MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	June 30,		December 31,
	2022		2021
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,145,692 and $1,107,597 as of June 30, 2022 and December 31, 2021, respectively)	$	1,538,158	$	1,489,257
Affiliate investments (cost: $540,457 and $578,539 as of June 30, 2022 and December 31, 2021, respectively)		518,061		549,214
Non‑Control/Non‑Affiliate investments (cost: $1,737,243 and $1,573,110 as of June 30, 2022 and December 31, 2021, respectively)		1,661,551		1,523,360
Total investments (cost: $3,423,392 and $3,259,246 as of June 30, 2022 and December 31, 2021, respectively)		3,717,770		3,561,831
Cash and cash equivalents		43,383		32,629
Interest and dividend receivable and other assets		59,421		56,488
Receivable for securities sold		1,441		35,125
Deferred financing costs (net of accumulated amortization of $9,948 and $9,462 as of June 30, 2022 and December 31, 2021, respectively)		3,730		4,217
Total assets	$	3,825,745	$	3,690,290
LIABILITIES
Credit facility	$	380,000	$	320,000
3.00% Notes due 2026 (par: $500,000 as of both June 30, 2022 and December 31, 2021)		497,872		497,609
5.20% Notes due 2024 (par: $450,000 as of both June 30, 2022 and December 31, 2021)		450,999		451,272
SBIC debentures (par: $350,000 as of both June 30, 2022 and December 31, 2021)		343,323		342,731
4.50% Notes due 2022 (par: $185,000 as of both June 30, 2022 and December 31, 2021)		184,747		184,444
Accounts payable and other liabilities		29,978		40,469
Payable for securities purchased		—		5,111
Interest payable		14,968		14,926
Dividend payable		15,673		15,159
Deferred tax liability, net		43,022		29,723
Total liabilities		1,960,582		1,901,444
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 73,455,801 and 70,700,885 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)		735		707
Additional paid‑in capital		1,837,305		1,736,346
Total undistributed earnings		27,123		51,793
Total net assets		1,865,163		1,788,846
Total liabilities and net assets	$	3,825,745	$	3,690,290
NET ASSET VALUE PER SHARE	$	25.37	$	25.29

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	36,808	$	27,027	$	69,385	$	51,052
Affiliate investments		11,893		11,005		25,810		22,511
Non‑Control/Non‑Affiliate investments		36,499		29,262		69,401		56,539
Total investment income		85,200		67,294		164,596		130,102
EXPENSES:
Interest		(17,295)		(14,400)		(33,982)		(28,206)
Compensation		(8,807)		(6,895)		(16,076)		(13,216)
General and administrative		(4,238)		(3,417)		(7,464)		(6,392)
Share‑based compensation		(3,596)		(2,759)		(6,414)		(5,092)
Expenses allocated to the External Investment Manager		3,462		2,572		6,279		4,952
Total expenses		(30,474)		(24,899)		(57,657)		(47,954)
NET INVESTMENT INCOME		54,726		42,395		106,939		82,148
NET REALIZED GAIN (LOSS):
Control investments		—		(2,320)		—		(13,245)
Affiliate investments		47		13,913		739		9,110
Non‑Control/Non‑Affiliate investments		(5,111)		6,407		(2,467)		6,405
Total net realized gain (loss)		(5,064)		18,000		(1,728)		2,270
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments		4,822		30,824		13,101		45,084
Affiliate investments		1,731		9,816		4,772		16,232
Non‑Control/Non‑Affiliate investments		(31,146)		3,801		(27,714)		17,124
Total net unrealized appreciation (depreciation)		(24,593)		44,441		(9,841)		78,440
INCOME TAXES:
Federal and state income, excise and other taxes		(809)		(656)		(2,118)		(1,289)
Deferred taxes		(9,511)		(9,070)		(13,299)		(9,118)
Income tax benefit (provision)		(10,320)		(9,726)		(15,417)		(10,407)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,749	$	95,110	$	79,953	$	152,451
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.75	$	0.62	$	1.47	$	1.20
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.20	$	1.39	$	1.10	$	2.23
WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED		73,304,619		68,514,683		72,512,793		68,321,701

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(Unaudited)


						Total
	Common Stock			Additional		Undistributed
	Number of	Par		Paid‑In		(Overdistributed)		Total Net
	Shares	Value		Capital		Earnings		Asset Value
Balances at December 31, 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

Balances at December 31, 2021	70,737,021	$	707	$	1,736,346	$	51,793	$	1,788,846
Public offering of common stock, net of offering costs	1,502,430		15		63,507		—		63,522
Share‑based compensation	—		—		2,818		—		2,818
Dividend reinvestment	114,043		1		4,812		—		4,813
Amortization of directors’ deferred compensation	—		—		147		—		147
Issuance of restricted stock, net of forfeited shares	16,913		—		—		—		—
Dividends to stockholders	—		—		109		(51,804)		(51,695)
Net increase resulting from operations	—		—		—		65,203		65,203
Balances at March 31, 2022	72,370,407	$	723	$	1,807,739	$	65,192	$	1,873,654
Public offering of common stock, net of offering costs	662,828		7		25,626		—		25,633
Share‑based compensation	—		—		3,596		—		3,596
Purchase of vested stock for employee payroll tax withholding	(115,071)		(1)		(4,894)		—		(4,895)
Dividend reinvestment	132,156		1		4,999		—		5,000
Amortization of directors’ deferred compensation	—		—		130		—		130
Issuance of restricted stock, net of forfeited shares	467,238		5		(5)		—		—
Dividends to stockholders	—		—		114		(52,818)		(52,704)
Net increase resulting from operations	—		—		—		14,749		14,749
Balances at June 30, 2022	73,517,558	$	735	$	1,837,305	$	27,123	$	1,865,163

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Six Months Ended
	June 30,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	79,953	$	152,451
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		(540,429)		(520,706)
Proceeds from sales and repayments of debt investments in portfolio companies		381,697		279,303
Proceeds from sales and return of capital of equity investments in portfolio companies		30,293		55,915
Net unrealized (appreciation) depreciation		9,841		(78,440)
Net realized (gain) loss		1,728		(2,270)
Accretion of unearned income		(7,354)		(6,391)
Payment-in-kind interest		(2,364)		(4,672)
Cumulative dividends		(1,062)		(858)
Share-based compensation expense		6,414		5,092
Amortization of deferred financing costs		1,372		1,494
Deferred tax (benefit) provision		13,299		9,118
Changes in other assets and liabilities:
Interest and dividend receivable and other assets		(3,686)		(5,047)
Interest payable		42		3,220
Accounts payable and other liabilities		(10,216)		1,234
Deferred fees and other		1,037		2,363
Net cash used in operating activities		(39,435)		(108,194)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs		89,155		13,026
Proceeds from public offering of 3.00% Notes due 2026		-		300,000
Dividends paid		(94,071)		(76,221)
Proceeds from issuance of SBIC debentures		-		52,200
Repayments of SBIC debentures		-		(40,000)
Proceeds from credit facility		303,000		446,000
Repayments on credit facility		(243,000)		(546,000)
Debt issuance premiums (costs), net		-		(9,462)
Purchases of vested stock for employee payroll tax withholding		(4,895)		(4,472)
Net cash provided by financing activities		50,189		135,071

Net increase in cash and cash equivalents		10,754		26,877
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		32,629		31,919
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	43,383	$	58,796

Supplemental cash flow disclosures:
Interest paid	$	32,505	$	23,427
Taxes paid	$	4,920	$	1,609
Non-cash financing activities:
Value of shares issued pursuant to the DRIP	$	9,813	$	7,455

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

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(9)	8/16/2019		12.00% (L+10.00%, Floor 2.00%)	8/16/2024	$	4,805	$	4,641	$	4,641
			Preferred Member Units		8/16/2019	3,200						3,200		-
			Preferred Member Units		5/20/2021	2,427						2,426		4,318
			Warrants	(27)	8/16/2019	420		8/16/2029				316		-
												10,583		8,959
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt		12/31/2019		13.00%	7/31/2024		170		170		170
			Secured Debt		8/1/2013		13.00%	7/31/2024		1,650		1,648		1,648
			Member Units		8/1/2013	1,500						1,500		800
												3,318		2,618
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%	8/16/2023		4,728		4,570		2,939
			Preferred Member Units		11/16/2017	3,725,862						3,726		-
												8,296		2,939
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%	10/31/2024		711		711		711
			Member Units		10/26/2020	37						1,584		2,400
												2,295		3,111
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt		3/7/2022		11.00%	3/31/2027		11,025		10,913		10,913
			Preferred Stock		3/7/2022	4,073						4,073		4,073
												14,986		14,986
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9)	12/31/2020		10.50% (L+9.00%, Floor 1.50%)	12/31/2025		49,194		48,920		49,194
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%					14,000		25,930
												62,920		75,124
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		11.06% (L+10.00%, Floor 1.00%)	1/9/2023		7,812		7,801		7,801
			Preferred Member Units	(8)	1/9/2018	2,950						4,279		7,050
												12,080		14,851
Bridge Capital Solutions Corporation		Financial Services and Cash Flow Solutions Provider
			Secured Debt		7/25/2016		13.00%	12/11/2024		8,813		8,813		8,813
			Secured Debt	(30)	7/25/2016		13.00%	12/11/2024		1,000		1,000		1,000
			Preferred Member Units	(8) (30)	7/25/2016	17,742						1,000		1,000
			Warrants	(27)	7/25/2016	82		7/25/2026				2,132		4,260
												12,945		15,073
Café Brazil, LLC		Casual Restaurant Group
			Member Units	(8)	6/9/2006	1,233						1,742		2,520

California Splendor Holdings LLC		Processor of Frozen Fruits
			Secured Debt	(9)	3/30/2018		11.00% (L+10.00%, Floor 1.00%)	7/29/2026		28,000		27,944		28,000

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
		Preferred Member Units	(8) (19)	7/31/2019	3,671	15.00% PIK					3,713		3,713
		Preferred Member Units	(8)	3/30/2018	6,157						10,775		19,295
											42,432		51,008
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416						1,300		47,900

