Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(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, 2021

OR

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

For the transition period from:             to             

Commission File Number: 001-33723

Main Street Capital Corporation

(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction of
incorporation or organization)

41-2230745
(I.R.S. Employer
Identification No.)

1300 Post Oak Boulevard, 8th Floor
Houston, TX
(Address of principal executive offices)

77056
(Zip Code)

(713) 350-6000

(Registrant’s telephone number including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

  

Trading Symbol

 

Name of Each Exchange on Which
Registered

Common Stock, par value $0.01 per share

MAIN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company
Emerging growth company

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

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

The number of shares outstanding of the issuer’s common stock as of November 4, 2021 was 69,583,191.


Table of Contents

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Balance Sheets—September 30, 2021 (unaudited) and December 31, 2020

1

Consolidated Statements of Operations (unaudited)—Three and nine months ended September 30, 2021 and 2020

2

Consolidated Statements of Changes in Net Assets (unaudited)—Nine months ended September 30, 2021 and 2020

3

Consolidated Statements of Cash Flows (unaudited)—Nine months ended September 30, 2021 and 2020

4

Consolidated Schedule of Investments (unaudited)—September 30, 2021

5

Consolidated Schedule of Investments—December 31, 2020

30

Notes to Consolidated Financial Statements (unaudited)

54

Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Nine months ended September 30, 2021 and 2020

90

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

102

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

122

Item 4.

Controls and Procedures

122

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

122

Item 1A.

Risk Factors

122

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

123

Item 6.

Exhibits

124

Signatures

125


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

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

September 30, 

December 31, 

    

2021

    

2020

(Unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost: $988,222 and $831,490 as of September 30, 2021 and December 31, 2020, respectively)

$

1,336,218

$

1,113,725

Affiliate investments (cost: $505,935 and $416,479 as of September 30, 2021 and December 31, 2020, respectively)

 

485,139

 

366,301

Non‑Control/Non‑Affiliate investments (cost: $1,338,405 and $1,268,740 as of September 30, 2021 and December 31, 2020, respectively)

 

1,295,747

 

1,204,840

Total investments (cost: $2,832,562 and $2,516,709 as of September 30, 2021 and December 31, 2020, respectively)

 

3,117,104

 

2,684,866

Cash and cash equivalents

 

59,569

 

31,919

Interest receivable and other assets

 

51,172

 

49,761

Receivable for securities sold

 

11,467

 

Deferred financing costs (net of accumulated amortization of $9,219 and $8,477 as of September 30, 2021 and December 31, 2020, respectively)

 

4,460

 

2,818

Total assets

$

3,243,772

$

2,769,364

LIABILITIES

 

 

Credit facility

$

200,000

$

269,000

SBIC debentures (par: $350,000 and $309,800 as of September 30, 2021 and December 31, 2020, respectively)

 

342,435

 

303,972

5.20% Notes due 2024 (par: $450,000 as of both September 30, 2021 and December 31, 2020)

 

451,408

 

451,817

4.50% Notes due 2022 (par: $185,000 as of both September 30, 2021 and December 31, 2020)

 

184,292

 

183,836

3.00% Notes due 2026 (par: $300,000 as of September 30, 2021)

 

295,445

 

Accounts payable and other liabilities

 

27,904

 

20,833

Payable for securities purchased

 

5,084

 

Interest payable

 

15,303

 

8,658

Dividend payable

 

14,553

 

13,889

Deferred tax liability, net

 

23,041

 

2,592

Total liabilities

 

1,559,465

 

1,254,597

Commitments and contingencies (Note K)

 

 

NET ASSETS

 

 

Common stock, $0.01 par value per share (150,000,000 shares authorized; 69,346,340 and 67,674,853 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)

 

694

 

677

Additional paid‑in capital

 

1,675,917

 

1,615,940

Total undistributed (overdistributed) earnings

 

7,696

 

(101,850)

Total net assets

 

1,684,307

 

1,514,767

Total liabilities and net assets

$

3,243,772

$

2,769,364

NET ASSET VALUE PER SHARE

$

24.27

$

22.35

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

1


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, 

    

2021

    

2020

    

2021

    

2020

INVESTMENT INCOME:

 

  

 

  

 

  

 

  

Interest, fee and dividend income:

 

  

 

  

 

  

 

  

Control investments

$

34,852

$

18,558

$

85,904

$

57,357

Affiliate investments

 

12,274

 

8,255

 

34,785

 

23,626

Non‑Control/Non‑Affiliate investments

 

29,653

 

25,141

 

86,192

 

79,126

Total investment income

 

76,779

 

51,954

 

206,881

 

160,109

EXPENSES:

 

 

 

 

Interest

 

(14,711)

 

(12,489)

 

(42,914)

 

(36,827)

Compensation

 

(9,576)

 

(4,980)

 

(22,790)

 

(12,280)

General and administrative

 

(3,047)

 

(3,354)

 

(9,439)

 

(9,827)

Share‑based compensation

 

(2,869)

 

(2,561)

 

(7,961)

 

(8,215)

Expenses allocated to the External Investment Manager

 

2,728

 

1,892

 

7,680

 

5,340

Total expenses

 

(27,475)

 

(21,492)

 

(75,424)

 

(61,809)

NET INVESTMENT INCOME

 

49,304

 

30,462

 

131,457

 

98,300

NET REALIZED GAIN (LOSS):

 

 

 

 

Control investments

 

8,786

 

4,041

 

(4,459)

 

(15,825)

Affiliate investments

 

(5,147)

 

(172)

 

3,962

 

(407)

Non‑Control/Non‑Affiliate investments

 

4,666

 

(17,743)

 

11,072

 

(28,091)

Realized loss on extinguishment of debt

 

 

 

 

(534)

Total net realized gain (loss)

 

8,305

 

(13,874)

 

10,575

 

(44,857)

NET UNREALIZED APPRECIATION (DEPRECIATION):

 

 

 

 

Control investments

 

20,671

 

7,139

 

65,756

 

(35,096)

Affiliate investments

 

14,285

 

2,406

 

30,518

 

(26,883)

Non‑Control/Non‑Affiliate investments

 

3,675

 

53,569

 

20,798

 

(56,051)

SBIC debentures

 

 

 

 

460

Total net unrealized appreciation (depreciation)

 

38,631

 

63,114

 

117,072

 

(117,570)

INCOME TAXES:

 

 

 

 

Federal and state income, excise and other taxes

 

(953)

 

(1,165)

 

(2,242)

 

(1,420)

Deferred taxes

 

(11,331)

 

(342)

 

(20,449)

 

15,673

Income tax benefit (provision)

 

(12,284)

 

(1,507)

 

(22,691)

 

14,253

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

83,956

$

78,195

$

236,413

$

(49,874)

NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED

$

0.71

$

0.46

$

1.92

$

1.50

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER
SHARE—BASIC AND DILUTED

$

1.22

$

1.18

$

3.45

$

(0.76)

WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED

 

69,021,826

 

66,110,555

 

68,557,362

 

65,319,784

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

2


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

PaidIn

(Overdistributed)

Total Net

    

Shares

    

Value

    

Capital

    

Earnings

    

Asset Value

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

 

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

205,949

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

66,093,440

$

661

$

1,569,642

$

(147,121)

$

1,423,182

Balances at December 31, 2020

 

67,762,032

$

677

$

1,615,940

$

(101,850)

$

1,514,767

Public offering of common stock, net of offering costs

117,388

 

2

 

3,626

 

 

3,628

Share‑based compensation

 

 

2,333

 

 

2,333

Purchase of vested stock for employee payroll tax withholding

(180)

 

 

(7)

 

 

(7)

Dividend reinvestment

106,651

 

1

 

3,698

 

 

3,699

Amortization of directors’ deferred compensation

 

 

195

 

 

195

Issuance of restricted stock

15,007

 

 

 

 

Dividends to stockholders

 

 

96

 

(41,893)

 

(41,797)

Net increase resulting from operations

 

 

-

 

57,346

 

57,346

Balances at March 31, 2021

68,000,898

$

680

$

1,625,881

$

(86,397)

$

1,540,164

Public offering of common stock, net of offering costs

231,795

 

2

 

9,396

 

 

9,398

Share‑based compensation

 

 

2,759

 

 

2,759

Purchase of vested stock for employee payroll tax withholding

(114,357)

 

(1)

 

(4,464)

 

 

(4,465)

Dividend reinvestment

91,632

 

1

 

3,755

 

 

3,756

Amortization of directors’ deferred compensation

 

 

163

 

 

163

Issuance of restricted stock, net of forfeited shares

321,821

 

3

 

(3)

 

 

Dividends to stockholders

 

 

96

 

(42,140)

 

(42,044)

Net increase resulting from operations

 

 

 

95,110

 

95,110

Balances at June 30, 2021

68,531,789

$

685

$

1,637,583

$

(33,427)

$

1,604,841

Public offering of common stock, net of offering costs

772,274

 

8

 

31,812

 

 

31,820

Share‑based compensation

 

 

2,869

 

 

2,869

Purchase of vested stock for employee payroll tax withholding

(13,818)

 

 

(575)

 

 

(575)

Dividend reinvestment

95,364

 

1

 

3,984

 

 

3,985

Amortization of directors’ deferred compensation

 

 

147

 

 

147

Issuance of restricted stock, net of forfeited shares

23,036

 

 

 

 

Dividends to stockholders

 

 

97

 

(42,833)

 

(42,736)

Net increase resulting from operations

 

 

 

83,956

 

83,956

Balances at September 30, 2021

69,408,645

$

694

$

1,675,917

$

7,696

$

1,684,307

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

3


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Cash Flows

(dollars in thousands)

(Unaudited)

Nine Months Ended

    

September 30, 

2021

   

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net increase (decrease) in net assets resulting from operations

$

236,413

$

(49,874)

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

(911,095)

(414,574)

Proceeds from sales and repayments of debt investments in portfolio companies

530,964

255,147

Proceeds from sales and return of capital of equity investments in portfolio companies

83,376

21,210

Net unrealized (appreciation) depreciation

(117,072)

117,570

Net realized (gain) loss

(10,575)

44,857

Accretion of unearned income

(10,972)

(8,239)

Payment-in-kind interest

(6,280)

(3,816)

Cumulative dividends

(1,296)

(1,404)

Share-based compensation expense

7,961

8,215

Amortization of deferred financing costs

2,277

1,986

Deferred tax (benefit) provision

20,449

(15,673)

Changes in other assets and liabilities:

Interest receivable and other assets

(669)

12,661

Interest payable

6,645

6,100

Accounts payable and other liabilities

7,576

(4,739)

