Main Street Capital Corporation · NYSE:MAIN
Main Street Capital — IPO Roadshow (May 2026)
97 slides from Main Street Capital's IPO roadshow presentation, May 8, 2026
Slide 1: Investor Presentation First Quarter 2026
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 1 Investor Presentation First Quarter – 2026 Main St et Capital Corporation NYSE: IN mainstc ital.com Filed pursuant to Rule 433 Issuer Free Writing Prospectus dated May 8, 2026 Related to the Registration Statemen
Slide 2: Disclaimers
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 2 Disclaimers Main Street Capital Corporation (MAIN) cautions that statements in this presentation that are forward-looking, and provide other than historical information, involve risks and uncertainties that may i
Slide 3: Corporate Overview and Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 3 Main Street Capital Corporation Corporate Overview and Investment Strategy 1st Quarter – 2026
Slide 4: MAIN is a Principal Investor in Private Debt and Equity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 4 MAIN is a Principal Investor in Private Debt and Equity Focus on unique Lower Middle Market debt and equity investment strategy, Asset Management Business and internally managed operating structure differentiates
Slide 5: MAIN is a Principal Investor in Private Debt and Equity (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 5 Long-term focus on delivering our shareholders sustainable growth in net asset value and recurring dividends per share Consistent cash dividend yield – significant monthly dividends • MAIN has never decreased its
Slide 6: MAIN is a Principal Investor in Private Debt and Equity (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 6 Equity investments in LMM portfolio provide the opportunity to grow net asset value (NAV) per share and generate recurring dividend income and periodic realized gains to support MAIN’s dividend growth • NAV growt
Slide 7: Enhanced Value Proposition - Three Ways to Win
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 7 Enhanced Value Proposition - Three Ways to Win are Better Than One 1. Sustain and Grow Dividends • Efficient operating structure provides operating leverage to grow Distributable Net Investment Income (DNII),(1)
Slide 8: Historical Monthly Dividends, NAV and DNII Per Share
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 8 Historical Monthly Dividends, NAV and DNII(1) Per Share MAIN’s unique focus on LMM equity investments provides the opportunity for significant NAV per share growth MAIN’s efficient operating structure provides si
Slide 9: LMM Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 9 LMM Investment Strategy Investment Objectives • Attractive cash yield from secured debt investments (12.4%(1) weighted-average cash coupon as of March 31, 2026); plus • Dividend income, fair value appreciation an
Slide 10: LMM Investment Opportunity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 10 LMM Investment Opportunity Large and critical portion of U.S. economy • 245,000+ domestic LMM businesses(1) LMM is under-served from a capital perspective and less competitive Inefficient asset class generates p
Slide 11: Private Loan Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 11 Private Loan Investment Strategy Investment Objectives • Access proprietary investments with attractive risk-adjusted return characteristics • Generate cash yield to support MAIN’s monthly dividend Investment Ch
Slide 12: Asset Management Business
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 12 Asset Management Business MAIN(1) is the investment adviser to several third-party clients in its AMB MAIN(1) is the investment adviser to and administrator of MSC Income Fund, Inc. (NYSE: MSIF), a publicly trad
Slide 13: MAIN Regulatory Framework
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 13 MAIN Regulatory Framework Operates as a Business Development Company • Regulated by the SEC - 1940 Act • Publicly traded, private investment company Regulated Investment Company (RIC) tax structure • Eliminates
Slide 14: MAIN Corporate Structure – Internally Managed
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 14 MAIN Corporate Structure – Internally Managed “Internally managed” structure means no external management fees or expenses are paid, providing operating leverage to MAIN’s business; MAIN targets total operating
Slide 15: MAIN Executive Management Team
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 15 David Magdol(1)(2) President and CIO(3) Jesse Morris(1) EVP, COO(4) and Senior Managing Director MAIN Executive Management Team • Co-founded MAIN in 2002; affiliated with Main Street group since 1999 • Director
Slide 16: Monthly Dividends Per Share – Sustainable Growth
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 16 Monthly Dividends Per Share – Sustainable Growth Trailing Twelve Months Monthly Dividends Per Share Recurring monthly dividend has never been decreased and has grown meaningfully (141%) since IPO(1) Based upon t
Slide 17: Total Dividends per Share
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 17 Total Dividends per Share – Significant Incremental Value to Shareholders MAIN’s dividend policy includes an expectation for: – Consistent annual growth of its monthly dividends and meaningful coverage of such m
