affiliati Network, LLC, Secured Debt 12024-01-012024-09-300001396440The Affiliati Network, LLC, Secured Debt 12023-12-310001396440The Affiliati Network, LLC, Secured Debt 12024-09-300001396440The Affiliati Network, LLC, Secured Debt 22024-09-300001396440The Affiliati Network, LLC, Secured Debt 22024-01-012024-09-300001396440The Affiliati Network, LLC, Secured Debt 22023-12-310001396440The Affiliati Network, LLC, Preferred Stock 12024-01-012024-09-300001396440The Affiliati Network, LLC, Preferred Stock 12023-12-310001396440The Affiliati Network, LLC, Preferred Stock 12024-09-300001396440The Affiliati Network, LLC, Preferred Stock 22024-01-012024-09-300001396440The Affiliati Network, LLC, Preferred Stock 22023-12-310001396440The Affiliati Network, LLC, Preferred Stock 22024-09-300001396440UnionRock Energy Fund II, LP, LP Interests2024-01-012024-09-300001396440UnionRock Energy Fund II, LP, LP Interests2023-12-310001396440UnionRock Energy Fund II, LP, LP Interests2024-09-300001396440UnionRock Energy Fund III, LP, LP Interests2024-01-012024-09-300001396440UnionRock Energy Fund III, LP, LP Interests2023-12-310001396440UnionRock Energy Fund III, LP, LP Interests2024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12024-01-012024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 12023-12-310001396440UniTek Global Services, Inc., Secured Convertible Debt 22024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22024-01-012024-09-300001396440UniTek Global Services, Inc., Secured Convertible Debt 22023-12-310001396440UniTek Global Services, Inc., Preferred Stock 12024-09-300001396440UniTek Global Services, Inc., Preferred Stock 12024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 12023-12-310001396440UniTek Global Services, Inc., Preferred Stock 22024-09-300001396440UniTek Global Services, Inc., Preferred Stock 22024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 22023-12-310001396440UniTek Global Services, Inc., Preferred Stock 32024-09-300001396440UniTek Global Services, Inc., Preferred Stock 32024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 32023-12-310001396440UniTek Global Services, Inc., Preferred Stock 42024-09-300001396440UniTek Global Services, Inc., Preferred Stock 42024-01-012024-09-300001396440UniTek Global Services, Inc., Preferred Stock 42023-12-310001396440UniTek Global Services, Inc., Common Stock2024-01-012024-09-300001396440UniTek Global Services, Inc., Common Stock2023-12-310001396440UniTek Global Services, Inc., Common Stock2024-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2024-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2024-01-012024-09-300001396440Universal Wellhead Services Holdings, LLC, Preferred Member Units2023-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2024-01-012024-09-300001396440Universal Wellhead Services Holdings, LLC, Member Units2023-12-310001396440Universal Wellhead Services Holdings, LLC, Member Units2024-09-300001396440Urgent DSO LLC, Secured Debt2024-09-300001396440Urgent DSO LLC, Secured Debt2024-01-012024-09-300001396440Urgent DSO LLC, Secured Debt2023-12-310001396440Urgent DSO LLC, Preferred Equity2024-09-300001396440Urgent DSO LLC, Preferred Equity2024-01-012024-09-300001396440Urgent DSO LLC, Preferred Equity2023-12-310001396440World Micro Holdings, LLC, Secured Debt2024-09-300001396440World Micro Holdings, LLC, Secured Debt2024-01-012024-09-300001396440World Micro Holdings, LLC, Secured Debt2023-12-310001396440World Micro Holdings, LLC, Preferred Equity2024-01-012024-09-300001396440World Micro Holdings, LLC, Preferred Equity2023-12-310001396440World Micro Holdings, LLC, Preferred Equity2024-09-300001396440Other, Preferred Equity2025-01-012025-09-300001396440Other, Preferred Equity2024-12-310001396440Other, Preferred Equity2025-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 22024-01-012024-09-300001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 22023-12-310001396440Amounts related to investments transferred to or from other 1940 Act classification during the period, Preferred Equity 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Table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from:             to             
Commission File Number: 814-00746
Main Street Capital Corporation
(Exact name of registrant as specified in its charter)
Maryland
41-2230745
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1300 Post Oak Boulevard, 8th Floor
Houston, TX
77056
(Address of principal executive offices)
(Zip Code)
(713) 350-6000
(Registrant’s telephone number, including area code)
n/a
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol
Name of Each Exchange on Which
Registered
Common Stock, par value $0.01 per shareMAIN
New York Stock Exchange
NYSE Texas
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
The number of shares outstanding of the issuer’s common stock as of November 6, 2025 was 89,587,543.

Table of contents
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
Item 1.
Consolidated Financial Statements
Consolidated Balance Sheets—September 30, 2025 (unaudited) and December 31, 2024
1
Consolidated Statements of Operations (unaudited)—Three and nine months ended September 30, 2025 and 2024
2
Consolidated Statements of Changes in Net Assets (unaudited)—Three and nine months ended September 30, 2025 and 2024
3
Consolidated Statements of Cash Flows (unaudited)—Nine months ended September 30, 2025 and 2024
4
Consolidated Schedule of Investments (unaudited)—September 30, 2025
5
Consolidated Schedule of Investments—December 31, 2024
35
Notes to Consolidated Financial Statements (unaudited)
63
Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Nine months ended September 30, 2025 and 2024
109
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
128
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
150
Item 4.
Controls and Procedures
151
PART II
OTHER INFORMATION
Item 1.
Legal Proceedings
152
Item 1A.
Risk Factors
152
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
152
Item 5.
Other Information
152
Item 6.
Exhibits
153
Signatures
154

Table of contents
MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
September 30,
2025
December 31, 2024
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,659,952 and $1,415,970 as of September 30, 2025 and December 31, 2024, respectively)
$2,416,174 $2,087,890 
Affiliate investments (cost: $814,010 and $743,441 as of September 30, 2025 and December 31, 2024, respectively)
892,914 846,798 
Non‑Control/Non‑Affiliate investments (cost: $1,872,021 and $2,077,901 as of September 30, 2025 and December 31, 2024, respectively)
1,838,685 1,997,981 
Total investments (cost: $4,345,983 and $4,237,312 as of September 30, 2025 and December 31, 2024, respectively)
5,147,773 4,932,669 
Cash and cash equivalents30,568 78,251 
Interest and dividend receivable and other assets90,110 98,084 
Deferred financing costs (net of accumulated amortization of $16,838 and $14,592 as of September 30, 2025 and December 31, 2024, respectively)
14,483 12,337 
Total assets$5,282,934 $5,121,341 
LIABILITIES
Credit Facilities$211,000 $384,000 
July 2026 Notes (par: $500,000 as of both September 30, 2025 and December 31, 2024)
499,583 499,188 
June 2027 Notes (par: $400,000 as of both September 30, 2025 and December 31, 2024)
399,497 399,282 
August 2028 Notes (par: $350,000 as of September 30, 2025)
347,848 — 
March 2029 Notes (par: $350,000 as of both September 30, 2025 and December 31, 2024)
347,541 347,002 
SBIC debentures (par: $350,000 as of both September 30, 2025 and December 31, 2024)
344,299 343,417 
December 2025 Notes (par: $150,000 as of December 31, 2024)
— 149,482 
Accounts payable and other liabilities61,949 69,631 
Interest payable18,573 23,290 
Dividend payable22,832 22,100 
Deferred tax liability, net95,237 86,111 
Total liabilities2,348,359 2,323,503 
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 89,536,504 and 88,398,713 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)
895 884 
Additional paid‑in capital2,451,987 2,394,492 
Total undistributed earnings481,693 402,462 
Total net assets2,934,575 2,797,838 
Total liabilities and net assets$5,282,934 $5,121,341 
NET ASSET VALUE PER SHARE$32.78 $31.65 
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,
2025
2024
2025
2024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$60,027 $50,134 $176,481 $152,572 
Affiliate investments22,407 20,884 71,908 61,813 
Non‑Control/Non‑Affiliate investments57,397 65,806 172,461 186,201 
Total investment income139,831 136,824 420,850 400,586 
EXPENSES:
Interest(32,472)(33,474)(96,159)(89,411)
Compensation(13,217)(11,644)(37,370)(35,225)
General and administrative(4,928)(4,564)(15,933)(14,159)
Share‑based compensation(5,433)(4,868)(15,691)(13,853)
Expenses allocated to the External Investment Manager5,734 5,322 16,962 16,768 
Total expenses(50,316)(49,228)(148,191)(135,880)
NET INVESTMENT INCOME BEFORE TAXES89,515 87,596 272,659 264,706 
Excise tax expense(838)(458)(2,997)(1,652)
Federal and state income and other tax expenses(2,139)(2,758)(9,044)(8,340)
NET INVESTMENT INCOME 86,538 84,380 260,618 254,714 
NET REALIZED GAIN (LOSS):
Control investments(9,988)— (12,964)(352)
Affiliate investments(2)32 57,709 786 
Non‑Control/Non‑Affiliate investments(9,114)26,350 (40,974)16,995 
Total net realized gain (loss)(19,104)26,382 3,771 17,429 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments23,461 50,348 57,016 88,007 
Affiliate investments13,260 7,181 4,518 22,609 
Non‑Control/Non‑Affiliate investments26,257 (35,791)45,683 (25,185)
Total net unrealized appreciation62,978 21,738 107,217 85,431 
Income tax provision on net realized gain (loss) and net unrealized appreciation(6,741)(8,493)(9,319)(23,727)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$123,671 $124,007 $362,287 $333,847 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED $0.97 $0.96 $2.92 $2.95 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$1.38 $1.42 $4.06 $3.87 
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED89,627,718 87,459,533 89,202,39986,268,415
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
Earnings		Total Net
Asset Value
Number of
Shares		Par
Value
Balances as of December 31, 2023
84,833,002$848 $2,270,549 $206,002 $2,477,399 
Public offering of common stock, net of offering costs128,9421 5,695 — 5,696 
Share‑based compensation —— 4,103 — 4,103 
Purchase of vested stock for employee payroll tax withholding (295)— (14)— (14)
Dividend reinvestment 186,9852 8,439 — 8,441 
Amortization of directors’ deferred compensation —— 102 — 102 
Issuance of restricted stock, net of forfeited shares 14,999— — — — 
Net increase in net assets resulting from operations—— — 107,147 107,147 
Dividends to stockholders —— 168 (87,072)(86,904)
Balances as of March 31, 202485,163,633$851 $2,289,042 $226,077 $2,515,970 
Public offering of common stock, net of offering costs874,3099 42,208 — 42,217 
Share‑based compensation —— 4,883 — 4,883 
Purchase of vested stock for employee payroll tax withholding (154,751)(2)(7,320)— (7,322)
Dividend reinvestment 179,5112 8,786 — 8,788 
Amortization of directors’ deferred compensation —— 106 — 106 
Issuance of restricted stock, net of forfeited shares 489,8045 (5)— — 
Net increase in net assets resulting from operations—— — 102,688 102,688 
Dividends to stockholders —— 179 (88,553)(88,374)
Balances as of June 30, 2024
86,552,506$865 $2,337,879 $240,212 $2,578,956 
Public offering of common stock, net of offering costs1,323,75413 65,747 — 65,760 
Share‑based compensation —— 4,868 — 4,868 
Purchase of vested stock for employee payroll tax withholding (3)— — — — 
Dividend reinvestment 186,1952 9,299 — 9,301 
Amortization of directors’ deferred compensation —— 108 — 108 
Issuance of restricted stock, net of forfeited shares (2,665)— — — — 
Net increase in net assets resulting from operations—— — 124,007 124,007 
Dividends to stockholders —— 188 (90,934)(90,746)
Balances as of September 30, 2024
88,059,787$880 $2,418,089 $273,285 $2,692,254 
Balances as of December 31, 2024
88,400,391$884 $2,394,492 $402,462 $2,797,838 
Public offering of common stock, net of offering costs89,0911 5,197 — 5,198 
Share‑based compensation—— 4,842 — 4,842 
Dividend reinvestment156,7492 9,085 — 9,087 
Amortization of directors’ deferred compensation—— 108 — 108 
Issuance of restricted stock, net of forfeited shares13,366— — — — 
Net increase in net assets resulting from operations—— — 116,082 116,082 
Dividends to stockholders—— 190 (93,212)(93,022)
Balances as of March 31, 2025
88,659,597$887 $2,413,914 $425,332 $2,840,133 
Public offering of common stock, net of offering costs195,4542 10,831 — 10,833 
Share‑based compensation—— 5,416 — 5,416 
Purchase of vested stock for employee payroll tax withholding(177,024)(2)(10,013)— (10,015)
Dividend reinvestment167,7052 9,377 — 9,379 
Amortization of directors’ deferred compensation—— 97 — 97 
Issuance of restricted stock, net of forfeited shares436,8634 (4)— — 
Net increase in net assets resulting from operations—— — 122,534 122,534 
Dividends to stockholders—— 199 (94,359)(94,160)
Balances as of June 30, 2025
89,282,595$893 $2,429,817 $453,507 $2,884,217 
Public offering of common stock, net of offering costs111,9411 6,858 — 6,859 
Share‑based compensation—— 5,433 — 5,433 
Purchase of vested stock for employee payroll tax withholding(66)— (4)— (4)
Dividend reinvestment146,9711 9,585 — 9,586 
Amortization of directors’ deferred compensation—— 91 — 91 
Issuance of restricted stock, net of forfeited shares(4,937)— — — — 
Net increase in net assets resulting from operations—— — 123,671 123,671 
Dividends to stockholders—— 207 (95,485)(95,278)
Balances as of September 30, 2025
89,536,504$895 $2,451,987 $481,693 $2,934,575 
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,
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations$362,287 $333,847 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies(873,871)(1,297,019)
Proceeds from sales and repayments of debt investments in portfolio companies687,229 744,075 
Proceeds from sales and return of capital of equity investments in portfolio companies115,476 64,149 
Net unrealized appreciation(107,217)(85,431)
Net realized gain(3,771)(17,429)
Accretion of unearned income(16,114)(16,215)
Payment-in-kind interest(11,402)(15,183)
Cumulative dividends(2,932)(1,716)
Share-based compensation expense15,691 13,853 
Amortization of deferred financing costs4,886 3,690 
Deferred taxes9,126 27,534 
Changes in other assets and liabilities:
Interest and dividend receivable and other assets2,974 (1,897)
Interest payable(4,717)1,488 
Accounts payable and other liabilities(8,594)10,119 
Deferred fees and other3,706 3,971 
Net cash provided by (used in) operating activities172,757 (232,164)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs22,890 113,673 
Proceeds from public offering of August 2028 Notes
350,000 — 
Proceeds from public offering of June 2027 Notes
— 400,000 
Proceeds from public offering of March 2029 Notes
— 350,000 
Repayment of December 2025 Notes
(150,000)— 
Dividends paid(253,676)(238,288)
Proceeds from issuance of SBIC debentures— 63,800 
Repayments of SBIC debentures— (63,800)
Repayment of May 2024 Notes
— (450,000)
Proceeds from Credit Facilities914,000 1,637,000 
Repayments on Credit Facilities(1,087,000)(1,537,000)
Payment of deferred financing costs(6,635)(11,547)
Purchases of vested stock for employee payroll tax withholding(10,019)(7,336)
Net cash provided by (used in) financing activities(220,440)256,502 
Net increase (decrease) in cash and cash equivalents(47,683)24,338 
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD78,251 60,083 
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD$30,568 $84,421 
Supplemental cash flow disclosures:
Interest paid$95,883 $83,994 
Taxes paid$18,090 $6,950 
Non-cash financing activities:
Value of shares issued pursuant to the dividend reinvestment plan$28,052 $26,530 
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, 2025
(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)
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/25/202512.94%SF+8.50%12.94%3/28/2028$7,906 $7,906 $7,906 
Secured Debt(9)3/25/202512.94%SF+8.50%12.94%3/28/20287,906 7,906 7,906 
Preferred Equity3/25/202526,6388,970 6,130 
24,782 21,942 
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(25)8/16/2019   8/16/2029— — — 
Secured Debt8/16/201914.50%  8/16/20293,945 3,907 3,907 
Preferred Member Units5/20/20212,4272,427 5,570 
Preferred Member Units8/16/20193,200 3,200 — 
Warrants(27)8/16/20194208/16/2029316 — 
9,850 9,477 
ASC Interests, LLCRecreational and Educational Shooting Facility
Secured Debt(17)12/31/201913.00%7/31/2024400 400 400 
Secured Debt(17)8/1/201313.00%7/31/20241,578 1,578 1,363 
Preferred Member Units6/28/2023178178 — 
Member Units8/1/20131,5001,500 — 
3,656 1,763 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2026711 711 711 
Member Units(8)10/26/2020371,584 6,810 
2,295 7,521 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt(25)3/7/20223/7/2027— (3)(3)
Secured Debt(25)3/7/20223/7/2027— — — 
Secured Debt3/7/202210.00%3/7/20279,945 9,917 9,917 
Preferred Stock(8)3/7/20224,0734,095 8,750 
14,009 18,664 
BDB Holdings, LLCCasual Restaurant Group
Secured Debt2/24/202512.00%2/27/20271,173 1,173 1,173 
Preferred Equity11/4/202418,756,99519,537 16,060 
20,710 17,233 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt(9) (22) 12/31/202011.57%SF+7.26%10/31/2027101,046 100,768 101,046 
Secured Debt(9)7/1/202510.81%SF+6.50%5/31/20263,000 2,996 3,000 
Class B Preferred Member Units(8)12/31/2020140,0008.00%14,000 31,190 
117,764 135,236 


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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201814.41%SF+10.00%12/31/20265,016 5,016 5,016 
Preferred Member Units(8)1/9/20182,9504,280 3,390 
Preferred Member Units(8)7/7/2025312324 324 
9,620 8,730 
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Preferred Member Units(29)7/25/201617,742 1,000 — 
Warrants(27)7/25/201682   7/25/20262,132 — 
     3,132 — 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt(25)3/15/2024  8/28/2028— (12)(12)
Secured Debt3/30/201814.00% 8/28/202825,800 25,774 25,774 
Preferred Member Units(8)7/31/20198,67115.00%15.00%12,150 12,150 
Preferred Member Units(8)3/30/20188,72916,402 15,275 
54,314 53,187 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units(8)6/1/20064161,300 48,960 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (25)1/4/2019 SF+8.00% 1/4/2028— — — 
Secured Debt(9)11/29/202412.41%SF+8.00% 1/4/202824,464 24,433 24,464 
Preferred Member Units1/4/201913,883  6,386 21,220 
    30,819 45,684 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (25)2/26/2018SF+6.00%2/26/2026— (37)— 
Secured Debt(9)2/26/201812.49%SF+8.00%2/26/202620,420 20,410 20,420 
Member Units(8)2/26/20184,34711,440 33,070 
Member Units(8) (29)11/2/20181,047,1461,773 3,770 
33,586 57,260 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202014.00%1/31/20305,694 5,241 5,694 
Preferred Member Units(8)2/3/20171,8291,963 15,270 
7,204 20,964 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt(25)10/28/20227/31/2027— — — 
Secured Debt12/20/201610.00%7/31/20309,640 9,560 9,640 


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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment
(2) (3) (15)		Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt12/20/201610.00%12/20/2036940 932 940 
Member Units(8)12/20/20167177,280 14,120 
Member Units(29)12/20/2016800509 1,270 
18,281 25,970 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(25)3/6/2020 12/17/2026— (18)— 
Secured Debt3/6/202012.50%12/17/202639,815 39,794 39,815 
Preferred Member Units(8) (29)3/6/20205878,317 66,480 
48,093 106,295 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(25)3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/20268,779 8,770 8,779 
Preferred Member Units(8)3/31/202117,2807,680 14,420 
16,450 23,199 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt(9)1/29/201913.41%SF+9.00%1/29/20284,437 4,431 4,431 
Preferred Member Units1/29/20192,2503,520 8,180 
7,951 12,611 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(25)11/22/202311/22/2028— (17)(17)
Secured Debt11/22/202313.50%11/22/202817,200 17,093 16,954 
Preferred Equity11/22/20237,4547,454 7,180 
24,530 24,117 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(30)7/17/201738.75%    515 515 
    
Cybermedia Technologies, LLCIT and Digital Services Provider  
Secured Debt(25)5/5/20235/5/2028— — — 
Secured Debt5/5/202313.00%5/5/202827,210 27,068 26,537 
Preferred Member Units 5/5/202355615,000 — 
Preferred Equity4/1/20252,400,0002,400 4,360 
44,468 30,897 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025675 675 675 
Secured Debt3/31/202110.00%12/31/20257,880 7,847 5,589 
Preferred Member Units3/31/20219,3602,970 — 
11,492 6,264 


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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)4/1/201814.31%SF+10.00%4/27/202611,957 11,934 11,795 
Preferred Member Units(8)4/1/20183,8579,501 9,835 
21,435 21,630 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt 2/13/201814.00%2/13/20261,020 1,009 1,020 
Secured Debt12/27/202214.00%2/13/202623,082 23,069 23,082 
Preferred Stock 2/13/20188,4008,400 19,080 
32,478 43,182 
Doral Holdings, LLCMachinery Moving, Rigging and Millwrighting Provider
Secured Debt(25)5/20/20255/20/2030— — — 
Secured Debt5/20/202513.00%5/20/203029,500 29,229 29,229 
Preferred Equity5/20/202513,00013,000 13,000 
42,229 42,229 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (25)10/3/2022SF+6.00%10/3/2026— (3)(3)
Secured Debt10/3/202212.00%10/3/202717,294 17,225 17,225 
Secured Debt10/3/20229.00%10/3/20526,225 6,169 6,169 
Common Stock10/3/20222855,726 5,100 
Common Stock(29)10/3/20229391,558 3,220 
30,675 31,711 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Secured Debt(25)6/30/20256/30/2030— — — 
Secured Debt6/30/202512.00%6/30/203066,000 65,383 66,000 
Preferred Equity(8)10/29/20219,36010,400 48,120 
75,783 114,120 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (25) (34)6/24/2016SF+7.50%1/1/2028— — — 
Secured Debt(9) (34)11/22/202411.50%SF+7.50%1/1/202870,726 70,625 70,726 
Member Units(8)6/24/20169,04217,692 116,660 
88,317 187,386 
Garreco, LLCManufacturer and Supplier of Dental Products
Member Units 7/15/20131,2001,200 1,830 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201810.41%SF+6.00%10/29/20263,146 3,143 3,146 


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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment
(2) (3) (15)		Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt12/19/201412.41%SF+8.00%10/29/202640,493 40,442 40,493 
Member Units(8)12/19/20145,87913,065 46,820 
56,650 90,459 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(30)10/1/201749.26%1,158 1,795 
LP Interests (2717 HPP-MS, L.P.)(30)3/11/202249.26%256 447 
LP Interests (2717 GRE-LP, L.P.)(30)4/18/202443.05%441 441 
LP Interests (423 COR, L.P.)(30)6/2/202226.89%2,900 5,244 
4,755 7,927 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock(8)6/4/2010107,456718 7,270 
IG Investor, LLC Military and Other Tactical Gear
Secured Debt6/21/202313.00%6/21/20281,600 1,578 1,600 
Secured Debt6/21/2023 13.00%6/21/202835,064 34,872 35,064 
Common Equity6/21/202314,40014,400 20,770 
            50,850 57,434 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(9) (25) 8/29/2017P+6.75%11/14/2026— — — 
Secured Debt(9)11/14/200614.25%P+6.75%11/14/20261,028 1,028 1,028 
Member Units(8)11/14/2006627811 11,540 
1,839 12,568 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202723,321 23,251 23,251 
Preferred Equity(8)3/28/2022109,92610,993 12,330 
34,244 35,581 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9)8/25/20259.45%SF+5.00%6/20/20306,316 6,316 6,316 
Secured Debt(9)8/25/202510.45%SF+6.00%10.45%6/20/203035,412 35,412 35,412 
Secured Debt(14)8/25/202515.00%15.00%6/20/203016,842 6,205 6,205 
Common Equity(29)12/22/20211,684,2111,684 — 
Common Equity8/25/2025842,000842 — 
50,459 47,933 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Secured Debt2/24/20239.50%2/24/20287,800 7,759 7,800 
Member Units(8)1/23/2006325783 20,230 


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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
8,542 28,030 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/202613,399 13,393 13,393 
Secured Debt 10/31/20189.00%10/31/20483,922 3,891 3,891 
Preferred Equity10/31/201858112,240 15,930 
Member Units(8) (29)10/31/2018800992 2,760 
30,516 35,974 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(25)10/19/202210/19/2025— (1)— 
Secured Debt10/19/20228.75%10/19/202717,788 17,715 17,788 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%5,916 5,916 
Common Stock(8)10/19/20221,537,2191,537 9,480 
25,167 33,184 
Moffitt Holdings, LLCBulk Fuel and Lubricants Distributor
Secured Debt3/19/202513.00%3/19/203034,563 34,257 34,257 
Preferred Equity3/19/202514,30014,300 15,560 
48,557 49,817 
MS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt(9)1/26/20217.31%SF+3.00%3/24/20268,700 8,700 8,700 
LP Interests(8) (30)1/26/202114.51%14,250 13,832 
22,950 22,532 
MS Private Loan Fund II, LP(12) (13)Investment Partnership
Secured Debt(9) (25)9/5/2023 SF+3.00%3/5/2029— (91)(91)
LP Interests(8) (30)9/5/202312.46%9,000 9,564 
8,909 9,473 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 266,350 
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/20221,433,57322,326 18,333 
MVI MSO, LLCVascular Practice Specializing in Comprehensive Vein and Artery Diagnosis and Treatment
Secured Debt3/28/202513.00%3/28/20309,850 9,763 9,763 
Preferred Equity3/28/20252702,700 4,770 
12,463 14,533 
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 5,736 5,746 


10
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)8/18/20145,8732,720 26,780 
8,456 32,526 
NAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units 1/31/20082,9552,975 11,160 
Member Units(29)9/30/20252,955815 2,760 
3,790 13,920 
Nello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure
Secured Debt6/4/202412.50%6/4/202929,672 29,452 29,452 
Preferred Equity(8)6/4/2024336,80311,197 20,260 
40,649 49,712 
NexRev LLCProvider of Energy Efficiency Products & Services
Preferred Member Units(8)2/28/2018103,144,1868,213 12,260 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%9/18/20282,191 2,184 2,046 
Preferred Equity12/8/2011495,000482 1,238 
Member Units12/22/201174,761114 11 
Member Units12/22/201174,7613,823 279 
Common Equity(29)6/20/2025927,581928 928 
7,531 4,502 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9) (17)1/31/201710.91%SF+6.50%1/31/20252,200 2,200 2,200 
Secured Debt(17)1/31/201712.00%1/31/202518,440 18,440 18,440 
Preferred Member Units11/2/20222,4002,785 6,000 
Preferred Member Units1/31/201748611,866 12,200 
35,291 38,840 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%12/31/202924,000 23,961 24,000 
Preferred Member Units(8)4/1/20089001,080 77,900 
25,041 101,900 
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)7/30/202115.41%SF+11.00%7/31/202620,760 20,725 20,760 
Preferred Stock(29)7/30/202110,00010,000 13,450 
30,725 34,210 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products


11
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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(25)12/21/202312/31/2028— (10)— 
Secured Debt12/21/202313.00%12/31/202827,840 27,662 27,840 
Preferred Equity(8)12/21/202344012,540 19,640 
40,192 47,480 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt(9) (25)10/31/2019SF+7.00%11/15/2027— (4)— 
Secured Debt(9)11/15/201611.48%SF+7.00%11/15/202715,191 15,116 15,191 
Common Stock(8)6/10/20102,0002,150 18,250 
Common Stock(8) (29)6/14/2022238,421238 575 
17,500 34,016 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt7/1/201113.00%11/15/20264,897 4,875 4,875 
Preferred Member Units(8)2/1/201121,8065,709 14,700 
Common Stock1/27/20211,0371,200 700 
11,784 20,275 
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 9,590 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(14) (25)12/15/2021 12/15/2026— (56)(56)
Secured Debt(14)12/15/202112.50%10.00%12/15/202633,660 31,983 14,145 
Preferred Equity12/15/202111,07011,070 — 
42,997 14,089 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/20231,203 861 910 
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/202315,200 15,045 2,564 
Preferred Member Units8/28/20236,605661 — 
Preferred Member Units2/1/20235,643564 — 
Preferred Member Units8/31/20185449,245 — 
26,376 3,474 
Televerde, LLCProvider of Telemarketing and Data Services
Preferred Stock1/26/2022248718 1,794 
Member Units(8)1/6/20114601,290 4,822 
2,008 6,616 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2027— (1)(1)


12
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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 Debt5/31/201913.50%5/31/20277,920 7,875 7,875 
Common Stock(8)5/31/20196154,655 13,350 
12,529 21,224 
Victory Energy Operations, LLC Provider of Industrial and Commercial Combustion Systems           
   Secured Debt(25)10/3/2024     10/3/2029— (28)(28)
   Secured Debt10/3/2024 13.00%   10/3/202948,251 47,865 47,865 
   Preferred Equity(8)10/3/202451,421     22,471 22,870 
            70,308 70,707 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt(17)3/31/202310.00%3/31/20252,100 2,100 2,100 
Preferred Member Units3/31/20235,097,5952,271 3,669 
Preferred Member Units3/31/2023142,512— — 
Preferred Member Units1/26/20154,876,67014,000 — 
Common Stock3/31/20231,802,7802,576 — 
20,947 5,769 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (25)12/1/2021 SF+6.00%12/1/2025— — — 
Secured Debt12/1/202111.50%12/1/202624,480 24,423 24,423 
Preferred Equity(8) (29)12/1/202112,24012,240 12,240 
36,663 36,663 
Ziegler’s NYPD, LLCCasual Restaurant Group
Secured Debt7/31/202512.00%12/31/2027150 150 150 
Secured Debt12/30/202412.00%12/31/20271,750 1,750 1,686 
Preferred Member Units6/30/201516,8783,154 130 
Warrants(27)7/1/201558710/1/2025600 — 
5,654 1,966 
Subtotal Control investments (82.3% of net assets at fair value)
$1,659,952 $2,416,174 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt4/1/202510.00%10.00%6/2/2027$814 $814 $814 
Secured Debt(14)3/28/202510.00%10.00%6/2/20273,109 3,109 3,109 
Secured Debt(14)3/28/202512.00%12.00%6/2/20273,109 3,109 3,109 
Preferred Equity3/28/202512,621,6358,520 6,050 
Common Stock12/11/2020654,7433,148 — 
Warrants(27)12/11/2020574,59812/11/2025— — 
18,700 13,082 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete


13
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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 Debt9/23/202110.00%2/28/2027256 256 256 
Member Units(8)6/30/20172,160,0002,256 1,820 
2,512 2,076 
Buca C, LLCCasual Restaurant Group
Secured Debt(14) (17)8/7/202415.00%15.00%11/4/20247,897 6,109 — 
Secured Debt(14) (17)6/28/202415.00%15.00%4/1/202517 — — 
Secured Debt(14) (17)6/30/201515.00%15.00%8/31/202310,697 5,862 — 
Preferred Member Units6/30/201566.00%6.00%4,770 — 
16,741 — 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9) (25)12/17/2021 SF+6.00%6/5/2030— (41)(41)
Secured Debt12/17/202113.00%6/5/203021,892 21,531 21,531 
Common Stock12/17/2021516,6175,166 5,370 
26,656 26,860 
CenterPeak Holdings, LLCExecutive Search Services
Secured Debt 12/10/202115.00%12/10/20261,800 1,793 1,800 
Secured Debt12/10/202115.00%12/10/202621,507 21,453 21,507 
Preferred Equity(8)12/10/20213,3103,635 23,530 
26,881 46,837 
Classic H&G Holdings, LLC Provider of Engineered Packaging Solutions           
   Preferred Member Units 3/12/2020154     — 1,960 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund III, LP)(8) (30)2/4/201512.49%1,277 662 
Connect Telecommunications Solutions Holdings, Inc.(13) (21)Value-Added Distributor of Fiber Products and Equipment           
   Secured Debt10/9/2024 13.00%   10/9/202925,056 24,856 24,856 
   Preferred Equity10/9/202422,304     12,596 12,596 
            37,452 37,452 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt6/18/202412.00%6/18/2029560 556 560 
Secured Debt11/19/202112.00%6/18/202914,400 14,343 14,400 
Preferred Equity11/19/20215,9445,944 8,434 
Preferred Equity(8)6/18/20243,06815.00%15.00%3,617 4,907 
24,460 28,301 
Dos Rios Partners(12) (13)Investment Partnership


14
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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, LP)(30)4/25/201320.24%6,032 7,719 
LP Interests (Dos Rios Partners - A, LP)(30)4/25/20136.43%1,915 2,451 
7,947 10,170 
Dos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units(29)6/27/20162,000,0002,000 — 
EIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.)(8)11/6/20155,000,00084 37 
FCC Intermediate Holdco, LLCSupply Chain Management Services
Secured Debt5/28/202413.00%5/29/202931,570 28,621 31,570 
Warrants(8) (27)5/28/2024125/28/20343,920 15,140 
32,541 46,710 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP)(30)3/23/20159.30%2,580 1,843 
LP Interests (Freeport First Lien Loan Fund III LP)(30)7/31/20155.95%671 193 
3,251 2,036 
FRG AcquireCo, LLCTechnology Focused Risk Management Advisory Firm
Secured Debt (25) 9/22/20259/22/2030— (20)(20)
Secured Debt9/22/202513.00%9/22/203010,500 10,397 10,397 
Preferred Equity9/22/20253,5003,500 3,500 
13,877 13,877 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%  3/31/202614,053 14,047 14,053 
Preferred Member Units(8)3/31/2021226    4,900 10,940 
    18,947 24,993 
Gulf Manufacturing, LLC(13) (21)Manufacturer of Specialty Fabricated Industrial Piping Products
Secured Debt(25)3/15/2024SF+7.62%3/15/2029— (34)(34)
Secured Debt3/15/202411.94%SF+7.62%3/15/202937,500 37,244 37,244 
Member Units(8)8/31/20074382,980 14,600 
Common Stock(29)11/18/2024888888 1,450 
41,078 53,260 


15
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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 (HPEP 3, L.P.)(30)8/9/20178.22%1,762 4,132 
LP Interests (HPEP 4, L.P.)(30)7/12/202211.61%6,409 7,257 
LP Interests (423 HAR, L.P.)(30)6/2/202315.60%750 1,226 
8,921 12,615 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201610.48%SF+6.00%1/15/20262,170 2,169 2,170 
Secured Debt12/2/201612.00%1/15/202645,256 45,240 45,256 
Preferred Member Units(8)12/2/20162262,850 24,560 
Preferred Member Units(29)12/2/2016226150 1,290 
50,409 73,276 
Houston Plating and Coatings, LLC Provider of Plating and Industrial Coating Services           
   Unsecured Convertible Debt5/1/2017 10.00%   4/2/20263,000 3,000 3,000 
   Member Units(8)1/8/2003322,297     2,352 4,350 
            5,352 7,350 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products           
   Common Equity4/7/202318,006,407     18,300 19,000 
            
Infinity X1 Holdings, LLC Manufacturer and Supplier of Personal Lighting Products           
   Secured Debt3/31/2023 13.00%   3/31/202815,524 15,512 15,524 
   Preferred Equity(8)3/31/202387,360     4,368 6,620 
            19,880 22,144 
Integral Energy Services(10)Nuclear Power Staffing Services           
   Secured Debt(9)8/20/2021 12.05%SF+7.50% 8/20/202612,273 12,227 12,030 
   Preferred Equity(8)12/7/20233,18810.00%  10.00% 274 527 
Preferred Equity6/3/20251,06710.00%10.00%114 190 
   Common Stock8/20/20219,968     1,356 690 
            13,971 13,437 
Iron-Main Investments, LLC Consumer Reporting Agency Providing Employment Background Checks and Drug Testing           
   Secured Debt8/2/2021 13.00%   1/31/20284,514 4,498 4,498 
   Secured Debt9/1/2021 13.00%   1/31/20282,940 2,930 2,930 
   Secured Debt11/15/2021 13.00%   1/31/20288,944 8,944 8,944 
   Secured Debt11/15/2021 13.00%   1/31/202817,624 17,562 17,562 
   Secured Debt1/31/2023 13.00%   1/31/20289,554 9,405 9,405 
   Preferred Equity6/26/202471125.00%  25.00% 711 970 
Preferred Equity9/26/202515525.00%25.00%155 155 


