MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(dollars in thousands, except shares and per share amounts)


	September 30,		December 31,
	2020		2019
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $801,453 and $778,367 as of September 30, 2020 and December 31, 2019, respectively)	$	1,020,713	$	1,032,721
Affiliate investments (cost: $396,054 and $351,764 as of September 30, 2020 and December 31, 2019, respectively)		348,030		330,287
Non‑Control/Non‑Affiliate investments (cost: $1,330,738 and $1,297,587 as of September 30, 2020 and December 31, 2019, respectively)		1,215,902		1,239,316
Total investments (cost: $2,528,245 and $2,427,718 as of September 30, 2020 and December 31, 2019, respectively)		2,584,645		2,602,324
Cash and cash equivalents		27,121		55,246
Interest receivable and other assets		42,758		50,458
Deferred financing costs (net of accumulated amortization of $8,225 and $7,501 as of September 30, 2020 and December 31, 2019, respectively)		2,944		3,521
Total assets	$	2,657,468	$	2,711,549
LIABILITIES
Credit facility	$	253,000	$	300,000
SBIC debentures (par: $304,800 ($40,000 due within one year) and $311,800 as of September 30, 2020 and December 31, 2019, respectively)		298,835		306,188
5.20% Notes due 2024 (par: $450,000 and $325,000 as of September 30, 2020 and December 31, 2019, respectively)		451,953		324,595
4.50% Notes due 2022 (par: $185,000 as of both September 30, 2020 and December 31, 2019)		183,685		183,229
Accounts payable and other liabilities		19,136		24,532
Interest payable		13,392		7,292
Dividend payable		13,554		13,174
Deferred tax liability, net		731		16,149
Total liabilities		1,234,286		1,175,159
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 66,135,837 and 64,241,341 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively)		661		643
Additional paid‑in capital		1,569,642		1,512,435
Total undistributed (overdistributed) earnings		(147,121)		23,312
Total net assets		1,423,182		1,536,390
Total liabilities and net assets	$	2,657,468	$	2,711,549
NET ASSET VALUE PER SHARE	$	21.52	$	23.91

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Operations

(dollars in thousands, except shares and per share amounts)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	18,558	$	23,173	$	57,357	$	70,480
Affiliate investments		8,255		8,009		23,626		25,426
Non‑Control/Non‑Affiliate investments		25,141		28,886		79,126		86,818
Total investment income		51,954		60,068		160,109		182,724
EXPENSES:
Interest		(12,489)		(12,893)		(36,827)		(37,138)
Compensation		(4,980)		(4,322)		(12,280)		(15,907)
General and administrative		(3,354)		(2,920)		(9,827)		(9,282)
Share‑based compensation		(2,561)		(2,572)		(8,215)		(7,279)
Expenses allocated to the External Investment Manager		1,892		1,651		5,340		5,001
Total expenses		(21,492)		(21,056)		(61,809)		(64,605)
NET INVESTMENT INCOME		30,462		39,012		98,300		118,119
NET REALIZED GAIN (LOSS):
Control investments		4,041		5,869		(15,825)		4,926
Affiliate investments		(172)		1,850		(407)		(602)
Non‑Control/Non‑Affiliate investments		(17,743)		(13,595)		(28,091)		(18,487)
Realized loss on extinguishment of debt		—		—		(534)		(5,689)
Total net realized loss		(13,874)		(5,876)		(44,857)		(19,852)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments		7,139		(8,797)		(35,096)		6,286
Affiliate investments		2,406		1,323		(26,883)		3,131
Non‑Control/Non‑Affiliate investments		53,569		4,547		(56,051)		3,737
SBIC debentures		—		(319)		460		4,625
Total net unrealized appreciation (depreciation)		63,114		(3,246)		(117,570)		17,779
INCOME TAXES:
Federal and state income, excise and other taxes		(1,165)		(1,079)		(1,420)		(2,745)
Deferred taxes		(342)		5,091		15,673		254
Income tax benefit (provision)		(1,507)		4,012		14,253		(2,491)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	78,195	$	33,902	$	(49,874)	$	113,555
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.46	$	0.62	$	1.50	$	1.88
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	1.18	$	0.54	$	(0.76)	$	1.81
WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED		66,110,555		63,297,943		65,319,784		62,686,139

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Changes in Net Assets

(dollars in thousands, except shares)

(Unaudited)


						Total
	Common Stock			Additional		Undistributed
	Number of	Par		Paid‑In		(Overdistributed)		Total Net
	Shares	Value		Capital		Earnings		Asset Value
Balances at December 31, 2018	61,264,861	$	613	$	1,409,945	$	65,491	$	1,476,049
Public offering of common stock, net of offering costs	960,684		9		35,376		—		35,385
Share‑based compensation	—		—		2,329		—		2,329
Dividend reinvestment	96,189		1		3,595		—		3,596
Amortization of directors’ deferred compensation	—		—		216		—		216
Issuance of restricted stock	52,043		1		(1)		—		—
Dividends to stockholders	—		—		70		(36,549)		(36,479)
Net increase resulting from operations	—		—		—		41,401		41,401
Balances at March 31, 2019	62,373,777	$	624	$	1,451,530	$	70,343	$	1,522,497
Public offering of common stock, net of offering costs	245,989		2		9,416		—		9,418
Share‑based compensation	—		—		2,378		—		2,378
Purchase of vested stock for employee payroll tax withholding	(90,404)		(1)		(3,364)		—		(3,365)
Dividend reinvestment	133,128		1		5,392		—		5,393
Amortization of directors’ deferred compensation	—		—		216		—		216
Issuance of restricted stock, net of forfeited shares	262,642		3		(3)		—		—
Dividends to stockholders	—		—		114		(53,823)		(53,709)
Net increase resulting from operations	—		—		—		38,254		38,254
Balances at June 30, 2019	62,925,132	$	629	$	1,465,679	$	54,774	$	1,521,082
Public offering of common stock, net of offering costs	225,864		2		9,398		—		9,400
Share‑based compensation	—		—		2,572		—		2,572
Dividend reinvestment	88,052		1		3,747		—		3,748
Amortization of directors’ deferred compensation	—		—		217		—		217
Issuance of restricted stock, net of forfeited shares	75,465		1		(1)		—		—
Dividends to stockholders	—		—		90		(38,956)		(38,866)
Net increase resulting from operations	—		—		—		33,902		33,902
Balances at September 30, 2019	63,314,513	$	633	$	1,481,702	$	49,720	$	1,532,055
Balances at December 31, 2019	64,252,937	$	643	$	1,512,435	$	23,312	$	1,536,390
Public offering of common stock, net of offering costs	91,458		1		3,854		—		3,855
Share‑based compensation	—		—		2,837		—		2,837
Purchase of vested stock for employee payroll tax withholding	(851)		—		(29)		—		(29)
Dividend reinvestment	108,722		1		3,929		—		3,930
Amortization of directors’ deferred compensation	—		—		238		—		238
Issuance of restricted stock, net of forfeited shares	10,383		—		—		—		—
Dividends to stockholders	—		—		93		(39,706)		(39,613)
Net decrease resulting from operations	—		—		—		(171,438)		(171,438)
Balances at March 31, 2020	64,462,649	$	645	$	1,523,357	$	(187,832)	$	1,336,170
Public offering of common stock, net of offering costs	824,968		9		26,007		—		26,016
Share‑based compensation	—		—		2,817		—		2,817
Purchase of vested stock for employee payroll tax withholding	(84,094)		(1)		(1,730)		—		(1,731)
Dividend reinvestment	146,229		1		4,158		—		4,159
Amortization of directors’ deferred compensation	—		—		224		—		224
Issuance of restricted stock, net of forfeited shares	414,053		4		(4)		—		—
Dividends to stockholders	—		—		99		(40,179)		(40,080)
Net increase resulting from operations	—		—		—		43,369		43,369
Balances at June 30, 2020	65,763,805	$	658	$	1,554,928	$	(184,642)	$	1,370,944
Public offering of common stock, net of offering costs	250,949		2		7,741		—		7,743
Share‑based compensation	—		—		2,561		—		2,561
Purchase of vested stock for employee payroll tax withholding	(1,998)		—		(7)		—		(7)
Dividend reinvestment	132,583		1		4,129		—		4,130
Amortization of directors’ deferred compensation	—		—		195		—		195
Issuance of restricted stock, net of forfeited shares	(6,899)		—		—		—		—
Dividends to stockholders	—		—		95		(40,674)		(40,579)
Net increase resulting from operations	—		—		—		78,195		78,195
Balances at September 30, 2020	66,138,440	$	661	$	1,569,642	$	(147,121)	$	1,423,182

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Cash Flows

(dollars in thousands)


	Nine Months Ended
	September 30,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(49,874)	$	113,555
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies		(414,574)		(477,257)
Proceeds from sales and repayments of debt investments in portfolio companies		255,147		331,204
Proceeds from sales and return of capital of equity investments in portfolio companies		21,210		32,380
Net unrealized (appreciation) depreciation		117,570		(17,779)
Net realized loss		44,857		19,852
Accretion of unearned income		(8,239)		(9,131)
Payment-in-kind interest		(3,816)		(3,482)
Cumulative dividends		(1,404)		(1,975)
Share-based compensation expense		8,215		7,279
Amortization of deferred financing costs		1,986		2,822
Deferred tax benefit		(15,673)		(254)
Changes in other assets and liabilities:
Interest receivable and other assets		12,661		(9,073)
Interest payable		6,100		6,499
Accounts payable and other liabilities		(4,739)		5,759
Deferred fees and other		2,296		1,495
Net cash provided by (used in) operating activities		(28,277)		1,894

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs		37,614		54,203
Proceeds from public offering of 5.20% Notes due 2024		125,000		250,000
Dividends paid		(107,673)		(115,288)
Proceeds from issuance of SBIC debentures		35,000		-
Repayments of SBIC debentures		(42,000)		(34,000)
Proceeds from credit facility		292,000		310,000
Repayments on credit facility		(339,000)		(461,000)
Debt issuance premiums (costs), net		978		(4,344)
Purchases of vested stock for employee payroll tax withholding		(1,767)		(3,365)
Net cash provided by (used in) financing activities		152		(3,794)

Net decrease in cash and cash equivalents		(28,125)		(1,900)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		55,246		54,181
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	27,121	$	52,281

Supplemental cash flow disclosures:
Interest paid	$	28,646	$	27,725
Taxes paid	$	2,439	$	2,265
Operating non-cash activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	-	$	5,240
Non-cash financing activities:
Shares issued pursuant to the DRIP	$	12,219	$	12,737

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)
Control Investments (5)

Access Media Holdings, LLC (10)	July 22, 2015	Private Cable Operator
			10.00% PIK Secured Debt (Maturity - July 22, 2020) (14) (17) (19)	$	23,828	$	23,828	$	3,937
			Preferred Member Units (9,481,500 units) (24)				9,375		(284)
			Member Units (45 units)				1		-
							33,204		3,653

ASC Interests, LLC	August 1, 2013	Recreational and Educational Shooting Facility
			13.00% Secured Debt (Maturity - July 31, 2022)		1,650		1,611		1,611
			Member Units (1,500 units)				1,500		1,050
							3,111		2,661

Analytical Systems Keco, LLC	August 16, 2019	Manufacturer of Liquid and Gas Analyzers
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity - August 16, 2024) (9)		5,225		4,925		4,925
			Preferred Member Units (3,200 units)				3,200		3,200
			Warrants (420 equivalent shares; Expiration - August 16, 2029; Strike price - $0.01 per share)				316		350
							8,441		8,475

ATS Workholding, LLC (10)	March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
			5% Secured Debt (Maturity - November 16, 2021)		4,940		4,781		3,407
			Preferred Member Units (3,725,862 units)				3,726		-
							8,507		3,407

Bond-Coat, Inc.	December 28, 2012	Casing and Tubing Coating Services
			Common Stock (57,508 shares)				6,350		3,310

Brewer Crane Holdings, LLC	January 9, 2018	Provider of Crane Rental and Operating Services
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - January 9, 2023) (9)		8,680		8,632		8,632
			Preferred Member Units (2,950 units) (8)				4,280		5,610
							12,912		14,242

Bridge Capital Solutions Corporation	April 18, 2012	Financial Services and Cash Flow Solutions Provider
			13.00% Secured Debt (Maturity - December 11, 2024)		8,813		8,240		8,240
			Warrants (82 equivalent shares; Expiration - July 25, 2026; Strike price - $0.01 per share)				2,132		3,000
			13.00% Secured Debt (Mercury Service Group, LLC) (Maturity - December 11, 2024)		1,000		998		998
			Preferred Member Units (Mercury Service Group, LLC) (17,742 units) (8)				1,000		1,000
							12,370		13,238

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Café Brazil, LLC	April 20, 2004	Casual Restaurant Group
			Member Units (1,233 units) (8)				1,742		2,030

California Splendor Holdings LLC	March 30, 2018	Processor of Frozen Fruits
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - March 30, 2023) (9)		19,600		19,504		19,464
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - March 30, 2023) (9)		28,000		27,840		27,775
			Preferred Member Units (6,725 units) (8)				7,980		7,980
			Preferred Member Units (6,157 units) (8)				10,775		6,241
							66,099		61,460

CBT Nuggets, LLC ("CBT")	June 1, 2006	Produces and Sells IT Training Certification Videos
			Member Units (416 units) (8)				1,300		45,730

Centre Technologies Holdings, LLC	January 4, 2019	Provider of IT Hardware Services and Software Solutions
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity - January 4, 2024) (9)		11,781		11,696		11,696
			Preferred Member Units (12,696 units)				5,840		6,060
							17,536		17,756

Chamberlin Holding LLC	February 26, 2018	Roofing and Waterproofing Specialty Contractor
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - February 26, 2023) (9)		15,973		15,884		15,973
			Member Units (4,347 units) (8)				11,440		28,000
			Member Units (Chamberlin Langfield Real Estate, LLC) (1,047,146 units) (8)				1,047		920
							28,371		44,893

Charps, LLC	February 3, 2017	Pipeline Maintenance and Construction
			8.67% Current / 1.33% PIK, Current Coupon plus PIK 10.00% (Maturity - January 31, 2024) (19)		9,792		7,910		8,507
			15.00% Secured Debt (Maturity - June 5, 2022)		1,846		1,846		1,846
			Preferred Member Units (1,600 units) (8)				400		9,400
							10,156		19,753

Clad-Rex Steel, LLC	December 20, 2016	Specialty Manufacturer of Vinyl-Clad Metal
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - December 20, 2021) (9)		10,880		10,847		10,847
			Member Units (717 units) (8)				7,280		8,610
			10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 20, 2036)		1,117		1,107		1,107
			Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		460
							19,444		21,024

