Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2021

OR

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

For the transition period from:             to             

Commission File Number: 001-33723

Main Street Capital Corporation

(Exact name of registrant as specified in its charter)

Maryland
(State or other jurisdiction of
incorporation or organization)

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

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

77056
(Zip Code)

(713) 350-6000

(Registrant’s telephone number including area code)

n/a

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

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

Title of Each Class

  

Trading Symbol

 

Name of Each Exchange on Which
Registered

Common Stock, par value $0.01 per share

MAIN

New York Stock Exchange

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company
Emerging growth company

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

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

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


Table of Contents

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

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

1

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

2

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

3

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

4

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

5

Consolidated Schedule of Investments—December 31, 2020

30

Notes to Consolidated Financial Statements (unaudited)

54

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

90

Item 2.

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

102

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

122

Item 4.

Controls and Procedures

122

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

122

Item 1A.

Risk Factors

122

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

123

Item 6.

Exhibits

124

Signatures

125


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

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

September 30, 

December 31, 

    

2021

    

2020

(Unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

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

$

1,336,218

$

1,113,725

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

 

485,139

 

366,301

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

 

1,295,747

 

1,204,840

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

 

3,117,104

 

2,684,866

Cash and cash equivalents

 

59,569

 

31,919

Interest receivable and other assets

 

51,172

 

49,761

Receivable for securities sold

 

11,467

 

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

 

4,460

 

2,818

Total assets

$

3,243,772

$

2,769,364

LIABILITIES

 

 

Credit facility

$

200,000

$

269,000

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

 

342,435

 

303,972

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

 

451,408

 

451,817

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

 

184,292

 

183,836

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

 

295,445

 

Accounts payable and other liabilities

 

27,904

 

20,833

Payable for securities purchased

 

5,084

 

Interest payable

 

15,303

 

8,658

Dividend payable

 

14,553

 

13,889

Deferred tax liability, net

 

23,041

 

2,592

Total liabilities

 

1,559,465

 

1,254,597

Commitments and contingencies (Note K)

 

 

NET ASSETS

 

 

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

 

694

 

677

Additional paid‑in capital

 

1,675,917

 

1,615,940

Total undistributed (overdistributed) earnings

 

7,696

 

(101,850)

Total net assets

 

1,684,307

 

1,514,767

Total liabilities and net assets

$

3,243,772

$

2,769,364

NET ASSET VALUE PER SHARE

$

24.27

$

22.35

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

1


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Operations

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

(Unaudited)

Three Months Ended

Nine Months Ended

    

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

INVESTMENT INCOME:

 

  

 

  

 

  

 

  

Interest, fee and dividend income:

 

  

 

  

 

  

 

  

Control investments

$

34,852

$

18,558

$

85,904

$

57,357

Affiliate investments

 

12,274

 

8,255

 

34,785

 

23,626

Non‑Control/Non‑Affiliate investments

 

29,653

 

25,141

 

86,192

 

79,126

Total investment income

 

76,779

 

51,954

 

206,881

 

160,109

EXPENSES:

 

 

 

 

Interest

 

(14,711)

 

(12,489)

 

(42,914)

 

(36,827)

Compensation

 

(9,576)

 

(4,980)

 

(22,790)

 

(12,280)

General and administrative

 

(3,047)

 

(3,354)

 

(9,439)

 

(9,827)

Share‑based compensation

 

(2,869)

 

(2,561)

 

(7,961)

 

(8,215)

Expenses allocated to the External Investment Manager

 

2,728

 

1,892

 

7,680

 

5,340

Total expenses

 

(27,475)

 

(21,492)

 

(75,424)

 

(61,809)

NET INVESTMENT INCOME

 

49,304

 

30,462

 

131,457

 

98,300

NET REALIZED GAIN (LOSS):

 

 

 

 

Control investments

 

8,786

 

4,041

 

(4,459)

 

(15,825)

Affiliate investments

 

(5,147)

 

(172)

 

3,962

 

(407)

Non‑Control/Non‑Affiliate investments

 

4,666

 

(17,743)

 

11,072

 

(28,091)

Realized loss on extinguishment of debt

 

 

 