Slide 18: Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 18 Main Street Capital Corporation Investment Portfolio 1st Quarter – 2026
Slide 19: Total Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 19 Includes complementary LMM debt and equity investments and Private Loan debt investments Total investment portfolio at fair value consists of approximately 57% LMM / 35% Private Loan / 1% Middle Market(1) / 7% o
Slide 20: Total Portfolio by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 20 Total Portfolio by Industry (as a Percentage of Cost)(1) Refer to Endnotes beginning on page 48 of this presentation
Slide 21: Diversified Total Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 21 Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography(3) 26% 20% 20% 19% 15% LBO/MBO(2) Acquisition Growth Capital Recapitalization/ Refinanc
Slide 22: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 22 LMM Investment Portfolio 93 portfolio companies / $3.2 billion in fair value • 57% of total investment portfolio at fair value Debt yielding 12.6%(1) (72% of LMM portfolio at cost) • Over 99% of debt investments
Slide 23: LMM Investment Portfolio Credit Statistics
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 23 LMM Investment Portfolio Median LMM portfolio credit statistics:(1) • Senior leverage of 2.5x EBITDA through MAIN’s debt position • 3.0x EBITDA to senior interest coverage • Total leverage of 2.5x EBITDA includi
Slide 24: LMM Portfolio by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 24 LMM Portfolio by Industry (as a Percentage of Cost)
Slide 25: Diversified LMM Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 25 Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Geography(2) 20% 24% 27% 20% 9% Invested Capital by Transaction Type LBO/MBO(1) Recapitalization/ Refinancing Growth Capital Acquisition 14
Slide 26: LMM Portfolio Attributes Reflect Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 26 99% 2nd Lien/ Other 1st Lien Security Position on Debt Investments as a % of Cost LMM Portfolio Attributes Reflect Investment Strategy High yielding secured debt investments coupled with significant equity parti
Slide 27: Term and Total Interest Coupon of LMM Debt Investments
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 27 > 12% ≤ 13% Current Interest Total Interest Coupon(2) Term and Total Interest Coupon of Existing LMM Debt Investments Original Term(1) Debt Investments generally have a 5-Year Original Term(1) and ~3.1 Year Weig
Slide 28: Private Loan Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 28 Private Loan Investment Portfolio 85 investments / $2.0 billion in fair value • 35% of total investment portfolio at fair value Average investment size of $24.2 million(1) (less than 1% of total portfolio) Inves
Slide 29: Private Loan Portfolio by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 29 Private Loan Portfolio by Industry (as a Percentage of Cost)
Slide 30: Diversified Private Loan Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 30 Diversified Private Loan Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) 34% 15% 12% 18% 21% LBO/MBO(1) Acquisition Growth Capital Recapitalization / Ref
Slide 31: Financial Overview
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 31 Main Street Capital Corporation Financial Overview 1st Quarter – 2026
Slide 32: MAIN Financial Performance
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 32 $289.0 $376.9 $500.4 $541.0 $566.4 $140.1 2021 2022 2023 2024 2025 YTD 2026 $0.0 $40.0 $80.0 $120.0 $160.0 $200.0 $240.0 $280.0 $320.0 $360.0 $400.0 $440.0 $480.0 $520.0 $560.0 $600.0 $194.7 $257.5 $348.5 $361.3
Slide 33: Long-Term Portfolio and DNII Per Share Growth
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 33 MAIN has consistently grown portfolio investments and DNII(1) per share over its long-term history Long-Term Portfolio and DNII(1) Per Share Growth Refer to Endnotes beginning on page 48 of this presentation
Slide 34: Efficient and Leverageable Operating Structure
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 34 Efficient and Leverageable Operating Structure “Internally managed” structure means no external management fees or expenses are paid Alignment of interest between management and investors • Greater incentives to
Slide 35: MAIN Maintains a Significant Operating Cost Advantage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 35 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% MAIN Maintains a Significant Operating Cost Advantage Operating Expenses(1) as a Percentage of Total Assets MAIN(2) MAIN Excl. Non-cash Comp Exp (3)(4) Other BDCs (5)(6) Other
Slide 36: MAIN Income Statement Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 36 MAIN Income Statement Summary Q1 26 vs. Q1 25 ($ in 000s, except per share amounts) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Change(1) Total Investment Income $ 137,046 $ 143,973 $ 139,831 $ 145,541 $ 140,106 2% Expenses:
Slide 37: MAIN Per Share Change in Net Asset Value
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 37 MAIN Per Share Change in Net Asset Value (NAV) Certain fluctuations in per share amounts are due to rounding differences between quarters. ($ per share) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Beginning NAV $ 31.65 $ 32.0