Deferred fees and other

3,586

2,296

Net cash used in operating activities

(158,712)

(28,277)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from public offering of common stock, net of offering costs

44,846

37,614

Proceeds from public offering of 5.20% Notes due 2024

-

125,000

Proceeds from public offering of 3.00% Notes due 2026

300,000

-

Dividends paid

(114,471)

(107,673)

Proceeds from issuance of SBIC debentures

80,200

35,000

Repayments of SBIC debentures

(40,000)

(42,000)

Proceeds from credit facility

645,000

292,000

Repayments on credit facility

(714,000)

(339,000)

Debt issuance premiums (costs), net

(10,166)

978

Purchases of vested stock for employee payroll tax withholding

(5,047)

(1,767)

Net cash provided by financing activities

186,362

152

Net increase (decrease) in cash and cash equivalents

27,650

(28,125)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

31,919

55,246

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

59,569

$

27,121

Supplemental cash flow disclosures:

Interest paid

$

33,898

$

28,646

Taxes paid

$

2,046

$

2,439

Operating non-cash activities:

Value of shares issued pursuant to the DRIP

$

11,440

$

12,219

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

4


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Control Investments (5)

Analytical Systems Keco Holdings, LLC

August 16, 2019

Manufacturer of Liquid and Gas Analyzers

Secured Debt

(9)

12.00% (L+10.00%, Floor 2.00%)

8/16/2024

$

5,015

$

4,787

$

4,787

Preferred Member Units

3,200

3,200

-

Preferred Member Units

2,427

2,427.00

4,783

Warrants

(27)

420

8/16/2029

316

-

10,730

9,570

ASC Interests, LLC

August 1, 2013

Recreational and Educational Shooting Facility

Secured Debt

13.00%

7/31/2022

1,850

1,831

1,831

Member Units

1,500

1,500

720

3,331

2,551

ATS Workholding, LLC

(10)

March 10, 2014

Manufacturer of Machine Cutting Tools and Accessories

Secured Debt

(14)

5.00%

8/16/2023

4,814

4,655

2,875

Preferred Member Units

3,725,862

3,726

-

8,381

2,875

Barfly Ventures, LLC

(10)

August 31, 2015

Casual Restaurant Group

Secured Debt

7.00%

10/31/2024

711

711

711

Member Units

37

1,584

1,929

2,295

2,640

Bolder Panther Group, LLC

December 31, 2020

Consumer Goods and Fuel Retailer

Secured Debt

(9)

10.50% (L+9.00%, Floor 1.50%)

12/31/2025

39,000

38,671

39,000

Class A Preferred Member Units

(8)

14.00%

10,194

10,194

Class B Preferred Member Units

(8)

140,000

8.00%

14,000

20,310

62,865

69,504

Brewer Crane Holdings, LLC

January 9, 2018

Provider of Crane Rental and Operating Services

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

1/9/2023

8,184

8,156

8,156

Preferred Member Units

(8)

2,950

4,280

4,280

12,436

12,436

Bridge Capital Solutions Corporation

April 18, 2012

Financial Services and Cash Flow Solutions Provider

Secured Debt

13.00%

12/11/2024

8,813

8,813

8,813

Warrants

(27)

82

7/25/2026

2,132

4,060

Secured Debt

(30)

13.00%

12/11/2024

1,000

1,000

5


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Member Units

(8) (30)

17,742

1,000

1,000

12,945

14,873

Café Brazil, LLC

April 20, 2004

Casual Restaurant Group

Member Units

(8)

1,233

1,742

2,570

California Splendor Holdings LLC

March 30, 2018

Processor of Frozen Fruits

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

3/30/2023

28,000

27,899

27,899

Preferred Member Units

(8) (19)

6,725

15.00% PIK

9,194

9,194

Preferred Member Units

(8)

6,157

10,775

10,805

47,868

47,898

CBT Nuggets, LLC

June 1, 2006

Produces and Sells IT Training Certification Videos

Member Units

(8)

416

1,300

52,620

Centre Technologies Holdings, LLC

January 4, 2019

Provider of IT Hardware Services and Software Solutions

Secured Debt

(9)

12.00% (L+10.00%, Floor 2.00%)

1/4/2024

9,569

9,518

9,518

Preferred Member Units

12,696

5,840

5,840

15,358

15,358

Chamberlin Holding LLC

February 26, 2018

Roofing and Waterproofing Specialty Contractor

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

2/26/2023

17,817

17,722

17,817

Member Units

(8)

4,347

11,440

24,140

Member Units

(8) (30)

1,047,146

1,322

1,430

30,484

43,387

Charps, LLC

February 3, 2017

Pipeline Maintenance and Construction

Unsecured Debt

10.00%

1/31/2024

5,694

4,582

5,034

Preferred Member Units

(8)

1,600

400

14,240

4,982

19,274

Clad-Rex Steel, LLC

December 20, 2016

Specialty Manufacturer of Vinyl-Clad Metal

Secured Debt

(9)

10.50% (L+9.50%, Floor 1.00%)

1/15/2024

10,480

10,393

10,393

Member Units

(8)

717

7,280

10,250

Secured Debt

10.00%

12/20/2036

1,089

1,078

1,078

Member Units

(30)

800

210

530

18,961

22,251

CMS Minerals Investments

January 30, 2015

Oil & Gas Exploration & Production

Member Units

(8) (30)

100

1,985

1,883

6


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Cody Pools, Inc.

March 6, 2020

Designer of Residential and Commercial Pools

Secured Debt

(9)

12.25% (L+10.50%, Floor 1.75%)

3/6/2025

18,047

17,916

18,047

Preferred Member Units

(8)

587

8,317

30,390

26,233

48,437

Colonial Electric Company LLC

March 31, 2021

Provider of Electrical Contracting Services

Secured Debt

12.00%

3/31/2026

24,885

24,654

24,654

Preferred Member Units

17,280

7,680

8,460

32,334

33,114

CompareNetworks Topco, LLC

January 29, 2019

Internet Publishing and Web Search Portals

Secured Debt

(9)

10.00% (L+9.00%, Floor 1.00%)

1/29/2024

6,477

6,450

6,477

Preferred Member Units

(8)

1,975

1,975

12,000

8,425

18,477

Copper Trail Fund Investments

(12) (13)

July 17, 2017

Investment Partnership

LP Interests (CTMH, LP)

(31)

38.8%

710

710

Datacom, LLC

May 30, 2014

Technology and Telecommunications Provider

Secured Debt

5.00%

12/31/2025

8,919

8,207

8,207

Preferred Member Units

9,000

2,610

2,610

10,817

10,817

Digital Products Holdings LLC

April 1, 2018

Designer and Distributor of Consumer Electronics

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

4/1/2023

17,183

17,120

17,120

Preferred Member Units

(8)

3,857

9,501

9,835

26,621

26,955

Direct Marketing Solutions, Inc.

February 13, 2018

Provider of Omni-Channel Direct Marketing Services

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

2/13/2023

14,855

14,799

14,799

Preferred Stock

(8)

8,400

8,400

17,150

23,199

31,949

Gamber-Johnson Holdings, LLC

June 24, 2016

Manufacturer of Ruggedized Computer Mounting Systems

Secured Debt

(9) (17)

9.00% (L+7.00%, Floor 2.00%)

6/24/2021

20,638

20,638

20,638

Member Units

(8)

9,042

17,692

55,370

38,330

76,008

Garreco, LLC

July 15, 2013

Manufacturer and Supplier of Dental Products

7


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%)

7/31/2022

4,519

4,519

4,519

Member Units

1,200

1,200

2,210

5,719

6,729

GRT Rubber Technologies LLC

December 19, 2014

Manufacturer of Engineered Rubber Products

Secured Debt

7.10% (L+7.00%)

12/31/2023

16,775

16,775

16,775

Member Units

(8)

5,879

13,065

44,900

29,840

61,675

Gulf Manufacturing, LLC

August 31, 2007

Manufacturer of Specialty Fabricated Industrial Piping Products

Member Units

(8)

438

2,980

5,640

Gulf Publishing Holdings, LLC

April 29, 2016

Energy Industry Focused Media and Publishing

Secured Debt

(9) (17) (19)

10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)

9/30/2020

257

257

257

Secured Debt

(17) (19)

12.50% (6.25% Cash, 6.25% PIK)

4/29/2021

13,565

13,565

10,462

Member Units

3,681

3,681

-

17,503

10,719

Harris Preston Fund Investments

(12) (13)

October 1, 2017

Investment Partnership

LP Interests (2717 MH, L.P.)

(31)

49.3%

2,703

3,391

Harrison Hydra-Gen, Ltd.

June 4, 2010

Manufacturer of Hydraulic Generators

Common Stock

107,456

718

3,530

J&J Services, Inc.

October 31, 2019

Provider of Dumpster and Portable Toilet Rental Services

Secured Debt

11.50%

10/31/2024

10,800

10,727

10,800

Preferred Stock

2,814

7,085

15,400

17,812

26,200

Jensen Jewelers of Idaho, LLC

November 14, 2006

Retail Jewelry Store

Secured Debt

(9)

10.00% (Prime+6.75%, Floor 2.00%)

11/14/2023

2,750

2,734

2,750

Member Units

(8)

627

811

11,260

3,545

14,010

KBK Industries, LLC

January 23, 2006

Manufacturer of Specialty Oilfield and Industrial Products

Member Units

(8)

325

783

13,620

Kickhaefer Manufacturing Company, LLC

October 31, 2018

Precision Metal Parts Manufacturing

Secured Debt

11.50%

10/31/2023

20,415

20,313

20,313

Member Units

581

12,240

12,240

8


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Secured Debt

9.00%

10/31/2048

3,924

3,885

3,885

Member Units

(8) (30)

800

992

1,210

37,430

37,648

Market Force Information, LLC

July 28, 2017

Provider of Customer Experience Management Services

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

7/28/2023

3,400

3,400

3,400

Secured Debt

(14) (19)

12.00% PIK

7/28/2023

26,079

25,952

11,159

Member Units

743,921

16,642

-

45,994

14,559

MH Corbin Holding LLC

August 31, 2015

Manufacturer and Distributor of Traffic Safety Products

Secured Debt

13.00%

3/31/2022

8,330

8,312

6,006

Preferred Member Units

66,000

4,400

-

Preferred Member Units

4,000

6,000

-

18,712

6,006

MS Private Loan Fund I, LP

(12) (13)

January 26, 2021

Investment Partnership

Unsecured Debt

5.00%

6/30/2022

30,291

30,291

30,291

LP Interests

(31)

13.9%

1,000

1,000

31,291

31,291

MSC Adviser I, LLC

(16)

November 22, 2013

Third Party Investment Advisory Services

Member Units

(8)

29,500

128,080

MSC Income Fund Inc.