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

CMS Minerals Investments	January 30, 2015	Oil & Gas Exploration & Production
			Member Units (CMS Minerals II, LLC) (100 units)				2,252		1,697

Cody Pools, Inc.	March 6, 2020	Designer of Residential and Commercial Pools
			LIBOR Plus 10.50% (Floor 1.75%), Current Coupon 12.25%, Secured Debt (Maturity - March 6, 2025) (9)		15,600		15,457		15,600
			Preferred Member Units (587 units)				8,317		11,840
							23,774		27,440

CompareNetworks Topco, LLC	January 29, 2019	Internet Publishing and Web Search Portals
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - January 29, 2024) (9)		9,454		9,397		9,397
			Preferred Member Units (1,975 units)				1,975		5,360
							11,372		14,757

Copper Trail Fund Investments (12) (13)	July 17, 2017	Investment Partnership
			LP Interests (CTMH, LP) (Fully diluted 38.80%)				747		747

Datacom, LLC	May 30, 2014	Technology and Telecommunications Provider
			8.00% Secured Debt (Maturity - May 31, 2021) (14)		1,800		1,800		1,615
			10.50% PIK Secured Debt (Maturity - May 31, 2021) (14) (19)		12,507		12,475		10,142
			Class A Preferred Member Units				1,294		-
			Class B Preferred Member Units (6,453 units)				6,030		-
							21,599		11,757

Digital Products Holdings LLC	April 1, 2018	Designer and Distributor of Consumer Electronics
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - April 1, 2023) (9)		18,503		18,396		18,013
			Preferred Member Units (3,857 shares) (8)				9,501		6,908
							27,897		24,921

Direct Marketing Solutions, Inc.	February 13, 2018	Provider of Omni-Channel Direct Marketing Services
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - February 13, 2023) (9)		15,090		14,998		15,090
			Preferred Stock (8,400 shares)				8,400		20,060
							23,398		35,150

Gamber-Johnson Holdings, LLC ("GJH")	June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems
			LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity - June 24, 2021) (9)		19,838		19,792		19,838
			Member Units (8,619 units) (8)				14,844		53,240
							34,636		73,078

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Garreco, LLC	July 15, 2013	Manufacturer and Supplier of Dental Products
			LIBOR Plus 8.00% (Floor 1.00%, Ceiling 1.50%), Current Coupon 9.00%, Secured Debt (Maturity - January 31, 2021) (9)		4,519		4,519		4,519
			Member Units (1,200 units)				1,200		1,700
							5,719		6,219

GRT Rubber Technologies LLC ("GRT")	December 19, 2014	Manufacturer of Engineered Rubber Products
			LIBOR Plus 7.00%, Current Coupon 7.16%, Secured Debt (Maturity - December 31, 2023)		16,775		16,775		16,775
			Member Units (5,879 units) (8)				13,065		45,430
							29,840		62,205

Gulf Manufacturing, LLC	August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products
			Member Units (438 units) (8)				2,980		4,400

Gulf Publishing Holdings, LLC	April 29, 2016	Energy Industry Focused Media and Publishing
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 5.25% / 5.25% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity - September 30, 2020) (9) (17) (19)		247		247		247
			6.25% Current / 6.25% PIK Secured Debt (Maturity - April 29, 2021) (19)		12,939		12,919		11,828
			Member Units (3,681 units)				3,681		-
							16,847		12,075

Harborside Holdings, LLC	March 20, 2017	Real Estate Holding Company
			Member units (100 units)				6,606		5,020

Harris Preston Fund Investments (12) (13)	October 1, 2017	Investment Partnership
			LP Interests (2717 MH, L.P.) (Fully diluted 49.30%)				2,735		3,277

Harrison Hydra-Gen, Ltd.	June 4, 2010	Manufacturer of Hydraulic Generators
			Common Stock (107,456 shares) (8)				718		5,640

Jensen Jewelers of Idaho, LLC	November 14, 2006	Retail Jewelry Store
			Prime Plus 6.75% (Floor 2.00%), Current Coupon 10.00%, Secured Debt (Maturity - November 14, 2023) (9)		3,700		3,669		3,654
			Member Units (627 units) (8)				811		7,270
							4,480		10,924

J&J Services, Inc.	October 31, 2019	Provider of Dumpster and Portable Toilet Rental Services
			11.50% Secured Debt (Maturity - October 31, 2024)		14,400		14,278		14,400
			Preferred Stock (2,814 shares)				7,085		11,920
							21,363		26,320

KBK Industries, LLC	January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
			Member Units (325 units) (8)				783		13,140

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Kickhaefer Manufacturing Company, LLC	October 31, 2018	Precision Metal Parts Manufacturing
			9.50% Current / 2.00% PIK Secured Debt (Maturity - October 31, 2023) (19)		23,615		23,449		23,449
			Member Units (581 units)				12,240		12,150
			9.00% Secured Debt (Maturity - October 31, 2048)		3,956		3,917		3,917
			Member Units (KMC RE Investor, LLC) (800 units) (8)				992		1,160
							40,598		40,676

Market Force Information, LLC	July 28, 2017	Provider of Customer Experience Management Services
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00% Secured Debt (Maturity - July 28, 2023) (9) (14)		900		900		900
			12.00% PIK Secured Debt (Maturity - July 28, 2023) (14) (19)		26,079		25,952		13,712
			Member Units (743,921 units)				16,642		-
							43,494		14,612

MH Corbin Holding LLC	August 31, 2015	Manufacturer and Distributor of Traffic Safety Products
			13.00% Secured Debt (Maturity - March 31, 2022)		8,650		8,599		8,598
			Preferred Member Units (66,000 shares)				4,400		2,960
			Preferred Member Units (4,000 shares)				6,000		-
							18,999		11,558

Mid-Columbia Lumber Products, LLC	December 18, 2006	Manufacturer of Finger-Jointed Lumber Products
			Member Units (7,874 units)				4,239		-
			Member Units (Mid-Columbia Real Estate, LLC) (500 units) (8)				1,499		1,390
							5,738		1,390

MSC Adviser I, LLC (16)	November 22, 2013	Third Party Investment Advisory Services
			Member Units (Fully diluted 100.00%) (8)				-		71,080

Mystic Logistics Holdings, LLC	August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
			12.00% Secured Debt (Maturity - January 17, 2022)		6,733		6,721		6,721
			Common Stock (5,873 shares)				2,720		10,170
							9,441		16,891

NAPCO Precast, LLC	January 31, 2008	Precast Concrete Manufacturing
			Member Units (2,955 units) (8)				2,975		12,480

NexRev LLC	February 28, 2018	Provider of Energy Efficiency Products & Services
			11.00% Secured Debt (Maturity - February 28, 2023)		17,315		17,224		16,628
			Preferred Member Units (86,400,000 units)				6,880		950
							24,104		17,578

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

NRI Clinical Research, LLC	September 8, 2011	Clinical Research Service Provider
			10.50% Secured Debt (Maturity - June 8, 2022)		6,120		6,060		6,120
			Warrants (251,723 equivalent units; Expiration - June 8, 2027; Strike price - $0.01 per unit)				252		1,390
			Member Units (1,454,167 units) (8)				765		5,321
							7,077		12,831

NRP Jones, LLC	December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies
			12.00% Secured Debt (Maturity - March 20, 2023)		6,376		6,376		6,376
			Member Units (65,962 units) (8)				3,717		3,310
							10,093		9,686

NuStep, LLC	January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment
			12.00% Secured Debt (Maturity - January 31, 2022)		19,640		19,575		19,575
			Preferred Member Units (406 units)				10,200		10,200
							29,775		29,775

OMi Holdings, Inc.	April 1, 2008	Manufacturer of Overhead Cranes
			Common Stock (1,500 shares) (8)				1,080		19,430

Pearl Meyer Topco LLC	April 27, 2020	Provider of Executive Compensation Consulting Services
			12.00% Secured Debt (Maturity - April 27, 2025)		35,000		34,676		34,676
			Member Units (13,800 units) (8)				13,000		13,000
							47,676		47,676

Pegasus Research Group, LLC	January 6, 2011	Provider of Telemarketing and Data Services
			Member Units (460 units) (8)				1,290		9,700

PPL RVs, Inc.	June 10, 2010	Recreational Vehicle Dealer
			LIBOR Plus 8.75% (Floor 0.50%), Current Coupon 9.25% Secured Debt (Maturity - November 15, 2022) (9)		11,855		11,768		11,768
			Common Stock (1,962 shares)				2,150		11,140
							13,918		22,908

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)	February 1, 2011	Noise Abatement Service Provider
			13.00% Secured Debt (Maturity - April 30, 2023)		6,397		6,329		6,397
			Preferred Member Units (19,631 units) (8)				4,600		11,230
			Warrants (1,018 equivalent units; Expiration - January 31, 2021; Strike price - $0.01 per unit)				1,200		930
							12,129		18,557

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Quality Lease Service, LLC	June 8, 2015	Provider of Rigsite Accommodation Unit Rentals and Related Services
			Member Units (1,000 units)				11,313		4,710

River Aggregates, LLC	March 30, 2011	Processor of Construction Aggregates
			Member Units (RA Properties, LLC) (1,500 units)				369		3,390

Tedder Industries, LLC	August 31, 2018	Manufacturer of Firearm Holsters and Accessories
			12.00% Secured Debt (Maturity - August 31, 2023)		17,040		16,934		16,934
			Preferred Member Units (479 units)				8,136		8,136
							25,070		25,070

Trantech Radiator Topco, LLC	May 31, 2019	Transformer Cooling Products and Services
			12.00% Secured Debt (Maturity - May 31, 2024)		8,720		8,639		8,708
			Common Stock (615 shares) (8)				4,655		7,769
							13,294		16,477

UnionRock Energy Fund II, LP(12) (13)	June 15, 2020	Oil & Gas Exploration & Production
			LP Interests (Fully diluted 49.60%)				2,894		2,894

Vision Interests, Inc.	June 5, 2007	Manufacturer / Installer of Commercial Signage
			13.00% Secured Debt (Maturity - September 30 2019) (17)		2,028		2,028		2,028
			Series A Preferred Stock (3,000,000 shares)				3,000		3,459
							5,028		5,487

Ziegler's NYPD, LLC	October 1, 2008	Casual Restaurant Group
			6.50% Secured Debt (Maturity - October 1, 2022)		1,000		1,000		979
			12.00% Secured Debt (Maturity - October 1, 2022)		625		625		625
			14.00% Secured Debt (Maturity - October 1, 2022)		2,750		2,750		2,715
			Warrants (587 equivalent units; Expiration - October 1, 2025; Strike price - $0.01 per unit)				600		-
			Preferred Member Units (10,072 units)				2,834		1,139
							7,809		5,458
Subtotal Control Investments (71.6% of net assets at fair value)						$	801,453	$	1,020,713

Affiliate Investments (6)

AFG Capital Group, LLC	November 7, 2014	Provider of Rent-to-Own Financing Solutions and Services
			10.00% Secured Debt (Maturity - May 25, 2022)		578		578		578
			Preferred Member Units (186 units)				1,200		5,360
							1,778		5,938

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

American Trailer Rental Group LLC	June 7, 2017	Provider of Short-term Trailer and Container Rental
			Member Units (Milton Meisler Holdings LLC) (73,493 units)				8,596		13,550

BBB Tank Services, LLC	April 8, 2016	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.00%, (Maturity - April 8, 2021) (9)		4,800		4,753		4,702
			Preferred Stock (non-voting, 15.00% cumulative) (8)				146		146
			Member Units (800,000 units)				800		210
							5,699		5,058

Boccella Precast Products LLC	June 30, 2017	Manufacturer of Precast Hollow Core Concrete
			Member Units (2,160,000 units) (8)				2,256		5,600

Buca C, LLC	June 30, 2015	Casual Restaurant Group
			LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.25%, Secured Debt (Maturity - June 30, 2020) (9) (17)		19,004		19,004		17,491
			Preferred Member Units (6 units; 6.00% cumulative) (8) (19)				4,770		765
							23,774		18,256

CAI Software LLC	October 10, 2014	Provider of Specialized Enterprise Resource Planning Software
			12.50% Secured Debt (Maturity - December 7, 2023)		26,607		26,439		26,607
			Member Units (70,764 units) (8)				1,102		5,930
							27,541		32,537

Chandler Signs Holdings, LLC (10)	January 4, 2016	Sign Manufacturer
			Class A Units (1,500,000 units)				1,500		2,050

Charlotte Russe, Inc (11)	May 28, 2013	Fast-Fashion Retailer to Young Women
			Common Stock (19,041 shares)				3,141		-

Classic H&G Holdings, LLC	March 12, 2020	Provider of Engineered Packaging Solutions
			12.00% Secured Debt (Maturity - March 12, 2025)		24,800		24,573		24,800
			Preferred Member Units (154 units) (8)				5,760		8,550
							30,333		33,350

Congruent Credit Opportunities Funds (12) (13)	January 24, 2012	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.80%)				5,210		855
			LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.40%) (8)				12,181		12,096
							17,391		12,951

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Copper Trail Fund Investments (12) (13)	July 17, 2017	Investment Partnership
			LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.40%) (8)				2,161		1,854

Dos Rios Partners (12) (13)	April 25, 2013	Investment Partnership
			LP Interests (Dos Rios Partners, LP) (Fully diluted 20.20%)				6,605		7,033
			LP Interests (Dos Rios Partners - A, LP) (Fully diluted 6.40%)				2,097		2,233
							8,702		9,266

East Teak Fine Hardwoods, Inc.	April 13, 2006	Distributor of Hardwood Products
			Common Stock (6,250 shares)				480		300

EIG Fund Investments (12) (13)	November 6, 2015	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.) (Fully diluted 11.10%) (8)				739		526

Freeport Financial Funds (12) (13)	June 13, 2013	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.30%)				5,974		5,081
			LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.00%) (8)				10,785		10,321
							16,759		15,402

Harris Preston Fund Investments (12) (13)	August 9, 2017	Investment Partnership
			LP Interests (HPEP 3, L.P.) (Fully diluted 8.20%)				3,071		3,071

Hawk Ridge Systems, LLC (13)	December 2, 2016	Value-Added Reseller of Engineering Design and Manufacturing Solutions
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - December 2, 2021) (9)		984		984		984
			11.00% Secured Debt (Maturity - December 2, 2021)		16,400		16,358		16,400
			Preferred Member Units (226 units) (8)				2,850		8,030
			Preferred Member Units (HRS Services, ULC) (226 units)				150		420
							20,342		25,834