 

(534)

Total net realized gain (loss)

 

8,305

 

(13,874)

 

10,575

 

(44,857)

NET UNREALIZED APPRECIATION (DEPRECIATION):

 

 

 

 

Control investments

 

20,671

 

7,139

 

65,756

 

(35,096)

Affiliate investments

 

14,285

 

2,406

 

30,518

 

(26,883)

Non‑Control/Non‑Affiliate investments

 

3,675

 

53,569

 

20,798

 

(56,051)

SBIC debentures

 

 

 

 

460

Total net unrealized appreciation (depreciation)

 

38,631

 

63,114

 

117,072

 

(117,570)

INCOME TAXES:

 

 

 

 

Federal and state income, excise and other taxes

 

(953)

 

(1,165)

 

(2,242)

 

(1,420)

Deferred taxes

 

(11,331)

 

(342)

 

(20,449)

 

15,673

Income tax benefit (provision)

 

(12,284)

 

(1,507)

 

(22,691)

 

14,253

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

83,956

$

78,195

$

236,413

$

(49,874)

NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED

$

0.71

$

0.46

$

1.92

$

1.50

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

$

1.22

$

1.18

$

3.45

$

(0.76)

WEIGHTED AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED

 

69,021,826

 

66,110,555

 

68,557,362

 

65,319,784

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

2


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Changes in Net Assets

(dollars in thousands, except shares)

(Unaudited)

Total

Common Stock

Additional

Undistributed

Number of

Par

PaidIn

(Overdistributed)

Total Net

    

Shares

    

Value

    

Capital

    

Earnings

    

Asset Value

Balances at December 31, 2019

 

64,252,937

$

643

$

1,512,435

$

23,312

$

1,536,390

Public offering of common stock, net of offering costs

 

91,458

 

1

 

3,854

 

 

3,855

Share‑based compensation

 

 

 

2,837

 

 

2,837

Purchase of vested stock for employee payroll tax withholding

(851)

(29)

(29)

Dividend reinvestment

 

108,722

 

1

 

3,929

 

 

3,930

Amortization of directors’ deferred compensation

 

 

 

238

 

 

238

Issuance of restricted stock

 

10,383

 

 

 

 

Dividends to stockholders

 

 

 

93

 

(39,706)

 

(39,613)

Net decrease resulting from operations

 

 

 

 

(171,438)

 

(171,438)

Balances at March 31, 2020

 

64,462,649

$

645

$

1,523,357

$

(187,832)

$

1,336,170

Public offering of common stock, net of offering costs

 

824,968

 

9

 

26,007

 

 

26,016

Share‑based compensation

 

2,817

2,817

Purchase of vested stock for employee payroll tax withholding

 

(84,094)

 

(1)

 

(1,730)

 

 

(1,731)

Dividend reinvestment

 

146,229

 

1

 

4,158

 

 

4,159

Amortization of directors’ deferred compensation

 

 

 

224

 

 

224

Issuance of restricted stock, net of forfeited shares

 

414,053

 

4

 

(4)

 

 

Dividends to stockholders

 

 

 

99

 

(40,179)

 

(40,080)

Net increase resulting from operations

 

 

 

 

43,369

 

43,369

Balances at June 30, 2020

 

65,763,805

$

658

$

1,554,928

$

(184,642)

$

1,370,944

Public offering of common stock, net of offering costs

205,949

2

7,741

7,743

Share‑based compensation

2,561

2,561

Purchase of vested stock for employee payroll tax withholding

 

(1,998)

 

 

(7)

 

 

(7)

Dividend reinvestment

132,583

1

4,129

4,130

Amortization of directors’ deferred compensation

195

195

Issuance of restricted stock, net of forfeited shares

(6,899)

Dividends to stockholders

95

(40,674)

(40,579)

Net increase resulting from operations

78,195

78,195

Balances at September 30, 2020

66,093,440

$

661

$

1,569,642

$

(147,121)

$

1,423,182

Balances at December 31, 2020

 

67,762,032

$

677

$

1,615,940

$

(101,850)

$

1,514,767

Public offering of common stock, net of offering costs

117,388

 

2

 