16
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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 Stock8/3/2021203,016     2,756 2,700 
            46,961 47,164 
ITA Holdings Group, LLC Air Ambulance Services           
   Secured Debt(9)6/21/2023 11.46%SF+7.00% 6/21/20271,180 1,171 1,180 
Secured Debt(9)6/30/202511.46%SF+7.00%6/21/20272,360 2,341 2,360 
   Secured Debt(9)6/21/2023 11.46%SF+7.00% 6/21/20274,935 4,469 4,935 
   Secured Debt(9)6/21/202311.46%SF+7.00%6/21/20274,935 4,469 4,935 
   Secured Debt(9)6/30/202511.46%SF+7.00%6/21/20271,770 1,764 1,770 
   Warrants(8) (27)6/21/2023193,3076/21/20332,091 13,480 
   16,305 28,660 
KMS, LLC(10)Wholesaler of Closeout and Value-Priced Products
Secured Debt2/10/202512.50%12.50%10/1/20281,171 1,145 1,145 
Secured Debt2/10/202512.50%12.50%10/1/20281,008 1,008 1,008 
Preferred Equity2/10/20259,2134,890 5,140 
7,043 7,293 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise           
   Secured Debt(9)12/19/2024 9.78%SF+5.50%9.78%12/31/20262,832 2,832 2,832 
Secured Debt(9)4/11/20259.70%SF+5.50%9.70%12/31/20261,672 1,672 1,672 
   Preferred Equity(8) (29)12/19/202466,306     14,669 12,280 
            19,173 16,784 
MoneyThumb Acquisition, LLC Provider of Software-as-a-Service Financial File Conversion and Reconciliation           
   Secured Debt8/19/2024 14.00%   8/19/20298,960 8,464 8,464 
   Preferred Member Units(8)8/19/2024163,28212.00%  12.00%1,867 1,867 
   Warrants(27)8/19/202459,368    8/19/2029594 594 
            10,925 10,925 
OnAsset Intelligence, Inc. Provider of Transportation Monitoring / Tracking Products and Services           
   Secured Debt(14)4/18/2011 12.00%  12.00%12/31/20254,415 4,415 455 
   Secured Debt(14)5/10/2013 12.00%  12.00%12/31/20252,116 2,116 218 
   Secured Debt(14)3/21/2014 12.00%  12.00%12/31/2025983 983 100 
   Secured Debt(14)5/20/2014 12.00%  12.00%12/31/2025964 964 99 
   Unsecured Debt(14)6/5/2017 10.00%  10.00%12/31/2025305 305 305 
   Preferred Stock4/18/20119127.00%  7.00% 1,981 — 
   Common Stock4/15/2021635     830 — 
   Warrants(27)4/18/20114,699    5/10/20271,089 — 
            12,683 1,177 
Oneliance, LLC Construction Cleaning Company           
   Preferred Stock(8)8/6/20211,128     1,128 3,270 
            


17
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management           
   Secured Debt(9)4/8/2021 11.25%SF+6.75%11.25%4/8/20261,395 1,393 1,150 
Secured Debt(9) (25)4/8/2021 SF+6.75% 4/8/2026— — — 
Secured Debt(9) (25)2/5/2025SF+6.75%4/8/2026— — — 
   Secured Debt(9)4/8/2021 11.25%SF+6.75%11.25%4/8/202614,586 14,568 12,025 
Secured Debt(9) (25)7/17/2025SF+6.75%6/30/2027— — — 
   Common Equity8/12/2024110     — — 
            15,961 13,175 
Revenue Recovery Holdings, LLCThird Party Tax Collection Services
Secured Debt(25)7/25/20257/2/2030— (19)(19)
Secured Debt7/25/202514.00%7/2/20307,700 7,627 7,627 
Preferred Equity7/25/2025104,9041,049 1,049 
8,657 8,657 
RFG AcquireCo, LLCAerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
Secured Debt(25)6/2/20256/2/2027— (8)(8)
Secured Debt(25)6/2/20256/2/2030— — — 
Secured Debt6/2/202512.50%6/2/203034,000 33,683 33,683 
Preferred Equity6/2/202511,40111,401 11,401 
45,076 45,076 
SI East, LLC Rigid Industrial Packaging Manufacturing           
   Secured Debt8/31/2018 11.85%   6/16/20282,250 2,239 2,250 
   Secured Debt(23)6/16/2023 12.78%   6/16/202867,035 66,945 67,035 
   Preferred Member Units

8/31/2018165     1,525 14,290 
            70,709 83,575 
Slick Innovations, LLC Text Message Marketing Platform
Secured Debt9/13/201814.00% 3/21/203025,080 24,834 25,080 
Common Stock(8)9/13/201870,000   — 1,990 
   24,834 27,070 
Specialized Aviation Holdings, LLCDistributor and Service and Maintenance Provider for Specialty Aircraft
Secured Debt8/29/202513.00%8/29/203030,000 29,710 29,710 
Preferred Stock8/29/202525,00015,000 15,000 
44,710 44,710 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt9/11/20248.50%8.50%12/31/2027217 217 774 
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,327 4,884 1,346 
Preferred Equity12/31/20225,907,649— — 
5,101 2,120 


18
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Preferred Member Units8/31/20201,6364,500 16,720 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt 8/9/202110.00%8/9/2026560 557 557 
Secured Debt8/9/202110.00%8/9/20264,801 4,792 4,652 
Preferred Stock 9/1/2023312,910313 313 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
12,062 11,922 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests(30)6/15/202011.11%2,746 4,128 
UnionRock Energy Fund III, LP(12) (13)Investment Partnership
LP Interests(8) (30)6/6/202314.91%4,722 5,162 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Preferred Stock8/21/201811,450,41620.00%20.00%8,416 9,388 
Preferred Stock6/30/201721,382,14719.00%19.00%3,667 — 
Preferred Stock1/15/201542,338,44013.50%13.50%7,924 — 
Common Stock4/1/20202,370,059— — 
20,007 9,388 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/16/20298,800 8,740 8,740 
Preferred Equity(8)2/16/20244,0009.00%9.00%4,614 4,614 
13,354 13,354 
Wildcats Topco LLCProvider of Veterinary Services and Products
Common Equity5/8/202522,426,71122,427 22,760 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202211.00%12/12/20279,886 9,844 9,844 
Preferred Equity(8)12/12/20223,8453,845 3,845 
13,689 13,689 
Subtotal Affiliate investments (30.4% of net assets at fair value)
$814,010 $892,914 
Non-Control/Non-Affiliate Investments (7)  
Adams Publishing Group, LLC(10)Local Newspaper Operator


19
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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) (33)3/11/202211.00%SF+7.00%1.00%3/11/2027$7,980 $7,980 $7,945 
Secured Debt(9) (33)3/11/202211.00%SF+7.00%1.00%3/11/202717,070 17,054 16,996 
25,034 24,941 
AGS American Glass Services Acquisition, LLC(10)Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
Secured Debt(9)7/24/20259.64%SF+5.50%7/24/2031268 232 232 
Secured Debt(9) (25)7/24/2025SF+5.50%7/24/2031— (20)(20)
Secured Debt(9)7/24/20259.66%SF+5.50%7/24/203110,067 9,922 9,922 
Preferred Equity7/24/20257,292729 729 
10,863 10,863 
Airo Purchaser, Inc.(10)Provider of HVAC and Plumbing Installation Services
Secured Debt(9) (25)8/1/2025SF+5.50%8/1/2030— (67)(67)
Secured Debt(9) (25)8/1/2025SF+5.50%8/1/2030— (33)(33)
Secured Debt(9)8/1/20259.80%SF+5.50%8/1/203027,595 27,128 27,128 
Common Equity8/1/20251,5211,521 1,521 
28,549 28,549 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Common Stock(8)8/31/20222351,844 100 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (25)11/19/2021P+5.00%11/19/2026— (3)(3)
Secured Debt(9)11/19/202112.50%P+5.00%11/19/20265,600 5,586 5,600 
5,583 5,597 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt11/6/202315.00%15.00%11/6/20282,857 2,857 2,857 
Secured Debt(9)11/6/202310.75%SF+6.50%10.75%11/6/20288,746 8,746 8,746 
Preferred Equity11/6/202332,50714,060 15,836 
Preferred Equity11/6/202332,507— — 
Common Equity11/9/20213,898234 — 
25,897 27,439 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock(8)8/11/20221,387,8321,388 2,380 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9) (32)1/18/202210.53%SF+6.00%1/18/20281,620 1,549 1,620 
Secured Debt(9)1/18/20229.55%SF+5.00%1/18/20286,660 6,660 6,660 
Secured Debt(9)1/18/202211.55%SF+7.00%1/18/20286,660 6,660 6,660 


20
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment
(2) (3) (15)		Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Common Stock1/18/2022720,000720 920 
15,589 15,860 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (25)12/23/2022SF+7.25%12/23/2027— (67)(67)
Secured Debt(9)12/23/202211.40%SF+7.25%12/23/202723,607 23,176 23,607 
Common Equity(8)12/15/2021984934 920 
24,043 24,460 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units(29)3/8/2024286,109286 — 
Preferred Member Units(29)11/12/2019122,416— — 
Preferred Member Units(29)7/6/20181,548,387— — 
286 — 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (14)6/30/202214.56%SF+10.25%7.25%6/30/2028503 454 81 
Secured Debt(9) (14) (38)6/30/202514.56%SF+10.25%7.25%6/30/20283,700 2,199 590 
Secured Debt(9) (14)6/30/202214.58%SF+10.25%7.25%6/30/202831,792 31,484 5,070 
Secured Debt(9) (14) (38)6/30/202514.58%SF+10.25%7.25%6/30/2028100,947 4,071 16,099 
38,208 21,840 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 1,060 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9) (14)1/9/202412.89%SF+8.50%11.89%1/31/2026202 130 55 
Secured Debt(9) (14)10/19/202215.00%P+7.50%14.75%1/31/20263,150 3,150 845 
Secured Debt(9) (14)8/28/202012.89%SF+8.50%12.89%1/31/20264,183 3,961 1,122 
Common Stock10/1/2020723,1841 — 
Warrants(27)10/19/2022163,29510/19/20321,036 — 
8,278 2,022 
B-O-F Corporation(10)Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
Secured Debt(9) (25)2/3/2025 SF+5.75%2/3/2030— (18)(18)
Secured Debt(9)2/3/20259.04%SF+4.75%2/3/20304,145 4,082 4,112 
Secured Debt(9)2/3/202511.04%SF+6.75%2/3/20304,145 4,082 4,112 
Common Equity2/3/2025248,718249 249 
8,395 8,455 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9)5/1/202311.44%SF+7.00%5/1/2028571 556 571 


21
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)5/1/202310.44%SF+6.00%5/1/20286,293 6,227 6,293 
Secured Debt(9)5/1/202312.44%SF+8.00%5/1/20286,293 6,227 6,293 
Preferred Equity5/1/2023571571 550 
Common Equity5/1/2023571— — 
13,581 13,707 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt(9)2/1/202410.01%SF+5.75%2/1/2029899 761 899 
Secured Debt(9)2/1/202410.14%SF+5.75%2/1/20292,984 2,922 2,984 
Secured Debt(9)2/1/202410.17%SF+5.75%2/1/202925,673 25,323 25,673 
Secured Debt(9)1/2/202510.14%SF+5.75%2/1/20299,410 9,294 9,410 
Secured Debt(9)7/1/202510.14%SF+5.75%2/1/202914,899 14,622 14,899 
Common Equity2/1/20242,583,9632,709 7,420 
55,631 61,285 
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt(9) (14) (17)8/12/201415.25%P+7.25%7/22/2019761 761 — 
Secured Debt(9) (14) (17)8/12/201415.25%P+7.25%7/22/20197,056 7,056 — 
7,817 — 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(30)7/21/20141.59%5,079 2,788 
LP Interests (Brightwood Capital Fund IV, LP)(8) (30)10/26/20160.59%3,375 3,484 
LP Interests (Brightwood Capital Fund V, LP)(8) (30)7/12/20210.72%4,900 5,201 
13,354 11,473 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9)6/14/20219.43%SF+5.00%6/10/20261,758 1,753 1,758 
Secured Debt(9)6/14/20219.15%SF+5.00%6/10/202816,956 16,835 16,956 
18,588 18,714 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Common Equity12/30/2022325,408325 660 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (32)2/7/202211.20%SF+6.75%2/7/20275,593 5,519 5,593 
Secured Debt(9)2/7/202211.23%SF+6.75%2/7/202735,887 35,690 35,887 
Secured Debt(9)6/24/202211.23%SF+6.75%2/7/20271,988 1,978 1,988 
Secured Debt(9)3/27/202311.23%SF+6.75%2/7/20274,806 4,762 4,806 
47,949 48,274 


22
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/20141/5/20152,633 2,633 12 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (32)8/6/202112.61%SF+8.25%12.61%8/6/20268,573 8,529 7,886 
Secured Debt(9)8/6/202112.64%SF+8.25%12.64%8/6/202620,860 20,798 19,175 
29,327 27,061 
Core Transformers(10)Refurbisher and Distributor of Electric Transformers
Secured Debt (9) (25) 9/24/2025SF+5.50%9/23/2031— (62)(62)
Secured Debt (9) (25) 9/24/2025SF+5.50%9/23/2031— (62)(62)
Secured Debt (9) 9/24/20259.66%SF+5.50%9/23/20316,269 6,146 6,146 
Common Equity9/24/2025626,923627 627 
6,649 6,649 
Coregistics Buyer LLC(10) (13) (21)Contract Packaging Service Provider
Secured Debt(9)6/29/202410.70%SF+6.50%6/28/20291,669 1,603 1,669 
Secured Debt(9)6/29/202410.81%SF+6.50%6/28/202910,597 10,405 10,597 
Secured Debt(9)8/15/202410.69%SF+6.50%6/28/20297,064 6,956 7,064 
Secured Debt(9)6/29/202411.06%SF+6.75%6/28/202931,760 31,166 31,264 
50,130 50,594 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (25)12/27/2023SF+6.75%6/27/2027— (33)(33)
Secured Debt(9)12/27/202310.85%SF+6.75%6/27/202710,406 10,252 10,406 
10,219 10,373 
Creative Foam Corporation(10)Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
Secured Debt(9) (25)6/27/2024SF+6.50%6/27/2029— (197)(197)
Secured Debt(9)6/27/202410.50%SF+6.50%6/27/202990,356 88,986 90,356 
Secured Debt(9)3/4/202510.79%SF+6.50%6/27/20295,635 5,530 5,635 
Common Equity3/4/202510,8511,085 930 
95,404 96,724 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/2022515720 650 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)4/13/201810.00%10.00%1,316 — 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 — 


23
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
2,092 — 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202212.26%SF+8.00%12.26%12/31/20262,534 2,402 2,534 
Secured Debt(9)12/20/202213.26%SF+9.00% 12/31/20262,493 2,260 2,463 
Preferred Equity12/20/2022125,000128 110 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
4,790 5,107 
Electro Technical Industries, LLC(10)Manufacturer of Mission-Critical Electrical Distribution Systems
Secured Debt(9) (25)3/31/2025 SF+5.50%3/31/2030— (157)(157)
Secured Debt(9)3/31/20259.66%SF+5.50%3/31/203050,476 49,576 50,404 
Common Equity3/31/20251,464,286    1,464 1,890 
50,883 52,137 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202210.60%SF+6.25%12/29/20279,394 9,281 6,576 
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.)(8) (30)1/22/20150.14%3,445 1,846 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		(8) (30)1/21/20150.38%1,841 817 
LP Interests (EnCap Energy Capital Fund IX, L.P.)(8) (30)1/22/20150.10%3,198 1,118 
LP Interests (EnCap Energy Capital Fund X, L.P.)(8) (30)3/25/20150.15%6,961 4,660 
LP Interests (EnCap Energy Capital Fund XII, L.P.)(8) (30)8/31/20230.19%4,906 5,102 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)(8) (30)3/30/20150.84%3,799 15 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.)(8) (30)3/27/20150.25%3,371 1,878 
27,521 15,436 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9)4/7/20239.99%SF+6.00%4/7/2029504 481 504 
Secured Debt(9)10/2/202410.00%SF+6.00%4/7/20291,364 1,346 1,364 
Secured Debt(9)4/7/202310.00%SF+6.00%4/7/202925,716 25,260 25,716 
Common Equity(8)4/7/2023649,794663 910 
27,750 28,494 


24
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202111.26%SF+7.00%12/22/20263,692 3,683 3,692 
Secured Debt(9)12/22/202111.26%SF+7.00% 12/22/202648,174 48,064 48,174 
51,747 51,866 
Fuse, LLC(11)Cable Networks Operator
Secured Debt6/30/201912.00%12/31/20281,810 1,810 558 
Common Stock 6/30/201910,429256 — 
2,066 558 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (32)4/14/202511.20%SF+7.00%10/14/20273,080 2,999 3,080 
Secured Debt(9)4/14/202511.14%SF+7.00%10/14/202728,789 28,325 28,789 
Common Equity11/10/2023705,882706 450 
32,030 32,319 
GradeEight Corp.(10)Distributor of Maintenance and Repair Parts
Secured Debt(9) (25)10/4/2024 P+6.25%10/4/2029— (80)(80)
Secured Debt(9) (25)10/4/2024SF+7.25%10/4/2029— (40)(40)
Secured Debt(9) (26)10/4/202411.47%SF+7.25%10/4/202931,010 30,514 30,270 
Common Equity10/4/20241,3651,365 960 
31,759 31,110 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
Secured Debt(9) (32)10/18/201910.81%SF+6.50%11/30/20264,040 4,019 4,040 
Secured Debt(9)10/18/201910.85%SF+6.50%11/30/202610,419 10,363 10,419 
Secured Debt(9)9/15/202310.85%SF+6.50%11/30/2026935 930 935 
Secured Debt(9)12/22/202310.85%SF+6.50%11/30/2026223 222 223 
Secured Debt(9)8/22/202410.85%SF+6.50%11/30/20266,026 5,991 6,026 
21,525 21,643 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt(9) (32)9/30/202211.26%SF+7.00%9/30/2028454 443 419 
Secured Debt(9)9/30/202211.24%SF+7.00%9/30/2028295 286 273 
Secured Debt(9)9/30/202211.26%SF+7.00%9/30/20283,551 3,507 3,271 
4,236 3,963 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (423 AER II, LP)(30)6/2/20254.13%1,526 1,526 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9) (26)5/1/202513.34%SF+9.00%6/21/202691 91 91 


25
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment
(2) (3) (15)		Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)3/7/20249.01%SF+3.50%2.50%6/21/20262,681 2,633 2,631 
Secured Debt(14)3/7/20242.50%2.50%6/21/20261,626 713 72 
Common Equity3/7/202464,029— — 
3,437 2,794 
Hornblower Sub, LLC(10)Marine Tourism and Transportation
Secured Debt(9) (32)7/3/20249.65%SF+5.50%7/3/20294,170 4,133 4,112 
Secured Debt(9)7/3/20249.80%SF+5.50%7/3/202932,682 32,417 32,228 
36,550 36,340 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt(9)8/19/202110.97%SF+6.50%3.50%10/23/202726,944 26,944 26,375 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202112.54%SF+8.25%12/31/20277,200 7,105 7,200 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (25)7/30/2021 SF+5.75%7/30/2028— (9)— 
Secured Debt(9)7/30/202110.01%SF+5.75%7/30/202810,154 10,090 10,154 
Secured Debt(9)7/30/202110.01%SF+5.75%7/30/20284,865 4,832 4,865 
14,913 15,019 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Common Equity6/8/20238491,166 980 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9) (26)6/13/202510.01%SF+6.00%4.00%10/30/20281,924 1,924 1,924 
Secured Debt(9)7/31/202510.31%SF+6.00%10.31%10/30/20284,314 4,314 4,314 
Common Equity7/31/20254,238,9175,680 5,820 
11,918 12,058 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt(9)7/19/202310.57%SF+6.25%7/19/2028206 163 195 
Secured Debt(9)7/19/202310.58%SF+6.25%7/19/202914,154 13,844 13,364 
Common Equity7/19/2023131,100656 270 
14,663 13,829 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9)4/3/202314.38%SF+10.00%2.00%4/3/2028853 841 797 
Secured Debt(9)4/3/202314.38%SF+10.00%2.00%4/3/20287,304 7,211 6,824 
Secured Debt(9)6/14/202314.38%SF+10.00%2.00%4/3/20282,938 2,903 2,745 
Secured Debt(9)12/31/202414.38%SF+10.00%2.00%4/3/2028339 339 316 


26
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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 Equity4/3/2023177,594463 97 
11,757 10,779 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (32)12/9/202114.20%SF+10.00%14.20%8/7/20232,309 2,309 1,932 
Secured Debt(9) (14) (17)8/7/201911.43%SF+7.00%11.43%8/7/20237,313 7,237 5 
Common Stock12/7/20212,143— — 
9,546 1,937 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201911.81%SF+7.50%3/31/20281,037 1,030 958 
Secured Debt(9)8/28/201911.81%SF+7.50%3.81%3/31/202816,648 16,604 15,086 
17,634 16,044 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9) (35)4/13/20232.50%   4/14/20283,159 3,000 458 
Common Equity4/13/2023198,743— — 
3,000 458 
Island Pump and Tank, LLC(10)Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
Secured Debt(9) (32)5/20/202411.41%SF+7.00%5/17/2029456 452 454 
Secured Debt(9)5/20/202410.55%SF+6.00%5/17/20292,111 2,082 2,101 
Secured Debt(9)5/20/202411.55%SF+7.00%5/17/20292,111 2,082 2,101 
Secured Debt(9)5/20/202412.55%SF+8.00%5/17/20292,111 2,082 2,101 
6,698 6,757 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202211.42%SF+7.00%11/4/2026771 765 771 
Secured Debt(9) (26)2/27/202411.28%SF+7.00%11/4/2026625 621 625 
Secured Debt(9) (26)11/1/202411.23%SF+7.00%11/4/2026667 656 667 
Secured Debt(9)11/8/202111.38%SF+7.00%11/4/20261,764 1,752 1,764 
Preferred Equity11/8/20212,826,667110 750 
3,904 4,577 
JDC Power Services, LLC(10)Provider of Electrical Equipment and Maintenance Services for Datacenters
Secured Debt(9) (25)6/28/2024SF+6.25%6/28/2029— (135)(135)
Secured Debt(9)6/28/202410.25%SF+6.25%6/28/202959,808 58,668 59,808 
58,533 59,673 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt(9)3/30/202413.13%SF+8.75%6.00%3/29/20291,852 1,852 1,852 
Secured Debt(9)3/30/202413.13%SF+8.75%6.00%3/29/20291,383 1,383 1,383 
Common Stock3/29/20245,461,019200 350 


27
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
3,435 3,585 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests(8) (30)1/25/20132.27%— 792 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202112.44%SF+8.00%3.00%8/16/20264,205 4,178 3,188 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)4/11/202511.83%SF+7.50%2.75%12/31/202843,819 43,078 43,819 
Secured Debt4/11/202512/31/20282,963 2,231 1,896 
45,309 45,715 
Looking Glass Investments, LLC(12) (13)Specialty Consumer Finance
Member Units7/1/20153125 25 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (25)4/4/2022SF+5.75%4/3/2028— (30)(30)
Secured Debt(9)11/20/202410.01%SF+5.75%4/3/202811,051 10,936 11,051 
Secured Debt(9)4/4/202210.01%SF+5.75%4/3/202815,723 15,587 15,723 
26,493 26,744 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt(9) (32)11/30/202310.47%SF+6.25%11/30/2028850 823 808 
Secured Debt(9) (26)11/30/202310.44%SF+6.25%11/30/20281,308 1,287 1,243 
Secured Debt(9)11/30/20239.45%SF+5.25%11/30/20284,845 4,771 4,603 
Secured Debt(9)11/30/202311.45%SF+7.25%11/30/20284,845 4,767 4,603 
Common Equity11/30/2023524,888525 280 
12,173 11,537 
Mission Critical Group(10)Backup Power Generation
Secured Debt(9) (25)4/17/2025SF+6.00%4/17/2030— (207)(207)
Secured Debt(9) (25)4/17/2025SF+6.00%4/17/2030— (248)(248)
Secured Debt(9)4/17/202510.14%SF+6.00%4/17/203066,265 65,070 66,265 
Common Equity6/7/20231,2341,234 11,430 
65,849 77,240 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt(9)5/24/202210.51%SF+6.25%5/24/20274,101 4,076 4,416 
Secured Debt(9)5/24/202210.51%SF+6.25%5/24/202710,687 10,618 12,427 
Secured Debt(9)5/24/202210.51%SF+6.25%5/24/202717,975 17,865 17,975 
Secured Debt(9)6/25/202510.51%SF+6.25%5/24/20271,234 1,214 1,226 
Unsecured Debt9/25/20248.00%8.00%12/21/2025114 114 114 


28
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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 Debt1/31/20258.00%8.00%3/31/202679 79 79 
Common Stock8/30/202286,766,9061,045 602 
35,011 36,839 
Obra Capital, Inc.(10)Provider of Asset Management Services Specialized in Insurance-Linked Strategies
Secured Debt(9) (25)6/21/2024SF+7.25%12/21/2028— (3)(3)
Secured Debt(9)6/21/202411.50%SF+7.25%6/21/202926,155 25,575 26,155 
Secured Debt(9)5/13/202511.50%SF+7.25%6/21/20293,163 3,077 3,163 
28,649 29,315 
OnPoint Industrial Services, LLC(10)Environmental & Facilities Services
Secured Debt(9)12/18/202410.00%SF+6.00%11/16/20271,390 1,377 1,389 
Secured Debt(9)4/1/202410.00%SF+6.00%11/16/20273,861 3,831 3,861 
5,208 5,250 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt(14)7/8/201311/15/20264,360 4,360 31 
Peaches Holding CorporationWholesale Provider of Consumer Packaging Solutions
Common Equity5/22/20243,2267,221 — 
PrimeFlight Aviation Services(10) (13)Air Freight & Logistics
Secured Debt(9)5/1/20239.80%SF+5.50%5/1/20297,820 7,646 7,820 
Secured Debt(9)9/7/20239.50%SF+5.50%5/1/2029747 729 747 
Secured Debt(9)1/30/20249.50%SF+5.50%5/1/2029750 737 750 
Secured Debt(9)6/28/20249.25%SF+5.25%5/1/2029853 843 853 
Secured Debt(9)1/21/20259.58%SF+5.25%5/1/20291,890 1,875 1,890 
Secured Debt(9)7/31/20259.55%SF+5.25%5/1/20292,026 2,007 2,026 
13,837 14,086 
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)8/19/202211.75%SF+7.25%8/19/20276,838 6,727 6,838 
Secured Debt(9)8/19/202211.71%SF+7.25%8/19/202715,664 15,480 15,664 
22,207 22,502 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Preferred Equity10/2/202332,8133,248 3,248 
Common Equity4/1/202432,81333 15,650 
3,281 18,898 


29
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
Richardson Sales Solutions(10)Business Services
Secured Debt(9) (32)8/24/202310.71%SF+6.50%8/24/20281,093 1,034 1,093 
Secured Debt(9)8/24/202310.81%SF+6.50%8/24/202833,388 32,729 33,388 
Secured Debt(9)9/10/202410.83%SF+6.50%8/24/202821,684 21,367 21,684 
55,130 56,165 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (25)8/27/2021SF+8.00%8/27/2026— (3)— 
Secured Debt(9)8/27/202111.55%SF+7.00%8/27/20263,376 3,353 2,531 
Secured Debt(9)8/27/202113.55%SF+9.00%8/27/20263,376 3,353 2,529 
6,703 5,060 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202111.94%SF+7.75%2.00%11/16/20253,721 3,720 3,696 
Secured Debt(9)7/16/202111.94%SF+7.75%2.00%11/16/20256,935 6,932 6,888 
10,652 10,584 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt(9)8/8/20249.26%SF+5.00%8/8/2029955 955 955 
Secured Debt(9)8/8/20249.26%SF+5.00%8/8/202953,320 53,001 53,320 
Secured Debt(9)7/31/20259.26%SF+5.00%8/8/202910,501 10,403 10,501 
Common Equity12/10/2021864864 941 
65,223 65,717 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9) (32)7/1/202211.24%SF+7.00%7/1/20273,194 3,166 3,194 
Secured Debt(9)7/1/202211.15%SF+7.00%7/1/202715,449 15,311 15,449 
Common Stock7/1/2022638,710639 630 
19,116 19,273 
TEC Services, LLC(10)Provider of Janitorial Service for Food Retailers
Secured Debt(9) (25)12/31/2024 SF+5.50%12/31/2029— (81)(81)
Secured Debt(9) (25)12/31/2024SF+5.50%12/31/2029— (61)(61)
Secured Debt(9)12/31/20249.60%SF+5.50%12/31/202932,091 31,690 31,879 
31,548 31,737 
Tectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 4,720 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(29)7/7/20211,000,0001,000 2,620 
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)3/11/202410.50%SF+6.50%3/11/20291,439 1,353 1,439 


30
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment
(2) (3) (15)		Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Secured Debt(9)3/11/202410.50%SF+6.50%3/11/202933,670 32,864 33,670 
Secured Debt(9)2/27/202510.50%SF+6.50%3/11/20294,308 4,218 4,308 
Secured Debt(9)8/5/202510.50%SF+6.50%3/11/20294,875 4,759 4,875 
Preferred Equity3/11/20241,358,8928.00%8.00%1,375 1,400 
44,569 45,692 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (14)6/1/202311.72%SF+7.40%6.25%5/2/20279,811 2,611 3,975 
Secured Debt(14)6/1/20235/2/20271,003 20 — 
2,631 3,975 
UPS Intermediate, LLC(10)Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
Secured Debt(9)7/29/202410.41%SF+6.25%7/27/202943,012 42,364 42,688 
Common Equity7/29/20241,443,2991,443 1,540 
43,807 44,228 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202311.63%SF+7.50%4/5/20294,000 3,933 4,000 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(32)12/22/202311.28%SF+7.00%12/22/20287,727 7,588 7,727 
Secured Debt(9)12/22/202311.26%SF+7.00%12/22/202841,756 41,085 41,756 
48,673 49,483 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/20211,038,4621,038 3,160 
Wash & Wax Systems LLC(10)Express Car Wash Operator
Secured Debt(9)4/30/20259.81%SF+5.50%4/30/202810 10 10 
Secured Debt(9)4/30/20259.78%SF+5.50%9.78%4/30/20287,677 7,677 7,677 
Secured Debt4/30/202512.00%12.00%7/31/20285,079 5,079 5,079 
Common Equity4/30/20253,2193,410 3,120 
16,176 15,886 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt12/17/202112.00%4.00%12/17/20262,339 2,328 1,951 
Secured Debt12/17/202112.00%4.00%12/17/2026404 395 337 
Secured Debt12/17/202112.00%4.00%12/17/202616,630 16,568 13,867 
Secured Debt12/17/202112.00%4.00%12/17/202613,302 13,252 11,092 
32,543 27,247 


31
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(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)
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt(9) (32)11/19/202111.77%SF+7.50%11/19/20261,289 1,265 1,289 
Secured Debt(9)11/19/202112.05%SF+7.50%11/19/20261,874 1,863 1,874 
Secured Debt(9)1/16/202411.05%SF+6.50%11/19/20267,240 7,173 7,240 
Secured Debt(9)1/16/202413.05%SF+8.50%11/19/20267,240 7,173 7,240 
17,474 17,643 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9)12/17/20219.85%SF+5.75%12/20/202823,632 23,418 23,632 
Secured Debt(9)12/17/202110.18%SF+5.75%12/20/202837,152 36,847 37,152 
Secured Debt(9)3/31/20259.85%SF+5.75%12/20/202810,578 10,399 10,578 
70,664 71,362 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/201811.92%SF+7.50%8/9/202610,592 10,513 8,899 
ZRG Partners, LLC(10)Talent Advisory Services Provider
Secured Debt(9)6/14/202412.50%P+5.00%6/14/20295,211 5,057 5,211 
Secured Debt(9) (26)6/14/202410.31%SF+6.00%6/14/202911,810 11,571 11,810 
Secured Debt(9)6/14/202410.17%SF+6.00%6/14/20296,518 6,419 6,518 
Secured Debt(9)6/14/202410.14%SF+6.00%6/14/202946,651 45,937 46,651 
68,984 70,190 
Subtotal Non-Control/Non-Affiliate investments (62.7% of net assets at fair value)
$1,872,021 $1,838,685 
Total Portfolio Company investments, September 30, 2025 (175.4% of net assets at fair value)
$4,345,983 $5,147,773 
Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)$4,402 $4,402 
Fidelity Government Fund (37)4,148 4,148 
Fidelity Treasury (31)2,094 2,094 
Total money market funds$10,644 $10,644 
___________________________
(1)All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for


32
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
the Corporate Facility or SPV Facility (each as defined below) or in support of the debentures guaranteed by the SBA (as defined below) and issued by the Funds (as defined below).
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)“Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)“Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)“Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
(8)Income producing through dividends or distributions.
(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 96% of the loans (based on the par amount) contain Term Secured Overnight Financing Rate (“SOFR”) floors which range between 0.50% and 5.25%, with a weighted-average floor of 1.30%.
(10)Private Loan (as defined below) portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.
(11)Middle Market (as defined below) 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 (as defined below). Investment is not encumbered as security for the Credit Facilities (as defined below) or in support of the SBA-guaranteed debentures issued by the Funds.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
(18)Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of September 30, 2025.
(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


33
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
Company receives a higher interest rate than the contractual stated interest rate of SOFR+6.50% (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 11.85% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)Investment Date represents the date of initial investment in the security position.
(25)The position is unfunded and no interest income is being earned as of September 30, 2025. The position may earn a nominal unused facility fee on committed amounts.
(26)Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2025.
(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 Investment Portfolio (as defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the federal funds rate or the prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.
(29)Shares/Units represent ownership in a related real estate or holding entity.
(30)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(31)Effective yield as of September 30, 2025 was approximately 3.77% on the Fidelity Treasury.
(32)Revolving line of credit facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2025.
(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 4.00%.
(35)Investment is accruing income at the fixed cash rate of 2.50% as of September 30, 2025.
(36)Effective yield as of September 30, 2025 was approximately 4.12% on the Dreyfus Government Cash Management.
(37)Effective yield as of September 30, 2025 was approximately 3.80% on the Fidelity Government Fund.
(38)Investment purchased through a distressed sale with the intention to be sold on a short-term basis.