Houston Plating and Coatings, LLC	January 8, 2003	Provider of Plating and Industrial Coating Services
			8.00% Unsecured Convertible Debt (Maturity - May 1, 2022)		3,000		3,000		3,000
			Member Units (322,297 units) (8)				2,352		6,060
							5,352		9,060

I-45 SLF LLC (12) (13)	October 20, 2015	Investment Partnership
			Member Units (Fully diluted 20.0%; 24.40% profits interest) (8)				20,200		15,392

L.F. Manufacturing Holdings, LLC (10)	December 23, 2013	Manufacturer of Fiberglass Products
			Preferred Member Units (non-voting; 14% cumulative) (8) (19)				90		90
			Member Units (2,179,001 units)				2,019		2,050
							2,109		2,140

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

OnAsset Intelligence, Inc.	April 18, 2011	Provider of Transportation Monitoring / Tracking Products and Services
			12.00% PIK Secured Debt (Maturity - June 30, 2021) (19)		7,084		7,084		7,084
			10.00% PIK Unsecured Debt (Maturity - June 30, 2021) (19)		63		63		63
			Preferred Stock (912 shares)				1,981		-
			Warrants (5,333 equivalent shares; Expiration - April 18, 2021; Strike price - $0.01 per share)				1,919		-
							11,047		7,147

PCI Holding Company, Inc.	December 18, 2012	Manufacturer of Industrial Gas Generating Systems
			12.00% Secured Debt (Maturity - July 1, 2020) (17)		11,356		11,356		11,356
			Preferred Stock (1,740,000 shares) (non-voting)				1,740		4,350
			Preferred Stock (1,500,000 shares)				3,927		4,430
							17,023		20,136

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	January 8, 2013	Provider of Rigsite Accommodation Unit Rentals and Related Services
			12.00% Secured Debt (Maturity - January 8, 2018) (14) (15)		30,369		29,865		-
			Preferred Member Units (250 units)				2,500		-
							32,365		-

Salado Stone Holdings, LLC (10)	June 27, 2016	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units (Salado Acquisition, LLC) (2,000,000 units)				2,000		770

Slick Innovations, LLC	September 13, 2018	Text Message Marketing Platform
			14.00% Secured Debt (Maturity - September 13, 2023)		6,080		5,949		6,080
			Common Stock (70,000 shares) (8)				700		1,250
			Warrants (18,084 equivalent units; Expiration - September 13, 2028; Strike price - $0.01 per unit)				181		330
							6,830		7,660

SI East, LLC	August 31, 2018	Rigid Industrial Packaging Manufacturing
			9.50% Secured Debt (Maturity - August 31, 2023)		32,963		32,742		32,962
			Preferred Member Units (157 units) (8)				6,000		9,720
							38,742		42,682

Superior Rigging & Erecting Co.	August 31, 2020	Provider of Steel Erection, Crane Rental & Rigging Services
			12.00% Secured Debt (Maturity - August 31, 2025)		21,500		21,290		21,290
			Preferred Member Units (1,473 units)				4,500		4,500
							25,790		25,790

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

UniTek Global Services, Inc. (11)	April 15, 2011	Provider of Outsourced Infrastructure Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - August 20, 2024) (9)		2,955		2,932		2,671
			Preferred Stock (1,133,102 shares; 20% cumulative) (8) (19)				1,371		2,833
			Preferred Stock (1,521,122 shares; 20% cumulative) (8) (19)				2,188		1,723
			Preferred Stock (2,281,682 shares; 19% cumulative) (8) (19)				3,667		-
			Preferred Stock (4,336,866 shares; 13.50% cumulative) (19)				7,924		-
			Common Stock (945,507 shares)				-		-
							18,082		7,227

Universal Wellhead Services Holdings, LLC (10)	October 30, 2014	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
			Preferred Member Units (UWS Investments, LLC) (716,949 units; 14% cumulative) (19)				1,032		-
			Member Units (UWS Investments, LLC) (4,000,000 units)				4,000		-
							5,032		-

Volusion, LLC	January 26, 2015	Provider of Online Software-as-a-Service eCommerce Solutions
			11.50% Secured Debt (Maturity - January 26, 2020) (17)		20,234		20,234		19,243
			8.00% Unsecured Convertible Debt (Maturity - November 16, 2023)		409		409		290
			Preferred Member Units (4,876,670 units)				14,000		4,950
			Warrants (1,831,355 equivalent units; Expiration - January 26, 2025; Strike price - $0.01 per unit)				2,576		-
							37,219		24,483
Subtotal Affiliate Investments (24.4% of net assets at fair value)						$	396,054	$	348,030

Non-Control/Non-Affiliate Investments (7)

AAC Holdings, Inc. (11)	June 30, 2017	Substance Abuse Treatment Service Provider
			10.00% Current / 8.00% PIK Secured Debt (Maturity - March 24, 2021) (19)		5,646		5,551		5,551
			Prime Plus 10.00% (Floor 1.00%), Current Coupon 13.25%, Secured Debt (Maturity - April 17, 2020) (9) (17)		3,121		2,961		2,887
			Prime Plus 9.75% (Floor 1.00%), Current Coupon 13.00%, Secured Debt (Maturity - June 30, 2023) (9) (14)		14,396		14,030		6,430
							22,542		14,868

Adams Publishing Group, LLC (10)	November 19, 2015	Local Newspaper Operator
			LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.75%, Secured Debt (Maturity - July 3, 2023) (9)		6,082		5,951		5,937

ADS Tactical, Inc. (10)	March 7, 2017	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 7.00%, Secured Debt (Maturity - July 26, 2023) (9)		19,685		19,572		19,685

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Aethon United BR LP (10)	September 8, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - September 8, 2023) (9)		9,750		9,651		9,298

Affordable Care Holding Corp. (10)	May 9, 2019	Dental Support Organization
			LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 5.75%, Secured Debt (Maturity - October 22, 2022) (9)		14,284		14,081		13,212

ALKU, LLC. (11)	October 18, 2019	Specialty National Staffing Operator
			LIBOR Plus 5.50%, Current Coupon 5.81%, Secured Debt (Maturity - July 29, 2026) (9)		9,950		9,861		9,900

American Nuts, LLC (10)	April 10, 2018	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - April 10, 2023) (9)		12,158		11,965		11,889

American Teleconferencing Services, Ltd. (11)	May 19, 2016	Provider of Audio Conferencing and Video Collaboration Solutions
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - June 8, 2023) (9)		17,374		16,590		11,597

APTIM Corp. (11)	August 17, 2018	Engineering, Construction & Procurement
			7.75% Secured Debt (Maturity - June 15, 2025)		12,452		11,004		6,475

Arcus Hunting LLC (10)	January 6, 2015	Manufacturer of Bowhunting and Archery Products and Accessories
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - March 31, 2021) (9)		13,659		13,659		13,659

ASC Ortho Management Company, LLC (10)	August 31, 2018	Provider of Orthopedic Services
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - August 31, 2023) (9)		5,235		5,171		5,051
			13.25% PIK Secured Debt (Maturity - December 1, 2023) (19)		2,047		2,020		2,045
							7,191		7,096

ATX Networks Corp. (11) (13) (21)	June 30, 2015	Provider of Radio Frequency Management Equipment
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25% / 1.50% PIK, Current Coupon Plus PIK 8.75%, Secured Debt (Maturity - December 31, 2023) (9) (19)		13,612		13,521		12,455

Barfly Ventures, LLC (10)	August 31, 2015	Casual Restaurant Group
			9.00% PIK Secured Debt (Maturity - March 23, 2021) (14) (19)		110		110		110
			12.00% Secured Debt (Maturity - August 31, 2020) (14) (17)		10,185		10,073		1,111
			Options (3 equivalent units)				607		-
			Warrant (2 equivalent unit; Expiration - August 31, 2025; Strike price - $1.00 per unit)				473		-
							11,263		1,221

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Berry Aviation, Inc. (10)	July 6, 2018	Charter Airline Services
			10.50% Current / 1.5% PIK, Secured Debt (Maturity - January 6, 2024) (19)		4,606		4,575		4,606
			Preferred Member Units (Berry Acquisition, LLC) (122,416 units; 16% cumulative) (8) (19)				140		140
			Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units; 8% cumulative) (19)				1,671		804
							6,386		5,550

BigName Commerce, LLC (10)	May 11, 2017	Provider of Envelopes and Complimentary Stationery Products
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25% Secured Debt (Maturity - May 11, 2022) (9)		2,091		2,082		1,995

Binswanger Enterprises, LLC (10)	March 10, 2017	Glass Repair and Installation Service Provider
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - March 9, 2022) (9)		13,345		13,152		13,345
			Member Units (1,050,000 units)				1,050		670
							14,202		14,015

BLST Operating Company, LLC. (11)	December 19, 2013	Multi-Channel Retailer of General Merchandise
			LIBOR Plus 8.50% (Floor 1.50%), Current Coupon 10.00%, Secured Debt (Maturity - August 28, 2025) (9)		5,879		5,756		5,756
			Common Stock (653 shares)				-		-
			Warrants (70 equivalent shares; Expiration - August 28, 2030; Strike price - $0.01 per share)				-		-
							5,756		5,756

Bojangles', Inc. (11)	February 5, 2019	Quick Service Restaurant Group
			LIBOR Plus 4.75%, Current Coupon 4.91%, Secured Debt (Maturity - January 28, 2026)		7,704		7,579		7,691
			LIBOR Plus 8.50%, Current Coupon 8.66%, Secured Debt (Maturity - January 28, 2027)		5,000		4,914		4,800
							12,493		12,491

Brainworks Software, LLC (10)	August 12, 2014	Advertising Sales and Newspaper Circulation Software
			Prime Plus 9.25% (Floor 3.25%), Current Coupon 12.50%, Secured Debt (Maturity - July 22, 2019) (9) (14) (17)		7,854		7,854		5,287

Brightwood Capital Fund Investments (12) (13)	July 21, 2014	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.60%) (8)				10,920		8,238
			LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.60%) (8)				4,750		4,384
							15,670		12,622

Cadence Aerospace LLC (10)	November 14, 2017	Aerostructure Manufacturing
			LIBOR Plus 3.25% (Floor 1.00%), Current Coupon 4.25% / 5.25% PIK, Current Coupon Plus PIK 9.50%, Secured Debt (Maturity - November 14, 2023) (9) (19)		27,339		27,110		25,906

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

California Pizza Kitchen, Inc. (11)	August 29, 2016	Casual Restaurant Group
			LIBOR Plus 10.00% (Floor 1.50%), Current Coupon 11.50%, Secured Debt (Maturity - December 31, 2020) (9)		3,716		3,395		3,716
			LIBOR Plus 10.00% (Floor 1.50%), Current Coupon 11.50%, Secured Debt (Maturity - August 23, 2022) (9)		5,107		5,035		5,056
			LIBOR Plus 8.00% PIK (Floor 1.00%), Current Coupon 9.00% PIK, Secured Debt (Maturity - August 23, 2022) (9) (14) (19)		12,064		11,990		3,679
							20,420		12,451

Central Security Group, Inc. (11)	December 4, 2017	Security Alarm Monitoring Service Provider
			LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 6.63%, Secured Debt (Maturity - October 6, 2021) (9) (14)		13,667		13,637		6,082

Cenveo Corporation (11)	September 4, 2015	Provider of Digital Marketing Agency Services
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 10.50%, Secured Debt (Maturity - June 7, 2023) (9)		5,445		5,308		5,159
			Common Stock (177,130 shares)				5,309		2,635
							10,617		7,794

Chisholm Energy Holdings, LLC (10)	May 15, 2019	Oil & Gas Exploration & Production
			LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 7.75%, Secured Debt (Maturity - May 15, 2026) (9)		3,571		3,496		3,404

Clarius BIGS, LLC (10)	September 23, 2014	Prints & Advertising Film Financing
			15.00% PIK Secured Debt (Maturity - January 5, 2015) (14) (17) (19)		2,832		2,832		31

Clickbooth.com, LLC (10)	December 5, 2017	Provider of Digital Advertising Performance Marketing Solutions
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - January 31, 2025) (9)		8,357		8,245		8,357

Coastal Television Broadcasting Holdings LLC (10)	June 4, 2020	Operator of Television Broadcasting Networks
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.00%, Secured Debt (Maturity - June 4, 2025) (9)		8,678		8,499		8,499

Construction Supply Investments, LLC (10)	December 29, 2016	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
			Member Units (50,687 units)				5,637		8,130

Corel Corporation (11) (13) (21)	July 24, 2019	Publisher of Desktop and Cloud-based Software
			LIBOR Plus 5.00%, Current Coupon 5.26%, Secured Debt (Maturity - July 2, 2026) (9)		19,527		18,669		19,064

CTVSH, PLLC (10)	August 3, 2017	Emergency Care and Specialty Service Animal Hospital
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - August 3, 2022) (9)		9,249		9,208		9,249

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Darr Equipment LP (10)	April 15, 2014	Heavy Equipment Dealer
			11.50% Current / 1.00% PIK Secured Debt (Maturity - June 22, 2023) (19)		5,944		5,944		5,944
			Warrants (915,734 equivalent units; Expiration - December 23, 2023; Strike price - $1.50 per unit)				474		20
							6,418		5,964

Digital River, Inc. (11)	February 24, 2015	Provider of Outsourced e-Commerce Solutions and Services
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - February 12, 2023) (9)		13,628		13,400		13,560

DTE Enterprises, LLC (10)	April 13, 2018	Industrial Powertrain Repair and Services
			LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.00%, Secured Debt (Maturity - April 13, 2023) (9)		10,992		10,860		10,984
			Class AA Preferred Member Units (non-voting; 10% cumulative) (8) (19)				927		927
			Class A Preferred Member Units (776,316 units)				776		1,260
							12,563		13,171

Dynamic Communities, LLC (10)	July 17, 2018	Developer of Business Events and Online Community Groups
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - July 17, 2023) (9)		5,355		5,287		5,140

Echo US Holdings, LLC. (10)	November 12, 2019	Developer and Manufacturer of PVC and Polypropylene Materials
			LIBOR Plus 6.25% (Floor 1.63%), Current Coupon 7.88%, Secured Debt (Maturity - October 25, 2024) (9)		22,302		22,196		21,929

Electronic Transaction Consultants, LLC (10)	July 24, 2020	Technology Service Provider for Toll Road and Infrastructure Operators
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - July 24, 2025) (9)		10,000		9,822		9,822