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9)	1/4/2019		12.00% (L+10.00%, Floor 2.00%)	1/4/2026		15,030		14,941		14,941
		Preferred Member Units		1/4/2019	13,309						6,122		6,890
											21,063		21,831
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9)	2/26/2018		9.13% (L+8.00%, Floor 1.00%)	2/26/2023		17,466		17,422		17,466
		Member Units	(8)	2/26/2018	4,347						11,440		22,510
		Member Units	(8) (30)	11/2/2018	1,047,146						1,322		1,540
											30,184		41,516
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		10.00%	1/31/2026		5,694		4,626		5,694
		Preferred Member Units	(8)	2/3/2017	1,829						1,963		13,450
											6,589		19,144
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(9)	12/20/2016		10.63% (L+9.50%, Floor 1.00%)	1/15/2024		10,480		10,421		10,421
		Secured Debt		12/20/2016		10.00%	12/20/2036		1,065		1,055		1,055
		Member Units	(8)	12/20/2016	717						7,280		10,250
		Member Units	(30)	12/20/2016	800						210		610
											18,966		22,336
CMS Minerals Investments	Oil & Gas Exploration & Production
		Member Units	(8) (30)	4/1/2016	100						1,691		2,274

Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt	(9)	3/6/2020		12.25% (L+10.50%, Floor 1.75%)	12/17/2026		41,649		41,315		41,637
		Preferred Member Units	(8) (30)	3/6/2020	587						8,317		51,190
											49,632		92,827
Colonial Electric Company LLC	Provider of Electrical Contracting Services
		Secured Debt		3/31/2021		12.00%	3/31/2026		25,540		25,351		25,351
		Preferred Member Units	(8)	3/31/2021	17,280						7,680		8,940
											33,031		34,291
CompareNetworks Topco, LLC	Internet Publishing and Web Search Portals
		Secured Debt	(9)	1/29/2019		10.13% (L+9.00%, Floor 1.00%)	1/29/2024		5,741		5,726		5,741
		Preferred Member Units	(8)	1/29/2019	1,975						1,975		17,230
											7,701		22,971

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(31)	7/17/2017	38.8%						710		710

Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/31/2021		7.50%	12/31/2025		8,757		8,245		7,617
			Preferred Member Units	(8)	3/31/2021	9,000						2,610		2,670
												10,855		10,287
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		11.13% (L+10.00%, Floor 1.00%)	4/1/2023		16,193		16,163		16,163
			Preferred Member Units	(8)	4/1/2018	3,857						9,501		9,835
												25,664		25,998
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(9)	2/13/2018		12.13% (L+11.00%, Floor 1.00%)	2/13/2024		24,678		24,561		24,678
			Preferred Stock	(8)	2/13/2018	8,400						8,400		21,550
												32,961		46,228
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt	(9)	10/29/2021		7.50% (L+6.50%, Floor 1.00%)	10/31/2026		7,600		7,532		7,600
			Secured Debt	(9)	10/29/2021		12.00% (L+11.00%, Floor 1.00%)	10/31/2026		21,200		21,017		21,200
			Preferred Equity	(8)	10/29/2021	9,360						10,400		13,410
												38,949		42,210
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9)	6/24/2016		10.00% (L+8.00%, Floor 2.00%)	1/1/2025		21,598		21,545		21,598
			Member Units	(8)	6/24/2016	9,042						17,692		46,300
												39,237		67,898
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Secured Debt	(9)	7/15/2013		9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%)	7/31/2023		4,196		4,196		4,196
			Member Units	(8)	7/15/2013	1,200						1,200		2,490
												5,396		6,686
GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/19/2014		9.06% (L+8.00%)	10/29/2026		38,885		38,694		38,885
			Member Units	(8)	12/19/2014	5,879						13,065		46,190
												51,759		85,075
Gulf Manufacturing, LLC		Manufacturer of Specialty Fabricated Industrial Piping Products
			Member Units	(8)	8/31/2007	438						2,980		5,510

Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing
			Secured Debt	(9) (17) (19)	9/29/2017		10.60% (5.25% Cash, 5.25% PIK)	9/30/2020		257		257		257

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
							(L+9.50%, Floor 1.00%)
			Secured Debt	(17) (19)	4/29/2016		12.50% (6.25% Cash, 6.25% PIK)	4/29/2021		13,565		13,565		7,529
			Member Units		4/29/2016	3,681						3,681		-
												17,503		7,786
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(31)	10/1/2017	49.3%						3,877		6,554
			LP Interests (2717 HPP-MS, L.P.)	(31)	3/11/2022	49.3%						244		244
												4,121		6,798
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock		6/4/2010	107,456						718		3,330

Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9)	11/14/2006		10.75% (Prime+6.75%, Floor 2.00%)	11/14/2023		2,450		2,441		2,450
			Member Units	(8)	11/14/2006	627						811		15,120
												3,252		17,570
Johnson Downie Opco, LLC		Executive Search Services
			Secured Debt	(9)	12/10/2021		13.00% (L+11.50%, Floor 1.50%)	12/10/2026		10,437		10,328		10,421
			Preferred Equity	(8)	12/10/2021	3,150						3,150		5,880
												13,478		16,301
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%	3/28/2027		25,650		25,406		25,406
			Common Stock		3/28/2022	107,406						10,741		10,741
												36,147		36,147
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Member Units	(8)	1/23/2006	325						783		13,930

Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%	10/31/2023		20,415		20,349		20,349
			Secured Debt		10/31/2018		9.00%	10/31/2048		3,897		3,860		3,860
			Member Units		10/31/2018	581						12,240		12,240
			Member Units	(8) (30)	10/31/2018	800						992		2,460
												37,441		38,909
Market Force Information, LLC		Provider of Customer Experience Management Services
			Secured Debt	(9)	7/28/2017		12.13% (L+11.00%, Floor 1.00%)	7/28/2023		4,400		4,400		4,400
			Secured Debt	(14) (19)	7/28/2017		12.00% PIK	7/28/2023		26,079		25,952		7,531
			Member Units		7/28/2017	743,921						16,642		-
												46,994		11,931
MH Corbin Holding LLC		Manufacturer and Distributor of Traffic Safety Products
			Secured Debt	(17)	8/31/2015		13.00%	3/31/2022		8,090		8,090		4,288
			Preferred Member Units		3/15/2019	66,000						4,400		-
			Preferred Member Units		9/1/2015	4,000						6,000		-
												18,490		4,288
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (31)	1/26/2021	14.5%						11,250		10,787

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013							29,500		118,320

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity		5/2/2022	94,697						750		750

Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt		8/18/2014		10.00%	1/31/2024		6,098		6,098		6,098
			Common Stock	(8)	8/18/2014	5,873						2,720		16,210
												8,818		22,308
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955						2,975		11,830

Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider
			Secured Debt		12/31/2020		12.00%	12/31/2025		10,500		10,423		10,423
			Secured Debt		12/31/2020		12.00%	12/31/2025		11,452		11,373		11,373
			Preferred Member Units		12/31/2020	6,987						6,987		7,700
												28,783		29,496
NexRev LLC		Provider of Energy Efficiency Products & Services
			Secured Debt		2/28/2018		11.00%	2/28/2025		12,265		12,094		8,262
			Preferred Member Units	(8)	2/28/2018	103,144,186						8,213		940
												20,307		9,202
NRP Jones, LLC		Manufacturer of Hoses, Fittings and Assemblies
			Secured Debt		12/21/2017		12.00%	3/20/2023		2,080		2,080		2,080
			Member Units	(8)	12/22/2011	65,962						3,717		5,470
												5,797		7,550
NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment
			Secured Debt	(9)	1/31/2017		7.63% (L+6.50%, Floor 1.00%)	1/31/2025		3,200		3,200		3,200
			Secured Debt		1/31/2017		12.00%	1/31/2025		18,440		18,408		18,440
			Preferred Member Units		1/31/2017	406						10,200		11,560
												31,808		33,200
OMi Topco, LLC		Manufacturer of Overhead Cranes
			Secured Debt		8/31/2021		12.00%	8/31/2026		16,750		16,610		16,750
			Preferred Member Units	(8)	4/1/2008	900						1,080		20,300
												17,690		37,050
Orttech Holdings, LLC		Distributor of Industrial Clutches, Brakes and Other Components
			Secured Debt	(9)	7/30/2021		12.15% (L+11.00%, Floor 1.00%)	7/31/2026		23,975		23,779		23,779
			Preferred Stock	(8) (30)	7/30/2021	10,000						10,000		10,000
												33,779		33,779
Pearl Meyer Topco LLC		Provider of Executive Compensation Consulting Services
			Secured Debt		4/27/2020		12.00%	4/27/2025		28,681		28,506		28,681
			Member Units	(8)	4/27/2020	13,800						13,000		39,750
												41,506		68,431
PPL RVs, Inc.		Recreational Vehicle Dealer

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
		Secured Debt	(9)	11/15/2016		7.97% (L+7.00%, Floor 0.50%)	11/15/2027		19,655		19,394		19,645
		Common Stock	(8)	6/10/2010	2,000						2,150		18,490
											21,544		38,135
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		2/1/2011		13.00%	11/15/2026		473		471		471
		Secured Debt		7/1/2011		13.00%	11/15/2026		5,924		5,820		5,820
		Preferred Member Units	(8)	2/1/2011	21,806						5,709		11,530
		Common Stock		1/27/2021	1,037						1,200		740
											13,200		18,561
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000						8,063		1,075

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(8) (30)	12/20/2013	1,500						369		3,380

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(9)	12/15/2021		12.00% (L+11.00%, Floor 1.00%)	12/15/2026		36,135		35,774		35,774
		Preferred Equity		12/15/2021	11,070						11,070		15,740
											46,844		51,514
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt		8/31/2018		12.00%	8/31/2022		1,840		1,840		1,840
		Secured Debt		8/31/2018		12.00%	8/31/2023		15,200		15,185		15,185
		Preferred Member Units		8/31/2018	518						8,801		7,314
											25,826		24,339
Televerde, LLC	Provider of Telemarketing and Data Services
		Member Units		1/6/2011	460						1,290		5,145
		Preferred Stock		1/26/2022	248						718		1,794
											2,008		6,939
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt		5/31/2019		12.00%	5/31/2024		8,320		8,277		8,314
		Common Stock	(8)	5/31/2019	615						4,655		8,090
											12,932		16,404
Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage
		Series A Preferred Stock	(8)	12/23/2011	3,000,000						3,000		3,000