Slide 38: MAIN Balance Sheet Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 38 MAIN Balance Sheet Summary ($ in 000s, except per share amounts) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 LMM Portfolio Investments $ 2,610,960 $ 2,668,844 $ 2,782,192 $ 3,057,023 $ 3,227,396 Private Loan Portfolio Investm
Slide 39: MAIN Liquidity and Capitalization
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 39 MAIN Liquidity and Capitalization ($ in 000s) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Cash and Cash Equivalents $ 109,180 $ 86,984 $ 30,568 $ 41,959 $ 20,791 Availability Under Credit Facilities(1)(2) 1,193,300 1,264,100
Slide 40: Stable, Long-Term Leverage – Significant Unused Capacity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 40 Stable, Long-Term Leverage – Significant Unused Capacity MAIN maintains a conservative capital structure, with limited overall leverage and an intentional mix of secured, floating rate revolving debt and unsecur
Slide 41: Long-term Maturity of Debt Obligations
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 41 (in m ill io ns ) $75.0 $75.0 $35.0 $85.2 $16.0 $63.8 $400.0 $386.0 $550.0 $500.0 $350.0 SBIC Debentures Credit Facilities March 2029 Notes July 2026 Notes June 2027 Notes August 2028 Notes 2026 2027 2028 2029 2
Slide 42: Interest Rate Impact and Sensitivity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 42 Interest Rate Impact and Sensitivity The following table illustrates the approximate annual changes in the components of MAIN’s net investment income (NII) due to hypothetical increases (decreases) in interest r
Slide 43: Significant Management and Board of Directors Ownership
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 43 Significant Management and Board of Directors Ownership / Investment Significant equity ownership by MAIN’s management team and its Board of Directors, coupled with internally managed structure, provides alignme
Slide 44: MAIN Total Return Performance Since IPO
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 44 MAIN Total Return(1) Performance Since IPO Refer to Endnotes beginning on page 48 of this presentation
Slide 45: Executive Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 45 Executive Summary Unique focus on under-served Lower Middle Market • Inefficient asset class with less competition • Unique market opportunity with attractive risk-adjusted returns • Generally first lien debt in
Slide 46: Non-GAAP Information
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 46 Non-GAAP Information Distributable net investment income is net investment income as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash co
Slide 47: Research Coverage and Corporate Information
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 47 Research Coverage Sean-Paul Adams B. Riley Securities (415) 229-4851 Arren Cyganovich Truist Securities (212) 319-2334 Robert J. Dodd Raymond James (901) 579-4560 Ethan Kaye Lucid Capital Markets (917) 516-9876
Slide 48: Endnotes
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 48 Page 4: MAIN is a Principal Investor in Private Debt and Equity (1) Capital under management includes undrawn portion of debt capital and uncalled equity capital commitments as of March 31, 2026 Page 5: MAIN is
Slide 49: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 49 Page 14: MAIN Corporate Structure – Internally Managed (1) The defined term and additional details for the Credit Facilities are included on page 40 and the related Endnotes (2) As of March 31, 2026, MAIN’s Cred
Slide 50: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 50 Page 22: LMM Investment Portfolio (1) Weighted-average effective yield is calculated using the applicable interest rate as of March 31, 2026 and is weighted based upon the principal amount of each debt investmen
Slide 51: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 51 Endnotes (cont’d) Page 32: MAIN Financial Performance (1) See reconciliation of DNII to NII on page 36 and Non-GAAP Information disclosures on page 46 of this presentation (2) Reflects year-to-date March 31, 202
Slide 52: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 52 Endnotes (cont’d) Page 39: MAIN Liquidity and Capitalization (1) As of March 31, 2026, MAIN’s Corporate Facility had $1.175 billion in total commitments with an accordion feature with the right to request an inc
Slide 53: Debt Capital Markets Presentation First Quarter 2026
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 1 Debt Capital Markets Presentation First Quarter – 2026 Main St et Capital Corporation NYSE: IN mainstc ital.com
Slide 54: Disclaimers
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 2 Disclaimers Main Street Capital Corporation (MAIN) cautions that statements in this presentation that are forward-looking, and provide other than historical information, involve risks and uncertainties that may i
Slide 55: Main Street Capital Corporation 1st Quarter 2026
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 3 Main Street Capital Corporation 1st Quarter – 2026
Slide 56: Conservative capital structure with investment grade ratings
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 4 Focus on unique Lower Middle Market debt and equity investment strategy, Asset Management Business and internally managed operating structure differentiates MAIN from other investment firms Conservative capital s
Slide 57: Investment Portfolio – By Type of Investment
