main-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: to

Commission File Number: 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 Class

Trading Symbol

Name of Each Exchange on Which

Registered

Common Stock, par value $0.01 per share

MAIN

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

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

The number of shares outstanding of the issuer’s common stock as of May 7, 2026 was 92,989,838.

Table of contents


	TABLE OF CONTENTS
	PART I
	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—March 3 1 , 202 6 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations (unaudited)—Three months ended March 31 , 2026 and 2025	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 31 , 2026 and 2025	3
	Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31 , 202 6 and 2025	4
	Consolidated Schedule of Investments (unaudited)—March 31 , 20 26	5
	Consolidated Schedule of Investments—December 31, 202 5	36
	Notes to Consolidated Financial Statements (unaudited)	66
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 3 1 , 2026 and 2025	111
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	130
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	147
Item 4.	Controls and Procedures	148
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	149
Item 1A.	Risk Factors	149
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	149
Item 5.	Other Information	149
Item 6.	Exhibits	150
	Signatures	151

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MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,884,724 and $1,824,132 as of March 31, 2026 and December 31, 2025, respectively)	$	2,583,010	$	2,569,626
Affiliate investments (cost: $966,939 and $881,641 as of March 31, 2026 and December 31, 2025, respectively)	1,055,658		965,179
Non‑Control/Non‑Affiliate investments (cost: $2,081,821 and $2,018,755 as of March 31, 2026 and December 31, 2025, respectively)	2,036,083		1,983,312
Total investments (cost: $4,933,484 and $4,724,528 as of March 31, 2026 and December 31, 2025, respectively)	5,674,751		5,518,117
Cash and cash equivalents	20,791		41,959
Interest and dividend receivable and other assets	119,805		107,905

Deferred financing costs (net of accumulated amortization of $18,351 and $17,601 as of March 31, 2026 and December 31, 2025, respectively)	13,051		13,720
Total assets	$	5,828,398	$	5,681,701
LIABILITIES
Credit Facilities	$	386,000	$	518,000
March 2029 Notes (par: $550,000 and $350,000 as of March 31, 2026 and December 31, 2025, respectively)	551,015		347,721
July 2026 Notes (par: $500,000 as of both March 31, 2026 and December 31, 2025)	499,846		499,715
June 2027 Notes (par: $400,000 as of both March 31, 2026 and December 31, 2025)	399,641		399,569
August 2028 Notes (par: $350,000 as of both March 31, 2026 and December 31, 2025)	348,187		347,996
SBIC debentures (par: $350,000 as of both March 31, 2026 and December 31, 2025)	344,887		344,593
Accounts payable and other liabilities	47,826		67,799
Interest payable	20,306		30,094
Dividend payable	24,126		23,358
Deferred tax liability, net	112,920		108,963
Total liabilities	2,734,754		2,687,808
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 92,454,655 and 89,834,849 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	925		898
Additional paid‑in capital	2,607,285		2,457,660




Total undistributed earnings	485,434		535,335
Total net assets	3,093,644		2,993,893
Total liabilities and net assets	$	5,828,398	$	5,681,701
NET ASSET VALUE PER SHARE	$	33.46	$	33.33

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 March 31,
	2026		2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments	$	61,664	$	56,242
Affiliate investments	26,181		23,734
Non‑Control/Non‑Affiliate investments	52,261		57,070
Total investment income	140,106		137,046
EXPENSES:
Interest	(34,043)		(31,168)
Compensation	(13,185)		(11,476)
General and administrative	(5,396)		(5,086)
Share‑based compensation	(5,105)		(4,842)
Expenses allocated to the External Investment Manager	5,466		5,336
Total expenses	(52,263)		(47,236)
NET INVESTMENT INCOME BEFORE TAXES	87,843		89,810
Excise tax expense	(381)		(1,341)
Federal and state income and other tax expenses	(2,883)		(2,572)
NET INVESTMENT INCOME	84,579		85,897
NET REALIZED GAIN (LOSS):
Control investments	10,035		22
Affiliate investments	—		2,064
Non‑Control/Non‑Affiliate investments	7,938		(31,631)

Total net realized gain (loss)	17,973		(29,545)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(47,208)		401
Affiliate investments	5,181		39,003
Non‑Control/Non‑Affiliate investments	(8,572)		23,786

Total net unrealized appreciation (depreciation)	(50,599)		63,190
Income tax provision on net realized gain (loss) and net unrealized appreciation (depreciation)	(2,972)		(3,460)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,981	$	116,082
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.93	$	0.97
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.54	$	1.31
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	90,654,821		88,711,015

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 Stock			Additional Paid-In Capital		Total Undistributed Earnings		Total Net Asset Value
	Number of Shares	Par Value
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 costs	89,091	1		5,197		—		5,198
Share‑based compensation	—	—		4,842		—		4,842

Dividend reinvestment	156,749	2		9,085		—		9,087
Amortization of directors’ deferred compensation	—	—		108		—		108
Issuance of restricted stock, net of forfeited shares	13,366	—		—		—		—
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































Balances as of December 31, 2025	89,838,001	$	898	$	2,457,660	$	535,335	$	2,993,893
Public offering of common stock, net of offering costs	2,430,825	25		134,258		—		134,283
Share‑based compensation	—	—		5,105		—		5,105

Dividend reinvestment	173,523	2		9,959		—		9,961
Amortization of directors’ deferred compensation	—	—		90		—		90
Issuance of restricted stock, net of forfeited shares	19,924	—		—		—		—
Net increase in net assets resulting from operations	—	—		—		48,981		48,981

Dividends to stockholders	—	—		213		(98,882)		(98,669)
Balances as of March 31, 2026	92,462,273	$	925	$	2,607,285	$	485,434	$	3,093,644

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)


	Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	48,981	$	116,082
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Investments in portfolio companies	(391,937)		(242,705)
Proceeds from sales and repayments of debt investments in portfolio companies	166,033		144,716
Proceeds from sales and return of capital of equity investments in portfolio companies	41,746		19,806
Net unrealized (appreciation) depreciation	50,599		(63,190)
Net realized (gain) loss	(17,973)		29,545
Accretion of unearned income	(5,008)		(4,484)
Payment-in-kind interest	(3,847)		(3,986)
Cumulative dividends	(1,032)		(681)
Share-based compensation expense	5,105		4,842
Amortization of deferred financing costs	1,618		1,473
Deferred taxes	3,957		4,887
Changes in other assets and liabilities:
Interest and dividend receivable and other assets	(9,890)		(1,710)
Interest payable	(9,788)		(3,274)
Accounts payable and other liabilities	(19,884)		(22,629)
Deferred fees and other	2,776		909
Net cash used in operating activities	(138,544)		(20,399)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs	134,283		5,198
Proceeds from public offering of March 2029 Notes	200,000		—

Dividends paid	(87,940)		(83,870)


Proceeds from Credit Facilities	531,000		273,000
Repayments on Credit Facilities	(663,000)		(143,000)
Debt issuance premiums, net	3,033		—


Net cash provided by financing activities	117,376		51,328

Net increase (decrease) in cash and cash equivalents	(21,168)		30,929
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	41,959		78,251
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	20,791	$	109,180

Supplemental cash flow disclosures:
Interest paid	$	42,187	$	32,924
Taxes paid	$	4,263	$	8,046


Non-cash financing activities:
Value of shares issued pursuant to the dividend reinvestment plan	$	9,961	$	9,087

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

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/27/2026		12.36%	SF+	8.50%	12.36%	3/28/2028	$	311	$	311	$	311
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	8,412		8,412		8,412
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	8,412		8,412		6,943
			Preferred Equity		3/25/2025	26,638								8,970		3,780
														26,105		19,446
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.25%				8/16/2029	3,742		3,710		3,710
			Preferred Member Units		5/20/2021	2,411								2,387		6,030
			Preferred Member Units		8/16/2019	3,108								3,200		550
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,613		10,290
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(2)		—
			Secured Debt	(25)	3/7/2022						3/7/2027	—		—		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	9,833		9,814		9,833
			Preferred Stock	(8)	3/7/2022	4,073								4,095		9,370
														13,907		19,203
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	1,773		1,773		1,773
			Preferred Equity		11/4/2024	19,536,995								19,537		7,780
														21,310		9,553
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		12.09%	SF+	8.40%		10/31/2027	101,046		100,836		101,046
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		31,190
														114,836		132,236
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		13.79%	SF+	10.00%		12/31/2026	5,016		5,016		5,016
			Preferred Member Units	(8)	1/9/2018	2,950								4,280		2,970
			Preferred Member Units	(8)	7/7/2025	312	15.00%			15.00%				348		348
														9,644		8,334
Bridge Capital Solutions Corporation		Financial Services and Cash Flow Solutions Provider
			Preferred Member Units	(29)	7/25/2016	17,742								1,000		—
			Warrants	(27)	7/25/2016	82					7/25/2026			2,132		—
														3,132		—
California Splendor Holdings LLC		Processor of Frozen Fruits

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

		Secured Debt	(25)	3/15/2024						8/28/2028	—	(10)	(10)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800	25,779	25,391
		Preferred Member Units	(8)	7/31/2019	11,671	15.00%			15.00%			16,107	16,107
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	8,391
												58,278	49,879
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	45,570

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	8.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		11.79%	SF+	8.00%		1/4/2028	24,085	24,061	24,085
		Preferred Member Units		1/4/2019	13,883							6,386	45,940
												30,447	70,025
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2029	—	(36)	—
		Secured Debt	(9)	2/26/2018		11.86%	SF+	8.00%		2/26/2029	41,220	41,004	41,220
		Member Units	(8)	2/26/2018	4,347							11,440	39,510
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	4,080
												54,181	84,810
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694	5,293	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	16,020
												7,256	21,714
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						7/31/2027	—	—	—
		Secured Debt		12/20/2016		10.00%				7/31/2030	9,240	9,171	9,240
		Secured Debt		12/20/2016		10.00%				12/20/2036	917	911	917
		Member Units	(8)	12/20/2016	717							7,280	14,890
		Member Units	(29)	12/20/2016	800							509	1,510
												17,871	26,557
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt	(25)	3/6/2020						12/3/2030	—	(87)	—
		Secured Debt		3/6/2020		12.50%				12/3/2030	34,260	33,733	34,260
		Preferred Member Units	(8) (29)	3/6/2020	587							8,317	64,270
												41,963	98,530
Colonial Electric Company LLC	Provider of Electrical Contracting Services
		Secured Debt	(25)	3/31/2021						3/31/2028	—	—	—

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt		3/31/2021		9.00%				3/31/2028	8,779	8,685	8,779
			Preferred Member Units	(8)	3/31/2021	17,280							7,680	18,950
													16,365	27,729
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		14.79%	SF+	11.00%		1/29/2028	4,000	3,995	3,936
			Preferred Member Units		1/29/2019	2,250							3,520	3,900
													7,515	7,836
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	(14)	(14)
			Secured Debt		11/22/2023		13.50%				11/22/2028	16,200	16,115	15,976
			Preferred Equity		11/22/2023	7,454							7,454	7,450
													23,555	23,412
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							390	530

Cybermedia Technologies, LLC		IT and Digital Services Provider
			Secured Debt	(25)	5/5/2023						5/5/2028	—	—	—
			Secured Debt		5/5/2023		13.00%				5/5/2028	26,810	26,697	26,692
			Preferred Member Units		5/5/2023	556							15,000	4,050
			Preferred Equity		4/1/2025	2,400,000							2,400	6,910
													44,097	37,652
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt	(17)	3/1/2022		7.50%				12/31/2025	675	675	675
			Secured Debt	(17)	3/31/2021		10.00%				12/31/2025	7,745	7,745	3,086
			Preferred Member Units		3/31/2021	9,360							2,970	—
													11,390	3,761
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.69%	SF+	10.00%		4/27/2029	11,957	11,953	11,348
			Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
													21,454	21,183
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(25)	2/13/2018						2/28/2031	—	(30)	—
			Secured Debt		12/27/2022		14.00%				2/28/2031	43,857	43,519	43,857
			Preferred Stock		2/13/2018	9,936							13,040	28,834
													56,529	72,691
Doral Holdings, LLC		Machinery Moving, Rigging and Millwrighting Provider

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)

			Secured Debt	(25)	5/20/2025						5/20/2030	—	—		—
			Secured Debt		5/20/2025		13.00%				5/20/2030	22,500	22,316		22,500
			Preferred Equity	(8)	5/20/2025	13,000							13,000		24,200
													35,316		46,700
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—	(2)		(2)
			Secured Debt		10/3/2022		12.00%				10/3/2027	16,661	16,611		16,611
			Secured Debt		10/3/2022		9.00%				10/3/2052	6,198	6,143		6,143
			Common Stock		10/3/2022	285							5,726		5,190
			Common Stock	(29)	10/3/2022	939							1,558		3,330
													30,036		31,272
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt		6/30/2025		12.00%				6/30/2030	66,000	$	65,448	$	66,000
			Preferred Equity	(8)	10/29/2021	9,360							10,400		55,750
													75,848		121,750
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (34)	6/24/2016		11.19%	SF+	7.50%		1/1/2028	1,600	1,600		1,600
			Secured Debt	(9) (34)	11/22/2024		11.19%	SF+	7.50%		1/1/2028	74,966	74,864		74,966
			Member Units	(8)	6/24/2016	9,042							17,692		117,830
			Member Units	(29)	12/15/2025	408							304		304
													94,460		194,700
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Member Units		7/15/2013	1,200							1,200		1,720

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.79%	SF+	6.00%		10/29/2026	3,146	3,144		3,146
			Secured Debt		12/19/2014		11.79%	SF+	8.00%		10/29/2026	40,493	40,464		40,493
			Member Units	(8)	12/19/2014	5,879							13,065		44,010
													56,673		87,649
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(30)	10/1/2017	49.26%							1,158		1,865
			LP Interests (2717 HPP-MS, L.P.)	(8) (30)	3/11/2022	49.26%							256		257
			LP Interests (2717 GRE-LP, L.P.)	(30)	4/18/2024	43.05%							441		516
			LP Interests (423 COR, L.P.)	(30)	6/2/2022	26.89%							2,900		5,339
													4,755		7,977

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718	7,080

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	800	782	800
			Secured Debt		6/21/2023		13.00%				6/21/2028	34,264	34,111	34,264
			Common Equity		6/21/2023	14,400							14,400	28,760
													49,293	63,824
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9) (25)	8/29/2017			P+	6.75%		11/14/2026	—	—	—
			Secured Debt	(9)	11/14/2006		13.50%	P+	6.75%		11/14/2026	728	728	728
			Member Units	(8)	11/14/2006	627							811	12,160
													1,539	12,888
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321	23,275	23,275
			Preferred Equity	(8)	3/28/2022	109,926							10,993	10,993
													34,268	34,268
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14)	8/25/2025		8.92%	SF+	5.00%	8.92%	6/20/2030	6,529	6,529	6,529
			Secured Debt	(9) (14)	8/25/2025		9.92%	SF+	6.00%	9.92%	6/20/2030	36,513	36,513	8,657
			Secured Debt	(14)	8/25/2025		15.00%			15.00%	6/20/2030	16,842	6,205	—
			Common Equity		12/22/2021	1,684,211							1,684	—
			Common Equity		8/25/2025	842,000							842	—
													51,773	15,186
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	10,199	10,196	10,196
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,897	3,866	3,866
			Preferred Equity	(8)	10/31/2018	581							12,240	18,350
			Member Units	(8) (29)	10/31/2018	800							992	4,190
													27,294	36,602
Legacy Swim Group		Swim Lessons Provider
			Secured Debt		11/7/2025		13.00%				11/7/2030	32,000	31,707	31,707
			Preferred Equity	(8)	11/7/2025	366							14,996	14,996
													46,703	46,703
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2026	—	—	—
			Secured Debt		10/19/2022		8.75%				10/19/2027	17,237	17,184	17,237
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916	5,916
			Common Stock	(8)	10/19/2022	1,537,219							1,537	10,060

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													24,637	33,213
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	33,688	33,422	33,422
			Preferred Equity		3/19/2025	14,300							14,300	15,560
													47,722	48,982
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	1/26/2021		6.69%	SF+	3.00%		3/23/2031	12,300	12,300	12,300
			LP Interests	(8) (30)	1/26/2021	14.51%							15,000	13,593
													27,300	25,893
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—	(77)	(77)
			LP Interests	(8) (30)	9/5/2023	12.46%							10,500	11,153
													10,423	11,076
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	233,060

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Secured Debt	(9) (25)	2/26/2026			SF+	4.50%		12/31/2029	—	(147)	(147)
			Common Equity	(8)	5/2/2022	2,025,220							30,013	24,667
													29,866	24,520
MVI MSO, LLC		Vascular Practice Specializing in Comprehensive Vein and Artery Diagnosis and Treatment
			Secured Debt		3/28/2025		13.00%				3/28/2030	9,850	9,772	9,772
			Preferred Equity	(8)	3/28/2025	270							2,700	4,080
													12,472	13,852
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955							4,145	11,150
			Member Units	(8) (29)	9/30/2025	468							—	568
													4,145	11,718
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		12.50%				6/4/2029	41,272	41,067	41,272
			Preferred Equity	(8)	6/4/2024	336,803							11,197	29,550
													52,264	70,822
NexRev LLC		Provider of Energy Efficiency Products & Services
			Preferred Member Units		2/28/2018	103,144,186							8,213	12,590

NRP Jones, LLC		Manufacturer of Hoses, Fittings and Assemblies
			Secured Debt	(14)	12/21/2017		12.00%				9/18/2028	2,191	2,160	370
			Preferred Equity		12/8/2011	495,000							482	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

		Member Units		12/22/2011	74,761							114	—
		Member Units		12/22/2011	74,761							3,823	—
		Common Equity	(29)	6/20/2025	927,581							928	928
												7,507	1,298
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9)	1/31/2017		10.29%	SF+	6.50%		1/31/2028	2,600	2,600	2,600
		Secured Debt		1/31/2017		12.00%				1/31/2030	18,440	18,166	18,166
		Preferred Member Units		11/2/2022	2,400							2,785	6,290
		Preferred Member Units		1/31/2017	486							11,866	10,930
												35,417	37,986
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				12/31/2029	29,000	28,959	29,000
		Preferred Member Units	(8)	4/1/2008	900							1,080	79,040
												30,039	108,040
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9) (25)	7/30/2021			SF+	11.00%		7/31/2026	—	—	—
		Secured Debt	(9)	7/30/2021		14.79%	SF+	11.00%		7/31/2026	20,760	20,746	20,760
		Preferred Stock	(29)	7/30/2021	10,000							10,000	13,450
												30,746	34,210
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt	(25)	12/21/2023						12/21/2028	—	(9)	—
		Secured Debt		12/21/2023		13.00%				12/21/2028	26,400	26,255	26,400
		Preferred Equity	(8)	12/21/2023	440							12,540	20,440
												38,786	46,840
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%		11/15/2027	—	(3)	—
		Secured Debt	(9)	11/15/2016		12.60%	SF+	8.75%		11/15/2027	15,191	15,134	15,191
		Common Stock	(8)	6/10/2010	2,000							2,150	15,710
		Common Stock	(8) (29)	6/14/2022	238,421							238	575
												17,519	31,476
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%				11/15/2026	4,897	4,885	4,897
		Preferred Member Units	(8)	2/1/2011	21,806							5,709	15,740
		Common Stock		1/27/2021	1,037							1,200	750
												11,794	21,387
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000							7,546	460

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(8) (29)	12/20/2013	1,500						369	9,700

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021					12/15/2026	—	(68)	(68)
		Secured Debt	(14)	12/15/2021		12.50%		10.00%	12/15/2026	33,660	31,560	13,968
		Preferred Equity		12/15/2021	11,070						11,070	—
											42,562	13,900
Spring Engineering Holdings, LLC	Provider of Architectural, Engineering and Land Planning and Entitlement Services
		Secured Debt		2/27/2026		13.00%			2/27/2031	23,391	23,165	23,165
		Preferred Member Units		2/27/2026	4,650						4,650	4,650
											27,815	27,815
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(17)	8/31/2018		12.00%		12.00%	8/31/2023	1,313	1,294	1,313
		Secured Debt	(14) (17)	8/31/2018		12.00%		12.00%	8/31/2023	15,200	15,045	5,380
		Preferred Member Units		8/28/2023	6,605						661	—
		Preferred Member Units		2/1/2023	5,643						564	—
		Preferred Member Units		8/31/2018	544						9,245	—
											26,809	6,693
Televerde, LLC	Provider of Telemarketing and Data Services
		Preferred Stock		1/26/2022	248						718	1,794
		Member Units	(8)	1/6/2011	460						1,290	2,271
											2,008	4,065
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt		5/31/2019		11.50%			5/31/2031	1,600	1,600	1,600
		Secured Debt		5/31/2019		13.50%			5/31/2031	31,280	31,061	31,280
		Secured Debt		11/21/2025		9.00%			5/31/2027	2,040	2,035	2,040
		Secured Debt		3/25/2026		9.00%			5/31/2027	2,000	1,991	2,000
		Secured Debt		3/25/2026		9.00%			5/31/2027	400	398	400
		Common Stock	(8)	5/31/2019	654						6,021	19,850
		Common Equity	(29)	11/21/2025	723						696	696
											43,802	57,866
Trinity Medical Holdings, LLC	Orthopedic Healthcare Platform
		Secured Debt	(25)	10/8/2025					10/8/2030	—	—	—
		Secured Debt		10/8/2025		13.00%			10/8/2030	58,500	57,974	57,974
		Preferred Equity		10/8/2025	22,500						22,500	22,500
											80,474	80,474
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

			Secured Debt		10/3/2024		13.00%				10/3/2029	2,154		2,130		2,130
			Secured Debt		10/3/2024		13.00%				10/3/2029	48,251		47,913		47,913
			Preferred Equity		10/3/2024	51,421								22,471		23,640
														72,514		73,683
Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	3/31/2023		10.00%				3/31/2025	2,100		2,100		2,100
			Preferred Member Units		3/31/2023	5,097,595								1,523		2,040
			Preferred Member Units		3/31/2023	142,512								—		—
			Preferred Member Units		1/26/2015	4,876,670								14,000		—
			Common Stock		3/31/2023	1,802,780								2,576		—
														20,199		4,140
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2026	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	24,000		23,968		23,968
			Preferred Equity	(29)	12/1/2021	12,240								12,240		12,240
														36,208		36,208
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		7/31/2025		12.00%				12/31/2027	150		150		150
			Secured Debt		12/30/2024		12.00%				12/31/2027	1,750		1,750		1,633
			Preferred Member Units		6/30/2015	16,878								3,154		—
														5,054		1,783
Subtotal Control investments (83.5% of net assets at fair value)														$	1,884,724	$	2,583,010
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	$	1,083	$	978	$	1,083
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	940		940		940
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,544
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,544
			Preferred Equity		3/28/2025	12,621,635								8,520		20
			Common Stock		12/11/2020	654,743								3,148		—
														19,804		7,131
BLI Acquisition, LLC		Healthcare Provider Data Services
			Secured Debt		2/2/2026		14.00%				2/2/2031	13,200		13,072		13,072
			Member Units		2/2/2026	210,000								2,100		2,100
														15,172		15,172
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	256		256		256
			Member Units	(8)	6/30/2017	2,160,000								2,256		2,630

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													2,512	2,886
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	8,750	6,333	—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	18	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	11,534	5,862	—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770	—
													16,965	—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			SF+	6.00%		6/5/2030	—	(43)	(43)
			Secured Debt		12/17/2021		13.00%				6/5/2030	21,892	21,570	21,570
			Common Stock		12/17/2021	516,617							5,166	5,370
													26,693	26,897
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt		12/10/2021		15.00%				12/10/2026	1,800	1,796	1,800
			Secured Debt		12/10/2021		15.00%				12/10/2026	25,107	25,104	25,107
			Preferred Equity	(8)	12/10/2021	3,310							3,635	25,580
													30,535	52,487
CGMS Parent LLC		Commercial Subcontractor Specializing in Concrete Flatwork
			Secured Debt	(25)	12/26/2025						12/26/2030	—	(37)	(37)
			Secured Debt		12/26/2025		13.00%				12/26/2030	24,844	24,612	24,612
			Preferred Equity	(8)	12/26/2025	2,000							10,000	10,000
													34,575	34,575
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	154							—	2,130

Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%							308	836

Connect Telecommunications Solutions Holdings, Inc.	(13) (21)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	23,436	23,271	23,271
			Preferred Equity		10/9/2024	22,304							12,596	12,596
													35,867	35,867
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		10.00%				6/18/2029	560	556	560
			Secured Debt		11/19/2021		10.00%				6/18/2029	12,800	12,757	12,800
			Preferred Equity		11/19/2021	5,944							5,944	13,674

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Preferred Equity	(8)	6/18/2024	3,068	15.00%			15.00%			3,893	7,883
													23,150	34,917
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%							6,032	8,027
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							1,915	2,549
													7,947	10,576
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(29)	6/27/2016	2,000,000							2,000	—

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	11/6/2015	5,000,000							84	37

FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt	(25)	5/28/2024						5/28/2029	—	—	—
			Secured Debt		5/28/2024		13.00%				5/29/2029	30,750	28,269	30,750
			Warrants	(8) (27)	5/28/2024	12					5/28/2034		3,920	14,660
													32,189	45,410
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							2,337	1,546
			LP Interests (Freeport First Lien Loan Fund III LP)	(30)	7/31/2015	5.95%							671	193
													3,008	1,739
FRG AcquireCo, LLC		Technology Focused Risk Management Advisory Firm
			Secured Debt	(25)	9/22/2025						9/22/2028	—	(17)	(17)
			Secured Debt		9/22/2025		13.50%				9/22/2030	8,482	8,407	8,407
			Preferred Equity		9/22/2025	3,500							3,500	3,500
													11,890	11,890
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	14,053	14,053	14,053
			Preferred Member Units	(8)	3/31/2021	226							4,900	10,940
													18,953	24,993
Gulf Manufacturing, LLC	(13)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt		3/15/2024		11.82%	SF+	8.13%		3/15/2029	3,000	2,971	2,971
			Secured Debt		3/15/2024		11.82%	SF+	8.13%		3/15/2029	37,200	36,367	36,367

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Member Units	(8)	8/31/2007	438							2,980	6,500
			Common Stock	(8) (29)	11/18/2024	888							888	1,450
			Preferred Equity		12/23/2025	208							2,077	5,190
													45,283	52,478
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							1,297	3,736
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							7,694	9,535
			LP Interests (423 HAR, L.P.)	(8) (30)	6/2/2023	15.60%							750	1,226
													9,741	14,497
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9) (25)	12/2/2016			SF+	6.00%		1/15/2029	—	(23)	—
			Secured Debt	(25)	1/2/2026						1/15/2029	—	—	—
			Secured Debt	(25)	1/2/2026						1/15/2029	—	—	—
			Secured Debt		12/2/2016		11.00%				1/15/2029	49,871	49,600	49,871
			Preferred Member Units	(8)	12/2/2016	226							2,850	26,310
			Preferred Member Units	(29)	12/2/2016	226							150	1,380
													52,577	77,561
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		10.00%				4/2/2029	3,000	3,000	3,000
			Member Units	(8)	1/8/2003	322,297							2,352	3,510
													5,352	6,510
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300	19,000

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt	(25)	2/2/2026						3/31/2028	—	—	—
			Secured Debt		3/31/2023		12.00%				3/31/2028	15,074	15,065	15,074
			Preferred Equity	(8)	3/31/2023	87,360							4,368	8,340
													19,433	23,414
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.42%	SF+	7.50%		8/20/2026	12,273	12,252	11,786
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			288	427
			Preferred Equity		6/3/2025	3,078	10.00%			10.00%			328	404
			Common Stock		8/20/2021	9,968							1,356	280
													14,224	12,897
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt		8/2/2021		13.00%				1/31/2028	4,514	4,502	4,502
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940	2,932	2,932
			Secured Debt		11/15/2021		13.00%				1/31/2028	8,944	8,944	8,944
			Secured Debt		11/15/2021		13.00%				1/31/2028	17,417	17,369	17,369
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,202	9,088	9,088
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711	1,100
			Preferred Equity		9/26/2025	155	25.00%			25.00%			155	155
			Common Stock		8/3/2021	203,016							2,756	2,850
													46,457	46,940
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	1,180	1,174	1,180
			Secured Debt	(9)	6/30/2025		10.84%	SF+	7.00%		6/21/2027	5,310	5,298	5,310
			Secured Debt	(9) (25)	3/4/2026			SF+	7.00%		6/21/2027	—	—	—
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	4,935	4,602	4,935
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	4,935	4,602	4,935
			Secured Debt	(9)	6/30/2025		10.84%	SF+	7.00%		6/21/2027	1,770	1,766	1,770
			Secured Debt	(9)	3/4/2026		10.84%	SF+	7.00%		6/21/2027	2,360	2,360	2,360
			Warrants	(8) (27)	6/21/2023	193,307					6/21/2033		2,091	15,230
													21,893	35,720
Kennedy Fab HoldCo, LLC		Structural Steel Fabricator Specializing in Fabrication, Product Finishing and Field Services
			Secured Debt	(25)	3/4/2026						3/4/2031	—	(5)	(5)
			Secured Debt		3/4/2026		13.00%				3/4/2031	30,000	29,705	29,705
			Secured Debt		3/4/2026		9.00%				3/4/2031	20,000	19,961	19,961
			Preferred Equity		3/4/2026	11,490							11,490	11,490
													61,151	61,151
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9)	12/29/2025		9.20%	SF+	5.50%		10/1/2028	1,303	1,267	1,303
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,173	1,151	1,173
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,007	1,007	1,007
			Preferred Equity		2/10/2025	9,213							4,890	6,270
													8,315	9,753
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.81%	SF+	5.50%	9.81%	1/28/2031	2,974	2,974	2,867
			Secured Debt	(9) (26)	4/11/2025		9.17%	SF+	5.50%	9.17%	1/28/2031	1,769	1,769	1,706
			Preferred Equity	(8) (29)	12/19/2024	66,306							15,224	11,730
													19,967	16,303
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	7,564	7,163	7,163

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			1,982	2,300
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594	870
													9,739	10,333
Nearshore AcquireCo, LLC		Provider of Outsourcing Services
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(23)	(23)
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(58)	(58)
			Secured Debt		11/12/2025		13.00%				11/12/2030	21,900	21,699	21,699
			Preferred Equity		11/12/2025	10,520,000							5,260	5,260
													26,878	26,878
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	6/30/2026	4,415	4,415	646
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	6/30/2026	2,116	2,116	309
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	6/30/2026	983	983	144
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	6/30/2026	964	964	141
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	6/30/2026	305	305	—
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
			Common Stock		4/15/2021	635							830	—
			Warrants	(27)	4/18/2011	4,699					5/10/2027		1,089	—
													12,683	1,240
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128	3,270

RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	1,471	1,471	1,219
			Secured Debt	(9)	2/5/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	464	464	385
			Secured Debt	(9)	7/17/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	453	453	375
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	15,387	15,380	12,751
			Common Equity		8/12/2024	110							—	—
													17,768	14,730
Revenue Recovery Holdings, LLC		Third Party Tax Collection Services
			Secured Debt	(25)	7/25/2025						7/25/2030	—	(17)	(17)
			Secured Debt		7/25/2025		13.00%				7/25/2030	6,700	6,643	6,643
			Preferred Equity		7/25/2025	104,904							1,049	1,960
													7,675	8,586
RFG AcquireCo, LLC		Aerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
			Secured Debt	(25)	6/2/2025						6/2/2027	—	(6)	(6)
			Secured Debt		6/2/2025		13.50%				6/2/2030	8,000	7,936	7,936
			Secured Debt		6/2/2025		13.50%				6/2/2030	41,500	41,398	41,398