VVS Holdco LLC	Omnichannel Retailer of Animal Health Products
		Secured Debt	(30)	12/1/2021		11.50%	12/1/2026		30,400		30,102		30,102
		Preferred Equity	(8) (30)	12/1/2021	11,840						11,840		12,080
											41,942		42,182
Ziegler’s NYPD, LLC	Casual Restaurant Group
		Secured Debt		6/1/2015		12.00%	10/1/2022		625		625		625
		Secured Debt		10/1/2008		6.50%	10/1/2022		1,000		1,000		1,000
		Secured Debt		10/1/2008		14.00%	10/1/2022		2,750		2,750		2,750
		Preferred Member Units		6/30/2015	10,072						2,834		1,680
		Warrants	(27)	7/1/2015	587		10/1/2025				600		-
											7,809		6,055
Subtotal Control Investments (82.5% of net assets at fair value)										$	1,145,692	$	1,538,158

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Affiliate Investments (6)

AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt	(19)	12/11/2020		18.00% PIK	6/25/2025	$	10,621	$	10,457	$	10,090
			Common Stock		12/11/2020	593,928						3,148		800
			Warrants	(27)	12/11/2020	554,353		12/11/2025				-		740
												13,605		11,630
AFG Capital Group, LLC		Provider of Rent-to-Own Financing Solutions and Services
			Preferred Member Units	(8)	11/7/2014	186						1,200		8,780

ATX Networks Corp.	(11)	Provider of Radio Frequency Management Equipment
			Secured Debt	(9)	9/1/2021		8.92% (L+7.50%, Floor 1.00%)	9/1/2026		7,071		6,496		6,187
			Unsecured Debt	(19)	9/1/2021		10.00% PIK	9/1/2028		3,225		2,121		2,242
			Common Stock		9/1/2021	583						-		-
												8,617		8,429
BBB Tank Services, LLC		Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			Unsecured Debt	(9) (17)	4/8/2016		12.06% (L+11.00%, Floor 1.00%)	4/8/2021		4,800		4,800		2,298
			Preferred Stock (non-voting)	(19)	12/17/2018		15.00% PIK					162		-
			Member Units		4/8/2016	800,000						800		-
												5,762		2,298
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%	2/28/2027		320		320		320
			Member Units	(8)	6/30/2017	2,160,000						2,256		4,510
												2,576		4,830
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(9)	6/30/2015		10.37% (L+9.25%, Floor 1.00%)	6/30/2023		18,270		18,270		13,149
			Preferred Member Units	(19)	6/30/2015	6	6.00% PIK					4,770		-
												23,040		13,149
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt		12/17/2021		12.50%	12/17/2026		20,250		20,070		20,070
			Common Stock		12/17/2021	450,000						4,500		4,500
												24,570		24,570
Chandler Signs Holdings, LLC	(10)	Sign Manufacturer
			Class A Units		1/4/2016	1,500,000						1,500		620

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Secured Debt	(9)	3/12/2020		7.00% (L+6.00%, Floor 1.00%)	3/12/2025		5,560		5,560		5,560
			Secured Debt		3/12/2020		8.00%	3/12/2025		19,274		19,160		19,274
			Preferred Member Units	(8)	3/12/2020	154						5,760		23,790
												30,480		48,624
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (31)	2/4/2015	17.4%						8,659		8,299

DMA Industries, LLC		Distributor of aftermarket ride control products
			Secured Debt		11/19/2021		12.00%	11/19/2026		21,200		21,014		21,200
			Preferred Equity		11/19/2021	5,944						5,944		6,920
												26,958		28,120
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(31)	4/25/2013	20.2%						6,605		8,610
			LP Interests (Dos Rios Partners - A, LP)	(31)	4/25/2013	6.4%						2,097		2,734
												8,702		11,344
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(30)	6/27/2016	2,000,000						2,000		350

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8) (31)	11/6/2015	11.1%						436		389

Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(8) (31)	3/23/2015	9.3%						4,064		4,116
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (31)	7/31/2015	6.0%						7,250		6,795
												11,314		10,911
GFG Group, LLC.		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		9.00%	3/31/2026		12,545		12,448		12,545
			Preferred Member Units	(8)	3/31/2021	226						4,900		6,990
												17,348		19,535
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(8) (31)	8/9/2017	8.2%						2,833		4,331
			LP Interests (423 COR, LP)	(31)	6/2/2022	22.9%						1,400		1,400
												4,233		5,731
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		7.13% (L+6.00%, Floor 1.00%)	1/15/2026		2,585		2,585		2,585
			Secured Debt		12/2/2016		8.00%	1/15/2026		34,800		34,687		34,800
			Preferred Member Units	(8)	12/2/2016	226						2,850		20,030
			Preferred Member Units	(30)	12/2/2016	226						150		1,050

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
												40,272		58,465
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		8.00%	10/2/2024		3,000		3,000		2,750
			Member Units	(8)	1/8/2003	322,297						2,352		2,520
												5,352		5,270
I-45 SLF LLC	(12) (13)	Investment Partnership
			Member Units (Fully diluted 20.0%; 21.75% profits interest)	(8)	10/20/2015							19,000		12,949

Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		12.50%	11/15/2026		4,600		4,561		4,561
			Secured Debt		9/1/2021		12.50%	11/15/2026		3,200		3,173		3,173
			Secured Debt		11/15/2021		12.50%	11/15/2026		28,944		28,769		28,769
			Common Stock		8/3/2021	179,778						1,798		1,798
												38,301		38,301
L.F. Manufacturing Holdings, LLC	(10)	Manufacturer of Fiberglass Products
			Preferred Member Units (non-voting)	(8) (19)	1/1/2019		14.00% PIK					115		115
			Member Units	(8)	12/23/2013	2,179,001						2,019		3,150
												2,134		3,265
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14) (19)	5/20/2014		12.00% PIK	12/31/2022		964		964		808
			Secured Debt	(14) (19)	3/21/2014		12.00% PIK	12/31/2022		983		983		825
			Secured Debt	(14) (19)	5/10/2013		12.00% PIK	12/31/2022		2,116		2,116		1,776
			Secured Debt	(14) (19)	4/18/2011		12.00% PIK	12/31/2022		4,415		4,415		3,704
			Unsecured Debt	(14) (19)	6/5/2017		10.00% PIK	12/31/2022		197		197		197
			Preferred Stock	(14) (19)	4/18/2011	912	7.00% PIK					1,981		-
			Common Stock		4/15/2021	635						830		-
			Warrants	(27)	4/18/2011	4,699		5/10/2023				1,089		-
												12,575		7,310
Oneliance, LLC		Construction Cleaning Company
			Secured Debt	(9)	8/6/2021		12.06% (L+11.00%, Floor 1.00%)	8/6/2026		5,600		5,553		5,553
			Preferred Stock		8/6/2021	1,056						1,056		1,056
												6,609		6,609
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		Provider of Rigsite Accommodation Unit Rentals and Related Services
			Secured Debt	(14) (17)	6/30/2015		12.00%	1/8/2018		30,369		29,865		-
			Preferred Member Units		1/8/2013	250						2,500		-
												32,365		-
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		10.25%	8/31/2023		64,361		64,285		64,361
			Preferred Member Units	(8)	8/31/2018	157						1,218		12,830
												65,503		77,191
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		12.00%	9/13/2023		4,640		4,596		4,640
			Common Stock		9/13/2018	70,000						700		1,640
			Warrants	(27)	9/13/2018	18,084		9/13/2028				181		440
												5,477		6,720
Sonic Systems International, LLC	(10)	Nuclear Power Staffing Services

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Secured Debt	(9)	8/20/2021		8.50% (L+7.50%, Floor 1.00%)	8/20/2026		15,769		15,495		15,260
			Common Stock		8/20/2021	9,968						1,356		1,420
												16,851		16,680
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Secured Debt		8/31/2020		12.00%	8/31/2025		21,500		21,355		21,355
			Preferred Member Units		8/31/2020	1,571						4,500		4,500
												25,855		25,855
The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt		8/9/2021		11.83%	8/9/2026		11,761		11,643		11,643
			Preferred Stock	(8)	8/9/2021	1,280,000						6,400		6,400
												18,043		18,043
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (31)	6/15/2020	11.1%						2,567		3,865

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Secured Debt	(9) (19)	10/15/2018		9.07% (7.07% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%)	8/20/2024		401		400		366
			Secured Debt	(9) (19)	8/27/2018		9.07% (7.07% cash, 2.00% PIK) (2.00% PIK, L+5.50% Floor 1.00%)	8/20/2024		2,006		1,996		1,828
			Secured Convertible Debt	(19)	1/1/2021		15.00% PIK	2/20/2025		1,339		1,339		2,588
			Preferred Stock	(8) (19)	8/29/2019	1,133,102	20.00% PIK					1,938		2,833
			Preferred Stock	(19)	8/21/2018	1,521,122	20.00% PIK					2,188		1,891
			Preferred Stock	(19)	6/30/2017	2,281,682	19.00% PIK					3,667		-
			Preferred Stock	(19)	1/15/2015	4,336,866	13.50% PIK					7,924		-
			Common Stock		4/1/2020	945,507						-		-
												19,452		9,506
Universal Wellhead Services Holdings, LLC	(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry
			Preferred Member Units	(19) (30)	12/7/2016	716,949	14.00% PIK					1,032		-
			Member Units	(30)	12/7/2016	4,000,000						4,000		-
												5,032		-
Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	1/26/2015		11.50%	1/26/2020		17,084		17,084		17,084
			Unsecured Convertible Debt		5/16/2018		8.00%	11/16/2023		409		409		409
			Preferred Member Units		1/26/2015	4,876,670						14,000		2,930
			Warrants	(27)	1/26/2015	1,831,355		1/26/2025				2,576		-
												34,069		20,423
Subtotal Affiliate Investments (27.8% of net assets at fair value)											$	540,457	$	518,061