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Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments
December 31, 2024
(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(25)8/16/20198/16/2029$— $— $— 
Secured Debt8/16/201913.75%8/16/20294,095 4,048 4,048 
Preferred Member Units5/20/20212,4272,427 5,300 
Preferred Member Units8/16/20193,2003,200 — 
Warrants(27)8/16/20194208/16/2029316 — 
9,991 9,348 
ASC Interests, LLCRecreational and Educational Shooting Facility
Secured Debt(17)12/31/201913.00%7/31/2024400 400 400 
Secured Debt(17)8/1/201313.00%7/31/20241,650 1,650 1,598 
Preferred Member Units6/28/2023178178 — 
Member Units8/1/20131,5001,500 — 
3,728 1,998 
ATS Workholding, LLC(10)Manufacturer of Machine Cutting Tools and Accessories
Secured Debt(14)11/16/20175.00%3/31/20252,383 2,374 113 
Secured Debt(14) (17)11/16/20175.00%9/1/20243,015 2,842 143 
Preferred Member Units11/16/20173,725,8623,726 — 
8,942 256 
Barfly Ventures, LLC(10)Casual Restaurant Group
Secured Debt10/15/20207.00%10/31/2026711 711 711 
Member Units10/26/2020371,584 5,860 
2,295 6,571 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt3/7/202210.00%3/7/2027450 446 446 
Secured Debt3/7/202210.00%3/7/2027270 270 270 
Secured Debt3/7/202210.00%3/7/202710,575 10,529 10,529 
Preferred Stock(8)3/7/20224,0734,095 5,160 
15,340 16,405 
BDB Holdings, LLCCasual Restaurant Group
Preferred Equity11/4/202418,756,99519,537 18,920 
Bolder Panther Group, LLCConsumer Goods and Fuel Retailer
Secured Debt(25)12/31/202012/31/2025— — — 
Secured Debt(9) (22)12/31/202012.55%SF+7.99%10/31/2027101,643 101,263 101,643 
Class B Preferred Member Units(8)12/31/2020140,0008.00%14,000 30,520 
115,263 132,163 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201814.66%SF+10.00%12/31/20255,016 5,016 5,016 
Preferred Member Units(8)1/9/20182,9504,280 4,680 


35
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
9,296 9,696 
Bridge Capital Solutions CorporationFinancial Services and Cash Flow Solutions Provider
Warrants(27)7/25/2016827/25/20262,132 — 
Preferred Member Units(8) (29)7/25/201617,7421,000 — 
3,132 — 
Café Brazil, LLCCasual Restaurant Group
Member Units(8)6/9/20061,2331,742 1,200 
California Splendor Holdings LLCProcessor of Frozen Fruits
Secured Debt3/15/202414.00%4.00%7/29/20261,528 1,506 1,506 
Secured Debt3/30/201814.00%4.00%7/29/202628,908 28,853 28,465 
Preferred Member Units(8)7/31/20198,67115.00%15.00%10,909 10,909 
Preferred Member Units(8)3/30/20188,72916,402 22,215 
57,670 63,095 
CBT Nuggets, LLCProduces and Sells IT Training Certification Videos
Member Units(8)6/1/20064161,300 49,540 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (25)1/4/2019SF+9.00%1/4/2028— — — 
Secured Debt(9)11/29/202413.66%SF+9.00%1/4/202825,534 25,492 25,534 
Preferred Member Units1/4/201913,8836,386 12,410 
31,878 37,944 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (25)2/26/2018SF+6.00%2/26/2026— (105)— 
Secured Debt(9)2/26/201812.74%SF+8.00%2/26/202615,620 15,619 15,620 
Member Units(8)2/26/20184,34711,440 33,110 
Member Units(8) (29)11/2/20181,047,1461,773 3,550 
28,727 52,280 
Charps, LLCPipeline Maintenance and Construction
Unsecured Debt8/26/202010.00%1/31/20265,694 5,166 5,694 
Preferred Member Units(8)2/3/20171,8291,963 15,580 
7,129 21,274 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt(25)10/28/20221/15/2027— — — 
Secured Debt12/20/20169.00%1/15/20276,760 6,724 6,760 
Secured Debt12/20/201610.00%12/20/2036973 965 973 
Member Units(8)12/20/20167177,280 10,990 
Member Units(29)12/20/2016800509 950 
15,478 19,673 


36
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(25)3/6/202012/17/2026— (12)— 
Secured Debt3/6/202012.50%12/17/202639,227 39,207 39,227 
Preferred Member Units(8) (29)3/6/20205878,317 67,810 
47,512 107,037 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(25)3/31/20213/31/2026— — — 
Secured Debt3/31/202112.00%3/31/202614,310 14,272 14,310 
Preferred Member Units(8)3/31/202117,2807,680 13,570 
21,952 27,880 
CompareNetworks Topco, LLCInternet Publishing and Web Search Portals
Secured Debt(9)1/29/201913.66%SF+9.00%1/29/20282,955 2,903 2,903 
Preferred Member Units1/29/20192,2503,520 11,260 
6,423 14,163 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(25)11/22/202311/22/2028— (21)(21)
Secured Debt11/22/202313.50%11/22/202817,200 17,067 17,067 
Preferred Equity11/22/20237,4547,454 7,450 
24,500 24,496 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(30)7/17/201738.75%500 500 
Cybermedia Technologies, LLCIT and Digital Services Provider
Secured Debt(25)5/5/20235/5/2028— — — 
Secured Debt5/5/202313.00%5/5/202827,300 27,116 27,116 
Preferred Member Units(8)5/5/202355615,000 15,000 
42,116 42,116 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025495 493 493 
Secured Debt3/31/202110.00%12/31/20258,082 7,947 7,947 
Preferred Member Units3/31/20219,0002,610 240 
11,050 8,680 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201814.56%SF+10.00%4/27/202612,617 12,561 12,422 
Preferred Member Units(8)4/1/20183,8579,501 9,835 
22,062 22,257 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt(25)2/13/20182/13/2026— (31)— 
Secured Debt12/27/202214.00%2/13/202623,902 23,859 23,902 


37
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Stock2/13/20188,4008,400 17,930 
32,228 41,832 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (25)10/3/2022SF+6.00%10/3/2027— (5)(5)
Secured Debt10/3/202212.00%10/3/202718,069 17,969 17,969 
Secured Debt10/3/20229.00%10/3/20526,265 6,207 6,207 
Common Stock10/3/20222855,726 5,730 
Common Stock(29)10/3/20229391,558 3,050 
31,455 32,951 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (25) (34)6/24/2016SF+7.00%1/1/2028— — — 
Secured Debt(9) (34)11/22/202411.00%SF+7.00%1/1/202873,126 72,986 73,126 
Member Units(8)6/24/20169,04217,692 114,750 
90,678 187,876 
Garreco, LLCManufacturer and Supplier of Dental Products
Member Units(8)7/15/20131,2001,200 2,060 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201810.66%SF+6.00%10/29/20263,146 3,140 3,146 
Secured Debt12/19/201412.66%SF+8.00%10/29/202640,493 40,406 40,493 
Member Units12/19/20145,87913,065 45,890 
56,611 89,529 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt(9) (14) (25)9/29/2017SF+9.50%7/1/2027— — — 
Secured Debt(14)7/1/202212.50%12.50%7/1/20272,400 2,299 1,518 
Preferred Equity7/1/202263,7205,600 — 
Member Units4/29/20163,6813,681 — 
11,580 1,518 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(8) (30)10/1/201749.26%3,345 8,818 
LP Interests (2717 HPP-MS, L.P.)(30)3/11/202249.26%256 383 
LP Interests (2717 GRE-LP, L.P.)(30)4/18/202443.05%441 441 
LP Interests (423 COR, L.P.)(8) (30)6/2/202226.89%2,900 4,187 
6,942 13,829 
Harrison Hydra-Gen, Ltd.Manufacturer of Hydraulic Generators
Common Stock(8)6/4/2010107,456718 7,010 


38
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt6/21/202313.00%6/21/20281,600 1,572 1,572 
Secured Debt6/21/202313.00%6/21/202835,504 35,257 35,257 
Common Equity6/21/202314,40014,400 16,230 
51,229 53,059 
Jensen Jewelers of Idaho, LLCRetail Jewelry Store
Secured Debt(9) (25)8/29/2017P+6.75%11/14/2026— — — 
Secured Debt(9)11/14/200614.50%P+6.75%11/14/20261,498 1,498 1,498 
Member Units(8)11/14/2006627811 11,820 
2,309 13,318 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/202723,321 23,216 23,216 
Preferred Equity(8)3/28/2022109,92610,993 13,180 
34,209 36,396 
KBK Industries, LLCManufacturer of Specialty Oilfield and Industrial Products
Secured Debt2/24/20239.00%2/24/20283,700 3,676 3,700 
Member Units1/23/2006325783 25,180 
4,459 28,880 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201811.50%10/31/202614,999 14,987 14,987 
Secured Debt10/31/20189.00%10/31/20483,959 3,926 3,926 
Preferred Equity10/31/201858112,240 12,240 
Member Units(8) (29)10/31/2018800992 2,710 
32,145 33,863 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(25)10/19/202210/19/2025— (11)(11)
Secured Debt10/19/20229.75%10/19/202720,961 20,844 20,844 
Preferred Equity(8)10/19/20225,915,5858.00%8.00%5,916 6,397 
Common Stock10/19/20221,537,2191,537 6,850 
28,286 34,080 
MS Private Loan Fund I, LP(12) (13)Investment Partnership
Secured Debt1/26/20215.00%3/24/20261,600 1,600 1,600 
LP Interests(8) (30)1/26/202114.51%14,250 14,034 
15,850 15,634 
MS Private Loan Fund II, LP(12) (13)Investment Partnership
Secured Debt(9) (25)9/5/2023SF+3.00%3/5/2029— (59)(59)
LP Interests(8) (30)9/5/202313.02%7,449 7,843 
7,390 7,784 
MSC Adviser I, LLC(16)Third Party Investment Advisory Services
Member Units(8)11/22/2013100%29,500 246,000 


39
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
MSC Income Fund, Inc.(12) (13)Business Development Company
Common Equity(8)5/2/20221,085,11117,000 16,810 
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 5,731 5,746 
Common Stock(8)8/18/20145,8732,720 26,370 
8,451 32,116 
NAPCO Precast, LLCPrecast Concrete Manufacturing
Member Units1/31/20082,9552,975 9,050 
Nello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure
Secured Debt(9) (25)6/4/2024SF+6.50%6/4/2025— (16)(16)
Secured Debt6/4/202413.50%6/4/202927,200 26,959 26,959 
Common Equity(8)6/4/2024364,57912,120 15,560 
39,063 42,503 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt(25)2/28/20182/28/2025— — — 
Secured Debt2/28/20189.00%2/28/20259,811 9,803 9,811 
Preferred Member Units(8)2/28/2018103,144,1868,213 11,910 
18,016 21,721 
NRP Jones, LLCManufacturer of Hoses, Fittings and Assemblies
Secured Debt12/21/201712.00%9/18/20282,191 2,178 2,178 
Member Units12/22/201174,761114 94 
Member Units12/22/201174,7613,823 2,696 
6,115 4,968 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.16%SF+6.50%1/31/20253,600 3,600 3,600 
Secured Debt1/31/201712.00%1/31/202518,440 18,439 18,439 
Preferred Member Units11/2/20222,4002,785 6,000 
Preferred Member Units1/31/201748611,866 11,550 
36,690 39,589 
OMi Topco, LLCManufacturer of Overhead Cranes
Secured Debt8/31/202112.00%8/31/20269,000 8,970 9,000 
Preferred Member Units(8)4/1/20089001,080 72,720 
10,050 81,720 
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)7/30/202115.66%SF+11.00%7/31/202621,960 21,890 21,960 
Preferred Stock(8) (29)7/30/202110,00010,000 13,450 


40
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment
(2) (3) (15)		Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
31,890 35,410 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt(25)12/21/202312/31/2028— (13)— 
Secured Debt12/21/202313.00%12/31/202828,640 28,415 28,640 
Preferred Equity(8)12/21/202344012,540 18,360 
40,942 47,000 
PPL RVs, Inc.Recreational Vehicle Dealer
Secured Debt(9) (25)10/31/2019SF+8.75%11/15/2027— (5)— 
Secured Debt(9)11/15/201613.73%SF+8.75%11/15/202716,456 16,346 16,456 
Common Stock6/10/20102,0002,150 17,110 
Common Stock(8) (29)6/14/2022238,421238 514 
18,729 34,080 
Principle Environmental, LLCNoise Abatement Service Provider
Secured Debt7/1/201113.00%11/15/20264,897 4,861 4,861 
Preferred Member Units(8)2/1/201121,8065,709 12,600 
Common Stock1/27/20211,0371,200 600 
11,770 18,061 
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 9,530 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(14) (25)12/15/202110.00%12/15/2026— (39)(39)
Secured Debt(14)12/15/202112.50%10.00%12/15/202633,660 32,624 14,562 
Preferred Equity12/15/202111,07011,070 — 
43,655 14,523 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/20231,840 1,821 1,646 
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/202315,200 15,045 3,603 
Preferred Member Units8/28/20236,605661 — 
Preferred Member Units2/1/20235,643564 — 
Preferred Member Units8/31/20185449,245 — 
27,336 5,249 
Televerde, LLCProvider of Telemarketing and Data Services
Preferred Stock1/26/2022248718 1,794 
Member Units1/6/20114601,290 4,252 
2,008 6,046 


41
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(25)5/31/20195/31/2027— (1)(1)
Secured Debt5/31/201913.50%5/31/20277,920 7,855 7,855 
Common Stock(8)5/31/20196154,655 8,570 
12,509 16,424 
Victory Energy Operations, LLCProvider of Industrial and Commercial Combustion Systems
Secured Debt(25)10/3/202410/3/2029— (33)(33)
Secured Debt10/3/202413.00%10/3/202948,251 47,792 47,792 
Preferred Equity10/3/202451,91422,686 22,686 
70,445 70,445 
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 Units3/31/20235,097,5953,978 7,003 
Preferred Member Units3/31/2023142,512— — 
Preferred Member Units1/26/20154,876,67014,000 — 
Common Stock3/31/20231,802,7802,576 — 
22,654 9,103 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (25)12/1/2021SF+6.00%12/1/2025— — — 
Secured Debt12/1/202111.50%12/1/202625,760 25,661 25,661 
Preferred Equity(8) (29)12/1/202112,24012,240 12,240 
37,901 37,901 
Ziegler’s NYPD, LLCCasual Restaurant Group
Secured Debt12/30/202412.00%12/31/20271,750 1,750 1,750 
Preferred Member Units6/30/201517,0863,154 320 
Warrants(27)7/1/201558710/1/2025600 — 
5,504 2,070 
Subtotal Control investments (74.6% of net assets at fair value)
$1,415,970 $2,087,890 
Affiliate Investments (6)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt1/31/202318.00%18.00%6/25/2025$612 $611 $609 
Secured Debt12/11/202018.00%18.00%6/25/202517,474 17,444 17,365 
Common Stock12/11/2020654,7433,148 — 
Warrants(27)12/11/2020574,59812/11/2025— — 
21,203 17,974 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027320 320 266 
Member Units6/30/20172,160,0002,256 310 


42
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
2,576 576 
Buca C, LLCCasual Restaurant Group
Secured Debt(14) (17)8/7/202415.00%15.00%11/4/20246,437 5,652 — 
Secured Debt(14)6/28/202415.00%15.00%4/1/202515 — — 
Secured Debt(14) (17)6/30/201515.00%15.00%8/31/20239,554 5,862 — 
Preferred Member Units6/30/201566.00%6.00%4,770 — 
16,284 — 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9)12/17/202110.56%SF+6.00%12/17/2026900 887 887 
Secured Debt12/17/202112.50%12/17/202619,440 19,364 19,364 
Common Stock12/17/2021450,0004,500 4,740 
24,751 24,991 
CenterPeak Holdings, LLCExecutive Search Services
Secured Debt(25)12/10/202112/10/2026— (12)— 
Secured Debt12/10/202115.00%12/10/202621,507 21,418 21,507 
Preferred Equity(8)12/10/20213,3103,635 14,550 
25,041 36,057 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Preferred Member Units(8)3/12/2020154— 2,850 
Congruent Credit Opportunities Funds(12) (13)Investment Partnership
LP Interests (Congruent Credit Opportunities Fund III, LP)(8) (30)2/4/201512.49%2,813 2,276 
Connect Telecommunications Solutions Holdings, Inc.(13)Value-Added Distributor of Fiber Products and Equipment
Secured Debt10/9/202413.00%10/9/202927,577 27,315 27,315 
Preferred Equity10/9/202422,30412,596 12,596 
39,911 39,911 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt6/18/202412.00%6/19/2029560 555 555 
Secured Debt11/19/202112.00%6/19/202916,800 16,722 16,722 
Preferred Equity11/19/20215,9445,944 5,944 
Preferred Equity(8)6/18/20243,06815.00%15.00%3,240 3,240 
26,461 26,461 
Dos Rios Partners(12) (13)Investment Partnership
LP Interests (Dos Rios Partners, LP)(30)4/25/201320.24%6,172 7,708 
LP Interests (Dos Rios Partners - A, LP)(30)4/25/20136.43%1,960 2,447 
8,132 10,155 


43
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Dos Rios Stone Products LLC(10)Limestone and Sandstone Dimension Cut Stone Mining Quarries
Class A Preferred Units(29)6/27/20162,000,0002,000 — 
EIG Fund Investments(12) (13)Investment Partnership
LP Interests (EIG Global Private Debt Fund-A, L.P.)(8)11/6/20155,000,000416 369 
FCC Intermediate Holdco, LLCSupply Chain Management Services
Secured Debt5/28/202413.00%5/29/202932,800 29,109 29,109 
Warrants(27)5/28/2024123,920 10,840 
33,029 39,949 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20219,36010,400 35,920 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport Financial SBIC Fund LP)(30)3/23/20159.30%2,580 2,190 
LP Interests (Freeport First Lien Loan Fund III LP)(8) (30)7/31/20155.95%1,659 1,263 
4,239 3,453 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20268,185 8,164 8,185 
Preferred Member Units(8)3/31/20212264,900 10,540 
13,064 18,725 
Gulf Manufacturing, LLC(13) (21)Manufacturer of Specialty Fabricated Industrial Piping Products
Secured Debt(25)3/15/2024SF+7.63%3/15/2029— (42)— 
Secured Debt3/15/202412.19%SF+7.63%3/15/202939,000 38,676 39,000 
Member Units(8)8/31/20074382,980 14,730 
Common Stock11/18/2024888888 888 
42,502 54,618 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(30)8/9/20178.22%2,296 4,472 
LP Interests (HPEP 4, L.P.)(30)7/12/202211.61%5,532 5,861 
LP Interests (423 HAR, L.P.)(30)6/2/202315.60%750 1,226 
8,578 11,559 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201610.73%SF+6.00%1/15/20262,645 2,644 2,645 
Secured Debt12/2/201612.50%1/15/202645,256 45,200 45,256 


44
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment
(2) (3) (15)		Investment Date
(24)		Shares/UnitsTotal RateReference Rate and Spread (28)PIK Rate (19)Maturity
Date		Principal (4)Cost (4)Fair Value (18)
Preferred Member Units(8)12/2/20162262,850 20,260 
Preferred Member Units(29)12/2/2016226150 1,070 
50,844 69,231 
Houston Plating and Coatings, LLCProvider of Plating and Industrial Coating Services
Unsecured Convertible Debt5/1/201710.00%4/2/20263,000 3,000 2,940 
Member Units(8)1/8/2003322,2972,352 3,930 
5,352 6,870 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/202318,006,40718,300 20,390 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202312.00%3/31/202815,050 14,954 15,050 
Preferred Equity(8)3/31/202387,3604,368 9,080 
19,322 24,130 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202112.35%SF+7.50%8/20/202612,915 12,828 12,728 
Preferred Equity(8)12/7/20233,18810.00%10.00%254 452 
Common Stock8/20/20219,9681,356 550 
14,438 13,730 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.00%1/31/20284,514 4,493 4,493 
Secured Debt9/1/202113.00%1/31/20282,940 2,927 2,927 
Secured Debt11/15/202113.00%1/31/20288,944 8,944 8,944 
Secured Debt11/15/202113.00%1/31/202817,624 17,542 17,542 
Secured Debt1/31/202313.00%1/31/20289,842 9,638 9,638 
Preferred Equity6/26/2024711,20025.00%25.00%711 760 
Common Stock8/3/2021203,0162,756 2,850 
47,011 47,154 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202313.78%SF+9.00%6/21/20271,180 1,169 1,180 
Secured Debt(9)6/21/202313.78%SF+9.00%6/21/2027994 981 994 
Secured Debt(9)6/21/202312.78%SF+8.00%6/21/20274,438 3,772 4,438 
Secured Debt(9)6/21/202314.78%SF+10.00%6/21/20274,438 3,772 4,438 
Warrants(27)6/21/2023193,3076/21/20332,091 5,690 
11,785 16,740 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9) (25)12/19/2024SF+5.50%12/31/2026— — — 
Common Equity(29)12/19/202466,30612/31/202613,840 13,840 
13,840 13,840 


45
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
MoneyThumb Acquisition, LLCProvider of Software-as-a-Service Financial File Conversion and Reconciliation
Secured Debt8/19/202414.00%8/19/20299,600 8,967 8,967 
Preferred Member Units(8)8/19/2024163,28212.00%12.00%1,707 1,707 
Warrants(27)8/19/202459,368594 594 
11,268 11,268 
Nebraska Vet AcquireCo, LLCMixed-Animal Veterinary and Animal Health Product Provider
Secured Debt(9) (25)12/31/2020SF+7.00%5/9/2027— (7)— 
Secured Debt5/9/202412.50%5/9/20274,650 4,479 4,650 
Secured Debt12/31/202012.50%5/9/202762,200 62,085 62,200 
Preferred Member Units(8)12/31/20206,9876,987 32,040 
73,544 98,890 
OnAsset Intelligence, Inc.Provider of Transportation Monitoring / Tracking Products and Services
Secured Debt(14)4/18/201112.00%12.00%9/30/20254,415 4,415 457 
Secured Debt(14)5/10/201312.00%12.00%9/30/20252,116 2,116 218 
Secured Debt(14)3/21/201412.00%12.00%9/30/2025983 983 101 
Secured Debt(14)5/20/201412.00%12.00%9/30/2025964 964 99 
Unsecured Debt(14)6/5/201710.00%10.00%9/30/2025305 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 1,180 
Oneliance, LLCConstruction Cleaning Company
Preferred Stock(8)8/6/20211,1281,128 2,580 
RA Outdoors LLC(10) (13)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9)4/8/202111.74%SF+6.75%11.74%4/8/20261,356 1,352 1,257 
Secured Debt(9)4/8/202111.74%SF+6.75%11.74%4/8/202614,194 14,145 13,155 
Common Equity8/12/2024110— — 
15,497 14,412 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201811.75%6/16/20282,250 2,236 2,250 
Secured Debt(23)6/16/202312.79%6/16/202867,661 67,611 67,661 
Preferred Member Units(8)8/31/20181651,525 13,660 
71,372 83,571 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/202716,320 16,181 16,320 
Common Stock(8)9/13/201870,000— 2,440 
16,181 18,760 
Student Resource Center, LLC(10)Higher Education Services


46
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Debt9/11/20248.50%8.50%12/31/2027204 204 204 
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,327 4,884 1,644 
Preferred Equity12/31/20225,907,649— — 
5,088 1,848 
Superior Rigging & Erecting Co.Provider of Steel Erecting, Crane Rental & Rigging Services
Preferred Member Units8/31/20201,6364,500 10,530 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt8/9/202110.00%8/9/2026400 394 394 
Secured Debt8/9/202110.00%8/9/20265,201 5,182 5,053 
Preferred Stock(8)9/1/2023287,310287 287 
Preferred Stock(8)8/9/20211,280,0006,400 6,400 
12,263 12,134 
UnionRock Energy Fund II, LP(12) (13)Investment Partnership
LP Interests(30)6/15/202011.11%3,216 4,732 
UnionRock Energy Fund III, LP(12) (13)Investment Partnership
LP Interests(30)6/6/202325.00%4,767 5,612 
UniTek Global Services, Inc.(11)Provider of Outsourced Infrastructure Services
Secured Convertible Debt1/1/202115.00%15.00%6/30/20282,717 3,257 5,642 
Secured Convertible Debt1/1/202115.00%15.00%6/30/20281,281 1,508 2,663 
Preferred Stock(8)8/29/20191,133,10220.00%20.00%3,181 3,181 
Preferred Stock8/21/20181,731,04420.00%20.00%2,511 4,272 
Preferred Stock6/30/20172,596,56719.00%19.00%3,667 — 
Preferred Stock1/15/20154,935,37713.50%13.50%7,924 — 
Common Stock4/1/20201,075,992— — 
22,048 15,758 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/16/20298,800 8,727 8,727 
Preferred Equity(8)2/16/20244,0009.00%9.00%4,320 4,320 
13,047 13,047 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/202710,765 10,702 10,702 
Preferred Equity(8)12/12/20223,8453,845 3,845 
14,547 14,547 
Subtotal Affiliate investments (30.3% of net assets at fair value)
$743,441 $846,798 
Non-Control/Non-Affiliate Investments (7)
Adams Publishing Group, LLC(10)Local Newspaper Operator


47
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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) (33)3/11/202211.00%SF+7.00%1.00%3/11/2027$7,920 $7,920 $7,773 
Secured Debt(9) (33)3/11/202211.00%SF+7.00%1.00%3/11/202718,853 18,826 18,504 
26,746 26,277 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Common Stock(8)8/31/20222351,844 570 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (25)11/19/2021P+5.00%11/19/2026— (5)(5)
Secured Debt(9)11/19/202112.50%P+5.00%11/19/20266,162 6,138 6,162 
6,133 6,157 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/202214.49%SF+9.75%14.49%4/10/20267,517 7,488 5,985 
Secured Debt(9)3/11/202214.49%SF+9.75%14.49%4/10/202612,230 12,178 9,738 
Secured Debt(9) (14)3/11/202216.49%SF+11.75%16.49%4/10/20265,705 5,645 3,502 
Secured Debt(9) (14)3/11/202216.49%SF+11.75%16.49%4/10/20269,283 9,169 5,697 
34,480 24,922 
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt(14) (17)9/17/20214/7/20233,166 2,989 76 
Secured Debt(14) (17)5/19/20166/8/202315,489 13,757 374 
16,746 450 
Ansira Partners II, LLC(10)Provider of Data-Driven Marketing Services
Secured Debt(9) (25)7/1/2024SF+6.75%7/1/2029— (187)(187)
Secured Debt(9)7/1/202411.25%SF+6.75%7/1/202975,490 73,790 74,279 
73,603 74,092 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt11/6/202315.00%15.00%11/6/20281,997 1,997 1,997 
Secured Debt(9)11/6/202311.08%SF+6.50%11.08%11/6/20288,054 8,054 8,054 
Preferred Equity11/6/202332,50714,060 12,552 
Preferred Equity11/6/202332,507— — 
Common Equity11/9/20213,898234 — 
24,345 22,603 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/20221,387,8321,388 2,450 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9)1/18/202210.85%SF+6.00%1/18/2027360 360 360 
Secured Debt(9)1/18/20229.85%SF+5.00%1/18/20276,660 6,660 6,660 
Secured Debt(9)1/18/202211.85%SF+7.00%1/18/20276,660 6,660 6,660 


48
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Stock1/18/2022720,000720 850 
14,400 14,530 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (25)12/23/2022SF+7.25%12/23/2027— (90)(90)
Secured Debt(9)12/23/202211.73%SF+7.25%12/23/202724,073 23,490 24,073 
Common Equity(8)12/15/2021984934 896 
24,334 24,879 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units3/8/2024286,109286 — 
Preferred Member Units(29)11/12/2019122,416— — 
Preferred Member Units(29)7/6/20181,548,387— — 
286 — 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (25)6/30/2022SF+10.25%6/30/2028— (48)(48)
Secured Debt(9)6/30/202215.76%SF+10.25%9.25%6/30/202831,792 31,484 23,984 
31,436 23,936 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 650 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)1/9/202413.17%SF+8.50%12.17%8/28/2025202 130 170 
Secured Debt(9)10/19/202215.00%P+7.50%14.75%8/28/20253,083 3,083 2,605 
Secured Debt(9)8/28/202013.17%SF+8.50%12.17%8/28/20254,183 3,961 3,535 
Common Stock10/1/2020723,1841 — 
Warrants(27)10/19/2022163,29510/19/20321,036 — 
8,211 6,310 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9)5/1/202311.65%SF+7.00%5/1/2028571 552 571 
Secured Debt(9)5/1/202310.74%SF+6.00%5/1/20286,341 6,256 6,341 
Secured Debt(9)5/1/202312.74%SF+8.00%5/1/20286,341 6,256 6,341 
Preferred Equity5/1/2023571571 500 
Common Equity5/1/2023571— — 
13,635 13,753 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt(9) (32)2/1/202410.68%SF+6.25%2/1/20291,199 1,154 1,199 
Secured Debt(9) (25)2/1/2024SF+6.25%2/1/2029— (22)(22)
Secured Debt(9)2/1/202410.92%SF+6.25%2/1/202926,173 25,739 26,173 
Common Equity2/1/20242,333,3332,333 3,620 
29,204 30,970 


49
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Brainworks Software, LLC(10)Advertising Sales and Newspaper Circulation Software
Secured Debt(9) (14) (17)8/12/201415.25%P+7.25%7/22/2019761 761 761 
Secured Debt(9) (14) (17)8/12/201415.25%P+7.25%7/22/20197,056 7,056 750 
7,817 1,511 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(30)7/21/20141.59%5,415 3,120 
LP Interests (Brightwood Capital Fund IV, LP)(8) (30)10/26/20160.59%4,014 4,016 
LP Interests (Brightwood Capital Fund V, LP)(8) (30)7/12/20210.72%3,500 3,809 
12,929 10,945 
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— (11)— 
Secured Debt(9)6/14/20219.46%SF+5.00%6/10/202817,915 17,755 17,915 
17,744 17,915 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/20212,142,1672,142 2,417 
Preferred Equity12/13/2021596,176— — 
2,142 2,417 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Common Equity12/30/2022245,926246 490 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (32)2/7/202211.53%SF+7.00%2/7/20275,075 4,960 4,830 
Secured Debt(9)2/7/202211.93%SF+7.00%2/7/202736,167 35,856 34,431 
Secured Debt(9)6/24/202211.93%SF+7.00%2/7/20272,004 1,987 1,908 
Secured Debt(9)3/27/202311.93%SF+7.00%2/7/20274,843 4,774 4,610 
47,577 45,779 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/20141/5/20152,649 2,649 19 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (32)8/6/202112.93%SF+8.25%8/6/20267,837 7,754 7,341 
Secured Debt(9) (25)3/29/2024SF+8.25%8/6/2026— (113)(113)
Secured Debt(9)8/6/202112.92%SF+8.25%8/6/202618,968 18,850 17,769 
26,491 24,997 
Coregistics Buyer LLC(10) (13) (21)Contract Packaging Service Provider
Secured Debt(9) (32)6/29/202410.39%SF+6.00%6/28/20291,669 1,590 1,639 
Secured Debt(9)6/29/202410.36%SF+6.00%6/28/202910,704 10,474 10,507 


50
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)8/15/202410.40%SF+6.00%6/28/20297,118 6,987 6,987 
Secured Debt(9)6/29/202410.61%SF+6.25%6/28/202932,031 31,313 30,165 
50,364 49,298 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (25)12/27/2023SF+6.75%6/27/2027— (47)(47)
Secured Debt(9) (25)12/27/2023SF+6.75%6/27/2027— (47)(47)
Secured Debt(9)12/27/202311.18%SF+6.75%6/27/202710,828 10,600 10,754 
10,506 10,660 
Creative Foam Corporation(10)Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
Secured Debt(9) (25)6/27/2024SF+5.75%6/27/2029— (272)(272)
Secured Debt(9)6/27/202410.11%SF+5.75%6/27/2029106,280 104,348 105,229 
104,076 104,957 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/2022515720 690 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,316 438 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 — 
2,092 438 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202211.46%SF+7.00%11.46%12/31/20262,318 2,160 2,220 
Secured Debt(9)12/20/202213.46%SF+9.00%13.46%12/31/20262,413 2,179 2,219 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241— — 
Common Equity12/20/20221,250,000— — 
4,467 4,499 
Eastern Wholesale Fence LLC(10)Manufacturer and Distributor of Residential and Commercial Fencing Solutions
Secured Debt(9)11/19/202012.74%SF+8.00%10/30/20252,826 2,805 2,714 
Secured Debt(9)11/19/202012.74%SF+8.00%10/30/20254,374 4,355 4,201 
Secured Debt(9)11/19/202012.74%SF+8.00%10/30/20258,725 8,683 8,380 
Secured Debt(9)4/20/202112.74%SF+8.00%10/30/20251,809 1,802 1,738 
Secured Debt(9)10/14/202112.74%SF+8.00%10/30/20259,901 9,861 9,509 
27,506 26,542 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202210.71%SF+6.25%12/29/20279,587 9,434 7,670 


51
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
EnCap Energy Fund Investments(12) (13)Investment Partnership
LP Interests (EnCap Energy Capital Fund VIII, L.P.)(8) (30)1/22/20150.14%3,542 1,754 
LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)		(8) (30)1/21/20150.38%1,983 846 
LP Interests (EnCap Energy Capital Fund IX, L.P.)(8) (30)1/22/20150.10%3,251 1,088 
LP Interests (EnCap Energy Capital Fund X, L.P.)(8) (30)3/25/20150.15%6,963 5,051 
LP Interests (EnCap Energy Capital Fund XII, L.P.)(8) (30)8/31/20230.19%2,717 3,525 
LP Interests (EnCap Flatrock Midstream Fund II, L.P.)(8) (30)3/30/20150.84%5,110 1,514 
LP Interests (EnCap Flatrock Midstream Fund III, L.P.)(8) (30)3/27/20150.25%4,312 3,756 
27,878 17,534 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9) (25)4/7/2023SF+8.00%4/7/2029— (28)(28)
Secured Debt(9)10/2/202412.39%SF+8.00%4/7/20291,382 1,359 1,359 
Secured Debt(9)4/7/202312.43%SF+8.00%4/7/202926,048 25,488 26,048 
Common Equity(8)4/7/2023649,794663 910 
27,482 28,289 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202112.59%SF+8.00%12/22/20263,692 3,678 3,692 
Secured Debt(9)12/22/202112.59%SF+8.00%6.00%12/22/202647,633 47,457 47,633 
51,135 51,325 
Fuse, LLC(11)Cable Networks Operator
Secured Debt(8)6/30/201912.00%12/31/20261,810 1,810 932 
Common Stock6/30/201910,429256 — 
2,066 932 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (32)11/10/202311.29%SF+6.75%11/10/20288,118 7,915 8,118 
Secured Debt(9)11/10/202311.34%SF+6.75%11/10/202832,146 31,401 32,146 
Common Equity11/10/2023705,882706 500 
40,022 40,764 
GradeEight Corp.(10)Distributor of Maintenance and Repair Parts
Secured Debt(9) (25)10/4/2024SF+7.25%10/4/2029— (95)(95)
Secured Debt(9) (25)10/4/2024SF+7.25%10/4/2029— (48)(48)
Secured Debt(9) (26)10/4/202411.74%SF+7.25%10/4/202931,603 31,002 31,002 


52
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Equity10/4/20241,3651,365 1,365 
32,224 32,224 
GS HVAM Intermediate, LLC(10)Specialized Food Distributor
Secured Debt(9) (32)10/18/201911.12%SF+6.50%2/28/20261,864 1,853 1,864 
Secured Debt(9)10/18/201911.24%SF+6.50%2/28/202610,509 10,460 10,509 
Secured Debt(9)9/15/202311.24%SF+6.50%2/28/2026942 939 942 
Secured Debt(9)12/22/202311.24%SF+6.50%2/28/2026225 223 225 
Secured Debt(9)8/22/202410.98%SF+6.50%2/28/20266,076 6,040 6,076 
19,515 19,616 
GULF PACIFIC ACQUISITION, LLC(10)Rice Processor and Merchandiser
Secured Debt(9) (32)9/30/202210.50%SF+6.00%9/30/2028707 694 662 
Secured Debt(9)9/30/202210.55%SF+6.00%9/30/2028298 286 279 
Secured Debt(9)9/30/202210.46%SF+6.00%9/30/20283,578 3,533 3,350 
4,513 4,291 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9)3/7/20248.75%SF+3.50%2.50%6/21/20262,423 2,327 2,327 
Secured Debt(14)3/7/20242.50%2.50%6/21/20261,626 713 418 
Common Equity3/7/202464,029— — 
3,040 2,745 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (25)8/1/2022SF+6.50%8/1/2027— (35)(35)
Secured Debt(9)8/1/202210.86%SF+6.50%8/1/20276,666 6,586 6,666 
Secured Debt(9)6/3/202410.86%SF+6.50%8/1/20274,713 4,597 4,713 
Secured Debt(9)8/1/202210.86%SF+6.50%8/1/202716,453 16,283 16,453 
Secured Debt(9)6/3/202410.86%SF+6.50%8/1/20278,039 7,973 8,039 
35,404 35,836 
Hornblower Sub, LLC(10)Marine Tourism and Transportation
Secured Debt(9) (32)7/3/20249.92%SF+5.50%7/3/20292,429 2,385 2,407 
Secured Debt(9)7/3/202410.11%SF+5.50%7/3/202930,979 30,701 30,701 
33,086 33,108 
HOWLCO LLC(11) (13) (21)Provider of Accounting and Business Development Software to Real Estate End Markets
Secured Debt(9)8/19/202111.28%SF+6.50%3.50%10/23/202626,241 26,241 26,096 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202113.10%SF+8.25%12/31/20277,200 7,073 7,200 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (25)7/30/2021SF+5.75%7/30/2026— (12)— 
Secured Debt(9)7/30/202110.21%SF+5.75%7/30/202810,154 10,073 10,154 
Secured Debt(9)7/30/202110.21%SF+5.75%7/30/20284,903 4,861 4,903 
14,922 15,057 