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Preferred Equity		6/2/2025	11,401						11,401	12,771
												60,729	62,099
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%			6/16/2028	2,250	2,241	2,250
			Secured Debt	(23)	6/16/2023		12.86%			6/16/2028	66,850	66,777	66,850
			Preferred Member Units	(8)	8/31/2018	165						1,525	17,190
												70,543	86,290
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%			3/21/2030	24,280	24,068	24,280
			Common Stock		9/13/2018	70,000						—	2,590
												24,068	26,870
Specialized Aviation Holdings, LLC		Distributor and Service and Maintenance Provider for Specialty Aircraft
			Secured Debt		8/29/2025		13.00%			8/29/2030	23,250	23,048	23,048
			Preferred Stock	(8)	8/29/2025	25,000						15,000	15,000
												38,048	38,048
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%		8.50%	12/31/2027	226	226	784
			Secured Debt	(14)	12/31/2022		8.50%		8.50%	12/31/2027	5,327	4,884	1,636
			Preferred Equity		12/31/2022	5,907,649						—	—
												5,110	2,420
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636						4,500	17,810

The Affiliati Network, LLC		Performance Marketing Solutions
			Preferred Stock		9/1/2023	312,910						313	313
			Preferred Stock	(8)	8/9/2021	1,280,000						6,400	6,400
												6,713	6,713
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%						2,683	4,235

UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	6/6/2023	14.91%						4,834	5,407

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Preferred Stock		8/21/2018	11,450,416	20.00%		20.00%			8,416	9,388
			Preferred Stock		6/30/2017	21,382,147	19.00%		19.00%			3,667	—
			Preferred Stock		1/15/2015	42,338,440	13.50%		13.50%			7,924	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

			Common Stock		4/1/2020	2,370,059								—		—
														20,007		9,388
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,749		8,486
			Preferred Equity	(8)	2/16/2024	4,000								4,614		2,560
														13,363		11,046
Wildcats Topco LLC		Provider of Veterinary Services and Products
			Common Equity		5/8/2025	22,426,711								22,427		22,830

World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	9,886		9,853		9,853
			Preferred Equity	(8)	12/12/2022	3,845								3,845		3,845
														13,698		13,698
Subtotal Affiliate investments (34.1% of net assets at fair value)														$	966,939	$	1,055,658
Non-Control/Non-Affiliate Investments (7)
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	$	8,019	$	8,019	$	7,985
			Secured Debt	(9) (33)	11/26/2025		11.00%	SF+	8.00%	1.00%	3/11/2027	771		761		761
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	15,874		15,864		15,806
														24,644		24,552
AGS American Glass Services Acquisition, LLC	(10)	Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(33)		(33)
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(19)		(19)
			Secured Debt	(9)	7/24/2025		9.17%	SF+	5.50%		7/24/2031	10,017		9,886		9,782
			Preferred Equity		7/24/2025	7,292								729		570
														10,563		10,300
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(60)		(60)
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(30)		(30)
			Secured Debt	(9)	8/1/2025		8.92%	SF+	5.25%		8/1/2030	27,526		27,110		27,526
			Common Equity		8/1/2025	1,521								1,521		1,650
														28,541		29,086
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	235								1,844		—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)


American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.25%		11/19/2028	—	(2)	(2)
			Secured Debt	(9)	11/19/2021		12.00%	P+	5.25%		11/19/2028	5,376	5,367	5,376
													5,365	5,374
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	4,336	4,336	4,336
			Secured Debt	(9)	11/6/2023		10.28%	SF+	6.50%	10.28%	11/6/2028	9,218	9,218	9,218
			Preferred Equity		11/6/2023	32,507							14,060	17,427
			Preferred Equity		11/6/2023	32,507							—	—
			Common Equity		11/9/2021	3,898							234	—
													27,848	30,981
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	1,387,832							1,388	2,450

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		9.92%	SF+	6.00%		1/18/2028	1,620	1,564	1,620
			Secured Debt	(9)	1/18/2022		8.92%	SF+	5.00%		1/18/2028	6,660	6,660	6,660
			Secured Debt	(9)	1/18/2022		10.92%	SF+	7.00%		1/18/2028	6,660	6,660	6,660
			Common Stock		1/18/2022	720,000							720	1,020
													15,604	15,960
Auria Space, LLC	(10)	Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms
			Secured Debt	(9) (25)	12/31/2025			SF+	5.00%		12/31/2030	—	(160)	(160)
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	60,805	59,943	59,943
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	57,004	56,204	55,729
			Member Units		2/6/2026	562,714							3,040	3,040
													119,027	118,552
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—	(56)	(56)
			Secured Debt	(9) (25)	12/18/2025			SF+	7.25%		12/23/2027	—	(33)	(33)
			Secured Debt	(9)	12/23/2022		11.11%	SF+	7.25%		12/23/2027	23,296	22,944	23,296
			Common Equity	(8)	12/15/2021	984							934	1,092
													23,789	24,299
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9) (32)	12/17/2025		9.67%	SF+	6.00%		12/17/2030	600	579	579
			Secured Debt	(9)	12/17/2025		9.70%	SF+	6.00%		12/17/2030	9,572	9,438	9,438
			Common Equity		12/17/2025	300							300	300
													10,317	10,317

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(29)	3/8/2024	286,109							286	—
			Preferred Member Units	(29)	11/12/2019	122,416							—	—
			Preferred Member Units	(29)	7/6/2018	1,548,387							—	—
													286	—
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.28%	SF+	8.50%	11.28%	5/6/2026	202	126	248
			Secured Debt	(9) (14)	10/19/2022		14.25%	P+	7.50%	13.25%	5/6/2026	2,780	2,731	89
			Secured Debt	(9) (14)	8/28/2020		12.28%	SF+	8.50%	11.28%	5/6/2026	4,183	3,908	—
			Common Stock		10/1/2020	723,184							1	—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	—
													7,802	337
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	—	(16)	(16)
			Secured Debt	(9)	2/3/2025		8.41%	SF+	4.75%		2/3/2030	3,938	3,885	3,915
			Secured Debt	(9)	2/3/2025		10.41%	SF+	6.75%		2/3/2030	3,938	3,885	3,915
			Common Equity		2/3/2025	248,718							249	249
													8,003	8,063
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.56%	SF+	5.75%		5/1/2028	571	559	571
			Secured Debt	(9)	10/31/2025		9.56%	SF+	5.75%		5/1/2028	1,392	1,368	1,392
			Secured Debt	(9)	5/1/2023		8.56%	SF+	4.75%		5/1/2028	6,261	6,208	6,261
			Secured Debt	(9)	5/1/2023		10.56%	SF+	6.75%		5/1/2028	6,261	6,208	6,261
			Preferred Equity		5/1/2023	571							571	610
			Common Equity		5/1/2023	571							—	—
													14,914	15,095
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		14.00%	P+	7.25%		7/22/2019	761	761	—
			Secured Debt	(9) (14) (17)	8/12/2014		14.00%	P+	7.25%		7/22/2019	7,056	7,056	—
													7,817	—
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%							4,898	2,607
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							3,202	3,224
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							4,900	5,146
													13,000	10,977

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408							325	710

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		10.66%	SF+	6.75%		2/7/2027	4,764	4,684	4,764
			Secured Debt	(9)	2/7/2022		10.64%	SF+	6.75%		2/7/2027	35,701	35,575	35,701
			Secured Debt	(9)	6/24/2022		10.64%	SF+	6.75%		2/7/2027	1,978	1,971	1,978
			Secured Debt	(9)	3/27/2023		10.64%	SF+	6.75%		2/7/2027	4,781	4,754	4,781
													46,984	47,224
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,628	2,628	8

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt		3/6/2026		15.00%			15.00%	8/6/2026	758	736	736
			Secured Debt	(9) (32)	8/6/2021		12.06%	SF+	8.25%	12.06%	8/6/2026	9,062	9,045	7,767
			Secured Debt	(9)	8/6/2021		12.06%	SF+	8.25%	12.06%	8/6/2026	22,022	21,997	18,874
													31,778	27,377
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—	(57)	(57)
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—	(57)	(57)
			Secured Debt	(9)	9/24/2025		9.18%	SF+	5.50%		9/23/2031	6,269	6,156	6,269
			Common Equity		9/24/2025	626,923							627	1,030
													6,669	7,185
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9)	6/29/2024		10.17%	SF+	6.50%		6/28/2029	1,669	1,612	1,650
			Secured Debt	(9)	6/29/2024		10.17%	SF+	6.50%		6/28/2029	10,543	10,378	10,424
			Secured Debt	(9)	6/29/2024		10.42%	SF+	6.75%		6/28/2029	31,709	31,196	30,982
			Secured Debt	(9)	8/15/2024		10.16%	SF+	6.50%		6/28/2029	7,029	6,935	6,949
													50,121	50,005
CoreStack, Inc.	(10)	Multi-Cloud Governance Platform Provider
			Secured Debt		3/25/2026		10.00%			10.00%	9/25/2028	1,378	1,378	1,378
			Secured Debt		3/25/2026						9/25/2028	13,089	13,089	13,089
													14,467	14,467
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.50%		6/27/2027	—	(24)	(24)
			Secured Debt	(9)	12/27/2023		10.30%	SF+	6.50%		6/27/2027	10,125	10,016	10,125
													9,992	10,101

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

CRC Evans USA 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) (25)	8/19/2022			SF+	6.75%		6/30/2029	—	(151)	—
			Secured Debt	(9) (25)	12/31/2025			SF+	6.75%		6/30/2029	—	(260)	(260)
			Secured Debt	(9)	12/31/2025		10.71%	SF+	6.75%		6/30/2029	9,419	9,248	9,419
			Secured Debt	(9)	8/19/2022		10.71%	SF+	6.75%		6/30/2029	14,756	14,449	14,756
													23,286	23,915
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)	6/27/2024			SF+	7.00%		6/27/2029	—	(171)	(171)
			Secured Debt	(9)	3/4/2025		10.65%	SF+	7.00%		6/27/2029	5,531	5,442	5,531
			Secured Debt	(9)	6/27/2024		10.70%	SF+	7.00%		6/27/2029	88,683	87,514	88,683
			Common Equity		3/4/2025	10,851							1,085	680
													93,870	94,723
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720	650

Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.77%	SF+	8.00%	11.77%	12/31/2026	2,689	2,610	2,689
			Secured Debt	(9)	12/20/2022		12.77%	SF+	9.00%		12/31/2026	2,493	2,259	2,463
			Preferred Equity		12/20/2022	125,000							128	110
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,997	5,262
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	—	(140)	(140)
			Secured Debt	(9) (26)	3/31/2025		9.18%	SF+	5.50%		3/31/2030	49,837	49,047	49,837
			Common Equity		3/31/2025	1,464,286							1,464	3,240
													50,371	52,937
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.10%	SF+	6.25%		12/29/2027	9,330	9,242	5,726

EnCap Energy Fund Investments	(12) (13)	Investment Partnership

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							2,560	77
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,394	5
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,172	871
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,995	4,202
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							7,581	8,132
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(30)	3/30/2015	0.84%							3,799	15
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							3,300	1,119
													28,801	14,421
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	6.00%		4/7/2029	—	(20)	—
			Secured Debt	(9)	10/2/2024		9.70%	SF+	6.00%		4/7/2029	1,344	1,328	1,344
			Secured Debt	(9)	4/7/2023		9.70%	SF+	6.00%		4/7/2029	25,319	24,927	25,319
			Common Equity		4/7/2023	649,794							663	910
													26,898	27,573
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.96%	SF+	7.00%		12/22/2026	3,692	3,687	3,692
			Secured Debt	(9)	12/22/2021		10.96%	SF+	7.00%		12/22/2026	47,897	47,832	47,897
													51,519	51,589
EWMW LP	(12) (13)	Investment Partnership
			Secured Debt		12/23/2025		9.69%	SF+	6.00%			3,048	3,048	3,048

Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		2.50%				12/31/2028	1,810	1,810	141
			Common Stock		6/30/2019	10,429							256	—
													2,066	141
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (32)	4/14/2025		10.92%	SF+	7.25%		10/14/2027	2,053	1,992	2,053
			Secured Debt	(9)	4/14/2025		10.92%	SF+	7.25%		10/14/2027	28,424	28,075	28,424
			Common Equity		11/10/2023	705,882							706	450
													30,773	30,927
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9) (32)	10/4/2024		11.18%	SF+	7.50%		10/4/2029	903	833	889

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	10/4/2024		11.18%	SF+	7.50%		10/4/2029	4,176	4,096	4,096
			Secured Debt	(9) (26)	10/4/2024		11.17%	SF+	7.50%		10/4/2029	30,615	30,184	29,972
			Common Equity		10/4/2024	1,653							1,634	1,030
													36,747	35,987
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (32)	10/18/2019		10.27%	SF+	6.50%		11/30/2026	6,061	6,047	6,061
			Secured Debt	(9)	10/18/2019		10.27%	SF+	6.50%		11/30/2026	10,364	10,328	10,364
			Secured Debt	(9)	9/15/2023		10.27%	SF+	6.50%		11/30/2026	930	927	930
			Secured Debt	(9)	12/22/2023		10.27%	SF+	6.50%		11/30/2026	222	221	222
			Secured Debt	(9)	8/22/2024		10.27%	SF+	6.50%		11/30/2026	5,996	5,974	5,996
													23,497	23,573
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (32)	9/30/2022		10.77%	SF+	7.00%		9/30/2028	353	344	330
			Secured Debt	(9)	9/30/2022		10.78%	SF+	7.00%		9/30/2028	294	286	275
			Secured Debt	(9)	9/30/2022		10.77%	SF+	7.00%		9/30/2028	3,533	3,496	3,301
													4,126	3,906
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(30)	6/2/2025	4.13%							1,590	1,831

HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (14)	3/7/2024		9.01%	SF+	3.50%	2.50%	6/21/2026	2,607	2,557	1,964
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626	713	—
			Common Equity		3/7/2024	64,029							—	—
													3,270	1,964
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.18%	SF+	5.50%	1.50%	7/3/2029	4,892	4,860	4,839
			Secured Debt	(9)	7/3/2024		9.15%	SF+	5.50%	1.50%	7/3/2029	32,928	32,699	32,509
													37,559	37,348
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.33%	SF+	6.50%	3.50%	10/23/2027	27,423	27,423	26,578

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		11.91%	SF+	8.25%		12/31/2027	7,200	7,126	7,200

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2028	—	(7)	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	7/30/2021		9.52%	SF+	5.75%		7/30/2028	10,101	10,049	10,101
			Secured Debt	(9)	7/30/2021		9.52%	SF+	5.75%		7/30/2028	4,840	4,813	4,840
													14,855	14,941
Ignite Visibility LLC	(10)	Digital Marketing Services Agency
			Secured Debt	(9)	12/15/2025		8.41%	SF+	4.75%		12/1/2028	4,759	4,695	4,695
			Secured Debt	(9)	12/15/2025		10.41%	SF+	6.75%		12/1/2028	4,759	4,695	4,695
													9,390	9,390
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity	(8)	6/8/2023	849							1,166	1,090

Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/13/2025		9.70%	SF+	6.00%	4.00%	10/30/2028	1,963	1,963	1,963
			Secured Debt	(9)	7/31/2025		9.70%	SF+	6.00%	9.70%	10/30/2028	4,532	4,532	4,532
			Common Equity		7/31/2025	4,238,917							5,680	3,740
													12,175	10,235
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2028	—	(35)	(35)
			Secured Debt	(9)	7/19/2023		9.92%	SF+	6.25%		7/19/2029	14,097	13,863	12,838
			Common Equity		7/19/2023	131,100							656	110
													14,484	12,913
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9)	4/3/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	861	852	813
			Secured Debt	(9)	4/3/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	7,324	7,250	6,915
			Secured Debt	(9)	6/14/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	2,946	2,918	2,781
			Secured Debt	(9)	12/31/2024		13.27%	SF+	9.50%	1.50%	4/3/2028	340	340	321
			Common Equity		4/3/2023	177,594							463	97
													11,823	10,927
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		13.77%	SF+	10.00%	13.77%	8/7/2023	2,475	2,475	2,160
			Secured Debt	(9) (14) (17)	8/7/2019		11.02%	SF+	7.00%	11.02%	8/7/2023	7,313	7,237	5
			Common Stock		12/7/2021	2,143							—	—
													9,712	2,165
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.32%	SF+	7.50%		3/31/2028	1,556	1,550	1,226
			Secured Debt	(9) (26)	8/28/2019		11.32%	SF+	8.00%	3.32%	3/31/2028	16,945	16,909	13,288
													18,459	14,514
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9) (14)	4/13/2023		11.27%	SF+	7.50%	8.77%	4/14/2028	3,159	3,012	457
			Common Equity		4/13/2023	198,743							—	—
													3,012	457
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9)	5/20/2024		10.92%	SF+	7.00%		5/17/2029	456	453	386
			Secured Debt	(9)	5/20/2024		9.92%	SF+	6.00%		5/17/2029	2,111	2,086	1,785
			Secured Debt	(9)	5/20/2024		10.92%	SF+	7.00%		5/17/2029	2,111	2,086	1,785
			Secured Debt	(9)	5/20/2024		11.92%	SF+	8.00%		5/17/2029	2,111	2,086	1,785
													6,711	5,741
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.31%	SF+	7.50%		11/4/2026	740	737	740
			Secured Debt	(9) (26)	2/27/2024		11.29%	SF+	7.50%		11/4/2026	625	623	625
			Secured Debt	(9) (26)	11/1/2024		11.18%	SF+	7.50%		11/4/2026	667	661	667
			Secured Debt	(9)	11/8/2021		11.31%	SF+	7.50%		11/4/2026	1,711	1,705	1,712
			Preferred Equity		11/8/2021	2,826,667							110	650
													3,836	4,394
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		11.77%	SF+	8.00%		3/29/2029	1,833	1,833	1,833
			Secured Debt	(9)	3/30/2024		11.77%	SF+	8.00%		3/29/2029	1,369	1,369	1,369
			Common Stock		3/29/2024	5,461,019							200	280
													3,402	3,482
LKCM Headwater Investments	(12) (13)	Investment Partnership
			LP Interests (LKCM Headwater Investments I, L.P.)	(8) (30)	1/25/2013	2.27%							—	265
			Common Equity (LKCM Headwater CV I Minerals, L.P.)	(30)	3/27/2026	1.82%							618	618
													618	883
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		11.81%	SF+	8.00%	3.00%	12/31/2029	4,246	4,163	3,453

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		11.17%	SF+	7.50%	2.75%	12/31/2028	44,438	43,812	44,438
			Secured Debt		4/11/2025						12/31/2028	2,963	2,344	2,260
													46,156	46,698
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

MCT Purchaserco Holding Inc.	(10) (13) (21)	Manufacturer and Distributor of High-Voltage Disconnect Switches
			Secured Debt	(9)	12/1/2025		9.20%	SF+	5.50%		12/2/2030	8,944	8,838	8,838
			Secured Debt	(9)	12/1/2025		9.17%	SF+	5.50%		12/2/2030	39,656	39,284	39,284
			Common Equity		12/1/2025	1,590,287							1,139	1,139
													49,261	49,261
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.50%		4/3/2028	—	(24)	(24)
			Secured Debt	(9)	11/20/2024		9.27%	SF+	5.50%		4/3/2028	10,995	10,904	10,995
			Secured Debt	(9)	4/4/2022		9.27%	SF+	5.50%		4/3/2028	13,346	13,254	13,346
													24,134	24,317
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		9.92%	SF+	6.25%		11/30/2028	1,540	1,517	1,429
			Secured Debt	(9) (26)	11/30/2023		9.92%	SF+	6.25%		11/30/2028	1,302	1,284	1,208
			Secured Debt	(9)	11/30/2023		8.92%	SF+	5.25%		11/30/2028	4,821	4,758	4,472
			Secured Debt	(9)	11/30/2023		10.92%	SF+	7.25%		11/30/2028	4,821	4,756	4,470
			Common Equity		11/30/2023	524,888							525	230
													12,840	11,809
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (25)	4/17/2025			SF+	5.50%		4/17/2030	—	(184)	(184)
			Secured Debt	(9)	4/17/2025		9.17%	SF+	5.50%		4/17/2030	14,661	14,263	14,661
			Secured Debt	(9)	4/17/2025		9.17%	SF+	5.50%		4/17/2030	65,932	64,874	65,932
			Common Equity		6/7/2023	1,234							1,234	22,240
													80,187	102,649
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	4,101	4,084	4,329
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	10,635	10,586	12,121
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	17,890	17,813	17,890
			Secured Debt	(9)	6/25/2025		10.21%	SF+	6.25%		5/24/2027	1,228	1,214	1,216
			Common Stock		8/30/2022	111,058,246							1,221	545
													34,918	36,101
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (25)	6/21/2024			SF+	7.25%		12/21/2028	—	(3)	(3)
			Secured Debt	(9)	6/21/2024		11.04%	SF+	7.25%		6/21/2029	26,023	25,522	26,023
			Secured Debt	(9)	5/13/2025		11.04%	SF+	7.25%		6/21/2029	3,147	3,073	3,147
													28,592	29,167
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		9.45%	SF+	5.75%		11/16/2027	1,383	1,373	1,383
			Secured Debt	(9)	4/1/2024		9.45%	SF+	5.75%		11/16/2027	3,841	3,819	3,841

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													5,192	5,224
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013						11/15/2026	4,335	4,335	6

PavCon LLC	(10)	Provider of Predictive Data Analytics to the Department of Defense
			Secured Debt	(9) (25)	1/2/2026			SF+	5.50%		1/2/2031	—	(29)	(29)
			Secured Debt	(9) (25)	1/2/2026			SF+	5.50%		1/2/2031	—	(29)	(29)
			Secured Debt	(9)	1/2/2026		9.46%	SF+	5.50%		1/2/2031	10,850	10,644	10,644
													10,586	10,586
Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	3,226							7,221	—

PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		9.16%	SF+	5.50%		5/1/2029	7,780	7,630	7,780
			Secured Debt	(9)	9/7/2023		9.20%	SF+	5.50%		5/1/2029	743	727	743
			Secured Debt	(9)	1/30/2024		9.20%	SF+	5.50%		5/1/2029	747	735	747
			Secured Debt	(9)	6/28/2024		8.95%	SF+	5.25%		5/1/2029	848	840	848
			Secured Debt	(9)	1/21/2025		8.92%	SF+	5.25%		5/1/2029	1,881	1,867	1,881
			Secured Debt	(9)	7/31/2025		8.92%	SF+	5.25%		5/1/2029	2,016	2,000	2,016
			Secured Debt	(9)	11/21/2025		8.41%	SF+	4.75%		5/1/2029	2,123	2,104	2,123
			Secured Debt	(9)	2/4/2026		8.41%	SF+	4.75%		5/1/2029	11,573	11,464	11,573
													27,367	27,711
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (25)	8/24/2023			SF+	5.00%		8/24/2028	—	(49)	—
			Secured Debt	(9)	8/24/2023		8.67%	SF+	5.00%		8/24/2028	32,949	32,401	32,945
			Secured Debt	(9)	9/10/2024		8.65%	SF+	5.00%		8/24/2028	21,406	21,145	21,404
													53,497	54,349
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(25)	8/27/2021						8/31/2029	—	(2)	—
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,672	3,657	2,742
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,708	3,693	2,656
													7,348	5,398
Royal Cup Inc.	(10)	Coffee Roaster and Beverage Solutions Provider
			Secured Debt	(9)	11/26/2025		8.91%	SF+	5.25%		11/26/2030	4,188	3,978	4,143
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—	(79)	(79)
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—	(341)	(341)
			Secured Debt	(9)	11/26/2025		8.93%	SF+	5.25%		11/26/2030	53,167	52,430	52,596
			Preferred Equity		11/26/2025	3,807,144							3,807	3,807
													59,795	60,126

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		9.17%	SF+	5.50%		5/16/2028	2,821	2,820	2,821
			Secured Debt	(9)	7/16/2021		9.20%	SF+	5.50%		5/16/2028	6,727	6,644	6,727
													9,464	9,548
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	8/8/2024			SF+	5.25%		8/8/2029	—	—	—
			Secured Debt	(9)	8/8/2024		9.02%	SF+	5.25%		8/8/2029	53,320	53,041	53,320
			Secured Debt	(9)	7/31/2025		9.02%	SF+	5.25%		8/8/2029	10,449	10,363	10,449
			Common Equity		12/10/2021	864							864	1,013
													64,268	64,782
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (32)	7/1/2022		10.84%	SF+	7.00%		7/2/2029	1,469	1,433	1,469
			Secured Debt	(9)	7/1/2022		10.85%	SF+	7.00%		7/2/2029	15,369	15,192	15,369
			Common Stock		7/1/2022	638,710							639	630
													17,264	17,468
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(71)	(71)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(53)	(53)
			Secured Debt	(9)	12/31/2024		9.30%	SF+	5.50%		12/31/2029	31,985	31,632	31,985
													31,508	31,861
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	5,000

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(8) (29)	7/7/2021	1,000,000							1,000	3,100

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)	3/11/2024		10.20%	SF+	6.50%		3/11/2029	1,439	1,366	1,439
			Secured Debt	(9)	3/11/2024		10.20%	SF+	6.50%		3/11/2029	33,499	32,809	33,499
			Secured Debt	(9)	2/27/2025		10.20%	SF+	6.50%		3/11/2029	4,287	4,210	4,287
			Secured Debt	(9)	8/5/2025		10.20%	SF+	6.50%		3/11/2029	4,851	4,752	4,851
			Preferred Equity		3/11/2024	1,358,892	8.00%			8.00%			1,375	1,830
													44,512	45,906
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9)	3/18/2026		14.78%	SF+	11.00%	10.00%	5/2/2026	658	658	658
			Secured Debt	(9) (14)	6/1/2023		13.75%	P+	7.00%	7.00%	5/2/2027	9,811	2,611	4,038
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003	20	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													3,289	4,696
UBM AcquireCo LLC		Mail Commingling and Logistics Provider
			Secured Debt	(25)	12/20/2025						12/20/2027	—	(34)	(34)
			Secured Debt		12/20/2025		10.00%				12/20/2030	42,800	42,400	42,400
			Common Equity	(8)	12/20/2025	80							8,000	8,000
													50,366	50,366
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)	3/10/2026		10.17%	SF+	6.50%		7/29/2029	13,134	12,871	13,131
			Secured Debt	(9)	3/10/2026		10.17%	SF+	6.50%		7/29/2029	3,541	3,461	3,540
			Secured Debt	(9)	7/29/2024		10.17%	SF+	6.50%		7/27/2029	42,794	42,232	42,784
			Common Equity		7/29/2024	1,443							1,443	1,630
													60,007	61,085
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/7/2026		11.40%	SF+	7.75%	1.75%	4/5/2029	323	317	323
			Secured Debt	(9)	1/11/2023		11.42%	SF+	7.75%	1.75%	4/5/2029	4,016	3,950	4,016
													4,267	4,339
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(32)	12/22/2023		10.95%	SF+	7.00%		12/22/2028	7,727	7,609	7,727
			Secured Debt	(9)	3/4/2026		10.92%	SF+	7.00%		12/22/2028	3,883	3,789	3,883
			Secured Debt	(9)	12/22/2023		10.96%	SF+	7.00%		12/22/2028	41,544	40,979	41,544
													52,377	53,154
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	4,030

Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9) (32)	4/30/2025		9.19%	SF+	5.50%		4/30/2028	322	322	322
			Secured Debt	(9)	4/30/2025		9.17%	SF+	5.50%		4/30/2028	7,498	7,498	7,498
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	5,392	5,392	5,392
			Common Equity		4/30/2025	3,219							3,410	1,370
													16,622	14,582
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	2,339	2,257	1,343
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	402	380	231
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	16,540	15,978	9,499
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	13,230	12,780	7,598
													31,395	18,671

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)

Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021		11.43%	SF+	7.50%		11/19/2027	2,933	2,875		2,933
			Secured Debt	(9)	11/19/2021		11.42%	SF+	7.50%		11/19/2027	1,874	1,866		1,874
			Secured Debt	(9)	1/16/2024		10.42%	SF+	6.50%		11/19/2027	7,240	7,192		7,240
			Secured Debt	(9)	1/16/2024		12.42%	SF+	8.50%		11/19/2027	7,240	7,192		7,240
													19,125		19,287
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.54%	SF+	5.75%		12/20/2028	23,510	23,330		23,510
			Secured Debt	(9)	12/17/2021		9.52%	SF+	5.75%		12/20/2028	36,959	36,702		36,960
			Secured Debt	(9)	3/31/2025		9.55%	SF+	5.75%		12/20/2028	10,525	10,374		10,525
													70,406		70,995
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9) (26)	8/22/2018		11.26%	SF+	7.50%		8/9/2027	10,592	10,520		9,007

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		11.75%	P+	5.00%		6/14/2029	8,685	8,552		8,685
			Secured Debt	(9) (26)	6/14/2024		9.69%	SF+	6.00%		6/14/2029	15,920	15,670		15,920
			Secured Debt	(9)	6/14/2024		9.60%	SF+	6.00%		6/14/2029	6,485	6,399		6,485
			Secured Debt	(9)	6/14/2024		9.69%	SF+	6.00%		6/14/2029	46,385	45,767		46,385
													76,388		77,475
Subtotal Non-Control/Non-Affiliate investments (65.8% of net assets at fair value)													$	2,081,821	$	2,036,083
Total Portfolio Company investments, March 31, 2026 (183.4% of net assets at fair value)													$	4,933,484	$	5,674,751

Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (35)													$	3,968	$	3,968
Fidelity Government Fund (36)													1,230		1,230
Fidelity Treasury (31)													363		363
Total money market funds													$	5,561	$	5,561

___________________________

(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

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(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 1.29%.

(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 (as defined below) 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 (as defined below). Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.

(14)Non-accrual or 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 March 31, 2026.

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

(21)Portfolio company headquarters are located outside of the U.S.

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)

(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+7.50% (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 11.80% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

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

(25)The position is unfunded and no interest income is being earned as of March 31, 2026. The position may earn a nominal unused facility fee on committed amounts.

(26)Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2026.

(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 March 31, 2026, 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 March 31, 2026 was approximately 3.31% 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 March 31, 2026.

(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)Effective yield as of March 31, 2026 was approximately 3.54% on the Dreyfus Government Cash Management.

(36)Effective yield as of March 31, 2026 was approximately 3.29% on the Fidelity Government Fund.