(12) (13)

January 28, 2021

Business Development Company

Unsecured Debt

5.00%

1/28/2026

60,000

59,648

60,000

Mystic Logistics Holdings, LLC

August 18, 2014

Logistics and Distribution Services Provider for Large Volume Mailers

Secured Debt

12.00%

1/17/2022

6,709

6,706

6,706

Common Stock

(8)

5,873

2,720

7,170

9,426

13,876

NAPCO Precast, LLC

January 31, 2008

Precast Concrete Manufacturing

Member Units

(8)

2,955

2,975

13,560

Nebraska Vet AcquireCo, LLC

December 31, 2020

Mixed-Animal Veterinary and Animal Health Product Provider

Secured Debt

12.00%

12/31/2025

10,500

10,408

10,408

Preferred Member Units

6,500

6,500

6,500

16,908

16,908

NexRev LLC

February 28, 2018

Provider of Energy Efficiency Products & Services

Secured Debt

11.00%

2/28/2023

16,443

16,390

14,750

9


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Member Units

(8)

86,400,000

6,880

3,280

23,270

18,030

NRP Jones, LLC

December 22, 2011

Manufacturer of Hoses, Fittings and Assemblies

Secured Debt

12.00%

3/20/2023

2,080

2,080

2,080

Member Units

(8)

65,962

114

240

3,603

6,200

5,797

8,520

NuStep, LLC

January 31, 2017

Designer, Manufacturer and Distributor of Fitness Equipment

Secured Debt

(9)

7.50% (L+6.50%, Floor 1.00%)

1/31/2025

1,600

1,600

1,600

Secured Debt

10.50%

1/31/2025

17,240

17,223

17,240

Preferred Member Units

406

10,200

13,500

29,023

32,340

Orttech Holdings, LLC

July 30, 2021

Distributor of Industrial Clutches, Brakes and Other Components

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

7/31/2026

24,416

24,183

24,183

Preferred Stock

(30)

11,600

11,600

11,600

35,783

35,783

Pearl Meyer Topco LLC

April 27, 2020

Provider of Executive Compensation Consulting Services

Secured Debt

12.00%

4/27/2025

33,674

33,416

33,674

Member Units

(8)

13,800

13,000

21,480

46,416

55,154

Pegasus Research Group, LLC

January 6, 2011

Provider of Telemarketing and Data Services

Member Units

460

1,290

7,280

PPL RVs, Inc.

June 10, 2010

Recreational Vehicle Dealer

Secured Debt

(9)

7.50% (L+7.00%, Floor 0.50%)

11/15/2022

12,405

12,369

12,375

Common Stock

(8)

2,000

2,150

13,690

14,519

26,065

Principle Environmental, LLC

February 1, 2011

Noise Abatement Service Provider

Secured Debt

13.00%

4/30/2023

6,397

6,352

6,352

Preferred Member Units

19,631

4,600

9,580

Common Stock

1,036

1,200

710

12,152

16,642

Quality Lease Service, LLC

June 8, 2015

Provider of Rigsite Accommodation Unit Rentals and Related Services

Member Units

1,000

9,813

3,030

10


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

River Aggregates, LLC

March 30, 2011

Processor of Construction Aggregates

Member Units

(8) (30)

1,500

369

3,400

Tedder Industries, LLC

August 31, 2018

Manufacturer of Firearm Holsters and Accessories

Secured Debt

12.00%

8/31/2022

16,800

16,733

16,733

Preferred Member Units

479

8,136

8,136

24,869

24,869

Trantech Radiator Topco, LLC

May 31, 2019

Transformer Cooling Products and Services

Secured Debt

12.00%

5/31/2024

8,720

8,658

8,658

Common Stock

(8)

615

4,655

6,650

13,313

15,308

UnionRock Energy Fund II, LP

(12) (13)

June 15, 2020

Investment Partnership

LP Interests

(31)

49.6%

4,048

6,455

Vision Interests, Inc.

June 5, 2007

Manufacturer / Installer of Commercial Signage

Secured Debt

13.00%

9/30/2022

2,028

2,028

2,028

Series A Preferred Stock

3,000,000

3,000

3,000

5,028

5,028

Ziegler’s NYPD, LLC

October 1, 2008

Casual Restaurant Group

Secured Debt

12.00%

10/1/2022

625

625

625

Secured Debt

6.50%

10/1/2022

1,000

1,000

1,000

Secured Debt

14.00%

10/1/2022

2,750

2,750

2,750

Preferred Member Units

10,072

2,834

2,130

Warrants

(27)

587

10/1/2025

600

-

7,809

6,505

OMi Topco, LLC

April 1, 2008

Manufacturer of Overhead Cranes

Secured Debt

12.00%

8/31/2026

18,000

17,824

18,000

Preferred Member Units

(8)

900

1,080

20,210

18,904

38,210

Subtotal Control Investments (79.3% of net assets at fair value)

$

988,222

$

1,336,218

11


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Affiliate Investments (6)

AAC Holdings, Inc.

(11)

June 30, 2017

Substance Abuse Treatment Service Provider

Secured Debt

(19)

18.00% (10.00% Cash, 8.00% PIK)

6/25/2025

$

9,995

$

9,799

$

9,708

Common Stock

593,928

3,148

2,110

Warrants

(27)

554,353

12/11/2025

-

1,970

12,947

13,788

AFG Capital Group, LLC

November 7, 2014

Provider of Rent-to-Own Financing Solutions and Services

Secured Debt

10.00%

5/25/2022

231

231

231

Preferred Member Units

(8)

186

1,200

7,380

1,431

7,611

ATX Networks Corp.

(11)

June 30, 2015

Provider of Radio Frequency Management Equipment

Secured Debt

(9)

8.50% (L+7.50%, Floor 1.00%)

9/1/2026

7,667

7,092

7,092

Unsecured Debt

(19)

10.00% PIK

9/1/2028

3,067

1,963

1,963

Common Stock

583

-

-

9,055

9,055

BBB Tank Services, LLC

April 8, 2016

Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

Unsecured Debt

(9) (17)

12.00% (L+11.00%, Floor 1.00%)

4/8/2021

4,800

4,800

3,748

Preferred Stock (non-voting)

(8) (14) (19)

15.00% PIK

162

-

Member Units

800,000

800

-

5,762

3,748

Boccella Precast Products LLC

June 30, 2017

Manufacturer of Precast Hollow Core Concrete

Secured Debt

10.00%

2/28/2027

320

320

320

Member Units

(8)

2,160,000

2,256

4,830

2,576

5,150

Brightwood Capital Fund Investments

(12) (13)

July 21, 2014

Investment Partnership

LP Interests (Brightwood Capital Fund V, LP)

(31)

15.8%

1,000

1,000

Buca C, LLC

June 30, 2015

Casual Restaurant Group

Secured Debt

(9) (17)

10.25% (L+9.25%, Floor 1.00%)

6/30/2020

19,491

19,491

14,370

Preferred Member Units

(14) (19)

6

6.00% PIK

4,770

-

24,261

14,370

CAI Software LLC

October 10, 2014

Provider of Specialized

12


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Enterprise Resource Planning Software

Secured Debt

12.50%

12/7/2023

66,601

66,261

66,601

Member Units

(8)

77,960

174

12,590

66,435

79,191

Chandler Signs Holdings, LLC

(10)

January 4, 2016

Sign Manufacturer

Class A Units

1,500,000

1,500

650

Classic H&G Holdings, LLC

March 12, 2020

Provider of Engineered Packaging Solutions

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

3/12/2025

1,400

1,400

1,400

Secured Debt

8.00%

3/12/2025

19,274

19,130

19,274

Preferred Member Units

(8)

154

5,760

13,620

26,290

34,294

Congruent Credit Opportunities Funds

(12) (13)

January 24, 2012

Investment Partnership

LP Interests (Congruent Credit Opportunities Fund
III, LP)

(8) (31)

17.4%

10,700

10,403

Dos Rios Partners

(12) (13)

April 25, 2013

Investment Partnership

LP Interests (Dos Rios Partners, LP)

(31)

20.2%

6,605

9,984

LP Interests (Dos Rios Partners - A, LP)

(31)

6.4%

2,097

3,170

8,702

13,154

Dos Rios Stone Products LLC

(10)

June 27, 2016

Limestone and Sandstone Dimension Cut Stone Mining Quarries

Class A Preferred Units

(30)

2,000,000

2,000

909

EIG Fund Investments

(12) (13)

November 6, 2015

Investment Partnership

LP Interests (EIG Global Private Debt Fund-A, L.P.)

(8) (31)

11.1%

595

474

Freeport Financial Funds

(12) (13)

June 13, 2013

Investment Partnership

LP Interests (Freeport Financial SBIC Fund LP)

(31)

9.3%

5,974

6,133

LP Interests (Freeport First Lien Loan Fund III LP)

(8) (31)

6.0%

7,629

7,231

13,603

13,364

GFG Group, LLC.

March 31, 2021

Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers

Secured Debt

12.00%

3/31/2026

12,545

12,431

12,431

13


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Member Units

(8)

226

4,900

6,990

17,331

19,421

Harris Preston Fund Investments

(12) (13)

August 9, 2017

Investment Partnership

LP Interests (HPEP 3, L.P.)

(31)

8.2%

3,193

4,183

Hawk Ridge Systems, LLC

(13)

December 2, 2016

Value-Added Reseller of Engineering Design and Manufacturing Solutions

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

12/2/2023

2,585

2,585

2,585

Secured Debt

9.00%

12/2/2023

18,400

18,391

18,400

Preferred Member Units

(8)

226

2,850

13,160

Preferred Member Units

(30)

226

150

690

23,976

34,835

Houston Plating and Coatings, LLC

January 8, 2003

Provider of Plating and Industrial Coating Services

Unsecured Convertible Debt

8.00%

5/1/2022

3,000

3,000

2,900

Member Units

(8)

322,297

2,352

3,460

5,352

6,360

I-45 SLF LLC

(12) (13)

October 20, 2015

Investment Partnership

Member Units (Fully diluted 20.0%; 24.40% profits
interest) (8)

(8) (31)

20.0%

19,000

15,002

Iron-Main Investments, LLC

August 3, 2021

Consumer Reporting Agency Providing Employment Background Checks and Drug Testing

Secured Debt

13.00%

8/1/2026

4,600

4,555

4,555

Secured Debt

12.50%

9/1/2026

3,200

3,168

3,168

Common Stock

102,738

1,027

1,027

8,750

8,750

L.F. Manufacturing Holdings, LLC

(10)

December 23, 2013

Manufacturer of Fiberglass Products

Preferred Member Units (non-voting)

(8) (19)

14.00% PIK

103

103

Member Units

2,179,001

2,019

2,100

2,122

2,203

OnAsset Intelligence, Inc.