EnCap Energy Fund Investments (12) (13)	December 28, 2010	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.10%)				3,813		959
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.) (Fully diluted 0.40%)				2,097		415
			LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.10%) (8)				4,390		1,398
			LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.10%) (8)				8,607		6,313
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.80%) (8)				7,390		3,976
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.20%) (8)				6,982		5,994
							33,279		19,055

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Encino Acquisition Partners Holdings, Inc. (11)	November 16, 2018	Oil & Gas Exploration & Production
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - October 29, 2025) (9)		9,000		8,929		7,234

EPIC Y-Grade Services, LP (11)	June 22, 2018	NGL Transportation & Storage
			LIBOR Plus 6.00%, (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - June 30, 2027)		6,944		6,851		5,694

Fortna, Inc. (10)	July 23, 2019	Process, Physical Distribution and Logistics Consulting Services
			LIBOR Plus 5.00%, Current Coupon 5.15%, Secured Debt (Maturity - April 8, 2025)		7,693		7,559		7,199

Fuse, LLC (11)	June 30, 2019	Cable Networks Operator
			12% Secured Debt (Maturity - June 28, 2024)		1,939		1,939		1,601
			Common Stock (10,429 shares)				256		-
							2,195		1,601

GeoStabilization International (GSI) (11)	December 31, 2018	Geohazard Engineering Services & Maintenance
			LIBOR Plus 5.25%, Current Coupon 5.40%, Secured Debt (Maturity - December 19, 2025)		16,253		16,122		15,765

GoWireless Holdings, Inc. (11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 22, 2024) (9)		17,365		17,232		16,614

Grupo Hima San Pablo, Inc. (11)	March 7, 2013	Tertiary Care Hospitals
			LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 9.25%, Secured Debt (Maturity - April 30, 2019) (9) (17)		4,504		4,504		3,232
			13.75% Secured Debt (Maturity - October 15, 2018) (17)		2,055		2,040		49
							6,544		3,281

GS HVAM Intermediate, LLC (10)	October 18, 2019	Specialized Food Distributor
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - October 2, 2024) (9)		11,506		11,396		11,079

Gexpro Services (10)	February 24, 2020	Distributor of Industrial and Specialty Parts
			LIBOR Plus 6.50% (Floor 1.50%), Current Coupon 8.00%, Secured Debt (Maturity - February 24, 2025) (9)		29,253		28,735		28,034

HDC/HW Intermediate Holdings (10)	December 21, 2018	Managed Services and Hosting Provider
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - December 21, 2023) (9)		3,478		3,429		3,262

Heartland Dental, LLC (10)	September 9, 2020	Dental Support Organization
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - April 30, 2025) (9)		15,000		14,555		14,555

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Hoover Group, Inc. (10) (13)	October 21, 2016	Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - January 28, 2021) (9)		20,660		20,459		20,660

Hunter Defense Technologies, Inc. (10)	March 29, 2018	Provider of Military and Commercial Shelters and Systems
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - March 29, 2023) (9)		30,701		30,335		30,701

HW Temps LLC	July 2, 2015	Temporary Staffing Solutions
			12.00% Secured Debt (Maturity - March 29, 2023)		9,921		9,807		8,915

Hydrofarm Holdings LLC (10)	May 18, 2017	Wholesaler of Horticultural Products
			LIBOR Plus 8.50%, Current Coupon 8.66% Secured Debt (Maturity - May 12, 2022)		6,865		6,793		5,813

Hyperion Materials & Technologies, Inc. (11) (13)	September 12, 2019	Manufacturer of Cutting and Machine Tools & Specialty Polishing Compounds
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - August 28, 2026) (9)		22,331		21,937		20,768

Ian, Evan & Alexander Corporation (EverWatch) (10)	July 31, 2020	Cybersecurity, Software and Data Analytics provider to the Intelligence Community
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - July 31, 2025) (9)		16,529		16,141		16,141

iEnergizer Limited (10) (13) (21)	April 17, 2019	Provider of Business Outsourcing Solutions
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - April 17, 2024) (9)		10,675		10,589		10,675

Implus Footcare, LLC (10)	June 1, 2017	Provider of Footwear and Related Accessories
			LIBOR Plus 2.50% (Floor 1.00%), Current Coupon 3.50% / PIK 5.25%, Current Coupon Plus PIK 8.75%, Secured Debt (Maturity - April 30, 2024) (9) (19)		18,936		18,597		17,341

Independent Pet Partners Intermediate Holdings, LLC (10)	November 20, 2018	Omnichannel Retailer of Specialty Pet Products
			Prime Plus 2.75% (Floor 3.25%), Current Coupon 6.00%, Secured Debt (Maturity - December 22, 2022) (9)		6,111		6,111		6,111
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - November 19, 2023) (9) (14)		19,514		19,071		14,471
			Member Units (1,558,333 units)				1,558		-
							26,740		20,582

Industrial Services Acquisition, LLC (10)	June 17, 2016	Industrial Cleaning Services
			13% Unsecured Debt (Maturity - December 17, 2022)		5,428		5,377		5,428
			Preferred Member Units (Industrial Services Investments, LLC) (144 units; 10% cumulative) (8) (19)				109		109
			Preferred Member Units (Industrial Services Investments, LLC) (80 units; 20% cumulative) (8) (19)				68		68
			Member Units (Industrial Services Investments, LLC) (900 units)				900		530
							6,454		6,135

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Inn of the Mountain Gods Resort and Casino (11)	October 30, 2013	Hotel & Casino Owner & Operator
			9.25% Secured Debt (Maturity - November 30, 2020)		7,176		7,145		6,745

Interface Security Systems, L.L.C (10)	August 7, 2019	Commercial Security & Alarm Services
			LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.75% / 3.00% PIK, Secured Debt (Maturity - August 7, 2023) (9) (19)		7,615		7,501		7,615

Intermedia Holdings, Inc. (11)	August 3, 2018	Unified Communications as a Service
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - July 19, 2025) (9)		20,892		20,804		20,824

Invincible Boat Company, LLC. (10)	August 28, 2019	Manufacturer of Sport Fishing Boats
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - August 28, 2025) (9)		9,263		9,174		9,050

Isagenix International, LLC (11)	June 21, 2018	Direct Marketer of Health & Wellness Products
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - June 14, 2025) (9)		5,676		5,641		3,015

JAB Wireless, Inc. (10)	May 2, 2018	Fixed Wireless Broadband Provider
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 8.17%, Secured Debt (Maturity - May 2, 2023) (9)		14,606		14,522		14,491

Jackmont Hospitality, Inc. (10)	May 26, 2015	Franchisee of Casual Dining Restaurants
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - May 26, 2021) (9)		4,007		4,004		3,345

Joerns Healthcare, LLC (11)	April 3, 2013	Manufacturer and Distributor of Health Care Equipment & Supplies
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00% Secured Debt (Maturity - August 21, 2024) (9)		4,016		3,952		3,914
			Common Stock (472,579 shares)				4,429		2,480
							8,381		6,394

Kemp Technologies Inc. (10)	June 27, 2019	Provider of Application Delivery Controllers
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - March 29, 2024) (9)		7,406		7,291		7,352

Kore Wireless Group Inc. (11)	December 31, 2018	Mission Critical Software Platform
			LIBOR Plus 5.50%, Current Coupon 5.72%, Secured Debt (Maturity - December 20, 2024)		19,139		19,047		18,182

Larchmont Resources, LLC (11)	August 13, 2013	Oil & Gas Exploration & Production
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.00%, Secured Debt (Maturity - August 9, 2021) (9)		2,145		2,145		965
			Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)				353		113
							2,498		1,078

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Laredo Energy VI, LP (10)	January 15, 2019	Oil & Gas Exploration & Production
			Member Units (1,155,952 units)				11,560		11,560

Lightbox Holdings, L.P. (11)	May 23, 2019	Provider of Commercial Real Estate Software
			LIBOR Plus 5.00%, Current Coupon 5.15%, Secured Debt (Maturity - May 9, 2026)		14,813		14,618		14,146

LKCM Headwater Investments I, L.P. (12) (13)	January 25, 2013	Investment Partnership
			LP Interests (Fully diluted 2.30%)				1,746		3,447

LL Management, Inc. (10)	May 2, 2019	Medical Transportation Service Provider
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - September 25, 2023) (9)		13,615		13,511		13,348

Logix Acquisition Company, LLC (10)	June 24, 2016	Competitive Local Exchange Carrier
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - December 22, 2024) (9)		26,201		24,541		24,236

Looking Glass Investments, LLC (12) (13)	July 1, 2015	Specialty Consumer Finance
			Member Units (2.6 units)				125		25

LSF9 Atlantis Holdings, LLC (11)	May 17, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - May 1, 2023) (9)		9,275		9,275		9,036

Lulu's Fashion Lounge, LLC (10)	August 31, 2017	Fast Fashion E-Commerce Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00% / 2.50% PIK, Current Coupon Plus PIK 10.50%, Secured Debt (Maturity - August 28, 2022) (9) (19)		11,408		11,213		9,754

Lynx FBO Operating LLC (10)	September 30, 2019	Fixed Based Operator in the General Aviation Industry
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - September 30, 2024) (9)		13,613		13,355		13,069
			Member Units (3,704 units)				500		335
							13,855		13,404

Mac Lean-Fogg Company (10)	April 22, 2019	Manufacturer and Supplier for Auto and Power Markets
			LIBOR Plus 5.00%, Current Coupon 5.15%, Secured Debt (Maturity - December 22, 2025)		16,522		16,415		15,664
			Preferred Stock (1,516 shares; 4.50% Cash / 9.25% PIK cumulative) (8) (19)		1,828		1,828		1,743
							18,243		17,407

MHVC Acquisition Corp. (11)	May 8, 2017	Provider of Differentiated Information Solutions, Systems Engineering, and Analytics
			LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity - April 29, 2024) (9)		19,848		19,761		19,699

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Mileage Plus Holdings, LLC (11) (13)	July 20, 2020	United Airlines Loyalty Program
			LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 6.25%, Secured Debt (Maturity - June 25, 2027) (9)		10,000		9,880		10,185

Mills Fleet Farm Group, LLC (10)	October 24, 2018	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - October 24, 2024) (9)		13,860		13,581		13,270

NBG Acquisition Inc (11)	April 28, 2017	Wholesaler of Home Décor Products
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - April 26, 2024) (9)		4,098		4,059		1,788

NinjaTrader, LLC (10)	December 18, 2019	Operator of Futures Trading Platform
			LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.50%, Secured Debt (Maturity - December 18, 2024) (9)		9,125		8,963		9,122

NNE Partners, LLC (10)	March 2, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 8.00%, Current Coupon 8.24%, Secured Debt (Maturity - March 2, 2022)		23,417		23,297		21,407

Project Eagle Holdings, LLC (10)	July 6, 2020	Provider of Secure Business Collaboration Software
			LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 9.25%, Secured Debt (Maturity - July 6, 2026) (9)		15,000		14,607		14,607

Novetta Solutions, LLC (11)	June 21, 2017	Provider of Advanced Analytics Solutions for Defense Agencies
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.00%, Secured Debt (Maturity - October 17, 2022) (9)		23,032		22,712		22,629

NTM Acquisition Corp. (11)	July 12, 2016	Provider of B2B Travel Information Content
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - June 7, 2022) (9)		4,722		4,722		4,249

Ospemifene Royalty Sub LLC (QuatRx) (10)	July 8, 2013	Estrogen-Deficiency Drug Manufacturer and Distributor
			11.50% Secured Debt (Maturity - November 15, 2026) (14)		4,786		4,786		142

PaySimple, Inc. (10)	September 9, 2019	Leading Technology Services Commerce Platform
			LIBOR Plus 5.50%, Current Coupon 5.65%, Secured Debt (Maturity - August 23, 2025) (9)		24,448		24,212		23,593

PricewaterhouseCoopers Public Sector LLP (11)	May 24, 2018	Provider of Consulting Services to Governments
			LIBOR Plus 8.00%, Current Coupon 8.15%, Secured Debt (Maturity - May 1, 2026)		9,000		8,968		8,685

PT Network, LLC (10)	November 1, 2013	Provider of Outpatient Physical Therapy and Sports Medicine Services
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.73% / 2.00% PIK, Current Coupon Plus PIK 8.73%, Secured Debt (Maturity - November 30, 2023) (9) (19)		8,599		8,599		8,380

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Research Now Group, Inc. and Survey Sampling International, LLC (11)	December 31, 2017	Provider of Outsourced Online Surveying
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - December 20, 2024) (9)		17,977		17,520		17,114

RM Bidder, LLC (10)	November 12, 2015	Scripted and Unscripted TV and Digital Programming Provider
			Warrants (327,532 equivalent units; Expiration - October 20, 2025; Strike price - $14.28 per unit)				425		-
			Member Units (2,779 units)				46		20
							471		20

RTIC Subsidiary Holdings, LLC (10)	September 1, 2020	Direct-To-Consumer eCommerce Provider of Outdoor Products
			LIBOR Plus 7.75% (Floor 1.25%), Current Coupon 9.00%, Secured Debt (Maturity - September 1, 2025) (9)		17,260		17,014		17,014

SAFETY Investment Holdings, LLC	April 29, 2016	Provider of Intelligent Driver Record Monitoring Software and Services
			Member Units (2,000,000 units)				2,000		2,060

Salient Partners L.P. (11)	June 25, 2015	Provider of Asset Management Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00%, Secured Debt (Maturity - August 31, 2021) (9)		6,450		6,441		5,879

Staples Canada ULC (10) (13) (21)	September 14, 2017	Office Supplies Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - September 12, 2024) (9) (22)		13,482		13,331		12,009

TEAM Public Choices, LLC (10)	October 28, 2019	Home-Based Care Employment Service Provider
			LIBOR Plus 5.50% (Floor 1.50%), Current Coupon 7.00%, Secured Debt (Maturity - September 20, 2024) (9)		17,328		17,178		16,821

Tectonic Financial, Inc.	May 15, 2017	Financial Services Organization
			Common Stock (200,000 shares)				2,000		2,600

TGP Holdings III LLC (11)	September 30, 2017	Outdoor Cooking & Accessories
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 9.50%, Secured Debt (Maturity - September 25, 2025) (9)		5,500		5,446		5,094

The Pasha Group (11)	February 2, 2018	Diversified Logistics and Transportation Provided
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.00%, Secured Debt (Maturity - January 26, 2023) (9)		10,867		10,198		10,052

USA DeBusk LLC (10)	October 22, 2019	Provider of Industrial Cleaning Services
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 6.75%, Secured Debt (Maturity - October 22, 2024) (9)		25,011		24,600		23,821