53
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt(9) (32)6/8/202311.39%SF+7.00%6/30/20281,581 1,518 1,581 
Secured Debt(9)6/8/202311.62%SF+7.00%6/30/202820,559 20,133 20,559 
Common Equity6/8/20238491,166 1,020 
22,817 23,160 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201713.73%SF+7.75%1.50%7/31/202518,674 18,674 15,892 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt(9) (25)7/19/2023SF+6.25%7/19/2028— (54)(54)
Secured Debt(9) (25)7/19/2023SF+6.25%7/19/2029— (47)(47)
Secured Debt(9)7/19/202310.87%SF+6.25%7/19/202914,262 13,936 13,539 
Common Equity7/19/2023131,100656 320 
14,491 13,758 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9) (32)4/3/202314.69%SF+10.00%2.00%4/3/2028791 776 725 
Secured Debt(9)4/3/202314.58%SF+10.00%2.00%4/3/20287,240 7,118 6,636 
Secured Debt(9)6/14/202314.58%SF+10.00%2.00%4/3/20282,912 2,867 2,669 
Common Equity4/3/2023166,504452 27 
11,213 10,057 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (32)12/9/202114.54%SF+10.00%14.54%8/7/20232,075 2,075 1,580 
Secured Debt(9) (14) (17)8/7/201911.67%SF+7.00%11.67%8/7/20237,313 7,237 13 
Common Stock12/7/20212,143— — 
9,312 1,593 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9) (32)8/28/201912.01%SF+7.50%12/31/20261,037 1,033 995 
Secured Debt(9)8/28/201912.01%SF+7.50%12/31/202616,771 16,703 16,098 
17,736 17,093 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.25%SF+6.60%8.75%4/14/20283,159 2,958 663 
Common Equity4/13/2023198,743— — 
2,958 663 
Island Pump and Tank, LLC(10)Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
Secured Debt(9) (25)5/20/2024SF+6.50%5/17/2029— (5)(5)
Secured Debt(9)5/20/202410.35%SF+5.50%5/17/20291,735 1,708 1,722 
Secured Debt(9)5/20/202411.35%SF+6.50%5/17/20291,735 1,708 1,722 
Secured Debt(9)5/20/202412.35%SF+7.50%5/17/20291,735 1,708 1,722 


54
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
5,119 5,161 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202212.18%SF+7.50%11/4/2026792 783 792 
Secured Debt(9) (26)2/27/202412.19%SF+7.50%11/4/2026627 620 627 
Secured Debt(9)2/27/202412.18%SF+7.50%11/4/202660 48 60 
Secured Debt(9)11/8/202112.18%SF+7.50%11/4/20261,843 1,821 1,843 
Preferred Equity11/8/20212,826,667110 870 
3,382 4,192 
JDC Power Services, LLC(10)Provider of Electrical Equipment and Maintenance Services for Datacenters
Secured Debt(9) (25)6/28/2024SF+6.50%6/28/2029— (162)(162)
Secured Debt(9)6/28/202410.83%SF+6.50%6/28/202960,965 59,573 60,336 
59,411 60,174 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt(9) (14) (17)8/21/201921.59%SF+16.00%21.59%8/21/20241,134 1,134 — 
Secured Debt(9) (14) (17)8/21/201921.59%SF+16.00%21.59%8/21/20241,091 1,091 — 
Secured Debt(9)3/30/202413.21%SF+8.75%6.00%3/29/20291,770 1,770 1,770 
Secured Debt(9)3/30/202413.18%SF+8.75%13.18%3/29/20291,314 1,314 1,314 
Common Stock8/21/2019472,5794,429 — 
Common Stock3/29/20245,461,019200 140 
9,938 3,224 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (32)12/22/202112.72%SF+8.00%12/22/20268,421 8,354 7,977 
Secured Debt(9)12/22/202112.58%SF+8.00%12/22/202635,763 35,471 33,879 
Secured Debt(9)2/1/202412.58%SF+8.00%12/22/20263,347 3,278 3,176 
Common Equity12/22/20211,684,2111,684 300 
48,787 45,332 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9) (14)10/4/202114.50%SF+9.75%10/4/20261,028 1,002 662 
Secured Debt(9)11/27/202414.23%SF+9.75%14.23%10/4/2026450 450 450 
Secured Debt(9)11/27/202414.23%SF+9.75%14.23%10/4/2026440 440 440 
Secured Debt(9) (14)10/4/202114.50%SF+9.75%10/4/20267,410 7,340 4,779 
9,232 6,331 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt5/9/20199.44%SF+5.00%5/9/202615,525 15,450 15,059 
LKCM Headwater Investments I, L.P.(12) (13)Investment Partnership
LP Interests(30)1/25/20132.27%1,746 2,926 


55
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)9/17/202411.89%SF+7.25%12/31/20251,156 1,156 1,156 
Secured Debt(9)5/2/201911.92%SF+7.25%12/31/20258,575 8,513 8,575 
Secured Debt(9)5/2/201911.71%SF+7.25%12/31/20255,485 5,444 5,485 
Secured Debt(9)11/20/202011.71%SF+7.25%12/31/20252,878 2,857 2,878 
Secured Debt(9)2/26/202111.92%SF+7.25%12/31/20251,118 1,110 1,118 
Secured Debt(9)5/12/202211.71%SF+7.25%12/31/202511,326 11,242 11,326 
30,322 30,538 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202112.74%SF+8.00%3.00%8/16/20264,133 4,083 3,316 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9) (17)1/8/201812.25%P+4.25%12/22/202424,809 24,809 19,739 
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)3/15/2021SF+7.50%3/15/2026— (15)— 
Secured Debt(9)3/28/202412.00%SF+7.50%3/15/202618,973 18,822 18,973 
18,807 18,973 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (25)4/4/2022SF+5.75%4/3/2028— (39)(39)
Secured Debt(9)11/20/202410.22%SF+5.75%4/3/202811,135 10,985 11,135 
Secured Debt(9)4/4/202210.21%SF+5.75%4/3/202819,828 19,606 19,828 
30,552 30,924 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt(9) (32)11/30/202310.74%SF+6.25%11/30/2028575 541 575 
Secured Debt(9) (26)11/30/202310.77%SF+6.25%11/30/20281,315 1,288 1,315 
Secured Debt(9)11/30/20239.76%SF+5.25%11/30/20284,904 4,811 4,904 
Secured Debt(9)11/30/202311.76%SF+7.25%11/30/20284,904 4,807 4,904 
Common Equity11/30/2023515,576516 430 
11,963 12,128 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt(9)5/24/202211.59%SF+7.00%5/24/20274,101 4,065 3,907 
Secured Debt(9)5/24/202211.59%SF+7.00%5/24/202710,767 10,666 11,079 
Secured Debt(9)5/24/202211.59%SF+7.00%5/24/202718,103 17,943 18,103 
Unsecured Debt11/14/20238.00%8.00%3/31/2025114 114 114 
Unsecured Debt3/15/20248.00%8.00%6/30/202554 54 54 
Unsecured Debt9/25/20248.00%8.00%12/21/2025107 107 107 
Common Stock8/30/202244,445,814889 796 


56
Table of contents
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
33,838 34,160 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt(9) (25)12/18/2019SF+6.50%12/18/2026— (6)(6)
Secured Debt(9)12/18/201911.24%SF+6.50%12/18/202628,243 28,016 28,243 
28,010 28,237 
Obra Capital, Inc.(10)Provider of Asset Management Services Specialized in Insurance-Linked Strategies
Secured Debt(9) (25)6/21/2024SF+7.50%12/21/2028— (4)(4)
Secured Debt(9)6/21/202411.97%SF+7.50%6/21/202926,352 25,653 25,884 
25,649 25,880 
OnPoint Industrial Services, LLC(10)Environmental & Facilities Services
Secured Debt(9)12/18/202411.35%SF+7.00%11/16/20271,400 1,386 1,386 
Secured Debt(9)4/1/202411.33%SF+7.00%11/16/20273,880 3,850 3,850 
5,236 5,236 
Ospemifene Royalty Sub LLC(10)Estrogen-Deficiency Drug Manufacturer and Distributor
Secured Debt(14)7/8/201311/15/20264,398 4,398 12 
Peaches Holding CorporationWholesale Provider of Consumer Packaging Solutions
Common Equity5/22/20243,2267,221 4,540 
Power System Solutions(10)Backup Power Generation
Secured Debt(9) (25)6/7/2023SF+6.50%6/7/2028— (63)(63)
Secured Debt(9)6/7/202310.86%SF+6.50%6/7/20286,124 5,988 6,124 
Secured Debt(9)6/7/202310.90%SF+6.50%6/7/202818,233 17,858 18,233 
Common Equity6/7/20231,2341,234 3,800 
25,017 28,094 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt(9)5/1/202310.58%SF+5.50%5/1/20297,880 7,668 7,880 
Secured Debt(9)9/7/20239.83%SF+5.50%5/1/2029752 730 752 
Secured Debt(9)1/30/20249.83%SF+5.50%5/1/2029756 740 756 
Secured Debt(9)6/28/20249.58%SF+5.25%5/1/2029859 848 859 
9,986 10,247 
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)8/19/202213.03%SF+8.25%8/19/20276,838 6,739 6,769 
Secured Debt(9)8/19/202213.03%SF+8.25%8/19/202717,811 17,615 17,631 
24,354 24,400 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services


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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Equity10/2/202332,8133,248 3,248 
Common Equity4/1/202432,81333 2,060 
3,281 5,308 
Richardson Sales Solutions(10)Business Services
Secured Debt(9) (32)8/24/202311.22%SF+6.75%8/24/20283,517 3,443 3,517 
Secured Debt(9)8/24/202311.38%SF+6.75%8/24/202834,046 33,201 34,046 
Secured Debt(9)9/10/202411.43%SF+6.75%8/24/202822,101 21,694 22,101 
58,338 59,664 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (25)8/27/2021SF+8.00%8/27/2026— (5)— 
Secured Debt(9)8/27/202111.85%SF+7.00%8/27/20263,376 3,335 3,071 
Secured Debt(9)8/27/202113.85%SF+9.00%8/27/20263,376 3,335 3,052 
6,665 6,123 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202112.52%SF+8.00%2.00%11/16/20255,888 5,879 5,888 
Secured Debt(9)7/16/202112.52%SF+8.00%2.00%11/16/20257,449 7,421 7,449 
13,300 13,337 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt(9) (25)8/8/2024SF+5.25%8/8/2029— — — 
Secured Debt(9)8/8/20249.71%SF+5.25%8/8/202953,320 52,939 53,320 
Common Equity12/10/2021864864 885 
53,803 54,205 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9) (25)7/1/2022SF+7.50%7/1/2027— (32)— 
Secured Debt(9)7/1/202211.98%SF+7.50%7/1/202715,569 15,410 15,569 
Common Stock7/1/2022638,710639 610 
16,017 16,179 
Team Public Choices, LLC(11)Home-Based Care Employment Service Provider
Secured Debt12/22/20209.65%SF+5.00%12/18/202714,683 14,522 14,781 
TEC Services, LLC(10)Provider of Janitorial Service for Food Retailers
Secured Debt(9) (25)12/31/2024SF+5.75%12/31/2029— (125)(125)
Secured Debt(9) (25)12/31/2024SF+5.75%12/31/2029— (94)(94)
Secured Debt(9)12/31/202410.13%SF+5.75%12/31/202942,333 41,709 41,709 
41,490 41,490 
Tectonic Financial, LLCFinancial Services Organization
Common Stock(8)5/15/2017200,0002,000 4,720 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(29)7/7/20211,000,0001,000 2,290 


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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
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— (105)(105)
Secured Debt(9)3/11/202410.83%SF+6.50%3/11/202933,927 32,937 33,927 
Preferred Equity3/11/20241,218,7508.00%8.00%1,219 1,400 
34,051 35,222 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (14)6/1/202311.90%SF+7.40%6.00%5/2/20279,825 3,257 3,910 
Secured Debt(14)6/1/20235/2/20271,003 20 — 
3,277 3,910 
UPS Intermediate, LLC(10)Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
Secured Debt(9)7/29/202410.36%SF+6.00%7/27/202943,339 42,558 42,904 
Common Equity7/29/20241,443,2991,443 1,443 
44,001 44,347 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202312.75%SF+7.50%4/5/20294,000 3,918 4,000 
Veregy Consolidated, Inc.(11)Energy Service Company
Secured Debt(9) (25)11/9/2020SF+5.25%11/3/2025— (185)(185)
Secured Debt(9)11/9/202010.85%SF+6.00%11/3/202717,659 17,475 17,681 
17,290 17,496 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 4,676 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt12/22/202311.55%SF+7.00%12/22/20285,795 5,673 5,795 
Secured Debt(9)12/22/202311.47%SF+7.00%12/22/202842,075 41,245 42,075 
46,918 47,870 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/20211,038,4621,038 2,640 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt(9) (25)7/19/2021SF+7.00%7/19/2026— (2)(2)
Secured Debt(9)7/19/202111.74%SF+7.00%7/19/20261,759 1,748 1,759 
Common Stock7/19/2021400,000400 1,210 
2,146 2,967 


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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Watterson Brands, LLC(10)Facility Management Services
Secured Debt12/17/202112.00%4.00%12/17/20262,270 2,251 2,142 
Secured Debt12/17/202112.00%4.00%12/17/2026392 377 369 
Secured Debt12/17/202112.00%4.00%12/17/202616,135 16,036 15,227 
Secured Debt12/17/202112.00%4.00%12/17/202612,906 12,826 12,180 
31,490 29,918 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt(9) (26)3/1/20229.47%SF+5.00%3/1/20282,381 2,348 2,381 
Secured Debt(9)3/1/20229.60%SF+5.00%3/1/202810,550 10,428 10,550 
Secured Debt(9)11/3/20239.60%SF+5.00%3/1/20285,250 5,166 5,250 
Common Stock(8)3/1/20221,541,4001,541 4,920 
19,483 23,101 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt(9) (32)11/19/202112.81%SF+8.00%11/19/20262,200 2,161 2,138 
Secured Debt(9)11/19/202112.85%SF+8.00%11/19/20261,874 1,856 1,821 
Secured Debt(9)1/16/202411.85%SF+7.00%11/19/20267,240 7,131 7,035 
Secured Debt(9)1/16/202413.85%SF+9.00%11/19/20267,240 7,131 7,035 
18,279 18,029 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9)12/17/20219.70%SF+5.25%12/20/202823,814 23,549 23,814 
Secured Debt(9)12/17/20219.98%SF+5.25%12/20/202837,442 37,063 37,442 
60,612 61,256 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9) (26)8/22/201812.25%SF+7.50%8/9/202610,892 10,739 9,949 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt(9)2/11/202211.91%SF+7.25%11.91%12/31/202418,023 18,023 14,852 
Secured Debt(9)2/11/202211.91%SF+7.25%11.91%12/31/20244,518 4,518 3,723 
22,541 18,575 
ZRG Partners, LLC(10)Talent Advisory Services Provider
Secured Debt(9)6/14/202412.50%P+5.00%6/14/2029695 509 695 
Secured Debt(9)6/14/202410.74%SF+6.00%6/14/20294,158 3,956 4,158 
Secured Debt(9)6/14/202410.28%SF+6.00%6/14/20296,568 6,447 6,568 
Secured Debt(9)6/14/202410.66%SF+6.00%6/14/202947,050 46,185 47,050 
57,097 58,471 
Subtotal Non-Control/Non-Affiliate investments (71.4% of net assets at fair value)
$2,077,901 $1,997,981 
Total Portfolio Company investments, December 31, 2024 (176.3% of net assets at fair value)
$4,237,312 $4,932,669 


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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)$3,400 $3,400 
Fidelity Government Fund (32)1,526 1,526 
Fidelity Treasury (31)1,548 1,548 
Total money market funds$6,474 $6,474 
___________________________
(1)All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and 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, 95% of the loans (based on the par amount) contain Term SOFR floors which range between 0.50% and 5.25%, with a weighted-average floor of 1.32%.
(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 Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.
(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.


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MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments (Continued)
December 31, 2024
(dollars in thousands)
(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, 2024.
(20)All portfolio company headquarters are based in the United States, unless otherwise noted.
(21)Portfolio company headquarters are located outside of the United States.
(22)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+7.00% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.75% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)Investment Date represents the date of initial investment in the security position.
(25)The position is unfunded and no interest income is being earned as of December 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 December 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 Investment Portfolio bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the federal funds rate or the prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.
(29)Shares/Units represent ownership in a related real estate or holding entity.
(30)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(31)Effective yield as of December 31, 2024 was approximately 4.10% on the Fidelity Treasury.
(32)Revolving line of credit 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, 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 December 31, 2024 was approximately 4.43% on the Dreyfus Government Cash Management.
(37)Effective yield as of December 31, 2024 was approximately 4.14% on the Fidelity Government Fund.




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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements
(Unaudited)
NOTE A — ORGANIZATION AND BASIS OF PRESENTATION
1.Organization
Main Street Capital Corporation (“MSCC” or, together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized long-term debt and equity capital solutions to lower middle market (“LMM”) companies (its “LMM investment strategy”) and debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” debt and equity financing solutions within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Main Street also seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan companies generally headquartered in the United States.
Main Street also maintains a legacy portfolio of investments in larger middle market (“Middle Market”) companies (its “Middle Market investment portfolio”) and a limited portfolio of other portfolio (“Other Portfolio”) investments. Main Street’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. Main Street has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. Main Street’s 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 in unaffiliated investment companies and private funds managed by third parties.
The “Investment Portfolio,” as used herein, refers to all of Main Street’s investments in LMM portfolio companies, investments in Private Loan portfolio companies, investments in Middle Market portfolio companies, Other Portfolio investments, short-term portfolio investments (as discussed in Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition) and the investment in the External Investment Manager (as defined below).
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 earns 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.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 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. Main Street’s results of operations for the three and nine months ended September 30, 2025 and 2024, cash flows for the nine months ended September 30, 2025 and 2024 and financial position as of September 30, 2025 and December 31, 2024 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, 2024. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three and nine months ended September 30, 2025 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, Main Street’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.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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.
3.Revisions to the Presentation of Previously Issued Financial Statements
As of June 30, 2025, Main Street changed its tax presentation on the Consolidated Statement of Operations to voluntarily correct an immaterial error in order to comply with the applicable presentation requirements in 210.6-07 of Regulation S-X. Net investment income now includes excise tax expense and net investment income related federal and state income and other tax expenses. These revisions had no impact on net increase in net assets resulting from operations or net increase in net assets resulting from operations per share. All prior period net investment income and net investment income per share amounts presented in these consolidated financial statements and the notes thereto have been retrospectively adjusted to conform to the current presentation. The impact of the adjustments on the Consolidated Statement of Operations for the three and nine months ended September 30, 2024 is as follows:
Three Months Ended September 30, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands, except per share amounts)
Net investment income before taxes$87,596 $— $87,596 
Excise tax expense— (458)(458)
Federal and state income and other tax expenses— (2,758)(2,758)
Net investment income87,596 (3,216)84,380 
Net investment income per share$1.00 $(0.04)$0.96 
Income tax provision on net realized gain (loss) and net unrealized appreciation$— $(8,493)$(8,493)
Total income tax (provision) benefit$(11,709)$11,709 $— 
Nine Months Ended September 30, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands, except per share amounts)
Net investment income before taxes$264,706 $— $264,706 
Excise tax expense— (1,652)(1,652)
Federal and state income and other tax expenses— (8,340)(8,340)
Net investment income264,706 (9,992)254,714 
Net investment income per share$3.07 $(0.12)$2.95 
Income tax provision on net realized gain (loss) and net unrealized appreciation$— $(23,727)$(23,727)
Total income tax (provision) benefit$(33,719)$33,719 $— 
The adjustments also impacted the ratio of net investment income to average net asset value (“NAV”) as presented in Note F — Financial Highlights.


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


NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.Valuation of the Investment Portfolio
Main Street accounts for its Investment Portfolio at fair value. As a result, Main Street follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires Main Street to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.
Main Street’s portfolio strategy calls for it to invest primarily in illiquid debt and equity securities issued by LMM companies and debt securities issued by Private Loan companies. Main Street also maintains a legacy portfolio of investments in Middle Market companies and a limited portfolio of Other Portfolio investments. Main Street’s portfolio may also periodically include short-term portfolio investments that are atypical of Main Street’s LMM and Private Loan portfolio investments as they are intended to be a short-term deployment of capital and are more liquid than investments within the LMM and Private Loan investment portfolios. Main Street’s portfolio investments may be subject to restrictions on resale.
LMM investments and Other Portfolio investments generally have no established trading market, while Private Loan investments may include investments which have no established market or have established markets that are not active. Middle Market and short-term portfolio investments generally have established markets that are not active. Main Street determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. Main Street’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of Main Street’s Investment Portfolio.
For LMM portfolio investments, Main Street generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall methodology (“Waterfall”) for its LMM equity investments and an income approach using a yield-to-maturity model (“Yield-to-Maturity”) valuation method for its LMM debt investments. For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the Yield-to-Maturity valuation method. For Middle Market and short-term portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, Main Street primarily uses quoted prices in the valuation process. Main Street determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, Main Street generally calculates the fair value of the investment primarily based on the NAV of the fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for Main Street’s portfolio investments estimate the value of the investment as if Main Street were to sell, or exit, the investment as of the measurement date.
These valuation approaches consider the value associated with Main Street’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which Main Street has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies for which Main Street does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.


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


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


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


Pursuant to its internal valuation process and the requirements under the 1940 Act, Main Street performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at 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 18 and 16 LMM portfolio companies during the three months ended September 30, 2025 and 2024, respectively, representing 27% and 24% of the total LMM portfolio at fair value as of September 30, 2025 and 2024, respectively. A total of 70 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025, representing 92% of the total LMM portfolio at fair value as of September 30, 2025. Excluding its investments in LMM portfolio companies that, as of September 30, 2025, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment or whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, 99% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025.
For valuation purposes, all of Main Street’s Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.
In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, Main Street, among other things, consults with the Financial Advisory Firm. The Financial Advisory Firm analyzes and provides observations, 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 14 and 17 Private Loan portfolio companies during the three months ended September 30, 2025 and 2024, respectively, representing 26% and 24% of the total Private Loan portfolio at fair value as of September 30, 2025 and 2024, respectively. A total of 63 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025, representing 94% of the total Private Loan portfolio at fair value as of September 30, 2025. Excluding its investments in Private Loan portfolio companies that, as of September 30, 2025, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment, 97% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025.


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


For valuation purposes, all of Main Street’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale 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 (95% and 97% as of September 30, 2025 and December 31, 2024, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services or (ii) Main Street has consulted with and received an assurance certification from the Financial Advisory Firm within the last twelve months.
For valuation purposes, Main Street’s short-term portfolio investments have historically been comprised of non-control investments. To the extent sufficient observable inputs are available to determine fair value, Main Street uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. Because any short-term portfolio investments are typically valued using third-party quotes or other independent pricing services, Main Street generally does not consult with any financial advisory services firms in connection with determining the fair value of its short-term portfolio investments.
For valuation purposes, all of Main Street’s Other Portfolio investments are non-control investments. Main Street’s Other Portfolio investments comprised 2.4% and 2.5% of Main Street’s Investment Portfolio at fair value as of September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024.
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.


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


Rule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Main Street’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of its executive officers to serve as the Board of Directors’ valuation designee. Main Street believes its Investment Portfolio as of September 30, 2025 and December 31, 2024 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.
2.Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by Main Street, pursuant to valuation policies and procedures approved and overseen by Main Street’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.
Macroeconomic factors, including pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions, uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries and changing market index interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of Main Street’s portfolio companies. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of Main Street’s Investment Portfolio has and may continue to experience increased volatility.
3.Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2025 and December 31, 2024, the Company had $10.6 million and $6.5 million, respectively, of cash equivalents invested in AAA-rated money market funds pending investment in the Company’s primary investment strategies. These highly liquid investments are included in the Consolidated Schedule of Investments.
As of September 30, 2025 and December 31, 2024, cash balances totaling $17.0 million and $67.5 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Company to risk related to the uninsured balance.
4.Interest, Dividend and Fee Income
Main Street records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. Main Street evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if Main Street otherwise does not expect the debtor to be able to service its debt obligation, Main Street will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, Main Street removes it from non-accrual status.
As of September 30, 2025, investments on non-accrual status comprised 1.2% of Main Street’s total Investment Portfolio at fair value and 3.6% at cost. As of December 31, 2024, investments on non-accrual status comprised 0.9% of Main Street’s total Investment Portfolio at fair value and 3.5% at cost.


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


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 below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the PIK interest and cumulative dividends in cash. Main Street stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2025 and 2024, (i) 3.0% and 4.4%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.7% and 0.5%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2025 and 2024, (i) 2.7% and 3.8%, respectively, of Main Street’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.7% and 0.4%, respectively, of Main Street’s total investment income was attributable to cumulative dividend income not paid currently in cash.
Main Street may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.
A presentation of total investment income Main Street earned from its Investment Portfolio in each of the periods presented is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
(dollars in thousands)
Interest, fee and dividend income:
Interest income$103,286 $110,551 $302,160 $310,690 
Dividend income31,263 23,239 105,134 72,718 
Fee income5,282 3,034 13,556 17,178 
Total investment income$139,831 $136,824 $420,850 $400,586 
5.Deferred Financing Costs
Deferred financing costs include commitment fees and other direct costs related to Main Street’s Credit Facilities (as defined in Note E — Debt) 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 incurred in connection with the Credit Facilities are capitalized as an asset. Deferred financing costs incurred in connection with all other debt arrangements are reflected as a direct deduction from the principal amount outstanding.
6.Equity Offering Costs
The Company’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.


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


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 origination based on amounts negotiated with the particular portfolio company. The allocated amounts are based upon the fair value of the nominal cost equity, which is then used to determine the allocation of cost to the debt security. Any discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income over the life of the debt investment. The actual collection of this interest is deferred until the time of debt principal repayment.
Main Street may also purchase debt securities at a discount or at a premium to the par value of the debt security. In the case of a purchase at a discount, Main Street records the investment at the par value of the debt security net of the discount, and the discount is accreted into interest income over the life of the debt investment. In the case of a purchase at a premium, Main Street records the investment at the par value of the debt security plus the premium, and the premium is amortized as a reduction to interest income over the life of the debt investment.
To maintain RIC tax treatment (as discussed in Note B.10. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the interest income. For the three months ended September 30, 2025 and 2024, 1.7% and 2.2%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization. For the nine months ended September 30, 2025 and 2024, 1.7% and 2.0%, respectively, of Main Street’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization.
8.Share-Based Compensation
Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, Main Street measures the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Main Street recognizes all excess tax benefits and tax deficiencies associated with share-based compensation (including tax benefits of dividends on share-based payment awards) as 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.


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


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 or compensation represented by such phantom stock units are earned over the service period. Additional phantom stock units from dividends on phantom stock units are included in the Consolidated Statements of Changes in Net Assets as an increase to dividends to stockholders offset by a corresponding increase to additional paid-in capital.
10.Income Taxes
MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. MSCC’s taxable income includes the taxable income generated by MSCC and certain of its subsidiaries, including the Funds and Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
The Taxable Subsidiaries primarily hold certain equity investments for Main Street. The Taxable Subsidiaries permit Main Street to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with Main Street for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in Main Street’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSCC for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in Main Street’s consolidated financial statements.
The External Investment Manager is an indirect wholly-owned subsidiary of MSCC owned through a Taxable Subsidiary and is a disregarded entity for tax purposes. The External Investment Manager has entered into a tax sharing agreement with its Taxable Subsidiary owner. Since the External Investment Manager is accounted for as a portfolio investment of MSCC and is not included as a consolidated subsidiary of MSCC in MSCC’s consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for its stand-alone financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the External Investment Manager are reflected in the External Investment Manager’s separate financial statements.


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


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.
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, 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, including net increase in net assets resulting from operations per share and net investment income per share, 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.Segments
Main Street operates as a single segment with a principal investment objective to maximize total return by generating current income from debt investments and current income and capital appreciation from equity and equity-related investments. The Company’s Investment Committee and Chief Executive Officer collectively perform the function that allocates resources and assesses performance, and thus together, serve as the Company’s chief operating decision maker (the “CODM”). Among other metrics, the CODM uses net investment income as a primary U.S. GAAP profit or loss metric used in making operating decisions, which can be found on the Consolidated Statement of Operations along with significant expenses. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.


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


15.Recently Issued or Adopted Accounting Standards
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, and early adoption is permitted. The Company has determined that ASU 2023-09 will not have a material impact on the consolidated financial statements and the notes thereto.
From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.
NOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS — PORTFOLIO COMPOSITION
ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. Main Street accounts for its investments at fair value.
Fair Value Hierarchy
In accordance with ASC 820, Main Street has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).
Investments recorded on Main Street’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:
Level 1—Investments whose values are based on unadjusted quoted prices for identical assets in an active market that Main Street has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).
Level 2—Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:
•Quoted prices for similar assets in active markets (for example, investments in restricted stock);
•Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);
•Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and
•Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.
Level 3—Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.
As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).


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


As of September 30, 2025 and December 31, 2024, all of Main Street’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street’s LMM portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.
As of September 30, 2025 and December 31, 2024, Main Street’s Private Loan portfolio investments primarily consisted of illiquid securities issued by privately held companies. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Private Loan portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.
As of September 30, 2025 and December 31, 2024, Main Street’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Middle Market portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.
As of September 30, 2025 and December 31, 2024, Main Street’s Other Portfolio investments consisted primarily of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted of unobservable inputs. Main Street also has an equity investment in MSC Income Fund, Inc. (“MSC Income”), which began trading on the New York Stock Exchange (“NYSE”) on January 29, 2025. As a result, beginning on March 31, 2025, Main Street adjusted the basis in its valuation approach to align with the quoted price of MSC Income shares on the NYSE. Therefore, as of September 30, 2025, the equity investment in MSC Income was categorized as a Level 1 investment. The remainder of Main Street’s Other Portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.
As of September 30, 2025 and December 31, 2024, Main Street did not hold any short-term portfolio investments.
As of September 30, 2025 and December 31, 2024, 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, and significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of Main Street’s LMM, Private Loan and Middle Market debt securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.
The following tables provide a summary of the significant unobservable inputs used to fair value Main Street’s Level 3 portfolio investments as of September 30, 2025 and December 31, 2024:
Type of
Investment
Fair Value as of
September 30, 2025
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange (4)Weighted-Average (4)(5)Median (4)
Equity investments$1,816,663 Discounted cash flowWACC
9.5% - 22.7%
14.4 %15.1 %
Market comparable / Enterprise valueEBITDA multiple (1) (3)
5.0x - 9.0x (2)
7.2x6.5x
Debt investments$3,301,758 Discounted cash flowRisk adjusted discount rate (6)
8.0% - 18.4% (2)
12.2 %12.0 %
Expected principal recovery percentage
0.0% - 500.0%
99.1 %100.0 %
Debt investments$11,019 Market approachThird-party quote
14.5 - 70.0
57.040.5
Total Level 3 investments$5,129,440 
___________________________
(1)EBITDA may include proforma adjustments and/or other add-backs 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 - 16.0x and the range for risk adjusted discount rate is 5.7% - 40.6%.
(3)The fair value of the equity investment in the External Investment Manager is based on a fee multiple of 8.4x. 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.


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


(5)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.
(6)Discount rate includes the effect of the standard SOFR base rate, as applicable.
Type of Investment
Fair Value as of December 31, 2024
(in thousands)
Valuation TechniqueSignificant Unobservable InputsRange (4)Weighted-Average (4)(5)Median (4)
Equity investments$1,654,304 Discounted cash flowWACC
9.4% - 22.5%
14.5 %15.1 %
Market comparable / Enterprise valueEBITDA multiple (1) (3)
4.8x - 8.9x (2)
7.0x6.5x
Debt investments$3,174,745 Discounted cash flowRisk adjusted discount rate (6)
8.5% - 19.1% (2)
12.6 %12.2 %
Expected principal recovery percentage
0.0% - 100.0%
99.5 %100.0 %
Debt investments$103,620 Market approachThird-party quote
21.0 - 100.7
90.584.5
Total Level 3 investments$4,932,669 
___________________________
(1)EBITDA may include proforma adjustments and/or other add-backs 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 - 17.0x and the range for risk adjusted discount rate is 5.0% - 38.3%.
(3)The fair value of the equity investment in the External Investment Manager is based on a fee multiple of 8.5x. 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.
(4)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.
(5)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.
(6)Discount rate includes the effect of the standard SOFR base rate, as applicable.


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


The following tables provide a summary of changes in fair value of Main Street’s Level 3 portfolio investments for the nine months ended September 30, 2025 and 2024 (amounts in thousands):
Type of Investment
Fair Value
as of
December 31, 2024
Transfers Out of Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other (1)
Fair Value
as of
September 30, 2025
Debt$3,278,365 $— $(740,766)$785,187 $51,588 $(24,302)$(37,295)$3,312,777 
Equity1,637,181 (16,810)(48,003)106,928 (62,067)132,926 37,295 1,787,450 
Equity Warrant17,123 — — — — 12,090 — 29,213 
$4,932,669 $(16,810)$(788,769)$892,115 $(10,479)$120,714 $— $5,129,440 
___________________________
(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, 2023
Transfers Into Level 3 HierarchyRedemptions/ RepaymentsNew InvestmentsNet Changes from Unrealized to RealizedNet Unrealized Appreciation (Depreciation)Other (1)
Fair Value
as of
September 30, 2024
Debt$2,883,917 $— $(637,879)$1,125,074 $5,270 $(48,999)$18,859 $3,346,242 
Equity1,395,744 — (37,153)85,289 (26,567)158,565 (18,859)1,557,019 
Equity Warrant6,610 — — 4,514 (110)(3,221)— 7,793 
$4,286,271 $— $(675,032)$1,214,877 $(21,407)$106,345 $— $4,911,054 
___________________________
(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.


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


As of September 30, 2025 and December 31, 2024, Main Street’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:
Fair Value Measurements
(in thousands)
As of September 30, 2025
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$2,782,192 $— $— $2,782,192 
Private Loan portfolio investments1,886,453 — — 1,886,453 
Middle Market portfolio investments89,932 — — 89,932 
Other Portfolio investments122,846 18,333 — 104,513 
External Investment Manager266,350 — — 266,350 
Total investments$5,147,773 $18,333 $— $5,129,440 
Fair Value Measurements
(in thousands)
As of December 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$2,502,872 $— $— $2,502,872 
Private Loan portfolio investments1,904,324 — — 1,904,324 
Middle Market portfolio investments155,329 — — 155,329 
Other Portfolio investments124,144 — — 124,144 
External Investment Manager246,000 — — 246,000 
Total investments$4,932,669 $— $— $4,932,669 
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 investments in privately held, LMM companies based in the United States. Main Street’s LMM portfolio companies generally have annual revenues between $10 million and $150 million, and its LMM investments generally range in size from $5 million to $125 million. The LMM debt investments are typically secured by a first priority lien on the assets of the portfolio company, can include either fixed or floating interest rates and generally have a term of between five and seven years from the original investment date. Main Street typically makes direct equity investments and/or receives nominally priced equity warrants in connection with a LMM portfolio company debt investment.


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


Main Street’s Private Loan investment strategy is focused on investments in secured debt in privately held companies that generally have annual revenues between $25 million and $500 million, and its Private Loan investments generally range in size from $10 million to $100 million. Main Street’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by Main Street or, to a lesser extent, through its strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, Main Street’s Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. Main Street’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. Main Street may also co-invest with the private equity fund in the equity securities of its Private Loan portfolio companies.
Main Street also maintains a legacy portfolio of investments in Middle Market companies. Main Street’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. Main Street has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. Main Street’s Middle Market debt investments generally range in size from $3 million to $25 million, are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.
Main Street’s Other Portfolio 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 realized over a five to ten-year period.
Based upon Main Street’s liquidity and capital structure management activities, Main Street’s Investment Portfolio may also periodically include short-term portfolio investments that are atypical of Main Street’s LMM, Private Loan and Middle Market portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be realized 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 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 are net of expenses allocated to the External Investment Manager of $5.7 million and $5.3 million for the three months ended September 30, 2025 and 2024, respectively, and $17.0 million and $16.8 million for the nine months ended September 30, 2025 and 2024, respectively.
Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three and nine months ended September 30, 2025 and 2024, 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 and Private Loan portfolios as of September 30, 2025 and December 31, 2024 (this information excludes Middle Market, Other Portfolio investments and the External Investment Manager, which are discussed further below).
As of September 30, 2025
LMM (a)Private Loan
(dollars in millions)
Number of portfolio companies88 86 
Fair value$2,782.2 $1,886.5 
Cost$2,167.5 $1,898.3 
Debt investments as a % of portfolio (at cost)70.7 %94.0 %
Equity investments as a % of portfolio (at cost)29.3 %6.0 %
% of debt investments at cost secured by first priority lien99.3 %99.9 %
Weighted-average annual effective yield (b)12.7 %11.1 %
Average EBITDA (c)$10.3 $34.3 
___________________________
(a)As of September 30, 2025, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 38%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of September 30, 2025, 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, and are weighted based upon the principal amount of each applicable debt investment as of September 30, 2025. The weighted-average annual effective yield on Main Street’s debt portfolio as of September 30, 2025, including debt investments on non-accrual status, was 12.1% for its LMM portfolio and 10.1% for its Private Loan 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 portfolio. These calculations exclude certain portfolio companies, including five LMM portfolio companies and six 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 and those portfolio companies whose primary operations have ceased and only residual value remains.
As of December 31, 2024
LMM (a)Private Loan
(dollars in millions)
Number of portfolio companies84 91 
Fair value$2,502.9 $1,904.3 
Cost$1,937.8 $1,952.5 
Debt investments as a % of portfolio (at cost)70.8 %95.4 %
Equity investments as a % of portfolio (at cost)29.2 %4.6 %
% of debt investments at cost secured by first priority lien99.2 %99.9 %
Weighted-average annual effective yield (b)12.8 %11.8 %
Average EBITDA (c)$10.2 $30.5 
___________________________
(a)As of December 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 38%.