3,626

 

 

3,628

Share‑based compensation

 

 

2,333

 

 

2,333

Purchase of vested stock for employee payroll tax withholding

(180)

 

 

(7)

 

 

(7)

Dividend reinvestment

106,651

 

1

 

3,698

 

 

3,699

Amortization of directors’ deferred compensation

 

 

195

 

 

195

Issuance of restricted stock

15,007

 

 

 

 

Dividends to stockholders

 

 

96

 

(41,893)

 

(41,797)

Net increase resulting from operations

 

 

-

 

57,346

 

57,346

Balances at March 31, 2021

68,000,898

$

680

$

1,625,881

$

(86,397)

$

1,540,164

Public offering of common stock, net of offering costs

231,795

 

2

 

9,396

 

 

9,398

Share‑based compensation

 

 

2,759

 

 

2,759

Purchase of vested stock for employee payroll tax withholding

(114,357)

 

(1)

 

(4,464)

 

 

(4,465)

Dividend reinvestment

91,632

 

1

 

3,755

 

 

3,756

Amortization of directors’ deferred compensation

 

 

163

 

 

163

Issuance of restricted stock, net of forfeited shares

321,821

 

3

 

(3)

 

 

Dividends to stockholders

 

 

96

 

(42,140)

 

(42,044)

Net increase resulting from operations

 

 

 

95,110

 

95,110

Balances at June 30, 2021

68,531,789

$

685

$

1,637,583

$

(33,427)

$

1,604,841

Public offering of common stock, net of offering costs

772,274

 

8

 

31,812

 

 

31,820

Share‑based compensation

 

 

2,869

 

 

2,869

Purchase of vested stock for employee payroll tax withholding

(13,818)

 

 

(575)

 

 

(575)

Dividend reinvestment

95,364

 

1

 

3,984

 

 

3,985

Amortization of directors’ deferred compensation

 

 

147

 

 

147

Issuance of restricted stock, net of forfeited shares

23,036

 

 

 

 

Dividends to stockholders

 

 

97

 

(42,833)

 

(42,736)

Net increase resulting from operations

 

 

 

83,956

 

83,956

Balances at September 30, 2021

69,408,645

$

694

$

1,675,917

$

7,696

$

1,684,307

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

3


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Cash Flows

(dollars in thousands)

(Unaudited)

Nine Months Ended

    

September 30, 

2021

   

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net increase (decrease) in net assets resulting from operations

$

236,413

$

(49,874)

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

Investments in portfolio companies

(911,095)

(414,574)

Proceeds from sales and repayments of debt investments in portfolio companies

530,964

255,147

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

83,376

21,210

Net unrealized (appreciation) depreciation

(117,072)

117,570

Net realized (gain) loss

(10,575)

44,857

Accretion of unearned income

(10,972)

(8,239)

Payment-in-kind interest

(6,280)

(3,816)

Cumulative dividends

(1,296)

(1,404)

Share-based compensation expense

7,961

8,215

Amortization of deferred financing costs

2,277

1,986

Deferred tax (benefit) provision

20,449

(15,673)

Changes in other assets and liabilities:

Interest receivable and other assets

(669)

12,661

Interest payable

6,645

6,100

Accounts payable and other liabilities

7,576

(4,739)

Deferred fees and other

3,586

2,296

Net cash used in operating activities

(158,712)

(28,277)

CASH FLOWS FROM FINANCING ACTIVITIES

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

44,846

37,614

Proceeds from public offering of 5.20% Notes due 2024

-

125,000

Proceeds from public offering of 3.00% Notes due 2026

300,000

-

Dividends paid

(114,471)

(107,673)

Proceeds from issuance of SBIC debentures

80,200

35,000

Repayments of SBIC debentures

(40,000)

(42,000)

Proceeds from credit facility

645,000

292,000

Repayments on credit facility

(714,000)

(339,000)

Debt issuance premiums (costs), net

(10,166)

978

Purchases of vested stock for employee payroll tax withholding

(5,047)

(1,767)

Net cash provided by financing activities

186,362

152

Net increase (decrease) in cash and cash equivalents

27,650

(28,125)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

31,919

55,246

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

59,569

$

27,121

Supplemental cash flow disclosures:

Interest paid

$

33,898

$

28,646

Taxes paid

$

2,046

$

2,439

Operating non-cash activities:

Value of shares issued pursuant to the DRIP

$

11,440

$

12,219

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

4


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Control Investments (5)

Analytical Systems Keco Holdings, LLC

August 16, 2019

Manufacturer of Liquid and Gas Analyzers

Secured Debt

(9)

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

8/16/2024

$

5,015

$

4,787

$

4,787

Preferred Member Units

3,200

3,200

-

Preferred Member Units

2,427

2,427.00

4,783

Warrants

(27)

420

8/16/2029

316

-

10,730

9,570

ASC Interests, LLC

August 1, 2013

Recreational and Educational Shooting Facility

Secured Debt

13.00%

7/31/2022

1,850

1,831

1,831

Member Units

1,500

1,500

720

3,331

2,551

ATS Workholding, LLC

(10)

March 10, 2014

Manufacturer of Machine Cutting Tools and Accessories

Secured Debt

(14)

5.00%

8/16/2023

4,814

4,655

2,875

Preferred Member Units

3,725,862

3,726

-

8,381

2,875

Barfly Ventures, LLC

(10)

August 31, 2015

Casual Restaurant Group

Secured Debt

7.00%

10/31/2024

711

711

711

Member Units

37

1,584

1,929

2,295

2,640

Bolder Panther Group, LLC

December 31, 2020

Consumer Goods and Fuel Retailer

Secured Debt

(9)

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

12/31/2025

39,000

38,671

39,000

Class A Preferred Member Units

(8)

14.00%

10,194

10,194

Class B Preferred Member Units

(8)

140,000

8.00%

14,000

20,310

62,865

69,504

Brewer Crane Holdings, LLC

January 9, 2018

Provider of Crane Rental and Operating Services

Secured Debt

(9)

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

1/9/2023

8,184

8,156

8,156

Preferred Member Units

(8)

2,950

4,280

4,280

12,436

12,436

Bridge Capital Solutions Corporation

April 18, 2012

Financial Services and Cash Flow Solutions Provider

Secured Debt

13.00%

12/11/2024

8,813

8,813

8,813

Warrants

(27)

82

7/25/2026

2,132

4,060

Secured Debt

(30)

13.00%

12/11/2024

1,000

1,000

5


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Preferred Member Units

(8) (30)

17,742

1,000

1,000

12,945

14,873

Café Brazil, LLC

April 20, 2004

Casual Restaurant Group

Member Units

(8)

1,233

1,742

2,570

California Splendor Holdings LLC

March 30, 2018

Processor of Frozen Fruits

Secured Debt

(9)

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

3/30/2023

28,000

27,899

27,899

Preferred Member Units

(8) (19)

6,725

15.00% PIK

9,194

9,194

Preferred Member Units

(8)

6,157

10,775

10,805

47,868

47,898

CBT Nuggets, LLC

June 1, 2006

Produces and Sells IT Training Certification Videos

Member Units

(8)

416

1,300

52,620

Centre Technologies Holdings, LLC

January 4, 2019

Provider of IT Hardware Services and Software Solutions

Secured Debt

(9)

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

1/4/2024

9,569

9,518

9,518

Preferred Member Units

12,696

5,840

5,840

15,358

15,358

Chamberlin Holding LLC

February 26, 2018

Roofing and Waterproofing Specialty Contractor

Secured Debt

(9)

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

2/26/2023

17,817

17,722

17,817

Member Units

(8)

4,347

11,440

24,140

Member Units

(8) (30)

1,047,146

1,322

1,430

30,484

43,387

Charps, LLC

February 3, 2017

Pipeline Maintenance and Construction

Unsecured Debt

10.00%

1/31/2024

5,694

4,582

5,034

Preferred Member Units

(8)

1,600

400

14,240

4,982

19,274

Clad-Rex Steel, LLC

December 20, 2016

Specialty Manufacturer of Vinyl-Clad Metal

Secured Debt

(9)

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

1/15/2024

10,480

10,393

10,393

Member Units

(8)

717

7,280

10,250

Secured Debt

10.00%

12/20/2036

1,089

1,078

1,078

Member Units

(30)

800

210

530

18,961

22,251

CMS Minerals Investments

January 30, 2015

Oil & Gas Exploration & Production

Member Units

(8) (30)

100

1,985

1,883

6


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Cody Pools, Inc.