April 18, 2011

Provider of Transportation Monitoring / Tracking Products and Services

Secured Debt

(19)

12.00% PIK

12/31/2022

7,987

7,987

7,987

Unsecured Debt

(19)

10.00% PIK

12/31/2022

187

187

187

Preferred Stock

(14) (19)

912

7.00% PIK

1,981

-

14


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Common Stock

635

830

-

Warrants

(27)

4,699

5/10/2023

1,089

-

12,074

8,174

Oneliance, LLC

August 6, 2021

Construction Cleaning Company

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

8/6/2026

5,600

5,545

5,545

Preferred Stock

1,056

1,056

1,056

6,601

6,601

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)

January 8, 2013

Provider of Rigsite Accommodation Unit Rentals and Related Services

Secured Debt

(14) (32)

12.00%

1/8/2018

30,369

29,865

-

Preferred Member Units

250

2,500

-

32,365

-

SI East, LLC

August 31, 2018

Rigid Industrial Packaging Manufacturing

Secured Debt

10.25%

8/31/2023

63,600

63,472

63,600

Preferred Member Units

(8)

157

1,218

10,420

64,690

74,020

Slick Innovations, LLC

September 13, 2018

Text Message Marketing Platform

Secured Debt

13.00%

9/13/2023

5,320

5,239

5,320

Common Stock

70,000

700

1,510

Warrants

(27)

18,084

9/13/2028

181

400

6,120

7,230

Sonic Systems International, LLC

(10)

August 20, 2021

Nuclear Power Staffing Services

Secured Debt

(9)

8.50% (L+7.50%, Floor 1.00%)

8/20/2026

11,982

11,747

11,747

Common Stock

7,866

1,070

1,070

12,817

12,817

Superior Rigging & Erecting Co.

August 31, 2020

Provider of Steel Erecting, Crane Rental & Rigging Services

Secured Debt

12.00%

8/31/2025

21,500

21,323

21,323

Preferred Member Units

1,571

4,500

4,500

25,823

25,823

The Affiliati Network, LLC

August 9, 2021

Performance Marketing Solutions

Secured Debt

10.00%

8/9/2026

381

381

Secured Debt

11.83%

8/9/2026

13,623

13,623

Preferred Stock

1,280,000

6,400

6,400

20,404

20,404

UniTek Global Services, Inc.

(11)

April 15, 2011

Provider of Outsourced Infrastructure Services

Secured Debt

(9) (19)

8.50% (6.50% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%)

8/20/2024

2,376

2,362

2,214

Secured Convertible Debt

(19)

15.00% PIK

2/20/2025

1,197

1,197

2,163

Preferred Stock

(8) (19)

1,133,102

20.00% PIK

1,671

2,833

Preferred Stock

(14) (19)

1,521,122

20.00% PIK

2,188

1,112

15


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Stock

(14) (19)

2,281,682

19.00% PIK

3,667

-

Common Stock

945,507

-

-

Preferred Stock

(14) (19)

4,336,866

13.50% PIK

7,924

-

19,009

8,322

Universal Wellhead Services Holdings, LLC

(10)

October 30, 2014

Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry

Preferred Member Units

(14) (19) (30)

716,949

14.00% PIK

1,032

-

Member Units

(30)

4,000,000

4,000

-

5,032

-

Volusion, LLC

January 26, 2015

Provider of Online Software-as-a-Service eCommerce Solutions

Secured Debt

(17)

11.50%

1/26/2020

17,434

17,434

17,434

Unsecured Convertible Debt

8.00%

11/16/2023

409

409

409

Preferred Member Units

4,876,670

14,000

5,990

Warrants

(27)

1,831,355

1/26/2025

2,576

-

34,419

23,833

Subtotal Affiliate Investments (28.8% of net assets at fair value)

$

505,935

$

485,139

16


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Non-Control/Non-Affiliate Investments (7)

Acousti Engineering Company of Florida

(10)

November 2, 2020

Interior Subcontractor Providing Acoustical Walls and Ceilings

Secured Debt

(9)

10.00% (L+8.50%, Floor 1.50%)

11/2/2025

$

12,246

$

12,134

$

12,242

Secured Debt

(9)

14.00% (L+12.50%, Floor 1.50%)

11/2/2025

850

840

840

12,974

13,082

Adams Publishing Group, LLC

(10)

November 19, 2015

Local Newspaper Operator

Secured Debt

(9)

8.75% (L+7.00%, Floor 1.75%)

7/3/2023

4,920

4,842

4,885

ADS Tactical, Inc.

(11)

March 7, 2017

Value-Added Logistics and Supply Chain Provider to the Defense Industry

Secured Debt

(9)

6.75% (L+5.75%, Floor 1.00%)

3/19/2026

23,437

22,992

23,583

American Nuts, LLC

(10)

April 10, 2018

Roaster, Mixer and Packager of Bulk Nuts and Seeds

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

4/10/2025

12,045

11,863

12,045

American Teleconferencing Services, Ltd.

(11)

May 19, 2016

Provider of Audio Conferencing and Video Collaboration Solutions

Secured Debt

(9) (17)

7.50% (L+6.50%, Floor 1.00%)

9/9/2021

2,980

2,980

1,138

Secured Debt

(9) (14) (17)

7.50% (L+6.50%, Floor 1.00%)

9/9/2021

14,370

13,706

5,487

16,686

6,625

Arcus Hunting LLC

(10)

January 6, 2015

Manufacturer of Bowhunting and Archery Products and Accessories

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

3/31/2022

13,603

13,537

13,603

Arrow International, Inc

(10)

December 21, 2020

Manufacturer and Distributor of Charitable Gaming Supplies

Secured Debt

(9) (23)

9.18% (L+7.93%, Floor 1.25%)

12/21/2025

22,500

22,291

22,307

ASC Ortho Management Company, LLC

(10)

August 31, 2018

Provider of Orthopedic Services

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

8/31/2023

5,117

5,074

5,111

Secured Debt

(19)

13.75% PIK

12/1/2023

2,342

2,323

2,342

7,397

7,453

Berry Aviation, Inc.

(10)

July 6, 2018

Charter Airline Services

Secured Debt

(19)

12.00% (10.50% Cash, 1.50% PIK)

1/6/2024

4,676

4,654

4,676

17


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Member Units

(8) (19) (30)

122,416

16.00% PIK

162

162

Preferred Member Units

(14) (19) (30)

1,548,387

8.00% PIK

1,671

1,963

6,487

6,801

BigName Commerce, LLC

(10)

May 11, 2017

Provider of Envelopes and Complimentary Stationery Products

Secured Debt

(9)

8.25% (L+7.25%, Floor 1.00%)

5/11/2022

1,899

1,896

1,899

Binswanger Enterprises, LLC

(10)

March 10, 2017

Glass Repair and Installation Service Provider

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

3/10/2023

12,387

12,328

12,387

Member Units

1,050,000

1,050

730

13,378

13,117

Bluestem Brands, Inc.

(11)

December 19, 2013

Multi-Channel Retailer of General Merchandise

Secured Debt

(9)

10.00% (L+8.50%, Floor 1.50%)

8/28/2025

5,357

5,357

5,335

Common Stock

(8)

723,184

1

1,350

5,358

6,685

Brainworks Software, LLC

(10)

August 12, 2014

Advertising Sales and Newspaper Circulation Software

Secured Debt

(9) (14) (17)

12.50% (Prime+9.25%, Floor 3.25%)

7/22/2019

7,817

7,817

4,201

Brightwood Capital Fund Investments

(12) (13)

July 21, 2014

Investment Partnership

LP Interests (Brightwood Capital Fund III, LP)

(8) (31)

1.6%

7,200

4,178

LP Interests (Brightwood Capital Fund IV, LP)

(8) (31)

0.6%

4,350

4,499

11,550

8,677

Burning Glass Intermediate Holding Company, Inc.

(10)

June 14, 2021

Provider of Skills-Based Labor Market Analytics

Secured Debt

(9)

6.00% (L+5.00%, Floor 1.00%)

6/10/2028

20,134

19,756

19,756

Cadence Aerospace LLC

(10)

November 14, 2017

Aerostructure Manufacturing

Secured Debt

(9) (19)

9.50% (7.50% Cash, 2.00% PIK) (2.00% PIK + L+6.50%, Floor 1.00%)

11/14/2023

28,554

28,391

26,464

Camin Cargo Control, Inc.

(11)

June 14, 2021

Provider of Mission Critical Inspection, Testing and Fuel Treatment Services

18


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Secured Debt

(9)

7.50% (L+6.50%, Floor 1.00%)

6/4/2026

16,000

15,848

15,920

Central Security Group, Inc.

(11)

December 4, 2017

Security Alarm Monitoring Service Provider

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

10/16/2025

6,839

6,839

6,600

Common Stock

329,084

1,481

1,399

8,320

7,999

Cenveo Corporation

(11)

September 4, 2015

Provider of Digital Marketing Agency Services

Common Stock

322,907

6,183

2,664

Chisholm Energy Holdings, LLC

(10)

May 15, 2019

Oil & Gas Exploration & Production

Secured Debt

(9)

7.75% (L+6.25%, Floor 1.50%)

5/15/2026

2,857

2,801

2,661

Clarius BIGS, LLC

(10)

September 23, 2014

Prints & Advertising Film Financing

Secured Debt

(14) (17) (19)

15.00% PIK

1/5/2015

2,776

2,776

28

Clickbooth.com, LLC

(10)

December 5, 2017

Provider of Digital Advertising Performance Marketing Solutions

Secured Debt

(9)

9.50% (L+8.50%, Floor 1.00%)

1/31/2025

7,700

7,637

7,700

Computer Data Source, LLC

(10)

August 6, 2021

Third Party Maintenance Provider to the Data Center Ecosystem

Secured Debt

(9)

8.50% (L+7.50%, Floor 1.00%)

8/6/2026

21,100

20,632

20,632

Construction Supply Investments, LLC

(10)

December 29, 2016

Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

Member Units

(8)

861,618

3,335

10,580

Corel Corporation

(11) (13) (21)

July 24, 2019

Publisher of Desktop and Cloud-based Software

Secured Debt

5.12% (L+5.00%)

7/2/2026

22,891

22,143

22,992

Darr Equipment LP

(10)

April 15, 2014

Heavy Equipment Dealer

Secured Debt

(19)

12.50% (11.50% Cash, 1.00% PIK)

6/22/2023

6,004

6,004

5,622

Warrants

(29)

915,734

12/23/2023

474

-

6,478

5,622

DTE Enterprises, LLC

(10)

April 13, 2018

Industrial Powertrain Repair and Services

Secured Debt

(9)

10.00% (L+8.50%, Floor 1.50%)

4/13/2023

9,324

9,247

8,871

Class AA Preferred

(8) (19)

10.00% PIK

1,024

1,024

19


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Member Units (non-voting)

Class A Preferred Member Units

(14) (19)

776,316

8.00% PIK

776

440

11,047

10,335

Dynamic Communities, LLC

(10)

July 17, 2018

Developer of Business Events and Online Community Groups

Secured Debt

(9) (19)

12.50% (4.75% Cash, 7.75% PIK) (L+11.50%, Floor 1.00%)

7/17/2023

5,751

5,702

5,506

Eastern Wholesale Fence LLC

(10)

November 19, 2020

Manufacturer and Distributor of Residential and Commercial Fencing Solutions

Secured Debt

(9)

7.50%, (L+6.50%, Floor 1.00%)

10/30/2025

19,961

19,630

19,850

EnCap Energy Fund Investments

(12) (13)

December 28, 2010

Investment Partnership

LP Interests (EnCap Energy Capital Fund VIII, L.P.)