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (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)	3/25/2025		12.64%	SF+	8.50%	12.64%	3/28/2028	$	8,161	$	8,161	$	8,161
			Secured Debt	(9)	3/25/2025		12.64%	SF+	8.50%	12.64%	3/28/2028	8,161		8,161		6,582
			Preferred Equity		3/25/2025	26,638								8,970		4,250
														25,292		18,993
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.75%				8/16/2029	3,895		3,860		3,860
			Preferred Member Units		5/20/2021	2,411								2,387		6,030
			Preferred Member Units		8/16/2019	3,108								3,200		120
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,763		10,010
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt	(17)	12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt	(17)	8/1/2013		13.00%				7/31/2024	1,533		1,533		1,502
			Preferred Member Units		6/28/2023	178								178		—
			Member Units		8/1/2013	1,500								1,500		—
														3,611		1,902
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(2)		—
			Secured Debt	(25)	3/7/2022						3/7/2027	—		—		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	9,945		9,921		9,945
			Preferred Stock	(8)	3/7/2022	4,073								4,095		8,750
														14,014		18,695
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	1,773		1,773		1,773
			Preferred Equity		11/4/2024	18,756,995								19,537		12,640
														21,310		14,413
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (32)	11/10/2025		12.07%	SF+	8.25%	12.07%	6/30/2028	6,017		6,017		6,017
			Common Equity		11/10/2025	69								16,890		15,690
														22,907		21,707
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		11.10%	SF+	7.22%		10/31/2027	101,046		100,803		101,046
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		31,190
														114,803		132,236
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		13.98%	SF+	10.00%		12/31/2026	5,016		5,016		5,016
			Preferred Member Units	(8)	1/9/2018	2,950								4,280		3,460

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

		Preferred Member Units	(8)	7/7/2025	312	15.00%			15.00%			336	336
												9,632	8,812
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Preferred Member Units	(29)	7/25/2016	17,742							1,000	—
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	—
												3,132	—
California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024						8/28/2028	—	(11)	(11)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800	25,776	25,638
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			12,569	12,569
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	12,801
												54,736	50,997
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	47,930

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	8.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		11.98%	SF+	8.00%		1/4/2028	24,085	24,058	24,085
		Preferred Member Units		1/4/2019	13,883							6,386	42,710
												30,444	66,795
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2029	—	(39)	—
		Secured Debt	(9)	2/26/2018		11.99%	SF+	8.00%		2/26/2029	42,020	41,781	42,020
		Member Units	(8)	2/26/2018	4,347							11,440	35,530
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	4,170
												54,955	81,720
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694	5,267	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	16,020
												7,230	21,714
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						7/31/2027	—	—	—
		Secured Debt		12/20/2016		10.00%				7/31/2030	9,480	9,405	9,480
		Secured Debt		12/20/2016		10.00%				12/20/2036	929	922	929
		Member Units	(8)	12/20/2016	717							7,280	14,120
		Member Units	(29)	12/20/2016	800							509	1,270
												18,116	25,799
Cody Pools, Inc.	Designer of Residential and Commercial Pools

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(25)	3/6/2020						12/3/2030	—	(82)	—
			Secured Debt		3/6/2020		12.50%				12/3/2030	34,901	34,336	34,901
			Preferred Member Units	(8) (29)	3/6/2020	587							8,317	65,060
													42,571	99,961
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021						3/31/2028	—	—	—
			Secured Debt		3/31/2021		9.00%				3/31/2028	8,779	8,773	8,779
			Preferred Member Units	(8)	3/31/2021	17,280							7,680	16,830
													16,453	25,609
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt		1/29/2019		12.98%				1/29/2028	4,037	4,031	4,031
			Preferred Member Units		1/29/2019	2,250							3,520	7,650
													7,551	11,681
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	(15)	(15)
			Secured Debt		11/22/2023		13.50%				11/22/2028	17,200	17,100	16,961
			Preferred Equity		11/22/2023	7,454							7,454	7,180
													24,539	24,126
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							390	390

Cybermedia Technologies, LLC		IT and Digital Services Provider
			Secured Debt	(25)	5/5/2023						5/5/2028	—	—	—
			Secured Debt		5/5/2023		13.00%				5/5/2028	27,210	27,082	27,076
			Preferred Member Units		5/5/2023	556							15,000	—
			Preferred Equity		4/1/2025	2,400,000							2,400	6,340
													44,482	33,416
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	675	675	675
			Secured Debt		3/31/2021		10.00%				12/31/2025	7,812	7,812	4,169
			Preferred Member Units		3/31/2021	9,360							2,970	—
													11,457	4,844
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.88%	SF+	10.00%		4/27/2026	11,957	11,943	11,338
			Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
													21,444	21,173
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt		2/13/2018		14.00%				2/13/2026	1,785	1,783	1,785
			Secured Debt		12/27/2022		14.00%				2/13/2026	23,082	23,079	23,082

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Preferred Stock		2/13/2018	8,400							8,400	19,760
													33,262	44,627
Doral Holdings, LLC		Machinery Moving, Rigging and Millwrighting Provider
			Secured Debt	(25)	5/20/2025						5/20/2030	—	—	—
			Secured Debt		5/20/2025		13.00%				5/20/2030	26,500	26,270	26,270
			Preferred Equity		5/20/2025	13,000							13,000	15,740
													39,270	42,010
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—	(3)	(3)
			Secured Debt		10/3/2022		12.00%				10/3/2027	16,778	16,719	16,719
			Secured Debt		10/3/2022		9.00%				10/3/2052	6,212	6,156	6,156
			Common Stock		10/3/2022	285							5,726	5,050
			Common Stock	(29)	10/3/2022	939							1,558	3,270
													30,156	31,192
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt	(25)	6/30/2025						6/30/2030	—	—	—
			Secured Debt		6/30/2025		12.00%				6/30/2030	66,000	65,415	66,000
			Preferred Equity	(8)	10/29/2021	9,360							10,400	54,630
													75,815	120,630
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (25) (34)	6/24/2016			SF+	7.50%		1/1/2028	—	—	—
			Secured Debt	(9) (34)	11/22/2024		11.38%	SF+	7.50%		1/1/2028	70,526	70,436	70,526
			Member Units	(8)	6/24/2016	9,042							17,692	113,810
			Common Equity	(29)	12/15/2025	532							396	396
													88,524	184,732
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Member Units		7/15/2013	1,200							1,200	1,830

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.98%	SF+	6.00%		10/29/2026	3,146	3,143	3,146
			Secured Debt		12/19/2014		11.98%	SF+	8.00%		10/29/2026	40,493	40,452	40,493
			Member Units	(8)	12/19/2014	5,879							13,065	46,360
													56,660	89,999
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(30)	10/1/2017	49.26%							1,158	1,795
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							256	447

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			LP Interests (2717 GRE-LP, L.P.)	(30)	4/18/2024	43.05%							441	441
			LP Interests (423 COR, L.P.)	(30)	6/2/2022	26.89%							2,900	5,244
													4,755	7,927
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718	7,080

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	1,600	1,580	1,600
			Secured Debt		6/21/2023		13.00%				6/21/2028	35,064	34,890	35,064
			Common Equity		6/21/2023	14,400							14,400	28,030
													50,870	64,694
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9) (25)	8/29/2017			P+	6.75%		11/14/2026	—	—	—
			Secured Debt	(9)	11/14/2006		13.75%	P+	6.75%		11/14/2026	878	878	878
			Member Units	(8)	11/14/2006	627							811	11,540
													1,689	12,418
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321	23,263	23,263
			Preferred Equity	(8)	3/28/2022	109,926							10,993	10,990
													34,256	34,253
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9)	8/25/2025		9.13%	SF+	5.00%		6/20/2030	6,316	6,316	6,316
			Secured Debt	(9)	8/25/2025		10.13%	SF+	6.00%	10.13%	6/20/2030	36,513	36,513	36,429
			Secured Debt	(14)	8/25/2025		15.00%			15.00%	6/20/2030	16,842	6,205	939
			Common Equity		12/22/2021	1,684,211							1,684	—
			Common Equity		8/25/2025	842,000							842	—
													51,560	43,684
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.50%				2/24/2028	7,200	7,166	7,200
			Member Units	(8)	1/23/2006	325							783	18,180
													7,949	25,380
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	10,199	10,195	10,195
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,910	3,878	3,878
			Preferred Equity	(8)	10/31/2018	581							12,240	17,180
			Member Units	(8) (29)	10/31/2018	800							992	4,190
													27,305	35,443
Legacy Swim Group		Swim Lessons Provider
			Secured Debt		11/7/2025		13.00%				11/7/2030	32,000	31,691	31,691

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Preferred Equity	(8)	11/7/2025	366							14,996	14,996
													46,687	46,687
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(17) (25)	10/19/2022						10/19/2025	—	—	—
			Secured Debt		10/19/2022		8.75%				10/19/2027	17,237	17,175	17,237
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916	5,916
			Common Stock	(8)	10/19/2022	1,537,219							1,537	9,770
													24,628	32,923
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	34,125	33,840	33,840
			Preferred Equity		3/19/2025	14,300							14,300	15,560
													48,140	49,400
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	1/26/2021		6.88%	SF+	3.00%		3/24/2026	12,000	12,000	12,000
			LP Interests	(8) (30)	1/26/2021	14.51%							15,000	14,697
													27,000	26,697
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—	(84)	(84)
			LP Interests	(8) (30)	9/5/2023	12.46%							10,500	11,064
													10,416	10,980
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	255,020

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,642,635							25,082	21,412

MVI MSO, LLC		Vascular Practice Specializing in Comprehensive Vein and Artery Diagnosis and Treatment
			Secured Debt		3/28/2025		13.00%				3/28/2030	9,850	9,768	9,768
			Preferred Equity	(8)	3/28/2025	270							2,700	4,770
													12,468	14,538
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955							4,145	14,480
			Member Units	(29)	9/30/2025	468							—	568
													4,145	15,048
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		12.50%				6/4/2029	32,072	31,867	32,072
			Preferred Equity	(8)	6/4/2024	336,803							11,197	23,330
													43,064	55,402
NexRev LLC		Provider of Energy Efficiency Products & Services

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

		Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	12,870

NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt	(14)	12/21/2017		12.00%				9/18/2028	2,191	2,161	474
		Preferred Equity		12/8/2011	495,000							482	—
		Member Units		12/22/2011	74,761							114	—
		Member Units		12/22/2011	74,761							3,823	—
		Common Equity	(29)	6/20/2025	927,581							928	928
												7,508	1,402
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9) (17)	1/31/2017		10.48%	SF+	6.50%		1/31/2025	1,000	1,000	1,000
		Secured Debt	(17)	1/31/2017		12.00%				1/31/2025	18,440	18,440	18,440
		Preferred Member Units		11/2/2022	2,400							2,785	6,110
		Preferred Member Units		1/31/2017	486							11,866	12,200
												34,091	37,750
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				12/31/2029	29,000	28,956	29,000
		Preferred Member Units	(8)	4/1/2008	900							1,080	77,900
												30,036	106,900
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9)	7/30/2021		14.98%	SF+	11.00%		7/31/2026	612	612	612
		Secured Debt	(9)	7/30/2021		14.98%	SF+	11.00%		7/31/2026	20,760	20,736	20,760
		Preferred Stock	(29)	7/30/2021	10,000							10,000	13,450
												31,348	34,822
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt	(25)	12/21/2023						12/21/2028	—	(9)	—
		Secured Debt		12/21/2023		13.00%				12/21/2028	27,200	27,037	27,200
		Preferred Equity	(8)	12/21/2023	440							12,540	20,440
												39,568	47,640
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%		11/15/2027	—	(3)	—
		Secured Debt	(9)	11/15/2016		13.04%	SF+	8.75%		11/15/2027	15,191	15,125	15,191
		Common Stock	(8)	6/10/2010	2,000							2,150	17,330
		Common Stock	(8) (29)	6/14/2022	238,421							238	575
												17,510	33,096
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%				11/15/2026	4,897	4,880	4,897
		Preferred Member Units	(8)	2/1/2011	21,806							5,709	15,740
		Common Stock		1/27/2021	1,037							1,200	750

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)	PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

											11,789	21,387
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000						7,546	460

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500						369	9,700

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021					12/15/2026	—	(62)	(62)
		Secured Debt	(14)	12/15/2021		12.50%		10.00%	12/15/2026	33,660	31,771	14,029
		Preferred Equity		12/15/2021	11,070						11,070	—
											42,779	13,967
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(14) (17)	8/31/2018		12.00%		12.00%	8/31/2023	1,203	861	962
		Secured Debt	(14) (17)	8/31/2018		12.00%		12.00%	8/31/2023	15,200	15,045	2,827
		Preferred Member Units		8/28/2023	6,605						661	—
		Preferred Member Units		2/1/2023	5,643						564	—
		Preferred Member Units		8/31/2018	544						9,245	—
											26,376	3,789
Televerde, LLC	Provider of Telemarketing and Data Services
		Preferred Stock		1/26/2022	248						718	1,794
		Member Units	(8)	1/6/2011	460						1,290	4,822
											2,008	6,616
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019					5/31/2027	—	—	—
		Secured Debt		5/31/2019		13.50%			5/31/2027	9,000	8,959	9,000
		Secured Debt		11/21/2025		9.00%			5/31/2027	2,040	2,034	2,040
		Common Equity	(29)	11/21/2025	723						696	696
		Common Stock	(8)	5/31/2019	615						4,655	14,920
											16,344	26,656
Trinity Medical Holdings, LLC	Orthopedic Healthcare Platform
		Secured Debt	(25)	10/8/2025					10/8/2030	—	—	—
		Secured Debt		10/8/2025		13.00%			10/8/2030	58,500	57,944	57,944
		Preferred Equity		10/8/2025	22,500						22,500	22,500
											80,444	80,444
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems
		Secured Debt		10/3/2024		13.00%			10/3/2029	862	836	836
		Secured Debt		10/3/2024		13.00%			10/3/2029	48,251	47,889	47,889
		Preferred Equity		10/3/2024	51,421						22,471	23,380

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

														71,196		72,105
Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	3/31/2023		10.00%				3/31/2025	2,100		2,100		2,100
			Preferred Member Units		3/31/2023	5,097,595								1,830		2,910
			Preferred Member Units		3/31/2023	142,512								—		—
			Preferred Member Units		1/26/2015	4,876,670								14,000		—
			Common Stock		3/31/2023	1,802,780								2,576		—
														20,506		5,010
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2026	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	24,000		23,956		23,956
			Preferred Equity	(8) (29)	12/1/2021	12,240								12,240		12,240
														36,196		36,196
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		7/31/2025		12.00%				12/31/2027	150		150		150
			Secured Debt		12/30/2024		12.00%				12/31/2027	1,750		1,750		1,687
			Preferred Member Units		6/30/2015	16,878								3,154		50
														5,054		1,887
Subtotal Control investments (85.8% of net assets at fair value)														$	1,824,132	$	2,569,626
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	$	895	$	895	$	895
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	513		503		503
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,756
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,756
			Preferred Equity		3/28/2025	12,621,635								8,520		2,080
			Common Stock		12/11/2020	654,743								3,148		—
														19,284		8,990
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	256		256		256
			Member Units	(8)	6/30/2017	2,160,000								2,256		2,820
														2,512		3,076
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	8,380		6,282		—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	18		—		—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	11,112		5,862		—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%				4,770		—
														16,914		—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9) (25)	12/17/2021			SF+	6.00%		6/5/2030	—	(45)	(45)
			Secured Debt		12/17/2021		13.00%				6/5/2030	21,892	21,551	21,551
			Common Stock		12/17/2021	516,617							5,166	5,370
													26,672	26,876
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt		12/10/2021		15.00%				12/10/2026	1,800	1,794	1,800
			Secured Debt		12/10/2021		15.00%				12/10/2026	25,107	25,103	25,107
			Preferred Equity	(8)	12/10/2021	3,310							3,635	24,340
													30,532	51,247
CGMS Parent LLC		Commercial Subcontractor Specializing in Concrete Flatwork
			Secured Debt	(25)	12/26/2025						12/26/2030	—	(39)	(39)
			Secured Debt		12/26/2025		13.00%				12/26/2030	25,000	24,754	24,754
			Preferred Equity		12/26/2025	2,000							10,000	10,000
													34,715	34,715
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	154							—	2,040

Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%							308	24

Connect Telecommunications Solutions Holdings, Inc.	(13) (21)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	24,336	24,153	24,153
			Preferred Equity		10/9/2024	22,304							12,596	12,596
													36,749	36,749
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		10.00%				6/18/2029	560	556	560
			Secured Debt		11/19/2021		10.00%				6/18/2029	12,800	12,754	12,800
			Preferred Equity		11/19/2021	5,944							5,944	9,174
			Preferred Equity	(8)	6/18/2024	3,068	15.00%			15.00%			3,754	5,424
													23,008	27,958
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%							6,032	8,027
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							1,915	2,549
													7,947	10,576
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(29)	6/27/2016	2,000,000							2,000	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)


EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	11/6/2015	5,000,000							84	37

FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt	(25)	5/28/2024						5/28/2029	—	—	—
			Secured Debt		5/28/2024		13.00%				5/29/2029	31,160	28,448	31,160
			Warrants	(8) (27)	5/28/2024	12					5/28/2034		3,920	15,140
													32,368	46,300
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							2,337	1,600
			LP Interests (Freeport First Lien Loan Fund III LP)	(30)	7/31/2015	5.95%							671	193
													3,008	1,793
FRG AcquireCo, LLC		Technology Focused Risk Management Advisory Firm
			Secured Debt	(25)	9/22/2025						9/22/2028	—	(19)	(19)
			Secured Debt		9/22/2025		13.00%				9/22/2030	10,500	10,402	10,402
			Preferred Equity		9/22/2025	3,500							3,500	3,500
													13,883	13,883
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	14,053	14,050	14,053
			Preferred Member Units	(8)	3/31/2021	226							4,900	10,940
													18,950	24,993
Gulf Manufacturing, LLC	(13)(21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	8.13%		3/15/2029	—	(32)	(32)
			Secured Debt		3/15/2024		12.01%	SF+	8.13%		3/15/2029	37,700	36,784	36,784
			Member Units	(8)	8/31/2007	438							2,980	6,600
			Common Stock	(8) (29)	11/18/2024	888							888	1,450
			Preferred Equity		12/23/2025	208							2,077	5,190
													42,697	49,992
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							1,549	4,116
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							6,409	7,463
			LP Interests (423 HAR, L.P.)	(8) (30)	6/2/2023	15.60%							750	1,226
													8,708	12,805
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	12/2/2016		9.98%	SF+	6.00%		1/15/2026	3,219	3,219	3,219
			Secured Debt		12/2/2016		11.00%				1/15/2026	45,256	45,256	45,256
			Preferred Member Units	(8)	12/2/2016	226							2,850	26,310
			Preferred Member Units	(29)	12/2/2016	226							150	1,380
													51,475	76,165
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		10.00%				4/2/2026	3,000	3,000	3,000
			Member Units	(8)	1/8/2003	322,297							2,352	3,720
													5,352	6,720
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300	19,000

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	15,299	15,289	15,299
			Preferred Equity	(8)	3/31/2023	87,360							4,368	8,010
													19,657	23,309
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.75%	SF+	7.50%		8/20/2026	12,273	12,240	12,042
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			281	420
			Preferred Equity		6/3/2025	3,078	10.00%			10.00%			328	404
			Common Stock		8/20/2021	9,968							1,356	350
													14,205	13,216
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		13.00%				1/31/2028	4,514	4,500	4,500
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940	2,931	2,931
			Secured Debt		11/15/2021		13.00%				1/31/2028	8,944	8,944	8,944
			Secured Debt		11/15/2021		13.00%				1/31/2028	17,624	17,569	17,569
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,554	9,421	9,421
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711	1,030
			Preferred Equity		9/26/2025	155	25.00%			25.00%			155	155
			Common Stock		8/3/2021	203,016							2,756	2,700
													46,987	47,250
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		11.15%	SF+	7.00%		6/21/2027	1,180	1,172	1,180
			Secured Debt	(9)	6/30/2025		11.15%	SF+	7.00%		6/21/2027	5,310	5,295	5,310
			Secured Debt	(9)	6/21/2023		11.15%	SF+	7.00%		6/21/2027	4,935	4,535	4,935
			Secured Debt	(9)	6/21/2023		11.15%	SF+	7.00%		6/21/2027	4,935	4,535	4,935
			Secured Debt	(9)	6/30/2025		11.15%	SF+	7.00%		6/21/2027	1,770	1,765	1,770
			Warrants	(8) (27)	6/21/2023	193,307					6/21/2033		2,091	15,230
													19,393	33,360

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9) (25)	12/29/2025			SF+	5.50%		10/1/2028	—	(40)	(40)
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,171	1,146	1,146
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,007	1,007	1,007
			Preferred Equity		2/10/2025	9,213							4,890	6,270
													7,003	8,383
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.81%	SF+	5.50%	9.81%	1/28/2031	2,903	2,903	2,796
			Secured Debt	(9) (26)	4/11/2025		9.32%	SF+	5.50%	9.32%	1/28/2031	1,729	1,729	1,664
			Preferred Equity	(8) (29)	12/19/2024	66,306							14,946	12,557
													19,578	17,017
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	8,160	7,696	7,696
			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			1,924	2,112
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594	800
													10,214	10,608
Nearshore AcquireCo, LLC		Provider of Outsourcing Services
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(24)	(24)
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(61)	(61)
			Secured Debt		11/12/2025		13.00%				11/12/2030	21,900	21,688	21,688
			Preferred Equity		11/12/2025	10,520,000							5,260	5,260
													26,863	26,863
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	3/31/2026	4,415	4,415	645
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	3/31/2026	2,116	2,116	309
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	3/31/2026	983	983	144
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	3/31/2026	964	964	141
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	3/31/2026	305	305	—
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
			Common Stock		4/15/2021	635							830	—
			Warrants	(27)	4/18/2011	4,699					5/10/2027		1,089	—
													12,683	1,239
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128	3,270

RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.89%	SF+	6.75%	10.89%	6/30/2027	1,434	1,433	1,182
			Secured Debt	(9) (25)	2/5/2025			SF+	6.75%		6/30/2027	—	—	—
			Secured Debt	(9)	4/8/2021		10.89%	SF+	6.75%	10.89%	6/30/2027	14,991	14,981	12,355

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9) (25)	7/17/2025			SF+	6.75%		6/30/2027	—	—	—
			Common Equity		8/12/2024	110							—	—
													16,414	13,537
Revenue Recovery Holdings, LLC		Third Party Tax Collection Services
			Secured Debt	(25)	7/25/2025						7/25/2030	—	(18)	(18)
			Secured Debt		7/25/2025		13.00%				7/25/2030	6,700	6,640	6,640
			Preferred Equity		7/25/2025	104,904							1,049	1,049
													7,671	7,671
RFG AcquireCo, LLC		Aerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
			Secured Debt	(25)	6/2/2025						6/2/2027	—	(7)	(7)
			Secured Debt		6/2/2025		12.50%				6/2/2030	8,000	7,932	7,932
			Secured Debt		6/2/2025		12.50%				6/2/2030	34,000	33,700	33,700
			Preferred Equity		6/2/2025	11,401							11,401	12,771
													53,026	54,396
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%				6/16/2028	2,250	2,239	2,250
			Secured Debt	(23)	6/16/2023		12.85%				6/16/2028	66,850	66,769	66,850
			Preferred Member Units	(8)	8/31/2018	165							1,525	17,190
													70,533	86,290
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				3/21/2030	24,680	24,451	24,680
			Common Stock	(8)	9/13/2018	70,000							—	2,160
													24,451	26,840
Specialized Aviation Holdings, LLC		Distributor and Service and Maintenance Provider for Specialty Aircraft
			Secured Debt		8/29/2025		13.00%				8/29/2030	28,625	28,362	28,362
			Preferred Stock		8/29/2025	25,000							15,000	15,000
													43,362	43,362
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	222	222	780
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,327	4,884	1,438
			Preferred Equity		12/31/2022	5,907,649							—	—
													5,106	2,218
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636							4,500	17,500

The Affiliati Network, LLC		Performance Marketing Solutions
			Preferred Stock		9/1/2023	312,910							313	313
			Preferred Stock	(8)	8/9/2021	1,280,000							6,400	6,400
													6,713	6,713

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%								2,612		4,164

UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	6/6/2023	14.91%								4,592		5,165

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Preferred Stock		8/21/2018	11,450,416	20.00%			20.00%				8,416		9,388
			Preferred Stock		6/30/2017	21,382,147	19.00%			19.00%				3,667		—
			Preferred Stock		1/15/2015	42,338,440	13.50%			13.50%				7,924		—
			Common Stock		4/1/2020	2,370,059								—		—
														20,007		9,388
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,743		8,672
			Preferred Equity	(8)	2/16/2024	4,000								4,614		4,356
														13,357		13,028
Wildcats Topco LLC		Provider of Veterinary Services and Products
			Common Equity		5/8/2025	22,426,711								22,427		22,760

World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		12.00%				12/12/2027	9,886		9,848		9,848
			Preferred Equity	(8)	12/12/2022	3,845								3,845		3,845
														13,693		13,693
Subtotal Affiliate investments (32.2% of net assets at fair value)														$	881,641	$	965,179
Non-Control/Non-Affiliate Investments (7)
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	$	8,000	$	8,000	$	7,965
			Secured Debt	(9) (33)	11/26/2025		11.00%	SF+	7.00%	1.00%	3/11/2027	789		775		775
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	16,473		16,459		16,402
														25,234		25,142
AGS American Glass Services Acquisition, LLC	(10)	Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(35)		(35)
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(20)		(20)
			Secured Debt	(9)	7/24/2025		9.22%	SF+	5.50%		7/24/2031	10,042		9,904		9,800
			Preferred Equity		7/24/2025	7,292								729		729
														10,578		10,474

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—	(63)	(63)
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—	(32)	(32)
			Secured Debt	(9)	8/1/2025		9.22%	SF+	5.25%		8/1/2030	27,595	27,152	27,269
			Common Equity		8/1/2025	1,521							1,521	1,521
													28,578	28,695
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	235							1,844	—

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.00%		11/19/2026	—	(2)	(2)
			Secured Debt	(9)	11/19/2021		11.75%	P+	5.00%		11/19/2026	5,600	5,589	5,600
													5,587	5,598
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	4,177	4,177	4,177
			Secured Debt	(9)	11/6/2023		10.34%	SF+	6.50%	10.34%	11/6/2028	8,985	8,985	8,985
			Preferred Equity		11/6/2023	32,507							14,060	16,659
			Preferred Equity		11/6/2023	32,507							—	—
			Common Equity		11/9/2021	3,898							234	—
													27,456	29,821
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	1,387,832							1,388	2,450

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		10.22%	SF+	6.00%		1/18/2028	1,800	1,737	1,800
			Secured Debt	(9)	1/18/2022		9.25%	SF+	5.00%		1/18/2028	6,660	6,660	6,660
			Secured Debt	(9)	1/18/2022		11.25%	SF+	7.00%		1/18/2028	6,660	6,660	6,660
			Common Stock		1/18/2022	720,000							720	970
													15,777	16,090
Auria Space, LLC	(10)	Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms
			Secured Debt	(9) (25)	12/31/2025			SF+	5.00%		12/31/2030	—	(168)	(168)
			Secured Debt	(9) (25)	12/31/2025			SF+	5.00%		12/31/2030	—	(299)	(299)
			Secured Debt	(9)	12/31/2025		8.72%	SF+	5.00%		12/31/2030	57,004	56,163	56,163
													55,696	55,696
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—	(63)	(63)

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	12/23/2022		11.09%	SF+	7.25%		12/23/2027	23,451	23,046	23,451
			Secured Debt	(9) (25)	12/18/2025			SF+	7.25%		12/23/2027	—	(38)	(38)
			Common Equity	(8)	12/15/2021	984							934	920
													23,879	24,270
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9) (25)	12/17/2025			SF+	6.00%		12/17/2030	—	(22)	(22)
			Secured Debt	(9)	12/17/2025		9.70%	SF+	6.00%		12/17/2030	9,596	9,454	9,454
			Common Equity		12/17/2025	300							300	300
													9,732	9,732
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(29)	3/8/2024	286,109							286	—
			Preferred Member Units	(29)	11/12/2019	122,416							—	—
			Preferred Member Units	(29)	7/6/2018	1,548,387							—	—
													286	—
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.49%	SF+	8.50%	11.49%	1/31/2026	202	129	239
			Secured Debt	(9) (14)	10/19/2022		14.25%	P+	7.50%	13.25%	1/31/2026	2,780	2,780	182
			Secured Debt	(9) (14)	8/28/2020		12.49%	SF+	8.50%	11.49%	1/31/2026	4,183	3,961	—
			Common Stock		10/1/2020	723,184							1	—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	—
													7,907	421
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	—	(17)	(17)
			Secured Debt	(9)	2/3/2025		8.74%	SF+	4.75%		2/3/2030	3,938	3,882	3,912
			Secured Debt	(9)	2/3/2025		10.74%	SF+	6.75%		2/3/2030	3,938	3,882	3,912
			Common Equity		2/3/2025	248,718							249	249
													7,996	8,056
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.89%	SF+	5.75%		5/1/2028	571	557	571
			Secured Debt	(9)	10/31/2025		9.59%	SF+	5.75%		5/1/2028	1,396	1,369	1,396
			Secured Debt	(9)	5/1/2023		8.89%	SF+	4.75%		5/1/2028	6,277	6,218	6,277
			Secured Debt	(9)	5/1/2023		10.89%	SF+	6.75%		5/1/2028	6,277	6,218	6,277
			Preferred Equity		5/1/2023	571							571	550
			Common Equity		5/1/2023	571							—	—
													14,933	15,071
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9) (32)	2/1/2024		9.75%	SF+	5.75%		2/1/2029	3,946	3,819	3,946
			Secured Debt	(9)	2/1/2024		9.84%	SF+	5.75%		2/1/2029	2,984	2,927	2,984
			Secured Debt	(9)	2/1/2024		9.75%	SF+	5.75%		2/1/2029	25,673	25,349	25,673
			Secured Debt	(9)	1/2/2025		9.83%	SF+	5.75%		2/1/2029	9,410	9,303	9,410

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	7/1/2025		9.84%	SF+	5.75%		2/1/2029	14,899	14,643	14,899
			Common Equity		2/1/2024	2,583,963							2,709	9,910
													58,750	66,822
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		14.75%	P+	7.25%		7/22/2019	761	761	—
			Secured Debt	(9) (14) (17)	8/12/2014		14.75%	P+	7.25%		7/22/2019	7,056	7,056	—
													7,817	—
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%							4,983	2,692
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							3,202	3,224
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							4,900	5,146
													13,085	11,062
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408							325	710

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		10.84%	SF+	6.75%		2/7/2027	7,250	7,146	7,250
			Secured Debt	(9)	2/7/2022		10.84%	SF+	6.75%		2/7/2027	35,794	35,634	35,794
			Secured Debt	(9)	6/24/2022		10.84%	SF+	6.75%		2/7/2027	1,983	1,974	1,983
			Secured Debt	(9)	3/27/2023		10.84%	SF+	6.75%		2/7/2027	4,793	4,758	4,793
													49,512	49,820
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,628	2,628	8

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		12.28%	SF+	8.25%	12.02%	8/6/2026	8,830	8,800	8,393
			Secured Debt	(9)	8/6/2021		12.02%	SF+	8.25%	12.02%	8/6/2026	21,410	21,367	20,352
													30,167	28,745
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—	(59)	(59)
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—	(59)	(59)
			Secured Debt	(9)	9/24/2025		9.23%	SF+	5.50%		9/23/2031	6,269	6,151	6,151
			Common Equity		9/24/2025	626,923							627	627
													6,660	6,660
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9)	6/29/2024		10.32%	SF+	6.50%		6/28/2029	1,669	1,608	1,656

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	6/29/2024		10.34%	SF+	6.50%		6/28/2029	10,570	10,391	10,484
			Secured Debt	(9)	6/29/2024		10.59%	SF+	6.75%		6/28/2029	31,790	31,236	31,678
			Secured Debt	(9)	8/15/2024		10.37%	SF+	6.50%		6/28/2029	7,047	6,945	6,989
													50,180	50,807
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%		6/27/2027	—	(28)	(28)
			Secured Debt	(9)	12/27/2023		10.52%	SF+	6.75%		6/27/2027	10,266	10,133	10,266
													10,105	10,238
CRC Evans USA 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)	8/19/2022		10.87%	SF+	6.75%		6/30/2029	6,838	6,676	6,838
			Secured Debt	(25)	12/31/2025			SF+	6.75%		6/30/2029	—	(280)	(280)
			Secured Debt	(9)	12/31/2025		10.70%	SF+	6.75%		6/30/2029	9,542	9,355	9,355
			Secured Debt	(9)	8/19/2022		10.83%	SF+	6.75%		6/30/2029	14,949	14,614	14,949
													30,365	30,862
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)	6/27/2024			SF+	6.75%		6/27/2029	—	(184)	(184)
			Secured Debt	(9)	3/4/2025		10.69%	SF+	6.75%		6/27/2029	5,531	5,435	5,531
			Secured Debt	(9)	6/27/2024		10.44%	SF+	6.75%		6/27/2029	88,683	87,428	88,683
			Common Equity		3/4/2025	10,851							1,085	860
													93,764	94,890
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720	650

DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)		4/13/2018		10.00%			10.00%			1,316	—
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	—
													2,092	—
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.82%	SF+	8.00%	11.82%	12/31/2026	2,612	2,507	2,612
			Secured Debt	(9)	12/20/2022		12.82%	SF+	9.00%		12/31/2026	2,493	2,259	2,463
			Preferred Equity		12/20/2022	125,000							128	110
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													4,894	5,185
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	—	(149)	(149)
			Secured Debt	(9)	3/31/2025		9.22%	SF+	5.50%		3/31/2030	50,156	49,312	50,156
			Common Equity		3/31/2025	1,464,286							1,464	2,220
													50,627	52,227
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.22%	SF+	6.25%		12/29/2027	9,330	9,229	5,878

EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							2,613	130
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,394	5
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,187	1,056
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,975	4,674
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							7,370	7,731
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							3,799	15
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							3,371	1,947
													28,709	15,558
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	6.00%		4/7/2029	—	(22)	—
			Secured Debt	(9)	10/2/2024		9.67%	SF+	6.00%		4/7/2029	1,354	1,337	1,354
			Secured Debt	(9)	4/7/2023		9.67%	SF+	6.00%		4/7/2029	25,517	25,094	25,517
			Common Equity		4/7/2023	649,794							663	910
													27,072	27,781
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.93%	SF+	7.00%		12/22/2026	3,692	3,685	3,692
			Secured Debt	(9)	12/22/2021		10.93%	SF+	7.00%		12/22/2026	48,035	47,948	48,035
													51,633	51,727
EWMW LP	(12) (13)	Investment Partnership
			Secured Debt		12/23/2025		9.87%	SF+	6.00%			3,144	3,144	3,144

Fuse, LLC	(11)	Cable Networks Operator

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt		6/30/2019		12.00%				12/31/2028	1,810	1,810	323
			Common Stock		6/30/2019	10,429							256	—
													2,066	323
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (25)	4/14/2025			SF+	7.25%		10/14/2027	—	(71)	—
			Secured Debt	(9)	4/14/2025		10.98%	SF+	7.25%		10/14/2027	28,606	28,203	28,606
			Common Equity		11/10/2023	705,882							706	450
													28,838	29,056
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		11.23%	SF+	7.50%		10/4/2029	853	778	834
			Secured Debt	(9)	10/4/2024		11.23%	SF+	7.50%		10/4/2029	4,176	4,090	4,090
			Secured Debt	(9) (26)	10/4/2024		11.31%	SF+	7.25%		10/4/2029	30,813	30,347	30,135
			Common Equity		10/4/2024	1,653							1,634	1,229
													36,849	36,288
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (32)	10/18/2019		10.48%	SF+	6.50%		11/30/2026	6,061	6,042	6,061
			Secured Debt	(9)	10/18/2019		10.47%	SF+	6.50%		11/30/2026	10,392	10,342	10,392
			Secured Debt	(9)	9/15/2023		10.47%	SF+	6.50%		11/30/2026	932	928	932
			Secured Debt	(9)	12/22/2023		10.47%	SF+	6.50%		11/30/2026	223	222	223
			Secured Debt	(9)	8/22/2024		10.47%	SF+	6.50%		11/30/2026	6,011	5,981	6,011
													23,515	23,619
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (32)	9/30/2022		10.82%	SF+	7.00%		9/30/2028	454	444	420
			Secured Debt	(9)	9/30/2022		10.83%	SF+	7.00%		9/30/2028	295	286	273
			Secured Debt	(9)	9/30/2022		10.82%	SF+	7.00%		9/30/2028	3,542	3,502	3,266
													4,232	3,959
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(30)	6/2/2025	4.13%							1,590	1,590

HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (14)	3/7/2024		9.01%	SF+	3.50%	2.50%	6/21/2026	2,607	2,557	2,272
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626	713	—
			Common Equity		3/7/2024	64,029							—	—
													3,270	2,272
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.32%	SF+	5.50%	1.50%	7/3/2029	4,752	4,718	4,697
			Secured Debt	(9)	7/3/2024		9.46%	SF+	5.50%	1.50%	7/3/2029	32,599	32,353	32,163
													37,071	36,860

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.51%	SF+	6.50%	3.50%	10/23/2027	27,185	27,185	26,616

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		12.24%	SF+	8.25%		12/31/2027	7,200	7,115	7,200

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2028	—	(8)	—
			Secured Debt	(9)	7/30/2021		9.57%	SF+	5.75%		7/30/2028	10,127	10,070	10,127
			Secured Debt	(9)	7/30/2021		9.57%	SF+	5.75%		7/30/2028	4,853	4,822	4,853
													14,884	14,980
Ignite Visibility LLC	(10)	Digital Marketing Services Agency
			Secured Debt	(9)	12/15/2025		8.84%	SF+	5.00%		12/1/2028	4,759	4,689	4,689
			Secured Debt	(9)	12/15/2025		10.84%	SF+	7.00%		12/1/2028	4,759	4,689	4,689
													9,378	9,378
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity		6/8/2023	849							1,166	1,090

Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/13/2025		9.68%	SF+	6.00%	4.00%	10/30/2028	1,944	1,944	1,944
			Secured Debt	(9)	7/31/2025		9.68%	SF+	6.00%	9.68%	10/30/2028	4,425	4,425	4,425
			Common Equity		7/31/2025	4,238,917							5,680	4,910
													12,049	11,279
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (32)	7/19/2023		10.10%	SF+	6.25%		7/19/2028	1,441	1,401	1,341
			Secured Debt	(9)	7/19/2023		10.12%	SF+	6.25%		7/19/2029	14,118	13,865	13,140
			Common Equity		7/19/2023	131,100							656	270
													15,922	14,751
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9)	4/3/2023		13.97%	SF+	10.00%	2.00%	4/3/2028	857	846	808
			Secured Debt	(9)	4/3/2023		13.97%	SF+	10.00%	2.00%	4/3/2028	7,307	7,224	6,889
			Secured Debt	(9)	6/14/2023		13.97%	SF+	10.00%	2.00%	4/3/2028	2,941	2,910	2,773
			Secured Debt	(9)	12/31/2024		13.97%	SF+	10.00%	2.00%	4/3/2028	339	339	320
			Common Equity		4/3/2023	177,594							463	97
													11,782	10,887
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		13.92%	SF+	10.00%	13.92%	8/7/2023	2,392	2,392	2,077

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9) (14) (17)	8/7/2019		11.02%	SF+	7.00%	11.02%	8/7/2023	7,313	7,237	1
			Common Stock		12/7/2021	2,143							—	—
													9,629	2,078
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.37%	SF+	7.50%		3/31/2028	1,452	1,445	1,319
			Secured Debt	(9) (26)	8/28/2019		11.37%	SF+	7.50%	3.37%	3/31/2028	16,805	16,764	15,247
													18,209	16,566
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (35)	4/13/2023		2.50%				4/14/2028	3,159	3,016	458
			Common Equity		4/13/2023	198,743							—	—
													3,016	458
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9)	5/20/2024		11.25%	SF+	7.00%		5/17/2029	456	452	443
			Secured Debt	(9)	5/20/2024		10.25%	SF+	6.00%		5/17/2029	2,111	2,084	2,048
			Secured Debt	(9)	5/20/2024		11.25%	SF+	7.00%		5/17/2029	2,111	2,084	2,048
			Secured Debt	(9)	5/20/2024		12.25%	SF+	8.00%		5/17/2029	2,111	2,084	2,048
													6,704	6,587
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.01%	SF+	7.00%		11/4/2026	751	747	751
			Secured Debt	(9) (26)	2/27/2024		11.23%	SF+	7.00%		11/4/2026	625	622	625
			Secured Debt	(9) (26)	11/1/2024		11.11%	SF+	7.00%		11/4/2026	667	658	667
			Secured Debt	(9)	11/8/2021		10.84%	SF+	7.00%		11/4/2026	1,738	1,728	1,738
			Preferred Equity		11/8/2021	2,826,667							110	750
													3,865	4,531
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		11.94%	SF+	8.00%		3/29/2029	1,833	1,833	1,833
			Secured Debt	(9)	3/30/2024		11.94%	SF+	8.00%		3/29/2029	1,369	1,369	1,369
			Common Stock		3/29/2024	5,461,019							200	350
													3,402	3,552
LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							—	792

LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.14%	SF+	8.00%	3.00%	8/16/2026	4,226	4,207	3,328

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		11.41%	SF+	7.50%	2.75%	12/31/2028	44,135	43,451	44,135
			Secured Debt		4/11/2025						12/31/2028	2,963	2,287	2,204

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													45,738	46,339
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25

MCT Purchaserco Holding Inc.	(10) (13) (21)	Manufacturer and Distributor of High-Voltage Disconnect Switches
			Secured Debt	(9)	12/1/2025		9.36%	SF+	5.50%		12/2/2030	6,097	5,985	5,985
			Secured Debt	(9)	12/1/2025		9.29%	SF+	5.50%		12/2/2030	39,755	39,364	39,364
			Common Equity		12/1/2025	1,590,287							1,139	1,139
													46,488	46,488
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.50%		4/3/2028	—	(27)	(27)
			Secured Debt	(9)	11/20/2024		9.32%	SF+	5.50%		4/3/2028	11,023	10,920	11,023
			Secured Debt	(9)	4/4/2022		9.32%	SF+	5.50%		4/3/2028	13,886	13,779	13,886
													24,672	24,882
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		10.06%	SF+	6.25%		11/30/2028	1,425	1,400	1,361
			Secured Debt	(9) (26)	11/30/2023		10.05%	SF+	6.25%		11/30/2028	1,305	1,285	1,246
			Secured Debt	(9)	11/30/2023		9.07%	SF+	5.25%		11/30/2028	4,833	4,764	4,615
			Secured Debt	(9)	11/30/2023		11.07%	SF+	7.25%		11/30/2028	4,833	4,762	4,597
			Common Equity		11/30/2023	524,888							525	280
													12,736	12,099
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (25)	4/17/2025			SF+	5.50%		4/17/2030	—	(196)	(196)
			Secured Debt	(9)	4/17/2025		9.33%	SF+	5.50%		4/17/2030	14,698	14,274	14,698
			Secured Debt	(9)	4/17/2025		9.23%	SF+	5.50%		4/17/2030	66,099	64,972	66,099
			Common Equity		6/7/2023	1,234							1,234	15,530
													80,284	96,131
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.18%	SF+	6.25%		5/24/2027	4,101	4,080	4,417
			Secured Debt	(9)	5/24/2022		10.18%	SF+	6.25%		5/24/2027	10,661	10,602	12,399
			Secured Debt	(9)	5/24/2022		10.18%	SF+	6.25%		5/24/2027	17,933	17,839	17,933
			Secured Debt	(9)	6/25/2025		10.18%	SF+	6.25%		5/24/2027	1,231	1,214	1,244
			Unsecured Debt		1/31/2025		8.00%			8.00%	3/31/2026	81	81	81
			Common Stock		8/30/2022	106,608,424							1,150	707
													34,966	36,781
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (25)	6/21/2024			SF+	7.25%		12/21/2028	—	(3)	(3)
			Secured Debt	(9)	6/21/2024		11.09%	SF+	7.25%		6/21/2029	26,089	25,549	26,089
			Secured Debt	(9)	5/13/2025		11.09%	SF+	7.25%		6/21/2029	3,155	3,075	3,155

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													28,621	29,241
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		9.42%	SF+	5.75%		11/16/2027	1,386	1,375	1,386
			Secured Debt	(9)	4/1/2024		9.42%	SF+	5.75%		11/16/2027	3,851	3,825	3,851
													5,200	5,237
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013						11/15/2026	4,348	4,348	19

Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	3,226							7,221	—

PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		9.35%	SF+	5.50%		5/1/2029	7,800	7,638	7,800
			Secured Debt	(9)	9/7/2023		9.17%	SF+	5.50%		5/1/2029	745	728	745
			Secured Debt	(9)	1/30/2024		9.17%	SF+	5.50%		5/1/2029	749	736	749
			Secured Debt	(9)	6/28/2024		8.92%	SF+	5.25%		5/1/2029	851	842	851
			Secured Debt	(9)	1/21/2025		9.12%	SF+	5.25%		5/1/2029	1,886	1,871	1,886
			Secured Debt	(9)	7/31/2025		9.09%	SF+	5.25%		5/1/2029	2,021	2,004	2,021
			Secured Debt	(9)	11/21/2025		8.63%	SF+	4.75%		5/1/2029	2,128	2,108	2,108
													15,927	16,160
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9)	8/24/2023		8.86%	SF+	5.00%		8/24/2028	1,353	1,299	1,353
			Secured Debt	(9)	8/24/2023		8.86%	SF+	5.00%		8/24/2028	33,168	32,566	33,168
			Secured Debt	(9)	9/10/2024		8.93%	SF+	5.00%		8/24/2028	21,545	21,255	21,545
													55,120	56,066
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(25)	8/27/2021						8/31/2029	—	(2)	—
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,376	3,360	2,444
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,376	3,360	2,375
													6,718	4,819
Royal Cup Inc.	(10)	Coffee Roaster and Beverage Solutions Provider
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—	(221)	(221)
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—	(83)	(83)
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—	(359)	(359)
			Secured Debt	(9)	11/26/2025		8.98%	SF+	5.25%		11/26/2030	53,300	52,527	52,527
			Preferred Equity		11/26/2025	3,807,144							3,807	3,807
													55,671	55,671
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		9.17%	SF+	5.50%		5/16/2028	3,721	3,720	3,721

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	7/16/2021		9.17%	SF+	5.50%		5/16/2028	6,831	6,737	6,831
													10,457	10,552
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	8/8/2024			SF+	5.25%		8/8/2029	—	—	—
			Secured Debt	(9)	8/8/2024		9.07%	SF+	5.25%		8/8/2029	53,320	53,022	53,320
			Secured Debt	(9)	7/31/2025		9.07%	SF+	5.25%		8/8/2029	10,475	10,383	10,475
			Common Equity		12/10/2021	864							864	1,013
													64,269	64,808
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (25)	7/1/2022			SF+	7.00%		7/1/2027	—	(24)	—
			Secured Debt	(9)	7/1/2022		10.82%	SF+	7.00%		7/1/2027	15,409	15,291	15,409
			Common Stock		7/1/2022	638,710							639	630
													15,906	16,039
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(76)	(76)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(57)	(57)
			Secured Debt	(9)	12/31/2024		9.27%	SF+	5.50%		12/31/2029	32,010	31,633	31,903
													31,500	31,770
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	5,000

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(29)	7/7/2021	1,000,000							1,000	2,900

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)	3/11/2024		10.17%	SF+	6.50%		3/11/2029	1,439	1,360	1,439
			Secured Debt	(9)	3/11/2024		10.17%	SF+	6.50%		3/11/2029	33,585	32,840	33,585
			Secured Debt	(9)	2/27/2025		10.17%	SF+	6.50%		3/11/2029	4,298	4,214	4,298
			Secured Debt	(9)	8/5/2025		10.17%	SF+	6.50%		3/11/2029	4,863	4,755	4,863
			Preferred Equity		3/11/2024	1,358,892	8.00%			8.00%			1,375	1,540
													44,544	45,725
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		12.32%	SF+	8.15%	7.00%	5/2/2027	9,811	2,611	3,998
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003	20	—
													2,631	3,998
UBM AcquireCo LLC		Mail Commingling and Logistics Provider
			Secured Debt	(25)	12/20/2025						12/20/2027	—	(38)	(38)
			Secured Debt		12/20/2025		10.00%				12/20/2030	42,800	42,379	42,379

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Common Equity		12/20/2025	80							8,000	8,000
													50,341	50,341
UPS Intermediate, LLC	(10)	Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
			Secured Debt	(9)	7/29/2024		9.97%	SF+	6.25%		7/27/2029	42,903	42,297	42,622
			Common Equity		7/29/2024	1,443,299							1,443	1,480
													43,740	44,102
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		11.63%	SF+	7.50%		4/5/2029	4,000	3,938	4,000

Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(32)	12/22/2023		10.98%	SF+	7.00%		12/22/2028	7,727	7,599	7,727
			Secured Debt	(9)	12/22/2023		10.93%	SF+	7.00%		12/22/2028	41,650	41,032	41,650
													48,631	49,377
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	3,610

Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9) (32)	4/30/2025		9.28%	SF+	5.50%		4/30/2028	322	322	322
			Secured Debt	(9)	4/30/2025		9.34%	SF+	5.50%		4/30/2028	7,546	7,546	7,546
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	5,353	5,353	5,353
			Common Equity		4/30/2025	3,219							3,410	1,520
													16,631	14,741
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	2,339	2,328	1,595
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	403	394	275
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	16,589	16,527	11,314
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	13,269	13,219	9,049
													32,468	22,233
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021		11.49%	SF+	7.50%		11/19/2027	4,000	3,980	4,000
			Secured Debt	(9)	11/19/2021		11.75%	SF+	7.50%		11/19/2027	1,874	1,865	1,874
			Secured Debt	(9)	1/16/2024		10.75%	SF+	6.50%		11/19/2027	7,240	7,185	7,240
			Secured Debt	(9)	1/16/2024		12.75%	SF+	8.50%		11/19/2027	7,240	7,185	7,240
													20,215	20,354
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.54%	SF+	5.75%		12/20/2028	23,571	23,374	23,571

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)

			Secured Debt	(9)	12/17/2021		9.72%	SF+	5.75%		12/20/2028	37,056	36,774		37,056
			Secured Debt	(9)	3/31/2025		9.52%	SF+	5.75%		12/20/2028	10,552	10,386		10,552
													70,534		71,179
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9) (26)	8/22/2018		11.48%	SF+	7.50%		8/9/2027	10,592	10,507		8,893

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		11.75%	P+	5.00%		6/14/2029	6,601	6,457		6,601
			Secured Debt	(9) (26)	6/14/2024		9.69%	SF+	6.00%		6/14/2029	11,781	11,558		11,781
			Secured Debt	(9)	6/14/2024		9.60%	SF+	6.00%		6/14/2029	6,502	6,409		6,502
			Secured Debt	(9)	6/14/2024		9.73%	SF+	6.00%		6/14/2029	46,518	45,853		46,518
													70,277		71,402
Subtotal Non-Control/Non-Affiliate investments (66.2% of net assets at fair value)													$	2,018,755	$	1,983,312
Total Portfolio Company investments, December 31, 2025 (184.3% of net assets at fair value)													$	4,724,528	$	5,518,117

Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)													$	1,227	$	1,227
Fidelity Government Fund (37)													1,171		1,171
Fidelity Treasury (31)													850		850
Total money market funds													$	3,248	$	3,248

___________________________

(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.

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

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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)

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

(8)Income producing through dividends or distributions.

(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 96% of the loans (based on the par amount) contain Term SOFR floors which range between 0.50% and 5.25%, with a weighted-average floor of 1.31%.

(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 or 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.

(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, 2025.

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

(21)Portfolio company headquarters are located outside of the U.S.

(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+6.50% (Floor 1.50%) 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, 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 December 31, 2025.

(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.

Table of contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2025

(dollars in thousands)

(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, 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 December 31, 2025 was approximately 3.43% on the Fidelity Treasury.

(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 December 31, 2025.

(36)Effective yield as of December 31, 2025 was approximately 3.70% on the Dreyfus Government Cash Management.

(37)Effective yield as of December 31, 2025 was approximately 3.43% 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 U.S. 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 U.S.

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 (see 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 U.S. 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 months ended March 31, 2026 and 2025, cash flows for the three months ended March 31, 2026 and 2025 and financial position as of March 31, 2026 and December 31, 2025 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, 2025. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three months ended March 31, 2026 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 (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio below), with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),” in both cases, on the Consolidated Statements of Operations.

Portfolio Investment Classification

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

Table of contents

MAIN STREET CAPITAL CORPORATION

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 (“Waterfall”) valuation method for its LMM equity investments and an income approach using a yield-to-maturity model (“Yield-to-Maturity”) valuation method for its LMM debt investments. For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, Main Street generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the Yield-to-Maturity valuation method. For Middle Market and short-term portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, Main Street primarily uses quoted prices in the valuation process. Main Street determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, Main Street generally calculates the fair value of the investment primarily based on the net asset value (“NAV”) of the investment 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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MAIN STREET CAPITAL CORPORATION

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 19 and 15 LMM portfolio companies as of March 31, 2026 and 2025, respectively, representing 25% and 20% of the total LMM portfolio at fair value as of March 31, 2026 and 2025, respectively. A total of 71 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm as of the end of a fiscal quarter during the trailing twelve months ended March 31, 2026, representing 86% of the total LMM portfolio at fair value as of March 31, 2026. Excluding its investments in LMM portfolio companies that, as of March 31, 2026, 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, 97% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2026.

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 16 and 14 Private Loan portfolio companies as of March 31, 2026 and 2025, respectively, representing 24% and 26% of the total Private Loan portfolio at fair value as of March 31, 2026 and 2025, respectively. A total of 62 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm as of the end of a fiscal quarter during the trailing twelve months ended March 31, 2026, representing 84% of the total Private Loan portfolio at fair value as of March 31, 2026. Excluding its investments in Private Loan portfolio companies that, as of March 31, 2026, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment, 98% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2026.

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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% as of both March 31, 2026 and December 31, 2025) 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% of Main Street’s Investment Portfolio at fair value as of both March 31, 2026 and December 31, 2025. 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 Manager on a quarterly basis, including as of March 31, 2026 and December 31, 2025.

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 March 31, 2026 and December 31, 2025 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 the Valuation Procedures, 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 March 31, 2026 and December 31, 2025, the Company had $5.6 million and $3.2 million, respectively, of cash equivalents invested in AAA-rated money market funds pending investment in the Company’s primary investment strategies. These highly liquid investments are included in the Consolidated Schedule of Investments.

As of March 31, 2026 and December 31, 2025, cash balances totaling $13.2 million and $35.4 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. Generally, any interest payments received for investments on non-accrual status reduce the cost basis of the investment and are not recorded as income.

As of March 31, 2026, investments on non-accrual status were $68.3 million at fair value and $199.1 million at cost and comprised 1.2% and 4.0% of Main Street’s total Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, investments on non-accrual status were $56.3 million at fair value and $155.3 million at cost and comprised 1.0% and 3.3% of Main Street’s total Investment Portfolio at fair value and cost, respectively.

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MAIN STREET CAPITAL CORPORATION

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 (see 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 March 31, 2026 and 2025, (i) 2.7% and 2.9%, 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.

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 March 31,
	2026		2025

	(in thousands)
Interest, dividend and fee income:
Interest income	$	105,306	$	98,017
Dividend income	28,196		36,026
Fee income	6,604		3,003
Total investment income	$	140,106	$	137,046

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.

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

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

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

In connection with its portfolio debt investments, Main Street sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are valued as part of the negotiation process with the particular portfolio company. When Main Street receives nominal cost equity, it allocates its cost basis in its investment between its debt security and its nominal cost equity at the time of origination based on amounts negotiated with the particular portfolio company. The allocated amounts are based upon the fair value of the nominal cost equity, which is then used to determine the allocation of cost to the debt security. Any discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income over the life of the debt investment. The actual collection of this interest is deferred until the time of debt principal repayment.

Main Street may also purchase debt securities at a discount or at a premium to the par value of the debt security. In the case of a purchase at a discount, Main Street records the investment at the par value of the debt security net of the discount, and the discount is accreted into interest income over the life of the debt investment. In the case of a purchase at a premium, Main Street records the investment at the par value of the debt security plus the premium, and the premium is amortized as a reduction to interest income over the life of the debt investment.

To maintain RIC tax treatment (see Note B.10. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though Main Street may not have collected the interest income. For each of the three months ended March 31, 2026 and 2025, 1.7% 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 recorded during the taxable year in which they occur. Additionally, Main Street has elected to account for forfeitures as they occur.

9.Deferred Compensation Plan

Main Street’s Nonqualified Supplemental 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 the terms of the Deferred Compensation Plan. Deferred Compensation Plan participants elect one or more investment options, including phantom Main Street stock units, interests in affiliated funds and various mutual funds, where their deferred amounts are notionally invested, and Main Street invests the deferred amounts through a trust (except for phantom Main Street stock units), pending distribution.

Compensation deferred under the Deferred Compensation Plan is recognized on the same basis as such compensation would have been recognized if not deferred. The appreciation (depreciation) in the fair value of Deferred Compensation Plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation), with the recognition of a corresponding and offsetting deferred compensation expense or (benefit), respectively. Deferred compensation expense or (benefit) does not result in a net cash impact to Main Street upon settlement. Investments in the trust are recognized on the Consolidated Balance Sheets as an asset of Main Street (other assets) and as a deferred compensation liability (other liabilities).

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Phantom Main Street stock units under the Deferred Compensation Plan are not issued shares of Main Street common stock and are not included as outstanding on the Consolidated Statements of Changes in Net Assets until such shares are actually distributed to the participant, but the related phantom stock units are included in weighted-average shares outstanding with the related dollar amount of the deferral included in total expenses in Main Street’s Consolidated Statements of Operations as the deferred fees 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.

The Taxable Subsidiaries and the External Investment Manager use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Main Street’s net assets as included on the Consolidated Balance Sheets and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book-to-tax differences, which include differences in the book and tax treatment of income and expenses.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

11.Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

12.Fair Value of Financial Instruments

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Main Street believes that the carrying amounts of its financial instruments, consisting of cash and cash equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.

Main Street’s debt instruments, including all revolving and term debt, 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.

15.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 the Company as of the specified effective date. The Company believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

NOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS — PORTFOLIO COMPOSITION

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

Fair Value Hierarchy

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

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

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

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

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

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

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

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

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

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

As of March 31, 2026 and December 31, 2025, all of Main Street’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of Main Street’s LMM portfolio investments were categorized as Level 3 as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, all of Main Street’s Private Loan portfolio investments 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 March 31, 2026 and December 31, 2025.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

As of March 31, 2026 and December 31, 2025, Main Street’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of Main Street’s Middle Market portfolio investments were categorized as Level 3 as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, 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 is a publicly traded company. Therefore, as of March 31, 2026 and December 31, 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 March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, Main Street did not hold any short-term portfolio investments.

As of March 31, 2026 and December 31, 2025, 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 financial information;

•Current and projected financial condition of the portfolio company;

•Current and projected ability of the portfolio company to service its debt obligations;

•Type and amount of collateral, if any, underlying the investment;

•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

•Pending debt or capital restructuring of the portfolio company;

•Projected operating results of the portfolio company;

•Current information regarding any offers to purchase the investment;

•Current ability of the portfolio company to raise any additional financing as needed;

•Changes in the economic environment which may have a material impact on the operating results of the portfolio company;

•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;

•Qualitative assessment of key management;

•Contractual rights, obligations or restrictions associated with the investment; and

•Other factors deemed relevant.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

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.

A summary of the significant unobservable inputs used in the fair value measurement of Main Street’s Level 3 portfolio investments as of March 31, 2026 and December 31, 2025 is as follows:


Type of Investment	Fair Value as of March 31, 2026 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range (4)	Weighted-Average (4)(5)	Median (4)
Equity investments	$	1,886,842	Discounted cash flow	WACC	9.3% - 23.3%	14.6%	15.1%
			Market comparable / Enterprise value	EBITDA multiple (1) (3)	4.3x - 9.0x (2)	7.4x	6.6x
Debt investments	$	3,753,011	Discounted cash flow	Risk adjusted discount rate (6)	7.6% - 18.7% (2)	11.8%	11.4%
				Expected principal recovery percentage	0.0% - 500.0%	99.3%	100.0%
Debt investments	$	10,231	Market approach	Third-party quote	14.5 - 61.4	51.2	41.2
Total Level 3 investments	$	5,650,084

___________________________

(1)EBITDA may include pro forma 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 5.4% - 34.6%.

(3)The fair value determination of the equity investment in the External Investment Manager is based on a fee multiple of 7.7x, which represents a discounted, blended multiple based on (i) the multiples for similar businesses in active markets and (ii) 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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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


Type of Investment	Fair Value as of December 31, 2025 (in thousands)		Valuation Technique	Significant Unobservable Inputs	Range (4)	Weighted-Average (4)(5)	Median (4)
Equity investments	$	1,889,374	Discounted cash flow	WACC	9.4% - 22.7%	14.4%	15.0%
			Market comparable / Enterprise value	EBITDA multiple (1) (3)	5.0x - 9.0x (2)	7.3x	6.5x
Debt investments	$	3,596,989	Discounted cash flow	Risk adjusted discount rate (6)	8.0% - 18.3% (2)	11.7%	11.5%
				Expected principal recovery percentage	0.0% - 500.0%	99.5%	100.0%
Debt investments	$	10,342	Market approach	Third-party quote	14.5 - 63.0	52.2	40.8
Total Level 3 investments	$	5,496,705

___________________________

(1)EBITDA may include pro forma 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 1.2x - 16.0x and the range for risk adjusted discount rate is 5.4% - 40.4%.

(3)The fair value determination of the equity investment in the External Investment Manager is based on a fee multiple of 7.8x, which represents a discounted, blended multiple based on (i) the multiples for similar businesses in active markets and (ii) 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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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

A summary of changes in the fair value of Main Street’s Level 3 portfolio investments for the three months ended March 31, 2026 and 2025 is as follows (in thousands):


Type of Investment	Fair Value as of December 31, 2025		Transfers Into (Out of) Level 3 Hierarchy		Redemptions/ Repayments		New Investments		Net Changes from Unrealized to Realized		Net Unrealized Appreciation (Depreciation)		Other (1)		Fair Value as of March 31, 2026
Debt	$	3,607,331	$	—	$	(164,734)	$	360,021	$	(1,820)	$	(37,485)	$	(71)	$	3,763,242
Equity	1,858,205		—		(25,196)		33,933		(17,607)		6,677		71		1,856,083
Equity Warrant	31,169		—		—		—		—		(410)		—		30,759
	$	5,496,705	$	—	$	(189,930)	$	393,954	$	(19,427)	$	(31,218)	$	—	$	5,650,084

___________________________

(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, 2024		Transfers Into (Out of) Level 3 Hierarchy		Redemptions/ Repayments		New Investments		Net Changes from Unrealized to Realized		Net Unrealized Appreciation (Depreciation)		Other (1)		Fair Value as of March 31, 2025
Debt	$	3,278,365	$	—	$	(179,192)	$	222,305	$	30,440	$	(8,711)	$	(27,250)	$	3,315,957
Equity	1,637,181		(16,810)		(12,868)		23,679		(1,532)		37,887		27,250		1,694,787
Equity Warrant	17,123		—		—		—		—		4,760		—		21,883
	$	4,932,669	$	(16,810)	$	(192,060)	$	245,984	$	28,908	$	33,936	$	—	$	5,032,627

___________________________

(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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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

As of March 31, 2026 and December 31, 2025, 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)
March 31, 2026	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
LMM portfolio investments	$	3,227,396	$	—	$	—	$	3,227,396
Private Loan portfolio investments	1,993,902		—		—		1,993,902
Middle Market portfolio investments	81,886		—		—		81,886
Other Portfolio investments	138,507		24,667		—		113,840
External Investment Manager	233,060		—		—		233,060

Total investments	$	5,674,751	$	24,667	$	—	$	5,650,084


			Fair Value Measurements
			(in thousands)
December 31, 2025	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
LMM portfolio investments	$	3,057,023	$	—	$	—	$	3,057,023
Private Loan portfolio investments	1,988,438		—		—		1,988,438
Middle Market portfolio investments	83,498		—		—		83,498
Other Portfolio investments	134,138		21,412		—		112,726
External Investment Manager	255,020		—		—		255,020

Total investments	$	5,518,117	$	21,412	$	—	$	5,496,705

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 U.S. 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 generally 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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MAIN STREET CAPITAL CORPORATION

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 in unaffiliated investment companies and private funds 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 $5.5 million and $5.3 million for the three months ended March 31, 2026 and 2025, respectively.

Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three months ended March 31, 2026 and 2025, Main Street did not record investment income from any single portfolio company in excess of 10% of total investment income.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

A summary of Main Street’s LMM and Private Loan portfolio investments as of March 31, 2026 and December 31, 2025 is as follows (this information excludes Middle Market portfolio investments, Other Portfolio investments and the External Investment Manager, which are discussed further below):


	March 31, 2026
	LMM (a)			Private Loan

	(dollars in millions)
Number of portfolio companies	93			85
Fair value	$	3,227.4		$	1,993.9
Cost	$	2,577.0		$	2,057.0
Debt investments as a % of portfolio (at cost)	72.0		%	94.5		%
Equity investments as a % of portfolio (at cost)	28.0		%	5.5		%
% of debt investments at cost secured by first priority lien	99.4		%	99.3		%
Weighted-average annual effective yield (b)	12.6		%	10.3		%
Average EBITDA (c)	$	11.2		$	34.2

___________________________

(a)As of March 31, 2026, Main Street had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 36%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2026. The weighted-average annual effective yield on Main Street’s debt portfolio as of March 31, 2026, including debt investments on non-accrual status, was 12.1% for its LMM portfolio investments and 9.7% for its Private Loan portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on their 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 LMM portfolio companies and a weighted-average for Private Loan portfolio companies. 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.


	December 31, 2025
	LMM (a)			Private Loan

	(dollars in millions)
Number of portfolio companies	92			86
Fair value	$	3,057.0		$	1,988.4
Cost	$	2,419.3		$	2,014.1
Debt investments as a % of portfolio (at cost)	71.2		%	93.5		%
Equity investments as a % of portfolio (at cost)	28.8		%	6.5		%
% of debt investments at cost secured by first priority lien	99.4		%	99.9		%
Weighted-average annual effective yield (b)	12.5		%	10.5		%
Average EBITDA (c)	$	11.1		$	33.9

___________________________

(a)As of December 31, 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 37%.

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MAIN STREET CAPITAL CORPORATION

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, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments 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, 2025. The weighted-average annual effective yield on Main Street’s debt portfolio as of December 31, 2025, including debt investments on non-accrual status, was 12.0% for its LMM portfolio investments and 10.1% for its Private Loan portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of Main Street’s common stock will realize on their 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.

For the three months ended March 31, 2026 and 2025, Main Street achieved an annualized total return on investments of 8.9% and 16.0%, respectively. For the year ended December 31, 2025, Main Street achieved a total return on investments of 16.4%. Total return on investments equals the total interest, dividend and fee income plus realized and unrealized changes in the fair value of the Investment Portfolio divided by the average quarterly Investment Portfolio balance at cost, in each case 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 their investment because it does not reflect changes in the market value of Main Street’s stock, Main Street’s utilization of debt capital in its capital structure, Main Street’s expenses or any sales load paid by an investor.

As of March 31, 2026, Main Street had Other Portfolio investments in 34 entities, spread across 13 investment managers, collectively totaling $138.5 million in fair value and $148.5 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, 2025, Main Street had Other Portfolio investments in 33 entities, spread across 13 investment managers, collectively totaling $134.1 million in fair value and $141.6 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 March 31, 2026, Main Street had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $81.9 million in fair value and $121.4 million in cost basis, which comprised 1.4% and 2.5% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, Main Street had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $83.5 million in fair value and $120.1 million in cost basis, which comprised 1.5% and 2.5% 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 March 31, 2026, this investment had a fair value of $233.1 million and a cost basis of $29.5 million, which comprised 4.1% and 0.6% of Main Street’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, this investment had a fair value of $255.0 million and a cost basis of $29.5 million, which comprised 4.6% and 0.6% 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 composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of March 31, 2026 and December 31, 2025, is as follows (this information excludes Other Portfolio investments and the External Investment Manager, which are discussed above):


Cost:	March 31, 2026		December 31, 2025
First lien debt	81.2	%	80.9	%
Equity	18.0		18.6
Second lien debt	0.4		0.1
Equity warrants	0.2		0.2
Other	0.2		0.2
	100.0	%	100.0	%


Fair Value:	March 31, 2026		December 31, 2025
First lien debt	70.2	%	69.8	%
Equity	28.7		29.4
Second lien debt	0.3		—
Equity warrants	0.6		0.6
Other	0.2		0.2
	100.0	%	100.0	%

Main Street’s LMM, Private Loan and Middle Market portfolio companies are located primarily in the U.S. The geographic composition is determined by the location of the corporate headquarters of the portfolio company. The composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by geographic region of the U.S. and other countries at cost and fair value as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments, as of March 31, 2026 and December 31, 2025, is as follows (this information excludes Other Portfolio investments and the External Investment Manager):


Cost:	March 31, 2026		December 31, 2025
West	25.3	%	25.3	%
Southwest	19.5		19.0
Midwest	18.8		19.2
Southeast	18.6		17.5
Northeast	14.5		15.4
Canada	2.1		2.2
Other Non-U.S.	1.2		1.4
	100.0	%	100.0	%


Fair Value:	March 31, 2026		December 31, 2025
West	24.5	%	24.8	%
Southwest	23.3		23.0
Midwest	19.8		20.1
Southeast	16.9		15.8
Northeast	12.5		13.1
Canada	1.9		1.9
Other Non-U.S.	1.1		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 composition of Main Street’s total combined LMM, Private Loan and Middle Market portfolio investments by industry at cost and fair value, as of March 31, 2026 and December 31, 2025, is as follows (this information excludes Other Portfolio investments and the External Investment Manager):


Cost:	March 31, 2026		December 31, 2025
Machinery	8.3	%	8.3	%
Construction & Engineering	7.6		6.1
Electrical Equipment	6.4		5.9
Commercial Services & Supplies	5.4		6.8
Professional Services	5.1		5.3
Distributors	4.8		5.0
Diversified Consumer Services	4.5		4.7
Health Care Providers & Services	4.1		4.2
Internet Software & Services	3.8		4.2
Aerospace & Defense	3.8		2.3
IT Services	3.6		3.7
Containers & Packaging	3.2		3.3
Auto Components	3.1		3.2
Tobacco	2.4		2.5
Textiles, Apparel & Luxury Goods	2.3		2.5
Leisure Equipment & Products	2.1		2.1
Computers & Peripherals	2.0		2.0
Software	2.0		2.1
Media	2.0		1.6
Energy Equipment & Services	1.9		2.4
Specialty Retail	1.9		2.0
Communications Equipment	1.8		1.9
Air Freight & Logistics	1.6		1.5
Trading Companies & Distributors	1.6		1.8
Food Products	1.4		1.4
Chemicals	1.4		1.4
Food & Staples Retailing	1.3		1.4
Beverages	1.3		1.2
Oil, Gas & Consumable Fuels	1.0		1.1
Hotels, Restaurants & Leisure	1.0		1.1
Internet & Catalog Retail	0.9		1.0
Other (1)	6.4		6.0
	100.0	%	100.0	%

___________________________

(1)Includes various industries with each industry individually representing 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:	March 31, 2026		December 31, 2025
Machinery	10.2	%	10.2	%
Construction & Engineering	7.6		6.5
Electrical Equipment	6.8		5.9
Diversified Consumer Services	5.8		6.1
Distributors	5.4		5.5
Professional Services	5.1		5.2
Commercial Services & Supplies	4.5		5.9
IT Services	3.8		3.8
Computers & Peripherals	3.7		3.6
Health Care Providers & Services	3.7		3.8
Aerospace & Defense	3.4		2.0
Containers & Packaging	3.3		3.4
Internet Software & Services	3.1		3.4
Auto Components	3.0		3.0
Tobacco	2.5		2.6
Specialty Retail	2.3		2.4
Software	2.2		2.2
Media	2.0		1.6
Energy Equipment & Services	1.9		2.5
Textiles, Apparel & Luxury Goods	1.8		1.9
Communications Equipment	1.6		1.7
Air Freight & Logistics	1.5		1.3
Leisure Equipment & Products	1.4		1.4
Trading Companies & Distributors	1.4		1.6
Chemicals	1.2		1.3
Beverages	1.1		1.1
Food & Staples Retailing	1.0		1.1
Food Products	1.0		1.1
Oil, Gas & Consumable Fuels	0.9		1.0
Other (1)	6.8		6.9
	100.0	%	100.0	%

___________________________

(1)Includes various industries with each industry individually representing less than 1.0% of the total combined LMM, Private Loan and Middle Market portfolio investments at each date.

As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, 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 (Depreciation) — Control investments.”

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

Main Street shares employees with the External Investment Manager and allocates costs related to such shared employees to the External Investment Manager generally based on a combination of the direct time spent, new investment activities and assets under management, depending on the nature of the expense. The total contribution of the External Investment Manager to Main Street’s net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended March 31, 2026 and 2025, the total contribution to Main Street’s net investment income was $8.3 million and $7.8 million, respectively.

Summarized financial information from the separate financial statements of the External Investment Manager as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025 is as follows:


	As of March 31, 2026		As of December 31, 2025

	(in thousands)

Accounts receivable - advisory clients (1)	$	11,319	$	11,415
Intangible asset	29,500		29,500
Total assets	$	40,819	$	40,915

Accounts payable to MSCC and its subsidiaries	$	8,450	$	8,734
Dividend payable to MSCC and its subsidiaries	2,869		2,681
Equity	29,500		29,500
Total liabilities and equity	$	40,819	$	40,915

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Management fee income	$	6,071	$	5,752
Incentive fees (1)	4,003		2,690
Administrative services fees	186		174
Total revenues before waivers	10,260		8,616
Waiver of incentive fees	(985)		—
Total revenues, net of incentive fee waivers	9,275		8,616
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs	(4,571)		(4,551)
Other G&A expenses	(895)		(785)
Total allocated expenses	(5,466)		(5,336)
Other direct G&A expenses	(10)		(38)
Total expenses	(5,476)		(5,374)
Net income before taxes	3,799		3,242
Tax expense	(930)		(748)
Net income	$	2,869	$	2,494

___________________________

(1)As of March 31, 2026 and December 31, 2025, MSC Income had an expense accrual of $2.1 million and $2.8 million, respectively, of incentive fees on capital gains to the External Investment Manager. MSC Income accrued $2.8 million of incentive fees on capital gains in the fourth quarter of 2025, of which $0.6 million was reversed in the first quarter of 2026. However, no capital gains incentive fees were contractually payable to the External Investment Manager as of March 31, 2026 and as a result no income accrual was recorded by the External Investment Manager during any period.

NOTE E — DEBT

A summary of Main Street’s debt as of March 31, 2026 is as follows:


	Outstanding Balance		Unamortized Debt Issuance Premiums (Costs) (1)		Recorded Value		Estimated Fair Value (2)

	(in thousands)
Corporate Facility	$	119,000	$	—	$	119,000	$	119,000
SPV Facility	267,000		—		267,000		267,000
March 2029 Notes	550,000		1,015		551,015		565,873
July 2026 Notes	500,000		(154)		499,846		497,190
June 2027 Notes	400,000		(359)		399,641		404,012
August 2028 Notes	350,000		(1,813)		348,187		348,464
SBIC debentures	350,000		(5,113)		344,887		306,177
Total Debt	$	2,536,000	$	(6,424)	$	2,529,576	$	2,507,716

___________________________

(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets. The unamortized debt issuance costs related to the July 2026 Notes, June 2027 Notes, August 2028 Notes and SBIC debentures are reflected as contra-liabilities on the Consolidated Balance Sheets, while the unamortized debt issuance premium related to the March 2029 Notes is reflected as an addition to the carrying value on the Consolidated Balance Sheets.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

(2)Estimated fair value for outstanding debt is shown as if Main Street had adopted the fair value option under ASC 825, Financial Instruments (“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.

A summary of Main Street’s debt as of December 31, 2025 is as follows:


	Outstanding Balance		Unamortized Debt Issuance Costs (1)		Recorded Value		Estimated Fair Value (2)

	(in thousands)
Corporate Facility	$	432,000	$	—	$	432,000	$	432,000
SPV Facility	86,000		—		86,000		86,000
July 2026 Notes	500,000		(285)		499,715		496,150
June 2027 Notes	400,000		(431)		399,569		408,764
August 2028 Notes	350,000		(2,004)		347,996		352,293
March 2029 Notes	350,000		(2,279)		347,721		365,649
SBIC debentures	350,000		(5,407)		344,593		310,930
Total Debt	$	2,468,000	$	(10,406)	$	2,457,594	$	2,451,786

___________________________

(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the unamortized 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.

A summary of Main Street’s interest expense for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Corporate Facility	$	5,892	$	4,455
SPV Facility	3,423		3,816
March 2029 Notes	6,261		6,261
July 2026 Notes	3,882		3,882
June 2027 Notes	6,572		6,572
August 2028 Notes	4,916		—
SBIC debentures	3,097		3,151
December 2025 Notes	—		3,031
Total Interest Expense	$	34,043	$	31,168

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

A summary of Main Street’s weighted-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 for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026			2025

	(dollars in millions)
Weighted-average borrowings outstanding	$	2,487.4		$	2,150.4
Weighted-average effective interest rate	5.5		%	5.8		%

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 February 2026, Main Street expanded the total commitments under the Corporate Facility by $30.0 million to $1.175 billion.

As of March 31, 2026, the Corporate Facility included (i) total commitments of $1.175 billion from a diversified group of 18 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 March 31, 2026, 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 March 31, 2026, the interest rate for borrowings on the Corporate Facility was 5.5%. The average interest rate for borrowings under the Corporate Facility was 5.6% and 6.3% for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, 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.

As of March 31, 2026, 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 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.

As of March 31, 2026, the interest rate for borrowings on the SPV Facility was 5.6%. The average interest rate for borrowings under the SPV Facility was 5.6% and 6.7% for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, MSCC Funding was in compliance with all financial covenants of the SPV Facility.

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSCC Funding’s balance sheets as of March 31, 2026 and December 31, 2025 are as follows:

Balance Sheets

(in thousands)


	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $13,840 as of both March 31, 2026 and December 31, 2025)	$	2,940	$	12,128

Non-Control investments (cost: $496,094 and $335,114 as of March 31, 2026 and December 31, 2025, respectively)	490,857		331,965
Total investments (cost: $509,934 and $348,954 as of March 31, 2026 and December 31, 2025, respectively)	493,797		344,093
Cash and cash equivalents	9,835		6,375
Interest and dividend receivable and other assets	3,044		2,149
Accounts receivable from MSCC and its subsidiaries	397		—

Deferred financing costs (net of accumulated amortization of $3,684 and $3,314 as of March 31, 2026 and December 31, 2025, respectively)	6,714		7,084
Total assets	$	513,787	$	359,701
LIABILITIES
SPV Facility	$	267,000	$	86,000
Accounts payable and other liabilities to affiliates	—		42

Interest payable	1,416		695


Total liabilities	268,416		86,737

NET ASSETS

Contributed capital	173,319		197,064




Total undistributed earnings	72,052		75,900
Total net assets	245,371		272,964
Total liabilities and net assets	$	513,787	$	359,701

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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 months ended March 31, 2026 and 2025 are as follows:

Statements of Operations
(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
INVESTMENT INCOME:
Interest, dividend and fee income:


Non‑Control/Non‑Affiliate investments	$	11,368	$	10,598
Total investment income	11,368		10,598
EXPENSES:
Interest	(3,423)		(3,816)
Management fee to MSCC	(500)		(290)
General and administrative	(18)		(69)
Total expenses	(3,941)		(4,175)
NET INVESTMENT INCOME	7,427		6,423






NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(9,187)		—

Non‑Control/Non‑Affiliate investments	(2,088)		63

Total net unrealized appreciation (depreciation)	(11,275)		63




NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,848)	$	6,486

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

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%. Subsequently, in March 2026, Main Street issued an additional $200.0 million in aggregate principal amount of the March 2029 Notes at a public offering price of 102.061% resulting in a yield-to-maturity of 6.164% on such issuance. The March 2029 Notes issued in March 2026 have identical terms as, and are a part of a single series with, the March 2029 Notes issued in January 2024. The $550.0 million of outstanding March 2029 Notes bear interest at 6.95% per year, payable semiannually on March 1 and September 1 of each year, with a yield-to-maturity of 6.68% as of March 31, 2026. 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.

As of March 31, 2026, Main Street was in compliance with all covenants and other requirements of the March 2029 Notes.

July 2026 Notes

In January 2021, Main Street issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”) at an issue price of 99.004%. Subsequently, in October 2021, Main Street issued an additional $200.0 million 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 March 31, 2026, 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 March 31, 2026, 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 March 31, 2026, Main Street was in compliance with all covenants and other requirements of the August 2028 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 March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025. The first principal maturity due under the existing SBIC debentures is in 2027, and the weighted-average remaining duration as of March 31, 2026 was 4.4 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 March 31, 2026, the SBIC debentures consisted of (i) $175.0 million par value of SBIC debentures issued by MSMF, with a recorded value of $171.1 million net of unamortized debt issuance costs of $3.9 million, and (ii) $175.0 million par value of SBIC debentures issued by MSC III, with a recorded value of $173.8 million net of unamortized debt issuance costs of $1.2 million.

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 three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
Per Share Data:	2026		2025
NAV as of the beginning of the period	$	33.33	$	31.65
Net investment income (1)	0.93		0.97
Net realized gain (loss) (1)(2)	0.20		(0.33)
Net unrealized appreciation (depreciation) (1)(2)	(0.56)		0.71
Income tax provision on net realized gain (loss) and net unrealized appreciation (depreciation) (1)(2)	(0.03)		(0.04)
Net increase in net assets resulting from operations (1)	0.54		1.31
Dividends paid from net investment income	(1.08)		(1.05)

Dividends paid (3)	(1.08)		(1.05)

Accretive effect of stock offerings (issuing shares above NAV per share)	0.59		0.03
Accretive effect of DRIP issuance (issuing shares above NAV per share)	0.05		0.05
Other (4)	0.03		0.04
NAV as of the end of the period	$	33.46	$	32.03
Market value as of the end of the period	$	52.96	$	56.56
Shares outstanding as of the end of the period	92,462,273		88,659,597

___________________________

(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 the 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 tax character of MSCC’s dividends and distributions for each period is also an estimate. Therefore, the final tax 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)


	Three Months Ended March 31,
	2026			2025

	(dollars in thousands)
NAV as of the end of the period	$	3,093,644		$	2,840,133
Average NAV	$	3,043,769		$	2,818,986
Average outstanding debt	$	2,495,500		$	2,181,500

Ratios to average NAV:
Ratio of total expenses, including tax expenses, to average NAV (1)(2)	1.92		%	1.94		%
Ratio of operating expenses to average NAV (2)(3)	1.72		%	1.68		%
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)	0.60		%	0.57		%
Ratio of net investment income to average NAV (2)	2.78		%	3.05		%
Portfolio turnover ratio (2)	3.64		%	3.29		%
Total investment return (2)(4)	(10.64)		%	(1.69)		%
Total return based on change in NAV (2)(5)	1.64		%	4.15		%

___________________________

(1)Total expenses are the sum of operating expenses and all tax expenses.

(2)Not annualized.

(3)Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager of $5.5 million and $5.3 million for the three months ended March 31, 2026 and 2025, 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 compensation 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.

A summary of dividends paid for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026		2025

	(in thousands, except per share amounts)
Regular monthly dividends per share	$	0.78	$	0.75
Supplemental dividends per share	0.30		0.30
Total dividends per share	$	1.08	$	1.05

Total regular monthly dividends	$	70,383	$	66,508
Total supplemental dividends	27,731		26,639
Total dividends	$	98,114	$	93,147

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)

A reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026		2025

	(estimated, in thousands)
Net increase in net assets resulting from operations	$	48,981	$	116,082
Book-tax difference from share-based compensation expense	5,105		4,842
Net unrealized (appreciation) depreciation	50,599		(63,190)
Income tax provision	6,236		7,373
Pre-tax book income not consolidated for tax purposes	(28,080)		(14,078)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates	5,624		47,082
Estimated taxable income (1)	88,465		98,111
Taxable income earned in prior year and carried forward for distribution in current year	80,058		120,488
Taxable income earned prior to period end and carried forward for distribution next period	(93,767)		(147,552)
Dividend payable as of period end and paid in the following period	24,126		22,165
Total distributions accrued or paid to common stockholders	$	98,882	$	93,212

___________________________

(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 months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Net investment income taxes
Current tax expense:
Federal	$	—	$	164
State and other	455		660
Excise	381		1,341
Total current tax expense	836		2,165

Deferred tax expense (benefit):
Federal	3,627		1,894
State and other	(1,199)		(146)
Total deferred tax expense	2,428		1,748

Total net investment income tax provision	$	3,264	$	3,913

Investment valuation related taxes
Current tax expense:
Federal	$	1,443	$	321


Total current tax expense	1,443		321

Deferred tax expense (benefit):
Federal	1,103		3,271
State and other	426		(132)
Total deferred tax expense	1,529		3,139

Total investment valuation related income tax provision	$	2,972	$	3,460

Total income tax provision	$	6,236	$	7,373

The net deferred tax liability as of March 31, 2026 and December 31, 2025 was $112.9 million and $109.0 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 March 31, 2026, 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. In addition, as of March 31, 2026, for U.S. federal income tax purposes, MSCC had net capital loss carryforwards totaling $75.1 million available to offset future capital gains at the RIC level in any taxable year, to the extent available and permitted by U.S. federal income tax law, which are not subject to expiration as long as MSCC maintains its RIC status.

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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 up to 20,000,000 shares of its common stock by means of at-the-market offerings from time to time (the “ATM Program”). During the three months ended March 31, 2026, Main Street sold 2,428,582 shares of its common stock at a weighted-average price of $55.85 per share and raised $135.6 million of gross proceeds under the ATM Program, or net proceeds of $134.1 million after commissions to the selling agents on shares sold and offering costs. As of March 31, 2026, sales transactions representing 7,618 shares had not settled and thus were not issued and not included in shares issued and outstanding on the face of the Consolidated Balance Sheets, but are included as outstanding on the Consolidated Statement of Changes in Net Assets, in the weighted-average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the NAV per share. As of March 31, 2026, 17,102,357 shares remained available for sale under the ATM Program.

During the year ended December 31, 2025, Main Street sold 540,423 shares of its common stock at a weighted-average price of $59.01 per share and raised $31.9 million of gross proceeds under the ATM Program. Net proceeds were $31.3 million after commissions to the selling agents on shares sold and offering costs.

NOTE I — DIVIDEND REINVESTMENT PLAN

The dividend reinvestment feature of Main Street’s dividend reinvestment 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 three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
	2026		2025

	(dollars in thousands)
DRIP participation	$	9,961	$	9,087
Shares issued for DRIP	173,523		156,749

NOTE J — SHARE-BASED COMPENSATION

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. A summary of the restricted stock issuances approved by Main Street’s Board of Directors under the Equity and Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of March 31, 2026, is as follows:


Restricted stock authorized under the plan			5,000,000
Less net restricted stock granted			(1,490,034)
Restricted stock available for issuance as of March 31, 2026			3,509,966

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Main Street’s Board of Directors approves the issuance of shares of restricted stock to Main Street non-employee directors pursuant to the Main Street Capital Corporation 2022 Non-Employee Director Restricted Stock Plan. These shares are granted upon appointment or election of non-employee directors 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. A summary of the restricted stock issuances approved by Main Street’s Board of Directors under the 2022 Non-Employee Director Restricted Stock Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of March 31, 2026, is as follows:


Restricted stock authorized under the plan			300,000
Less net restricted stock granted			(14,455)
Restricted stock available for issuance as of March 31, 2026			285,545

For the three months ended March 31, 2026 and 2025, Main Street recognized total share-based compensation expense of $5.1 million and $4.8 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.

Summarized restricted stock award activity for the three months ended March 31, 2026 is as follows:


	Three Months Ended March 31, 2026
	Number		Weighted-Average Grant-Date Fair Value
Restricted Stock Awards:	of Shares		(per share)
Non-vested, December 31, 2025	995,208		$	50.15
Granted (1)	23,880		58.62
Vested (1)(2)	—		—
Forfeited	(8,485)		50.75
Non-vested, March 31, 2026	1,010,603		$	50.35
Aggregate intrinsic value as of March 31, 2026 (in thousands) (3)	$	53,522

___________________________

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

(2)No restricted shares vested during the three months ended March 31, 2026.

(3)Aggregate intrinsic value is the product of total non-vested restricted shares as of March 31, 2026 and $52.96 per share, the closing price of Main Street’s common stock on March 31, 2026.

As of March 31, 2026, there was $30.0 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 2.5 years as of March 31, 2026.

NOTE K — COMMITMENTS AND CONTINGENCIES

As of March 31, 2026, 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, LP	65
	165

EnCap Equity - Fund XII, LP	3,691

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


Harris Preston Fund Investments
HPEP 4, L.P.	4,456
HPEP 3, L.P.	1,308
423 AER II, LP	147
2717 HPP-MS, LP	44
	5,955

MS Private Loan Fund II, LP	4,500

UnionRock Energy Fund Investments
UnionRock Energy Fund III, LP	4,409
UnionRock Energy Fund II, LP	2,680
	7,089

Total Equity Commitments (1)(2)	$	21,400

Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:

Royal Cup Inc.	$	71,955
CRC Evans USA Bidco, Inc.	38,167
MSC Income Fund, Inc.	30,000
Mission Critical Group	24,343
TEC Services, LLC	16,167
Creative Foam Corporation	15,375
Auria Space, LLC	11,401
MS Private Loan Fund II, LP	10,000
Core Transformers	9,404
Airo Purchaser, Inc.	7,884
Richardson Sales Solutions	7,806
MS Private Loan Fund I, LP	7,700
South Coast Terminals Holdings, LLC	7,160
AVEX Aviation Holdings, LLC	6,309
AGS American Glass Services Acquisition, LLC	5,360
ZRG Partners, LLC	5,307
SI East, LLC	5,250
Kennedy Fab HoldCo, LLC	5,000
PavCon LLC	4,650
Electro Technical Industries, LLC	4,588
Direct Marketing Solutions, Inc.	4,250
Cody Pools, Inc.	4,214
GradeEight Corp.	4,113
Hawk Ridge Systems, LLC	4,105
Chamberlin Holding LLC	4,000
CGMS Parent LLC	4,000
Infinity X1 Holdings, LLC	4,000
UBM AcquireCo LLC	4,000
Microbe Formulas, LLC	3,601
Channel Partners Intermediateco, LLC	3,521
IG Investor, LLC	3,200

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)


Garyline, LLC	3,029
Rug Doctor, LLC.	2,804
Career Team Holdings, LLC	2,700
Winter Services LLC	2,622
Nearshore AcquireCo, LLC	2,500
IG Parent Corporation	2,500
MCT Purchaserco Holding Inc.	2,447
Centre Technologies Holdings, LLC	2,400
CQ Fluency, LLC	2,250
Titan Meter Midco Corp.	2,159
Revenue Recovery Holdings, LLC	2,000
Gulf Manufacturing, LLC	2,000
Coregistics Buyer LLC	1,908
CenterPeak Holdings, LLC	1,800
SPAU Holdings, LLC	1,725
Pinnacle TopCo, LLC	1,600
Colonial Electric Company LLC	1,600
Insight Borrower Corporation	1,441
KMS, LLC	1,411
Escalent, Inc.	1,326
Victory Energy Operations, LLC	1,292
Clad-Rex Steel, LLC	1,200
ITA Holdings Group, LLC	1,180
B-O-F Corporation	1,161
American Health Staffing Group, Inc.	1,000
RFG AcquireCo, LLC	1,000
Behavior Development Group Holdings	900
Bond Brand Loyalty ULC	856
Computer Data Source, LLC	742
ATS Operating, LLC	720
Jensen Jewelers of Idaho, LLC	500
ArborWorks, LLC	351
Roof Opco, LLC	311
GULF PACIFIC ACQUISITION, LLC	252
Mini Melts of America, LLC	184
Wash & Wax Systems LLC	161
Implus Footcare, LLC	156
Obra Capital, Inc.	148
Bluestem Brands, Inc.	86

Total Loan Commitments	$	391,252

Total Commitments	$	412,652

___________________________

(1)This table excludes commitments related to four additional Other Portfolio investments for which the investment period has expired and the 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.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

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

Main Street will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). Main Street follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. The Company had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of March 31, 2026.

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.

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 March 31, 2026, Main Street had a receivable of $11.3 million due from the External Investment Manager, which included (i) $8.5 million related primarily to operating expenses incurred by Main Street as required to support the External Investment Manager’s business and amounts due from the External Investment Manager to Main Street under a tax sharing agreement (see further discussion in Note D — External Investment Manager) and (ii) $2.9 million of dividends declared but not paid by the External Investment Manager. MSCC has entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for the External 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, of Main Street.

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Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

In January 2025, MSC Income completed a follow-on public offering of its common stock and listing on the New York Stock Exchange (the “MSIF Public Offering”). In connection with the MSIF Public Offering, Main Street entered into a share purchase plan (the “MSIF 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 traded 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 MSIF Purchase Plan were intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act and were otherwise 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 MSIF Purchase Plan for shares of MSC Income common stock, and daily purchases under the two plans were 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 MSIF 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. Each of the MSIF Purchase Plan and MSC Income’s repurchase plan expired in March 2026 in accordance with their respective terms.

A summary of Main Street’s purchases of shares of MSC Income’s common stock, each of which was purchased pursuant to the MSIF Purchase Plan, during the three months ended March 31, 2026 is as follows:


Period	Total number of shares purchased	Average price paid per share (1)		Total cost (1)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs

	(in thousands, except shares and per share amounts)
January 1 through January 31, 2026	49,261	$	13.36	$	658	49,261	$	15,766
February 1 through February 28, 2026	134,278	12.70		1,705		134,278	14,063
March 1 through March 31, 2026 (2)	199,046	12.90		2,567		199,046	—

___________________________

(1)Includes broker commissions.

(2)The MSIF Purchase Plan expired on March 31, 2026; upon expiration, $11.5 million of the total $20.0 million amount authorized to be purchased under the MSIF Purchase Plan expired without being utilized.

As of March 31, 2026, Main Street owned 2,025,220 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 MSIF 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 Main Street, MSC Income or the External Investment Manager. 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 the first quarter of 2026, Main Street provided MSC Income with a revolving line of credit pursuant to an Unsecured Revolving Promissory Note (as amended, restated or otherwise modified, the “MSIF Note”), which currently provides for borrowings up to $30.0 million. Borrowings under the MSIF Note bear interest at a rate of SOFR plus 4.5%, subject to a 2.0% SOFR floor and mature in December 2029. Available borrowings under the MSIF Note are subject to a 0.25% non-use fee. The borrowings under the MSIF Note are unsecured. The MSIF Note 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, of Main Street. As of March 31, 2026, there were no borrowings outstanding under the MSIF Note.

108

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

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 March 31, 2026, Main Street had funded the entire $15.0 million of its limited partner commitment. 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, of Main Street.

In March 2022, Main Street provided Private Loan Fund I with a revolving line of credit pursuant to a Secured Revolving Promissory Note (as amended, restated or otherwise modified, the “PL Fund 2022 Note”), which currently provides for borrowings up to $20.0 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 2031 and mature in March 2031. Available borrowings under the PL Fund 2022 Note are subject to a 0.25% non-use fee. The borrowings under the PL Fund 2022 Note 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, of Main Street. As of March 31, 2026, there were $12.3 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 March 31, 2026, Main Street has funded $10.5 million of its limited partner commitment and Main Street’s unfunded commitment was $4.5 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, of Main Street.

In November 2024, Main Street provided Private Loan Fund II with a revolving line of credit pursuant to a Secured Revolving Promissory Note (as amended, restated or otherwise modified, the “PL Fund II 2024 Note”), which currently 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 under the PL Fund II 2024 Note 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, of Main Street. As of March 31, 2026, there were no borrowings outstanding under the PL Fund II 2024 Note.

109

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MAIN STREET CAPITAL CORPORATION

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

As described in Note B.9. — Summary of Significant Accounting Policies — Deferred Compensation Plan, participants in the Deferred Compensation Plan elect one or more investment options, including phantom Main Street stock units, interests in affiliated funds and various mutual funds, where their deferred amounts are notionally invested pending distribution pursuant to participant elections and plan terms. As of March 31, 2026, $32.4 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 March 31, 2026, $10.6 million was deferred into phantom Main Street stock units, representing 199,535 shares of Main Street’s common stock. In addition, as of March 31, 2026, the Company had $21.9 million of funded investments from deferred compensation in trust, including $2.2 million in Private Loan Fund I and $5.3 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 April 2026, Main Street issued $150.0 million in aggregate principal amount of 6.93% unsecured notes at par in a private placement (the “April 2031 Notes”). The April 2031 Notes mature on April 15, 2031 and may be redeemed in whole or in part at any time at Main Street’s option subject to certain make-whole provisions.