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Non-Control/Non-Affiliate Investments (7)

Acousti Engineering Company of Florida	(10)	Interior Subcontractor Providing Acoustical Walls and Ceilings
			Secured Debt	(9)	11/2/2020		10.00% (L+8.50%, Floor 1.50%)	11/2/2025	$	11,840	$	11,750	$	11,267
			Secured Debt	(9)	5/26/2021		14.00% (L+12.50%, Floor 1.50%)	11/2/2025		828		821		828
												12,571		12,095
Acumera, Inc.	(10)	Managed Security Service Provider
			Secured Debt	(9)	6/28/2022		10.56% (L+9.50%, Floor 1.00%)	10/26/2027		17,763		17,294		17,294

Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt		3/11/2022		10.75%	3/11/2027		788		788		788
			Secured Debt	(9)	3/11/2022		8.72% (L+7.00%, Floor 1.00%)	3/11/2027		24,945		24,883		24,883
												25,671		25,671
ADS Tactical, Inc.	(11)	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			Secured Debt	(9)	3/29/2021		7.20% (L+5.75%, Floor 1.00%)	3/19/2026		21,861		21,512		20,213

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9)	11/19/2021		8.01% (L+6.00%, Floor 1.00%)	11/19/2026		6,650		6,579		6,324

American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9) (39)	3/11/2022		7.75% (SOFR+6.75%, Floor 1.00%)	4/10/2026		15,682		15,428		15,428
			Secured Debt	(9) (39)	3/11/2022		9.75% (SOFR+8.75%, Floor 1.00%)	4/10/2026		15,707		15,451		15,451
												30,879		30,879
American Teleconferencing Services, Ltd.	(11)	Provider of Audio Conferencing and Video Collaboration Solutions
			Secured Debt	(9) (14)	9/17/2021		7.50% (L+6.50%, Floor 1.00%)	6/30/2022		2,980		2,980		171
			Secured Debt	(9) (14)	5/19/2016		7.50% (L+6.50%, Floor 1.00%)	6/28/2023		14,370		13,706		826
												16,686		997
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt	(9)	11/9/2021		9.00% (L+7.00%, Floor 1.00%)	11/9/2026		2,807		2,684		2,557
			Secured Debt	(9)	11/9/2021		8.37% (L+7.00%, Floor 1.00%)	11/9/2026		30,178		29,649		27,492
			Common Equity		11/9/2021	234						234		14
												32,567		30,063
Arrow International, Inc	(10)	Manufacturer and Distributor of Charitable Gaming Supplies
			Secured Debt	(9) (23) (39)	12/21/2020		8.21% (SOFR+6.63%, Floor 1.00%)	12/21/2025		36,000		35,693		35,656

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (39)	1/18/2022		6.50%(SOFR+5.50%, Floor 1.00%)	1/18/2027		6,660		6,660		6,660
			Secured Debt	(9) (39)	1/18/2022		8.50%(SOFR+7.50%, Floor 1.00%)	1/18/2027		6,660		6,660		6,660
			Common Stock		1/18/2022	720,000						720		720

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
												14,040		14,040
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer
			Secured Debt	(9)	12/15/2021		8.82% (L+7.00%, Floor 1.00%)	12/15/2026		12,179		11,962		11,195
			Secured Debt	(9)	12/15/2021		9.06% (L+7.00%, Floor 1.00%)	12/15/2026		1,440		1,375		1,324
			Common Equity		12/15/2021	360						360		258
												13,697		12,777
Berry Aviation, Inc.	(10)	Charter Airline Services
			Secured Debt	(19)	7/6/2018		12.00% (10.50% Cash, 1.50% PIK)	1/6/2024		194		194		194
			Preferred Member Units	(8) (19) (30)	11/12/2019	122,416	16.00% PIK					182		372
			Preferred Member Units	(8) (19) (30)	7/6/2018	1,548,387	8.00% PIK					2,105		4,475
												2,481		5,041
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (19) (39)	6/30/2022		8.53% (1.00% Cash, 7.53% PIK) (SOFR+7.25%, Floor 0.75%)	6/30/2028		26,811		26,199		26,199

Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Secured Debt	(9) (39)	3/10/2017		10.12% (SOFR+8.50%, Floor 1.00%)	6/10/2024		11,807		11,700		11,599
			Member Units		3/10/2017	1,050,000						1,050		560
												12,750		12,159
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9)	8/28/2020		10.00% (L+8.50%, Floor 1.50%)	8/28/2025		5,357		5,357		5,346
			Common Stock	(8)	10/1/2020	723,184						1		5,790
												5,358		11,136
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		12.50% (Prime+9.25%, Floor 3.25%)	7/22/2019		7,817		7,817		4,201

Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund V, LP)	(31)	7/12/2021	1.3%						2,000		2,139
			LP Interests (Brightwood Capital Fund III, LP)	(8) (31)	7/21/2014	1.6%						7,062		4,454
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (31)	10/26/2016	0.6%						4,350		4,394
												13,412		10,987
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9)	6/14/2021		6.12% (L+5.00%, Floor 1.00%)	6/10/2026		929		898		913
			Secured Debt	(9)	6/14/2021		6.06% (L+5.00%, Floor 1.00%)	6/10/2028		19,983		19,680		19,626
												20,578		20,539
Cadence Aerospace LLC	(10)	Aerostructure Manufacturing

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Secured Debt	(9) (19) (34)	11/14/2017		9.49% Cash, 0.24% PIK	11/14/2023		28,502		28,399		27,923

CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity	(8)	12/13/2021	1,788,527						1,789		1,789
			Preferred Equity		12/13/2021	596,176						-		-
												1,789		1,789
Camin Cargo Control, Inc.	(11)	Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
			Secured Debt	(9)	6/14/2021		7.86% (L+6.50%, Floor 1.00%)	6/4/2026		15,338		15,214		15,261

CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Secured Debt	(9) (39)	5/18/2022		7.46% (SOFR+6.00%, Floor 1.00%)	5/18/2027		6,148		6,077		6,077

Cenveo Corporation	(11)	Provider of Digital Marketing Agency Services
			Common Stock		9/7/2018	322,907						6,183		7,221

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (39)	2/7/2022		8.00% (SOFR+6.50%, Floor 1.00%)	2/7/2027		5,183		5,069		5,069
			Secured Debt	(9) (37)	2/7/2022		7.74%	2/7/2027		39,253		38,518		38,518
												43,587		43,587
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17) (19)	9/23/2014		15.00% PIK	1/5/2015		2,734		2,734		17

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9)	8/6/2021		8.87% (L+7.50%, Floor 1.00%)	8/6/2026		23,794		23,398		22,285

Construction Supply Investments, LLC	(10)	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
			Member Units	(8)	12/29/2016	861,618						3,335		19,320

Darr Equipment LP	(10)	Heavy Equipment Dealer
			Secured Debt		12/26/2017		11.50%	6/22/2023		4,681		4,681		4,337
			Warrants	(29)	4/15/2014	915,734		12/23/2023				474		510
												5,155		4,847
DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Secured Debt	(9)	4/13/2018		9.00% (L+7.50%, Floor 1.50%)	4/13/2023		8,574		8,538		8,106
			Class AA Preferred Member Units (non-voting)	(8) (19)	4/13/2018		10.00% PIK					1,104		1,104
			Class A Preferred Member Units	(19)	4/13/2018	776,316	8.00% PIK					776		180
												10,418		9,390
Dynamic Communities, LLC	(10)	Developer of Business Events and

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
		Online Community Groups
			Secured Debt	(9)	7/17/2018		10.13% (L+8.50%, Floor 1.00%)	7/17/2023		5,611		5,581		5,048

Eastern Wholesale Fence LLC	(10)	Manufacturer and Distributor of Residential and Commercial Fencing Solutions
			Secured Debt	(9)	11/19/2020		8.58%, (L+7.00%, Floor 1.00%)	10/30/2025		33,302		32,810		31,614

Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9) (39)	2/10/2022		7.25% (SOFR+6.25%, Floor 0.75%)	2/10/2028		9,375		9,198		9,094

EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (31)	1/22/2015	0.1%						3,591		2,188
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (31)	1/21/2015	0.4%						1,984		1,037
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (31)	1/22/2015	0.1%						3,807		2,230
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (31)	3/25/2015	0.1%						8,337		9,978
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(31)	3/30/2015	0.8%						5,358		1,583
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (31)	3/27/2015	0.2%						6,042		5,212
												29,119		22,228
Engineering Research & Consulting, LLC	(10)	Provider of Engineering & Consulting Services to US Department of Defense
			Secured Debt	(9)	5/23/2022		9.50% (Prime+5.50%, Floor 0.75%)	5/23/2027		851		801		801
			Secured Debt	(9)	5/23/2022		9.50% (Prime+5.50%, Floor 0.75%)	5/23/2028		16,379		16,061		16,061
												16,862		16,862
EPIC Y-Grade Services, LP	(11)	NGL Transportation & Storage
			Secured Debt	(9)	6/22/2018		8.08% (L+6.00%, Floor 1.00%)	6/30/2027		6,858		6,792		6,018

Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9) (30)	12/22/2021		8.00% (L+7.00%, Floor 1.00%)	12/22/2026		3,692		3,659		3,520
			Secured Debt	(9) (30)	12/22/2021		7.75% (L+6.75%, Floor 1.00%)	12/22/2026		44,308		43,911		42,235
												47,570		45,755

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Flip Electronics LLC	(10)	Distributor of Hard-to-Find and Obsolete Electronic Components
			Secured Debt	(9) (39)	1/4/2021		9.60% (SOFR+7.50%, Floor 1.00%)	1/2/2026		6,185		6,069		6,069
			Secured Debt	(9) (39)	3/24/2022		8.50% (SOFR+7.50%, Floor 1.00%)	1/2/2026		245		245		245
												6,314		6,314
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%	6/28/2024		1,810		1,810		1,512
			Common Stock		6/30/2019	10,429						256		-
												2,066		1,512
GeoStabilization International (GSI)	(11)	Geohazard Engineering Services & Maintenance
			Secured Debt		1/2/2019		6.61% (L+5.25%)	12/19/2025		20,604		20,521		20,088

GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9)	10/18/2019		6.81% (L+5.75%, Floor 1.00%)	10/2/2024		13,159		13,097		12,678

HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	12/21/2018		8.51% (L+7.50%, Floor 1.00%)	12/21/2023		3,437		3,414		3,056

Heartland Dental, LLC	(10)	Dental Support Organization
			Secured Debt	(9)	9/9/2020		8.17% (L+6.50%, Floor 1.00%)	4/30/2025		14,700		14,417		14,479

HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		7.50% (L+6.00%, Floor 1.00%)	10/23/2026		25,418		25,418		24,609

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9) (39)	6/30/2021		9.25% (SOFR+8.25%, Floor 1.00%)	6/30/2026		7,088		6,972		6,550

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9)	7/30/2021		6.96% (L+5.75%, Floor 1.00%)	7/30/2026		188		156		181
			Secured Debt	(9)	7/30/2021		6.99% (L+5.75%, Floor 1.00%)	7/30/2026		9,543		9,421		9,205
												9,577		9,386
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9) (19)	6/1/2017		9.01% (8.76% Cash, 0.25% PIK) (0.25% PIK + L+7.75%, Floor 1.00%)	4/30/2024		18,609		18,427		17,169

Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Secured Debt	(19) (35)	8/20/2020		9.89% PIK	12/22/2022		6,658		6,658		6,658
			Secured Debt	(19)	12/10/2020		6.00% PIK	11/20/2023		18,428		17,664		17,121
			Preferred Stock (non-voting)	(19)	12/10/2020		6.00% PIK					3,235		2,874
			Preferred Stock (non-voting)		12/10/2020							-		-
			Member Units		11/20/2018	1,558,333						1,558		-

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
												29,115		26,653
Industrial Services Acquisition, LLC	(10)	Industrial Cleaning Services
			Secured Debt	(9)	8/13/2021		8.38% (L+6.75%, Floor 1.00%)	8/13/2026		463		426		426
			Secured Debt	(9)	8/13/2021		7.81% (L+6.75%, Floor 1.00%)	8/13/2026		19,385		19,061		19,033
			Preferred Member Units	(8) (19) (30)	1/31/2018	144	10.00% PIK					125		159
			Preferred Member Units	(8) (19) (30)	5/17/2019	80	20.00% PIK					86		98
			Member Units	(30)	6/17/2016	900						900		690
												20,598		20,406
Infolinks Media Buyco, LLC	(10)	Exclusive Placement Provider to the Advertising Ecosystem
			Secured Debt	(9)	11/1/2021		6.76% (L+5.75%, Floor 1.00%)	11/1/2026		8,637		8,465		8,331

Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(9)	12/9/2021		11.75% (L+10.00%, Floor 1.75%)	8/7/2023		938		938		938
			Secured Debt	(9) (14) (19)	8/7/2019		9.75% PIK (L+8.00% PIK, Floor 1.75%)	8/7/2023		7,313		7,237		3,550
			Common Stock		12/7/2021	2,143						-		-
												8,175		4,488
Intermedia Holdings, Inc.	(11)	Unified Communications as a Service
			Secured Debt	(9)	8/3/2018		7.36% (L+6.00%, Floor 1.00%)	7/19/2025		20,573		20,515		19,442

Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		8.73% (L+6.50%, Floor 1.50%)	8/28/2025		311		306		306
			Secured Debt	(9)	8/28/2019		8.00% (L+6.50%, Floor 1.50%)	8/28/2025		16,889		16,765		16,244
												17,071		16,550
INW Manufacturing, LLC	(11)	Manufacturer of Nutrition and Wellness Products
			Secured Debt	(9)	5/19/2021		7.38% (L+5.75%, Floor 0.75%)	3/25/2027		7,219		7,041		6,822

Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9)	6/21/2018		7.34% (L+5.75%, Floor 1.00%)	6/14/2025		4,951		4,932		2,966

Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9)	5/26/2015		7.51% (L+6.50%, Floor 1.00%)	11/4/2024		2,090		2,090		1,993
			Preferred Equity	(8)	11/8/2021	2,826,667						110		610
												2,200		2,603
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	8/21/2019		7.55% (L+6.00%, Floor 1.00%)	8/21/2024		4,034		3,997		2,626
			Secured Debt	(19)	11/15/2021		15.00% PIK	11/8/2022		1,768		1,768		1,768
			Common Stock		8/21/2019	472,579						4,429		-
												10,194		4,394
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9)	12/22/2021		7.01% (L+6.00%, Floor 1.00%)	12/22/2026		37,421		36,598		36,366
			Common Equity		12/22/2021	1,684,211						1,684		1,760
												38,282		38,126

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
KMS, LLC	(10)	Wholesaler of Closeout and Value-priced Products
			Secured Debt	(9)	10/4/2021		8.31% (L+7.25%, Floor 1.00%)	10/4/2026		7,543		7,413		6,941
			Secured Debt	(9)	10/4/2021		9.31% (L+7.25%, Floor 1.00%)	10/4/2026		1,086		1,034		1,034
												8,447		7,975
Kore Wireless Group Inc.	(11) (13)	Mission Critical Software Platform
			Secured Debt		12/31/2018		7.13% (L+5.50%)	12/20/2024		11,356		11,298		11,271

Laredo Energy, LLC	(10)	Oil & Gas Exploration & Production
			Member Units		5/4/2020	1,155,952						11,560		11,383

Lightbox Holdings, L.P.	(11)	Provider of Commercial Real Estate Software
			Secured Debt		5/23/2019		6.63% (L+5.00%)	5/9/2026		14,550		14,404		14,186

LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (31)	1/25/2013	2.3%						1,746		3,074

LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9) (39)	5/2/2019		8.25% (SOFR+7.25%, Floor 1.00%)	9/25/2023		17,424		17,332		17,279
			Secured Debt	(9) (39)	5/12/2022		8.25% (SOFR+7.25%, Floor 1.00%)	9/25/2023		10,855		10,711		10,711
												28,043		27,990
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		10.00% (L+9.00%, Floor 1.00%)	8/16/2026		4,455		4,371		4,130

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	1/8/2018		6.81% (L+5.75%, Floor 1.00%)	12/22/2024		19,662		18,876		18,320

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

Mac Lean-Fogg Company	(10)	Manufacturer and Supplier for Auto and Power Markets
			Secured Debt	(9)	4/22/2019		6.06% (L+5.25%, Floor 0.625%)	12/22/2025		16,993		16,919		16,314
			Preferred Stock	(19)	10/1/2019		13.75% (4.50% Cash, 9.25% PIK)					1,962		1,785
												18,881		18,099
Mako Steel, LP	(10)	Self-Storage Design & Construction
			Secured Debt	(9)	3/15/2021		8.81% (L+7.25%, Floor 0.75%)	3/13/2026		2,556		2,509		2,388
			Secured Debt	(9)	3/15/2021		8.38 % (L+7.25%, Floor 0.75%)	3/13/2026		15,503		15,267		14,489
												17,776		16,877
MB2 Dental Solutions, LLC	(11)	Dental Partnership Organization
			Secured Debt	(9)	1/28/2021		7.24% (L+6.00%, Floor 1.00%)	1/29/2027		7,916		7,813		7,712
			Secured Debt	(9) (36)	1/28/2021		7.52%	1/29/2027		6,168		6,112		6,008
												13,925		13,720
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (39)	4/4/2022		7.48% (SOFR+6.25%, Floor 1.00%)	4/3/2028		30,319		29,683		29,683

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	10/24/2018		7.31% (L+6.25%, Floor 1.00%)	10/24/2024		17,300		17,125		16,759

MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		8.51% (L+7.00%, Floor 1.00%)	5/24/2027		17,038		16,537		16,537

NBG Acquisition Inc	(11)	Wholesaler of Home Décor Products
			Secured Debt	(9)	4/28/2017		7.00% (L+5.50%, Floor 1.00%)	4/26/2024		3,904		3,884		2,194

NinjaTrader, LLC	(10)	Operator of Futures Trading Platform
			Secured Debt	(9)	12/18/2019		7.25% (L+6.25%, Floor 1.00%)	12/18/2024		31,425		30,934		30,743

NNE Partners, LLC	(10)	Oil & Gas Exploration & Production
			Secured Debt		3/2/2017		10.31% (L+9.25%)	12/31/2023		24,781		24,727		23,486

Northstar Group Services, Inc	(11)	Commercial & Industrial Services
			Secured Debt	(9)	11/1/2021		6.86% (L+5.50%, Floor 1.00%)	11/12/2026		9,806		9,764		9,451

NTM Acquisition Corp.	(11)	Provider of B2B Travel Information Content
			Secured Debt	(9) (19)	7/12/2016		8.26% (7.26% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%)	6/7/2024		4,478		4,478		4,322

NWN Corporation	(10)	Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
			Secured Debt	(9)	5/7/2021		7.87% (L+6.50%, Floor 1.00%)	5/7/2026		40,719		39,958		37,228

Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013		11.50%	11/15/2026		4,526		4,526		76

OVG Business Services, LLC	(10)	Venue Management Services
			Secured Debt	(9)	11/29/2021		7.25% (L+6.25%, Floor 1.00%)	11/19/2028		13,965		13,837		13,267

Paragon Healthcare, Inc.	(10)	Infusion Therapy Treatment Provider
			Secured Debt	(9) (39)	1/19/2022		6.75% (SOFR+5.75%, Floor 1.00%)	1/19/2027		18,881		18,165		18,165

Project Eagle Holdings, LLC	(10)	Provider of Secure Business Collaboration Software
			Secured Debt	(9)	7/6/2020		7.76% (L+6.75%, Floor 1.00%)	7/6/2026		29,588		29,068		28,143

RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Secured Debt	(9) (39)	4/8/2021		8.10% (SOFR+6.75%, Floor 1.00%)	4/8/2026		13,369		13,208		11,882

Research Now Group, Inc. and Survey Sampling International, LLC	(11)	Provider of Outsourced Online Surveying
			Secured Debt	(9)	12/29/2017		6.50% (L+5.50%, Floor 1.00%)	12/20/2024		20,071		19,793		18,606