U.S. TelePacific Corp. (11)	September 14, 2016	Provider of Communications and Managed Services
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 6.50%, Secured Debt (Maturity - May 2, 2023) (9)		17,088		16,896		14,833

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2020

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Vida Capital, Inc (11)	October 10, 2019	Alternative Asset Manager
			LIBOR Plus 6.00%, Current Coupon 6.15%, Secured Debt (Maturity - October 1, 2026)		18,176		17,939		18,176

Vistar Media, Inc. (10)	February 17, 2017	Operator of Digital Out-of-Home Advertising Platform
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - April 3, 2023) (9)		4,596		4,464		4,594
			Preferred Stock (70,207 shares)				767		1,070
			Warrants (69,675 equivalent shares; Expiration - April 3, 2029; Strike price - $10.92 per share)				-		1,070
							5,231		6,734

Wireless Vision Holdings, LLC (10)	September 29, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 8.94% (Floor 1.00%), Current Coupon 9.84% / 1.00% PIK, Current Coupon Plus PIK 10.84%, Secured Debt (Maturity - September 29, 2022) (9) (19) (23)		6,710		6,616		6,710
			LIBOR Plus 8.91% (Floor 1.00%), Current Coupon 9.91% / 1.00% PIK, Current Coupon Plus PIK 10.91%, Secured Debt (Maturity - September 29, 2022) (9) (19) (23)		5,830		5,772		5,829
							12,388		12,539

YS Garments, LLC (11)	August 22, 2018	Designer and Provider of Branded Activewear
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.00% Secured Debt (Maturity - August 9, 2024) (9)		14,091		13,990		12,811

Zilliant Incorporated	June 15, 2012	Price Optimization and Margin Management Solutions
			Preferred Stock (186,777 shares)				154		260
			Warrants (952,500 equivalent shares; Expiration - June 15, 2022; Strike price - $0.001 per share)				1,071		1,190
							1,225		1,450
Subtotal Non-Control/Non-Affiliate Investments (85.3% of net assets at fair value)						$	1,330,738	$	1,215,902
Total Portfolio Investments, September 30, 2020						$	2,528,245	$	2,584,645


(1)	All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note B for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Credit Facility or in support of the SBA-guaranteed debentures issued by the Funds.
(2)	Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.
(3)	See Note C 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.
(5)	Control investments are defined by the Investment Company Act of 1940, as amended ("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. A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each such loan, the Company has provided the weighted

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)
Control Investments(5)

Access Media Holdings, LLC (10)	July 22, 2015	Private Cable Operator
			10% PIK Secured Debt (Maturity - July 22, 2020) (14) (19)	$	23,828	$	23,828	$	6,387
			Preferred Member Units (9,481,500 units) (27)				9,375		(284)
			Member Units (45 units)				1		-
							33,204		6,103

ASC Interests, LLC	August 1, 2013	Recreational and Educational Shooting Facility
			11.00% Secured Debt (Maturity - July 31, 2020)		1,650		1,639		1,639
			Member Units (1,500 units)				1,500		1,290
							3,139		2,929

Analytical Systems Keco, LLC	August 16, 2019	Manufacturer of Liquid and Gas Analyzers
			LIBOR Plus 10.00% (Floor 2.00%), Current Coupon 12.13%, Secured Debt (Maturity - August 16, 2024) (9)		5,565		5,210		5,210
			Preferred Member Units (3,200 units)				3,200		3,200
			Warrants (420 equivalent shares; Expiration - August 16, 2029; Strike price - $0.01 per share)				316		316
							8,726		8,726

ATS Workholding, LLC (10)	March 10, 2014	Manufacturer of Machine Cutting Tools and Accessories
			5% Secured Debt (Maturity - November 16, 2021)		4,919		4,666		4,521
			Preferred Member Units (3,725,862 units)				3,726		939
							8,392		5,460

Bond-Coat, Inc.	December 28, 2012	Casing and Tubing Coating Services
			15.00% Secured Debt (Maturity - December 28, 2020)		11,596		11,473		11,473
			Common Stock (57,508 shares)				6,350		8,300
							17,823		19,773

Brewer Crane Holdings, LLC	January 9, 2018	Provider of Crane Rental and Operating Services
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.71%, Secured Debt (Maturity - January 9, 2023) (9)		9,052		8,989		8,989
			Preferred Member Units (2,950 units) (8)				4,280		4,280
							13,269		13,269

Bridge Capital Solutions Corporation	April 18, 2012	Financial Services and Cash Flow Solutions Provider
			13.00% Secured Debt (Maturity - December 11, 2024)		8,813		7,797		7,797
			Warrants (82 equivalent shares; Expiration - July 25, 2026; Strike price - $0.01 per share)				2,132		3,500
			13.00% Secured Debt (Mercury Service Group, LLC) (Maturity - December 11, 2024)		1,000		996		996
			Preferred Member Units (Mercury Service Group, LLC) (17,742 units) (8)				1,000		1,000
							11,925		13,293

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Café Brazil, LLC	April 20, 2004	Casual Restaurant Group
			Member Units (1,233 units) (8)				1,742		2,440

California Splendor Holdings LLC	March 30, 2018	Processor of Frozen Fruits
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 10.13%, Secured Debt (Maturity - March 30, 2023) (9)		7,229		7,104		7,104
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.13%, Secured Debt (Maturity - March 30, 2023) (9)		28,000		27,801		27,801
			Preferred Member Units (6,725 units) (8)				7,163		7,163
			Preferred Member Units (6,157 units) (8)				10,775		7,382
							52,843		49,450

CBT Nuggets, LLC ("CBT")	June 1, 2006	Produces and Sells IT Training Certification Videos
			Member Units (416 units) (8)				1,300		50,850

Centre Technologies Holdings, LLC	January 4, 2019	Provider of IT Hardware Services and Software Solutions
			LIBOR Plus 9.00% (Floor 2.00%), Current Coupon 10.75%, Secured Debt (Maturity - January 4, 2024) (9)		12,240		12,136		12,136
			Preferred Member Units (12,696 units)				5,840		5,840
							17,976		17,976

Chamberlin Holding LLC	February 26, 2018	Roofing and Waterproofing Specialty Contractor
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.00%, Secured Debt (Maturity - February 26, 2023) (9)		17,773		17,649		17,773
			Member Units (4,347 units) (8)				11,440		24,040
			Member Units (Chamberlin Langfield Real Estate, LLC) (1,047,146 units) (8)				1,047		1,450
							30,136		43,263

Charps, LLC	February 3, 2017	Pipeline Maintenance and Construction
			15.00% Secured Debt (Maturity - June 5, 2022)		2,000		2,000		2,000
			Preferred Member Units (1,600 units) (8)				400		6,920
							2,400		8,920

Clad-Rex Steel, LLC	December 20, 2016	Specialty Manufacturer of Vinyl-Clad Metal
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.71%, Secured Debt (Maturity - December 20, 2021) (9)		10,880		10,830		10,781
			Member Units (717 units) (8)				7,280		9,630
			10.00% Secured Debt (Clad-Rex Steel RE Investor, LLC) (Maturity - December 20, 2036)		1,137		1,126		1,137
			Member Units (Clad-Rex Steel RE Investor, LLC) (800 units)				210		460
							19,446		22,008

CMS Minerals Investments	January 30, 2015	Oil & Gas Exploration & Production
			Member Units (CMS Minerals II, LLC) (100 units) (8)				2,386		1,900

CompareNetworks Topco, LLC	January 29, 2019	Internet Publishing and Web Search Portals
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity - January 29, 2024) (9)		8,364		8,288		8,288
			Preferred Member Units (1,975 units)				1,975		3,010
							10,263		11,298

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Copper Trail Fund Investments (12) (13)	July 17, 2017	Investment Partnership
			LP Interests (CTMH, LP) (Fully diluted 38.8%)				872		872

Datacom, LLC	May 30, 2014	Technology and Telecommunications Provider
			8.00% Secured Debt (Maturity - May 31, 2021) (14)		1,800		1,800		1,615
			10.50% PIK Secured Debt (Maturity - May 31, 2021) (14) (19)		12,507		12,475		10,142
			Class A Preferred Member Units				1,294		-
			Class B Preferred Member Units (6,453 units)				6,030		-
							21,599		11,757

Digital Products Holdings LLC	April 1, 2018	Designer and Distributor of Consumer Electronics
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 11.75%, Secured Debt (Maturity - April 1, 2023) (9)		19,620		19,478		18,452
			Preferred Member Units (3,857 shares) (8)				9,501		5,174
							28,979		23,626

Direct Marketing Solutions, Inc.	February 13, 2018	Provider of Omni-Channel Direct Marketing Services
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.75%, Secured Debt (Maturity - February 13, 2023) (9)		15,717		15,597		15,707
			Preferred Stock (8,400 shares)				8,400		20,200
							23,997		35,907

Gamber-Johnson Holdings, LLC ("GJH")	June 24, 2016	Manufacturer of Ruggedized Computer Mounting Systems
			LIBOR Plus 6.50% (Floor 2.00%), Current Coupon 8.50%, Secured Debt (Maturity - June 24, 2021) (9)		19,022		18,949		19,022
			Member Units (8,619 units) (8)				14,844		53,410
							33,793		72,432

Garreco, LLC	July 15, 2013	Manufacturer and Supplier of Dental Products
			LIBOR Plus 8.00% (Floor 1.00%, Ceiling 1.50%), Current Coupon 9.50%, Secured Debt (Maturity - March 31, 2020) (9)		4,519		4,515		4,515
			Member Units (1,200 units)				1,200		2,560
							5,715		7,075

GRT Rubber Technologies LLC ("GRT")	December 19, 2014	Manufacturer of Engineered Rubber Products
			LIBOR Plus 7.00%, Current Coupon 8.71%, Secured Debt (Maturity - December 31, 2023)		15,016		15,016		15,016
			Member Units (5,879 units)				13,065		47,450
							28,081		62,466

Guerdon Modular Holdings, Inc.	August 13, 2014	Multi-Family and Commercial Modular Construction Company
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.60%, Secured Debt (Maturity - October 1, 2019) (9) (14) (17)		1,010		1,010		-
			16.00% Secured Debt (Maturity - October 1, 2019) (14) (17)		12,588		12,588		-
			Preferred Stock (404,998 shares)				1,140		-
			Common Stock (212,033 shares)				2,983		-
			Warrants (6,208,877 equivalent shares; Expiration - April 25, 2028; Strike price - $0.01 per share)				-		-
							17,721		-

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Gulf Manufacturing, LLC	August 31, 2007	Manufacturer of Specialty Fabricated Industrial Piping Products
			Member Units (438 units) (8)				2,980		7,430

Gulf Publishing Holdings, LLC	April 29, 2016	Energy Industry Focused Media and Publishing
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.21%, Secured Debt (Maturity - September 30, 2020) (9)		280		280		280
			12.50% Secured Debt (Maturity - April 29, 2021)		12,535		12,493		12,493
			Member Units (3,681 units)				3,681		2,420
							16,454		15,193

Harborside Holdings, LLC	March 20, 2017	Real Estate Holding Company
			Member units (100 units)				6,506		9,560

Harris Preston Fund Investments (12) (13)	October 1, 2017	Investment Partnership
			LP Interests (2717 MH, L.P.) (Fully diluted 49.3%)				2,735		3,157

Harrison Hydra-Gen, Ltd.	June 4, 2010	Manufacturer of Hydraulic Generators
			Common Stock (107,456 shares) (8)				718		7,970

IDX Broker, LLC	November 15, 2013	Provider of Marketing and CRM Tools for the Real Estate Industry
			11.50% Secured Debt (Maturity - November 15, 2020)		13,400		13,358		13,400
			Preferred Member Units (5,607 units) (8)				5,952		15,040
							19,310		28,440

Jensen Jewelers of Idaho, LLC	November 14, 2006	Retail Jewelry Store
			Prime Plus 6.75% (Floor 2.00%), Current Coupon 11.50%, Secured Debt (Maturity - November 14, 2023) (9)		4,000		3,960		4,000
			Member Units (627 units) (8)				811		8,270
							4,771		12,270

J&J Services, Inc.	October 31, 2019	Provider of Dumpster and Portable Toilet Rental Services
			11.50% Secured Debt (Maturity - October 31, 2024)		17,600		17,430		17,430
			Preferred Stock (2,814 shares)				7,160		7,160
							24,590		24,590

KBK Industries, LLC	January 23, 2006	Manufacturer of Specialty Oilfield and Industrial Products
			Member Units (325 units) (8)				783		15,470

Kickhaefer Manufacturing Company, LLC	October 31, 2018	Precision Metal Parts Manufacturing
			11.50% Secured Debt (Maturity - October 31, 2023)		25,200		24,982		24,982
			Member Units (581 units)				12,240		12,240
			9.00% Secured Debt (Maturity - October 31, 2048)		3,978		3,939		3,939
			Member Units (KMC RE Investor, LLC) (800 units) (8)				992		1,160
							42,153		42,321

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Market Force Information, LLC	July 28, 2017	Provider of Customer Experience Management Services
			8.00% Secured Debt (Maturity - July 28, 2022)		2,786		2,786		2,695
			6.00% Current / 6.00% PIK Secured Debt (Maturity - July 28, 2022) (19)		23,292		23,157		22,621
			Member Units (743,921 units)				16,642		5,280
							42,585		30,596

MH Corbin Holding LLC	August 31, 2015	Manufacturer and Distributor of Traffic Safety Products
			5.00% Current / 5.00% PIK Secured Debt (Maturity - March 31, 2022) (19)		8,890		8,815		8,890
			Preferred Member Units (66,000 shares)				4,400		4,770
			Preferred Member Units (4,000 shares)				6,000		20
							19,215		13,680

Mid-Columbia Lumber Products, LLC	December 18, 2006	Manufacturer of Finger-Jointed Lumber Products
			10.00% Secured Debt (Maturity - January 15, 2020)		1,750		1,750		1,602
			12.00% Secured Debt (Maturity - January 15, 2020)		3,900		3,898		3,644
			Member Units (7,874 units)				3,239		-
			9.50% Secured Debt (Mid-Columbia Real Estate, LLC) (Maturity - May 13, 2025)		701		701		701
			Member Units (Mid-Columbia Real Estate, LLC) (500 units) (8)				790		1,640
							10,378		7,587

MSC Adviser I, LLC (16)	November 22, 2013	Third Party Investment Advisory Services
			Member Units (Fully diluted 100.0%) (8)				-		74,520

Mystic Logistics Holdings, LLC	August 18, 2014	Logistics and Distribution Services Provider for Large Volume Mailers
			12.00% Secured Debt (Maturity - August 15. 2019) (17)		6,253		6,253		6,253
			Common Stock (5,873 shares) (8)				2,720		8,410
							8,973		14,663