In May 2026, Main Street declared a supplemental dividend of $0.30 per share payable in June 2026. This supplemental dividend is in addition to the previously announced regular monthly dividends that Main Street declared of $0.26 per share for each month of April, May and June 2026, or total regular monthly dividends of $0.78 per share for the second quarter of 2026, resulting in total dividends declared for the second quarter of 2026 of $1.08 per share.

In May 2026, Main Street also declared regular monthly dividends of $0.265 per share for each month of July, August and September of 2026. These regular monthly dividends equal a total of $0.795 per share for the third quarter of 2026, representing a 3.9% increase from the regular monthly dividends paid in the third quarter of 2025. Including the regular monthly and supplemental dividends declared through the third quarter of 2026, Main Street will have paid $50.11 per share in cumulative dividends since its October 2007 initial public offering.

110


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments in and Advances to Affiliates

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2025 Fair Value (13)		Gross Additions (3)		Gross Reductions (4)		March 31, 2026 Fair Value (13)
Majority-Owned Investments
BDB Holdings, LLC					Preferred Equity	(7)	$	—	$	(4,860)	$	—	$	12,640	$	—	$	4,860	$	7,780
	12.00%				Secured Debt	(7)	—		—		53		1,773		—		—		1,773
Bettercloud, Inc.		SF+	8.25%		Secured Debt	(6)	—		—		310		6,017		2,307		8,324		—
					Common Equity	(6)	(5,704)		1,200		—		15,690		1,200		16,890		—
Brewer Crane Holdings, LLC	13.79%	SF+	10.00%		Secured Debt	(9)	—		—		173		5,016		—		—		5,016
					Preferred Member Units	(9)	—		(490)		30		3,460		—		490		2,970
	15.00%			15.00%	Preferred Member Units	(9)	—		—		12		336		12		—		348
California Splendor Holdings LLC	14.00%				Secured Debt	(9)	—		(249)		905		25,638		2		249		25,391
					Secured Debt	(9)	—		—		1		(11)		1		—		(10)
					Preferred Member Units	(9)	—		(4,410)		—		12,801		—		4,410		8,391
	15.00%			15.00%	Preferred Member Units	(9)	—		—		539		12,569		3,538		—		16,107
Clad-Rex Steel, LLC					Secured Debt (12)	(5)	—		—		9		—		—		—		—
	10.00%				Secured Debt	(5)	—		(6)		239		9,480		6		246		9,240
	10.00%				Secured Debt	(5)	—		—		23		929		—		12		917
					Member Units	(5)	—		770		423		14,120		770		—		14,890
					Member Units	(5)	—		240		—		1,270		240		—		1,510
Cody Pools, Inc.					Secured Debt (12)	(8)	—		5		27		—		1,685		1,685		—
	12.50%				Secured Debt	(8)	—		(39)		1,111		34,901		40		681		34,260
					Preferred Member Units	(8)	—		(790)		389		65,060		—		790		64,270
CompareNetworks Topco, LLC	14.79%	SF+	11.00%		Secured Debt	(9)	—		(58)		150		4,031		1		96		3,936
					Preferred Member Units	(9)	—		(3,750)		—		7,650		—		3,750		3,900
Compass Systems & Sales, LLC					Secured Debt	(5)	—		—		1		(15)		1		—		(14)
	13.50%				Secured Debt	(5)	—		—		591		16,961		15		1,000		15,976
					Preferred Equity	(5)	—		270		60		7,180		270		—		7,450
Cybermedia Technologies, LLC					Secured Debt	(6)	—		—		3		—		—		—		—
	13.00%				Secured Debt	(6)	—		—		889		27,076		16		400		26,692
					Preferred Member Units	(6)	—		4,050		63		—		4,050		—		4,050
					Preferred Equity	(6)	—		570		—		6,340		570		—		6,910
Datacom, LLC	7.50%				Secured Debt	(8)	—		—		13		675		135		135		675
	10.00%				Secured Debt	(8)	—		(1,015)		194		4,169		—		1,083		3,086
					Preferred Member Units	(8)	—		—		—		—		—		—		—
Direct Marketing Solutions, Inc.					Secured Debt (12)	(9)	—		27		134		1,785		1,615		3,400		—
					Secured Debt	(9)	—		(3)		281		23,082		—		23,082		—
	14.00%				Secured Debt	(9)	—		338		1,696		—		43,857		—		43,857
					Preferred Stock	(9)	—		4,434		—		19,760		9,234		160		28,834
Gamber-Johnson Holdings, LLC	11.19%	SF+	7.50%		Secured Debt	(5)	—		—		17		—		1,600		—		1,600
	11.19%	SF+	7.50%		Secured Debt	(5)	—		12		2,176		70,526		4,440		—		74,966
					Member Units	(5)	—		4,020		1,098		113,810		4,020		—		117,830
					Member Units	(5)	—		—		—		396		—		92		304
Garreco, LLC					Member Units	(8)	—		(110)		—		1,830		—		110		1,720
GRT Rubber Technologies LLC	9.79%	SF+	6.00%		Secured Debt	(8)	—		(1)		78		3,146		1		1		3,146
	11.79%	SF+	8.00%		Secured Debt	(8)	—		(12)		1,207		40,493		12		12		40,493
					Member Units	(8)	—		(2,350)		1,008		46,360		—		2,350		44,010

111


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2025 Fair Value (13)		Gross Additions (3)		Gross Reductions (4)		March 31, 2026 Fair Value (13)
IG Investor, LLC	13.00%				Secured Debt (12)	(6)	—		(2)		51		1,600		2		802		800
	13.00%				Secured Debt	(6)	—		(21)		1,140		35,064		21		821		34,264
					Common Equity	(6)	—		730		—		28,030		730		—		28,760
Jensen Jewelers of Idaho, LLC		P+	6.75%		Secured Debt (12)	(9)	—		—		—		—		—		—		—
	13.50%	P+	6.75%		Secured Debt	(9)	—		—		30		878		—		150		728
					Member Units	(9)	—		620		301		11,540		620		—		12,160
MSC Adviser I, LLC					Member Units	(8)	—		(21,960)		2,868		255,020		—		21,960		233,060
NRP Jones, LLC	12.00%				Secured Debt	(5)	—		(105)		—		474		—		104		370
					Member Units	(5)	—		—		—		—		—		—		—
					Member Units	(5)	—		—		—		—		—		—		—
					Preferred Equity	(5)	—		—		—		—		—		—		—
					Common Equity	(5)	—		—		—		928		—		—		928
OMi Topco, LLC	12.00%				Secured Debt	(8)	—		(3)		873		29,000		3		3		29,000
					Preferred Member Units	(8)	—		1,140		3,083		77,900		1,140		—		79,040
Principle Environmental, LLC	13.00%				Secured Debt	(8)	—		(5)		164		4,897		5		5		4,897
					Preferred Member Units	(8)	—		—		1,554		15,740		—		—		15,740
					Common Stock	(8)	—		—		—		750		—		—		750
Quality Lease Service, LLC					Member Units	(7)	—		—		—		460		—		—		460
Robbins Bros. Jewelry, Inc.					Secured Debt	(9)	—		—		68		(62)		—		6		(68)
	12.50%			10.00%	Secured Debt	(9)	—		149		—		14,029		—		61		13,968
					Preferred Equity	(9)	—		—		—		—		—		—		—
Trantech Radiator Topco, LLC	11.50%				Secured Debt	(7)	—		—		5		—		1,600		—		1,600
					Secured Debt	(7)	—		(41)		240		9,000		—		9,000		—
	13.50%				Secured Debt	(7)	—		219		612		—		31,280		—		31,280
					Common Stock	(7)	—		3,564		—		14,920		4,930		—		19,850
					Common Equity	(7)	—		—		—		696		—		—		696
	9.00%				Secured Debt	(7)	—		(1)		47		2,040		1		1		2,040
	9.00%				Secured Debt	(7)	—		9		4		—		2,000		—		2,000
	9.00%				Secured Debt	(7)	—		2		1		—		400		—		400
Victory Energy Operations, LLC	13.00%				Secured Debt (12)	(8)	—		—		56		836		1,725		431		2,130
	13.00%				Secured Debt	(8)	—		—		1,592		47,889		24		—		47,913
					Preferred Equity	(8)	—		260		108		23,380		260		—		23,640
Volusion, LLC	10.00%				Secured Debt	(8)	—		—		52		2,100		—		—		2,100
					Preferred Member Units	(8)	—		—		—		—		—		—		—
					Preferred Member Units	(8)	—		(563)		—		2,910		—		870		2,040
					Common Stock	(8)	—		—		—		—		—		—		—
Ziegler’s NYPD, LLC	12.00%				Secured Debt	(8)	—		—		5		150		—		—		150
	12.00%				Secured Debt	(8)	—		(54)		52		1,687		—		54		1,633
					Preferred Member Units	(8)	—		(50)		—		50		—		50		—
Other Controlled Investments
American Nuts, LLC					Preferred Equity	(9)	$	—	$	(470)	$	—	$	4,250	$	—	$	470	$	3,780
	12.31%	SF+	8.50%	12.31%	Secured Debt	(9)	—		—		251		8,161		251		—		8,412
	12.31%	SF+	8.50%	12.31%	Secured Debt	(9)	—		110		251		6,582		361		—		6,943
	12.36%	SF+	8.50%	12.36%	Secured Debt	(9)	—		—		1		—		311		—		311

112


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2025 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2026 Fair Value (13)
Analytical Systems Keco Holdings, LLC	13.25%				Secured Debt	(8)	—	—	129	3,860	3	153	3,710
					Preferred Member Units	(8)	—	430	—	120	430	—	550
					Preferred Member Units	(8)	—	—	—	6,030	—	—	6,030
					Warrants	(8)	—	—	—	—	—	—	—
ASC Interests, LLC					Secured Debt	(8)	—	—	10	400	—	400	—
					Secured Debt	(8)	—	30	37	1,502	31	1,533	—
					Preferred Member Units	(8)	(88)	178	—	—	178	178	—
					Member Units	(8)	(1,500)	1,500	—	—	1,500	1,500	—
Batjer TopCo, LLC					Secured Debt	(8)	—	—	—	—	—	—	—
	10.00%				Secured Debt	(8)	—	(5)	251	9,945	6	118	9,833
					Preferred Stock	(8)	—	620	583	8,750	620	—	9,370
Bolder Panther Group, LLC	12.09%	SF+	8.40%		Secured Debt	(9)	—	(33)	3,092	101,046	33	33	101,046
	8.00%				Class B Preferred Member Units	(9)	—	—	621	31,190	—	—	31,190
					Secured Debt	(9)	—	—	32	—	—	—	—
Bridge Capital Solutions Corporation					Preferred Member Units	(6)	—	—	—	—	—	—	—
					Warrants	(6)	—	—	—	—	—	—	—
					Warrants	(6)	—	—	—	—	—	—	—
CBT Nuggets, LLC					Member Units	(9)	—	(2,360)	412	47,930	—	2,360	45,570
Centre Technologies Holdings, LLC		SF+	8.00%		Secured Debt (12)	(8)	—	—	5	—	240	240	—
	11.79%	SF+	8.00%		Secured Debt	(8)	—	(3)	714	24,085	3	3	24,085
					Preferred Member Units	(8)	—	3,230	30	42,710	3,230	—	45,940
Chamberlin Holding LLC		SF+	6.00%		Secured Debt (12)	(8)	—	(3)	9	—	3	3	—
	11.86%	SF+	8.00%		Secured Debt	(8)	—	(23)	1,268	42,020	23	823	41,220
					Member Units	(8)	—	3,980	1,523	35,530	3,980	—	39,510
					Member Units	(8)	—	(90)	23	4,170	—	90	4,080
Charps, LLC	14.00%				Unsecured Debt	(5)	—	(26)	223	5,694	26	26	5,694
					Preferred Member Units	(5)	—	—	—	16,020	—	—	16,020
Colonial Electric Company LLC					Secured Debt (12)	(6)	—	—	2	—	—	—	—
	9.00%				Secured Debt	(6)	—	88	206	8,779	—	—	8,779
					Preferred Member Units	(6)	—	2,120	1,455	16,830	2,120	—	18,950
Copper Trail Fund Investments					LP Interests (CTMH, LP)	(9)	—	140	—	390	140	—	530
Digital Products Holdings LLC	13.69%	SF+	10.00%		Secured Debt	(5)	—	—	420	11,338	10	—	11,348
					Preferred Member Units	(5)	—	—	50	9,835	—	—	9,835
Doral Holdings, LLC					Preferred Equity	(5)	—	8,460	554	15,740	8,460	—	24,200
	13.00%				Secured Debt	(5)	—	184	939	26,270	230	4,000	22,500
Elgin AcquireCo, LLC		SF+	6.00%		Secured Debt	(5)	—	—	2	(3)	1	—	(2)
	12.00%				Secured Debt	(5)	—	—	510	16,719	9	117	16,611
	9.00%				Secured Debt	(5)	—	—	140	6,156	1	14	6,143
					Common Stock	(5)	—	140	—	5,050	140	—	5,190
					Common Stock	(5)	—	60	—	3,270	60	—	3,330
Flame King Holdings, LLC					Preferred Equity	(9)	—	1,120	1,587	54,630	1,120	—	55,750
	12.00%				Secured Debt	(9)	—	(32)	2,014	66,000	32	32	66,000
Harris Preston Fund Investments					LP Interests (2717 MH, L.P.)	(8)	—	70	—	1,795	70	—	1,865

113


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2025 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2026 Fair Value (13)
					LP Interests (2717 HPP-MS, L.P.) (12)	(8)	—	(190)	282	447	—	190	257
					LP Interests (2717 GRE-LP, L.P.)	(8)	—	75	—	441	75	—	516
					LP Interests (423 COR, L.P.)	(8)	—	95	—	5,244	95	—	5,339
Harrison Hydra-Gen, Ltd.					Common Stock	(8)	—	—	—	7,080	—	—	7,080
JTI Electrical & Mechanical, LLC	9.92%	SF+	6.00%	9.92%	Secured Debt	(9)	—	(27,772)	—	36,429	—	27,772	8,657
	15.00%			15.00%	Secured Debt	(9)	—	(939)	—	939	—	939	—
	8.92%	SF+	5.00%	8.92%	Secured Debt	(9)	—	—	—	6,316	213	—	6,529
					Common Equity	(9)	—	—	—	—	—	—	—
JorVet Holdings, LLC	12.00%				Secured Debt	(9)	—	—	711	23,263	12	—	23,275
					Preferred Equity	(9)	—	3	106	10,990	3	—	10,993
KBK Industries, LLC					Member Units	(5)	17,327	(17,396)	1,603	18,180	17,326	35,506	—
					Secured Debt	(5)	—	—	—	—	—	—	—
					Secured Debt	(5)	—	(34)	51	7,200	34	7,234	—
Kickhaefer Manufacturing Company, LLC	11.50%				Secured Debt	(5)	—	—	294	10,195	1	—	10,196
	9.00%				Secured Debt	(5)	—	—	88	3,878	—	12	3,866
					Preferred Equity	(5)	—	1,170	—	17,180	1,170	—	18,350
					Member Units	(5)	—	—	24	4,190	—	—	4,190
Legacy Swim Group	13.00%				Secured Debt	(7)	—	—	1,056	31,691	16	—	31,707
					Preferred Equity	(7)	—	—	186	14,996	—	—	14,996
Metalforming Holdings, LLC					Secured Debt	(7)	—	—	3	—	—	—	—
	8.75%				Secured Debt	(7)	—	(8)	386	17,237	8	8	17,237
	8.00%			8.00%	Preferred Equity	(7)	—	—	120	5,916	—	—	5,916
					Common Stock	(7)	—	290	490	9,770	290	—	10,060
Moffitt Holdings, LLC	13.00%				Secured Debt	(8)	—	—	1,115	33,840	20	438	33,422
					Preferred Equity	(8)	—	—	—	15,560	—	—	15,560
MS Private Loan Fund I, LP	6.69%	SF+	3.00%		Secured Debt (12)	(8)	—	—	175	12,000	4,300	4,000	12,300
					LP Interests	(8)	—	(1,104)	363	14,697	—	1,104	13,593
MS Private Loan Fund II, LP		SF+	3.00%		Secured Debt (12)	(8)	—	—	12	(84)	257	250	(77)
					LP Interests (12)	(8)	—	89	498	11,064	89	—	11,153
MSC Income Fund, Inc.					Common Equity	(8)	—	(1,675)	729	21,412	4,930	1,675	24,667
		SF+	4.50%		Secured Debt (12)	(8)	—	—	53	—	23,853	24,000	(147)
MVI MSO, LLC	13.00%				Secured Debt	(6)	—	—	325	9,768	4	—	9,772
					Preferred Equity	(6)	—	(690)	81	4,770	—	690	4,080
NAPCO Precast, LLC					Member Units	(8)	—	(3,330)	42	14,480	—	3,330	11,150
					Member Units	(8)	—	—	7	568	—	—	568
Nello Industries Investco, LLC					Secured Debt	(5)	—	(205)	550	32,072	—	32,072	—
	12.50%				Secured Debt	(5)	—	205	818	—	41,272	—	41,272
					Preferred Equity	(5)	—	6,220	274	23,330	6,220	—	29,550
NexRev LLC					Preferred Member Units	(8)	—	(280)	24	12,870	—	280	12,590
NuStep, LLC	10.29%	SF+	6.50%		Secured Debt	(5)	—	—	63	1,000	1,600	—	2,600
	12.00%				Secured Debt	(5)	—	—	571	18,440	—	274	18,166
					Preferred Member Units	(5)	—	(1,270)	—	12,200	—	1,270	10,930

114


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2025 Fair Value (13)		Gross Additions (3)		Gross Reductions (4)		March 31, 2026 Fair Value (13)
					Preferred Member Units	(5)	—		180		—		6,110		180		—		6,290
Orttech Holdings, LLC		SF+	11.00%		Secured Debt	(5)	—		—		16		612		—		612		—
	14.79%	SF+	11.00%		Secured Debt	(5)	—		(10)		779		20,760		10		10		20,760
					Preferred Stock	(5)	—		—		60		13,450		—		—		13,450
Pinnacle TopCo, LLC					Secured Debt (12)	(8)	—		(1)		3		—		1		1		—
	13.00%				Secured Debt	(8)	—		(18)		885		27,200		18		818		26,400
					Preferred Equity	(8)	—		—		332		20,440		—		—		20,440
PPL RVs, Inc.		SF+	8.75%		Secured Debt	(8)	—		—		—		—		—		—		—
	12.60%	SF+	8.75%		Secured Debt	(8)	—		(9)		487		15,191		9		9		15,191
					Common Stock	(8)	—		(1,620)		—		17,330		—		1,620		15,710
					Common Stock	(8)	—		—		—		575		—		—		575
River Aggregates, LLC					Member Units	(8)	—		—		25		9,700		—		—		9,700
Spring Engineering Holdings, LLC	13.00%				Secured Debt	(7)	—		—		754		—		23,165		—		23,165
					Preferred Member Units	(7)	—		—		—		—		4,650		—		4,650
Tedder Industries, LLC	12.00%			12.00%	Secured Debt	(9)	—		(82)		433		962		433		82		1,313
	12.00%			12.00%	Secured Debt	(9)	—		2,553		—		2,827		2,553		—		5,380
					Preferred Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
Televerde, LLC					Member Units	(8)	—		(2,551)		—		4,822		—		2,551		2,271
					Preferred Stock	(8)	—		—		—		1,794		—		—		1,794
Trinity Medical Holdings, LLC	13.00%				Secured Debt	(7)	—		—		1,931		57,944		30		—		57,974
					Preferred Equity	(7)	—		—		—		22,500		—		—		22,500
VVS Holdco LLC		SF+	6.00%		Secured Debt	(5)	—		—		4		—		—		—		—
	11.50%				Secured Debt	(5)	—		—		702		23,956		12		—		23,968
					Preferred Equity	(5)	—		—		—		12,240		—		—		12,240

Other
Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		—		—		—		—		—
Total Control investments							$	10,035	$	(47,208)	$	61,664	$	2,569,626	$	280,850	$	267,466	$	2,583,010



Affiliate Investments
AAC Holdings, Inc.	20.00%			20.00%	Secured Debt	(7)	$	—	$	—	$	45	$	895	$	45	$	—	$	940
					Preferred Equity	(7)	—		(2,060)		—		2,080		—		2,060		20
	20.00%			20.00%	Secured Debt	(7)	—		(212)		—		2,756		—		212		2,544
	20.00%			20.00%	Secured Debt	(7)	—		(212)		—		2,756		—		212		2,544
					Common Stock	(7)	—		—		—		—		—		—		—
	21.00%			21.00%	Secured Debt	(7)	—		105		45		503		580		—		1,083
BLI Acquisition, LLC	14.00%				Secured Debt	(7)	—		—		566		—		13,072		—		13,072
					Member Units	(7)	—		—		—		—		2,100		—		2,100
Boccella Precast Products LLC	10.00%				Secured Debt	(6)	—		—		—		256		—		—		256
					Member Units	(6)	—		(190)		—		2,820		—		190		2,630
Buca C, LLC	15.00%			15.00%	Secured Debt	(7)	—		—		—		—		—		—		—
	6.00%			6.00%	Preferred Member Units	(7)	—		—		—		—		—		—		—
	15.00%			15.00%	Secured Debt	(7)	—		(51)		—		—		51		51		—

115


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2025 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2026 Fair Value (13)
Career Team Holdings, LLC		SF+	6.00%		Secured Debt (12)	(6)	—	—	5	(45)	2	—	(43)
	13.00%				Secured Debt	(6)	—	—	731	21,551	19	—	21,570
					Common Stock	(6)	—	—	—	5,370	—	—	5,370
CGMS Parent LLC	13.00%				Secured Debt	(6)	—	—	821	24,754	14	156	24,612
					Secured Debt (12)	(6)	—	—	7	(39)	2	—	(37)
					Preferred Equity	(6)	—	—	195	10,000	—	—	10,000
Classic H&G Holdings, LLC					Preferred Member Units	(6)	—	90	—	2,040	90	—	2,130
Congruent Credit Opportunities Funds					LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—	812	—	24	812	—	836
Connect Telecommunications Solutions Holdings, Inc.	13.00%				Secured Debt	(6)	—	—	786	24,153	18	900	23,271
					Preferred Equity	(6)	—	—	—	12,596	—	—	12,596
DMA Industries, LLC	10.00%				Secured Debt	(7)	—	(3)	323	12,800	3	3	12,800
					Preferred Equity	(7)	—	4,500	—	9,174	4,500	—	13,674
	10.00%				Secured Debt	(7)	—	—	14	560	—	—	560
	15.00%			15.00%	Preferred Equity	(7)	—	2,321	139	5,424	2,459	—	7,883
Dos Rios Partners					LP Interests (Dos Rios Partners, LP)	(8)	—	—	—	8,027	—	—	8,027
					LP Interests (Dos Rios Partners - A, LP)	(8)	—	—	—	2,549	—	—	2,549
Dos Rios Stone Products LLC					Class A Preferred Units	(8)	—	—	—	—	—	—	—
EIG Fund Investments					LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	—	—	—	37	—	—	37
FCC Intermediate Holdco, LLC	13.00%				Secured Debt	(5)	—	(232)	1,231	31,160	232	642	30,750
					Warrants	(5)	—	(480)	180	15,140	—	480	14,660
Freeport Financial Funds					LP Interests (Freeport Financial SBIC Fund LP)	(5)	—	(54)	—	1,600	—	54	1,546
					LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	—	—	193	—	—	193
FRG AcquireCo, LLC					Secured Debt	(7)	—	—	4	(19)	2	—	(17)
	13.50%				Secured Debt	(7)	—	—	362	10,402	23	2,018	8,407
					Preferred Equity	(7)	—	—	—	3,500	—	—	3,500
GFG Group, LLC	8.00%				Secured Debt	(5)	—	(3)	284	14,053	3	3	14,053
					Preferred Member Units	(5)	—	—	140	10,940	—	—	10,940
Gulf Manufacturing, LLC	11.82%	SF+	8.13%		Secured Debt (12)	(8)	—	—	22	(32)	3,003	—	2,971
	11.82%	SF+	8.13%		Secured Debt	(8)	—	—	1,182	36,784	83	500	36,367
					Member Units	(8)	—	(100)	142	6,600	—	100	6,500
					Common Stock	(8)	—	—	18	1,450	—	—	1,450
					Preferred Equity	(8)	—	—	—	5,190	—	—	5,190
Harris Preston Fund Investments					LP Interests (423 HAR, L.P.)	(8)	—	—	—	1,226	—	—	1,226
					LP Interests (HPEP 3, L.P.) (12)	(8)	—	(128)	—	4,116	—	380	3,736
					LP Interests (HPEP 4, L.P.) (12)	(8)	—	787	—	7,463	2,072	—	9,535
Hawk Ridge Systems, LLC					Secured Debt	(9)	—	—	—	3,219	—	3,219	—
		SF+	6.00%		Secured Debt (12)	(9)	—	23	7	—	—	—	—

116


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2025 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2026 Fair Value (13)
					Secured Debt	(9)	—	—	—	45,256	—	45,256	—
	11.00%				Secured Debt	(9)	—	271	1,772	—	49,871	—	49,871
					Preferred Member Units	(9)	—	—	—	26,310	—	—	26,310
					Preferred Member Units	(9)	—	—	—	1,380	—	—	1,380
Houston Plating and Coatings, LLC	10.00%				Unsecured Convertible Debt	(8)	—	—	75	3,000	—	—	3,000
					Member Units	(8)	—	(210)	49	3,720	—	210	3,510
Independent Pet Partners Intermediate Holdings, LLC					Common Equity	(6)	—	—	—	19,000	—	—	19,000
Infinity X1 Holdings, LLC					Preferred Equity	(9)	—	330	180	8,010	330	—	8,340
	12.00%				Secured Debt	(9)	—	(1)	454	15,299	1	226	15,074
					Secured Debt (12)	(9)	—	—	44	—	4,000	4,000	—
Integral Energy Services	11.42%	SF+	7.50%		Secured Debt	(8)	—	(269)	363	12,042	13	269	11,786
	10.00%			10.00%	Preferred Equity	(8)	—	—	7	420	7	—	427
					Common Stock	(8)	—	(70)	—	350	—	70	280
	10.00%			10.00%	Preferred Equity	(8)	—	—	—	404	—	—	404
Iron-Main Investments, LLC	13.00%				Secured Debt	(5)	—	—	148	4,500	2	—	4,502
	13.00%				Secured Debt	(5)	—	—	97	2,931	1	—	2,932
	13.00%				Secured Debt	(5)	—	—	291	8,944	—	—	8,944
	13.00%				Secured Debt	(5)	—	—	577	17,569	7	207	17,369
	13.00%				Secured Debt	(5)	—	—	323	9,421	20	353	9,088
					Common Stock	(5)	—	150	—	2,700	150	—	2,850
	25.00%			25.00%	Preferred Equity	(5)	—	70	—	1,030	70	—	1,100
	25.00%			25.00%	Preferred Equity	(5)	—	—	—	155	—	—	155
ITA Holdings Group, LLC	10.84%	SF+	7.00%		Secured Debt	(8)	—	(1)	33	1,180	1	1	1,180
	10.84%	SF+	7.00%		Secured Debt	(8)	—	(2)	146	5,310	2	2	5,310
	10.84%	SF+	7.00%		Secured Debt	(8)	—	(67)	200	4,935	67	67	4,935
	10.84%	SF+	7.00%		Secured Debt	(8)	—	(67)	200	4,935	67	67	4,935
	10.84%	SF+	7.00%		Secured Debt	(8)	—	(1)	49	1,770	1	1	1,770
	10.84%	SF+	7.00%		Secured Debt	(8)	—	—	—	—	2,360	—	2,360
					Warrants	(8)	—	—	1,125	15,230	—	—	15,230
CenterPeak Holdings, LLC	15.00%				Secured Debt (12)	(8)	—	(2)	71	1,800	2	2	1,800
	15.00%				Secured Debt	(8)	—	(1)	943	25,107	1	1	25,107
					Preferred Equity	(8)	—	1,240	1,141	24,340	1,240	—	25,580
Kennedy Fab HoldCo, LLC					Secured Debt (12)	(8)	—	—	22	—	—	5	(5)
	13.00%				Secured Debt	(8)	—	—	533	—	29,705	—	29,705
	9.00%				Secured Debt	(8)	—	—	301	—	19,961	—	19,961
					Preferred Equity	(8)	—	—	—	—	11,490	—	11,490
KMS, LLC	12.50%				Secured Debt	(5)	—	22	41	1,146	27	—	1,173
	12.50%				Secured Debt	(5)	—	—	31	1,007	—	—	1,007
					Preferred Equity	(5)	—	—	—	6,270	—	—	6,270
	9.20%	SF+	5.50%		Secured Debt (12)	(5)	—	36	15	(40)	1,343	—	1,303
Mills Fleet Farm Group, LLC	9.81%	SF+	5.50%	9.81%	Secured Debt	(5)	—	—	71	2,796	71	—	2,867
	9.17%	SF+	5.50%	9.17%	Secured Debt	(5)	—	—	40	1,664	42	—	1,706
					Preferred Equity	(5)	—	(1,105)	278	12,557	278	1,105	11,730
MoneyThumb Acquisition, LLC	14.00%				Secured Debt	(9)	—	—	342	7,696	63	596	7,163

117


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2025 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2026 Fair Value (13)
	12.00%			12.00%	Preferred Member Units	(9)	—	130	58	2,112	188	—	2,300
					Warrants	(9)	—	70	—	800	70	—	870
Nearshore AcquireCo, LLC					Secured Debt (12)	(8)	—	—	3	(24)	1	—	(23)
					Secured Debt	(8)	—	—	3	(61)	3	—	(58)
	13.00%				Secured Debt	(8)	—	—	723	21,688	11	—	21,699
					Preferred Equity	(8)	—	—	—	5,260	—	—	5,260
OnAsset Intelligence, Inc.	12.00%			12.00%	Secured Debt	(8)	—	—	—	141	—	—	141
	12.00%			12.00%	Secured Debt	(8)	—	—	—	144	—	—	144
	12.00%			12.00%	Secured Debt	(8)	—	—	—	309	—	—	309
	12.00%			12.00%	Secured Debt	(8)	—	—	—	645	1	—	646
	10.00%			10.00%	Unsecured Debt	(8)	—	—	—	—	—	—	—
	7.00%			7.00%	Preferred Stock	(8)	—	—	—	—	—	—	—
					Common Stock	(8)	—	—	—	—	—	—	—
					Warrants	(8)	—	—	—	—	—	—	—
Oneliance, LLC					Preferred Stock	(7)	—	—	13	3,270	—	—	3,270
RA Outdoors LLC	10.56%	SF+	6.75%	10.56%	Secured Debt	(8)	—	—	38	1,182	37	—	1,219
	10.56%	SF+	6.75%	10.56%	Secured Debt	(8)	—	(2)	397	12,355	398	2	12,751
	10.59%	SF+	6.75%	10.59%	Secured Debt	(8)	—	(80)	—	—	465	80	385
	10.59%	SF+	6.75%	10.59%	Secured Debt	(8)	—	(78)	—	—	453	78	375
Revenue Recovery Holdings, LLC					Secured Debt (12)	(7)	—	—	3	(18)	1	—	(17)
	13.00%				Secured Debt	(7)	—	—	221	6,640	3	—	6,643
					Preferred Equity	(7)	—	911	—	1,049	911	—	1,960
RFG AcquireCo, LLC					Secured Debt (12)	(7)	—	—	3	(7)	1	—	(6)
	13.50%				Secured Debt	(7)	—	—	267	7,932	4	—	7,936
					Secured Debt	(7)	—	—	300	33,700	—	33,700	—
	13.50%				Secured Debt	(7)	—	—	1,505	—	41,398	—	41,398
					Preferred Equity	(7)	—	—	—	12,771	—	—	12,771
SI East, LLC	11.80%				Secured Debt (12)	(7)	—	(1)	72	2,250	1	1	2,250
	12.86%				Secured Debt	(7)	—	(8)	2,159	66,850	8	8	66,850
					Preferred Member Units	(7)	—	—	269	17,190	—	—	17,190
Slick Innovations, LLC	14.00%				Secured Debt	(6)	—	(17)	879	24,680	17	417	24,280
					Common Stock	(6)	—	430	—	2,160	430	—	2,590
Specialized Aviation Holdings, LLC	13.00%				Secured Debt	(7)	—	—	825	28,362	61	5,375	23,048
					Preferred Stock	(7)	—	—	338	15,000	—	—	15,000
Student Resource Center, LLC	8.50%			8.50%	Secured Debt	(6)	—	197	—	1,438	198	—	1,636
	8.50%			8.50%	Secured Debt	(6)	—	—	4	780	4	—	784
Superior Rigging & Erecting Co.					Preferred Member Units	(7)	—	310	—	17,500	310	—	17,810
The Affiliati Network, LLC					Preferred Stock	(9)	—	—	128	6,400	—	—	6,400
					Preferred Stock	(9)	—	—	—	313	—	—	313
UnionRock Energy Fund II, LP					LP Interests (12)	(9)	—	—	—	4,164	205	134	4,235
UnionRock Energy Fund III, LP					LP Interests (12)	(9)	—	—	—	5,165	372	130	5,407
UniTek Global Services, Inc.	20.00%			20.00%	Preferred Stock	(6)	—	—	—	9,388	—	—	9,388
	19.00%			19.00%	Preferred Stock	(6)	—	—	—	—	—	—	—
	13.50%			13.50%	Preferred Stock	(6)	—	—	—	—	—	—	—

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MAIN STREET CAPITAL CORPORATION

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

March 31, 2026

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2025 Fair Value (13)		Gross Additions (3)		Gross Reductions (4)		March 31, 2026 Fair Value (13)
Urgent DSO LLC	13.50%				Secured Debt	(5)	—		(191)		301		8,672		5		191		8,486
					Preferred Equity	(5)	—		(1,796)		—		4,356		—		1,796		2,560
Wildcats Topco LLC					Common Equity	(5)	—		70		135		22,760		70		—		22,830
World Micro Holdings, LLC	13.00%				Secured Debt	(7)	—		—		326		9,848		5		—		9,853
					Preferred Equity	(7)	—		—		—		3,845		—		—		3,845
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		—		—		—		—		—
Total Affiliate investments							$	—	$	5,181	$	26,181	$	965,179	$	196,009	$	105,530	$	1,055,658

___________________________

(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, dividends and fees 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 to or from other 1940 Act classifications during the period.”