(8) (31)

0.1%

3,745

1,516

LP Interests (EnCap Energy Capital Fund VIII Co-
Investors, L.P.)

(31)

0.4%

2,097

777

LP Interests (EnCap Energy Capital Fund IX, L.P.)

(8) (31)

0.1%

4,130

2,254

LP Interests (EnCap Energy Capital Fund X, L.P.)

(8) (31)

0.1%

8,862

8,571

LP Interests (EnCap Flatrock Midstream Fund II, L.P.)

(31)

0.8%

6,712

2,837

LP Interests (EnCap Flatrock Midstream Fund III, L.P.)

(8) (31)

0.2%

6,975

6,285

32,521

22,240

EPIC Y-Grade Services, LP

(11)

June 22, 2018

NGL Transportation & Storage

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

6/30/2027

6,910

6,832

5,955

20


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Flip Electronics LLC

(10)

January 4, 2021

Distributor of Hard-to-Find and Obsolete Electronic Components

Secured Debt

(9) (33)

8.99% (L+7.99%, Floor 1.00%)

1/2/2026

5,400

5,298

5,365

Fortna Acquisition Co., Inc.

(10)

July 23, 2019

Process, Physical Distribution and Logistics Consulting Services

Secured Debt

5.08% (L+5.00%)

4/8/2025

7,615

7,534

7,551

Fuse, LLC

(11)

June 30, 2019

Cable Networks Operator

Secured Debt

12.00%

6/28/2024

1,810

1,810

1,672

Common Stock

10,429

256

-

2,066

1,672

GeoStabilization International (GSI)

(11)

December 31, 2018

Geohazard Engineering Services & Maintenance

Secured Debt

5.33% (L+5.25%)

12/19/2025

11,138

11,063

11,083

GoWireless Holdings, Inc.

(11)

December 31, 2017

Provider of Wireless Telecommunications Carrier Services

Secured Debt

(9)

7.50% (L+6.50%, Floor 1.00%)

12/22/2024

18,534

18,432

18,589

Grupo Hima San Pablo, Inc.

(11)

March 7, 2013

Tertiary Care Hospitals

Secured Debt

(9) (14) (17)

9.25% (L+7.00%, Floor 1.50%)

4/30/2019

4,504

4,504

2,363

Secured Debt

(14) (17)

13.75%

10/15/2018

2,055

2,040

49

6,544

2,412

GS HVAM Intermediate, LLC

(10)

October 18, 2019

Specialized Food Distributor

Secured Debt

(9)

6.75% (L+5.75%, Floor 1.00%)

10/2/2024

13,015

12,933

13,015

GS Operating, LLC

(10)

February 24, 2020

Distributor of Industrial and Specialty Parts

Secured Debt

(9)

8.00% (L+6.50%, Floor 1.50%)

2/24/2025

25,592

25,243

25,592

HDC/HW Intermediate Holdings

(10)

December 21, 2018

Managed Services and Hosting Provider

Secured Debt

(9)

8.50% (L+7.50%, Floor 1.00%)

12/21/2023

3,457

3,422

3,064

Heartland Dental, LLC

(10)

September 9, 2020

Dental Support Organization

Secured Debt

(9)

7.50% (L+6.50%, Floor 1.00%)

4/30/2025

14,813

14,454

14,887

HOWLCO LLC

(11) (13) (21)

August 19, 2021

Provider of Accounting and Business Development Software to Real Estate End Markets

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

10/23/2026

25,610

25,610

25,610

21


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

HW Temps LLC

July 2, 2015

Temporary Staffing Solutions

Secured Debt

8.00%

3/29/2023

7,844

7,790

7,790

Hybrid Promotions, LLC

(10)

June 30, 2021

Wholesaler of Licensed, Branded and Private Label Apparel

Secured Debt

(9)

9.25% (L+8.25%, Floor 1.00%)

6/30/2026

7,088

6,951

6,951

IG Parent Corporation

(11)

July 30, 2021

Software Engineering

Secured Debt

(9)

6.75% (L+5.75%, Floor 1.00%)

7/30/2026

9,615

9,438

9,438

Implus Footcare, LLC

(10)

June 1, 2017

Provider of Footwear and Related Accessories

Secured Debt

(9)

8.75% (L+7.75%, Floor 1.00%)

4/30/2024

18,749

18,495

17,639

Independent Pet Partners Intermediate Holdings, LLC

(10)

November 20, 2018

Omnichannel Retailer of Specialty Pet Products

Secured Debt

(19)

6.15% PIK (L+6.00% PIK)

12/22/2022

6,563

6,563

6,563

Secured Debt

(19)

6.00% PIK

11/20/2023

17,620

16,449

16,449

Preferred Stock (non-voting)

(14) (19)

6.00% PIK

3,235

4,095

Preferred Stock (non-voting)

-

-

Member Units

1,558,333

1,558

-

27,805

27,107

Industrial Services Acquisition, LLC

(10)

June 17, 2016

Industrial Cleaning Services

Secured Debt

(9)

7.75% (L+6.75%, Floor 1.00%)

8/13/2026

19,483

19,048

19,048

Preferred Member Units

(8) (19) (30)

144

10.00% PIK

118

162

Preferred Member Units

(8) (19) (30)

80

20.00% PIK

79

97

Member Units

(30)

900

900

730

20,145

20,037

Inn of the Mountain Gods Resort and Casino

(11)

October 30, 2013

Hotel & Casino Owner & Operator

Secured Debt

9.25%

11/30/2023

6,677

6,677

6,444

Interface Security Systems, L.L.C

(10)

August 7, 2019

Commercial Security & Alarm Services

Secured Debt

(9) (19)

9.75% (8.75% Cash, 1.00% PIK) (1.00% PIK + L+7.00%, Floor 1.75%)

8/7/2023

7,313

7,234

6,306

Intermedia Holdings, Inc.

(11)

August 3, 2018

Unified Communications as a Service

22


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

7/19/2025

20,680

20,608

20,693

Invincible Boat Company, LLC.

(10)

August 28, 2019

Manufacturer of Sport Fishing Boats

Secured Debt

(9)

8.00% (L+6.50%, Floor 1.50%)

8/28/2025

17,770

17,602

17,770

INW Manufacturing, LLC

(11)

May 19, 2021

Manufacturer of Nutrition and Wellness Products

Secured Debt

(9)

6.50% (L+5.75%, Floor 0.75%)

3/25/2027

7,453

7,242

7,304

Isagenix International, LLC

(11)

June 21, 2018

Direct Marketer of Health & Wellness Products

Secured Debt

(9)

6.75% (L+5.75%, Floor 1.00%)

6/14/2025

5,261

5,237

4,406

Jackmont Hospitality, Inc.

(10)

May 26, 2015

Franchisee of Casual Dining Restaurants

Secured Debt

(9)

7.75% (L+6.75%, Floor 1.00%)

10/14/2021

3,901

3,901

3,193

Joerns Healthcare, LLC

(11)

April 3, 2013

Manufacturer and Distributor of Health Care Equipment & Supplies

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

8/21/2024

4,016

3,966

3,748

Common Stock

472,579

4,429

855

8,395

4,603

Kemp Technologies Inc.

(10)

June 27, 2019

Provider of Application Delivery Controllers

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

3/29/2024

16,265

16,042

16,265

Common Stock

903,225

1,395

5,230

17,437

21,495

Klein Hersh, LLC

(10)

November 13, 2020

Executive and C-Suite Placement for the Life Sciences and Healthcare Industries

Secured Debt

(9)

8.25% (L+7.50%, Floor 0.75%)

11/13/2025

31,688

30,974

31,641

Kore Wireless Group Inc.

(11) (13)

December 31, 2018

Mission Critical Software Platform

Secured Debt

5.63% (L+5.50%)

12/20/2024

18,993

18,920

18,969

Larchmont Resources, LLC

(11)

August 13, 2013

Oil & Gas Exploration & Production

Secured Debt

(9) (17)

9.00% (L+8.00%, Floor 1.00%)

8/9/2021

2,180

2,180

2,071

Member Units

(30)

2,828

353

4

2,533

2,075

Laredo Energy, LLC

(10)

January 15, 2019

Oil & Gas Exploration & Production

Member Units

1,155,952

11,560

9,771

23


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Lightbox Holdings, L.P.

(11)

May 23, 2019

Provider of Commercial Real Estate Software

Secured Debt

5.13% (L+5.00%)

5/9/2026

14,663

14,491

14,589

LKCM Headwater Investments I, L.P.

(12) (13)

January 25, 2013

Investment Partnership

LP Interests

(31)

2.3%

1,746

3,302

LL Management, Inc.