NAPCO Precast, LLC	January 31, 2008	Precast Concrete Manufacturing
			Member Units (2,955 units) (8)				2,975		14,760

NexRev LLC	February 28, 2018	Provider of Energy Efficiency Products & Services
			11.00% Secured Debt (Maturity - February 28, 2023)		17,586		17,469		17,469
			Preferred Member Units (86,400,000 units) (8)				6,880		6,310
							24,349		23,779

NRI Clinical Research, LLC	September 8, 2011	Clinical Research Service Provider
			14.00% Secured Debt (Maturity - June 8, 2022)		5,981		5,885		5,981
			Warrants (251,723 equivalent units; Expiration - June 8, 2027; Strike price - $0.01 per unit)				252		1,230
			Member Units (1,454,167 units) (8)				765		4,988
							6,902		12,199

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

NRP Jones, LLC	December 22, 2011	Manufacturer of Hoses, Fittings and Assemblies
			12.00% Secured Debt (Maturity - March 20, 2023)		6,376		6,376		6,376
			Member Units (65,962 units) (8)				3,717		4,710
							10,093		11,086

NuStep, LLC	January 31, 2017	Designer, Manufacturer and Distributor of Fitness Equipment
			12.00% Secured Debt (Maturity - January 31, 2022)		19,800		19,703		19,703
			Preferred Member Units (406 units)				10,200		10,200
							29,903		29,903

OMi Holdings, Inc.	April 1, 2008	Manufacturer of Overhead Cranes
			Common Stock (1,500 shares) (8)				1,080		16,950

Pegasus Research Group, LLC	January 6, 2011	Provider of Telemarketing and Data Services
			Member Units (460 units)				1,290		8,170

PPL RVs, Inc.	June 10, 2010	Recreational Vehicle Dealer
			LIBOR Plus 8.75% (Floor 0.50%), Current Coupon 10.85%, Secured Debt (Maturity - November 15, 2022) (9)		12,245		12,118		12,118
			Common Stock (1,962 shares)				2,150		9,930
							14,268		22,048

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)	February 1, 2011	Noise Abatement Service Provider
			13.00% Secured Debt (Maturity - April 30, 2020)		6,397		6,379		6,397
			Preferred Member Units (19,631 units) (8)				4,600		13,390
			Warrants (1,018 equivalent units; Expiration - January 31, 2021; Strike price - $0.01 per unit)				1,200		1,090
							12,179		20,877

Quality Lease Service, LLC	June 8, 2015	Provider of Rigsite Accommodation Unit Rentals and Related Services
			Member Units (1,000 units)				11,013		9,289

River Aggregates, LLC	March 30, 2011	Processor of Construction Aggregates
			Zero Coupon Secured Debt (Maturity - June 30, 2018) (17)		750		750		722
			Member Units (1,150 units)				1,150		4,990
			Member Units (RA Properties, LLC) (1,500 units)				369		3,169
							2,269		8,881

Tedder Industries, LLC	August 31, 2018	Manufacturer of Firearm Holsters and Accessories
			12.00% Secured Debt (Maturity - August 31, 2020)		640		640		640
			12.00% Secured Debt (Maturity - August 31, 2023)		16,400		16,272		16,272
			Preferred Member Units (479 units)				8,136		8,136
							25,048		25,048

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

The MPI Group, LLC	October 2, 2007	Manufacturer of Custom Hollow Metal Doors, Frames and Accessories
			9.00% Secured Debt (Maturity - December 31, 2019) (17)		2,924		2,924		2,924
			Series A Preferred Units (2,500 units)				2,500		-
			Warrants (1,424 equivalent units; Expiration - July 1, 2024; Strike price - $0.01 per unit)				1,096		-
			Member Units (MPI Real Estate Holdings, LLC) (100 units) (8)				2,300		1,640
							8,820		4,564

Trantech Radiator Topco, LLC	May 31, 2019	Transformer Cooling Products and Services
			12.00% Secured Debt (Maturity - May 31, 2024)		9,200		9,102		9,102
			Common Stock (615 shares) (8)				4,655		4,655
							13,757		13,757

Vision Interests, Inc.	June 5, 2007	Manufacturer / Installer of Commercial Signage
			13.00% Secured Debt (Maturity - September 30, 2019) (17)		2,028		2,028		2,028
			Series A Preferred Stock (3,000,000 shares)				3,000		4,089
			Common Stock (1,126,242 shares)				3,706		409
							8,734		6,526

Ziegler's NYPD, LLC	October 1, 2008	Casual Restaurant Group
			6.50% Secured Debt (Maturity - October 1, 2020)		1,000		1,000		1,000
			12.00% Secured Debt (Maturity - October 1, 2020)		625		625		625
			14.00% Secured Debt (Maturity - October 1, 2020)		2,750		2,750		2,750
			Warrants (587 equivalent units; Expiration - October 1, 2020; Strike price - $0.01 per unit)				600		-
			Preferred Member Units (10,072 units)				2,834		1,269
							7,809		5,644
Subtotal Control Investments (67.2% of net assets at fair value)						$	778,367	$	1,032,721

Affiliate Investments (6)

AFG Capital Group, LLC	November 7, 2014	Provider of Rent-to-Own Financing Solutions and Services
			10.00% Secured Debt (Maturity - May 25, 2022)		838		838		838
			Preferred Member Units (186 units)				1,200		5,180
							2,038		6,018

American Trailer Rental Group LLC	June 7, 2017	Provider of Short-term Trailer and Container Rental
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.34%, Secured Debt (Maturity - June 7, 2022) (9)		27,087		26,905		27,087
			Member Units (Milton Meisler Holdings LLC) (48,555 units)				4,855		8,540
							31,760		35,627

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

BBB Tank Services, LLC	April 8, 2016	Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 12.71%, (Maturity - April 8, 2021) (9)		4,800		4,698		4,698
			Preferred Stock (non-voting) (8)				131		131
			Member Units (800,000 units)				800		290
							5,629		5,119

Boccella Precast Products LLC	June 30, 2017	Manufacturer of Precast Hollow Core Concrete
			LIBOR Plus 12.00% (Floor 1.00%), Current Coupon 14.10%, Secured Debt (Maturity - June 30, 2022) (9)		13,244		13,106		13,244
			Member Units (2,160,000 units) (8)				2,256		6,270
							15,362		19,514

Buca C, LLC	June 30, 2015	Casual Restaurant Group
			LIBOR Plus 9.25% (Floor 1.00%), Current Coupon 10.94%, Secured Debt (Maturity - June 30, 2020) (9)		19,004		18,981		18,794
			Preferred Member Units (6 units; 6% cumulative) (8) (19)				4,701		4,701
							23,682		23,495

CAI Software LLC	October 10, 2014	Provider of Specialized Enterprise Resource Planning Software
			11.00% Secured Debt (Maturity - December 7, 2023)		9,160		9,077		9,160
			Member Units (66,968 units) (8)				751		5,210
							9,828		14,370

Chandler Signs Holdings, LLC (10)	January 4, 2016	Sign Manufacturer
			Class A Units (1,500,000 units) (8)				1,500		2,740

Charlotte Russe, Inc (11)	May 28, 2013	Fast-Fashion Retailer to Young Women
			Common Stock (19,041 shares)				3,141		-

Congruent Credit Opportunities Funds (12) (13)	January 24, 2012	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund II, LP) (Fully diluted 19.8%)				5,210		855
			LP Interests (Congruent Credit Opportunities Fund III, LP) (Fully diluted 17.4%) (8)				13,601		13,915
							18,811		14,770

Copper Trail Fund Investments (12) (13)	July 17, 2017	Investment Partnership
			LP Interests (Copper Trail Energy Fund I, LP) (Fully diluted 12.4%) (8)				1,997		2,362

Dos Rios Partners (12) (13)	April 25, 2013	Investment Partnership
			LP Interests (Dos Rios Partners, LP) (Fully diluted 20.2%)				5,846		7,033
			LP Interests (Dos Rios Partners - A, LP) (Fully diluted 6.4%)				1,856		2,233
							7,702		9,266

East Teak Fine Hardwoods, Inc.	April 13, 2006	Distributor of Hardwood Products
			Common Stock (6,250 shares) (8)				480		400

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

EIG Fund Investments (12) (13)	November 6, 2015	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.) (Fully diluted 11.1%) (8)				768		720

Freeport Financial Funds (12) (13)	June 13, 2013	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP) (Fully diluted 9.3%)				5,974		5,778
			LP Interests (Freeport First Lien Loan Fund III LP) (Fully diluted 6.0%) (8)				9,956		9,696
							15,930		15,474

Fuse, LLC (11)	June 30, 2019	Cable Networks Operator
			12% Secured Debt (Maturity - June 28, 2024)		1,939		1,939		1,939
			Common Stock (10,429 shares)				256		256
							2,195		2,195

Harris Preston Fund Investments (12) (13)	August 9, 2017	Investment Partnership
			LP Interests (HPEP 3, L.P.) (Fully diluted 8.2%)				2,474		2,474

Hawk Ridge Systems, LLC (13)	December 2, 2016	Value-Added Reseller of Engineering Design and Manufacturing Solutions
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.71%, Secured Debt (Maturity - December 2, 2021) (9)		600		600		600
			11.00% Secured Debt (Maturity - December 2, 2021)		13,400		13,335		13,400
			Preferred Member Units (226 units) (8)				2,850		7,900
			Preferred Member Units (HRS Services, ULC) (226 units)				150		420
							16,935		22,320

Houston Plating and Coatings, LLC	January 8, 2003	Provider of Plating and Industrial Coating Services
			8.00% Unsecured Convertible Debt (Maturity - May 1, 2022)		3,000		3,000		4,260
			Member Units (322,297 units) (8)				2,352		10,330
							5,352		14,590

I-45 SLF LLC (12) (13)	October 20, 2015	Investment Partnership
			Member Units (Fully diluted 20.0%; 24.4% profits interest) (8)				17,000		14,407

L.F. Manufacturing Holdings, LLC (10)	December 23, 2013	Manufacturer of Fiberglass Products
			Preferred Member Units (non-voting; 14% cumulative) (8) (19)				81		81
			Member Units (2,179,001 units)				2,019		2,050
							2,100		2,131

OnAsset Intelligence, Inc.	April 18, 2011	Provider of Transportation Monitoring / Tracking Products and Services
			12.00% PIK Secured Debt (Maturity - June 30, 2021) (19)		6,474		6,474		6,474
			10.00% PIK Unsecured Debt (Maturity - June 30, 2021) (19)		58		58		58
			Preferred Stock (912 shares)				1,981		-
			Warrants (5,333 equivalent shares; Expiration - April 18, 2021; Strike price - $0.01 per share)				1,919		-
							10,432		6,532

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

PCI Holding Company, Inc.	December 18, 2012	Manufacturer of Industrial Gas Generating Systems
			12.00% Secured Debt (Maturity - March 31, 2020)		11,356		11,356		11,356
			Preferred Stock (1,740,000 shares) (non-voting)				1,740		4,350
			Preferred Stock (1,500,000 shares)				3,927		2,680
							17,023		18,386

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	January 8, 2013	Provider of Rigsite Accommodation Unit Rentals and Related Services
			12.00% Secured Debt (Maturity - January 8, 2018) (14) (15)		30,369		29,865		-
			Preferred Member Units (250 units)				2,500		-
							32,365		-

Salado Stone Holdings, LLC (10)	June 27, 2016	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units (Salado Acquisition, LLC) (2,000,000 units)				2,000		570

SI East, LLC	August 31, 2018	Rigid Industrial Packaging Manufacturing
			9.50% Secured Debt (Maturity - August 31, 2023)		32,963		32,687		32,963
			Preferred Member Units (157 units) (8)				6,000		8,200
							38,687		41,163

Slick Innovations, Inc.	September 13, 2018	Text Message Marketing Platform
			14.00% Secured Debt (Maturity - September 13, 2023)		6,360		6,197		6,197
			Common Stock (70,000 shares) (8)				700		1,080
			Warrants (18,084 equivalent units; Expiration - September 13, 2028; Strike price - $0.01 per unit)				181		290
							7,078		7,567

UniTek Global Services, Inc. (11)	April 15, 2011	Provider of Outsourced Infrastructure Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.41%, Secured Debt (Maturity - August 20, 2024) (9)		2,963		2,940		2,962
			Preferred Stock (755,401 shares; 20% cumulative) (8) (19)				809		1,889
			Preferred Stock (1,521,122 shares; 19% cumulative) (8) (19)				1,976		2,282
			Preferred Stock (2,281,682 shares; 19% cumulative) (8) (19)				3,667		3,667
			Preferred Stock (4,336,866 shares; 13.50% cumulative) (8) (19)				7,924		2,684
			Common Stock (945,507 shares)				-		-
							17,316		13,484

Universal Wellhead Services Holdings, LLC (10)	October 30, 2014	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
			Preferred Member Units (UWS Investments, LLC) (716,949 units; 14% cumulative) (8) (19)				1,032		800
			Member Units (UWS Investments, LLC) (4,000,000 units)				4,000		-
							5,032		800

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)
Volusion, LLC	January 26, 2015	Provider of Online Software-as-a-Service eCommerce Solutions
			11.50% Secured Debt (Maturity - January 26, 2020)		20,234		20,162		19,352
			8.00% Unsecured Convertible Debt (Maturity - November 16, 2023)		409		409		291
			Preferred Member Units (4,876,670 units)				14,000		14,000
			Warrants (1,831,355 equivalent units; Expiration - January 26, 2025; Strike price - $0.01 per unit)				2,576		150
							37,147		33,793
Subtotal Affiliate Investments (21.5% of net assets at fair value)						$	351,764	$	330,287
Non-Control/Non-Affiliate Investments (7)

AAC Holdings, Inc. (11)	June 30, 2017	Substance Abuse Treatment Service Provider
			LIBOR Plus 11.00% (Floor 1.00%), Current Coupon 13.03%, Secured Debt (Maturity - April 15, 2020) (9) (14)		2,227		2,068		2,172
			LIBOR Plus 12.75% (Floor 1.00%), Current Coupon 16.50%, Secured Debt (Maturity - June 30, 2023) (9) (14)		14,396		14,030		9,358
							16,098		11,530

Adams Publishing Group, LLC (10)	November 19, 2015	Local Newspaper Operator
			Prime Plus 5.00% (Floor 1.50%), Current Coupon 8.75%, Secured Debt (Maturity - July 3, 2023) (9)		5,000		4,930		5,000
			LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.44%, Secured Debt (Maturity - July 3, 2023) (9)		6,158		6,058		6,158
			LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.50%, Secured Debt (Maturity - July 3, 2023) (9)		197		197		197
							11,185		11,355