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

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

(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $582,664. This represented 18.8% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $179,014. This represented 5.8% of net assets as of March 31, 2026.

(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $143,057. This represented 4.6% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $160,033. This represented 5.2% of net assets as of March 31, 2026.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $256,084. This represented 8.3% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $298,911. This represented 9.7% of net assets as of March 31, 2026.

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

March 31, 2026

(dollars in thousands)

(Unaudited)

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $1,059,998. This represented 34.3% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $290,037. This represented 9.4% of net assets as of March 31, 2026.

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $541,207. This represented 17.5% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $127,663. This represented 4.1% of net assets as of March 31, 2026.

(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.

(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.

(12)Investment has an unfunded commitment as of March 31, 2026 (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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MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments in and Advances to Affiliates

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2024 Fair Value (13)		Gross Additions (3)		Gross Reductions (4)		March 31, 2025 Fair Value (13)
Majority-Owned Investments
Analytical Systems Keco Holdings, LLC					Secured Debt	(8)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
	17.50%				Secured Debt	(8)	—		—		180		4,048		3		50		4,001
					Preferred Member Units	(8)	—		—		—		—		—		—		—
					Preferred Member Units	(8)	—		(160)		—		5,300		—		160		5,140
					Warrants	(8)	—		—		—		—		—		—		—
BDB Holdings, LLC					Preferred Equity	(7)	—		—		—		18,920		—		—		18,920
	12.00%				Secured Debt (12)	(7)	—		—		4		—		420		—		420
Brewer Crane Holdings, LLC	14.48%	SF+	10.00%		Secured Debt	(9)	—		—		181		5,016		—		—		5,016
					Preferred Member Units	(9)	—		(570)		30		4,680		—		570		4,110
Café Brazil, LLC					Member Units	(8)	—		(100)		—		1,200		—		100		1,100
California Splendor Holdings LLC	14.00%			4.00%	Secured Debt	(9)	—		388		984		28,465		582		1,092		27,955
				4.00%	Secured Debt (12)	(9)	—		—		40		1,506		14		1,539		(19)
					Preferred Member Units	(9)	—		—		63		22,215		—		—		22,215
	15.00%			15.00%	Preferred Member Units	(9)	—		—		409		10,909		409		—		11,318
Clad-Rex Steel, LLC					Secured Debt (12)	(5)	—		—		1		—		—		—		—
	9.00%				Secured Debt	(5)	—		2		159		6,760		—		240		6,520
	10.00%				Secured Debt	(5)	—		—		24		973		—		11		962
					Member Units	(5)	—		50		443		10,990		50		—		11,040
					Member Units	(5)	—		320		—		950		320		—		1,270
Cody Pools, Inc.					Secured Debt (12)	(8)	—		(2)		7		—		2		2		—
	12.50%				Secured Debt	(8)	—		(3)		1,201		39,227		3		1,515		37,715
					Preferred Member Units	(8)	—		1,690		1,284		67,810		1,690		—		69,500
CompareNetworks Topco, LLC	13.48%	SF+	9.00%		Secured Debt	(9)	—		—		107		2,903		7		210		2,700
					Preferred Member Units	(9)	—		(650)		—		11,260		—		650		10,610
Cybermedia Technologies, LLC					Secured Debt	(6)	—		—		3		—		—		—		—
	13.00%				Secured Debt	(6)	—		(509)		901		27,116		15		509		26,622
					Preferred Member Units	(6)	—		(5,980)		63		15,000		—		5,980		9,020
Datacom, LLC	7.50%				Secured Debt	(8)	—		—		17		493		586		135		944
	10.00%				Secured Debt	(8)	—		—		235		7,947		35		68		7,914
					Preferred Member Units	(8)	—		—		—		240		—		—		240
Direct Marketing Solutions, Inc.					Secured Debt	(9)	—		(7)		11		—		7		7		—
	14.00%				Secured Debt	(9)	—		(10)		837		23,902		10		420		23,492
					Preferred Stock	(9)	—		540		—		17,930		540		—		18,470
Gamber-Johnson Holdings, LLC		SF+	7.50%		Secured Debt (12)	(5)	—		—		2		—		—		—		—
	11.50%	SF+	7.50%		Secured Debt (12)	(5)	—		(12)		2,114		73,126		12		12		73,126
					Member Units	(5)	—		—		1,903		114,750		—		—		114,750
Garreco, LLC					Member Units	(8)	—		(230)		19		2,060		—		230		1,830
GRT Rubber Technologies LLC	10.48%	SF+	6.00%		Secured Debt (12)	(8)	—		(1)		83		3,146		1		1		3,146
	12.48%	SF+	8.00%		Secured Debt	(8)	—		(12)		1,273		40,493		12		12		40,493
					Member Units	(8)	—		—		1,506		45,890		—		—		45,890
Gulf Publishing Holdings, LLC		SF+	9.50%		Secured Debt	(8)	—		—		—		—		—		—		—
	12.50%			12.50%	Secured Debt	(8)	—		298		—		1,518		220		—		1,738
					Preferred Equity	(8)	—		—		—		—		—		—		—

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MAIN STREET CAPITAL CORPORATION

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

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2024 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2025 Fair Value (13)
					Member Units	(8)	—	—	—	—	—	—	—
IG Investor, LLC	13.00%				Secured Debt (12)	(6)	—	26	57	1,572	28	—	1,600
	13.00%				Secured Debt	(6)	—	227	1,160	35,257	247	440	35,064
					Common Equity	(6)	—	1,550	—	16,230	1,550	—	17,780
Jensen Jewelers of Idaho, LLC		P+	6.75%		Secured Debt (12)	(9)	—	—	—	—	—	—	—
	14.25%	P+	6.75%		Secured Debt	(9)	—	—	53	1,498	—	160	1,338
					Member Units	(9)	—	(280)	260	11,820	—	280	11,540
MSC Adviser I, LLC					Member Units	(8)	—	(7,830)	2,493	246,000	—	7,830	238,170
Mystic Logistics Holdings, LLC					Secured Debt (12)	(6)	—	—	1	—	—	—	—
	10.00%				Secured Debt	(6)	—	(2)	145	5,746	2	2	5,746
					Common Stock	(6)	—	—	942	26,370	—	—	26,370
NRP Jones, LLC	12.00%				Secured Debt	(5)	—	—	70	2,178	5	—	2,183
					Member Units	(5)	—	(1,178)	—	2,696	—	1,178	1,518
					Member Units	(5)	—	(32)	—	94	—	32	62
					Preferred Equity	(5)	—	756	—	—	1,238	—	1,238
OMi Topco, LLC					Secured Debt	(8)	—	(30)	207	9,000	—	9,000	—
					Preferred Member Units	(8)	—	3,100	7,487	72,720	3,100	—	75,820
	12.00%				Secured Debt	(8)	—	49	101	—	14,000	—	14,000
Principle Environmental, LLC	13.00%				Secured Debt	(8)	—	—	164	4,861	4	—	4,865
					Preferred Member Units	(8)	—	350	327	12,600	350	—	12,950
					Common Stock	(8)	—	20	—	600	20	—	620
Quality Lease Service, LLC					Member Units	(7)	—	—	—	460	—	—	460
Robbins Bros. Jewelry, Inc.				10.00%	Secured Debt	(9)	—	—	—	(39)	—	6	(45)
	12.50%			10.00%	Secured Debt	(9)	—	—	—	14,562	—	210	14,352
					Preferred Equity	(9)	—	—	—	—	—	—	—
Trantech Radiator Topco, LLC					Secured Debt (12)	(7)	—	—	1	(1)	—	—	(1)
	13.50%				Secured Debt	(7)	—	—	274	7,855	7	—	7,862
					Common Stock	(7)	—	—	29	8,570	—	—	8,570
Victory Energy Operations, LLC					Secured Debt	(8)	—	—	6	(33)	2	—	(31)
	13.00%				Secured Debt	(8)	—	—	1,592	47,792	24	—	47,816
					Preferred Equity	(8)	—	—	116	22,686	—	—	22,686
Volusion, LLC	10.00%				Secured Debt	(8)	—	—	52	2,100	—	—	2,100
					Preferred Member Units	(8)	—	—	—	—	—	—	—
					Preferred Member Units	(8)	22	(1,528)	—	7,003	21	1,854	5,170
					Preferred Member Units	(8)	—	—	—	—	—	—	—
					Common Stock	(8)	—	—	—	—	—	—	—
Ziegler’s NYPD, LLC	12.00%				Secured Debt	(8)	—	—	54	1,750	—	—	1,750
					Preferred Member Units	(8)	—	(160)	—	320	—	160	160
					Warrants	(8)	—	—	—	—	—	—	—
Other controlled investments
2717 MH, L.P.					LP Interests (2717 MH, L.P.)	(8)	—	(166)	—	8,818	80	166	8,732
					LP Interests (2717 HPP-MS, L.P.)	(8)	—	—	—	383	—	—	383

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MAIN STREET CAPITAL CORPORATION

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

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2024 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2025 Fair Value (13)
					LP Interests (2717 GRE-LP, L.P.)	(8)	—	—	—	441	—	—	441
HPEP 423 COR, LP					LP Interests (423 COR, L.P.)	(8)	—	83	—	4,187	83	—	4,270
American Nuts, LLC					Preferred Equity	(9)	—	—	—	—	8,970	—	8,970
	12.95%	SF+	8.50%	12.95%	Secured Debt	(9)	—	—	11	—	7,410	—	7,410
	12.95%	SF+	8.50%	12.95%	Secured Debt	(9)	—	—	11	—	7,410	—	7,410
ASC Interests, LLC	13.00%				Secured Debt	(8)	—	—	13	400	—	—	400
	13.00%				Secured Debt	(8)	—	—	53	1,598	—	73	1,525
					Preferred Member Units	(8)	—	—	—	—	—	—	—
					Member Units	(8)	—	—	—	—	—	—	—
ATS Workholding, LLC	5.00%				Secured Debt	(9)	—	(155)	—	113	42	155	—
	5.00%				Secured Debt	(9)	—	(143)	—	143	—	143	—
					Preferred Member Units	(9)	—	—	—	—	—	—	—
Barfly Ventures, LLC	7.00%				Secured Debt (12)	(5)	—	—	12	711	—	—	711
					Member Units	(5)	—	(100)	1,103	5,860	—	100	5,760
Batjer TopCo, LLC	11.00%				Secured Debt (12)	(8)	—	—	10	446	—	270	176
	11.00%				Secured Debt (12)	(8)	—	—	7	270	—	—	270
	11.00%				Secured Debt	(8)	—	—	279	10,529	5	—	10,534
					Preferred Stock	(8)	—	—	188	5,160	—	—	5,160
Bolder Panther Group, LLC	11.70%	SF+	7.33%		Secured Debt	(9)	—	(35)	2,987	101,643	34	631	101,046
	8.00%				Class B Preferred Member Units	(9)	—	480	795	30,520	480	—	31,000
					Secured Debt	(9)	—	—	40	—	—	—	—
Bridge Capital Solutions Corporation					Preferred Member Units	(6)	—	—	—	—	—	—	—
					Warrants	(6)	—	—	—	—	—	—	—
					Warrants	(6)	—	—	—	—	—	—	—
CBT Nuggets, LLC					Member Units	(9)	—	—	824	49,540	—	—	49,540
Centre Technologies Holdings, LLC		SF+	10.00%		Secured Debt (12)	(8)	—	—	3	—	—	—	—
	14.48%	SF+	10.00%		Secured Debt	(8)	—	(5)	876	25,534	5	1,075	24,464
					Preferred Member Units	(8)	—	1,870	30	12,410	1,870	—	14,280
Chamberlin Holding LLC		SF+	6.00%		Secured Debt (12)	(8)	—	(22)	24	—	22	22	—
	12.49%	SF+	8.00%		Secured Debt	(8)	—	3	503	15,620	1,600	—	17,220
					Member Units	(8)	—	1,130	2,791	33,110	1,130	—	34,240
					Member Units	(8)	—	80	23	3,550	80	—	3,630
Charps, LLC	10.00%				Unsecured Debt	(5)	—	(23)	219	5,694	23	23	5,694
					Preferred Member Units	(5)	—	—	329	15,580	—	—	15,580
Colonial Electric Company LLC					Secured Debt (12)	(6)	—	—	2	—	—	—	—
	12.00%				Secured Debt	(6)	—	(8)	428	14,310	8	323	13,995
					Preferred Member Units	(6)	—	760	414	13,570	760	—	14,330
Compass Systems & Sales, LLC					Secured Debt	(5)	—	—	1	(21)	2	—	(19)
	13.50%				Secured Debt	(5)	—	—	589	17,067	9	—	17,076
					Preferred Equity	(5)	—	4	60	7,450	4	—	7,454
Copper Trail Fund Investments					LP Interests (CTMH, LP)	(9)	—	—	—	500	15	—	515
Digital Products Holdings LLC	14.38%	SF+	10.00%		Secured Debt	(5)	—	—	453	12,422	12	330	12,104

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

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2024 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2025 Fair Value (13)
					Preferred Member Units	(5)	—	—	50	9,835	—	—	9,835
Elgin AcquireCo, LLC		SF+	6.00%		Secured Debt	(5)	—	—	2	(5)	—	—	(5)
	12.00%				Secured Debt	(5)	—	—	551	17,969	9	70	17,908
	9.00%				Secured Debt	(5)	—	—	141	6,207	1	13	6,195
					Common Stock	(5)	—	(690)	—	5,730	—	690	5,040
					Common Stock	(5)	—	50	—	3,050	50	—	3,100
Harrison Hydra-Gen, Ltd.					Common Stock	(8)	—	50	—	7,010	50	—	7,060
JorVet Holdings, LLC	12.00%				Secured Debt	(9)	—	—	711	23,216	12	—	23,228
					Preferred Equity	(9)	—	490	285	13,180	490	—	13,670
KBK Industries, LLC	9.00%				Secured Debt	(5)	—	(4)	85	3,700	4	304	3,400
					Member Units	(5)	—	—	707	25,180	—	—	25,180
Kickhaefer Manufacturing Company, LLC	11.50%				Secured Debt	(5)	—	—	423	14,987	2	800	14,189
	9.00%				Secured Debt	(5)	—	—	89	3,926	—	12	3,914
					Preferred Equity	(5)	—	650	—	12,240	650	—	12,890
					Member Units	(5)	—	—	30	2,710	—	—	2,710
Metalforming Holdings, LLC					Secured Debt (12)	(7)	—	—	6	(11)	4	—	(7)
	9.75%				Secured Debt	(7)	—	—	498	20,844	20	1,931	18,933
	8.00%			8.00%	Preferred Equity	(7)	—	(481)	604	6,397	—	481	5,916
					Common Stock	(7)	—	520	698	6,850	520	—	7,370
Moffitt Holdings, LLC	13.00%					(8)	—	—	520	—	34,656	—	34,656
						(8)	—	—	—	—	14,300	—	14,300
MS Private Loan Fund I, LP	5.00%				Secured Debt	(8)	—	—	55	1,600	10,100	1,700	10,000
					LP Interests (12)	(8)	—	(177)	479	14,034	—	177	13,857
MS Private Loan Fund II, LP		SF+	3.50%		Secured Debt (12)	(8)	—	—	12	(59)	605	650	(104)
					LP Interests (12)	(8)	—	—	219	7,843	708	—	8,551
MSC Income Fund, Inc.					Common Equity	(8)	—	202	495	16,810	4,702	—	21,512
MVI MSO, LLC	13.00%					(6)	—	—	199	—	9,753	—	9,753
						(6)	—	—	—	—	2,700	—	2,700
NAPCO Precast, LLC					Member Units	(8)	—	(160)	137	9,050	—	160	8,890
Nello Industries Investco, LLC		SF+	6.50%		Secured Debt	(5)	—	—	16	(16)	16	—	—
	13.50%				Secured Debt	(5)	—	—	932	26,959	13	—	26,972
					Common Equity	(5)	—	940	171	15,560	940	—	16,500
NexRev LLC					Secured Debt	(8)	—	—	—	—	—	—	—
					Secured Debt	(8)	—	(9)	151	9,811	9	9,820	—
					Preferred Member Units	(8)	—	1,510	413	11,910	1,510	—	13,420
NuStep, LLC	10.98%	SF+	6.50%		Secured Debt	(5)	—	—	99	3,600	—	—	3,600
	12.00%				Secured Debt	(5)	—	—	554	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, LLC		SF+	11.00%		Secured Debt (12)	(5)	—	—	—	—	—	—	—
	15.48%	SF+	11.00%		Secured Debt	(5)	—	(12)	846	21,960	12	412	21,560
					Preferred Stock	(5)	—	—	60	13,450	—	—	13,450
Pinnacle TopCo, LLC					Secured Debt (12)	(8)	—	(1)	3	—	1	1	—
	13.00%				Secured Debt	(8)	—	(14)	945	28,640	14	14	28,640

124


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2024 Fair Value (13)		Gross Additions (3)		Gross Reductions (4)		March 31, 2025 Fair Value (13)
					Preferred Equity	(8)	—		1,740		782		18,360		1,740		—		20,100
PPL RVs, Inc.		SF+	7.00%		Secured Debt	(8)	—		—		—		—		—		—		—
	11.48%	SF+	7.00%		Secured Debt	(8)	—		(15)		489		16,456		15		915		15,556
					Common Stock	(8)	—		1,050		177		17,110		1,050		—		18,160
					Common Stock	(8)	—		—		—		514		—		—		514
River Aggregates, LLC					Member Units	(8)	—		—		—		9,530		—		—		9,530
Tedder Industries, LLC	12.00%			12.00%	Secured Debt	(9)	—		(92)		—		1,646		—		91		1,555
	12.00%			12.00%	Secured Debt	(9)	—		(396)		—		3,603		—		396		3,207
					Preferred Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
Televerde, LLC					Member Units	(8)	—		769		—		4,252		769		—		5,021
					Preferred Stock	(8)	—		—		—		1,794		—		—		1,794
VVS Holdco LLC		SF+	6.00%		Secured Debt (12)	(5)	—		—		4		—		—		—		—
	11.50%				Secured Debt	(5)	—		—		754		25,661		13		—		25,674
					Preferred Equity	(5)	—		—		99		12,240		—		—		12,240


Other
Amounts related to investments transferred to or from other 1940 Act classification during the period
Total Control investments							$	22	$	401	$	56,242	$	2,087,890	$	141,679	$	56,613	$	2,172,956



Affiliate Investments
423 HAR, LP					LP Interests (423 HAR, L.P.)	(8)	$	—	$	—	$	—	$	1,226	$	—	$	—	$	1,226
AAC Holdings, Inc.	18.00%			18.00%	Secured Debt	(7)	(139)		3		—		609		—		609		—
	18.00%			18.00%	Secured Debt	(7)	(3,303)		80		—		17,365		—		17,365		—
					Preferred Equity	(7)	—		—		—		—		8,520		—		8,520
	10.00%			10.00%	Secured Debt	(7)	—		—		—		—		3,109		—		3,109
	10.00%			10.00%	Secured Debt	(7)	—		—		—		—		3,109		—		3,109
					Common Stock	(7)	—		—		—		—		—		—		—
					Warrants	(7)	—		—		—		—		—		—		—
Boccella Precast Products LLC	10.00%				Secured Debt	(6)	—		—		8		266		—		—		266
					Member Units	(6)	—		810		140		310		810		—		1,120
Buca C, LLC	15.00%			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)	—		(368)		—		—		368		368		—
Career Team Holdings, LLC	10.38%	SF+	6.00%		Secured Debt (12)	(6)	—		—		42		887		902		—		1,789
	12.50%				Secured Debt	(6)	—		—		617		19,364		11		203		19,172
					Common Stock	(6)	—		—		—		4,740		—		—		4,740
Classic H&G Holdings, LLC					Preferred Member Units	(6)	—		(210)		—		2,850		—		210		2,640
Congruent Credit Opportunities Funds					LP Interests (Congruent Credit Opportunities Fund III, LP)	(8)	—		—		—		2,276		—		—		2,276
Connect Telecommunications Solutions Holdings, Inc.	13.00%				Secured Debt	(6)	—		—		910		27,315		14		—		27,329
					Preferred Equity	(6)	—		—		—		12,596		—		—		12,596

125


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2024 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2025 Fair Value (13)
DMA Industries, LLC	12.00%				Secured Debt	(7)	—	—	508	16,722	4	—	16,726
					Preferred Equity	(7)	—	—	—	5,944	—	—	5,944
	12.00%				Secured Debt	(7)	—	—	17	555	—	—	555
	15.00%			15.00%	Preferred Equity	(7)	—	—	120	3,240	120	—	3,360
Dos Rios Partners					LP Interests (Dos Rios Partners, LP)	(8)	—	—	—	7,708	—	—	7,708
					LP Interests (Dos Rios Partners - A, LP)	(8)	—	—	—	2,447	—	—	2,447
Dos Rios Stone Products LLC					Class A Preferred Units	(8)	—	—	—	—	—	—	—
EIG Fund Investments					LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	—	—	9	369	—	—	369
FCC Intermediate Holdco, LLC	13.00%				Secured Debt	(5)	—	3,438	1,305	29,109	3,691	410	32,390
					Warrants	(5)	—	3,790	390	10,840	3,790	—	14,630
Flame King Holdings, LLC					Preferred Equity	(9)	—	3,450	2,296	35,920	3,450	—	39,370
Freeport Financial SBIC Fund LP					LP Interests (Freeport Financial SBIC Fund LP)	(5)	—	—	—	2,190	—	—	2,190
					LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	—	—	1,263	—	965	298
GFG Group, LLC	8.00%				Secured Debt	(5)	—	(4)	168	8,185	4	4	8,185
					Preferred Member Units	(5)	—	(930)	437	10,540	—	930	9,610
Gulf Manufacturing, LLC		SF+	7.63%		Secured Debt	(8)	—	(2)	9	—	2	2	—
	12.00%	SF+	7.63%		Secured Debt	(8)	—	(23)	1,177	39,000	23	523	38,500
					Member Units	(8)	—	—	178	14,730	—	—	14,730
					Common Stock	(8)	—	132	—	888	132	—	1,020
Hawk Ridge Systems, LLC	10.48%	SF+	6.00%		Secured Debt	(9)	—	—	83	2,645	1,497	1,640	2,502
	12.50%				Secured Debt	(9)	—	(14)	1,428	45,256	14	14	45,256
					Preferred Member Units	(9)	—	860	—	20,260	860	—	21,120
					Preferred Member Units	(9)	—	40	—	1,070	40	—	1,110
Houston Plating and Coatings, LLC	10.00%				Unsecured Convertible Debt	(8)	—	—	75	2,940	—	—	2,940
					Member Units	(8)	—	310	49	3,930	310	—	4,240
HPEP 3, L.P.					LP Interests (HPEP 3, L.P.) (12)	(8)	—	194	—	4,472	194	204	4,462
					LP Interests (HPEP 4, L.P.) (12)	(8)	—	113	—	5,861	113	—	5,974
Independent Pet Partners Intermediate Holdings, LLC					Common Equity	(6)	—	(540)	—	20,390	—	540	19,850
Infinity X1 Holdings, LLC	12.00%				Secured Debt	(9)	—	(9)	453	15,050	9	234	14,825
					Preferred Equity	(9)	—	(1,150)	838	9,080	—	1,150	7,930
Integral Energy Services	12.07%	SF+	7.50%		Secured Debt	(8)	—	—	403	12,728	13	—	12,741
	10.00%			10.00%	Preferred Equity	(8)	—	—	6	452	6	—	458
					Common Stock	(8)	—	—	—	550	—	—	550
Iron-Main Investments, LLC	13.00%				Secured Debt	(5)	—	—	148	4,493	2	—	4,495
	13.00%				Secured Debt	(5)	—	—	97	2,927	1	—	2,928
	13.00%				Secured Debt	(5)	—	—	291	8,944	—	—	8,944
	13.00%				Secured Debt	(5)	—	—	579	17,542	7	—	17,549
	13.00%				Secured Debt	(5)	—	—	337	9,638	22	288	9,372

126


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2024 Fair Value (13)	Gross Additions (3)	Gross Reductions (4)	March 31, 2025 Fair Value (13)
					Common Stock	(5)	—	—	—	2,850	—	—	2,850
	25.00%			25.00%	Preferred Equity	(5)	—	—	—	760	—	—	760
ITA Holdings Group, LLC	12.96%	SF+	8.50%		Secured Debt	(8)	—	(1)	40	1,180	1	1	1,180
	12.96%	SF+	8.50%		Secured Debt	(8)	—	(1)	34	994	1	1	994
	11.96%	SF+	7.50%		Secured Debt	(8)	—	(67)	201	4,438	67	67	4,438
	13.96%	SF+	9.50%		Secured Debt	(8)	—	(67)	223	4,438	67	67	4,438
					Warrants	(8)	—	970	—	5,690	970	—	6,660
Johnson Downie Opco, LLC					Secured Debt (12)	(8)	—	(2)	6	—	2	2	—
	15.00%				Secured Debt	(8)	—	(12)	818	21,507	12	12	21,507
					Preferred Equity	(8)	—	1,480	384	14,550	1,480	—	16,030
KMS, LLC	14.50%	SF+	9.75%		Secured Debt	(5)	(415)	339	—	663	—	663	—
	14.50%	SF+	9.75%		Secured Debt	(5)	(3,037)	2,562	—	4,779	—	4,779	—
		SF+	9.75%	14.23%	Secured Debt	(5)	—	—	7	450	—	450	—
		SF+	9.75%	14.23%	Secured Debt	(5)	—	—	7	440	—	440	—
	14.23%	SF+	9.75%	14.23%	Secured Debt	(5)	—	—	3	—	—	—	—
	12.50%			12.50%	Secured Debt (12)	(5)	—	—	20	—	1,073	—	1,073
	12.50%			12.50%	Secured Debt	(5)	—	—	20	—	1,144	—	1,144
					Preferred Equity	(5)	—	—	—	—	4,890	—	4,890
Mills Fleet Farm Group, LLC	9.79%	SF+	5.50%		Secured Debt	(5)	—	—	44	—	2,652	—	2,652
					Common Equity	(5)	—	(500)	—	13,840	—	500	13,340
MoneyThumb Acquisition, LLC	14.00%				Secured Debt	(9)	—	—	370	8,967	34	—	9,001
	12.00%			12.00%	Preferred Member Units	(9)	—	—	51	1,707	51	—	1,758
					Warrants	(9)	—	—	—	594	—	—	594
Nebraska Vet AcquireCo, LLC		SF+	7.00%		Secured Debt (12)	(5)	—	(1)	3	—	1	1	—
					Preferred Member Units	(5)	—	28,520	570	32,040	28,520	—	60,560
	12.50%				Secured Debt	(5)	—	(12)	1,956	62,200	12	12	62,200
	12.50%				Secured Debt	(5)	—	(8)	224	4,650	2,608	8	7,250
OnAsset Intelligence, Inc.	12.00%			12.00%	Secured Debt	(8)	—	—	—	99	—	—	99
	12.00%			12.00%	Secured Debt	(8)	—	—	—	101	—	—	101
	12.00%			12.00%	Secured Debt	(8)	—	—	—	218	—	—	218
	12.00%			12.00%	Secured Debt	(8)	—	—	—	457	—	—	457
	10.00%			10.00%	Unsecured Debt	(8)	—	—	—	305	—	—	305
	7.00%			7.00%	Preferred Stock	(8)	—	—	—	—	—	—	—
					Common Stock	(8)	—	—	—	—	—	—	—
					Warrants	(8)	—	—	—	—	—	—	—
Oneliance, LLC					Preferred Stock	(7)	—	250	52	2,580	250	—	2,830
RA Outdoors LLC	11.25%	SF+	6.75%		Secured Debt	(8)	—	(20)	40	1,257	3	60	1,200
	11.25%	SF+	6.75%		Secured Debt	(8)	—	(207)	408	13,155	11	621	12,545
					Common Equity	(8)	—	—	—	—	—	—	—
SI East, LLC	11.75%				Secured Debt (12)	(7)	—	(1)	72	2,250	1	1	2,250
	12.82%				Secured Debt	(7)	—	(4)	2,172	67,661	4	4	67,661
					Preferred Member Units	(7)	—	(1,190)	—	13,660	—	1,190	12,470
Slick Innovations, LLC					Secured Debt	(6)	—	(139)	510	16,320	—	16,320	—
	14.00%				Secured Debt	(6)	—	282	441	—	25,880	—	25,880

127


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2025

(dollars in thousands)

(Unaudited)


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1) (10) (11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2024 Fair Value (13)		Gross Additions (3)		Gross Reductions (4)		March 31, 2025 Fair Value (13)
					Common Stock	(6)	—		(550)		873		2,440		—		550		1,890
Student Resource Center, LLC	8.50%			8.50%	Secured Debt	(6)	—		(744)		—		1,644		—		744		900
					Preferred Equity	(6)	—		—		—		—		—		—		—
	8.50%			8.50%	Secured Debt	(6)	—		673		4		204		678		—		882
Superior Rigging & Erecting Co.					Preferred Member Units	(7)	—		3,870		—		10,530		3,870		—		14,400
The Affiliati Network, LLC	10.00%				Secured Debt (12)	(9)	—		—		12		394		1,281		1,560		115
	10.00%				Secured Debt	(9)	—		51		133		5,053		54		—		5,107
					Preferred Stock	(9)	—		—		51		6,400		—		—		6,400
					Preferred Stock	(9)	—		—		—		287		26		—		313
UnionRock Energy Fund II, LP					LP Interests (12)	(9)	—		—		—		4,732		—		168		4,564
UnionRock Energy Fund III, LP					LP Interests (12)	(9)	—		—		—		5,612		—		363		5,249
UniTek Global Services, Inc.				15.00%	Secured Convertible Debt	(6)	3,762		(2,384)		41		5,642		504		6,146		—
				15.00%	Secured Convertible Debt	(6)	1,743		(1,155)		21		2,662		236		2,898		—
				20.00%	Preferred Stock	(6)	—		—		104		3,182		1,632		4,814		—
	20.00%			20.00%	Preferred Stock	(6)	—		—		—		4,272		5,904		—		10,176
	19.00%			19.00%	Preferred Stock	(6)	—		—		—		—		—		—		—
	13.50%			13.50%	Preferred Stock	(6)	—		—		—		—		—		—		—
					Common Stock	(6)	—		—		—		—		—		—		—
Urgent DSO LLC	13.50%				Secured Debt	(5)	—		—		301		8,727		4		—		8,731
	9.00%			9.00%	Preferred Equity	(5)	—		—		95		4,320		95		—		4,415
World Micro Holdings, LLC	11.00%				Secured Debt	(7)	—		—		299		10,702		11		879		9,834
					Preferred Equity	(7)	—		—		22		3,845		—		—		3,845
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period							3,452		(2,900)		(17)		(6,332)		—		—		—
Total Affiliate investments							$	2,064	$	39,003	$	23,734	$	846,798	$	115,176	$	68,980	$	899,326

___________________________

128


Table of contents			Schedule 12-14

MAIN STREET CAPITAL CORPORATION

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

March 31, 2025

(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 March 31, 2025 for Control investments located in this region was $538,021. This represented 18.9% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $280,456. This represented 9.9% of net assets as of March 31, 2025.