March 6, 2020

Designer of Residential and Commercial Pools

Secured Debt

(9)

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

3/6/2025

18,047

17,916

18,047

Preferred Member Units

(8)

587

8,317

30,390

26,233

48,437

Colonial Electric Company LLC

March 31, 2021

Provider of Electrical Contracting Services

Secured Debt

12.00%

3/31/2026

24,885

24,654

24,654

Preferred Member Units

17,280

7,680

8,460

32,334

33,114

CompareNetworks Topco, LLC

January 29, 2019

Internet Publishing and Web Search Portals

Secured Debt

(9)

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

1/29/2024

6,477

6,450

6,477

Preferred Member Units

(8)

1,975

1,975

12,000

8,425

18,477

Copper Trail Fund Investments

(12) (13)

July 17, 2017

Investment Partnership

LP Interests (CTMH, LP)

(31)

38.8%

710

710

Datacom, LLC

May 30, 2014

Technology and Telecommunications Provider

Secured Debt

5.00%

12/31/2025

8,919

8,207

8,207

Preferred Member Units

9,000

2,610

2,610

10,817

10,817

Digital Products Holdings LLC

April 1, 2018

Designer and Distributor of Consumer Electronics

Secured Debt

(9)

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

4/1/2023

17,183

17,120

17,120

Preferred Member Units

(8)

3,857

9,501

9,835

26,621

26,955

Direct Marketing Solutions, Inc.

February 13, 2018

Provider of Omni-Channel Direct Marketing Services

Secured Debt

(9)

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

2/13/2023

14,855

14,799

14,799

Preferred Stock

(8)

8,400

8,400

17,150

23,199

31,949

Gamber-Johnson Holdings, LLC

June 24, 2016

Manufacturer of Ruggedized Computer Mounting Systems

Secured Debt

(9) (17)

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

6/24/2021

20,638

20,638

20,638

Member Units

(8)

9,042

17,692

55,370

38,330

76,008

Garreco, LLC

July 15, 2013

Manufacturer and Supplier of Dental Products

7


Table of Contents

MAIN STREET CAPITAL CORPORATION

Consolidated Schedule of Investments (Continued)

September 30, 2021

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)

Investment Date (24)

Business Description

Type of Investment (2) (3) (15)

Shares/Units

Rate

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Secured Debt

(9)

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

7/31/2022

4,519

4,519

4,519

Member Units

1,200

1,200

2,210

5,719

6,729

GRT Rubber Technologies LLC

December 19, 2014

Manufacturer of Engineered Rubber Products

Secured Debt

7.10% (L+7.00%)

12/31/2023

16,775

16,775

16,775

Member Units

(8)

5,879

13,065

44,900

29,840

61,675

Gulf Manufacturing, LLC

August 31, 2007

Manufacturer of Specialty Fabricated Industrial Piping Products

Member Units

(8)

438

2,980

5,640

Gulf Publishing Holdings, LLC

April 29, 2016

Energy Industry Focused Media and Publishing

Secured Debt

(9) (17) (19)

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

9/30/2020

257

257

257

Secured Debt

(17) (19)

12.50% (6.25% Cash, 6.25% PIK)

4/29/2021

13,565

13,565

10,462

Member Units

3,681

3,681

-

17,503

10,719

Harris Preston Fund Investments

(12) (13)

October 1, 2017

Investment Partnership

LP Interests (2717 MH, L.P.)

(31)

49.3%

2,703

3,391

Harrison Hydra-Gen, Ltd.

June 4, 2010

Manufacturer of Hydraulic Generators

Common Stock

107,456

718

3,530

J&J Services, Inc.

October 31, 2019

Provider of Dumpster and Portable Toilet Rental Services

Secured Debt

11.50%

10/31/2024

10,800

10,727

10,800

Preferred Stock

2,814