(10)

May 2, 2019

Medical Transportation Service Provider

Secured Debt

(9)

8.25% (L+7.25%, Floor 1.00%)

9/25/2023

17,481

17,337

17,481

LLFlex, LLC

(10)

August 16, 2021

Provider of Metal-Based Laminates

Secured Debt

(9)

10.00% (L+9.00%, Floor 1.00%)

8/16/2026

4,500

4,401

4,401

Logix Acquisition Company, LLC

(10)

June 24, 2016

Competitive Local Exchange Carrier

Secured Debt

(9)

6.75% (L+5.75%, Floor 1.00%)

12/22/2024

25,991

24,657

24,724

Looking Glass Investments, LLC

(12) (13)

July 1, 2015

Specialty Consumer Finance

Member Units

3

125

25

Lulu's Fashion Lounge, LLC

(10)

August 31, 2017

Fast Fashion E-Commerce Retailer

Secured Debt

(9) (19)

10.50% (8.00% Cash, 2.50% PIK) (2.50% PIK + L+7.00%, Floor 1.00%)

8/28/2022

10,687

10,593

9,138

Lynx FBO Operating LLC

(10)

September 30, 2019

Fixed Based Operator in the General Aviation Industry

Secured Debt

(9)

7.25% (L+5.75%, Floor 1.50%)

9/30/2024

13,475

13,276

13,475

Member Units

4,872

687

880

13,963

14,355

Mac Lean-Fogg Company

(10)

April 22, 2019

Manufacturer and Supplier for Auto and Power Markets

Secured Debt

(9)

5.38% (L+4.75%, Floor 0.625%)

12/22/2025

17,080

16,991

17,080

Preferred Stock

(19)

13.75% (4.50% Cash, 9.25% PIK)

1,901

1,901

18,892

18,981

Mako Steel, LP

(10)

March 15, 2021

Self-Storage Design & Construction

Secured Debt

(9)

8.00% (L+7.25%, Floor 0.75%)

3/13/2026

17,812

17,468

17,687

MB2 Dental Solutions, LLC

(11)

January 28, 2021

Dental Partnership Organization

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

1/29/2027

9,955

9,800

9,955

24


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Mills Fleet Farm Group, LLC

(10)

October 24, 2018

Omnichannel Retailer of Work, Farm and Lifestyle Merchandise

Secured Debt

(9)

7.25% (L+6.25%, Floor 1.00%)

10/24/2024

17,781

17,546

17,781

NBG Acquisition Inc

(11)

April 28, 2017

Wholesaler of Home Décor Products

Secured Debt

(9)

6.50% (L+5.50%, Floor 1.00%)

4/26/2024

4,015

3,986

3,449

NinjaTrader, LLC

(10)

December 18, 2019

Operator of Futures Trading Platform

Secured Debt

(9)

8.25% (L+6.75%, Floor 1.50%)

12/18/2024

17,625

17,344

17,600

NNE Partners, LLC

(10)

March 2, 2017

Oil & Gas Exploration & Production

Secured Debt

(19)

9.38% (4.88% Cash, 4.50% PIK) (4.50% PIK + L+4.75%)

12/31/2023

24,499

24,416

22,487

NTM Acquisition Corp.

(11)

July 12, 2016

Provider of B2B Travel Information Content

Secured Debt

(9) (19)

8.25% (7.25% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%)

6/7/2024

4,622

4,622

4,576

NWN Corporation

(10)

May 7, 2021

Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries

Secured Debt

(9)

7.50% (L+6.50%, Floor 1.00%)

5/7/2026

41,138

40,209

40,209

Ospemifene Royalty Sub LLC

(10)

July 8, 2013

Estrogen-Deficiency Drug Manufacturer and Distributor

Secured Debt

(14)

11.50%

11/15/2026

4,694

4,694

115

Project Eagle Holdings, LLC

(10)

July 6, 2020

Provider of Secure Business Collaboration Software

Secured Debt

(9)

7.75% (L+6.75%, Floor 1.00%)

7/6/2026

29,813

29,184

29,510

PT Network, LLC

(10)

November 1, 2013

Provider of Outpatient Physical Therapy and Sports Medicine Services

Secured Debt

(9) (19)

8.50% (6.50% Cash, 2.00% PIK) (2.00% PIK + L+5.50%, Floor 1.00%)

11/30/2023

8,668

8,668

8,668

RA Outdoors LLC

(10)

April 8, 2021

Software Solutions Provider for Outdoor Activity Management

25


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Secured Debt

(9)

7.75% (L+6.75%, Floor 1.00%)

4/8/2026

19,422

19,232

19,232

Research Now Group, Inc. and Survey Sampling International, LLC

(11)

December 31, 2017

Provider of Outsourced Online Surveying

Secured Debt

(9)

6.50% (L+5.50%, Floor 1.00%)

12/20/2024

20,176

19,816

19,989

RM Bidder, LLC

(10)

November 12, 2015

Scripted and Unscripted TV and Digital Programming Provider

Member Units

2,779

46

29

Warrants

(26)

187,161

10/20/2025

425

-

471

29

Roof Opco, LLC

(10)

August 27, 2021

Residential Re-Roofing/Repair

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

8/27/2026

2,800

2,699

2,699

RTIC Subsidiary Holdings, LLC

(10)

September 1, 2020

Direct-To-Consumer eCommerce Provider of Outdoor Products

Secured Debt

(9)

9.00% (L+7.75%, Floor 1.25%)

9/1/2025

18,303

18,098

18,302

Rug Doctor, LLC.

(10)

July 16, 2021

Carpet Cleaning Products and Machinery

Secured Debt

(9) (19)

7.25% (6.25% Cash, 1.00% PIK) (1.00% PIK + L+5.25%, Floor 1.00%)

5/16/2022

9,367

9,220

9,220

Salient Partners L.P.

(11)

June 25, 2015

Provider of Asset Management Services

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

10/30/2022

7,501

7,496

5,312

Savers, Inc.

(11)

May 14, 2021

For-Profit Thrift Retailer

Secured Debt

(9)

6.50% (L+5.75%, Floor 0.75%)

4/26/2028

12,900

12,777

13,061

Staples Canada ULC

(10) (13) (21)

September 14, 2017

Office Supplies Retailer

Secured Debt

(9) (22)

8.00% (L+7.00%, Floor 1.00%)

9/12/2024

16,764

16,674

16,230

Student Resource Center, LLC

(10)

June 25, 2021

Higher Education Services

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

6/25/2026

11,250

11,021

11,021

Team Public Choices, LLC

(11)

October 28, 2019

Home-Based Care Employment Service Provider

Secured Debt

(9)

6.00% (L+5.00%, Floor 1.00%)

12/18/2027

18,147

17,735

18,147

Tectonic Financial, LLC

May 15, 2017

Financial Services Organization

26


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Common Stock

(8)

200,000

2,000

4,180

Tex Tech Tennis, LLC

(10)

July 7, 2021

Sporting Goods & Textiles

Common Stock

(30)

1,000,000

1,000

1,000

Time Manufacturing Acquisition LLC

(11)

February 24, 2021

Manufacturer and Distributor of Utility Equipment

Secured Debt

(9)

6.00% (L+5.00%, Floor 1.00%)

2/3/2023

1,476

1,473

1,481

U.S. TelePacific Corp.

(11)

May 17, 2017

Provider of Communications and Managed Services

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

5/2/2023

17,088

16,966

14,247

USA DeBusk LLC

(10)

October 22, 2019

Provider of Industrial Cleaning Services

Secured Debt

(9)

6.75% (L+5.75%, Floor 1.00%)

9/8/2026

37,281

36,474

36,974

Veregy Consolidated, Inc.

(11)

November 9, 2020

Energy Service Company

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

11/3/2027

15,893

14,753

15,972

Vida Capital, Inc

(11)

October 10, 2019

Alternative Asset Manager

Secured Debt

6.08% (L+6.00%)

10/1/2026

17,344

17,149

16,000

Vistar Media, Inc.

(10)

February 17, 2017

Operator of Digital Out-of-Home Advertising Platform

Preferred Stock

70,207

767

1,430

Wahoo Fitness Acquisition L.L.C.

(11)

August 17, 2021

Fitness Training Equipment Provider

Secured Debt

(9)

6.75% (L+5.75%, Floor 1.00%)

8/12/2028

15,000

14,556

14,700

Wall Street Prep, Inc.

(10)

July 19, 2021

Financial Training Services

Secured Debt

(9)

8.00% (L+7.00%, Floor 1.00%)

7/19/2026

4,373

4,280

4,280

Common Stock

400,000

400

400

4,680

4,680

YS Garments, LLC

(11)

August 22, 2018

Designer and Provider of Branded Activewear

Secured Debt

(9)

7.00% (L+6.00%, Floor 1.00%)

8/9/2024

13,034

12,961

12,578

Zilliant Incorporated

June 15, 2012

Price Optimization and Margin Management Solutions

Preferred Stock

186,777

154

260

Warrants

(28)

952,500

6/15/2022

1,071

1,290

1,225

1,550

Short-term portfolio investments

(34) (35)

34,377

34,341

27


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Subtotal Non-Control/Non-Affiliate Investments (76.9% of net assets at fair value)

$

1,338,405

$

1,295,747

Total Portfolio Investments, September 30, 2021 (185.1% of net assets at fair value)

$

2,832,562

$

3,117,104


(1)

All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C 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 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 average annual stated interest rate in effect at September 30, 2021. As noted in this schedule, 70% 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 1.08%.

(10)

Private Loan portfolio investment. See Note C for a description of Private Loan portfolio investments.

(11)

Middle Market portfolio investment. See Note C for a description of Middle Market portfolio investments.

(12)

Other Portfolio investment. See Note C 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)

All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”

(16)

External Investment Manager. Investment is not encumbered as security for the Company's Credit 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.

28


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

(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 $20.6 million Canadian Dollars and receive $16.3 million U.S. Dollars with a settlement date of September 14, 2022. The unrealized depreciation on the forward foreign currency contract is $0.1 million as of September 30, 2021.

(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 7.25% (Floor 1.25%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(24)

Investment date represents the date of initial investment in the portfolio company.

(25)

Warrants are presented in equivalent shares with a strike price of $10.92 per share.

(26)

Warrants are presented in equivalent units with a strike price of $14.28 per unit.

(27)

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

(28)

Warrants are presented in equivalent shares with a strike price of $0.001 per share.

(29)

Warrants are presented in equivalent units with a strike price of $1.50 per unit.

(30)

Shares/Units represent ownership in an underlying Real Estate or HoldCo entity.

(31)

Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.

(32)

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.

(33)

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 7.99% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(34)

Short-term portfolio investments. See Note C for a description of short-term portfolio investments.

(35)

Short-term portfolio investments bear interest at index based floating interest rates which range from LIBOR plus 2.75% to LIBOR plus 4.75%, with LIBOR floors which range from 0% to 0.75% (with a weighted average LIBOR floor of approximately 0.14%), and with resulting interest rates which range from of 2.83% to 4.83% as of September 30, 2021.