RM Bidder, LLC	(10)	Scripted and Unscripted TV and Digital Programming Provider
			Member Units		11/12/2015	2,779						46		23
			Warrants	(26)	11/12/2015	187,161		10/20/2025				425		-
												471		23
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9)	8/27/2021		7.00% (L+6.00%, Floor 1.00%)	8/27/2026		2,800		2,740		2,559
			Secured Debt	(9)	8/27/2021		7.01% (L+6.00%, Floor 1.00%)	8/27/2026		1,929		1,885		1,772
												4,625		4,331
RTIC Subsidiary Holdings, LLC	(10)	Direct-To-Consumer eCommerce Provider of Outdoor Products
			Secured Debt	(9)	9/1/2020		9.00% (L+7.75%, Floor 1.25%)	9/1/2025		20,486		20,321		19,711

Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		7.31% (L+6.25%, Floor 1.00%)	11/16/2024		14,190		13,994		12,255

Salient Partners L.P.	(11)	Provider of Asset Management Services
			Secured Debt	(9)	8/31/2018		7.01% (L+6.00%, Floor 1.00%)	10/30/2022		6,251		6,249		4,920
			Secured Debt	(9)	9/30/2021		7.00% (L+6.00%, Floor 1.00%)	10/30/2022		1,250		1,250		2,435
												7,499		7,355
Savers, Inc.	(11)	For-Profit Thrift Retailer
			Secured Debt	(9)	5/14/2021		7.13% (L+5.75%, Floor 0.75%)	4/26/2028		11,343		11,247		10,729

SIB Holdings, LLC	(10)	Provider of Cost Reduction Services
			Secured Debt	(9)	10/29/2021		7.58% (L+6.00%, Floor 1.00%)	10/29/2026		8,508		8,352		8,352
			Common Equity		10/29/2021	95,238						200		200
												8,552		8,552
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9)	12/10/2021		7.51% (L+6.25%, Floor 1.00%)	12/13/2026		41,463		40,644		40,644
			Common Equity		12/10/2021	863,636						864		919
												41,508		41,563
Staples Canada ULC	(10) (13) (21)	Office Supplies Retailer
			Secured Debt	(9) (22)	9/14/2017		9.34% (L+7.00%, Floor 1.00%)	9/12/2024		14,928		14,872		13,911

Stellant Systems, Inc.	(11)	Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
			Secured Debt	(9)	10/22/2021		7.14% (L+5.50%, Floor 0.75%)	10/1/2028		7,662		7,592		7,125

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt	(9)	6/25/2021		9.01% (L+8.00%, Floor 1.00%)	6/25/2026		10,588		10,406		9,090

Tacala Investment Corp.	(33)	Quick Service Restaurant Group
			Secured Debt	(9)	3/19/2021		4.86% (L+3.75%, Floor 0.75%)	2/5/2027		1,984		1,984		1,861

Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt	(9)	12/22/2020		6.33% (L+5.00%, Floor 1.00%)	12/18/2027		15,040		14,738		14,513

Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000						2,000		5,630

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Common Stock	(30)	7/7/2021	1,000,000						1,000		1,320

U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (19) (39)	5/17/2017		9.25% (2.00% Cash, 7.25% PIK) (SOFR+1.00%, Floor 1.00%, 7.25% PIK)	5/2/2026		17,690		17,612		7,518

USA DeBusk LLC	(10)	Provider of Industrial Cleaning Services
			Secured Debt	(9)	10/22/2019		6.81% (L+5.75%, Floor 1.00%)	9/8/2026		37,002		36,318		35,439

Veregy Consolidated, Inc.	(11)	Energy Service Company
			Secured Debt	(9)	11/9/2020		7.24% (L+6.00%, Floor 1.00%)	11/3/2027		17,730		16,675		16,213

Vida Capital, Inc	(11)	Alternative Asset Manager
			Secured Debt		10/10/2019		7.36% (L+6.00%)	10/1/2026		16,141		15,986		13,074

Vistar Media, Inc.	(10)	Operator of Digital Out-of-Home Advertising Platform
			Preferred Stock		4/3/2019	70,207						767		2,350

VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Secured Debt	(9)	11/30/2021		8.26% (L+7.25%, Floor 1.00%)	11/30/2026		25,637		25,183		24,989
			Common Equity	(8)	11/30/2021	1,038,462						1,038		2,240
												26,221		27,229
Wahoo Fitness Acquisition L.L.C.	(11)	Fitness Training Equipment Provider
			Secured Debt	(9) (39)	8/17/2021		6.90% (SOFR+5.75%, Floor 1.00%)	8/12/2028		14,813		14,419		12,072

Wall Street Prep, Inc.	(10)	Financial Training Services
			Secured Debt	(9)	7/19/2021		8.00% (L+7.00%, Floor 1.00%)	7/19/2026		4,290		4,213		3,960
			Common Stock		7/19/2021	400,000						400		400
												4,613		4,360
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(9)	12/17/2021		7.01% (L+6.00%, Floor 1.00%)	12/17/2026		29,030		28,547		28,547

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

June 30, 2022

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate (39)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts
			Secured Debt	(9) (39)	3/1/2022		6.75% (SOFR+6.0%, Floor 0.75%)	3/1/2028		10,848		10,622		10,622
			Common Stock		3/1/2022	1,522,200						1,541		1,541
												12,163		12,163
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9)	11/19/2021		8.00% (L+7.00%, Floor 1.00%)	11/19/2026		10,000		9,766		9,442

Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		6.75% (L+6.00%, Floor 0.75%)	12/17/2026		38,407		37,354		36,712

YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		6.54% (L+5.50%, Floor 1.00%)	8/9/2024		12,846		12,793		12,397

Zips Car Wash, LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	2/11/2022		8.26%(L+7.25%, Floor 1.00%)	3/1/2024		17,600		17,266		17,266
			Secured Debt	(9) (38)	2/11/2022		8.72%	3/1/2024		4,017		3,979		3,979
												21,245		21,245
Subtotal Non-Control/Non-Affiliate Investments (89.1% of net assets at fair value)											$	1,737,243	$	1,661,551
Total Portfolio Investments, June 30, 2022 (199.3% of net assets at fair value)											$	3,423,392	$	3,717,770


(1)	All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition 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 by footnote (8), as described below.
(3)	See Note C—Fair Value Hierarchy for Investments—Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)	Principal is net of repayments. Cost is net of repayments and accumulated unearned income.
(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, SOFR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets every one, three, or six months at the borrower’s option. As noted in this schedule, 69% of the loans (based on the par amount) contain LIBOR or Term SOFR ("SOFR") floors which range between 0.50% and 2.00%, with a weighted-average floor of 1.04%.

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(9)	8/16/2019		12.00% (L+10.00%, Floor 2.00%)	8/16/2024	$	4,945	$	4,736	$	4,736
			Preferred Member Units		8/16/2019	3,200						3,200		-
			Preferred Member Units		5/20/2021	2,427						2,427		4,894
			Warrants	(27)	8/16/2019	420		8/16/2029				316		-
												10,679		9,630
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt		12/31/2019		13.00%	7/31/2022		200		200		200
			Secured Debt		8/1/2013		13.00%	7/31/2022		1,650		1,636		1,636
			Member Units		8/1/2013	1,500						1,500		720
												3,336		2,556
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%	8/16/2023		4,794		4,635		3,005
			Preferred Member Units		11/16/2017	3,725,862						3,726		-
												8,361		3,005
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%	10/31/2024		711		711		711
			Member Units		10/26/2020	37						1,584		1,930
												2,295		2,641
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9)	12/31/2020		10.50% (L+9.00%, Floor 1.50%)	12/31/2025		39,000		38,687		39,000
			Class A Preferred Member Units	(8)	12/31/2020		14.00%					10,194		10,194
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%					14,000		23,170
												62,881		72,364
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		11.00% (L+10.00%, Floor 1.00%)	1/9/2023		8,060		8,037		8,037
			Preferred Member Units	(8)	1/9/2018	2,950						4,280		7,710
												12,317		15,747
Bridge Capital Solutions Corporation		Financial Services and Cash Flow Solutions Provider
			Secured Debt		7/25/2016		13.00%	12/11/2024		8,813		8,813		8,813
			Warrants	(27)	7/25/2016	82		7/25/2026				2,132		4,060
			Secured Debt	(30)	7/25/2016		13.00%	12/11/2024		1,000		1,000		1,000
			Preferred Member Units	(8) (30)	7/25/2016	17,742						1,000		1,000
												12,945		14,873
Café Brazil, LLC		Casual Restaurant Group
			Member Units	(8)	6/9/2006	1,233						1,742		2,570

California Splendor Holdings LLC		Processor of Frozen Fruits
			Secured Debt	(9)	3/30/2018		11.00% (L+10.00%, Floor 1.00%)	3/30/2023		28,000		27,915		27,915
			Preferred Member Units	(8) (19)	7/31/2019	6,725	15.00% PIK					9,510		9,510
			Preferred Member Units	(8)	3/30/2018	6,157						10,775		13,275
												48,200		50,700

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
CBT Nuggets, LLC		Produces and Sells IT Training Certification Videos
			Member Units	(8)	6/1/2006	416						1,300		50,620

Centre Technologies Holdings, LLC		Provider of IT Hardware Services and Software Solutions
			Secured Debt	(9)	1/4/2019		12.00% (L+10.00%, Floor 2.00%)	1/4/2024		9,416		9,370		8,864
			Preferred Member Units		1/4/2019	12,696						5,840		5,840
												15,210		14,704
Chamberlin Holding LLC		Roofing and Waterproofing Specialty Contractor
			Secured Debt	(9)	2/26/2018		9.00% (L+8.00%, Floor 1.00%)	2/26/2023		17,817		17,738		17,817
			Member Units	(8)	2/26/2018	4,347						11,440		24,140
			Member Units	(8) (30)	11/2/2018	1,047,146						1,322		1,540
												30,500		43,497
Charps, LLC		Pipeline Maintenance and Construction
			Unsecured Debt		8/26/2020		10.00%	1/31/2024		5,694		4,599		5,694
			Preferred Member Units	(8)	2/3/2017	1,829						1,963		13,990
												6,562		19,684
Clad-Rex Steel, LLC		Specialty Manufacturer of Vinyl-Clad Metal
			Secured Debt	(9)	12/20/2016		10.50% (L+9.50%, Floor 1.00%)	1/15/2024		10,480		10,401		10,401
			Member Units	(8)	12/20/2016	717						7,280		10,250
			Secured Debt		12/20/2016		10.00%	12/20/2036		1,081		1,071		1,071
			Member Units	(30)	12/20/2016	800						210		530
												18,962		22,252
CMS Minerals Investments		Oil & Gas Exploration & Production
			Member Units	(8) (30)	4/1/2016	100						1,838		1,974

Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(9)	3/6/2020		12.25% (L+10.50%, Floor 1.75%)	12/17/2026		42,497		42,117		42,484
			Preferred Member Units	(8) (30)	3/6/2020	587						8,317		47,640
												50,434		90,124
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt		3/31/2021		12.00%	3/31/2026		24,570		24,351		24,351
			Preferred Member Units	(8)	3/31/2021	17,280						7,680		9,130
												32,031		33,481
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		10.00% (L+9.00%, Floor 1.00%)	1/29/2024		6,477		6,452		6,477
			Preferred Member Units	(8)	1/29/2019	1,975						1,975		12,000
												8,427		18,477
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(31)	7/17/2017	38.8%						710		710

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/31/2021		5.00%	12/31/2025		8,892		8,296		7,668
			Preferred Member Units		3/31/2021	9,000						2,610		2,610
												10,906		10,278
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		11.00% (L+10.00%, Floor 1.00%)	4/1/2023		16,853		16,801		16,801
			Preferred Member Units	(8)	4/1/2018	3,857						9,501		9,835
												26,302		26,636
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(9)	2/13/2018		12.00% (L+11.00%, Floor 1.00%)	2/13/2024		24,070		23,911		24,048
			Preferred Stock	(8)	2/13/2018	8,400						8,400		18,350
												32,311		42,398
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9)	6/24/2016		9.50% (L+7.50%, Floor 2.00%)	1/1/2025		21,598		21,535		21,598
			Member Units	(8)	6/24/2016	9,042						17,692		49,700
												39,227		71,298
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Secured Debt	(9)	7/15/2013		9.00% (L+8.00%, Floor 1.00%, Ceiling 1.50%)	7/31/2022		4,196		4,196		4,196
			Member Units	(8)	7/15/2013	1,200						1,200		2,270
												5,396		6,466
GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/19/2014		8.10% (L+8.00%)	10/29/2026		38,885		38,672		38,885
			Member Units	(8)	12/19/2014	5,879						13,065		46,190
												51,737		85,075
Gulf Manufacturing, LLC		Manufacturer of Specialty Fabricated Industrial Piping Products
			Member Units	(8)	8/31/2007	438						2,980		5,640

Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing
			Secured Debt	(9) (17) (19)	9/29/2017		10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)	9/30/2020		257		257		257
			Secured Debt	(17) (19)	4/29/2016		12.50% (6.25% Cash, 6.25% PIK)	4/29/2021		13,565		13,565		9,717
			Member Units		4/29/2016	3,681						3,681		-
												17,503		9,974
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(31)	10/1/2017	49.3%						2,703		3,971

Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock		6/4/2010	107,456						718		3,530

Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9)	11/14/2006		10.00% (Prime+6.75%, Floor 2.00%)	11/14/2023		2,550		2,536		2,550

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Member Units	(8)	11/14/2006	627						811		12,420
												3,347		14,970
Johnson Downie Opco, LLC		Executive Search Services
			Secured Debt	(9)	12/10/2021		13.00% (L+11.50%, Floor 1.50%)	12/10/2026		11,475		11,344		11,344
			Preferred Equity		12/10/2021	3,150						3,150		3,150
												14,494		14,494
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Member Units	(8)	1/23/2006	325						783		13,620

Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%	10/31/2023		20,415		20,324		20,324
			Member Units		10/31/2018	581						12,240		12,310
			Secured Debt		10/31/2018		9.00%	10/31/2048		3,915		3,876		3,876
			Member Units	(8) (30)	10/31/2018	800						992		2,460
												37,432		38,970
Market Force Information, LLC		Provider of Customer Experience Management Services
			Secured Debt	(9)	7/28/2017		12.00% (L+11.00%, Floor 1.00%)	7/28/2023		3,400		3,400		3,400
			Secured Debt	(14) (19)	7/28/2017		12.00% PIK	7/28/2023		26,079		25,952		8,936
			Member Units		7/28/2017	743,921						16,642		-
												45,994		12,336
MH Corbin Holding LLC		Manufacturer and Distributor of Traffic Safety Products
			Secured Debt		8/31/2015		13.00%	3/31/2022		8,250		8,241		5,934
			Preferred Member Units		3/15/2019	66,000						4,400		-
			Preferred Member Units		9/1/2015	4,000						6,000		-
												18,641		5,934
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Unsecured Debt		2/11/2021		5.00%	2/28/2022		63,151		63,151		63,151
			LP Interests	(31)	1/26/2021	12.1%						2,500		2,581
												65,651		65,732
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013							29,500		140,400

Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt		8/18/2014		12.00%	1/17/2022		6,378		6,377		6,378
			Common Stock	(8)	8/18/2014	5,873						2,720		8,840
												9,097		15,218
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955						2,975		13,560

Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider
			Secured Debt		12/31/2020		12.00%	12/31/2025		10,500		10,412		10,412
			Secured Debt		12/31/2020		12.00%	12/31/2025		4,868		4,829		4,829
			Preferred Member Units		12/31/2020	6,987						6,987		7,700
												22,228		22,941
NexRev LLC		Provider of Energy Efficiency Products & Services
			Secured Debt		2/28/2018		11.00%	2/28/2023		16,217		16,173		14,045
			Preferred Member Units	(8)	2/28/2018	86,400,000						6,880		2,690
												23,053		16,735
NRP Jones, LLC		Manufacturer of Hoses, Fittings and Assemblies
			Secured Debt		12/21/2017		12.00%	3/20/2023		2,080		2,080		2,080
			Member Units	(8)	12/22/2011	65,962						3,717		6,440
												5,797		8,520

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9)	1/31/2017		7.50% (L+6.50%, Floor 1.00%)	1/31/2025		1,720		1,720		1,720
		Secured Debt		1/31/2017		11.00%	1/31/2025		17,240		17,236		17,240
		Preferred Member Units		1/31/2017	406						10,200		13,500
											29,156		32,460
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%	8/31/2026		18,000		17,831		18,000
		Preferred Member Units	(8)	4/1/2008	900						1,080		20,210
											18,911		38,210
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9)	7/30/2021		12.00% (L+11.00%, Floor 1.00%)	7/31/2026		24,375		24,151		24,151
		Preferred Stock	(8) (30)	7/30/2021	10,000						10,000		10,000
											34,151		34,151
Pearl Meyer Topco LLC	Provider of Executive Compensation Consulting Services
		Secured Debt		4/27/2020		12.00%	4/27/2025		32,674		32,438		32,674
		Member Units	(8)	4/27/2020	13,800						13,000		26,970
											45,438		59,644
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9)	10/31/2019		7.50% (L+7.00%, Floor 0.50%)	11/15/2022		750		726		726
		Secured Debt	(9)	11/15/2016		7.50% (L+7.00%, Floor 0.50%)	11/15/2022		11,655		11,655		11,655
		Common Stock	(8)	6/10/2010	2,000						2,150		14,360
											14,531		26,741
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		2/1/2011		13.00%	11/15/2026		1,473		1,465		1,465
		Secured Debt		7/1/2011		13.00%	11/15/2026		5,924		5,808		5,808
		Preferred Member Units		2/1/2011	21,806						5,709		11,160
		Common Stock		1/27/2021	1,037						1,200		710
											14,182		19,143
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000						9,213		2,149

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(8) (30)	12/20/2013	1,500						369		3,280

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(9)	12/15/2021		12.00% (L+11.00%, Floor 1.00%)	12/15/2026		36,360		35,956		35,956
		Preferred Equity		12/15/2021	11,070						11,070		11,070
											47,026		47,026
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt		8/31/2018		12.00%	8/31/2022		16,240		16,181		16,181
		Preferred Member Units		8/31/2018	505						8,579		8,579
											24,760		24,760
Televerde, LLC	Provider of Telemarketing and Data Services
		Member Units		1/6/2011	460						1,290		7,280

Trantech Radiator Topco, LLC	Transformer Cooling Products and Services

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Secured Debt		5/31/2019		12.00%	5/31/2024		8,720		8,663		8,712
			Common Stock	(8)	5/31/2019	615						4,655		8,660
												13,318		17,372
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (31)	6/15/2020	49.6%						3,828		6,122

Vision Interests, Inc.		Manufacturer / Installer of Commercial Signage
			Series A Preferred Stock		12/23/2011	3,000,000						3,000		3,000

VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9)(30)	12/1/2021		7.00% (L+6.00%, Floor 1.00%)	12/1/2026		1,200		1,170		1,169
			Secured Debt	(30)	12/1/2021		11.50%	12/1/2026		30,400		30,100		30,100
			Preferred Equity	(30)	12/1/2021	11,840						11,840		11,840
												43,110		43,109
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		6/1/2015		12.00%	10/1/2022		625		625		625
			Secured Debt		10/1/2008		6.50%	10/1/2022		1,000		1,000		1,000
			Secured Debt		10/1/2008		14.00%	10/1/2022		2,750		2,750		2,750
			Preferred Member Units		6/30/2015	10,072						2,834		2,130
			Warrants	(27)	7/1/2015	587		10/1/2025				600		-
												7,809		6,505
Subtotal Control Investments (83.3% of net assets at fair value)											$	1,107,597	$	1,489,257

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Affiliate Investments (6)

AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt	(19)	12/11/2020		18.00% (10.00% Cash, 8.00% PIK)	6/25/2025	$	10,202	$	10,011	$	9,794
			Common Stock		12/11/2020	593,928						3,148		2,079
			Warrants	(27)	12/11/2020	554,353		12/11/2025				-		1,940
												13,159		13,813
AFG Capital Group, LLC		Provider of Rent-to-Own Financing Solutions and Services
			Secured Debt		4/25/2019		10.00%	5/25/2022		144		144		144
			Preferred Member Units	(8)	11/7/2014	186						1,200		7,740
												1,344		7,884
ATX Networks Corp.	(11)	Provider of Radio Frequency Management Equipment
			Secured Debt	(9)	9/1/2021		8.50% (L+7.50%, Floor 1.00%)	9/1/2026		7,667		7,092		7,092
			Unsecured Debt	(19)	9/1/2021		10.00% PIK	9/1/2028		3,067		1,963		1,963
			Common Stock		9/1/2021	583						-		-
												9,055		9,055
BBB Tank Services, LLC		Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
			Unsecured Debt	(9) (17)	4/8/2016		12.00% (L+11.00%, Floor 1.00%)	4/8/2021		4,800		4,800		2,508
			Preferred Stock (non-voting)	(8) (19)	12/17/2018		15.00% PIK					162		-
			Member Units		4/8/2016	800,000						800		-
												5,762		2,508
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%	2/28/2027		320		320		320
			Member Units	(8)	6/30/2017	2,160,000						2,256		4,830
												2,576		5,150
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund V, LP)	(31)	7/12/2021	15.8%						1,000		1,000

Buca C, LLC		Casual Restaurant Group
			Secured Debt	(9) (17)	6/30/2015		10.25% (L+9.25%, Floor 1.00%)	6/30/2020		19,491		19,491		14,370
			Preferred Member Units	(19)	6/30/2015	6	6.00% PIK					4,770		-
												24,261		14,370
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt		12/17/2021		12.50%	12/17/2026		20,250		20,050		20,050
			Class A Common Units		12/17/2021	450,000						4,500		4,500
												24,550		24,550
Chandler Signs Holdings, LLC	(10)	Sign Manufacturer
			Class A Units		1/4/2016	1,500,000						1,500		460

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Secured Debt	(9)	3/12/2020		7.00% (L+6.00%, Floor 1.00%)	3/12/2025		4,000		4,000		4,000
			Secured Debt		3/12/2020		8.00%	3/12/2025		19,274		19,139		19,274
			Preferred Member Units	(8)	3/12/2020	154						5,760		15,260
												28,899		38,534
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (31)	2/4/2015	17.4%						10,256		9,959

DMA Industries, LLC		Distributor of aftermarket ride control products
			Secured Debt		11/19/2021		12.00%	11/19/2026		21,200		20,993		20,993
			Preferred Equity		11/19/2021	5,944						5,944		5,944
												26,937		26,937
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(31)	4/25/2013	20.2%						6,605		10,329
			LP Interests (Dos Rios Partners - A, LP)	(31)	4/25/2013	6.4%						2,097		3,280
												8,702		13,609
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(30)	6/27/2016	2,000,000						2,000		640

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8) (31)	11/6/2015	5,000,000						594		547

Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt	(9)	10/29/2021		7.50% (L+6.50%, Floor 1.00%)	10/31/2026		6,400		6,324		6,324
			Secured Debt	(9)	10/29/2021		12.00% (L+11.00%, Floor 1.00%)	10/31/2026		21,200		20,996		20,996
			Preferred Equity		10/29/2021	9,360						10,400		10,400
												37,720		37,720
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(31)	3/23/2015	9.3%						5,974		6,078
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (31)	7/31/2015	6.0%						7,629		7,231
												13,603		13,309
GFG Group, LLC.		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		12.00%	3/31/2026		12,545		12,435		12,545
			Preferred Member Units	(8)	3/31/2021	226						4,900		6,990
												17,335		19,535
Harris Preston Fund Investments	(12) (13)	Investment Partnership

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			LP Interests (HPEP 3, L.P.)	(31)	8/9/2017	8.2%						3,193		4,712

Hawk Ridge Systems, LLC	(13)	Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		7.00% (L+6.00%, Floor 1.00%)	1/15/2026		2,585		2,585		2,585
			Secured Debt		12/2/2016		8.00%	1/15/2026		34,800		34,672		34,800
			Preferred Member Units	(8)	12/2/2016	226						2,850		14,680
			Preferred Member Units	(30)	12/2/2016	226						150		770
												40,257		52,835
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		8.00%	5/1/2022		3,000		3,000		2,960
			Member Units	(8)	1/8/2003	322,297						2,352		3,210
												5,352		6,170
I-45 SLF LLC	(12) (13)	Investment Partnership
			Member Units (Fully diluted 20.0%; 24.40% profits interest) (8)	(8)	10/20/2015							19,000		14,387

Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/3/2021		13.00%	8/1/2026		4,600		4,557		4,557
			Secured Debt		9/1/2021		12.50%	9/1/2026		3,200		3,170		3,170
			Secured Debt		8/3/2021		12.50%	11/30/2026		20,000		19,805		19,805
			Secured Debt	(19)	8/3/2021		12.50% PIK	3/31/2022		8,944		8,944		8,944
			Common Stock		8/3/2021	179,778						1,798		1,798
												38,274		38,274
L.F. Manufacturing Holdings, LLC	(10)	Manufacturer of Fiberglass Products
			Preferred Member Units (non-voting)	(8) (19)	1/1/2019		14.00% PIK					107		107
			Member Units		12/23/2013	2,179,001						2,019		2,557
												2,126		2,664
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(19)	5/20/2014		12.00% PIK	12/31/2022		935		935		935
			Secured Debt	(19)	3/21/2014		12.00% PIK	12/31/2022		954		954		954
			Secured Debt	(19)	5/10/2013		12.00% PIK	12/31/2022		2,055		2,055		2,055
			Secured Debt	(19)	4/18/2011		12.00% PIK	12/31/2022		4,286		4,286		4,286
			Unsecured Debt	(19)	6/5/2017		10.00% PIK	12/31/2022		192		192		192
			Preferred Stock	(19)	4/18/2011	912	7.00% PIK					1,981		-
			Common Stock		4/15/2021	635						830		-
			Warrants	(27)	4/18/2011	4,699		5/10/2023				1,089		-
												12,322		8,422
Oneliance, LLC		Construction Cleaning Company
			Secured Debt	(9)	8/6/2021		12.00% (L+11.00%, Floor 1.00%)	8/6/2026		5,600		5,547		5,547
			Preferred Stock		8/6/2021	1,056						1,056		1,056
												6,603		6,603
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)		Provider of Rigsite Accommodation Unit Rentals and Related Services
			Secured Debt	(14) (17)	6/30/2015		12.00%	1/8/2018		30,369		29,865		-
			Preferred Member Units		1/8/2013	250						2,500		-
												32,365		-

Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

December 31, 2021

(dollars in thousands)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Rate	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		10.25%	8/31/2023		65,850		65,738		65,850
			Preferred Member Units	(8)	8/31/2018	157						1,218		11,570
												66,956		77,420
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		13.00%	9/13/2023		5,320		5,248		5,320
			Common Stock		9/13/2018	70,000						700		1,510
			Warrants	(27)	9/13/2018	18,084		9/13/2028				181		400
												6,129		7,230
Sonic Systems International, LLC	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		8.50% (L+7.50%, Floor 1.00%)	8/20/2026		11,982		11,757		11,757
			Common Stock		8/20/2021	7,866						1,070		1,070
												12,827		12,827
Superior Rigging & Erecting Co.


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: to


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


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	MAIN	New York Stock Exchange


Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐ Emerging growth company ☐


	PART I
	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—June 30, 2022 (unaudited) and December 31, 2021	1
	Consolidated Statements of Operations (unaudited)—Three and six months ended June 30, 2022 and 2021	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Six months ended June 30, 2022 and 2021	3
	Consolidated Statements of Cash Flows (unaudited)—Six months ended June 30, 2022 and 2021	4
	Consolidated Schedule of Investments (unaudited)—June 30, 2022	5
	Consolidated Schedule of Investments—December 31, 2021	28
	Notes to Consolidated Financial Statements (unaudited)	51
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 30, 2022 and 2021	88
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	99
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	122
Item 4.	Controls and Procedures	122
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	123
Item 1A.	Risk Factors	123
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	123
Item 6.	Exhibits	124
	Signatures	125

(10)	Private Loan portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Private Loan portfolio investments.
(11)	Middle Market portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Middle Market portfolio investments.
(12)	Other Portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Other Portfolio investments.
(13)	Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)	Non-accrual and non-income producing 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—Fair Value Hierarchy for Investments—Portfolio Composition for further discussion.
(19)	PIK interest income and cumulative dividend income represent income not paid currently in cash.
(20)	All portfolio company headquarters are based in the United States, unless otherwise noted.
(21)	Portfolio company headquarters are located outside of the United States.
(22)	In connection with the Company's debt investment in Staples Canada ULC and in an attempt to mitigate any potential adverse change in foreign exchange rates during the term of the Company's investment, the Company maintains a forward foreign currency contract with Cadence Bank to lend $18.4 million Canadian Dollars and receive $14.5 million U.S. Dollars with a settlement date of September 14, 2022. The unrealized appreciation on the forward foreign currency contract was not significant as of June 30, 2022.
(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 security position.
(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 a related 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)	Short-term portfolio investments. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of short-term portfolio investments.
(34)	The security has an effective contractual interest rate of 2.00% PIK + LIBOR+6.50%, Floor 1.00%, but the issuer may, in its discretion, elect to pay the PIK interest in cash. The rate presented represents the effective current yield based on actual payments received during the period.

(35)	As of June 30, 2022, borrowings under the loan facility bear interest at LIBOR+6.50% PIK or Prime+5.50% PIK. Revolving facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility.
(36)	As of June 30, 2022, borrowings under the loan facility bear interest at LIBOR+6.00% (Floor 1.00%) or Prime+5.00%. Delayed draw term loan facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility.
(37)	As of June 30, 2022, borrowings under the loan facility bear interest at LIBOR+6.50% (Floor 1.00%). Each new draw on the delayed draw term loan facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility.
(38)	As of June 30, 2022, borrowings under the loan facility bear interest at LIBOR+7.25% (Floor 1.00%). Each new draw on the delayed draw term loan facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility.
(39)	SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of June 30, 2022, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.