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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 as of December 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, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2024. The weighted-average annual effective yield on Main Street’s debt portfolio as of December 31, 2024, including debt investments on non-accrual status, was 12.3% for its LMM portfolio and 11.5% for its Private Loan 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 portfolio. These calculations exclude certain portfolio companies, including five LMM portfolio companies and five 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 and those portfolio companies whose primary operations have ceased and only residual value remains.
For the three months ended September 30, 2025 and 2024, Main Street achieved an annualized total return on investments of 16.9% and 17.7%, respectively. For the nine months ended September 30, 2025 and 2024, Main Street achieved an annualized total return on investments of 16.4% and 16.7%, respectively. For the year ended December 31, 2024, Main Street achieved a total return on investments of 17.9%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Main Street’s total return on investments is not reflective of what an investor in shares of Main Street’s common stock will realize on its investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.
As of September 30, 2025, Main Street had Other Portfolio investments in 32 entities, spread across 12 investment managers, collectively totaling $122.8 million in fair value and $130.9 million in cost basis, which comprised 2.4% and 3.0% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, Main Street had Other Portfolio investments in 31 entities, spread across 12 investment managers, collectively totaling $124.1 million in fair value and $122.5 million in cost basis, which comprised 2.5% and 2.9% of Main Street’s Investment Portfolio at fair value and cost, respectively.
As of September 30, 2025, Main Street had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $89.9 million in fair value and $119.8 million in cost basis, which comprised 1.7% and 2.8% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, Main Street had Middle Market portfolio investments in 15 portfolio companies, collectively totaling $155.3 million in fair value and $195.0 million in cost basis, which comprised 3.1% and 4.6% of Main Street’s Investment Portfolio at fair value and cost, respectively.
As discussed further in Note A.1. — Organization and Basis of Presentation — Organization, Main Street holds an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of September 30, 2025, this investment had a fair value of $266.4 million and a cost basis of $29.5 million, which comprised 5.2% and 0.7% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, this investment had a fair value of $246.0 million and a cost basis of $29.5 million, which comprised 5.0% and 0.7% of Main Street’s Investment Portfolio at fair value and cost, respectively.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments and the External Investment Manager, which are discussed above).
Cost:September 30, 2025December 31, 2024
First lien debt81.0 %82.9 %
Equity18.4 16.4 
Second lien debt0.1 0.2 
Equity warrants0.3 0.3 
Other0.2 0.2 
100.0 %100.0 %
Fair Value:September 30, 2025December 31, 2024
First lien debt69.2 %71.4 %
Equity29.9 27.8 
Second lien debt0.1 0.2 
Equity warrants0.6 0.4 
Other0.2 0.2 
100.0 %100.0 %
The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments and the External Investment Manager). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.
Cost:September 30, 2025December 31, 2024
West25.7 %25.1 %
Midwest20.0 22.7 
Southwest19.3 16.7 
Northeast18.2 21.2 
Southeast14.2 11.6 
Canada1.2 1.3 
Other Non-United States1.4 1.4 
100.0 %100.0 %
Fair Value:September 30, 2025December 31, 2024
West25.0 %24.1 %
Southwest23.4 20.1 
Midwest21.0 24.2 
Northeast15.5 19.4 
Southeast12.8 9.7 
Canada1.1 1.2 
Other Non-United States1.2 1.3 
100.0 %100.0 %


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Main Street’s LMM, Private Loan and Middle Market portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by industry at cost and fair value as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments and the External Investment Manager).
Cost:September 30, 2025December 31, 2024
Machinery9.0 %9.2 %
Commercial Services & Supplies7.1 5.5 
Electrical Equipment6.2 3.9 
Professional Services5.8 5.4 
Distributors5.5 4.0 
Construction & Engineering5.4 3.8 
Internet Software & Services5.0 7.1 
IT Services4.1 4.1 
Diversified Consumer Services4.0 4.3 
Containers & Packaging3.7 3.8 
Auto Components3.6 4.0 
Tobacco2.8 2.8 
Textiles, Apparel & Luxury Goods2.7 2.8 
Energy Equipment & Services2.4 2.8 
Leisure Equipment & Products2.4 2.4 
Health Care Providers & Services2.3 4.3 
Software2.2 2.2 
Specialty Retail2.2 2.0 
Computers & Peripherals2.1 2.8 
Communications Equipment2.0 2.1 
Trading Companies & Distributors1.8 0.8 
Media1.7 1.7 
Chemicals1.6 1.3 
Food Products1.5 1.6 
Food & Staples Retailing1.4 1.6 
Hotels, Restaurants & Leisure1.3 1.3 
Aerospace & Defense1.2 1.6 
Oil, Gas & Consumable Fuels1.2 — 
Internet & Catalog Retail1.1 1.1 
Health Care Equipment & Supplies0.9 1.1 
Diversified Financial Services0.8 1.4 
Building Products0.4 1.5 
Other (1)4.6 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.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Fair Value:September 30, 2025December 31, 2024
Machinery11.0 %11.0 %
Commercial Services & Supplies6.5 4.8 
Electrical Equipment6.0 3.7 
Construction & Engineering5.8 4.3 
Distributors5.8 4.2 
Diversified Consumer Services5.7 6.0 
Professional Services5.7 5.2 
Computers & Peripherals4.0 4.6 
Containers & Packaging3.7 3.8 
Internet Software & Services3.7 5.9 
IT Services3.5 3.7 
Auto Components3.3 3.6 
Tobacco2.8 2.9 
Energy Equipment & Services2.6 2.9 
Specialty Retail2.6 2.5 
Software2.3 2.3 
Health Care Providers & Services2.2 4.5 
Textiles, Apparel & Luxury Goods1.9 1.9 
Communications Equipment1.8 1.4 
Media1.7 1.9 
Leisure Equipment & Products1.6 1.7 
Trading Companies & Distributors1.6 0.7 
Chemicals1.4 1.2 
Food & Staples Retailing1.2 1.2 
Food Products1.2 1.5 
Aerospace & Defense1.0 1.6 
Air Freight & Logistics1.0 0.9 
Oil, Gas & Consumable Fuels1.0 — 
Internet & Catalog Retail0.8 1.0 
Diversified Financial Services0.7 1.3 
Building Products0.5 1.4 
Other (1)5.4 6.4 
100.0 %100.0 %
___________________________
(1)Includes various industries with each industry individually less than 1.0% of the total combined LMM, Private Loan and Middle Market portfolio investments at each date.
As of September 30, 2025 and December 31, 2024, Main Street had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 representation, are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing the fair value of Main Street’s investment in the Control investment by the fair value of Main Street’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control investment for the period being tested by the absolute value of Main Street’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require Main Street to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control investments in which Main Street owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.
As of September 30, 2025 and December 31, 2024, 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 Main Street 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 (as amended and restated on January 29, 2025, the “Advisory Agreement”). Under the Advisory Agreement, prior to January 29, 2025, the External Investment Manager earned a 1.75% annual base management fee on MSC Income’s average total assets, a subordinated incentive fee on income equal to 20% of pre-incentive 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. On and after January 29, 2025, under the Advisory Agreement, the External Investment Manager earns a 1.5% annual base management fee on MSC Income’s average total assets (including cash and cash equivalents), payable quarterly in arrears (with additional future contractual reductions based upon changes to MSC Income’s investment portfolio composition), a subordinated incentive fee on income equal to 17.5% of pre-incentive fee net investment income above a specified investment return hurdle rate, subject to a 50% / 50% catch-up feature, and a 17.5% incentive fee on cumulative net realized capital gains from January 29, 2025.
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 ( “Private Loan Fund I”) and MS Private Loan Fund II, LP (“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 Private Loan Fund I and in September 2023 with 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.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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 — 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 investment of Main Street and is not included as a consolidated subsidiary of Main Street in its consolidated financial statements, and as a result of the tax sharing agreement with its Taxable Subsidiary owner, for financial reporting purposes the External Investment Manager is treated as if it is taxed at corporate income tax rates based on its taxable income and, as a result of its activities, may generate income tax expense or benefit. Main Street owns the External Investment Manager through the Taxable Subsidiary to allow MSCC to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The taxable income, or loss, of the External Investment Manager may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. As a result of the above described financial reporting and tax treatment, the External Investment Manager provides for any income tax expense, or benefit, and any tax assets or liabilities in its separate financial statements.
Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment activities and assets under management, depending on the nature of the expense. The total contribution of the External Investment Manager to Main Street’s net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended September 30, 2025 and 2024, the total contribution to Main Street’s net investment income was $8.8 million and $7.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the total contribution to Main Street’s net investment income was $25.4 million and $25.6 million, respectively.
Summarized financial information from the separate financial statements of the External Investment Manager as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024 is as follows:
As of
September 30,
2025
As of
December 31, 2024
(in thousands)
Accounts receivable - advisory clients$10,285 $10,183 
Intangible asset
29,500 29,500 
Total assets$39,785 $39,683 
Accounts payable to MSCC and its subsidiaries$7,234 $7,785 
Dividend payable to MSCC and its subsidiaries3,051 2,398 
Equity29,500 29,500 
Total liabilities and equity$39,785 $39,683 


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
(in thousands)
Management fee income$5,592 $6,115 $17,051 $17,718 
Incentive fees3,910 2,393 10,321 10,376 
Administrative services fees173 162 519 476 
Total revenues9,675 8,670 27,891 28,570 
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs(4,942)(4,534)(14,414)(14,388)
Other G&A expenses(792)(788)(2,548)(2,379)
Total allocated expenses(5,734)(5,322)(16,962)(16,767)
Other direct G&A expenses(9)(63)(58)(87)
Total expenses(5,743)(5,385)(17,020)(16,854)
Pre-tax income3,932 3,285 10,871 11,716 
Tax expense(883)(735)(2,479)(2,853)
Net income$3,049 $2,550 $8,392 $8,863 

NOTE E — DEBT
Summary of Main Street’s debt as of September 30, 2025 is as follows:
Outstanding
Balance
Unamortized Debt
Issuance Costs (1)
Recorded Value
Estimated
Fair Value (2)
(in thousands)
Corporate Facility$135,000 $— $135,000 $135,000 
SPV Facility76,000 — 76,000 76,000 
July 2026 Notes
500,000 (417)499,583 493,740 
June 2027 Notes
400,000 (503)399,497 409,236 
August 2028 Notes
350,000 (2,152)347,848 351,565 
March 2029 Notes
350,000 (2,459)347,541 367,059 
SBIC debentures350,000 (5,701)344,299 306,310 
Total Debt$2,161,000 $(11,232)$2,149,768 $2,138,910 
___________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, June 2027 Notes, August 2028 Notes, March 2029 Notes and SBIC debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Summary of Main Street’s debt as of December 31, 2024 is as follows:
Outstanding
Balance		Unamortized Debt
Issuance Costs (1)		Recorded ValueEstimated
Fair Value (2)
(in thousands)
Corporate Facility$208,000 $— $208,000 $208,000 
SPV Facility176,000 — 176,000 176,000 
July 2026 Notes
500,000 (812)499,188 482,180 
June 2027 Notes
400,000 (718)399,282 407,388 
March 2029 Notes
350,000 (2,998)347,002 364,959 
SBIC debentures350,000 (6,583)343,417 298,250 
December 2025 Notes
150,000 (518)149,482 149,940 
Total Debt$2,134,000 $(11,629)$2,122,371 $2,086,717 
___________________________
(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the July 2026 Notes, June 2027 Notes, March 2029 Notes, SBIC debentures and December 2025 Notes are reflected as contra-liabilities on the Consolidated Balance Sheets.
(2)Estimated fair value for outstanding debt is shown as if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.12. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.
Summarized interest expense for the three and nine months ended September 30, 2025 and 2024 is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(in thousands)
Corporate Facility$4,107 $8,551 $14,431 $20,071 
SPV Facility3,033 3,941 10,621 8,715 
July 2026 Notes
3,882 3,882 11,645 11,645 
June 2027 Notes
6,572 5,316 19,715 6,790 
August 2028 Notes
2,452 — 2,452 — 
March 2029 Notes
6,261 6,261 18,783 18,008 
SBIC debentures3,166 2,492 9,452 7,472 
December 2025 Notes
2,999 3,031 9,060 9,092 
May 2024 Notes
— — — 7,618 
Total Interest Expense$32,472 $33,474 $96,159 $89,411 
A summary of Main Street’s average amount of total borrowings outstanding and overall weighted-average effective interest rate including amortization of debt issuance costs, original issuance discounts and premiums and fees on unused lender commitments are as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
(dollars in millions)
Weighted-average borrowings outstanding$2,242.1 $2,194.5 $2,208.9 $2,046.6 
Weighted-average effective interest rate5.8 %6.1 %5.8 %5.8 %


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


Corporate Facility
Main Street maintains a multi-year revolving credit facility (the “Corporate Facility”) to provide additional liquidity to support its investment and operational activities. In April 2025, Main Street entered into an amendment to the Corporate Facility to, among other things: (i) decrease the interest rate to the applicable SOFR plus a credit spread adjustment of 0.10% plus (a) 1.775% prior to satisfying certain step-down conditions or (b) 1.65% after satisfying certain step-down conditions, (ii) increase the revolving commitments to $1.145 billion, (iii) increase the accordion feature providing Main Street with the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments to up to a total of $1.718 billion and (iv) extend the revolving period and final maturity date through April 2029 and to April 2030, respectively.
As of September 30, 2025, the Corporate Facility included (i) total commitments of $1.145 billion from a diversified group of 19 lenders, (ii) 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 $1.718 billion and (iii) a revolving period through April 2029 and a final maturity date in April 2030.
As of September 30, 2025, 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, at a rate equal to the applicable SOFR plus a credit spread adjustment of 0.10% plus 1.775% (or 1.65% after satisfying certain step-down conditions in the future). Main Street pays unused commitment fees of 0.25% on the unused lender commitments under the Corporate Facility. The Corporate Facility is secured by a first lien on the assets of MSCC and its subsidiaries, excluding the equity ownership and assets of the Funds, the Structured Subsidiaries and the External Investment Manager. In connection with the Corporate Facility, MSCC has made customary representations and warranties and is subject to certain leverage and borrowing base limitations, covenants, reporting and other requirements customary for similar credit facilities.
As of September 30, 2025, the interest rate for borrowings on the Corporate Facility was 6.2%. The average interest rate for borrowings under the Corporate Facility was 6.2% and 7.3% for the three months ended September 30, 2025 and 2024, respectively, and 6.2% and 7.3% for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, 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 a special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”) to finance its investment and operational activities. In April 2025, Main Street entered into an amendment to the SPV Facility to, among other things: (i) decrease the interest rate to the applicable SOFR plus an applicable margin of (a) 1.95% during the revolving period (from 2.35%), (b) 2.075% for the first year following the end of the revolving period (from 2.475%) and (c) 2.20% for the second year following the end of the revolving period (from 2.60%), (ii) extend the revolving period from through September 2027 to through September 2028, (iii) extend the final maturity date from September 2029 to September 2030 and (iv) decrease the unused fee to 0.40% (from 0.50%) on the unused amount up to 50% (from 35%) of the commitment amount.
As of September 30, 2025, the SPV Facility included (i) total commitments of $600.0 million from a diversified group of six lenders, (ii) an accordion feature providing MSCC Funding with the right to request increases in commitments under the facility, subject to the satisfaction of various conditions, from new and existing lenders on the same terms and conditions as the existing commitments to up to a total of $800.0 million and (iii) a revolving period through September 2028 and a final maturity date in September 2030. Advances under the SPV Facility bear interest at a rate equal to the applicable SOFR in effect, plus an applicable margin of 1.95% during the revolving period and 2.075% and 2.20% during the first and second years thereafter, respectively. MSCC Funding pays a commitment fee of 0.40% on the unused lender commitments up to 50% of the total lender commitments and 0.75% on the unused lender commitments greater than 50% of the total lender commitments. The SPV Facility is secured by a first lien 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 subject to certain leverage and borrowing base limitations, covenants, reporting and other requirements customary for similar credit facilities.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of September 30, 2025, the interest rate for borrowings on the SPV Facility was 6.2%. The average interest rate for borrowings under the SPV Facility was 6.3% and 7.9% for the three months ended September 30, 2025 and 2024, respectively, and 6.4% and 7.9% for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, MSCC Funding was in compliance with all financial covenants of the SPV Facility.
MSCC Funding’s balance sheets as of September 30, 2025 and December 31, 2024 are as follows:
Balance Sheets
(in thousands)
September 30, 2025December 31, 2024
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $13,483 as of September 30, 2025)
$13,483 $— 
Non-Control investments (cost: $324,606 and $351,053 as of September 30, 2025 and December 31, 2024, respectively)
324,381 350,892 
Total investments (cost: $338,089 and $351,053 as of September 30, 2025 and December 31, 2024, respectively)
337,864 350,892 
Cash and cash equivalents6,493 11,212 
Interest and dividend receivable and other assets2,904 4,124 
Deferred financing costs (net of accumulated amortization of $7,460 and $1,859 as of September 30, 2025 and December 31, 2024, respectively)
7,460 6,512 
Total assets$354,721 $372,740 
LIABILITIES
SPV Facility$76,000 $176,000 
Accounts payable and other liabilities to affiliates— 65 
Interest payable635 1,229 
Total liabilities76,635 177,294 
NET ASSETS
Contributed capital203,939 138,088 
Total undistributed earnings74,147 57,358 
Total net assets278,086 195,446 
Total liabilities and net assets$354,721 $372,740 


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


MSCC Funding’s statements of operations for the three and nine months ended September 30, 2025 and 2024 are as follows:
Statements of Operations
(in thousands)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$125 $— $125 $— 
Non‑Control/Non‑Affiliate investments10,029 11,179 31,117 32,365 
Total investment income10,154 11,179 31,242 32,365 
EXPENSES:
Interest(3,033)(3,941)(10,621)(8,715)
Management fee to MSCC(459)(418)(1,203)(1,218)
General and administrative(11)(20)(127)(56)
Total expenses(3,503)(4,379)(11,951)(9,989)
NET INVESTMENT INCOME6,651 6,800 19,291 22,376 
NET REALIZED GAIN (LOSS):
Control investments(2,481)— (2,481)— 
Total net realized loss(2,481)— (2,481)— 
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments3,605 — 3,605 — 
Non‑Control/Non‑Affiliate investments(1,379)(2,403)(3,669)(3,649)
Total net unrealized appreciation (depreciation)2,226 (2,403)(64)(3,649)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$6,396 $4,397 $16,746 $18,727 


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


July 2026 Notes
In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”) at an issue price of 99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million in aggregate principal amount of the July 2026 Notes at an issue price of 101.741%. The July 2026 Notes issued in October 2021 have identical terms as, and are a part of a single series with, the July 2026 Notes issued in January 2021. The July 2026 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The July 2026 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The July 2026 Notes bear interest at a rate of 3.00% per year payable semiannually on January 14 and July 14 of each year.
As of September 30, 2025, Main Street was in compliance with all covenants and other requirements of the July 2026 Notes.
June 2027 Notes
In June 2024, Main Street issued $300.0 million in aggregate principal amount of 6.50% unsecured notes due June 4, 2027 (the “June 2027 Notes”) at an issue price of 99.793%. Subsequently, in September 2024, Main Street issued an additional $100.0 million in aggregate principal amount of the June 2027 Notes at a public offering price of 102.134% resulting in a yield-to-maturity of 5.617% on such issuance. The $400.0 million of outstanding June 2027 Notes bear interest at 6.50% per year with a yield-to-maturity of 6.34%. The June 2027 Notes issued in September 2024 have identical terms as, and are a part of a single series with, the June 2027 Notes issued in June 2024. The June 2027 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The June 2027 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The June 2027 Notes bear interest at a rate of 6.50% per year payable semiannually on June 4 and December 4 of each year.
As of September 30, 2025, Main Street was in compliance with all covenants and other requirements of the June 2027 Notes.
August 2028 Notes
In August 2025, Main Street issued $350.0 million in aggregate principal amount of 5.40% unsecured notes due August 15, 2028 (the “August 2028 Notes”) at an issue price of 99.989%. The August 2028 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The August 2028 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The August 2028 Notes bear interest at a rate of 5.40% per year payable semiannually on February 15 and August 15 of each year.
As of September 30, 2025, Main Street was in compliance with all covenants and other requirements of the August 2028 Notes.
March 2029 Notes
In January 2024, Main Street issued $350.0 million in aggregate principal amount of 6.95% unsecured notes due March 1, 2029 (the “March 2029 Notes”) at an issue price of 99.865%. The March 2029 Notes are unsecured obligations and rank pari passu with Main Street’s current and future unsecured indebtedness. The March 2029 Notes may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions. The March 2029 Notes bear interest at a rate of 6.95% per year payable semiannually on March 1 and September 1 of each year.
As of September 30, 2025, Main Street was in compliance with all covenants and other requirements of the March 2029 Notes.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


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. Under existing SBA-approved commitments, Main Street, through the Funds, had $350.0 million of outstanding SBIC debentures as of both September 30, 2025 and December 31, 2024. SBIC debentures provide for interest to be paid semiannually, with principal due at the applicable 10-year maturity date of each debenture. 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. The weighted-average annual interest rate on the SBIC debentures was 3.3% as of both September 30, 2025 and December 31, 2024. The first principal maturity due under the existing SBIC debentures is in 2027, and the weighted-average remaining duration as of September 30, 2025 was 4.9 years. In accordance with SBIC regulations, the Funds are precluded from incurring additional non-SBIC debt without the prior approval of the SBA. 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.
As of September 30, 2025, the SBIC debentures consisted of (i) $175.0 million par value of SBIC debentures issued by MSMF, with a recorded value of $170.8 million net of unamortized debt issuance costs of $4.2 million, and (ii) $175.0 million par value of SBIC debentures issued by MSC III, with a recorded value of $173.5 million net of unamortized debt issuance costs of $1.5 million.
May 2024 Notes
In May 2024, Main Street repaid the $450.0 million principal amount of the issued and outstanding 5.20% unsecured notes (the “May 2024 Notes”) at maturity at par value plus the accrued and unpaid interest.
December 2025 Notes
In September 2025, Main Street repaid the $100.0 million principal amount of the issued and outstanding 7.84% Series A unsecured notes (the “December 2025 Series A Notes”) and the $50.0 million principal amount of the issued and outstanding 7.53% Series B unsecured notes (the “December 2025 Series B Notes” and, together with the December 2025 Series A Notes, the “December 2025 Notes”) prior to maturity at par value plus the accrued and unpaid interest. The December 2025 Notes were due to mature on December 23, 2025.


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


NOTE F — FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights of Main Street for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
Per Share Data:20252024
NAV as of the beginning of the period$31.65 $29.20 
Net investment income (1)2.92 2.95 
Net realized gain (1)(2)0.04 0.20 
Net unrealized appreciation (1)(2)1.20 0.99 
Income tax provision on net realized gain and net unrealized appreciation (1)(2)(0.10)(0.27)
Net increase in net assets resulting from operations (1)4.06 3.87 
Dividends paid from net investment income (3)(3.17)(3.08)
Dividends paid (3)(3.17)(3.08)
Accretive effect of stock offerings (issuing shares above NAV per share)0.11 0.50 
Accretive effect of DRIP issuance (issuing shares above NAV per share)0.14 0.11 
Other (4)(0.01)(0.03)
NAV as of the end of the period$32.78 $30.57 
Market value as of the end of the period$63.59 $50.14 
Shares outstanding as of the end of the period89,536,50488,059,787
___________________________
(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 related income tax provision or benefit can fluctuate significantly from period to period.
(3)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. As a result, the character of MSCC’s dividends and distributions for each period is also an estimate. Therefore, the final character of MSCC’s dividends and distributions may be different than this estimate.
(4)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.


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


Nine Months Ended September 30,
20252024
(dollars in thousands)
NAV as of the end of the period$2,934,575$2,692,254
Average NAV$2,864,191$2,566,145
Average outstanding debt$2,211,100$2,091,920
Ratios to average NAV:
Ratio of total expenses, including tax expenses, to average NAV (1)(2)5.92 %6.61 %
Ratio of operating expenses to average NAV (2)(3)5.17 %5.30 %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)1.82 %1.81 %
Ratio of net investment income to average NAV (2)9.10 %9.93 %
Portfolio turnover ratio (2)15.72 %15.62 %
Total investment return (2)(4)14.47 %23.65 %
Total return based on change in NAV (2)(5)12.95 %13.48 %
___________________________
(1)Total expenses are the sum of operating expenses and all tax expenses. The total tax provision or benefit includes the accrual of net deferred tax provision or benefit relating to book versus tax differences on income at the Taxable Subsidiaries that is included in net investment income, 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 or benefit 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 $17.0 million and $16.8 million for the nine months ended September 30, 2025 and 2024, 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 DRIP (as defined below) 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.


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


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.
Summarized dividend information for the three and nine months ended September 30, 2025 and 2024 is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands, except per share amounts)
Regular monthly dividends per share$0.765 $0.735 $2.265 $2.175 
Supplemental quarterly dividends per share0.30 0.30 0.90 0.90 
Total dividends per share$1.065 $1.035 $3.165 $3.075 
Total regular monthly dividends paid$68,543 $64,160 $201,959 $187,385 
Total supplemental quarterly dividends paid26,907 26,405 80,364 77,968 
Total dividends paid$95,450 $90,565 $282,323 $265,353 
MSCC has elected to be treated for U.S. federal income tax purposes as a RIC. MSCC’s taxable income includes the taxable income generated by MSCC and certain of its subsidiaries, including the Funds and Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSCC generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSCC distributes to its stockholders. MSCC must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
The determination of the tax attributes for Main Street’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.


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


Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the nine months ended September 30, 2025 and 2024.
Nine Months Ended
September 30,

20252024
(estimated, in thousands)
Net increase in net assets resulting from operations$362,287 $333,847 
Book-tax difference from share-based compensation expense(9,878)(5,256)
Net unrealized appreciation(107,217)(85,431)
Income tax provision21,360 33,719 
Pre-tax book income not consolidated for tax purposes(96,943)(72,335)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates75,778 35,962 
Estimated taxable income (1)245,387 240,506 
Taxable income earned in prior year and carried forward for distribution in current year120,488 56,142 
Taxable income earned prior to period end and carried forward for distribution next period(105,651)(51,664)
Dividend payable as of period end and paid in the following period22,832 21,575 
Total distributions accrued or paid to common stockholders$283,056 $266,559 
___________________________
(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 relating to net currently taxable activity relating to the portfolio investments held in the Taxable Subsidiaries and excise taxes on Main Street’s estimated undistributed taxable income. The income tax expense, or benefit, and the related tax assets and liabilities generated by the Taxable Subsidiaries, if any, are reflected in Main Street’s Consolidated Statements of Operations. Main Street’s provision for income taxes was comprised of the following for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(in thousands)
Net investment income taxes
Current tax expense:
Federal$— $374 $— $1,031 
State and other1,121 1,625 2,268 3,502 
Excise838 458 2,997 1,652 
Total current tax expense1,959 2,457 5,265 6,185 
Deferred tax expense (benefit):
Federal864 1,021 6,334 3,420 
State and other154 (262)442 387 
Total deferred tax expense1,018 759 6,776 3,807 
Total net investment income tax provision$2,977 $3,216 $12,041 $9,992 
Investment valuation related taxes
Current tax expense:
Federal$2,578 $— $6,969 $— 
Total current tax expense2,578 — 6,969 — 
Deferred tax expense (benefit):
Federal3,774 8,318 3,702 22,438 
State and other389 175 (1,352)1,289 
Total deferred tax expense4,163 8,493 2,350 23,727 
Total investment valuation related income tax provision$6,741 $8,493 $9,319 $23,727 
Total income tax provision$9,718 $11,709 $21,360 $33,719 
The net deferred tax liability as of September 30, 2025 and December 31, 2024 was $95.2 million and $86.1 million, respectively, with the change primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries. As of September 30, 2025, for U.S. federal income tax purposes, the Taxable Subsidiaries had a net operating loss carryforward which is 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.


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


NOTE H — COMMON STOCK
Main Street maintains a program with certain selling agents through which it can sell shares of its common stock by means of at-the-market offerings from time to time (the “ATM Program”). During the nine months ended September 30, 2025, Main Street sold 390,990 shares of its common stock at a weighted-average price of $58.91 per share and raised $23.0 million of gross proceeds under the ATM Program. Net proceeds were $22.6 million after commissions to the selling agents on shares sold and offering costs. As of September 30, 2025, there were no share sales transactions that had not settled. In March 2025, Main Street entered into new distribution agreements to sell up to 20,000,000 shares through the ATM Program. As of September 30, 2025, 19,680,372 shares remained available for sale under the ATM Program.
During the year ended December 31, 2024, Main Street sold 2,489,275 shares of its common stock at a weighted-average price of $49.75 per share and raised $123.8 million of gross proceeds under the ATM Program. Net proceeds were $122.2 million after commissions to the selling agents on shares sold and offering costs.
NOTE I — DIVIDEND REINVESTMENT PLAN
The dividend reinvestment feature of Main Street’s dividend reinvestment and direct stock purchase plan (the “DRIP”) provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if Main Street declares a cash dividend, its stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividend automatically reinvested into additional shares of Main Street 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 Main Street’s common stock on the valuation date determined for each dividend by Main Street’s Board of Directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased, before any associated brokerage or other costs. Main Street’s DRIP is administered by its transfer agent on behalf of Main Street’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in Main Street’s DRIP but may provide a similar dividend reinvestment plan for their clients.
Summarized DRIP information for the nine months ended September 30, 2025 and 2024 is as follows:
Nine Months Ended September 30,
20252024
(dollars in thousands)
DRIP participation$28,052 $26,530 
Shares issued for DRIP471,425 552,691 

NOTE J — SHARE-BASED COMPENSATION
Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards (“RSAs”), Main Street measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Main Street’s Board of Directors approves the issuance of shares of restricted stock to Main Street employees pursuant to the Main Street Capital Corporation 2022 Equity and Incentive Plan (the “Equity and Incentive Plan”). These shares generally vest over a three-year or five-year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances approved by Main Street’s Board of Directors under the Equity and Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of September 30, 2025.
Restricted stock authorized under the plan5,000,000 
Less net restricted stock granted(1,483,101)
Restricted stock available for issuance as of September 30, 2025
3,516,899 


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


As of September 30, 2025, 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(14,455)
Restricted stock available for issuance as of September 30, 2025
285,545 
For the three months ended September 30, 2025 and 2024, Main Street recognized total share-based compensation expense of $5.4 million and $4.9 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors. For the nine months ended September 30, 2025 and 2024, Main Street recognized total share-based compensation expense of $15.7 million and $13.9 million, respectively.
Summarized RSA activity for the nine months ended September 30, 2025 is as follows:
Nine Months Ended September 30, 2025
NumberWeighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs):of Shares(dollars per share)
Non-vested, December 31, 2024
1,039,417 $43.62 
Granted (1)457,393 57.72 
Vested (1)(2)
(455,787)42.95 
Forfeited(19,751)51.46 
Non-vested, September 30, 2025
1,021,272 $50.08 
Aggregate intrinsic value as of September 30, 2025 (in thousands)
$64,943 (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 177,090 shares withheld for payroll taxes paid on behalf of employees.
(3)Aggregate intrinsic value is the product of total non-vested restricted shares as of September 30, 2025 and $63.59 per share, the closing price of Main Street’s common stock on September 30, 2025.
As of September 30, 2025, there was $40.3 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 2.6 years as of September 30, 2025.