(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $162,980. This represented 5.7% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $129,230. This represented 4.6% of net assets as of March 31, 2025.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $68,443. This represented 2.4% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $154,613. This represented 5.4% of net assets as of March 31, 2025.

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $1,002,909. This represented 35.3% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $169,813. This represented 6.0% of net assets as of March 31, 2025.

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $400,603. This represented 14.1% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $165,214. This represented 5.8% of net assets as of March 31, 2025.

(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.

(12)Investment has an unfunded commitment as of March 31, 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.

129

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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, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 27, 2026 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, 2025, 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, 20 25, as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report.

ORGANIZATION

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 (see 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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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.

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.

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.

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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 in unaffiliated investment companies and private funds 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.

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 March 31, 2026 and 2025 and for the year ended December 31, 2025. The ratio of our total operating expenses, including interest expense, as a percentage of our quarterly average total assets was 3.7% and 3.8% for the trailing twelve months ended March 31, 2026 and 2025, respectively, and 3.7% for the year ended December 31, 2025. 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.

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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 March 31, 2026 and 2025, the External Investment Manager earned $6.1 million and $5.8 million in base management fees, respectively, $3.0 million and $2.7 million in incentive fees, net of waivers, respectively, and $0.2 million of administrative service fee income for each of the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026, the External Investment Manager waived $1.0 million of incentive fees on income related to MSC Income. As of March 31, 2026, MSC Income had an expense accrual of $2.1 million of incentive fees on capital gains to the External Investment Manager. However, no capital gains incentive fees were currently contractually payable to the External Investment Manager as of March 31, 2026 and as a result no amounts were accrued by the External Investment Manager.

We have entered into an agreement with the External Investment Manager to share employees in connection with its asset management business generally, and specifically for its relationship with MSC Income and its other clients. Through this agreement, we share employees with the External Investment Manager, including their related infrastructure, business relationships, management expertise and capital raising capabilities, and we allocate the related expenses to the External Investment Manager pursuant to the sharing agreement. Our total expenses for the three months ended March 31, 2026 and 2025 are net of expenses allocated to the External Investment Manager of $5.5 million and $5.3 million, respectively.

The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses allocated to the External Investment Manager and the dividend income earned from the External Investment Manager. For the three months ended March 31, 2026 and 2025, dividends earned by us from the External Investment Manager were $2.9 million and $2.5 million, respectively. For the three months ended March 31, 2026 and 2025, the total contribution of the External Investment Manager to our net investment income was $8.3 million and $7.8 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. 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 adopted policies and procedures pursuant to the order to manage this conflict and ensure that investment opportunities are allocated in a manner that is fair and equitable considering each investor’s interests, including oversight of the co-investment program by the independent members of our and MSC Income’s boards of directors and their required approval of certain co-investment transactions thereunder. 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.

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INVESTMENT PORTFOLIO SUMMARY

A summary of our LMM and Private Loan portfolio investments as of March 31, 2026 and December 31, 2025 is as follows (this information excludes Middle Market portfolio investments, Other Portfolio investments and the External Investment Manager, which are discussed further below):


	March 31, 2026
	LMM (a)			Private Loan
	(dollars in millions)
Number of portfolio companies	93			85
Fair value	$	3,227.4		$	1,993.9
Cost	$	2,577.0		$	2,057.0
Debt investments as a % of portfolio (at cost)	72.0		%	94.5		%
Equity investments as a % of portfolio (at cost)	28.0		%	5.5		%
% of debt investments at cost secured by first priority lien	99.4		%	99.3		%
Weighted-average annual effective yield (b)	12.6		%	10.3		%
Average EBITDA (c)	$	11.2		$	34.2

___________________________

(a)As of March 31, 2026, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 36%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2026. The weighted-average annual effective yield on our debt portfolio as of March 31, 2026, including debt investments on non-accrual status, was 12.1% for our LMM portfolio investments and 9.7% for our Private Loan portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on their 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 LMM portfolio companies and a weighted-average for Private Loan portfolio companies. 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.


	December 31, 2025
	LMM (a)			Private Loan
	(dollars in millions)
Number of portfolio companies	92			86
Fair value	$	3,057.0		$	1,988.4
Cost	$	2,419.3		$	2,014.1
Debt investments as a % of portfolio (at cost)	71.2		%	93.5		%
Equity investments as a % of portfolio (at cost)	28.8		%	6.5		%
% of debt investments at cost secured by first priority lien	99.4		%	99.9		%
Weighted-average annual effective yield (b)	12.5		%	10.5		%
Average EBITDA (c)	$	11.1		$	33.9

___________________________

(a)As of December 31, 2025, we had equity ownership in all of our LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 37%.

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(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments 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, 2025. The weighted-average annual effective yield on our debt portfolio as of December 31, 2025, including debt investments on non-accrual status, was 12.0% for our LMM portfolio investments and 10.1% for our Private Loan portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of our common stock will realize on their 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 LMM portfolio companies and a weighted-average for Private Loan portfolio companies. 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.

For the three months ended March 31, 2026 and 2025, we achieved an annualized total return on investments of 8.9% and 16.0%, respectively. For the year ended December 31, 2025, we achieved a total return on investments of 16.4%. Total return on investments equals the total interest, dividend and fee income plus realized and unrealized changes in the fair value of the Investment Portfolio divided by the average quarterly Investment Portfolio balance at cost, in each case 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 their investment because it does not reflect changes in the market value of our stock, our utilization of debt capital in our capital structure, our expenses or any sales load paid by an investor.

As of March 31, 2026, we had Other Portfolio investments in 34 entities, spread across 13 investment managers, collectively totaling $138.5 million in fair value and $148.5 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, 2025, we had Other Portfolio investments in 33 entities, spread across 13 investment managers, collectively totaling $134.1 million in fair value and $141.6 million in cost basis, which comprised 2.4% and 3.0% of our Investment Portfolio at fair value and cost, respectively.

As of March 31, 2026, we had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $81.9 million in fair value and $121.4 million in cost basis, which comprised 1.4% and 2.5% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, we had Middle Market portfolio investments in 11 portfolio companies, collectively totaling $83.5 million in fair value and $120.1 million in cost basis, which comprised 1.5% and 2.5% of our Investment Portfolio at fair value and cost, respectively.

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 March 31, 2026, this investment had a fair value of $233.1 million and a cost basis of $29.5 million, which comprised 4.1% and 0.6% of our Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, this investment had a fair value of $255.0 million and a cost basis of $29.5 million, which comprised 4.6% and 0.6% 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 in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities as of 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.

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Investment Portfolio Valuation

The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our Investment Portfolio and the related amounts of unrealized appreciation and depreciation. We consider this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of both March 31, 2026 and December 31, 2025, our Investment Portfolio valued at fair value represented 97% 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 Valuation Procedures (as defined below).

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

Rule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. Our Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated a group of our executive officers to serve as the Board of Directors’ valuation designee. We believe our Investment Portfolio as of March 31, 2026 and December 31, 2025 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

Revenue Recognition

Interest and Dividend Income

We record interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded as dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. We evaluate accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if we otherwise do not expect the debtor to be able to service its debt obligation, we will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, we remove it from non-accrual status. Generally, any interest payments received for investments on non-accrual status reduce the cost basis of our investment and are not recorded as income.

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.

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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 (see 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 March 31, 2026 and 2025, (i) 2.7% and 2.9%, 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.

INVESTMENT PORTFOLIO COMPOSITION

A summary of the composition of our total combined LMM, Private Loan and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined LMM, Private Loan and Middle Market portfolio investments as of March 31, 2026 and December 31, 2025 is as follows (this information excludes Other Portfolio investments and the External Investment Manager, which are discussed above):


Cost:	March 31, 2026		December 31, 2025
First lien debt	81.2	%	80.9	%
Equity	18.0		18.6
Second lien debt	0.4		0.1
Equity warrants	0.2		0.2
Other	0.2		0.2
	100.0	%	100.0	%


Fair Value:	March 31, 2026		December 31, 2025
First lien debt	70.2	%	69.8	%
Equity	28.7		29.4
Second lien debt	0.3		—
Equity warrants	0.6		0.6
Other	0.2		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. 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.

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As of March 31, 2026, investments on non-accrual status were $68.3 million at fair value and $199.1 million at cost and comprised 1.2% and 4.0% of our total Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, investments on non-accrual status were $56.3 million at fair value and $155.3 million at cost and comprised 1.0% and 3.3% of our total Investment Portfolio at fair value and cost, respectively.

The operating results of our portfolio companies are impacted by changes in the broader fundamentals of the U.S. economy. In periods during which the U.S. economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on our equity investments. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on our future results.

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DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

Comparison of the three months ended March 31, 2026 and 2025

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 March 31, 2026 and 2025.


	Three Months Ended March 31,				Net Change
	2026		2025		Amount		%

	(dollars in thousands)
Total investment income	$	140,106	$	137,046	$	3,060	2	%
Total expenses	(52,263)		(47,236)		(5,027)		11	%
Net investment income before taxes	87,843		89,810		(1,967)		(2)	%
Excise tax expense	(381)		(1,341)		960		(72)	%
Federal and state income and other tax expenses	(2,883)		(2,572)		(311)		12	%
Net investment income	84,579		85,897		(1,318)		(2)	%
Net realized gain (loss)	17,973		(29,545)		47,518		NM
Net unrealized appreciation (depreciation)	(50,599)		63,190		(113,789)		NM
Income tax provision on net realized gain (loss) and net unrealized appreciation (depreciation)	(2,972)		(3,460)		488		NM
Net increase in net assets resulting from operations	$	48,981	$	116,082	$	(67,101)	(58)	%


	Three Months Ended March 31,				Net Change
	2026		2025		Amount		%

	(dollars in thousands, except per share amounts)
Net investment income	$	84,579	$	85,897	$	(1,318)	(2)	%
Share‑based compensation expense	5,105		4,842		263		5	%

Deferred compensation expense	1,102		180		922		NM
Distributable net investment income (a)	$	90,786	$	90,919	$	(133)	—	%
Excise tax expense	381		1,341		(960)		(72)	%
Federal and state income and other tax expenses	2,883		2,572		311		12	%
Distributable net investment income before taxes (b)	$	94,050	$	94,832	$	(782)	(1)	%
Net investment income per share—Basic and diluted	$	0.93	$	0.97	$	(0.04)	(4)	%

Distributable net investment income per share—Basic and diluted (a)	$	1.00	$	1.02	$	(0.02)	(2)	%
Distributable net investment income before taxes per share—Basic and diluted (b)	$	1.04	$	1.07	$	(0.03)	(3)	%

___________________________

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 (i) share-based compensation does not require settlement in cash and (ii) 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 (i) share-based compensation does not require settlement in cash, (ii) deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement and (iii) tax expenses included in net investment income may include (a) excise tax expense, which is not solely attributable to net investment income, and (b) 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 March 31, 2026 was $140.1 million, a 2% increase from the $137.0 million for the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:


	Three Months Ended March 31,				Net Change
	2026		2025		Amount		%

	(dollars in thousands)
Interest income	$	105,306	$	98,017	$	7,289	7	%	(a)
Dividend income	28,196		36,026		(7,830)		(22)	%	(b)
Fee income	6,604		3,003		3,601		120	%	(c)
Total investment income	$	140,106	$	137,046	$	3,060	2	%	(d)

___________________________

(a)The increase in interest income was primarily attributable to higher average levels of income producing Investment Portfolio debt investments, partially offset by (i) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments, and (ii) the negative impact from Investment Portfolio debt investments on non-accrual status.

(b)The decrease in dividend income was primarily a result of dividend income decreases of (i) $8.0 million from our LMM portfolio companies and (ii) $0.7 million from our Private Loan portfolio companies, partially offset by a $0.6 million increase in dividend income from Other Portfolio investments.

(c)The increase in fee income was primarily due to increases of (i) $2.6 million related to increased investment activity and (ii) $1.0 million from increased refinancing and prepayment of Investment Portfolio debt investments.

(d)The increase in total investment income includes a net increase of $1.7 million in certain income considered less consistent or non-recurring, including increases of (i) $1.0 million in such fee income and (ii) $0.7 million in such dividend income.

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Expenses

Total expenses for the three months ended March 31, 2026 were $52.3 million, an 11% increase from the $47.2 million in the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:


	Three Months Ended March 31,				Net Change
	2026		2025		Amount		%

	(dollars in thousands)
Cash compensation	$	12,083	$	11,296	$	787	7	%	(a)
Deferred compensation expense	1,102		180		922		NM
Compensation	13,185		11,476		1,709		15	%
General and administrative	5,396		5,086		310		6	%
Interest	34,043		31,168		2,875		9	%	(b)
Share-based compensation	5,105		4,842		263		5	%
Gross expenses	57,729		52,572		5,157		10	%
Expenses allocated to the External Investment Manager	(5,466)		(5,336)		(130)		2	%
Total expenses	$	52,263	$	47,236	$	5,027	11	%

___________________________

NM — Net Change % not meaningful

(a)The increase in cash compensation was primarily attributable to increases in base compensation rates and other compensation related accruals.

(b)The increase in interest expense was primarily related to an increase in our average borrowings outstanding used to fund a portion of the growth of our Investment Portfolio, partially offset by (i) decreased weighted-average interest rates on our Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark floating index interest rates and decreases to the applicable margin rates resulting from the amendments of our Credit Facilities in April 2025 and (ii) a decreased weighted-average interest rate on our unsecured debt obligations resulting from the repayment of the December 2025 Notes and the issuance of the August 2028 Notes (each as defined in the Liquidity and Capital Resources section below).

Net Investment Income

Net investment income for the three months ended March 31, 2026 decreased 2% to $84.6 million, or $0.93 per share, compared to $85.9 million, or $0.97 per share, in the corresponding period of 2025. The decrease in net investment income is the result of the increase in the total expenses, partially offset by (i) the increase in total investment income, each as discussed above and (ii) the decrease in net investment income related tax expenses, as discussed below. The decrease in net investment income per share reflects the decrease in net investment income after the impact of the increase in weighted-average shares outstanding for the three months ended March 31, 2026, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market offering program (the “ATM Program”), (ii) dividend reinvestment plan (“DRIP”) and (iii) equity incentive compensation plans. The decrease in net investment income on a per share basis is after a net increase of $0.01 per share resulting from items considered less consistent or non-recurring in nature, including a $0.02 per share increase in such investment income, partially offset by a $0.01 per share increase in deferred compensation expenses.

Distributable Net Investment Income

Distributable net investment income for the three months ended March 31, 2026 decreased 0.1% to $90.8 million, or $1.00 per share, compared to $90.9 million, or $1.02 per share, in the corresponding period of 2025. The decrease in distributable net investment income was primarily due to the decrease in net investment income, as discussed above, excluding the increases in (i) deferred compensation expense and (ii) share-based compensation expense. The decrease in distributable net investment income per share reflects the decrease in distributable net investment income after the impact of the increase in weighted-average shares outstanding for the three months ended March 31, 2026, as discussed above. The decrease in distributable net investment income on a per share basis is after a $0.02 per share increase in investment income considered less consistent or non-recurring in nature.

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Net Realized Gain

A summary of the primary components of the total net realized gain on investments of $18.0 million for the three months ended March 31, 2026 is as follows:


	Three Months Ended March 31, 2026
	Full Exits			Partial Exits			Restructures			Other (a)		Total
	Net Gain/(Loss)		# of Portfolio Companies	Net Gain/(Loss)		# of Portfolio Companies	Net Gain/(Loss)		# of Portfolio Companies	Net Gain/(Loss)		Net Gain/(Loss)

	(dollars in thousands)
LMM portfolio	$	15,739	2	$	—	—	$	—	—	$	(39)	$	15,700
Private Loan portfolio	23		3	—		—	—		—	400		423
Middle Market portfolio	—		—	—		—	—		—	1		1
Other Portfolio	—		—	1,849		2	—		—	—		1,849

Total net realized gain	$	15,762	5	$	1,849	2	$	—	—	$	362	$	17,973

___________________________

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

Net Unrealized Depreciation

A summary of the total net unrealized depreciation of $50.6 million for the three months ended March 31, 2026 is as follows:


	Three Months Ended March 31, 2026
	LMM (a)		Private Loan		Middle Market		Other			Total

	(in thousands)
Accounting reversals of net unrealized appreciation recognized in prior periods due to net realized gains / income recognized during the current period	$	(16,688)	$	(891)	$	—	$	(1,849)		$	(19,428)
Net unrealized appreciation (depreciation) relating to portfolio investments	29,302		(35,951)		(2,916)		(21,606)		(b)	(31,171)
Total net unrealized appreciation (depreciation) relating to portfolio investments	$	12,614	$	(36,842)	$	(2,916)	$	(23,455)		$	(50,599)

___________________________

(a)Includes unrealized appreciation on 35 LMM portfolio investments and unrealized depreciation on 25 LMM portfolio investments.

(b)Includes $22.0 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 decrease for the three months ended March 31, 2026 when compared to the prior year is due to a reduction in our estimated undistributed taxable income at MSCC, which is taxed at a 4% rate. The net investment income related federal and state income and other tax expenses increase for the three months ended March 31, 2026 when compared to the prior year 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 three months ended March 31, 2026 decreased 58% to $49.0 million, or $0.54 per share, compared to $116.1 million, or $1.31 per share, during the three months ended March 31, 2025. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

For the three months ended March 31, 2026, we realized a net decrease in cash and cash equivalents of $21.2 million, which is the net result of $138.5 million of cash used in our operating activities and $117.4 million of cash provided by our financing activities.

The $138.5 million of cash used in our operating activities resulted primarily from (i) cash uses totaling $391.9 million for the funding of new and follow-on portfolio investments and (ii) $36.8 million in net cash uses related to other assets and liabilities, partially offset by (i) cash proceeds totaling $207.8 million from the repayments of debt investments and sales of and return of capital from equity investments and (ii) cash flows that we generated from the operating profits earned totaling $84.9 million, which is our distributable net investment income, excluding the non-cash effects of net investment income related deferred taxes, the accretion of unearned income, PIK interest income, cumulative dividends and the amortization expense for deferred financing costs.

The $117.4 million of cash provided by our financing activities principally consisted of (i) $200.0 million in cash proceeds from the issuance of additional aggregate principal amount of the March 2029 Notes (as defined below), (ii) $134.3 million in net cash proceeds from equity offerings from our ATM Program and (iii) $3.0 million of debt issuance premiums, net of payments of deferred financing costs, partially offset by (i) $132.0 million in net repayments from our Credit Facilities and (ii) $87.9 million in dividends paid to our stockholders.

Capital Resources

As of March 31, 2026, we had $20.8 million in cash and cash equivalents and $1.385 billion of unused capacity under our Credit Facilities (as defined below), which we maintain to support our investment and operating activities. As of March 31, 2026, our NAV totaled $3.1 billion, or $33.46 per share.

In February 2026, we expanded the total commitments under our floating rate multi-year revolving credit facility (the “Corporate Facility”) by $30.0 million to $1.175 billion. As of March 31, 2026, we had $119.0 million outstanding and $1,052.1 million of undrawn commitments under our Corporate Facility, and we, through MSCC Funding, had $267.0 million outstanding and $333.0 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, covenants, reporting and other requirements customary for similar credit facilities.

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.

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”). In March 2026, we issued an additional $200.0 million in aggregate principal amount of the March 2029 Notes at a public offering price of 102.061% resulting in a yield-to-worst of 6.164% on such issuance. The March 2029 Notes issued in March 2026 have identical terms as, and are a part of a single series with, the March 2029 Notes issued in January 2024. The outstanding aggregate principal amount of the March 2029 Notes was $550.0 million and $350.0 million as of March 31, 2026 and December 31, 2025, respectively. The $550.0 million of outstanding March 2029 Notes bear interest at 6.95% per year with a yield-to-maturity of 6.68% as of March 31, 2026.

In January 2021, we issued $300.0 million in aggregate principal amount of 3.00% unsecured notes due July 14, 2026 (the “July 2026 Notes”). In October 2021, we issued an additional $200.0 million in aggregate principal amount of the July 2026 Notes. The outstanding aggregate principal amount of the July 2026 Notes was $500.0 million as of both March 31, 2026 and December 31, 2025.

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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 March 31, 2026 and December 31, 2025.

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 both March 31, 2026 and December 31, 2025.

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, through the Funds, had $350.0 million of outstanding SBIC debentures guaranteed by the SBA as of March 31, 2026, 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 4.4 years as of March 31, 2026. 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 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 up to 20,000,000 shares of our common stock by means of at-the-market offerings from time to time. During the three months ended March 31, 2026, we sold 2,428,582 shares of our common stock at a weighted-average price of $55.85 per share and raised $135.6 million of gross proceeds under the ATM Program, or net proceeds of $134.1 million after commissions to the selling agents on shares sold and offering costs. As of March 31, 2026, sales transactions representing 7,618 shares had not settled and thus were not issued and not included in shares issued and outstanding on the face of the Consolidated Balance Sheets, but are included as outstanding on the Consolidated Statement of Changes in Net Assets, in the weighted-average shares outstanding in the Consolidated Statements of Operations and in the shares used to calculate the NAV per share. As of March 31, 2026, 17,102,357 shares remained available for sale under the ATM Program.

During the year ended December 31, 2025, we sold 540,423 shares of our common stock at a weighted-average price of $59.01 per share and raised $31.9 million of gross proceeds under the ATM Program. Net proceeds were $31.3 million after commissions to the selling agents on shares sold and offering costs.

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

We periodically invest excess cash balances into marketable securities and short-term investments. The primary investment objective of marketable securities and short-term investments is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in our LMM and Private Loan portfolio investments. Marketable securities generally consist of money market funds and certificates of deposit with financial institutions. Short-term portfolio investments consist primarily of investments in secured debt investments and independently rated debt investments.

If our common stock trades below our NAV per share, we will generally not be able to issue additional common stock at the market price, unless our stockholders approve such a sale and our Board of Directors makes certain determinations. We did not seek stockholder authorization to sell shares of our common stock below the then current NAV per share of our common stock at our 2026 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, except for a brief period during market disruptions related to the COVID-19 pandemic. We would therefore need future approval from our stockholders to issue shares below the then current NAV per share.

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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 requirement was reduced from 200% to 150% effective May 3, 2022. As of March 31, 2026, our BDC asset coverage ratio was 241%.

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 March 31, 2026, we had a total of $412.7 million in outstanding commitments comprised of (i) 70 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) 10 investments with equity capital commitments that had not been fully called.

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Contractual Obligations

As of March 31, 2026, the future commitments for cash payments in connection with our Credit Facilities, the March 2029 Notes, the July 2026 Notes, the June 2027 Notes, the August 2028 Notes, SBIC debentures and rent obligations under our office lease for each of the next five years and thereafter are as follows:


	2026		2027		2028		2029		2030		Thereafter		Total

	(in thousands)
Corporate Facility (1)	$	—	$	—	$	—	$	—	$	119,000	$	—	$	119,000
SPV Facility (1)	—		—		—		—		267,000		—		267,000
March 2029 Notes	—		—		—		550,000		—		—		550,000
Interest due on March 2029 Notes	19,113		38,225		38,225		19,113		—		—		114,676
July 2026 Notes	500,000		—		—		—		—		—		500,000
Interest due on July 2026 Notes	7,500		—		—		—		—		—		7,500
June 2027 Notes	—		400,000		—		—		—		—		400,000
Interest due on June 2027 Notes	26,000		13,000		—		—		—		—		39,000
August 2028 Notes	—		—		350,000		—		—		—		350,000
Interest due on August 2028 Notes	9,450		18,900		18,900		—		—		—		47,250
SBIC debentures	—		75,000		75,000		—		35,000		165,000		350,000
Interest due on SBIC debentures	5,726		10,651		8,128		6,170		6,006		18,558		55,239
Operating Lease Obligation (2)	907		1,267		1,289		1,310		1,333		4,483		10,589
Total	$	568,696	$	557,043	$	491,542	$	576,593	$	428,339	$	188,041	$	2,810,254

___________________________

(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, Main Street’s Nonqualified Supplemental Deferred Compensation Plan (the “Deferred Compensation Plan”) allows non-employee directors and certain employees to defer receipt of some or all of their cash compensation or directors’ fees in accordance with the terms of the Deferred Compensation Plan. See Note B.9. — Summary of Significant Accounting Policies — Deferred Compensation Plan 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 the Deferred Compensation Plan.

Recent Developments

In April 2026, we issued $150.0 million in aggregate principal amount of 6.93% unsecured notes at par in a private placement (the “April 2031 Notes”). The April 2031 Notes mature on April 15, 2031 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.

In May 2026, we declared a supplemental dividend of $0.30 per share payable in June 2026. This supplemental dividend is in addition to the previously announced regular monthly dividends that we declared of $0.26 per share for each month of April, May and June 2026 or total regular monthly dividends of $0.78 per share for the second quarter of 2026, resulting in total dividends declared for the second quarter of 2026 of $1.08 per share.

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In May 2026, we also declared regular monthly dividends of $0.265 per share for each month of July, August and September of 2026. These regular monthly dividends equal a total of $0.795 per share for the third quarter of 2026, representing a 3.9% increase from the regular monthly dividends paid in the third quarter of 2025. Including the regular monthly and supplemental dividends declared through the third quarter of 2026, we will have paid $50.11 per share in cumulative dividends since our October 2007 initial public offering.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changes in interest rates, and changes in interest rates may affect both our interest expense on the debt outstanding under our Credit Facilities and our interest income from portfolio investments. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. Our investment income will be affected by changes in various interest rate indices, including SOFR and Prime rates, to the extent that any debt investments include floating interest rates. See Risk Factors — Risks Related to our Business and Structure — We are subject to risks associated with the interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments. and Risk Factors — Risks Related to Leverage — Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. included in our Annual Report on Form 10-K for the fiscal year ended December 31, 202 5 for more information regarding risks associated with our debt investments and borrowings that utilize SOFR or Prime as a reference rate.

The majority of our debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of March 31, 2026, 60% of our Investment Portfolio debt investments (at cost) bore interest at floating rates, 96% of which were subject to contractual minimum interest rates. As of March 31, 2026, 85% 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 March 2029 Notes, July 2026 Notes, June 2027 Notes, August 2028 Notes and SBIC debentures, which collectively comprise the majority of our outstanding debt, are fixed for the life of such debt. As of March 31, 2026, 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 thereunder. The Company operates, and expects to continue 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 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 March 31, 2026, is as follows:


Basis Point Change	Increase (Decrease) in Interest Income		(Increase) Decrease in Interest Expense		Increase (Decrease) in Net Investment Income from the External Investment Manager (1)		Increase (Decrease) in Net Investment Income		Increase (Decrease) in Net Investment Income per Share

	(dollars in thousands, except per share amounts)
(200)	$	(45,046)	$	7,720	$	(3,306)	$	(40,632)	$	(0.44)
(175)	(40,203)		6,755		(2,984)		(36,432)		(0.39)
(150)	(34,617)		5,790		(2,537)		(31,364)		(0.34)
(125)	(28,844)		4,825		(1,921)		(25,940)		(0.28)
(100)	(23,072)		3,860		(1,441)		(20,653)		(0.22)
(75)	(17,300)		2,895		(962)		(15,367)		(0.17)
(50)	(11,527)		1,930		(335)		(9,932)		(0.11)
(25)	(5,755)		965		(167)		(4,957)		(0.05)
25	5,728		(965)		168		4,931		0.05
50	11,295		(1,930)		329		9,694		0.10
75	16,814		(2,895)		490		14,409		0.16
100	22,334		(3,860)		650		19,124		0.21
125	27,853		(4,825)		810		23,838		0.26
150	33,372		(5,790)		971		28,553		0.31
175	38,891		(6,755)		1,131		33,267		0.36
200	44,410		(7,720)		1,495		38,185		0.41

___________________________

(1)Main Street’s total contribution from the External Investment Manager is based on the performance of assets managed by the External Investment Manager (see 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 March 31, 2026, 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 March 31, 2026 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, 2025 that we filed with the SEC on February 27, 2026, 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, 2025.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the three months ended March 31, 2026, we issued 173,523 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 March 31, 2026 under our DRIP was $10.0 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 (reflected as “Purchase of vested stock for employee payroll tax withholding” in Main Street’s Consolidated Statements of Changes in Net Assets for any share amounts withheld).

Item 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026, 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.”

Investment Committee Appointment

In May 2026, our and the External Investment Manager’s investment committee was expanded to include Nicholas T. Meserve, our Managing Director and Head of Private Credit, in addition to Dwayne L. Hyzak, our Chief Executive Officer and a member of our Board of Directors, David Magdol, our President and Chief Investment Officer, and Vincent D. Foster, the Chairman of our Board of Directors. The investment committee is responsible for all aspects of our investment processes.

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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
10.1*						Eig h th Amendment to Third Amended and Restated Credit Agreement, dated as of March 12, 2026 , by and among Main Street Capital Corporation, the guarantors party thereto, Truist Bank, as administrative agent, and the lenders party thereto .
10.2*						Master Note Purchase Agreement, dated as of April 8, 2026, by and among Main Street Capital Corporation and the purchasers party thereto .
31.1*						Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*						Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1**						Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
32.2**						Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
101*						The following financial information from our Quarterly Report on Form 10-Q for the first quarter of fiscal year 2026, filed with the SEC on May 8, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, (ii) the Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, (iii) the Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025, (iv) the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025, (v) the Consolidated Schedule of Investments for the periods ended March 31, 2026 and December 31, 2025, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the three months ended March 31, 2026 and 2025.





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: May 8, 2026			Dwayne L. Hyzak
			Chief Executive Officer
			(principal executive officer)

			/s/ RYAN R. NELSON
Date: May 8, 2026			Ryan R. Nelson
			Chief Financial Officer
			(principal financial officer)

			/s/ RYAN H. MCHUGH
Date: May 8, 2026			Ryan H. McHugh
			Chief Accounting Officer
			(principal accounting officer)

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