29


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Control Investments (5)

ASC Interests, LLC

August 1, 2013

Recreational and Educational Shooting Facility

Secured Debt

13.00%

7/31/2022

$

1,750

$

1,715

$

1,715

Member Units

1,500

1,500

1,120

3,215

2,835

Analytical Systems Keco, LLC

August 16, 2019

Manufacturer of Liquid and Gas Analyzers

Secured Debt

(9)

12.00% (L+10.00%, Floor 2.00%)

8/16/2024

5,155

4,874

4,874

Preferred Member Units

3,200

3,200

3,200

Warrants

(27)

420

8/16/2029

316

10

8,390

8,084

ATS Workholding, LLC

(10)

March 10, 2014

Manufacturer of Machine Cutting Tools and Accessories

Secured Debt

(14)

5.00%

11/16/2021

4,982

4,824

3,347

Preferred Member Units

3,725,862

3,726

-

8,550

3,347

Project BarFly, LLC

(10)

August 31, 2015

Casual Restaurant Group

Secured Debt

7.00%

10/31/2024

343

343

343

Member Units

37

1,584

1,584

1,927

1,927

Bolder Panther Group, LLC

December 31, 2020

Consumer Goods and Fuel Retailer

Secured Debt

(9)

10.50% (L+9.00%, Floor 1.50%)

12/31/2025

27,500

27,225

27,225

Class A Preferred Member Units

(30)

14.00%

10,194

10,194

Class B Preferred Member Units

(30)

140,000

8.00%

14,000

14,000

51,419

51,419

Bond-Coat, Inc.

December 28, 2012

Casing and Tubing Coating Services

Common Stock

57,508

6,350

2,040

Brewer Crane Holdings, LLC

January 9, 2018

Provider of Crane Rental and Operating Services

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

1/9/2023

8,556

8,513

8,513

Preferred Member Units

(8)

2,950

4,280

5,850

12,793

14,363

Bridge Capital Solutions Corporation

April 18, 2012

Financial Services and Cash Flow Solutions Provider

Secured Debt

13.00%

12/11/2024

8,813

8,403

8,403

Warrants

(27)

82

7/25/2026

2,132

3,220

Secured Debt

(30)

13.00%

12/11/2024

1,000

998

998

30


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Member Units

(8) (30)

17,742

1,000

1,000

12,533

13,621

Café Brazil, LLC

April 20, 2004

Casual Restaurant Group

Member Units

(8)

1,233

1,742

2,030

California Splendor Holdings LLC

March 30, 2018

Processor of Frozen Fruits

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

3/30/2023

8,100

8,014

8,043

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

3/30/2023

28,000

27,854

27,789

Preferred Member Units

(8)

6,725

8,255

8,255

Preferred Member Units

(8)

6,157

10,775

6,241

54,898

50,328

CBT Nuggets, LLC

June 1, 2006

Produces and Sells IT Training Certification Videos

Member Units

(8)

416

1,300

46,080

Centre Technologies Holdings, LLC

January 4, 2019

Provider of IT Hardware Services and Software Solutions

Secured Debt

(9)

12.00% (L+10.00%, Floor 2.00%)

1/4/2024

11,628

11,549

11,549

Preferred Member Units

12,696

5,840

6,160

17,389

17,709

Chamberlin Holding LLC

February 26, 2018

Roofing and Waterproofing Specialty Contractor

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%)

2/26/2023

15,212

15,136

15,212

Member Units

(8)

4,347

11,440

28,070

Member Units

(8) (30)

1,047,146

1,322

1,270

27,898

44,552

Charps, LLC

February 3, 2017

Pipeline Maintenance and Construction

Unsecured Debt

(19)

10.00% (8.67% Cash, 1.33% PIK)

1/31/2024

9,388

7,641

8,475

Secured Debt

15.00%

6/5/2022

669

669

669

Preferred Member Units

(8)

1,600

400

10,520

8,710

19,664

Clad-Rex Steel, LLC

December 20, 2016

Specialty Manufacturer of Vinyl-Clad Metal

Secured Debt

(9)

10.50% (L+9.50%, Floor 1.00%)

12/20/2021

10,880

10,853

10,853

Member Units

(8)

717

7,280

8,610

Secured Debt

(30)

10.00%

12/20/2036

1,111

1,100

1,100

Member Units

(30)

800

210

530

19,443

21,093

31


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

CMS Minerals Investments

January 30, 2015

Oil & Gas Exploration & Production

Member Units

(30)

100

2,179

1,624

Cody Pools, Inc.

March 6, 2020

Designer of Residential and Commercial Pools

Secured Debt

(9)

12.25% (L+10.50%, Floor 1.75%)

3/6/2025

14,216

14,092

14,216

Preferred Member Units

587

8,317

14,940

22,409

29,156

CompareNetworks Topco, LLC

January 29, 2019

Internet Publishing and Web Search Portals

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

1/29/2024

7,954

7,910

7,953

Preferred Member Units

(8)

1,975

1,975

6,780

9,885

14,733

Copper Trail Fund Investments

(12) (13)

July 17, 2017

Investment Partnership

LP Interests (CTMH, LP)

(31)

38.8%

747

747

Datacom, LLC

May 30, 2014

Technology and Telecommunications Provider

Secured Debt

(14)

8.00%

5/31/2021

1,800

1,800

1,615

Secured Debt

(14) (19)

10.50% PIK

5/31/2021

12,507

12,475

10,531

Class A Preferred Member Units

-

1,294

-

Class B Preferred Member Units

6,453

6,030

-

21,599

12,146

Digital Products Holdings LLC

April 1, 2018

Designer and Distributor of Consumer Electronics

Secured Debt

(9)

11.00% (L+10.00%, Floor 1.00%)

4/1/2023

18,173

18,077

18,077

Preferred Member Units

(8)

3,857

9,501

9,835

27,578

27,912

Direct Marketing Solutions, Inc.

February 13, 2018

Provider of Omni-Channel Direct Marketing Services

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

2/13/2023

15,090

15,007

15,007

Preferred Stock

8,400

8,400

19,380

23,407

34,387

Gamber-Johnson Holdings, LLC ("GJH")

June 24, 2016

Manufacturer of Ruggedized Computer Mounting Systems

Secured Debt

(9)

9.00% (L+7.00%, Floor 2.00%)

6/24/2021

19,838

19,807

19,838

Member Units

(8)

8,619

14,844

52,490

34,651

72,328

32


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Garreco, LLC

July 15, 2013

Manufacturer and Supplier of Dental Products

Secured Debt

(9)

9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%)

1/31/2021

4,519

4,519

4,519

Member Units

1,200

1,200

1,410

5,719

5,929

GRT Rubber Technologies LLC ("GRT")

December 19, 2014

Manufacturer of Engineered Rubber Products

Secured Debt

7.15% (L+7.00%)

12/31/2023

16,775

16,775

16,775

Member Units

(8)

5,879

13,065

44,900

29,840

61,675

Gulf Manufacturing, LLC

August 31, 2007

Manufacturer of Specialty Fabricated Industrial Piping Products

Member Units

(8)

438

2,980

4,510

Gulf Publishing Holdings, LLC

April 29, 2016

Energy Industry Focused Media and Publishing

Secured Debt

(9) (17) (19)

10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)

9/30/2020

250

250

250

Secured Debt

(19)

12.50% (6.25% Cash, 6.25% PIK)

4/29/2021

13,147

13,135

12,044

Member Units

3,681

3,681

-

17,066

12,294

Harris Preston Fund Investments

(12) (13)

October 1, 2017

Investment Partnership

LP Interests (2717 MH, L.P.)

(31)

49.3%

2,599

2,702

LP Interests (2717 HPP-MS, L.P.)

(31)

49.3%

250

250

2,849

2,952

Harrison Hydra-Gen, Ltd.

June 4, 2010

Manufacturer of Hydraulic Generators

Common Stock

(8)

107,456

718

5,450

Jensen Jewelers of Idaho, LLC

November 14, 2006

Retail Jewelry Store

Secured Debt

(9)

10.00% (Prime+6.75%, Floor 2.00%)

11/14/2023

3,400

3,374

3,400

Member Units

(8)

627

811

7,620

4,185

11,020

J&J Services, Inc.

October 31, 2019

Provider of Dumpster and Portable Toilet Rental Services

Secured Debt

11.50%

10/31/2024

12,800

12,697

12,800

Preferred Stock

2,814

7,085

12,680

19,782

25,480

KBK Industries, LLC

January 23, 2006

Manufacturer of Specialty Oilfield and Industrial Products

Member Units

(8)

325

783

13,200

33


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Kickhaefer Manufacturing Company, LLC

October 31, 2018

Precision Metal Parts Manufacturing

Secured Debt

11.50%

10/31/2023

22,415

22,269

22,269

Member Units

581

12,240

12,240

Secured Debt

9.00%

10/31/2048

3,948

3,909

3,909

Member Units

(8) (30)

800

992

1,160

39,410

39,578

Market Force Information, LLC

July 28, 2017

Provider of Customer Experience Management Services

Secured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

7/28/2023

1,600

1,600

1,600

Secured Debt

(14) (19)

12.00% PIK

7/28/2023

26,079

25,952

13,562

Member Units

743,921

16,642

-

44,194

15,162

MH Corbin Holding LLC

August 31, 2015

Manufacturer and Distributor of Traffic Safety Products

Secured Debt

(19)

13.00% (10.00% Cash, 3.00% PIK)

3/31/2022

8,570

8,527

8,280

Preferred Member Units

66,000

4,400

2,370

Preferred Member Units

4,000

6,000

-

18,927

10,650

MSC Adviser I, LLC

(16)

November 22, 2013

Third Party Investment
Advisory Services

Member Units

(8) (31)

29,500

116,760

Mystic Logistics Holdings, LLC

August 18, 2014

Logistics and Distribution Services Provider for Large Volume Mailers

Secured Debt

12.00%

1/17/2022

6,733

6,723

6,723

Common Stock

(8)

5,873

2,720

8,990

9,443

15,713

NAPCO Precast, LLC

January 31, 2008

Precast Concrete Manufacturing

Member Units

(8)

2,955

2,975

16,100

Nebraska Vet AcquireCo, LLC (NVS)

December 31, 2020

Mixed-Animal Veterinary and Animal Health Product Provider

Secured Debt

12.00%

12/31/2025

10,500

10,395

10,395

Preferred Member Units

6,500

6,500

6,500

16,895

16,895

NexRev LLC

February 28, 2018

Provider of Energy Efficiency Products & Services

Secured Debt

11.00%

2/28/2023

17,097

17,016

16,726

Preferred Member Units

(8)

86,400,000

6,880

1,470

23,896

18,196

NRI Clinical Research, LLC

September 8, 2011

Clinical Research Service Provider

34


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Secured Debt

9.00%

6/8/2022

5,620

5,572

5,620

Warrants

(27)

251,723

6/8/2027

252

1,490

Member Units

(8)

1,454,167

765

5,600

6,589

12,710

NRP Jones, LLC

December 22, 2011

Manufacturer of Hoses, Fittings and Assemblies

Secured Debt

12.00%

3/20/2023

2,080

2,080

2,080

Member Units

(8)

65,962

3,717

2,821

5,797

4,901

NuStep, LLC

January 31, 2017

Designer, Manufacturer and Distributor of Fitness Equipment

Secured Debt

12.00%

1/31/2022

17,240

17,193

17,193

Preferred Member Units

406

10,200

10,780

27,393

27,973

OMi Holdings, Inc.