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


NOTE K — COMMITMENTS AND CONTINGENCIES
As of September 30, 2025, 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$100 
Brightwood Capital Fund III, LP6 
106 
EnCap Equity - Fund XII, LP6,092 
Harris Preston Fund Investments
HPEP 4, L.P.5,742 
HPEP 3, L.P.1,308 
423 AER II, LP211 
2717 HPP-MS, LP44 
7,305 
MS Private Loan Fund I, LP750 
MS Private Loan Fund II, LP6,000 
UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP4,782 
UnionRock Energy Fund II, LP2,616 
7,398 
Total Equity Commitments (1)(2)$27,651 
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
Mission Critical Group$39,040 
ZRG Partners, LLC17,943 
TEC Services, LLC16,167 
Creative Foam Corporation15,375 
GradeEight Corp.10,033 
MS Private Loan Fund II, LP10,000 
Core Transformers9,404 
BP Loenbro Holdings Inc.8,380 
Airo Purchaser, Inc.7,884 
JDC Power Services, LLC7,263 
Richardson Sales Solutions6,713 


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


MS Private Loan Fund I, LP6,300 
South Coast Terminals Holdings, LLC6,205 
California Splendor Holdings LLC6,000 
SI East, LLC5,250 
AGS American Glass Services Acquisition, LLC5,091 
Electro Technical Industries, LLC4,588 
Cody Pools, Inc.4,214 
AVEX Aviation Holdings, LLC3,684 
Microbe Formulas, LLC3,601 
Victory Energy Operations, LLC3,446 
Gamber-Johnson Holdings, LLC2,952 
ITA Holdings Group, LLC2,950 
Metalforming Holdings, LLC2,795 
PTL US Bidco, Inc2,703 
Career Team Holdings, LLC2,700 
IG Parent Corporation2,500 
IG Investor, LLC2,400 
Centre Technologies Holdings, LLC2,400 
Insight Borrower Corporation2,367 
CQ Fluency, LLC2,250 
Titan Meter Midco Corp.2,159 
Batjer TopCo, LLC2,070 
Winter Services LLC2,044 
GS HVAM Intermediate, LLC2,020 
Garyline, LLC2,002 
Revenue Recovery Holdings, LLC2,000 
FRG AcquireCo, LLC2,000 
Coregistics Buyer LLC1,908 
Rug Doctor, LLC.1,904 
ArborWorks, LLC1,828 
CenterPeak Holdings, LLC1,800 
Bluestem Brands, Inc.1,783 
Chamberlin Holding LLC1,600 
Trantech Radiator Topco, LLC1,600 
Colonial Electric Company LLC1,600 
Pinnacle TopCo, LLC1,600 
The Affiliati Network, LLC1,440 
Clad-Rex Steel, LLC1,200 
B-O-F Corporation1,161 
RFG AcquireCo, LLC1,000 
KMS, LLC1,000 
American Health Staffing Group, Inc.1,000 
RA Outdoors LLC917 
Mini Melts of America, LLC887 
Bond Brand Loyalty ULC856 


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


Escalent, Inc.822 
Mystic Logistics Holdings, LLC800 
Orttech Holdings, LLC800 
Barfly Ventures, LLC760 
ATS Operating, LLC720 
Hornblower Sub, LLC695 
Burning Glass Intermediate Holding Company, Inc.639 
BDB Holdings, LLC627 
Channel Partners Intermediateco, LLC621 
Invincible Boat Company, LLC.519 
Jensen Jewelers of Idaho, LLC500 
Wash & Wax Systems LLC473 
Roof Opco, LLC233 
GRT Rubber Technologies LLC204 
Implus Footcare, LLC195 
GULF PACIFIC ACQUISITION, LLC151 
Obra Capital, Inc.148 
HDC/HW Intermediate Holdings23 
AAC Holdings, Inc.15 
Total Loan Commitments$270,922 
Total Commitments$298,573 
___________________________
(1)This table excludes commitments related to four additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses. The Company does not expect any material future capital to be called on its commitment to these investments and as a result has excluded those commitments from this table.
(2)This table excludes commitments related to five additional Other Portfolio investments for which the investment period has expired and remaining commitments may only be drawn to pay fund expenses or for follow-on investments in existing portfolio companies. The Company does not expect any material future capital to be called on its commitment to these investments to pay fund expenses, and based on representations from the fund manager, the Company does not expect any further capital will be called on its commitment for follow-on investments. As a result, the Company has excluded those commitments from this table.
Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of September 30, 2025.
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 seek 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 or future legal proceedings will have a material adverse effect on Main Street’s financial condition or results of operations in any future reporting period.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


NOTE L — RELATED PARTY TRANSACTIONS
As discussed further in Note D — External Investment Manager, the External Investment Manager is treated as a wholly-owned portfolio company of Main Street and is included as part of Main Street’s Investment Portfolio. As of September 30, 2025, Main Street had a receivable of $10.3 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 agreement (see further discussion in Note D — External Investment Manager) and (ii) $3.1 million of dividends declared but not paid by the External Investment Manager. MSCC has entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for the External 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.
Following the closing of the MSC Income’s follow-on public offering, Main Street entered into a share purchase plan to purchase up to $20.0 million in the aggregate of shares of MSC Income common stock in the open market for a twelve-month period beginning in March 2025, at times when the market price per share of MSC Income common stock is trading below the most recently reported NAV per share of MSC Income’s common stock by certain pre-determined levels (including any updates, corrections or adjustments publicly announced by MSC Income to any previously announced NAV per share). The purchases of shares of MSC Income common stock pursuant to the share purchase plan are intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances. MSC Income also entered into a share repurchase plan to purchase up to $65.0 million in the aggregate of its common stock in the open market with terms and conditions substantially similar to Main Street’s share purchase plan for shares of MSC Income common stock, and daily purchases under the two plans, if any, are expected to be split pro rata (or as close thereto as reasonably possible) between Main Street and MSC Income based on the respective plan sizes. In connection with Main Street’s potential acquisition in excess of 3% of MSC Income’s outstanding shares of common stock as a result of any purchases pursuant to Main Street’s share purchase plan for shares of MSC Income common stock or otherwise, Main Street entered into a Fund of Funds Investment Agreement with MSC Income. The Fund of Funds Investment Agreement provides for the acquisition by Main Street of MSC Income’s shares of common stock, and MSC Income’s sale of such shares to Main Street, in a manner consistent with the requirements of Rule 12d1-4 under the 1940 Act.
The following table summarizes Main Street’s purchases of shares of MSC Income’s common stock during the three months ended September 30, 2025, pursuant to the share purchase plan.
PeriodTotal number of shares purchased
Average price paid per share (1)
Total number of shares purchased as part of publicly announced plans or programsApproximate dollar value of shares that may yet be purchased under the plans or programs
(in thousands, except shares and per share amounts)
July 1 through July 31, 2025—$— —$19,955 
August 1 through August 31, 202514,01014.25 14,01019,756 
September 1 through September 30, 202541,61113.98 41,61119,175 
___________________________
(1)Includes broker commissions.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


As of September 30, 2025, Main Street owned 1,433,573 shares of MSC Income’s common stock. Each of Main Street’s purchases of MSC Income common stock, either individually or through approval of the share purchase plan, 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. 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 Private Loan Fund I to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. Private Loan Fund I 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 Private Loan Fund I’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 Private Loan Fund I 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 Private Loan Fund I as limited partners and therefore have direct pecuniary interests in Private Loan Fund I. As of September 30, 2025, Main Street has funded $14.2 million of its limited partner commitment and Main Street’s unfunded commitment was $0.8 million. Main Street’s limited partner commitment to Private Loan Fund I 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 Private Loan Fund I with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated March 17, 2022 (as amended, the “PL Fund 2022 Note”), which provides for borrowings up to $15.0 million. Borrowings under the PL Fund 2022 Note bear interest at a rate of SOFR plus 3.0%, subject to a 2.0% SOFR floor, can be advanced through March 2026 and mature in March 2027. Available borrowings under the PL Fund 2022 Note are subject to a 0.25% non-use fee. The borrowings are collateralized by all assets of Private Loan Fund I (other than the assets of its special purpose vehicle financing subsidiary). The PL Fund 2022 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of September 30, 2025, there were $8.7 million of borrowings outstanding under the PL Fund 2022 Note.
In September 2023, the External Investment Manager entered into an investment management agreement with Private Loan Fund II to provide investment advisory and management services in exchange for an asset-based fee and certain incentive fees. Private Loan Fund II is a private investment fund exempt from registration under the 1940 Act that co-invests with Main Street in Main Street’s Private Loan investment strategy. In connection with 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 Private Loan Fund II as limited partners and therefore have direct pecuniary interests in Private Loan Fund II. As of September 30, 2025, Main Street has funded $9.0 million of its limited partner commitment and Main Street’s unfunded commitment was $6.0 million. Main Street’s limited partner commitment to 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 Private Loan Fund II with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated September 5, 2023 (as amended, the “PL Fund II 2023 Note”), which provided for borrowings up to $50.0 million. Borrowings under the PL Fund II 2023 Note bore interest at a rate of SOFR plus 3.5%, subject to a 2.0% SOFR floor, and was scheduled to mature on September 5, 2025. Available borrowings under the PL Fund II 2023 Note were subject to a 0.25% non-use fee. The borrowings were collateralized by all assets of 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. In November 2024, Private Loan Fund II fully repaid all borrowings outstanding under the PL Fund II 2023 Note and the PL Fund II 2023 Note was extinguished.


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MAIN STREET CAPITAL CORPORATION
Notes to the Consolidated Financial Statements (Continued)
(Unaudited)


In November 2024, Main Street provided Private Loan Fund II with a revolving line of credit pursuant to a Secured Revolving Promissory Note, dated November 22, 2024 (the “PL Fund II 2024 Note”), which provides for borrowings up to $10.0 million. Borrowings under the PL Fund II 2024 Note bear interest at a rate of SOFR plus 3.0%, subject to a 2.0% SOFR floor, and mature on the date upon which Private Loan Fund II’s investment period concludes, which is scheduled to occur in June 2029. Available borrowings under the PL Fund II 2024 Note are subject to a 0.25% non-use fee. The borrowings are collateralized by all assets of Private Loan Fund II (other than the assets of its special purpose vehicle financing subsidiary). The PL Fund II 2024 Note was unanimously approved by Main Street’s Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act. As of September 30, 2025, there were no borrowings outstanding under the PL Fund II 2024 Note.
As described in Note B.9. — Summary of Significant Accounting Policies — Deferred Compensation Plan, participants in the Deferred Compensation Plan elect one or more investment options, including phantom Main Street stock units, interests in affiliated funds and various mutual funds, where their deferred amounts are notionally invested pending distribution pursuant to participant elections and plan terms. As of September 30, 2025, $32.1 million of directors’ fees and employee compensation, plus net unrealized gains and losses and investment income, and minus previous distributions, was deferred under the Deferred Compensation Plan. As of September 30, 2025, $12.5 million was deferred into phantom Main Street stock units, representing 196,761 shares of Main Street’s common stock. In addition, as of September 30, 2025, the Company had $19.6 million of funded investments from deferred compensation in trust, including $2.1 million in Private Loan Fund I and $4.5 million in Private Loan Fund II.
NOTE M — SUBSEQUENT EVENTS
The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements, and identified the following to report:
In November 2025, Main Street declared a supplemental dividend of $0.30 per share payable in December 2025. This supplemental dividend is in addition to the previously announced regular monthly dividends that Main Street declared of $0.255 per share for each month of October, November and December 2025, or total regular monthly dividends of $0.765 per share for the fourth quarter of 2025, resulting in total dividends declared for the fourth quarter of 2025 of $1.065 per share.

In November 2025, Main Street also declared regular monthly dividends of $0.26 per share for each month of January, February and March of 2026. These regular monthly dividends equal a total of $0.78 per share for the first quarter of 2026, representing a 4.0% increase from the regular monthly dividends paid in the first quarter of 2025. Including the regular monthly and supplemental dividends declared for the fourth quarter of 2025 and first quarter of 2026, Main Street will have paid $47.935 per share in cumulative dividends since its October 2007 initial public offering.


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
Majority-Owned Investments
BDB Holdings, LLCPreferred Equity(7)$— $(2,860)$— $18,920 $— $2,860 $16,060 
12.00%Secured Debt (12)(7)— — 35 — 1,173 — 1,173 
Brewer Crane Holdings, LLC14.41%SF+10.00%Secured Debt(9)— — 549 5,016 — — 5,016 
Preferred Member Units(9)— (1,290)90 4,680 — 1,290 3,390 
Preferred Member Units(9)— — 12 — 324 — 324 
Café Brazil, LLCMember Units(8)(707)542 84 1,200 542 1,742 — 
California Splendor Holdings LLC14.00%Secured Debt(9)— 388 2,864 28,465 601 3,292 25,774 
Secured Debt (12)(9)— — 48 1,506 21 1,539 (12)
Preferred Member Units(9)— (6,940)188 22,215 — 6,940 15,275 
15.00%15.00%Preferred Member Units(9)— — 1,241 10,909 1,241 — 12,150 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 2 — — — — 
Secured Debt(5)— (36)392 6,760 — 6,760 — 
10.00%Secured Debt(5)— 80 195 — 9,800 160 9,640 
10.00%Secured Debt(5)— (1)72 973 1 34 940 
Member Units(5)— 3,130 1,157 10,990 3,130 — 14,120 
Member Units(5)— 320 — 950 320 — 1,270 
Cody Pools, Inc.Secured Debt (12)(8)— 6 218 — 843 843 — 
12.50%Secured Debt(8)— 1 3,630 39,227 3,371 2,783 39,815 
Preferred Member Units(8)— (1,330)1,713 67,810 — 1,330 66,480 
CompareNetworks Topco, LLCSF+9.00%Secured Debt(9)— — 339 2,903 — 2,903 — 
13.41%SF+9.00%Secured Debt(9)— — 10 — 4,431 — 4,431 
Preferred Member Units(9)— (3,080)— 11,260 — 3,080 8,180 
Compass Systems & Sales, LLCSecured Debt(5)— — 4 (21)4 — (17)
13.50%Secured Debt(5)— (139)1,786 17,067 25 138 16,954 
Preferred Equity(5)— (270)180 7,450 — 270 7,180 
Cybermedia Technologies, LLCSecured Debt(6)— — 8 — — — — 
13.00%Secured Debt(6)— (531)2,728 27,116 42 621 26,537 
Preferred Member Units(6)— (15,000)188 15,000 — 15,000 — 
Preferred Equity(6)— 1,960 — — 4,460 100 4,360 
Datacom, LLC7.50%Secured Debt(8)— — 50 493 767 585 675 
10.00%Secured Debt(8)— (2,257)706 7,947 102 2,460 5,589 
Preferred Member Units(8)— (600)— 240 360 600 — 
Direct Marketing Solutions, Inc.14.00%Secured Debt(9)— (22)53 — 1,042 22 1,020 
14.00%Secured Debt(9)— (29)2,504 23,902 29 849 23,082 
Preferred Stock(9)— 1,150 — 17,930 1,150 — 19,080 
Gamber-Johnson Holdings, LLCSF+7.50%Secured Debt (12)(5)— — 5 — — — — 
11.50%SF+7.50%Secured Debt (12)(5)— (38)6,384 73,126 38 2,438 70,726 
Member Units(5)— 1,910 5,388 114,750 1,910 — 116,660 
Garreco, LLCMember Units(8)— (230)— 2,060 — 230 1,830 
GRT Rubber Technologies LLC10.41%SF+6.00%Secured Debt (12)(8)— (3)252 3,146 3 3 3,146 
12.41%SF+8.00%Secured Debt(8)— (35)3,862 40,493 35 35 40,493 
Member Units(8)— 930 4,280 45,890 930 — 46,820 
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt(8)— — — — — — — 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
Secured Debt(8)(231)782 — 1,518 623 2,141 — 
Preferred Equity(8)(5,600)5,600 — — 5,600 5,600 — 
Member Units(8)(3,681)3,681 — — 3,681 3,681 — 
IG Investor, LLC13.00%Secured Debt (12)(6)— 22 173 1,572 28 — 1,600 
13.00%Secured Debt(6)— 192 3,512 35,257 247 440 35,064 
Common Equity(6)— 4,540 — 16,230 4,540 — 20,770 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
14.25%P+6.75%Secured Debt(9)— — 144 1,498 — 470 1,028 
Member Units(9)— (280)804 11,820 — 280 11,540 
MSC Adviser I, LLCMember Units(8)— 20,350 8,393 246,000 20,350 — 266,350 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — 3 — — — — 
10.00%Secured Debt(6)— (5)441 5,746 5 5 5,746 
Common Stock(6)— 410 2,864 26,370 410 — 26,780 
NRP Jones, LLC12.00%Secured Debt(5)— (137)205 2,178 6 138 2,046 
Member Units(5)— (2,417)— 2,696 — 2,417 279 
Member Units(5)— (83)— 94 — 83 11 
Preferred Equity(5)— 756 — — 1,238 — 1,238 
Common Equity(5)— — — — 1,200 272 928 
OMi Topco, LLCSecured Debt(8)— (30)207 9,000 — 9,000 — 
Secured Debt(8)— — 434 — — — — 
Secured Debt(8)— — 781 — — — — 
12.00%Secured Debt(8)— 39 11 — 24,000 — 24,000 
Preferred Member Units(8)— 5,180 20,699 72,720 5,180 — 77,900 
Principle Environmental, LLC13.00%Secured Debt(8)— — 497 4,861 14 — 4,875 
Preferred Member Units(8)— 2,100 1,186 12,600 2,100 — 14,700 
Common Stock(8)— 100 — 600 100 — 700 
Quality Lease Service, LLCMember Units(7)— — — 460 — — 460 
Robbins Bros. Jewelry, Inc.Secured Debt(9)— — 27 (39)— 17 (56)
12.50%10.00%Secured Debt(9)— 224 — 14,562 — 417 14,145 
Preferred Equity(9)— — — — — — — 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— — 3 (1)— — (1)
13.50%Secured Debt(7)— — 831 7,855 20 — 7,875 
Common Stock(7)— 4,780 87 8,570 4,780 — 13,350 
Victory Energy Operations, LLCSecured Debt (12)(8)— — 97 (33)1,728 1,723 (28)
13.00%Secured Debt(8)— — 4,829 47,792 73 — 47,865 
Preferred Equity(8)— 399 427 22,686 399 215 22,870 
Volusion, LLC10.00%Secured Debt(8)— — 159 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)22 (1,627)— 7,003 22 3,356 3,669 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 3 — 150 — 150 
12.00%Secured Debt(8)— (63)160 1,750 — 64 1,686 
Preferred Member Units(8)— (190)— 320 — 190 130 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
Warrants(8)— — — — — — — 
Other Controlled Investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)$5,466 $(4,836)$— $8,818 $4,046 $11,069 $1,795 
LP Interests (2717 HPP-MS, L.P.)(8)— 64 — 383 64 — 447 
LP Interests (2717 GRE-LP, L.P.)(8)— — — 441 — — 441 
HPEP 423 COR, LPLP Interests (423 COR, L.P.)(8)— 1,057 — 4,187 1,057 — 5,244 
American Nuts, LLCPreferred Equity(9)— (2,840)— — 8,970 2,840 6,130 
12.94%SF+8.50%12.94%Secured Debt(9)— — 506 — 7,906 — 7,906 
12.94%SF+8.50%12.94%Secured Debt(9)— — 506 — 7,906 — 7,906 
Analytical Systems Keco Holdings, LLCSecured Debt(8)— — — — — — — 
14.50%Secured Debt(8)— — 509 4,048 9 150 3,907 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 270 — 5,300 270 — 5,570 
Warrants(8)— — — — — — — 
ASC Interests, LLC13.00%Secured Debt(8)— — 40 400 — — 400 
13.00%Secured Debt(8)— (161)157 1,598 — 235 1,363 
Preferred Member Units(8)— — — — — — — 
Member Units(8)— — — — — — — 
ATS Workholding, LLCSecured Debt(9)(1,897)2,261 — 113 2,324 2,437 — 
Secured Debt(9)(2,842)2,698 — 143 2,698 2,841 — 
Preferred Member Units(9)(3,726)3,726 — — 3,726 3,726 — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 37 711 — — 711 
Member Units(5)— 950 1,103 5,860 950 — 6,810 
Batjer TopCo, LLCSecured Debt (12)(8)— — 12 446 1 450 (3)
Secured Debt (12)(8)— — 15 270 — 270 — 
10.00%Secured Debt(8)— — 838 10,529 18 630 9,917 
Preferred Stock(8)— 3,590 587 5,160 3,590 — 8,750 
Bolder Panther Group, LLC11.57%SF+7.26%Secured Debt(9)— (102)9,032 101,643 102 699 101,046 
10.81%SF+6.50%Secured Debt(9)— 4 166 — 6,000 3,000 3,000 
8.00%Class B Preferred Member Units(9)— 670 2,479 30,520 670 — 31,190 
Secured Debt(9)— — 93 — — — — 
Bridge Capital Solutions CorporationPreferred Member Units(6)— — — — — — — 
Warrants(6)— — — — — — — 
Warrants(6)— — — — — — — 
CBT Nuggets, LLCMember Units(9)— (580)1,647 49,540 — 580 48,960 
Centre Technologies Holdings, LLCSF+8.00%Secured Debt (12)(8)— — 9 — — — — 
12.41%SF+8.00%Secured Debt(8)— (12)2,599 25,534 12 1,082 24,464 
Preferred Member Units(8)— 8,810 90 12,410 8,810 — 21,220 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (67)74 — 67 67 — 
12.49%SF+8.00%Secured Debt(8)— 9 1,679 15,620 4,800 — 20,420 
Member Units(8)— (40)5,884 33,110 — 40 33,070 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
Member Units(8)— 220 69 3,550 220 — 3,770 
Charps, LLC14.00%Unsecured Debt(5)— (75)671 5,694 75 75 5,694 
Preferred Member Units(5)— (310)536 15,580 — 310 15,270 
Colonial Electric Company LLCSecured Debt (12)(6)— — 6 — — — — 
12.00%Secured Debt(6)— (28)1,131 14,310 28 5,559 8,779 
Preferred Member Units(6)— 850 3,270 13,570 850 — 14,420 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 500 15 — 515 
Digital Products Holdings LLC14.31%SF+10.00%Secured Debt(5)— — 1,347 12,422 33 660 11,795 
Preferred Member Units(5)— — 150 9,835 — — 9,835 
Doral Holdings, LLCPreferred Equity(5)— — — — 13,000 — 13,000 
Secured Debt(5)— — — — — — — 
13.00%Secured Debt(5)— — 2,042 — 29,229 — 29,229 
Elgin AcquireCo, LLCSF+6.00%Secured Debt(5)— — 7 (5)2 — (3)
12.00%Secured Debt(5)— — 1,646 17,969 30 774 17,225 
9.00%Secured Debt(5)— — 423 6,207 2 40 6,169 
Common Stock(5)— (630)— 5,730 — 630 5,100 
Common Stock(5)— 170 — 3,050 170 — 3,220 
Flame King Holdings, LLCPreferred Equity(9)— 3,450 7,873 35,920 12,200 — 48,120 
12.00%Secured Debt(9)— 617 2,759 — 66,000 — 66,000 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 260 — 7,010 260 — 7,270 
JTI Electrical & Mechanical, LLCSF+6.25%Secured Debt(9)(466)— — 7,977 — 7,977 — 
SF+6.25%Secured Debt(9)(5,765)— — 33,879 — 33,879 — 
SF+6.25%Secured Debt(9)(537)— — 3,176 — 3,176 — 
10.45%SF+6.00%10.45%Secured Debt(9)— — 387 — 35,637 225 35,412 
15.00%15.00%Secured Debt(9)— — — — 6,205 — 6,205 
9.45%SF+5.00%Secured Debt(9)— — 61 — 6,316 — 6,316 
Common Equity(9)— (842)— — 842 842 — 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 2,157 23,216 35 — 23,251 
Preferred Equity(9)— (850)728 13,180 — 850 12,330 
KBK Industries, LLCMember Units(5)— (4,950)2,900 25,180 — 4,950 20,230 
Secured Debt(5)— (24)130 3,700 — 3,700 — 
9.50%Secured Debt(5)— 41 370 — 9,400 1,600 7,800 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 1,248 14,987 6 1,600 13,393 
9.00%Secured Debt(5)— — 267 3,926 1 36 3,891 
Preferred Equity(5)— 3,690 — 12,240 3,690 — 15,930 
Member Units(5)— 50 78 2,710 50 — 2,760 
Metalforming Holdings, LLCSecured Debt (12)(7)— 1 18 (11)11 — — 
8.75%Secured Debt(7)— 73 1,408 20,844 117 3,173 17,788 
8.00%8.00%Preferred Equity(7)— (481)849 6,397 — 481 5,916 
Common Stock(7)— 2,630 1,105 6,850 2,630 — 9,480 
Moffitt Holdings, LLC13.00%Secured Debt(8)— — 1,167 — 34,695 438 34,257 
Preferred Equity(8)— 1,260 — — 15,560 — 15,560 
MS Private Loan Fund I, LP7.31%SF+3.00%Secured Debt (12)(8)— — 334 1,600 16,920 9,820 8,700 
LP Interests (12)(8)— (202)1,152 14,034 — 202 13,832 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
MS Private Loan Fund II, LPSF+3.00%Secured Debt (12)(8)— — 50 (59)1,818 1,850 (91)
LP Interests (12)(8)— 170 773 7,843 1,721 — 9,564 
MSC Income Fund, Inc.Common Equity(8)— (3,803)1,507 16,810 5,326 3,803 18,333 
MVI MSO, LLC (Milford Vascular)13.00%Secured Debt(6)— — 873 — 9,763 — 9,763 
Preferred Equity(6)— 2,070 118 — 4,770 — 4,770 
NAPCO Precast, LLCMember Units(8)— 2,110 1,867 9,050 2,110 — 11,160 
Member Units(8)— 1,945 — — 2,760 — 2,760 
Nello Industries Investco, LLCSF+6.50%Secured Debt(5)— — 16 (16)16 — — 
12.50%Secured Debt(5)— — 2,856 26,959 2,493 — 29,452 
Preferred Stock(5)231 5,623 1,751 15,560 5,854 1,154 20,260 
NexRev LLCSecured Debt(8)— — — — — — — 
Secured Debt(8)— (9)151 9,811 9 9,820 — 
Preferred Member Units(8)— 350 453 11,910 350 — 12,260 
NuStep, LLC10.91%SF+6.50%Secured Debt(5)— — 278 3,600 — 1,400 2,200 
12.00%Secured Debt(5)— — 1,679 18,439 1 — 18,440 
Preferred Member Units(5)— 650 — 11,550 650 — 12,200 
Preferred Member Units(5)— — — 6,000 — — 6,000 
Orttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — 
15.41%SF+11.00%Secured Debt(5)— (35)2,535 21,960 35 1,235 20,760 
Preferred Stock(5)— — 180 13,450 — — 13,450 
Pinnacle TopCo, LLCSecured Debt (12)(8)— (2)8 — 2 2 — 
13.00%Secured Debt(8)— (47)2,826 28,640 47 847 27,840 
Preferred Equity(8)— 1,280 1,392 18,360 1,280 — 19,640 
PPL RVs, Inc.SF+7.00%Secured Debt(8)— (1)1 — 1 1 — 
11.48%SF+7.00%Secured Debt(8)— (35)1,402 16,456 35 1,300 15,191 
Common Stock(8)— 1,140 418 17,110 1,140 — 18,250 
Common Stock(8)— 61 — 514 61 — 575 
River Aggregates, LLCMember Units(8)— 60 — 9,530 60 — 9,590 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— 222 — 1,646 — 736 910 
12.00%12.00%Secured Debt(9)— (1,040)— 3,603 — 1,039 2,564 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— 570 298 4,252 570 — 4,822 
Preferred Stock(8)— — — 1,794 — — 1,794 
VVS Holdco LLCSF+6.00%Secured Debt(5)— — 12 — — — — 
11.50%Secured Debt(5)— — 2,222 25,661 42 1,280 24,423 
Preferred Equity(5)— — 99 12,240 — — 12,240 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period6,769 5,297 171 (80,952)— — — 
Total Control investments$(12,964)$57,016 $176,481 $2,087,890 $472,328 $224,996 $2,416,174 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $— $45 $1,226 $— $— $1,226 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
AAC Holdings, Inc.Secured Debt(7)(139)3 — 609 — 609 — 
Secured Debt(7)(3,303)80 — 17,365 — 17,365 — 
Preferred Equity(7)— (2,470)— — 8,520 2,470 6,050 
10.00%10.00%Secured Debt(7)— — — — 3,109 — 3,109 
12.00%12.00%Secured Debt(7)— — — — 3,109 — 3,109 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
10.00%10.00%Secured Debt (12)(7)— — 34 — 814 — 814 
Boccella Precast Products LLC10.00%Secured Debt(6)— 55 22 266 55 65 256 
Member Units(6)— 1,510 479 310 1,510 — 1,820 
Buca C, LLC15.00%15.00%Secured Debt(7)— — — — — — — 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
15.00%15.00%Secured Debt(7)— — — — — — — 
15.00%15.00%Secured Debt(7)— (458)— — 458 458 — 
Career Team Holdings, LLCSF+6.00%Secured Debt (12)(6)— — 106 887 — 928 (41)
13.00%Secured Debt(6)— — 2,140 19,364 2,370 203 21,531 
Common Stock(6)— (36)— 4,740 666 36 5,370 
Classic H&G Holdings, LLCPreferred Member Units(6)— (890)— 2,850 — 890 1,960 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (78)69 2,276 — 1,614 662 
Connect Telecommunications Solutions Holdings, Inc.13.00%Secured Debt(6)— — 2,649 27,315 62 2,521 24,856 
Preferred Equity(6)— — — 12,596 — — 12,596 
DMA Industries, LLC12.00%Secured Debt(7)— 56 1,513 16,722 78 2,400 14,400 
Preferred Equity(7)— 2,490 — 5,944 2,490 — 8,434 
12.00%Secured Debt(7)— 4 52 555 5 — 560 
15.00%15.00%Preferred Equity(7)— 1,290 377 3,240 1,667 — 4,907 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— 150 — 7,708 150 139 7,719 
LP Interests (Dos Rios Partners - A, LP)(8)— 48 — 2,447 48 44 2,451 
Dos Rios Stone Products LLCClass A Preferred Units(8)— — — — — — — 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)(2)— 5 369 — 332 37 
FCC Intermediate Holdco, LLC13.00%Secured Debt(5)— 2,949 3,894 29,109 3,691 1,230 31,570 
Warrants(5)— 4,300 750 10,840 4,300 — 15,140 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— (347)— 2,190 — 347 1,843 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— (82)— 1,263 — 1,070 193 
FRG AcquireCo, LLCSecured Debt (12)(7)— — 1 — — 20 (20)
13.00%Secured Debt(7)— — 246 — 10,397 — 10,397 
Preferred Equity(7)— — — — 3,500 — 3,500 
GFG Group, LLCSecured Debt(5)— (21)185 8,185 — 8,185 — 
Secured Debt(5)— — 185 — — — — 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
8.00%Secured Debt(5)— 6 347 — 14,053 — 14,053 
Preferred Member Units(5)— 400 727 10,540 400 — 10,940 
Gulf Manufacturing, LLCSF+7.62%Secured Debt(8)— (42)26 — 7 41 (34)
11.94%SF+7.62%Secured Debt(8)— (325)3,523 39,000 69 1,825 37,244 
Member Units(8)— (130)500 14,730 — 130 14,600 
Common Stock(8)— 562 — 888 562 — 1,450 
Hawk Ridge Systems, LLC10.48%SF+6.00%Secured Debt(9)— (1)254 2,645 4,725 5,200 2,170 
12.00%Secured Debt(9)— (41)4,293 45,256 41 41 45,256 
Preferred Member Units(9)— 4,300 — 20,260 4,300 — 24,560 
Preferred Member Units(9)— 220 — 1,070 220 — 1,290 
Houston Plating and Coatings, LLC10.00%Unsecured Convertible Debt(8)— 60 227 2,940 60 — 3,000 
Member Units(8)— 420 180 3,930 420 — 4,350 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 194 — 4,472 194 534 4,132 
LP Interests (HPEP 3, L.P.) (12)(8)— 519 — 5,861 1,396 — 7,257 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— (1,390)— 20,390 — 1,390 19,000 
Infinity X1 Holdings, LLCSecured Debt(9)— (96)683 15,050 — 15,050 — 
Preferred Equity(9)— (2,460)1,155 9,080 — 2,460 6,620 
13.00%Secured Debt(9)— 12 864 — 16,372 848 15,524 
Integral Energy Services12.05%SF+7.50%Secured Debt(8)— (98)1,230 12,728 42 740 12,030 
10.00%10.00%Preferred Equity(8)— 55 20 452 75 — 527 
Common Stock(8)— 140 — 550 140 — 690 
10.00%10.00%Preferred Equity(8)— 76 — — 190 — 190 
Iron-Main Investments, LLC13.00%Secured Debt(5)— — 450 4,493 5 — 4,498 
13.00%Secured Debt(5)— — 293 2,927 3 — 2,930 
13.00%Secured Debt(5)— — 882 8,944 — — 8,944 
13.00%Secured Debt(5)— — 1,756 17,542 20 — 17,562 
13.00%Secured Debt(5)— — 1,000 9,638 54 287 9,405 
Common Stock(5)— (150)— 2,850 — 150 2,700 
25.00%25.00%Preferred Equity(5)— 210 — 760 210 — 970 
25.00%25.00%Preferred Equity(5)— — — — 155 — 155 
ITA Holdings Group, LLC11.46%SF+7.00%Secured Debt(8)— (3)114 1,180 3 3 1,180 
SF+Secured Debt(8)— (12)77 994 — 994 — 
11.46%SF+7.00%Secured Debt (12)(8)— 19 78 — 2,360 — 2,360 
11.46%SF+7.00%Secured Debt(8)— (200)614 4,438 697 200 4,935 
11.46%SF+7.00%Secured Debt(8)— (200)659 4,438 697 200 4,935 
11.46%SF+7.00%Secured Debt(8)— 6 64 — 1,770 — 1,770 
Warrants(8)— 7,790 1,969 5,690 7,790 — 13,480 
Johnson Downie Opco, LLC15.00%Secured Debt (12)(8)— (5)23 — 1,805 5 1,800 
15.00%Secured Debt(8)— (35)2,481 21,507 35 35 21,507 
Preferred Equity(8)— 8,980 2,554 14,550 8,980 — 23,530 
KMS, LLCSF+9.75%Secured Debt(5)(415)— — 663 — 663 — 
SF+9.75%Secured Debt(5)(3,037)1 — 4,779 — 4,779 — 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
SF+9.75%Secured Debt(5)— — — 450 — 450 — 
SF+9.75%Secured Debt(5)— — — 440 — 440 — 
SF+9.75%Secured Debt(5)— — — — — — — 
12.50%12.50%Secured Debt (12)(5)— — 105 — 1,145 — 1,145 
12.50%12.50%Secured Debt(5)— — 92 — 1,203 195 1,008 
Preferred Equity(5)— 250 — — 5,140 — 5,140 
Mills Fleet Farm Group, LLC9.78%SF+5.50%9.78%Secured Debt(5)— — 186 — 2,832 — 2,832 
9.70%SF+5.50%9.70%Secured Debt(5)— — 21 — 1,672 — 1,672 
Preferred Equity(5)— (2,389)829 13,840 829 2,389 12,280 
MoneyThumb Acquisition, LLC14.00%Secured Debt(9)— — 1,132 8,967 137 640 8,464 
12.00%12.00%Preferred Member Units(9)— — 160 1,707 160 — 1,867 
Warrants(9)— — — 594 — — 594 
Nebraska Vet AcquireCo, LLCSF+7.00%Secured Debt(5)— (7)10 — 7 7 — 
Preferred Member Units(5)55,646 (25,053)5,694 32,040 55,647 87,687 — 
Secured Debt(5)— (115)3,143 62,200 115 62,315 — 
Secured Debt(5)— (171)193 4,650 2,771 7,421 — 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— — — 99 — — 99 
12.00%12.00%Secured Debt(8)— — — 102 — 2 100 
12.00%12.00%Secured Debt(8)— — — 218 — — 218 
12.00%12.00%Secured Debt(8)— — — 456 — 1 455 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCPreferred Stock(7)— 690 57 2,580 690 — 3,270 
RA Outdoors (Aspira) LLC11.25%SF+6.75%11.25%Secured Debt(8)— (148)120 1,257 82 189 1,150 
11.25%SF+6.75%11.25%Secured Debt(8)— (1,553)1,240 13,155 842 1,972 12,025 
SF+6.75%Secured Debt (12)(8)— — — — — — — 
SF+6.75%Secured Debt(8)— — — — — — — 
Common Equity(8)— — — — — — — 
Revenue Recovery Holdings, LLCSecured Debt (12)(7)— — 3 — — 19 (19)
14.00%Secured Debt(7)— — 414 — 8,927 1,300 7,627 
Preferred Equity(7)— — — — 1,049 — 1,049 
RFG AcquireCo, LLCSecured Debt (12)(7)— — 3 — — 8 (8)
Secured Debt(7)— — — — — — — 
12.50%Secured Debt(7)— — 2,143 — 33,683 — 33,683 
Preferred Equity(7)— — — — 11,401 — 11,401 
SI East, LLC11.85%Secured Debt (12)(7)— (3)219 2,250 3 3 2,250 
12.78%Secured Debt(7)— 39 6,575 67,661 — 626 67,035 
Preferred Member Units(7)— 630 313 13,660 630 — 14,290 
Slick Innovations, LLCSecured Debt(6)— (139)510 16,320 — 16,320 — 
14.00%Secured Debt(6)— 246 2,297 — 25,880 800 25,080 
Common Stock(6)— (450)873 2,440 — 450 1,990 
Specialized Aviation Holdings, LLC13.00%Secured Debt(7)— — 967 — 29,710 — 29,710 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(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,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2025 Fair Value (13)
Preferred Stock(7)— — 16 — 15,000 — 15,000 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (298)— 1,644 — 298 1,346 
Preferred Equity(6)— — — — — — — 
8.50%8.50%Secured Debt(6)— 558 13 204 570 — 774 
Superior Rigging & Erecting Co.Preferred Member Units(7)— 6,190 — 10,530 6,190 — 16,720 
The Affiliati Network, LLC10.00%Secured Debt (12)(9)— — 63 394 6,163 6,000 557 
10.00%Secured Debt(9)— (11)434 5,053 10 411 4,652 
Preferred Stock(9)— — 179 6,400 — — 6,400 
Preferred Stock(9)— — — 287 26 — 313 
UnionRock Energy Fund II, LPLP Interests (12)(9)— (134)— 4,732 — 604 4,128 
UnionRock Energy Fund III, LPLP Interests (12)(9)— (405)120 5,612 447 897 5,162 
UniTek Global Services, Inc.Secured Convertible Debt(6)3,763 (2,384)41 5,642 505 6,147 — 
Secured Convertible Debt(6)1,743 (1,155)21 2,663 235 2,898 — 
Preferred Stock(6)— — 104 3,181 1,633 4,814 — 
20.00%20.00%Preferred Stock(6)— (788)— 4,272 5,116 — 9,388 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Urgent DSO LLC13.50%Secured Debt(5)— — 914 8,727 13 — 8,740 
9.00%9.00%Preferred Equity(5)— — 294 4,320 294 — 4,614 
Wildcats Topco LLC (NVS Heritage)Common Equity(5)— 333 9 — 22,760 — 22,760 
World Micro Holdings, LLC11.00%Secured Debt(7)— — 862 10,702 20 878 9,844 
Preferred Equity(7)— — 308 3,845 — — 3,845 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period3,453 3,450 1,436 29,588 — — — 
Total Affiliate investments$57,709 $4,518 $71,908 $846,798 $358,386 $282,682 $892,914 
___________________________
(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.