ADS Tactical, Inc. (10)	March 7, 2017	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			LIBOR Plus 6.25% (Floor 0.75%), Current Coupon 8.03%, Secured Debt (Maturity - July 26, 2023) (9)		19,843		19,703		19,843

Aethon United BR LP (10)	September 8, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.46%, Secured Debt (Maturity - September 8, 2023) (9)		9,750		9,630		9,531

Affordable Care Holding Corp. (10)	May 9, 2019	Dental Service Organization
			LIBOR Plus 4.75% (Floor 1.00%), Current Coupon 6.59%, Secured Debt (Maturity - October 22, 2022) (9)		14,396		14,126		14,036

ALKU, LLC. (11)	October 18, 2019	Specialty National Staffing Operator
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.44%, Secured Debt (Maturity - July 29, 2026) (9)		10,000		9,902		9,883

Allen Media, LLC. (11)	September 18, 2018	Operator of Cable Television Networks
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.48%, Secured Debt (Maturity - August 30, 2023) (9)		16,270		15,894		15,863

Allen Media Broadcasting LLC (10)	July 3, 2019	Operator of Television Broadcasting Networks
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.21%, Secured Debt (Maturity - July 3, 2024) (9)		14,906		14,565		14,565

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

American Nuts, LLC (10)	April 10, 2018	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.60%, Secured Debt (Maturity - April 10, 2023) (9)		12,243		12,002		12,233

American Teleconferencing Services, Ltd. (11)	May 19, 2016	Provider of Audio Conferencing and Video Collaboration Solutions
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.36%, Secured Debt (Maturity - June 8, 2023) (9)		17,389		16,421		10,460

APTIM Corp. (11)	August 17, 2018	Engineering, Construction & Procurement
			7.75% Secured Debt (Maturity - June 15, 2025)		12,452		10,836		7,471

Arcus Hunting LLC (10)	January 6, 2015	Manufacturer of Bowhunting and Archery Products and Accessories
			LIBOR Plus 10.00% (Floor 1.00%), Current Coupon 12.10%, Secured Debt (Maturity - January 13, 2020) (9)		13,857		13,856		13,856

ASC Ortho Management Company, LLC (10)	August 31, 2018	Provider of Orthopedic Services
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.60%, Secured Debt (Maturity - August 31, 2023) (9)		4,543		4,465		4,490
			13.25% PIK Secured Debt (Maturity - December 1, 2023) (19)		1,854		1,821		1,854
							6,286		6,344

ATI Investment Sub, Inc. (11)	July 11, 2016	Manufacturer of Solar Tracking Systems
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.01%, Secured Debt (Maturity - June 22, 2021) (9)		2,885		2,859		2,853

ATX Networks Corp. (11) (13) (21)	June 30, 2015	Provider of Radio Frequency Management Equipment
			LIBOR Plus 6.00% (Floor 1.00%) Current Coupon 7.94% / 1.00% PIK, Current Coupon Plus PIK 8.94% Secured Debt (Maturity - June 11, 2021) (9) (19)		13,593		13,414		12,743

Barfly Ventures, LLC (10)	August 31, 2015	Casual Restaurant Group
			12.00% Secured Debt (Maturity - August 31, 2020)		10,185		10,073		7,736
			Options (3 equivalent units)				607		-
			Warrant (2 equivalent unit; Expiration - August 31, 2025; Strike price - $1.00 per unit)				473		-
							11,153		7,736

Berry Aviation, Inc. (10)	July 6, 2018	Charter Airline Services
			10.50% Current / 1.5% PIK, Secured Debt (Maturity - January 6, 2024) (19)		4,554		4,518		4,554
			Preferred Member Units (Berry Acquisition, LLC) (122,416 units; 16% cumulative) (8) (19)				125		125
			Preferred Member Units (Berry Acquisition, LLC) (1,548,387 units; 8% cumulative) (8) (19)				1,671		776
							6,314		5,455

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

BigName Commerce, LLC (10)	May 11, 2017	Provider of Envelopes and Complimentary Stationery Products
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.35%, Secured Debt (Maturity - May 11, 2022) (9)		2,233		2,218		2,233

Binswanger Enterprises, LLC (10)	March 10, 2017	Glass Repair and Installation Service Provider
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.41%, Secured Debt (Maturity - March 9, 2022) (9)		13,731		13,443		13,731
			Member Units (1,050,000 units)				1,050		950
							14,493		14,681

Bluestem Brands, Inc. (11)	December 19, 2013	Multi-Channel Retailer of General Merchandise
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.31%, Secured Debt (Maturity - November 6, 2020) (9)		10,622		10,571		7,973

Bojangles', Inc. (11)	February 5, 2019	Quick Service Restaurant Group
			LIBOR Plus 4.75%, Current Coupon 6.50%, Secured Debt (Maturity - January 28, 2026)		7,782		7,642		7,827
			LIBOR Plus 8.50%, Current Coupon 10.25%, Secured Debt (Maturity - January 28, 2027)		5,000		4,907		5,012
							12,549		12,839

Brainworks Software, LLC (10)	August 12, 2014	Advertising Sales and Newspaper Circulation Software
			4.00% Secured Debt (Maturity - July 22, 2019) (9) (17)		6,733		6,733		5,955

Brightwood Capital Fund Investments (12) (13)	July 21, 2014	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP) (Fully diluted 1.6%) (8)				11,160		9,005
			LP Interests (Brightwood Capital Fund IV, LP) (Fully diluted 0.6%) (8)				4,500		4,504
							15,660		13,509

Cadence Aerospace LLC (10)	November 14, 2017	Aerostructure Manufacturing
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.40%, Secured Debt (Maturity - November 14, 2023) (9)		25,287		25,089		25,287

California Pizza Kitchen, Inc. (11)	August 29, 2016	Casual Restaurant Group
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.91%, Secured Debt (Maturity - August 23, 2022) (9)		14,599		14,501		12,739

Central Security Group, Inc. (11)	December 4, 2017	Security Alarm Monitoring Service Provider
			LIBOR Plus 5.63% (Floor 1.00%), Current Coupon 7.38%, Secured Debt (Maturity - October 6, 2021) (9)		13,776		13,734		11,985

Cenveo Corporation (11)	September 4, 2015	Provider of Digital Marketing Agency Services
			LIBOR Plus 9.50% (Floor 1.00%), Current Coupon 11.45%, Secured Debt (Maturity - June 7, 2023) (9)		5,674		5,498		5,674
			Common Stock (177,130 shares)				5,309		2,923
							10,807		8,597

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Chisholm Energy Holdings, LLC (10)	May 15, 2019	Oil & Gas Exploration & Production
			LIBOR Plus 6.25% (Floor 1.50%), Current Coupon 8.16%, Secured Debt (Maturity - May 15, 2026) (9)		3,571		3,488		3,488

Clarius BIGS, LLC (10)	September 23, 2014	Prints & Advertising Film Financing
			15% PIK Secured Debt (Maturity - January 5, 2015) (14) (17)		2,846		2,846		40

Clickbooth.com, LLC (10)	December 5, 2017	Provider of Digital Advertising Performance Marketing Solutions
			LIBOR Plus 8.50% (Floor 1.00%), Current Coupon 10.59%, Secured Debt (Maturity - December 5, 2022) (9)		2,663		2,625		2,663

Construction Supply Investments, LLC (10)	December 29, 2016	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
			Member Units (46,152 units)				4,866		7,667

Corel Corporation (11) (13) (21)	July 24, 2019	Publisher of Desktop and Cloud-based Software
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.91%, Secured Debt (Maturity - July 2, 2026) (9)		15,000		14,293		14,531

CTVSH, PLLC (10)	August 3, 2017	Emergency Care and Specialty Service Animal Hospital
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.91%, Secured Debt (Maturity - August 3, 2022) (9)		10,099		10,039		10,099

Darr Equipment LP (10)	April 15, 2014	Heavy Equipment Dealer
			11.5% Current / 1% PIK Secured Debt (Maturity - June 22, 2023) (19)		5,899		5,899		5,899
			Warrants (915,734 equivalent units; Expiration - December 23, 2023; Strike price - $1.50 per unit)				474		300
							6,373		6,199

Digital River, Inc. (11)	February 24, 2015	Provider of Outsourced e-Commerce Solutions and Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.90%, Secured Debt (Maturity - February 12, 2021) (9)		15,876		15,771		15,837

DTE Enterprises, LLC (10)	April 13, 2018	Industrial Powertrain Repair and Services
			LIBOR Plus 7.50% (Floor 1.50%), Current Coupon 9.24%, Secured Debt (Maturity - April 13, 2023) (9)		10,992		10,827		10,982
			Class AA Preferred Member Units (non-voting; 10% cumulative) (8) (19)				860		860
			Class A Preferred Member Units (776,316 units)				776		1,490
							12,463		13,332

Dynamic Communities, LLC (10)	July 17, 2018	Developer of Business Events and Online Community Groups
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.75%, Secured Debt (Maturity - July 17, 2023) (9)		5,460		5,375		5,458

Echo US Holdings, LLC. (10)	November 12, 2019	Developer and Manufacturer of PVC and Polypropylene Materials
			LIBOR Plus 6.25% (Floor 1.63%), Current Coupon 7.96%, Secured Debt (Maturity - October 25, 2024) (9)		22,414		22,292		22,292

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

EnCap Energy Fund Investments (12) (13)	December 28, 2010	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.) (Fully diluted 0.1%) (8)				3,617		1,354
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.) (Fully diluted 0.4%)				2,097		703
			LP Interests (EnCap Energy Capital Fund IX, L.P.) (Fully diluted 0.1%) (8)				4,360		2,780
			LP Interests (EnCap Energy Capital Fund X, L.P.) (Fully diluted 0.1%) (8)				8,427		8,822
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.) (Fully diluted 0.8%) (8)				7,337		5,669
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.) (Fully diluted 0.2%) (8)				6,674		6,677
							32,512		26,005

Encino Acquisition Partners Holdings, Inc. (11)	November 16, 2018	Oil & Gas Exploration & Production
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.50%, Secured Debt (Maturity - October 29, 2025) (9)		9,000		8,921		6,795

EPIC Y-Grade Services, LP (11)	June 22, 2018	NGL Transportation & Storage
			LIBOR Plus 6.00%, Current Coupon 8.04%, Secured Debt (Maturity - June 13, 2024)		10,275		10,116		10,050

Evergreen Skills Lux S.á r.l. (d/b/a Skillsoft) (11) (13)	May 5, 2014	Technology-based Performance Support Solutions
			LIBOR Plus 8.25% (Floor 1.00%), Current Coupon 10.45%, Secured Debt (Maturity - April 28, 2022) (9)		6,999		6,928		1,965

Felix Investments Holdings II (10)	August 9, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.40%, Secured Debt (Maturity - August 9, 2022) (9)		5,000		4,944		5,000

Flavors Holdings Inc. (11)	October 15, 2014	Global Provider of Flavoring and Sweetening Products
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.77%, Secured Debt (Maturity - April 3, 2020) (9)		11,297		11,247		10,619

Fortna, Inc. (10)	July 23, 2019	Process, Physical Distribution and Logistics Consulting Services
			LIBOR Plus 5.00%, Current Coupon 6.75%, Secured Debt (Maturity - April 8, 2025)		7,751		7,577		7,577

GeoStabilization International (GSI) (11)	December 31, 2018	Geohazard Engineering Services & Maintenance
			LIBOR Plus 5.25%, Current Coupon 7.05%, Secured Debt (Maturity - December 19, 2025)		16,376		16,230		16,335

GoWireless Holdings, Inc. (11)	December 31, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.25%, Secured Debt (Maturity - December 22, 2024) (9)		18,120		17,964		17,471

Grupo Hima San Pablo, Inc. (11)	March 7, 2013	Tertiary Care Hospitals
			LIBOR Plus 7.00% (Floor 1.50%), Current Coupon 8.91%, Secured Debt (Maturity - April 30, 2019) (9) (17)		4,504		4,504		3,343
			13.75% Secured Debt (Maturity - October 15, 2018) (17)		2,055		2,040		167
							6,544		3,510

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

GS HVAM Intermediate, LLC (10)	October 18, 2019	Specialized Food Distributor
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.51%, Secured Debt (Maturity - October 2, 2024) (9)		11,364		11,233		11,233

HDC/HW Intermediate Holdings (10)	December 21, 2018	Managed Services and Hosting Provider
			LIBOR Plus 7.50% (Floor 1.00%), Current Coupon 9.53%, Secured Debt (Maturity - December 21, 2023) (9)		3,498		3,440		3,493

Hoover Group, Inc. (10) (13)	October 21, 2016	Provider of Storage Tanks and Related Products to the Energy and Petrochemical Markets
			LIBOR Plus 7.25% (Floor 1.00%), Current Coupon 9.26%, Secured Debt (Maturity - January 28, 2021) (9)		20,764		20,119		19,206

Hunter Defense Technologies, Inc. (10)	March 29, 2018	Provider of Military and Commercial Shelters and Systems
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 9.02%, Secured Debt (Maturity - March 29, 2023) (9)		29,097		28,659		29,097

HW Temps LLC	July 2, 2015	Temporary Staffing Solutions
			8.00% Secured Debt (Maturity - March 29, 2023)		10,181		10,025		8,913

Hydrofarm Holdings LLC (10)	May 18, 2017	Wholesaler of Horticultural Products
			LIBOR Plus 10.00%, Current Coupon 3.54% / 8.26% PIK, Current Coupon Plus PIK 11.80% Secured Debt (Maturity - May 12, 2022) (19)		7,660		7,547		6,414

Hyperion Materials & Technologies, Inc. (11) (13)	September 12, 2019	Manufacturer of Cutting and Machine Tools & Speciality Polishing Compounds
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.25%, Secured Debt (Maturity - August 28, 2026) (9)		22,500		22,066		22,275

iEnergizer Limited (10) (13) (21)	April 17, 2019	Provider of Business Outsourcing Solutions
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.79%, Secured Debt (Maturity - April 17, 2024) (9)		12,963		12,848		12,962

Implus Footcare, LLC (10)	June 1, 2017	Provider of Footwear and Related Accessories
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.27%, Secured Debt (Maturity - April 30, 2024) (9)		18,577		18,178		18,217