April 1, 2008

Manufacturer of Overhead Cranes

Common Stock

(8)

1,500

1,080

20,380

Pearl Meyer Topco LLC

April 27, 2020

Provider of Executive Compensation Consulting Services

Secured Debt

12.00%

4/27/2025

37,513

37,202

37,202

Member Units

(8)

13,800

13,000

15,940

50,202

53,142

Pegasus Research Group, LLC

January 6, 2011

Provider of Telemarketing and Data Services

Member Units

(8)

460

1,290

8,830

PPL RVs, Inc.

June 10, 2010

Recreational Vehicle Dealer

Secured Debt

(9)

7.50% (L+7.00%, Floor 0.50%)

11/15/2022

11,855

11,781

11,806

Common Stock

(8)

2,000

2,150

11,500

13,931

23,306

Principle Environmental, LLC (d/b/a TruHorizon Environmental Solutions)

February 1, 2011

Noise Abatement Service Provider

Secured Debt

13.00%

4/30/2023

6,397

6,335

6,397

Preferred Member Units

(8)

19,631

4,600

10,500

Warrants

(27)

1,018

1/31/2021

1,200

870

12,135

17,767

Quality Lease Service, LLC

June 8, 2015

Provider of Rigsite Accommodation Unit Rentals and Related Services

Member Units

1,000

11,063

4,460

River Aggregates, LLC

March 30, 2011

Processor of Construction Aggregates

Member Units

(30)

1,500

369

3,240

35


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Tedder Industries, LLC

August 31, 2018

Manufacturer of Firearm Holsters and Accessories

Secured Debt

12.00%

8/31/2023

16,400

16,301

16,301

Preferred Member Units

479

8,136

8,136

24,437

24,437

Trantech Radiator Topco, LLC

May 31, 2019

Transformer Cooling Products and Services

Secured Debt

12.00%

5/31/2024

8,720

8,644

8,644

Common Stock

(8)

615

4,655

6,030

13,299

14,674

UnionRock Energy Fund II, LP

(12) (13)

June 15, 2020

Oil & Gas Exploration & Production

LP Interests

(31)

49.6%

2,894

2,894

Vision Interests, Inc.

June 5, 2007

Manufacturer / Installer of Commercial Signage

Secured Debt

(17)

13.00%

9/30/2019

2,028

2,028

2,028

Series A Preferred Stock

3,000,000

3,000

3,160

5,028

5,188

Ziegler's NYPD, LLC

October 1, 2008

Casual Restaurant Group

Secured Debt

6.50%

10/1/2022

1,000

1,000

979

Secured Debt

12.00%

10/1/2022

625

625

625

Secured Debt

14.00%

10/1/2022

2,750

2,750

2,750

Warrants

(27)

587

10/1/2025

600

-

Preferred Member Units

10,072

2,834

1,780

7,809

6,134

Subtotal Control Investments (73.5% of net assets at fair value)

$

831,490

$

1,113,725

36


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Affiliate Investments (6)

AAC Holdings, Inc.

(11)

June 30, 2017

Substance Abuse Treatment Service Provider

Secured Debt

(19)

18.00% (10.00% Cash, 8.00% PIK)

6/25/2025

9,406

9,187

9,187

Common Stock

593,928

3,148

3,148

Warrants

(27)

554,353

12/11/2025

-

2,938

12,335

15,273

AFG Capital Group, LLC

November 7, 2014

Provider of Rent-to-Own Financing Solutions and Services

Secured Debt

10.00%

5/25/2022

491

491

491

Preferred Member Units

186

1,200

5,810

1,691

6,301

American Trailer Rental Group LLC

June 7, 2017

Provider of Short-term Trailer and Container Rental

Member Units

(30)

73,493

8,596

16,010

BBB Tank Services, LLC

April 8, 2016

Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

Unsecured Debt

(9)

12.00% (L+11.00%, Floor 1.00%)

4/8/2021

4,800

4,773

4,722

Preferred Stock (non-voting)

(8) (19)

15.00% PIK

151

151

Member Units

800,000

800

280

5,724

5,153

Boccella Precast Products LLC

June 30, 2017

Manufacturer of Precast Hollow Core Concrete

Member Units

(8)

2,160,000

2,256

6,040

Buca C, LLC

June 30, 2015

Casual Restaurant Group

Secured Debt

(9) (17)

10.25% (L+9.25%, Floor 1.00%)

6/30/2020

19,004

19,004

14,256

Preferred Member Units

(8) (19)

6

6.00% PIK

4,770

-

23,774

14,256

CAI Software LLC

October 10, 2014

Provider of Specialized Enterprise Resource Planning Software

Secured Debt

12.50%

12/7/2023

47,474

47,133

47,474

Member Units

(8)

77,960

2,095

7,190

49,228

54,664

Chandler Signs Holdings, LLC

(10)

January 4, 2016

Sign Manufacturer

Class A Units

1,500,000

1,500

1,460

Charlotte Russe, Inc

(11)

May 28, 2013

Fast-Fashion Retailer to Young Women

Common Stock

19,041

3,141

-

Classic H&G Holdings, LLC

March 12, 2020

Provider of Engineered Packaging Solutions

Secured Debt

12.00%

3/12/2025

24,800

24,583

24,800

Preferred Member Units

(8)

154

5,760

9,510

30,343

34,310

37


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Congruent Credit Opportunities Funds

(12) (13)

January 24, 2012

Investment Partnership

LP Interests (Congruent Credit Opportunities Fund
II, LP)

(31)

19.8%

4,449

94

LP Interests (Congruent Credit Opportunities Fund
III, LP)

(8) (31)

17.4%

11,741

11,540

16,190

11,634

Copper Trail Fund Investments

(12) (13)

July 17, 2017

Investment Partnership

LP Interests (Copper Trail Energy Fund I, LP)

(8) (31)

12.4%

2,161

1,782

Dos Rios Partners

(12) (13)

April 25, 2013

Investment Partnership

LP Interests (Dos Rios Partners, LP)

(31)

20.2%

6,605

5,417

LP Interests (Dos Rios Partners - A, LP)

(31)

6.4%

2,097

1,720

8,702

7,137

East Teak Fine Hardwoods, Inc.

April 13, 2006

Distributor of Hardwood Products

Common Stock

6,250

480

300

EIG Fund Investments

(12) (13)

November 6, 2015

Investment Partnership

LP Interests (EIG Global Private Debt Fund-A, L.P.)

(8) (31)

11.1%

739

526

Freeport Financial Funds

(12) (13)

June 13, 2013

Investment Partnership

LP Interests (Freeport Financial SBIC Fund LP)

(31)

9.3%

5,974

5,264

LP Interests (Freeport First Lien Loan Fund III LP)

(8) (31)

6.0%

10,785

10,321

16,759

15,585

Harris Preston Fund Investments

(12) (13)

August 9, 2017

Investment Partnership

LP Interests (HPEP 3, L.P.)

(31)

8.2%

3,071

3,258

Hawk Ridge Systems, LLC

(13)

December 2, 2016

Value-Added Reseller of Engineering Design and Manufacturing Solutions

Secured Debt

11.00%

12/2/2023

18,400

18,366

18,400

Preferred Member Units

(8)

226

2,850

8,030

Preferred Member Units

(30)

226

150

420

21,366

26,850

38


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Houston Plating and Coatings, LLC

January 8, 2003

Provider of Plating and Industrial Coating Services

Unsecured Convertible Debt

8.00%

5/1/2022

3,000

3,000

2,900

Member Units

(8)

322,297

2,352

5,080

5,352

7,980

I-45 SLF LLC

(12) (13)

October 20, 2015

Investment Partnership

Member Units (Fully diluted 20.0%; 24.40% profits
interest) (8)

(8) (31)

20.00% Fully Diluted, 24.40% Profits Interest

20,200

15,789

L.F. Manufacturing Holdings, LLC

(10)

December 23, 2013

Manufacturer of Fiberglass Products

Preferred Member Units (non-voting)

(8) (19)

14.00% PIK

93

93

Member Units

2,179,001

2,019

2,050

2,112

2,143

OnAsset Intelligence, Inc.

April 18, 2011

Provider of Transportation Monitoring / Tracking Products and Services

Secured Debt

(19)

12.00% PIK

6/30/2021

7,301

7,301

7,301

Unsecured Debt

(19)

10.00% PIK

6/30/2021

64

64

64

Preferred Stock

912

1,981

-

Warrants

(27)

5,333

4/18/2021

1,919

-

11,265

7,365

PCI Holding Company, Inc.

December 18, 2012

Manufacturer of Industrial Gas Generating Systems

Preferred Stock

1,500,000

3,927

4,130

Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)

January 8, 2013

Provider of Rigsite Accommodation Unit Rentals and Related Services

Secured Debt

(14) (32)

12.00%

1/8/2018

30,369

29,865

-

Preferred Member Units

250

2,500

-

32,365

-

Salado Stone Holdings, LLC

(10)

June 27, 2016

Limestone and Sandstone Dimension Cut Stone Mining Quarries

Class A Preferred Units

(30)

2,000,000

2,000

1,250

Slick Innovations, LLC

September 13, 2018

Text Message Marketing Platform

Secured Debt

13.00%

9/13/2023

5,720

5,605

5,719

Common Stock

70,000

700

1,330

Warrants

(27)

18,084

9/13/2028

181

360

6,486

7,409

SI East, LLC

August 31, 2018

Rigid Industrial Packaging Manufacturing

Secured Debt

9.50%

8/31/2023

32,963

32,760

32,962

Preferred Member Units

(8)

157

6,000

9,780

38,760

42,742

Superior Rigging & Erecting Co.

August 31, 2020

Provider of Steel Erection, Crane Rental & Rigging Services

Secured Debt

12.00%

8/31/2025

21,500

21,298

21,298

39


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2020

(dollars in thousands)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Member Units

1,473

4,500

4,500

25,798

25,798

UniTek Global Services, Inc.

(11)

April 15, 2011

Provider of Outsourced Infrastructure Services

Secured Debt

(9)

7.50% (L+6.50% Floor 1.00%)

8/20/2024

2,708

2,687

2,426

Preferred Stock

(8) (19)

1,133,102

20.00% PIK