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2025
(dollars in thousands)
(Unaudited)
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $589,459. This represented 20.1% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $181,094. This represented 6.2% of net assets as of September 30, 2025.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $158,589. This represented 5.4% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $125,926. This represented 4.3% of net assets as of September 30, 2025.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $72,101. This represented 2.5% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $270,957. This represented 9.2% of net assets as of September 30, 2025.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $1,043,897. This represented 35.6% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $187,380. This represented 6.4% of net assets as of September 30, 2025.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $552,128. This represented 18.8% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $127,557. This represented 4.3% of net assets as of September 30, 2025.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of September 30, 2025 (see Note K — Commitments and Contingencies). 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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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Majority-Owned Investments
Analytical Systems Keco Holdings, LLCSecured Debt (12)(8)$— $— $5 $219 $— $219 $— 
13.75%Secured Debt(8)— — 551 4,084 310 300 4,094 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 850 — 4,860 850 — 5,710 
Warrants(8)— — — — — — — 
Brewer Crane Holdings, LLC15.35%SF+10.00%Secured Debt(9)— — 631 5,498 14 372 5,140 
Preferred Member Units(9)— (190)90 5,620 — 189 5,431 
Café Brazil, LLCMember Units(8)— (520)30 1,980 — 520 1,460 
California Splendor Holdings LLC14.00%4.00%Secured Debt(9)— (79)3,098 27,655 594 79 28,170 
14.00%4.00%Secured Debt(9)— — 49 — 1,487 — 1,487 
Preferred Member Units(9)— 893 188 15,695 6,520 — 22,215 
15.00%15.00%Preferred Member Units(9)— — 940 4,601 5,940 — 10,541 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 2 — — — — 
10.00%Secured Debt(5)— 138 709 8,422 109 1,400 7,131 
10.00%Secured Debt(5)— — 75 1,004 — 29 975 
Member Units(5)— 3,640 585 5,200 3,640 — 8,840 
Member Units(5)— (179)— 1,129 — 179 950 
Cody Pools, Inc.Secured Debt (12)(8)— 3 38 — 1,264 1,264 — 
12.50%Secured Debt(8)— (9)3,887 42,073 9 2,219 39,863 
Preferred Member Units(8)— (2,510)1,568 72,470 — 2,510 69,960 
CompareNetworks Topco, LLCSF+9.00%Secured Debt(9)— — — — — — — 
14.35%SF+9.00%Secured Debt(9)— — 368 3,454 — 352 3,102 
Preferred Member Units(9)— (1,305)— 14,450 1,545 1,305 14,690 
Cybermedia Technologies, LLCSecured Debt (12)(6)— — 8 — — — — 
13.00%Secured Debt(6)— — 2,804 28,389 52 1,338 27,103 
Preferred Member Units(6)— 280 1,104 15,000 280 — 15,280 
Datacom, LLC7.50%Secured Debt(8)— — 20 447 451 540 358 
10.00%Secured Debt(8)— 112 736 7,587 221 203 7,605 
Preferred Member Units(8)— 320 — 70 320 — 390 
Direct Marketing Solutions, Inc.Secured Debt(9)— (22)70 1,233 1,722 2,955 — 
14.00%Secured Debt(9)— (33)2,682 25,543 33 1,264 24,312 
Preferred Stock(9)— (1,460)— 20,740 — 1,460 19,280 
Elgin AcquireCo, LLCSF+6.00%Secured Debt (12)(5)— — 7 (7)1 — (6)
12.00%Secured Debt(5)— — 1,702 18,632 32 704 17,960 
9.00%Secured Debt(5)— — 427 6,252 2 36 6,218 
Common Stock(5)— (360)— 6,090 — 360 5,730 
Common Stock(5)— 1,330 — 1,670 1,330 — 3,000 
Gamber-Johnson Holdings, LLCSF+7.00%Secured Debt (12)(5)— — 5 — — — — 
10.00%SF+7.00%Secured Debt(5)— (78)4,023 54,078 78 5,678 48,478 
Member Units(5)— 10,660 5,409 96,710 10,660 — 107,370 
GRT Rubber Technologies LLC11.35%SF+6.00%Secured Debt (12)(8)— 2 256 2,400 746 — 3,146 
13.35%SF+8.00%Secured Debt(8)— (35)4,184 40,493 35 35 40,493 
Member Units(8)— — 188 44,440 — — 44,440 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%12.50%Secured Debt(8)— (882)76 2,284 — 882 1,402 
Preferred Equity(8)— (2,460)— 2,460 — 2,460 — 
Member Units(8)— — — — — — — 
IG Investor, LLC13.00%Secured Debt (12)(6)— — 61 (35)1,605 — 1,570 
13.00%Secured Debt(6)— — 3,662 36,934 62 1,320 35,676 
Common Equity(6)— 470 — 14,400 470 — 14,870 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — 3 — — — — 
15.25%P+6.75%Secured Debt(9)— — 219 1,998 — 348 1,650 
Member Units(9)— (600)1,082 12,420 — 600 11,820 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 1,698 19,774 10 3,200 16,584 
9.00%Secured Debt(5)— — 264 3,805 164 32 3,937 
Preferred Equity(5)— 2,550 — 9,690 2,550 — 12,240 
Member Units(5)— (240)95 2,730 — 240 2,490 
Metalforming Holdings, LLCSecured Debt (12)(7)— — 9 — — 14 (14)
10.75%Secured Debt(7)— — 2,004 23,623 42 1,146 22,519 
8.00%8.00%Preferred Equity(7)— 355 — 6,035 355 119 6,271 
Common Stock(7)— 2,480 481 1,500 2,480 — 3,980 
MH Corbin Holding LLC14.00%Secured Debt(5)— (3,482)557 5,022 — 3,642 1,380 
Preferred Member Units(5)— (330)— 330 — 330 — 
Preferred Member Units(5)— — — — — — — 
MSC Adviser I, LLCMember Units(8)— 44,307 8,862 174,063 44,307 — 218,370 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — 3 — — — — 
10.00%Secured Debt(6)— 16 441 5,746 — — 5,746 
Common Stock(6)— (290)2,941 26,390 — 290 26,100 
OMi Topco, LLC12.00%Secured Debt(8)— (30)1,116 12,750 30 2,780 10,000 
Preferred Member Units(8)— 22,160 4,275 36,380 22,160 — 58,540 
PPL RVs, Inc.SF+8.75%Secured Debt(8)— (1)1 — 1 1 — 
14.23%SF+8.75%Secured Debt(8)— (53)2,135 19,877 53 2,473 17,457 
Common Stock(8)— (680)24 16,980 — 680 16,300 
Common Stock(8)— 146 — 368 146 — 514 
Principle Environmental, LLC13.00%Secured Debt(8)— — 601 5,829 18 — 5,847 
Preferred Member Units(8)— 790 737 10,750 790 — 11,540 
Common Stock(8)— 40 — 510 40 — 550 
Quality Lease Service, LLCMember Units(7)— — — 460 — — 460 
Robbins Bros. Jewelry, Inc.10.00%Secured Debt(9)— — 8 (26)2 — (24)
12.50%10.00%Secured Debt(9)— (14,949)1,083 30,798 18 15,399 15,417 
Preferred Equity(9)— — 6 — — — — 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— — 4 — — — — 
13.50%Secured Debt(7)— 64 809 7,920 — — 7,920 
Common Stock(7)— (3,240)87 12,740 — 3,240 9,500 
Volusion, LLC10.00%Secured Debt(8)— — 160 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 4,421 — 7,250 4,422 4,212 7,460 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 41 450 — — 450 
6.50%Secured Debt(8)— — 49 945 — — 945 
14.00%Secured Debt(8)— (1,109)293 2,080 — 1,110 970 
Preferred Member Units(8)— — — — — — — 
Warrants(8)— — — — — — — 
Other Controlled Investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)$57 $2,846 $278 $6,050 $2,903 $57 $8,896 
LP Interests (2717 HPP-MS, L.P.)(8)— 60 — 315 60 — 375 
LP Interests (2717 GRE-LP, L.P.)(8)— — — — 441 — 441 
HPEP 423 COR, LPLP Interests (423 COR, L.P.)(8)— 818 88 1,869 2,318 — 4,187 
ASC Interests, LLC13.00%Secured Debt(8)— — 40 400 — — 400 
13.00%Secured Debt(8)— — 164 1,597 1 — 1,598 
Preferred Member Units(8)— (196)— 266 — 196 70 
Member Units(8)— (100)— 100 — 100 — 
ATS Workholding, LLC5.00%Secured Debt(9)— (281)— 328 167 281 214 
5.00%Secured Debt(9)— (187)— 473 — 187 286 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 38 711 — — 711 
Member Units(5)— 1,220 — 4,140 1,220 — 5,360 
Batjer TopCo, LLC10.00%Secured Debt (12)(8)— (6)30 — 451 6 445 
10.00%Secured Debt (12)(8)— — 21 270 — — 270 
10.00%Secured Debt(8)— (67)821 10,575 16 67 10,524 
Preferred Stock(8)— (990)643 6,150 — 990 5,160 
Bolder Panther Group, LLC13.27%SF+8.02%Secured Debt(9)— (63)10,313 96,556 7,599 1,916 102,239 
8.00%Class B Preferred Member Units(9)— 3,690 2,450 31,020 3,690 — 34,710 
Secured Debt(9)— — 116 — — — — 
Bridge Capital Solutions CorporationSecured Debt(6)— — 767 8,813 — 8,813 — 
Secured Debt(6)— — 87 1,000 — 1,000 — 
Preferred Member Units(6)— (1,000)75 1,000 — 1,000 — 
Warrants(6)— (1,808)— 1,808 — 1,808 — 
Warrants(6)— (2,482)— 2,482 — 2,482 — 
CBT Nuggets, LLCMember Units(9)— (590)1,647 50,130 — 590 49,540 
Centre Technologies Holdings, LLCSF+10.00%Secured Debt (12)(8)— — 9 — — — — 
15.35%SF+10.00%Secured Debt(8)— 207 2,206 — 21,974 1,512 20,462 
Secured Debt(8)— (62)281 17,574 — 17,574 — 
Preferred Member Units(8)— 920 90 11,040 920 — 11,960 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (67)74 — 67 67 — 
13.36%SF+8.00%Secured Debt(8)— (1)1,603 15,620 1 1 15,620 
Member Units(8)— 1,210 3,875 29,320 1,210 — 30,530 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
Member Units(8)— 360 69 2,860 360 — 3,220 
Charps, LLC10.00%Unsecured Debt(5)— (366)793 5,694 366 366 5,694 
Preferred Member Units(5)— (110)483 15,690 — 110 15,580 
Colonial Electric Company LLCSecured Debt (12)(6)— — 6 — — — — 
12.00%Secured Debt(6)— 370 1,797 21,627 423 5,825 16,225 
Preferred Member Units(6)— (1,440)1,440 2,400 — 2,400 — 
Preferred Member Units(6)— 5,440 2,239 7,680 5,440 — 13,120 
Compass Systems & Sales, LLCSecured Debt(5)— — 117 — 2,378 2,400 (22)
13.50%Secured Debt(5)— — 1,793 17,034 25 — 17,059 
Preferred Equity(5)— 496 180 7,454 497 — 7,951 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 568 — 38 530 
Digital Products Holdings LLC15.25%SF+10.00%Secured Debt(5)— — 1,641 14,690 47 1,926 12,811 
Preferred Member Units(5)— — 150 9,835 — — 9,835 
Garreco, LLCSF+8.00%Secured Debt(8)— — 92 3,088 — 3,088 — 
Member Units(8)— 480 57 1,580 480 — 2,060 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 1,970 — 4,660 1,970 — 6,630 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 2,360 25,483 43 899 24,627 
Preferred Equity(9)— 287 752 10,741 539 — 11,280 
KBK Industries, LLC9.00%Secured Debt(5)— (11)313 4,700 11 711 4,000 
Member Units(5)— 2,050 1,906 22,770 2,050 — 24,820 
MS Private Loan Fund I, LPSecured Debt (12)(8)— — 44 — 16,500 16,500 — 
LP Interests (12)(8)— (248)1,455 14,527 — 248 14,279 
MS Private Loan Fund II, LP8.75%SF+3.50%Secured Debt (12)(8)— — 2,544 23,367 42,060 32,000 33,427 
LP Interests (12)(8)— 252 194 1,561 6,140 — 7,701 
MSC Income Fund, Inc.Common Equity(8)— (271)1,259 10,025 7,000 271 16,754 
NAPCO Precast, LLCMember Units(8)— (1,980)95 11,730 — 1,980 9,750 
Nello Industries Investco, LLC11.75%SF+6.50%Secured Debt (12)(5)— — 526 — 16,774 2,400 14,374 
13.50%Secured Debt(5)— — 1,684 — 26,945 — 26,945 
Common Equity(5)— — 220 — 12,120 — 12,120 
NexRev LLC10.00%Secured Debt (12)(8)— — 98 — 3,160 1,200 1,960 
10.00%Secured Debt(8)— 21 785 9,751 60 — 9,811 
Preferred Member Units(8)— 3,500 645 6,350 3,500 — 9,850 
NRP Jones, LLC12.00%Secured Debt(5)— — 190 2,080 — — 2,080 
Member Units(5)— 538 — 1,466 538 — 2,004 
Member Units(5)— 22 — 53 22 — 75 
NuStep, LLC11.85%SF+6.50%Secured Debt(5)— — 332 3,600 — — 3,600 
12.00%Secured Debt(5)— — 1,693 18,426 10 — 18,436 
Preferred Member Units(5)— 390 — 9,240 1,420 — 10,660 
Preferred Member Units(5)— 90 — 5,150 610 — 5,760 
Orttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — 
16.35%SF+11.00%Secured Debt(5)— (34)2,785 22,040 34 114 21,960 
Preferred Stock(5)— (2,370)388 17,050 — 2,370 14,680 
Pearl Meyer Topco LLCSecured Debt(6)— (1)339 3,500 1,501 5,001 — 
12.00%Secured Debt(6)— 148 2,915 20,000 23,219 — 43,219 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
12.00%Secured Debt(6)— (18)2,546 27,681 18 18 27,681 
Preferred Equity(6)— 16,450 8,800 44,090 16,450 — 60,540 
Pinnacle TopCo, LLCSecured Debt (12)(8)— 13 14 444 16 460 — 
13.00%Secured Debt(8)— 243 3,046 30,339 301 1,600 29,040 
Preferred Equity(8)— 4,820 1,721 12,540 4,820 — 17,360 
River Aggregates, LLCMember Units(8)(409)80 — 3,710 80 — 3,790 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— — 56 1,726 — — 1,726 
12.00%12.00%Secured Debt(9)— (9,605)461 14,262 — 9,605 4,657 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— (1,224)— 4,734 — 1,224 3,510 
Preferred Stock(8)— — — 1,794 — — 1,794 
Vision Interests, Inc.Series A Preferred Stock(9)— — — 3,000 — — 3,000 
VVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — 12 — — — — 
11.50%Secured Debt(5)— — 2,457 28,035 47 1,160 26,922 
Preferred Equity(5)— — 320 12,240 — — 12,240 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— 3,694 2,723 58,515 — — — 
Total Control investments$(352)$88,007 $152,572 $2,006,698 $358,982 $202,589 $2,104,576 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $229 $— $996 $230 $— $1,226 
AAC Holdings, Inc.18.00%18.00%Secured Debt (12)(7)— (2)67 418 82 2 498 
18.00%18.00%Secured Debt(7)— (46)2,164 13,895 2,678 46 16,527 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— (55)24 320 — 55 265 
Member Units(6)— (1,680)30 1,990 — 1,680 310 
Buca C, LLC15.00%15.00%Secured Debt(7)— (1,025)563 12,144 — 12,144 — 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
15.00%15.00%Secured Debt (12)(7)— — — — — — — 
15.00%10.00%Secured Debt(7)— (3,345)— — 19,571 3,345 16,226 
Career Team Holdings, LLC11.25%SF+6.00%Secured Debt (12)(6)— — 94 881 2,255 2,475 661 
13.00%Secured Debt(6)— — 1,999 19,906 31 180 19,757 
Common Stock(6)— — — 4,500 — — 4,500 
Classic H&G Holdings, LLCSF+6.00%Secured Debt(6)— — 181 4,560 — 4,560 — 
Secured Debt(6)— (50)654 19,274 50 19,324 — 
Preferred Member Units(6)10,365 (7,590)1,470 16,000 10,365 23,715 2,650 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (51)193 4,352 — 1,974 2,378 
DMA Industries, LLC12.00%Secured Debt(7)— (115)1,659 18,800 32 2,115 16,717 
Preferred Equity(7)— (1,716)— 7,660 — 1,716 5,944 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
12.00%Secured Debt(7)— — 26 — 555 — 555 
15.00%15.00%Preferred Equity(7)— — 54 — 3,122 — 3,122 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— (921)— 8,443 — 1,063 7,380 
LP Interests (Dos Rios Partners - A, LP)(8)— 35 — 2,631 35 45 2,621 
Dos Rios Stone Products LLCClass A Preferred Units(8)— (1,580)— 1,580 — 1,580 — 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)32 — 44 760 33 424 369 
FCC Intermediate Holdco, LLC13.00%Secured Debt(5)— — 2,497 — 28,900 — 28,900 
Warrants(5)— — — — 3,920 — 3,920 
Flame King Holdings, LLCPreferred Equity(9)— 7,850 3,231 27,900 7,850 — 35,750 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— (349)— 3,012 — 628 2,384 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— 193 38 3,704 194 2,005 1,893 
GFG Group, LLC8.00%Secured Debt(5)— (18)576 9,345 18 1,178 8,185 
Preferred Member Units(5)— (920)1,294 11,460 — 920 10,540 
Gulf Manufacturing, LLCSF+7.63%Secured Debt (12)(8)— 44 120 — — — — 
12.88%SF+7.63%Secured Debt(8)— 349 4,219 — 40,000 500 39,500 
Member Units(8)— 6,100 1,310 9,070 6,100 — 15,170 
Hawk Ridge Systems, LLC11.35%SF+6.00%Secured Debt(9)— (1)224 1,974 5,945 5,361 2,558 
12.50%Secured Debt(9)— (41)4,347 45,256 41 41 45,256 
Preferred Member Units(9)— 1,540 — 17,460 1,540 — 19,000 
Preferred Member Units(9)— 80 — 920 80 — 1,000 
Houston Plating and Coatings, LLC8.00%Unsecured Convertible Debt(8)— 60 213 2,880 60 — 2,940 
Member Units(8)— (10)83 3,340 — 10 3,330 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 247 — 4,225 247 — 4,472 
LP Interests (HPEP 4, L.P.) (12)(8)— 329 — 3,773 1,211 — 4,984 
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits interest)
(8)(7,107)6,710 429 13,490 — 13,490 — 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— 2,700 — 17,690 2,700 — 20,390 
Infinity X1 Holdings, LLC12.00%Secured Debt(9)— — 1,625 17,403 42 2,275 15,170 
Preferred Equity(9)— 2,452 622 4,000 2,820 — 6,820 
Integral Energy Services13.09%SF+7.50%Secured Debt(8)— 232 1,400 13,891 295 1,571 12,615 
10.00%10.00%Preferred Equity(8)— 125 21 300 146 — 446 
Common Stock(8)— 390 32 160 390 — 550 
Iron-Main Investments, LLC13.00%Secured Debt(5)— — 465 4,487 5 — 4,492 
13.00%Secured Debt(5)— — 303 2,922 4 — 2,926 
13.00%Secured Debt(5)— — 911 8,944 — — 8,944 
13.00%Secured Debt(5)— — 1,962 19,503 33 2,000 17,536 
13.00%Secured Debt(5)— — 1,111 10,273 64 480 9,857 
Common Stock(5)— 170 — 2,680 170 — 2,850 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
25.00%25.00%Preferred Equity(5)— 49 — — 760 — 760 
ITA Holdings Group, LLC15.53%SF+9.00%1.00%Secured Debt(8)— — 124 816 602 236 1,182 
15.53%SF+9.00%1.00%Secured Debt (12)(8)— — 98 697 297 — 994 
14.53%SF+8.00%1.00%Secured Debt(8)— — 711 3,430 259 — 3,689 
16.53%SF+10.00%1.00%Secured Debt(8)— — 778 3,430 259 — 3,689 
Warrants(8)— 1,189 — 2,091 1,189 — 3,280 
Johnson Downie Opco, LLCSecured Debt (12)(8)— (5)18 — 5 5 — 
15.00%Secured Debt(8)— (41)2,665 24,207 41 2,741 21,507 
Preferred Equity(8)— 4,680 805 9,620 4,680 — 14,300 
MoneyThumb Acquisition, LLC14.00%Secured Debt(9)— — 375 — 8,933 — 8,933 
12.00%12.00%Preferred Member Units(9)— — 23 — 1,656 — 1,656 
Warrants(9)— — — — 594 — 594 
Nebraska Vet AcquireCo, LLC12.35%SF+7.00%Secured Debt (12)(8)— 8 61 — 1,250 — 1,250 
Secured Debt(8)— (121)1,205 25,794 — 25,794 — 
Secured Debt(8)— (44)454 10,500 — 10,500 — 
Preferred Member Units(5)— 9,620 674 15,020 9,620 — 24,640 
12.50%Secured Debt(5)— 127 3,460 — 62,200 — 62,200 
12.50%Secured Debt(5)— 181 153 — 650 — 650 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— (153)— 326 — 153 173 
12.00%12.00%Secured Debt(8)— (156)— 332 — 155 177 
12.00%12.00%Secured Debt(8)— (335)— 716 — 336 380 
12.00%12.00%Secured Debt(8)— (700)— 1,493 — 700 793 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCSF+10.00%Secured Debt(7)— — — — — — — 
SF+10.00%Secured Debt(7)— 61 539 5,350 90 5,440 — 
Preferred Stock(7)— 1,082 — 1,128 1,082 — 2,210 
Quality Lease Service, LLCPreferred Member Units(8)(2,504)2,500 — — 2,500 2,500 — 
RA Outdoors (Aspira) LLC11.59%SF+6.75%11.59%Secured Debt(8)— (73)28 771 498 38 1,231 
11.59%SF+6.75%11.59%Secured Debt(8)— (762)294 12,513 464 100 12,877 
Common Equity(8)— — — — — — — 
SI East, LLC11.75%Secured Debt (12)(7)— (3)195 1,125 2,253 1,128 2,250 
Secured Debt(7)— (241)2,600 54,536 — 54,536 — 
12.63%Secured Debt(7)— 54 3,647 — 67,661 — 67,661 
Preferred Member Units(7)— (2,990)1,994 19,170 — 2,990 16,180 
Slick Innovations, LLC14.00%Secured Debt(6)— 61 1,886 11,440 7,600 2,240 16,800 
Common Stock(6)— 206 234 2,310 206 456 2,060 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (1,546)— 3,190 — 1,546 1,644 
Preferred Equity(6)— — — — — — — 
8.50%8.50%Secured Debt(6)— — 1 — 201 — 201 
Superior Rigging & Erecting Co.Secured Debt(7)— — 1,193 20,427 73 20,500 — 
Preferred Member Units(7)— 1,510 — 5,940 1,510 — 7,450 


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		September 30,
2024 Fair Value (13)
The Affiliati Network, LLCSecured Debt (12)(9)— — 12 150 643 800 (7)
10.00%Secured Debt(9)— — 603 7,347 21 1,920 5,448 
Preferred Stock(9)— — 272 6,400 — — 6,400 
Preferred Stock(9)— — 20 172 90 — 262 
UnionRock Energy Fund II, LPLP Interests (12)(9)— 282 — 5,694 283 336 5,641 
UnionRock Energy Fund III, LPLP Interests (12)(9)— 1,453 — 2,838 3,953 — 6,791 
UniTek Global Services, Inc.15.00%15.00%Secured Convertible Debt(6)— 153 204 3,889 1,610 — 5,499 
15.00%15.00%Secured Convertible Debt(6)— 61 99 1,908 686 — 2,594 
20.00%20.00%Preferred Stock(6)— (224)418 2,833 418 224 3,027 
20.00%20.00%Preferred Stock(6)— 250 — 3,698 574 — 4,272 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Universal Wellhead Services Holdings, LLC14.00%14.00%Preferred Member Units(8)— (150)— 150 — 150 — 
Member Units(8)— — — — — — — 
Urgent DSO LLC13.50%Secured Debt(5)— — 939 — 8,722 — 8,722 
9.00%9.00%Preferred Equity(5)— — 228 — 4,228 — 4,228 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 1,182 12,028 21 479 11,570 
Preferred Equity(7)— — 88 3,845 — — 3,845 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— (3,694)(2,723)(71,799)— — — 
Total Affiliate investments$786 $22,609 $61,813 $615,002 $340,196 $242,905 $784,092 
___________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(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.


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Schedule 12-14
MAIN STREET CAPITAL CORPORATION
Consolidated Schedule of Investments in and Advances to Affiliates (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $518,932. This represented 19.3% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $203,627. This represented 7.6% of net assets as of September 30, 2024.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $287,130. This represented 10.7% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $84,630. This represented 3.1% of net assets as of September 30, 2024.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $50,636. This represented 1.9% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $170,755. This represented 6.3% of net assets as of September 30, 2024.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $851,838. This represented 31.6% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $163,808. This represented 6.1% of net assets as of September 30, 2024.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $396,040. This represented 14.7% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $161,272. This represented 6.0% of net assets as of September 30, 2024.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of September 30, 2024 (see Note K — Commitments and Contingencies). 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, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2025 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, 2024, 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, 2024, as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report.
ORGANIZATION
Main Street Capital Corporation (“MSCC” or, together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized long-term debt and equity capital solutions to lower middle market (“LMM”) companies (its “LMM investment strategy”) and debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” debt and equity financing solutions within its LMM investment strategy. Main Street invests primarily in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Main Street also seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan companies generally headquartered in the United States.
Main Street also maintains a legacy portfolio of investments in larger middle market (“Middle Market”) companies (its “Middle Market investment portfolio”) and a limited portfolio of other portfolio (“Other Portfolio”) investments. Main Street’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. Main Street has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. Main Street’s 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 in unaffiliated investment companies and private funds managed by third parties.
The “Investment Portfolio,” as used herein, refers to all of Main Street’s investments in LMM portfolio companies, investments in Private Loan portfolio companies, investments in Middle Market portfolio companies, Other Portfolio investments, short-term portfolio investments (as discussed in Note C — Fair Value Hierarchy for Investments — Portfolio Composition — Investment Portfolio Composition in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q) and the investment in the External Investment Manager (as defined below).


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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 earns fee income for such services. MSCC has been granted no-action relief by the SEC to allow the External Investment Manager to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended. Since the External Investment Manager conducts all of its investment management activities for External Parties, it is accounted for as a portfolio investment of Main Street and is not included as a consolidated subsidiary in Main Street’s consolidated financial statements.
MSCC has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSCC generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.
MSCC has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSCC to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSCC also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).
Unless otherwise noted or the context otherwise indicates, the terms “we,” “us,” “our,” the “Company” and “Main Street” refer to MSCC and its consolidated subsidiaries, which include the Funds, the Taxable Subsidiaries and the Structured Subsidiaries.
OVERVIEW OF OUR BUSINESS
Our principal investment objective is to maximize our Investment Portfolio’s total return by generating current income from our debt investments and current income and capital appreciation from our equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. We seek to achieve our investment objective primarily through our LMM and Private Loan investment strategies. Our LMM investment strategy involves investments in companies that generally have annual revenues between $10 million and $150 million and annual earnings before interest, tax, depreciation and amortization expenses (“EBITDA”) between $3 million and $20 million. Our LMM portfolio investments generally range in size from $5 million to $125 million. Our Private Loan investment strategy involves investments in companies that generally have annual revenues between $25 million and $500 million and annual EBITDA between $7.5 million and $50 million. Our Private Loan investments generally range in size from $10 million to $100 million.
We seek to fill the financing gap for LMM businesses, which, historically, have had limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participation. Our ability to invest across a company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options, or a “one-stop” financing solution. We believe that providing customized, “one-stop” financing solutions is important and valuable to LMM portfolio companies. We generally seek to partner directly with entrepreneurs, management teams and business owners in making our LMM investments. Our LMM portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.


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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. In both cases, our Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. Our Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. We may also co-invest with the private equity fund in the equity securities of our Private Loan portfolio companies.
We also maintain a legacy portfolio of investments in larger Middle Market companies. Our Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. We have generally stopped making new Middle Market investments and expect the size of our Middle Market investment portfolio to continue to decline in future periods as existing Middle Market investments are repaid or sold. Our Middle Market debt investments generally range in size from $3 million to $25 million, are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.
Our Other Portfolio 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 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.
Based upon our liquidity and capital structure management activities, our Investment Portfolio may also periodically include short-term portfolio investments that are atypical of our LMM and Private Loan portfolio investments in that they are intended to be a short-term deployment of capital. These assets are typically expected to be realized in one year or less and are not expected to be a significant portion of our overall Investment Portfolio.
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.


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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 stockholders 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 described below). The ratio of our total operating expenses, excluding interest expense, as a percentage of our quarterly average total assets was 1.3% for each of the trailing twelve months ended September 30, 2025 and 2024 and for the year ended December 31, 2024. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was 3.8% and 3.7% for the trailing twelve months ended September 30, 2025 and 2024, respectively, and 3.8% for the year ended December 31, 2024. Our ratio of expenses as a percentage of our average net asset value (“NAV”) is described in greater detail in Note F — Financial Highlights in the notes 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 (as amended and restated on January 29, 2025, the “Advisory Agreement”). Under the Advisory Agreement, prior to January 29, 2025, the External Investment Manager earned a 1.75% annual base management fee on MSC Income’s average total assets, a subordinated incentive fee on income equal to 20% of pre-incentive 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. On and after January 29, 2025, under the Advisory Agreement, the External Investment Manager earns a 1.5% annual base management fee on MSC Income’s average total assets (including cash and cash equivalents), payable quarterly in arrears (with additional future contractual reductions based upon changes to MSC Income’s investment portfolio composition), a subordinated incentive fee on income equal to 17.5% of pre-incentive fee net investment income above a specified investment return hurdle rate, subject to a 50% / 50% catch-up feature, and a 17.5% incentive fee on cumulative net realized capital gains from January 29, 2025.
Additionally, the External Investment Manager has entered into investment management agreements with MS Private Loan Fund I, LP (“Private Loan Fund I”) and MS Private Loan Fund II, LP (“Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments, pursuant to which the External Investment Manager provides investment advisory and management services to each fund in exchange for an asset-based management 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 September 30, 2025 and 2024, the External Investment Manager earned $5.6 million and $6.1 million in base management fees, respectively, $3.9 million and $2.4 million in incentive fees, respectively, and $0.2 million of administrative service fee income for each of the three months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, the External Investment Manager earned $17.1 million and $17.7 million in base management fees, respectively, $10.3 million and $10.4 million in incentive fees, respectively, and $0.5 million of administrative service fee income for each of the nine months ended September 30, 2025 and 2024.
We have entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income and its other clients. Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities, and we allocate the related expenses to the External Investment Manager pursuant to the sharing agreement. Our total expenses for the three months ended September 30, 2025 and 2024 are net of expenses allocated to the External Investment Manager of $5.7 million and $5.3 million, respectively. Our total expenses for the nine months ended September 30, 2025 and 2024 are net of expenses allocated to the External Investment Manager of $17.0 million and $16.8 million, respectively.


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The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended September 30, 2025 and 2024, dividends accrued by us from the External Investment Manager were $3.0 million and $2.6 million, respectively. For the three months ended September 30, 2025 and 2024, the total contribution of the External Investment Manager to our net investment income was $8.8 million and $7.9 million, respectively. For the nine months ended September 30, 2025 and 2024, dividends accrued by us from the External Investment Manager were $8.4 million and $8.9 million, respectively. For the nine months ended September 30, 2025 and 2024, the total contribution of the External Investment Manager to our net investment income was $25.4 million and $25.6 million, respectively.
We have received an exemptive order from the SEC permitting co-investments among us, MSC Income and other advisory clients of 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, Private Loan Fund I, Private Loan Fund II and other advisory clients of 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 earn performance-based fee compensation from its advisory clients, this may provide the Company and the External Investment Manager an incentive to allocate opportunities to advisory clients instead of us. However, both we and the External Investment Manager have policies and procedures in place to manage this conflict, including approval of investment allocations and oversight of co-investments by the independent members of our Board of Directors. In addition to the co-investment program described above, we also co-invest in certain investment transactions where price is the only negotiated point by us and our affiliates.
INVESTMENT PORTFOLIO SUMMARY
The following tables provide a summary of our investments in the LMM and Private Loan portfolios as of September 30, 2025 and December 31, 2024 (this information excludes Middle Market, Other Portfolio investments and the External Investment Manager, which are discussed further below).
As of September 30, 2025
LMM (a)Private Loan
(dollars in millions)
Number of portfolio companies88 86 
Fair value$2,782.2 $1,886.5 
Cost$2,167.5 $1,898.3 
Debt investments as a % of portfolio (at cost)70.7 %94.0 %
Equity investments as a % of portfolio (at cost)29.3 %6.0 %
% of debt investments at cost secured by first priority lien99.3 %99.9 %
Weighted-average annual effective yield (b)12.7 %11.1 %
Average EBITDA (c)$10.3 $34.3 
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(a)As of September 30, 2025, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 38%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of September 30, 2025, 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, and are weighted based upon the principal amount of each applicable debt investment as of September 30, 2025. The weighted-average annual effective yield on our debt portfolio as of September 30, 2025, including debt investments on non-accrual status, was 12.1% for our LMM portfolio and 10.1% for our Private Loan portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.


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(c)The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the Private Loan portfolio. These calculations exclude certain portfolio companies, including five LMM portfolio companies and six 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 and those portfolio companies whose primary operations have ceased and only residual value remains.
As of December 31, 2024
LMM (a)Private Loan
(dollars in millions)
Number of portfolio companies84 91 
Fair value$2,502.9 $1,904.3 
Cost$1,937.8 $1,952.5 
Debt investments as a % of portfolio (at cost)70.8 %95.4 %
Equity investments as a % of portfolio (at cost)29.2 %4.6 %
% of debt investments at cost secured by first priority lien99.2 %99.9 %
Weighted-average annual effective yield (b)12.8 %11.8 %
Average EBITDA (c)$10.2 $30.5 
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(a)As of December 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 38%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 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, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2024. The weighted-average annual effective yield on our debt portfolio as of December 31, 2024, including debt investments on non-accrual status, was 12.3% for our LMM portfolio and 11.5% for our Private Loan 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 portfolio. These calculations exclude certain portfolio companies, including five LMM portfolio companies and five 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 and those portfolio companies whose primary operations have ceased and only residual value remains.
For the three months ended September 30, 2025 and 2024, we achieved an annualized total return on investments of 16.9% and 17.7%, respectively. For the nine months ended September 30, 2025 and 2024, we achieved an annualized total return on investments of 16.4% and 16.7%, respectively. For the year ended December 31, 2024, we achieved a total return on investments of 17.9%. Total return on investments is calculated using the interest, dividend and fee income, as well as the realized and unrealized change in fair value of the Investment Portfolio for the specified period. Our total return on investments is not reflective of what an investor in shares of our common stock will realize on its investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.
As of September 30, 2025, we had Other Portfolio investments in 32 entities, spread across 12 investment managers, collectively totaling $122.8 million in fair value and $130.9 million in cost basis, which comprised 2.4% and 3.0% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, we had Other Portfolio investments in 31 entities, spread across 12 investment managers, collectively totaling $124.1 million in fair value and $122.5 million in cost basis, which comprised 2.5% and 2.9% of our Investment Portfolio at fair value and cost, respectively.
As of September 30, 2025, we had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $89.9 million in fair value and $119.8 million in cost basis, which comprised 1.7% and 2.8% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, we had Middle Market portfolio investments in 15 portfolio companies, collectively totaling $155.3 million in fair value and $195.0 million in cost basis, which comprised 3.1% and 4.6% of our Investment Portfolio at fair value and cost, respectively.


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As previously discussed in Note A.1. — Organization and Basis of Presentation — Organization in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q, we hold an investment in the External Investment Manager, a wholly-owned subsidiary that is treated as a portfolio investment. As of September 30, 2025, this investment had a fair value of $266.4 million and a cost basis of $29.5 million, which comprised 5.2% and 0.7% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, this investment had a fair value of $246.0 million and a cost basis of $29.5 million, which comprised 5.0% and 0.7% 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 in the notes 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 September 30, 2025 and December 31, 2024, our Investment Portfolio valued at fair value represented 97% and 96%, respectively, of our total assets. We are required to report our investments at fair value. We follow the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of our Investment Portfolio valuation process and procedures.
Due to the inherent uncertainty in the valuation process, our determination of fair value for our Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.
Rule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of our executive officers to serve as the Board of Directors’ valuation designee. We believe our Investment Portfolio as of September 30, 2025 and December 31, 2024 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.


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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 in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though we may not have collected the PIK interest and cumulative dividends in cash. We stop accruing PIK interest and cumulative dividends and write off any accrued and uncollected interest and dividends in arrears when we determine that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2025 and 2024, (i) 3.0% and 4.4%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.7% and 0.5%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2025 and 2024, (i) 2.7% and 3.8%, respectively, of our total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.7% and 0.4%, respectively, of our total investment income was attributable to cumulative dividend income not paid currently in cash.