Independent Pet Partners Intermediate Holdings, LLC (10)	November 20, 2018	Omnichannel Retailer of Specialty Pet Products
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 11.28%, Secured Debt (Maturity - November 19, 2023) (9)		18,799		18,487		18,799
			Member Units (1,558,333 units)				1,558		1,260
							20,045		20,059

Industrial Services Acquisition, LLC (10)	June 17, 2016	Industrial Cleaning Services
			6% Current / 7% PIK Unsecured Debt (Maturity - December 17, 2022) (19)		5,242		5,174		5,242
			Preferred Member Units (Industrial Services Investments, LLC) (144 units; 10% cumulative) (8) (19)				103		103
			Preferred Member Units (Industrial Services Investments, LLC) (80 units; 20% cumulative) (8) (19)				60		60
			Member Units (Industrial Services Investments, LLC) (900 units)				900		510
							6,237		5,915

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Inn of the Mountain Gods Resort and Casino (11)	October 30, 2013	Hotel & Casino Owner & Operator
			9.25% Secured Debt (Maturity - November 30, 2020)		7,762		7,584		7,684

Interface Security Systems, L.L.C (10)	August 7, 2019	Commercial Security & Alarm Services
			LIBOR Plus 7.00% (Floor 1.75%), Current Coupon 8.77%, Secured Debt (Maturity - August 7, 2023) (9)		7,500		7,363		7,363

Intermedia Holdings, Inc. (11)	August 3, 2018	Unified Communications as a Service
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - July 19, 2025) (9)		20,130		20,033		20,180

Invincible Boat Company, LLC. (10)	August 28, 2019	Manufacturer of Sport Fishing Boats
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.53%, Secured Debt (Maturity - August 28, 2025) (9)		9,872		9,773		9,773

Isagenix International, LLC (11)	June 21, 2018	Direct Marketer of Health & Wellness Products
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.77%, Secured Debt (Maturity - June 14, 2025) (9)		5,943		5,893		4,273

JAB Wireless, Inc. (10)	May 2, 2018	Fixed Wireless Broadband Provider
			LIBOR Plus 8.00% (Floor 1.00%), Current Coupon 9.74%, Secured Debt (Maturity - May 2, 2023) (9)		14,775		14,669		14,775

Jackmont Hospitality, Inc. (10)	May 26, 2015	Franchisee of Casual Dining Restaurants
			LIBOR Plus 6.75% (Floor 1.00%), Current Coupon 8.45%, Secured Debt (Maturity - May 26, 2021) (9)		4,059		4,055		4,059

Joerns Healthcare, LLC (11)	April 3, 2013	Manufacturer and Distributor of Health Care Equipment & Supplies
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.91% Secured Debt (Maturity - August 21, 2024) (9)		4,016		3,942		3,942
			Common Stock (472,579 shares)				4,429		4,429
							8,371		8,371

Kemp Technologies Inc. (10)	June 27, 2019	Provider of Application Delivery Controllers
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - March 29, 2024) (9)		7,462		7,326		7,463

Kore Wireless Group Inc. (11)	December 31, 2018	Mission Critical Software Platform
			LIBOR Plus 5.50%, Current Coupon 7.52%, Secured Debt (Maturity - December 20, 2024)		19,285		19,189		19,164

Larchmont Resources, LLC (11)	August 13, 2013	Oil & Gas Exploration & Production
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.89%, Secured Debt (Maturity - August 7, 2020) (9)		2,145		2,145		1,990
			Member Units (Larchmont Intermediate Holdco, LLC) (2,828 units)				353		707
							2,498		2,697

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Laredo Energy VI, LP (10)	January 15, 2019	Oil & Gas Exploration & Production
			LIBOR Plus 9.63% (Floor 2.00%), Current Coupon 5.38% / 6.26% PIK, Current Coupon Plus PIK 11.64%, Secured Debt (Maturity - November 19, 2021) (9) (19)		11,312		11,166		10,638

Lightbox Holdings, L.P. (11)	May 23, 2019	Provider of Commercial Real Estate Software
			LIBOR Plus 5.00%, Current Coupon 6.74%, Secured Debt (Maturity - May 9, 2026)		14,925		14,713		14,738

LKCM Headwater Investments I, L.P. (12) (13)	January 25, 2013	Investment Partnership
			LP Interests (Fully diluted 2.3%) (8)				1,746		3,682

LL Management, Inc. (10)	May 2, 2019	Medical Transportation Service Provider
			LIBOR Plus 6.50% (Floor 1.00%), Current Coupon 8.56%, Secured Debt (Maturity - September 25, 2023) (9)		13,754		13,625		13,751

Logix Acquisition Company, LLC (10)	June 24, 2016	Competitive Local Exchange Carrier
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.50%, Secured Debt (Maturity - December 22, 2024) (9)		18,381		18,199		18,197

Looking Glass Investments, LLC (12) (13)	July 1, 2015	Specialty Consumer Finance
			Member Units (2.5 units)				125		25
			Member Units (LGI Predictive Analytics LLC) (190,712 units)				49		16
							174		41

LSF9 Atlantis Holdings, LLC (11)	May 17, 2017	Provider of Wireless Telecommunications Carrier Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.74%, Secured Debt (Maturity - May 1, 2023) (9)		9,458		9,458		8,761

Lulu's Fashion Lounge, LLC (10)	August 31, 2017	Fast Fashion E-Commerce Retailer
			LIBOR Plus 9.00% (Floor 1.00%), Current Coupon 10.75%, Secured Debt (Maturity - August 28, 2022) (9)		11,335		11,070		11,109

Lynx FBO Operating LLC (10)	September 30, 2019	Fixed Based Operator in the General Aviation Industry
			LIBOR Plus 5.75% (Floor 1.00%), Current Coupon 7.86%, Secured Debt (Maturity - September 30, 2024) (9)		13,750		13,451		13,451
			Member Units (3,704 units)				500		500
							13,951		13,951

Mac Lean-Fogg Company (10)	April 22, 2019	Manufacturer and Supplier for Auto and Power Markets
			LIBOR Plus 5.00%, Current Coupon 6.75%, Secured Debt (Maturity - December 22, 2025)		16,648		16,528		16,643
			Preferred Stock (1,516 shares; 4.50% Cash / 9.25% PIK cumulative) (8) (19)		1,775		1,775		1,775
							18,303		18,418

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

MHVC Acquisition Corp. (11)	May 8, 2017	Provider of differentiated information solutions, systems engineering, and analytics
			LIBOR Plus 5.25% (Floor 1.00%), Current Coupon 7.01%, Secured Debt (Maturity - April 29, 2024) (9)		19,950		19,855		19,950

Mills Fleet Farm Group, LLC (10)	October 24, 2018	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.29% / 0.75% PIK, Current Coupon Plus PIK 9.04%, Secured Debt (Maturity - October 24, 2024) (9) (19)		14,879		14,556		14,187

NBG Acquisition Inc (11)	April 28, 2017	Wholesaler of Home Décor Products
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.52%, Secured Debt (Maturity - April 26, 2024) (9)		4,181		4,134		3,247

NinjaTrader, LLC (10)	December 18, 2019	Operator of Futures Trading Platform
			LIBOR Plus 6.00% (Floor 1.50%), Current Coupon 7.90%, Secured Debt (Maturity - December 18, 2024) (9)		9,675		9,490		9,490

NNE Partners, LLC (10)	March 2, 2017	Oil & Gas Exploration & Production
			LIBOR Plus 8.00%, Current Coupon 9.91%, Secured Debt (Maturity - March 2, 2022)		23,417		23,268		23,147

North American Lifting Holdings, Inc. (11)	February 26, 2015	Crane Service Provider
			LIBOR Plus 4.50% (Floor 1.00%), Current Coupon 6.52%, Secured Debt (Maturity - November 27, 2020) (9)		7,584		7,300		6,417

Novetta Solutions, LLC (11)	June 21, 2017	Provider of Advanced Analytics Solutions for Defense Agencies
			LIBOR Plus 5.00% (Floor 1.00%), Current Coupon 6.76%, Secured Debt (Maturity - October 17, 2022) (9)		21,060		20,673		20,749

NTM Acquisition Corp. (11)	July 12, 2016	Provider of B2B Travel Information Content
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.00%, Secured Debt (Maturity - June 7, 2022) (9)		4,879		4,874		4,879

Ospemifene Royalty Sub LLC (QuatRx) (10)	July 8, 2013	Estrogen-Deficiency Drug Manufacturer and Distributor
			11.5% Secured Debt (Maturity - November 15, 2026) (14)		4,868		4,868		463

PaySimple, Inc. (10)	September 9, 2019	Leading technology services commerce platform
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.28%, Secured Debt (Maturity - August 23, 2025) (9)		15,845		15,586		15,766

Permian Holdco 2, Inc. (11)	February 12, 2013	Storage Tank Manufacturer
			14.00% PIK Unsecured Debt (Maturity - October 15, 2021) (19)		456		456		341
			18.00% PIK Unsecured Debt (Maturity - June 30, 2022) (19)		319		319		319
			Preferred Stock (Permian Holdco 1, Inc.) (154,558 units)				799		100
							1,574		760

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2019

(dollars in thousands)


Portfolio Company (1) (20)	Investment Date (26)	Business Description	Type of Investment (2) (3) (25)	Principal (4)		Cost (4)		Fair Value (18)

Point.360 (10)	July 8, 2015	Fully Integrated Provider of Digital Media Services
			Warrants (65,463 equivalent shares; Expiration - July 7, 2020; Strike price - $0.75 per share)				69		-
			Common Stock (163,658 shares)				273		-
							342		-

PricewaterhouseCoopers Public Sector LLP (11)	May 24, 2018	Provider of Consulting Services to Governments
			LIBOR Plus 8.00%, Current Coupon 9.75%, Secured Debt (Maturity - May 1, 2026)		9,000		8,965		8,865

PT Network, LLC (10)	November 1, 2013	Provider of Outpatient Physical Therapy and Sports Medicine Services
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.44% / 2.00% PIK, Current Coupon Plus PIK 9.44%, Secured Debt (Maturity - November 30, 2023) (9) (19)		8,491		8,491		8,414

Research Now Group, Inc. and Survey Sampling International, LLC (11)	December 31, 2017	Provider of Outsourced Online Surveying
			LIBOR Plus 5.50% (Floor 1.00%), Current Coupon 7.41%, Secured Debt (Maturity - December 20, 2024) (9)		18,115		17,590		18,140

RM Bidder, LLC (10)	November 12, 2015	Scripted and Unscripted TV and Digital Programming Provider
			Warrants (327,532 equivalent units; Expiration - October 20, 2025; Strike price - $14.28 per unit)				425		-
			Member Units (2,779 units)				46		18
							471		18

SAFETY Investment Holdings, LLC	April 29, 2016	Provider of Intelligent Driver Record Monitoring Software and Services
			Member Units (2,000,000 units)				2,000		2,380

Salient Partners L.P. (11)	June 25, 2015	Provider of Asset Management Services
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.69%, Secured Debt (Maturity - June 9, 2021) (9)		6,675		6,657		6,675

SMART Modular Technologies, Inc. (10) (13)	August 18, 2017	Provider of Specialty Memory Solutions
			LIBOR Plus 6.25% (Floor 1.00%), Current Coupon 8.16%, Secured Debt (Maturity - August 9, 2022) (9)		18,484		18,332		18,669

Staples Canada ULC (10) (13) (21)	September 14, 2017	Office Supplies Retailer
			LIBOR Plus 7.00% (Floor 1.00%), Current Coupon 8.98%, Secured Debt (Maturity - September 12, 2024) (9) (22)		14,546		14,348		13,530

TE Holdings, LLC (11)	December 5, 2013	Oil & Gas Exploration & Production
			Member Units (97,048 units)				970		-

TEAM Public Choices, LLC (10)	October 28, 2019	Home-Based Care Employment Service Provider
			LIBOR Plus 6.00% (Floor 1.00%), Current Coupon 7.75%, Secured Debt (Maturity - September 20, 2024) (9)		16,844		16,680		16,680


(Mark One)
⌧	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
◻	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: to


Maryland (State or other jurisdiction of incorporation or organization)	41-2230745 (I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8^th Floor Houston, TX (Address of principal executive offices)	77056 (Zip Code)

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


Large accelerated filer ⌧	Accelerated filer ◻	Non-accelerated filer ◻	Smaller reporting company ◻ Emerging growth company ◻


	PART I
	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—September 30, 2020 (unaudited) and December 31, 2019	1
	Consolidated Statements of Operations (unaudited)—Three and nine months ended September 30, 2020 and 2019	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Nine months ended September 30, 2020 and 2019	3
	Consolidated Statements of Cash Flows (unaudited)—Nine months ended September 30, 2020 and 2019	4
	Consolidated Schedule of Investments (unaudited)—September 30, 2020	5
	Consolidated Schedule of Investments—December 31, 2019	28
	Notes to Consolidated Financial Statements (unaudited)	51
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Nine months ended September 30, 2020 and 2019	85
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	95
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	115
Item 4.	Controls and Procedures	116
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	116
Item 1A.	Risk Factors	117
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	117
Item 5.	Other Information	117
Item 6.	Exhibits	118
	Signatures	119

	average annual stated interest rate in effect at September 30, 2020. As noted in this schedule, 58% of the loans (based on the par amount) contain LIBOR floors which range between 0.50% and 2.00%, with a weighted-average LIBOR floor of approximately 1.09%.
(10)	Private Loan portfolio investment. See Note B for a description of Private Loan portfolio investments.
(11)	Middle Market portfolio investment. See Note B for a description of Middle Market portfolio investments.
(12)	Other Portfolio investment. See Note B for a description of Other Portfolio investments.
(13)	Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)	Non-accrual and non-income producing investment.
(15)	Portfolio company is in a bankruptcy process and, as such, the maturity date of our debt investment in this portfolio company will not be finally determined until such process is complete. As noted in footnote (14), our debt investment in this portfolio company is on non-accrual status.
(16)	External Investment Manager. Investment is not encumbered as security for the Company's Credit Facility 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 for further discussion.
(19)	PIK interest income and cumulative dividend income represent income not paid currently in cash.
(20)	All portfolio company headquarters are based in the United States, unless otherwise noted.
(21)	Portfolio company headquarters are located outside of the United States.
(22)	In connection with the Company's debt investment in Staples Canada ULC and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $16.3 million Canadian Dollars and receive $12.4 million U.S. Dollars with a settlement date of September 14, 2021. The unrealized appreciation on the forward foreign currency contract is $0.2 million as of September 30, 2020.
(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 LIBOR plus 8.50% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(24)	Investment has an unfunded commitment as of September 30, 2020 (see Note K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(25)	All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(26)	Investment date represents the date of initial investment in the portfolio company.