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INVESTMENT PORTFOLIO COMPOSITION
The following tables summarize the composition of our total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments and the External Investment Manager, which are discussed above).
Cost:September 30, 2025December 31, 2024
First lien debt81.0 %82.9 %
Equity18.4 16.4 
Second lien debt0.1 0.2 
Equity warrants0.3 0.3 
Other0.2 0.2 
100.0 %100.0 %
Fair Value:September 30, 2025December 31, 2024
First lien debt69.2 %71.4 %
Equity29.9 27.8 
Second lien debt0.1 0.2 
Equity warrants0.6 0.4 
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 contained in Part II of this Form 10-Q for further information.
PORTFOLIO ASSET QUALITY
We utilize an internally developed investment rating system to rate the performance of each LMM, Private Loan and Middle Market portfolio company and to monitor our expected level of returns on each of our LMM, Private Loan and Middle Market investments in relation to our expectations for the portfolio company. The investment rating system takes into consideration various factors, including, but not limited to, each investment’s expected level of returns, the collectability of our debt investments and the ability to receive a return of the invested capital in our equity investments, comparisons to competitors and other industry participants, the portfolio company’s future outlook and other factors that are deemed to be significant to the portfolio company.
As of September 30, 2025, investments on non-accrual status comprised 1.2% of our total Investment Portfolio at fair value and 3.6% at cost. As of December 31, 2024, investments on non-accrual status comprised 0.9% of our total Investment Portfolio at fair value and 3.5% at cost.
The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In periods during which the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on our future results.


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DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
Comparison of the three months ended September 30, 2025 and 2024
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income and to distributable net investment income before taxes, for the three months ended September 30, 2025 and 2024. All prior period net investment income, net investment income per share, distributable net investment income and distributable net investment income per share amounts presented in this section have been retrospectively adjusted to conform to the current presentation. See Note A.3. — Organization and Basis of Presentation — Revisions to the Presentation of Previously Issued Financial Statements in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional details on these adjustments.
Three Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands)
Total investment income$139,831 $136,824 $3,007 2 %
Total expenses(50,316)(49,228)(1,088)2 %
Net investment income before taxes89,515 87,596 1,919 2 %
Excise tax expense(838)(458)(380)83 %
Federal and state income and other tax expenses(2,139)(2,758)619 (22)%
Net investment income86,538 84,380 2,158 3 %
Net realized gain (loss)(19,104)26,382 (45,486)NM
Net unrealized appreciation62,978 21,738 41,240 NM
Income tax provision on net realized gain (loss) and net unrealized appreciation(6,741)(8,493)1,752 NM
Net increase in net assets resulting from operations$123,671 $124,007 $(336)— %
Three Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands, except per share amounts)
Net investment income$86,538 $84,380 $2,158 3 %
Share‑based compensation expense5,433 4,868 565 12 %
Deferred compensation expense734 509 225 NM
Distributable net investment income (a)$92,705 $89,757 $2,948 3 %
Excise tax expense838 458 380 83 %
Federal and state income and other tax expenses2,139 2,758 (619)(22)%
Distributable net investment income before taxes (b)$95,682 $92,973 $2,709 3 %
Net investment income per share—Basic and diluted$0.97 $0.96 $0.01 1 %
Distributable net investment income per share—Basic and diluted (a)$1.03 $1.03 $— — %
Distributable net investment income before taxes per share—Basic and diluted (b)$1.07 $1.06 $0.01 1 %
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NM    — Net Change % not meaningful
(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impact 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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(b)Distributable net investment income before taxes is net investment income as determined in accordance with U.S. GAAP, excluding the impact of share-based compensation expense, deferred compensation expense or benefit and any tax expenses included in net investment income. We believe presenting distributable net investment income before taxes 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, and since tax expenses included in net investment income may include excise tax expense, which is not solely attributable to net investment income, and deferred taxes, which are not payable in the current period. However, distributable net investment income before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income, net investment income before taxes 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 before taxes is detailed in the table above.
Investment Income
Total investment income for the three months ended September 30, 2025 was $139.8 million, a 2% increase from the $136.8 million of total investment income for the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands)
Interest income$103,286 $110,551 $(7,265)(7)%(a)
Dividend income31,263 23,239 8,024 35 %(b)
Fee income5,282 3,034 2,248 74 %(c)
Total investment income$139,831 $136,824 $3,007 2 %(d)
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(a)The decrease in interest income was principally attributable to (i) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments and decreases in interest rate spreads on existing Investment Portfolio debt investments and (ii) an increase in investments on non-accrual status, partially offset by higher average levels of income producing Investment Portfolio debt investments.
(b)The increase in dividend income was primarily a result of dividend income increases of (i) $6.6 million from our LMM portfolio companies, (ii) $0.7 million from our Other Portfolio investments and (iii) $0.5 million from our External Investment Manager.
(c)The increase in fee income was primarily due to a $1.4 million increase in fees related to increased investment activity and a $0.9 million increase from the refinancing and prepayment of Investment Portfolio debt investments.
(d)The increase in total investment income includes a net increase of $2.1 million in certain income considered less consistent or non-recurring, including (i) a $0.9 million increase in such fee income, (ii) a $0.6 million increase in such dividend income and (iii) a $0.6 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.


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Expenses
Total expenses for the three months ended September 30, 2025 were $50.3 million, a 2% increase from the $49.2 million in the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.
Three Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands)
Cash compensation$12,483 $11,135 $1,348 12 %(a)
Deferred compensation plan expense734 509 225 NM
Compensation13,217 11,644 1,573 14 %
General and administrative4,928 4,564 364 8 %
Interest32,472 33,474 (1,002)(3)%(b)
Share-based compensation5,433 4,868 565 12 %(c)
Gross expenses56,050 54,550 1,500 3 %
Expenses allocated to the External Investment Manager(5,734)(5,322)(412)8 %
Total expenses$50,316 $49,228 $1,088 2 %
___________________________
NM    — Net Change % not meaningful
(a)The increase in cash compensation was primarily attributable to (i) increased incentive compensation accruals, (ii) increased base compensation rates and (iii) increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The decrease in interest expense was primarily related to a decreased weighted-average interest rate on our Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index interest rates and decreases to the applicable margin rates resulting from the amendments of our Credit Facilities in April 2025, partially offset by an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio.
(c)The increase in share-based compensation expense was primarily attributable to incentive compensation awards issued in April 2025.
Net Investment Income
Net investment income for the three months ended September 30, 2025 increased 3% to $86.5 million, or $0.97 per share, compared to net investment income of $84.4 million, or $0.96 per share, in the corresponding period of 2024. The increase in net investment income is the result of the total investment income increase, partially offset by the total expenses increase, each as discussed above. The increase in net investment income per share reflects the increase in net investment income after the impact of the increase in weighted-average shares outstanding for the three months ended September 30, 2025, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market program (“ATM Program”), (ii) dividend reinvestment and direct stock purchase plan (“DRIP”) and (iii) equity incentive plans. The increase in net investment income on a per share basis also includes a $0.02 per share increase in investment income considered less consistent or non-recurring in nature.
Distributable Net Investment Income
Distributable net investment income for the three months ended September 30, 2025 increased 3% to $92.7 million, or $1.03 per share, compared to $89.8 million, or $1.03 per share, in the corresponding period of 2024. The increase in distributable net investment income was primarily due to (i) the increase in net investment income as discussed above and (ii) an increase in share-based compensation expense. The increase in distributable net investment income per share reflects the impact of the increase in weighted-average shares outstanding for the three months ended September 30, 2025, as discussed above. Distributable net investment income on a per share basis also includes a $0.02 per share increase in investment income considered less consistent or non-recurring in nature.


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Net Realized Loss
The following table provides a summary of the primary components of the total net realized loss on investments of $19.1 million for the three months ended September 30, 2025.
Three Months Ended September 30, 2025
Full ExitsPartial ExitsRestructuresOther (a)Total
Net Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)# of InvestmentsNet Gain/(Loss)Net Gain/(Loss)
(in thousands)
LMM portfolio$(4,186)3$— —$— —$231 $(3,955)
Private Loan portfolio— —— —(15,784)24 (15,780)
Middle Market portfolio— —— —— —4 4 
Other Portfolio— —629 1— —(2)627 
Total net realized gain/(loss)$(4,186)3$629 1$(15,784)2$237 $(19,104)
___________________________
(a)Other activity includes realized gains and losses from transactions involving seven portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation
The following table provides a summary of the total net unrealized appreciation of $63.0 million for the three months ended September 30, 2025.
Three Months Ended September 30, 2025
LMM (a)Private
Loan		Middle
Market		OtherTotal
(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$3,247 $13,672 $— $(627)$16,292 
Net unrealized appreciation (depreciation) relating to portfolio investments47,577 13,092 (4,383)(9,600)(b)46,686 
Total net unrealized appreciation (depreciation) relating to portfolio investments$50,824 $26,764 $(4,383)$(10,227)$62,978 
___________________________
(a)Includes unrealized appreciation on 42 LMM portfolio investments and unrealized depreciation on 17 LMM portfolio investments.
(b)Includes $6.3 million of unrealized depreciation related to the External Investment Manager.
Income Taxes
Main Street’s income taxes include excise tax expense at MSCC and federal and state income and other tax expenses at the Taxable Subsidiaries. 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 result of its investment activities and dividend policy and activities, MSCC incurs federal excise tax on its estimated undistributed taxable income. The Taxable Subsidiaries incur federal and state income and other taxes related to net investment income resulting from the Taxable Subsidiaries’ investment activities. The excise tax expense increase is due to changes in our estimated undistributed taxable income at the RIC, which is taxed at a 4% rate. The net investment income related federal and state income and other tax expenses decrease is due to decreases in taxable net investment income at the Taxable Subsidiaries.
The Taxable Subsidiaries also incur taxes on realized gains (losses) and unrealized appreciation (depreciation). These taxes will change over time due to changes in the valuations of portfolio investments and realized gains and losses, in each case, on our investments owned by the Taxable Subsidiaries.


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Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the three months ended September 30, 2025 was $123.7 million, or $1.38 per share, compared to $124.0 million, or $1.42 per share, during the three months ended September 30, 2024. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.


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Comparison of the nine months ended September 30, 2025 and 2024
Set forth below is a comparison of the results of operations, and a reconciliation of net investment income to distributable net investment income and distributable net investment income before taxes, for the nine months ended September 30, 2025 and 2024. All prior period net investment income, net investment income per share, distributable net investment income and distributable net investment income per share amounts presented in this section have been retrospectively adjusted to conform to the current presentation. See Note A.3. — Organization and Basis of Presentation — Revisions to the Presentation of Previously Issued Financial Statements in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional details on these adjustments.
Nine Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands)
Total investment income$420,850 $400,586 $20,264 5 %
Total expenses(148,191)(135,880)(12,311)9 %
Net investment income before taxes272,659 264,706 7,953 3 %
Excise tax expense(2,997)(1,652)(1,345)81 %
Federal and state income and other tax expenses(9,044)(8,340)(704)8 %
Net investment income260,618 254,714 5,904 2 %
Net realized gain3,771 17,429 (13,658)NM
Net unrealized appreciation107,217 85,431 21,786 NM
Income tax provision on net realized gain and net unrealized appreciation(9,319)(23,727)14,408 NM
Net increase in net assets resulting from operations$362,287 $333,847 $28,440 9 %
Nine Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands, except per share amounts)
Net investment income$260,618 $254,714 $5,904 2 %
Share‑based compensation expense15,691 13,853 1,838 13 %
Deferred compensation expense1,659 1,074 585 NM
Distributable net investment income (a)$277,968 $269,641 $8,327 3 %
Excise tax expense2,997 1,652 1,345 81 %
Federal and state income and other tax expenses9,044 8,340 704 8 %
Distributable net investment income before taxes (b)$290,009 $279,633 $10,376 4 %
Net investment income per share—Basic and diluted$2.92 $2.95 $(0.03)(1)%
Distributable net investment income per share—Basic and diluted (a)$3.12 $3.13 $(0.01)— %
Distributable net investment income before taxes per share—Basic and diluted (b)$3.25 $3.24 $0.01 — %
____________________
NM — Net change % not meaningful
(a)Distributable net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impacts of share-based compensation expense and deferred compensation expense or benefit. We believe presenting distributable net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing our financial performance since share-based compensation does not require settlement in cash and deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing our financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the table above.


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(b)Distributable net investment income before taxes is net investment income as determined in accordance with U.S. GAAP, excluding the impact of share-based compensation expense, deferred compensation expense or benefit and any tax expenses included in net investment income. We believe presenting distributable net investment income before taxes 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, and since tax expenses included in net investment income may include excise tax expense, which is not solely attributable to net investment income, and deferred taxes, which are not payable in the current period. However, distributable net investment income before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income, net investment income before taxes 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 before taxes is detailed in the table above.
Investment Income
Total investment income for the nine months ended September 30, 2025 was $420.9 million, a 5% increase from the $400.6 million of total investment income for the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands)
Interest income$302,160 $310,690 $(8,530)(3)%(a)
Dividend income105,134 72,718 32,416 45 %(b)
Fee income13,556 17,178 (3,622)(21)%(c)
Total investment income$420,850 $400,586 $20,264 5 %(d)
____________________
(a)The decrease in interest income was primarily attributable to (i) an increase in investments on non-accrual status and (ii) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments and decreases in interest rate spreads on existing Investment Portfolio debt investments, partially offset by higher average levels of income producing Investment Portfolio debt investments.
(b)The increase in dividend income was primarily a result of (i) an increase of $31.2 million in dividend income from our LMM portfolio companies and (ii) an increase $2.1 million in dividend income from our Private Loan portfolio companies, partially offset by a decrease of $0.5 million in dividend income from our External Investment Manager.
(c)The decrease in fee income was primarily related to (i) a $3.1 million decrease from lower exit, prepayment and amendment activity and (ii) a $0.5 million decrease in fees related to decreased investment activity.
(d)The increase in total investment income includes consistent levels of certain income considered less consistent or non-recurring compared to the corresponding period of 2024, including a $3.3 million decrease in such fee income, offset by (i) a $2.5 million increase in such dividend income and (ii) a $0.8 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.


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Expenses
Total expenses for the nine months ended September 30, 2025 were $148.2 million, a 9% increase from the $135.9 million in the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.
Nine Months Ended
September 30,
Net Change
2025
2024
Amount%
(in thousands)
Cash compensation$35,711 $34,151 $1,560 5 %(a)
Deferred compensation plan expense1,659 1,074 585 NM
Compensation37,370 35,225 2,145 6 %
General and administrative15,933 14,159 1,774 13 %(b)
Interest96,159 89,411 6,748 8 %(c)
Share-based compensation15,691 13,853 1,838 13 %(d)
Gross expenses165,153 152,648 12,505 8 %
Expenses allocated to the External Investment Manager(16,962)(16,768)(194)1 %
Total expenses$148,191 $135,880 $12,311 9 %
____________________
(a)The increase in cash compensation was primarily attributable to (i) increased base compensation rates and (ii) increased headcount to support our growing Investment Portfolio and asset management activities.
(b)The increase in general and administrative expense was primarily attributable to increased expenses related to business development activities.
(c)The increase in interest expense was primarily related to (i) an increase in average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio and (ii) an increased weighted-average interest rate on our debt obligations resulting from the issuance of the March 2029 Notes and the June 2027 Notes and the repayment at maturity of the May 2024 Notes (each as defined in the Liquidity and Capital Resources section below), partially offset by a decreased weighted-average interest rate on our Credit Facilities due to decreases in benchmark index interest rates and a decrease to the applicable margin rates resulting from the amendments of our Credit Facilities in April 2025.
(d)The increase in share-based compensation expense was primarily attributable to incentive compensation awards issued in April 2025.
Net Investment Income
Net investment income for the nine months ended September 30, 2025 increased 2% to $260.6 million, or $2.92 per share, compared to net investment income of $254.7 million, or $2.95 per share, for the corresponding period of 2024. The increase in net investment income is the result of the total investment income increase, partially offset by the total expenses increase, each as discussed above. The decrease in net investment income per share reflects the increase in net investment income after the impact of the increase in weighted-average shares outstanding for the nine months ended September 30, 2025, primarily due to shares issued through our (i) ATM Program, (ii) DRIP and (iii) equity incentive plans, in each case since the beginning of the comparable period of the prior year. The decrease in net investment income on a per share basis includes a $0.01 per share decrease in investment income considered less consistent or non-recurring in nature.
Distributable Net Investment Income
Distributable net investment income for the nine months ended September 30, 2025 increased 3% to $278.0 million, or $3.12 per share, compared with $269.6 million, or $3.13 per share, in the corresponding period of 2024. The increase in distributable net investment income was primarily due to (i) the increase in net investment income as discussed above, (ii) an increase in share-based compensation expense and (iii) an increase in deferred compensation expense. The decrease in distributable net investment income per share reflects the increase in distributable net investment income after the impact of the increase in weighted-average shares outstanding for the nine months ended September 30, 2025, as discussed above. The decrease in distributable net investment income on a per share basis includes a $0.01 per share decrease in investment income considered less consistent or non-recurring in nature.


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Net Realized Gain
The following table provides a summary of the primary components of the total net realized gain on investments of $3.8 million for the nine months ended September 30, 2025.
Nine Months Ended September 30, 2025
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$51,461 4$— —$— —$270 $51,731 
Private Loan portfolio2,459 4(163)2(37,237)5(148)(35,089)
Middle Market portfolio(16,264)1(1,156)2(3,442)1835 (20,027)
Other Portfolio— —6,796 2— —585 7,381 
Short-term portfolio— —— —— —(225)(225)
Total net realized gain (loss)$37,656 9$5,477 6$(40,679)6$1,317 $3,771 
____________________
(a)Other activity includes realized gains and losses from transactions involving 19 portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation
The following table provides a summary of the total net unrealized appreciation of $107.2 million for the nine months ended September 30, 2025.
Nine Months Ended September 30, 2025
LMM (a)Private
Loan		Middle
Market		OtherTotal
(in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$(54,109)$30,315 $20,696 $(7,381)$(10,479)
Net unrealized appreciation (depreciation) relating to portfolio investments103,720 5,111 (10,816)19,681 (b)117,696 
Total net unrealized appreciation relating to portfolio investments$49,611 $35,426 $9,880 $12,300 $107,217 
____________________
(a)Includes unrealized appreciation on 48 LMM portfolio investments and unrealized depreciation on 28 LMM portfolio investments.
(b)Includes $20.4 million of unrealized appreciation relating to the External Investment Manager.
Income Taxes
Main Street’s income taxes include excise tax expense at MSCC and federal and state income and other tax expenses at the Taxable Subsidiaries. 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 result of its investment activities and dividend policy and activities, MSCC incurs federal excise tax on its estimated undistributed taxable income. The Taxable Subsidiaries incur federal and state income and other taxes related to net investment income resulting from the Taxable Subsidiaries’ investment activities. The excise tax expense increase is due to changes in our estimated undistributed taxable income at the RIC, which is taxed at a 4% rate. The net investment income related federal and state income and other tax expenses increase is due to increases in taxable net investment income at the Taxable Subsidiaries.
The Taxable Subsidiaries also incur taxes on realized gains (losses) and unrealized appreciation (depreciation). These taxes will change over time due to changes in the valuations of portfolio investments and realized gains and losses, in each case, on our investments owned by the Taxable Subsidiaries.


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Net Increase in Net Assets Resulting from Operations
The net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $362.3 million, or $4.06 per share, compared with $333.8 million, or $3.87 per share, during the nine months ended September 30, 2024. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
For the nine months ended September 30, 2025, we realized a net decrease in cash and cash equivalents of $47.7 million, which is the net result of $172.8 million of cash provided by our operating activities and $220.4 million of cash used in our financing activities.
The $172.8 million of cash provided by our operating activities resulted primarily from (i) cash proceeds totaling $802.7 million from the sales and repayments of debt investments and sales and return of capital from equity investments and (ii) cash flows that we generated from the operating profits earned totaling $252.4 million, which is our distributable net investment income, excluding the non-cash effects of the accretion of unearned income, PIK interest income, cumulative dividends and the amortization expense for deferred financing costs, partially offset by (i) cash uses totaling $873.9 million for the funding of new and follow-on portfolio investments and (ii) $6.6 million in cash uses related to other assets and liabilities.
The $220.4 million of cash used in our financing activities principally consisted of (i) $253.7 million in dividends paid to our stockholders, (ii) $173.0 million in net repayments from our Credit Facilities, (iii) $150.0 million on the repayment of December 2025 Notes (as defined below), (iv) $10.0 million in purchases of vested stock for employee payroll tax withholdings and (v) $6.6 million for the payment of deferred financing costs, partially offset by (i) $350.0 million in cash proceeds from the issuance of the August 2028 Notes and (ii) $22.9 million in net cash proceeds from equity offerings from our ATM Program.
Capital Resources
As of September 30, 2025, we had $30.6 million in cash and cash equivalents and $1.530 billion of unused capacity under our Credit Facilities (as defined below) which we maintain to support our investment and operating activities. As of September 30, 2025, our NAV totaled $2.9 billion, or $32.78 per share.
As of September 30, 2025, we had $135.0 million outstanding and $1,006.1 million of undrawn commitments under our floating rate multi-year revolving credit facility (the “Corporate Facility”), and we, through MSCC Funding, had $76.0 million outstanding and $524.0 million of undrawn commitments under our special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”), both of which 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.
In April 2025, we entered into an amendment to our Corporate Facility to, among other things: (i) decrease the interest rate to the applicable Term Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.10% plus (a) 1.775% prior to satisfying certain step-down conditions or (b) 1.65% after satisfying certain step-down conditions, (ii) increase the revolving commitments to $1.145 billion, (iii) increase the accordion feature providing us with the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments to up to a total of $1.718 billion and (iv) extend the revolving period and final maturity date through April 2029 and to April 2030, respectively.
In April 2025, we entered into an amendment to our SPV Facility to, among other things: (i) decrease the interest rate to the applicable SOFR plus an applicable margin of (a) 1.95% during the revolving period (from 2.35%), (b) 2.075% for the first year following the end of the revolving period (from 2.475%) and (c) 2.20% for the second year following the end of the revolving period (from 2.60%), (ii) extend the revolving period from through September 2027 to through September 2028, (iii) extend the final maturity date from September 2029 to September 2030 and (iv) decrease the unused fee to 0.40% (from 0.50%) on the unused amount up to 50% (from 35%) of the commitment amount.
For further information on our Credit Facilities, including key terms and financial covenants, refer to Note E — Debt in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.


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In January 2021, we issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”). In October 2021, we issued an additional $200.0 million in aggregate principal amount of the July 2026 Notes. The outstanding aggregate principal amount of the July 2026 Notes was $500.0 million as of both September 30, 2025 and December 31, 2024.
In June 2024, we issued $300.0 million in aggregate principal amount of 6.50% unsecured notes due June 4, 2027 (the “June 2027 Notes”). In September 2024, we issued an additional $100.0 million in aggregate principal amount of the June 2027 Notes at a public offering price of 102.134% resulting in a yield-to-maturity of 5.617% on such issuance. The June 2027 Notes issued in September 2024 have identical terms as, and are a part of a single series with, the June 2027 Notes issued in June 2024. The outstanding aggregate principal amount of the June 2027 Notes was $400.0 million and bear interest at a rate of 6.50% per year with a yield-to-maturity of approximately 6.34% as of both September 30, 2025 and December 31, 2024.
In August 2025, we issued $350.0 million in aggregate principal amount of 5.40% unsecured notes due August 15, 2028 (the “August 2028 Notes”). The outstanding aggregate principal amount of the August 2028 Notes was $350.0 million as of September 30, 2025.
In January 2024, we issued $350.0 million in aggregate principal amount of 6.95% unsecured notes due March 1, 2029 (the “March 2029 Notes”). The outstanding aggregate principal amount of the March 2029 Notes was $350.0 million as of both September 30, 2025 and December 31, 2024.
Through the Funds, we have the ability to issue SBIC debentures guaranteed by the SBA at favorable interest rates and favorable terms and conditions. Under existing SBIC regulations, SBA-approved SBICs under common control have the ability to issue debentures guaranteed by the SBA up to a regulatory maximum amount of $350.0 million. Under existing SBA-approved commitments, we had $350.0 million of outstanding SBIC debentures guaranteed by the SBA as of September 30, 2025 through our wholly-owned SBICs, which bear a weighted-average annual fixed interest rate of 3.3%, paid semiannually, and mature ten years from issuance. The first maturity related to our SBIC debentures occurs in March 2027, and the weighted-average remaining duration is 4.9 years as of September 30, 2025. 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 May 2024, we repaid the entire $450.0 million principal amount of the issued and outstanding 5.20% unsecured notes (the “May 2024 Notes”).
In September 2025, we repaid the entire $100.0 million principal amount of the issued and outstanding 7.84% unsecured notes and the entire $50.0 million principal amount of the issued and outstanding 7.53% unsecured notes (collectively, the “December 2025 Notes”) prior to maturity at par value plus the accrued and unpaid interest.
We maintain the ATM Program with certain selling agents through which we can sell shares of our common stock by means of at-the-market offerings from time to time. During the nine months ended September 30, 2025, we sold 390,990 shares of our common stock at a weighted-average price of $58.91 per share and raised $23.0 million of gross proceeds under the ATM Program. Net proceeds were $22.6 million after commissions to the selling agents on shares sold and offering costs. As of September 30, 2025, there were no share sales transactions that had not settled. In March 2025, we entered into new distribution agreements to sell up to 20,000,000 shares through the ATM Program. As of September 30, 2025, 19,680,372 shares remained available for sale under the ATM Program.
During the year ended December 31, 2024, we sold 2,489,275 shares of our common stock at a weighted-average price of $49.75 per share and raised $123.8 million of gross proceeds under the ATM Program. Net proceeds were $122.2 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.


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We periodically invest excess cash balances into marketable securities and short-term investments. The primary investment objective of marketable securities and short-term investments is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in our LMM and Private Loan portfolio investments. Marketable securities generally consist of money market funds and certificates of deposit with financial institutions. Short-term portfolio investments consist primarily of investments in secured debt investments and independently rated debt investments.
If our common stock trades below our NAV per share, we will generally not be able to issue additional common stock at the market price, unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We did not seek stockholder authorization to sell shares of our common stock below the then current NAV per share of our common stock at our 2025 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 accordance with the 1940 Act, we are allowed to borrow amounts such that our asset coverage ratio, or BDC asset coverage ratio, of our total assets to our total senior securities, which includes borrowings and any preferred stock we may issue in the future, is at least 150% after such borrowing. In January 2008, we received exemptive relief 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. Upon receipt of stockholder approval in accordance with the 1940 Act, our BDC asset coverage ratio was reduced from 200% to 150% effective May 3, 2022. As of September 30, 2025, our BDC asset coverage ratio was 261%.
Although we have been able to secure access to additional liquidity, including through our 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.15. — Summary of Significant Accounting Policies — Recently Issued or Adopted Accounting Standards in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Inflation
Inflation has not historically had a significant effect on our results of operations in any of the reporting periods presented herein. However, our portfolio companies have experienced, specifically including over the last few years, as a result of recent geopolitical events, uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from our investment teams and the management teams of our portfolio companies as we work to manage these growing challenges. Prolonged or more severe impacts of inflation to our portfolio companies could continue to affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative effect on the fair value of our investments in these portfolio companies. The combined impacts therefrom in turn could negatively affect our results of operations.
Off-Balance Sheet Arrangements
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. As of September 30, 2025, we had a total of $298.6 million in outstanding commitments comprised of (i) 75 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 11 investments with equity capital commitments that had not been fully called.


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Contractual Obligations
As of September 30, 2025, the future commitments for cash payments in connection with our Credit Facilities, the July 2026 Notes, the June 2027 Notes, the August 2028 Notes, the March 2029 Notes, SBIC debentures and rent obligations under our office lease for each of the next five years and thereafter are as follows:
2025
2026
2027
2028
2029
Thereafter
Total
(in thousands)
Corporate Facility (1)$— $— $— $— $— $135,000 $135,000 
SPV Facility (1)— — — — — 76,000 76,000 
July 2026 Notes— 500,000 — — — — 500,000 
Interest due on July 2026 Notes— 15,000 — — — — 15,000 
June 2027 Notes— — 400,000 — — — 400,000 
Interest due on June 2027 Notes13,000 26,000 13,000 — — — 52,000 
August 2028 Notes— — — 350,000 — — 350,000 
Interest due on August 2028 Notes— 18,900 18,900 18,900 — — 56,700 
March 2029 Notes— — — — 350,000 — 350,000 
Interest due on March 2029 Notes— 24,325 24,325 24,325 12,163 — 85,138 
SBIC debentures— — 75,000 75,000 — 200,000 350,000 
Interest due on SBIC debentures— 11,364 10,651 8,212 6,170 24,564 60,961 
Operating Lease Obligation (2)
294 1,193 1,214 1,235 1,256 5,575 10,767 
Total$13,294 $596,782 $543,090 $477,672 $369,589 $441,139 $2,441,566 
___________________________
(1)Future interest payments on our Credit Facilities have not been included, as these amounts fluctuate over time depending on the current interest rates and amounts outstanding.
(2)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.
Related Party Transactions and Agreements
We have entered into agreements and transactions with the External Investment Manager, MSC Income, Private Loan Fund I and 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 in the notes to the consolidated financial statements 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 fees and cash compensation, subject to certain limitations. See Note L — Related Party Transactions in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding the deferred compensation plan.
Recent Developments
In November 2025, we declared a supplemental dividend of $0.30 per share payable in December 2025. This supplemental dividend is in addition to the previously announced regular monthly dividends that we declared of $0.255 per share for each month of October, November and December 2025 or total regular monthly dividends of $0.765 per share for the fourth quarter of 2025, resulting in total dividends declared for the fourth quarter of 2025 of $1.065 per share.
In November 2025, we also declared regular monthly dividends of $0.26 per share for each month of January, February and March of 2026. These regular monthly dividends equal a total of $0.78 per share for the first quarter of 2026, representing a 4.0% increase from the regular monthly dividends paid in the first quarter of 2025. Including the regular monthly and supplemental dividends declared for the fourth quarter of 2025 and first quarter of 2026, we will have paid $47.935 per share in cumulative dividends since our October 2007 initial public offering.


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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including changes in interest rates, and changes in interest rates may affect both our interest expense on the debt outstanding under our Credit Facilities and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rate indices, including 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, 2024 for more information regarding risks associated with our debt investments and borrowings that utilize SOFR or Prime as a reference rate.
The majority of our debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of September 30, 2025, 64% of our debt Investment Portfolio (at cost) bore interest at floating rates, 96% of which were subject to contractual minimum interest rates. As of September 30, 2025, 90% of our debt obligations bore interest at fixed rates. Our interest expense will be affected by changes in the published SOFR in connection with our Credit Facilities; however, the interest rates on our outstanding July 2026 Notes, June 2027 Notes, August 2028 Notes, March 2029 Notes and SBIC debentures, which collectively comprise the majority of our outstanding debt, are fixed for the life of such debt. As of September 30, 2025, we had not entered into any interest rate hedging arrangements. Due to our limited use of derivatives, we have claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and, therefore, are not subject to registration or regulation as a pool operator under such Act. The Company expects to operate as a “limited derivatives user” under Rule 18f-4 under the 1940 Act. In addition, the investment management and other services provided by our External Investment Manager also involve floating rate debt investments and floating rate debt obligations, and as a result the incentive fees earned by our External Investment Manager, and the corresponding benefits to our net investment income contributions from our External Investment Manager, are subject to change based upon any changes in floating benchmark index interest rates.


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The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings, or in the investments and borrowings related to the investment management and other services provided by our External Investment Manager, in both cases as of September 30, 2025.
Basis Point ChangeIncrease
(Decrease)
in Interest
Income		(Increase)
Decrease
in Interest
Expense		Increase (Decrease) in Net Investment Income
from the External Investment Manager (1)		Increase
(Decrease) in Net
Investment
Income		Increase
(Decrease) in Net
Investment
Income per Share
(dollars in thousands, except per share amounts)
(200)$(42,668)$4,220 $(992)$(39,440)$(0.44)
(175)(37,359)3,693 (869)(34,535)(0.39)
(150)(32,011)3,165 (745)(29,591)(0.33)
(125)(26,662)2,638 (620)(24,644)(0.28)
(100)(21,314)2,110 (495)(19,699)(0.22)
(75)(15,965)1,583 (370)(14,752)(0.16)
(50)(10,616)1,055 (245)(9,806)(0.11)
(25)(5,279)528 (121)(4,872)(0.05)
255,027 (528)118 4,617 0.05 
5010,137 (1,055)235 9,317 0.10 
7515,246 (1,583)353 14,016 0.16 
10020,355 (2,110)471 18,716 0.21 
12525,471 (2,638)725 23,558 0.26 
15030,587 (3,165)844 28,266 0.32 
17535,703 (3,693)962 32,972 0.37 
20040,819 (4,220)1,080 37,679 0.42 
___________________________
(1)Main Street’s total contribution from the External Investment Manager is based on the performance of assets managed by the External Investment Manager (as discussed in Note D — External Investment Manager in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), and any related cost of debt obligations related to such managed assets, which may fluctuate depending on changes in interest rates.
Although we believe that this analysis is indicative of the impact of interest rate changes to our net investment income as of September 30, 2025, the analysis does not take into consideration future changes in the credit market, credit quality or other business or economic developments that could affect our net investment income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above. The hypothetical results assume that all SOFR and Prime rate changes would be effective on the first day of the period. However, the contractual SOFR and Prime rate reset dates would vary throughout the period. The majority of our investments, and the investments managed by our External Investment Manager, are based on contracts which reset quarterly, while our Credit Facilities, and the debt obligations related to the assets managed by our External Investment Manager, reset monthly. The hypothetical results would also be impacted by the changes in the amount of outstanding debt 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, President, Chief Financial Officer, General Counsel and Chief Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer, President, Chief Financial Officer, General Counsel and Chief Accounting Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to us that is required to be disclosed in the reports we file or submit under the Exchange Act. There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2025 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 or future 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, 2024 that we filed with the SEC on February 28, 2025 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 that we filed with the SEC on May 9, 2025, 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, 2024 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the three months ended September 30, 2025, we issued 146,971 shares of our common stock under our DRIP. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended September 30, 2025 under our DRIP was $9.6 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 September 30, 2025, 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
Eighth Supplemental Indenture, dated August 15, 2025, between Main Street Capital Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee (previously filed as Exhibit 4.1 to Main Street Capital Corporation’s Current Report on Form 8-K filed on August 15, 2025 (File No. 814-00746)).
4.2
Form of 5.40% Notes due 2028 (contained in the Eighth Supplemental Indenture incorporated by reference as Exhibit 4.1 hereto).
31.1*
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1**
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
32.2**
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
101*
The following financial information from our Quarterly Report on Form 10-Q for the third quarter of fiscal year 2025, filed with the SEC on November 7, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) the Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024, (iii) the Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024, (iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, (v) the Consolidated Schedule of Investments for the periods ended September 30, 2025 and December 31, 2024, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the nine months ended September 30, 2025 and 2024.
104*Cover Page Interactive Data File (embedded within the Inline XBRL document)
___________________________
*    Filed herewith
**    Furnished herewith


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Main Street Capital Corporation
/s/ DWAYNE L. HYZAK
Date: November 7, 2025
Dwayne L. Hyzak
Chief Executive Officer
(principal executive officer)
/s/ RYAN R. NELSON
Date: November 7, 2025
Ryan R. Nelson
Chief Financial Officer
(principal financial officer)
/s/ RYAN H. MCHUGH
Date: November 7, 2025
Ryan H. McHugh
Chief Accounting Officer
(principal accounting officer)


154

Source: View Original Filing on SEC EDGAR

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Main Str Cap Corp

NYSE:MAIN

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MAIN Latest News

Nov 6, 2025
MAIN STREET ANNOUNCES THIRD QUARTER 2025 RESULTS
Sep 10, 2024
MSC Income Fund, Inc. Files Definitive Proxy Statement in Connection with Potential Listing of its Shares on a National Securities Exchange
Nov 4, 2025
Main Street Announces First Quarter 2026 Regular Monthly Dividends, Including a Monthly Dividend Increase, and Supplemental Dividend Payable in December 2025
Oct 15, 2025
Main Street Announces New Portfolio Investment
Oct 15, 2025
MSC Income Fund Announces Third Quarter 2025 Earnings Release and Conference Call Schedule

MAIN Latest SEC Filings

Nov 6, 2025
[8-K] Main Street Capital CORP Reports Material Event
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[8-K] Main Street Capital CORP Reports Material Event
Oct 14, 2025
[Form 4] Main Street Capital CORP Insider Trading Activity
Oct 14, 2025
[Form 4] Main Street Capital CORP Insider Trading Activity
Oct 14, 2025
[Form 4] Main Street Capital CORP Insider Trading Activity

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