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 5 Investment Portfolio – By Type of Investment(1) Refer to Endnotes beginning on page 41 of this presentation
Slide 58: Unique Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 6 Asset Management Business Unique Investment Strategy Lower Middle Market (LMM) • Proprietary investments that are difficult for investors to access • Customized financing solutions which include a combination of
Slide 59: Portfolio Highlights
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 7 Portfolio Highlights(1) Lower Middle Market • $3.2 billion of total investments • 93 companies • $1.8 billion of debt investments (56%) • $1.4 billion of equity investments (44%) • Typical initial investment targ
Slide 60: Business Development Company (BDC) Background
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 8 Business Development Company (BDC) Background Leverage • Regulatory restrictions on debt leverage levels require BDCs to maintain conservative leverage • Must maintain an asset to debt coverage ratio of at least
Slide 61: MAIN Capital Structure
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 9 MAIN Capital Structure(1) ($ in 000s) 3/31/2026 % of Capitalization Cash and Cash Equivalents $ 20,791 Debt at parent Credit Facilities(2) 386,000 6.8 % March 2029 Notes 550,000 9.8 % July 2026 Notes 500,000 8.9
Slide 62: Conservative Leverage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 10 Conservative Leverage As of March 31, 2026 ($ in 000s) Non-SBIC SBICs Total Total Assets $ 5,215,593 $ 612,805 $ 5,828,398 Debt Capital: Credit Facilities(1) 386,000 — 386,000 SBIC Debentures(2) — 344,887 344,88
Slide 63: Conservative Leverage – Regulatory
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 11 Conservative Leverage – Regulatory Passage of the Small Business Credit Availability Act in December 2017 provided the opportunity for BDCs to obtain board or shareholder approval to access additional leverage b
Slide 64: Conservative Leverage – Excess Collateral Improves Over Time
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 12 Conservative Leverage – Excess Collateral Improves Over Time MAIN’s conservative use of leverage and equity to fund its growth results in significant excess collateral that provides protection to lenders MAIN’s
Slide 65: Key Credit Highlights
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 13 Key Credit Highlights • Management team has over 100 years of collective investment experience and relationships • Long-term working relationships together dating back over 20 years • Significant management equi
Slide 66: MAIN Executive Management Team
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 14 David Magdol(1)(2) President and CIO(3) Jesse Morris(1) EVP, COO(4) and Senior Managing Director MAIN Executive Management Team • Co-founded MAIN in 2002; affiliated with Main Street group since 1999 • Director
Slide 67: Significant Management and Board of Directors Ownership
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 15 Significant equity ownership by MAIN’s management team and its Board of Directors, coupled with internally managed structure, provides alignment of interest between MAIN’s management and our stakeholders # of Sh
Slide 68: Internally managed operating structure provides operating leverage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 16 MAIN’s internally managed operating structure provides significant operating leverage and greater returns for our stakeholders “Internally managed” structure means no external management fees or expenses are pai
Slide 69: MAIN Maintains a Significant Operating Cost Advantage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 17 Operating Expenses(1) as a Percentage of Total Assets 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% MAIN(2) MAIN Excl. Non-cash Comp Exp (3)(4) Other BDCs (5)(6) Other BDCs Excl. Non-cash Comp Exp (5)(7) Commercial Banks(8
Slide 70: Conservative capital structure and debt facilities
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 18 Refer to Endnotes beginning on page 41 of this presentation MAIN maintains a conservative capital structure, with limited overall leverage and an intentional mix of secured, floating rate revolving debt and unse
Slide 71: Long-term Maturity of Debt Obligations
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 19 (in m ill io ns ) $75.0 $75.0 $35.0 $85.2 $16.0 $63.8 $400.0 $386.0 $550.0 $500.0 $350.0 SBIC Debentures Credit Facilities March 2029 Notes July 2026 Notes June 2027 Notes August 2028 Notes 2026 2027 2028 2029 2
Slide 72: Interest Rate Impact and Sensitivity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 20 Basis Point Increase (Decrease) in Interest Rate Increase (Decrease) in Interest Income (Increase) Decrease in Interest Expense(3) Increase (Decrease) in NII from the External Investment Manager(4) Increase (Dec
Slide 73: At-The-Market (ATM) Equity Program
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 21 At-The-Market (ATM) Equity Program Provides permanent capital to match indefinite or long-term holding period for LMM investments Facilitates maintenance of conservative leverage position Issued equity is accret
Slide 74: LMM Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 22 LMM Investment Strategy Investment Objectives • Attractive cash yield from secured debt investments (12.4%(1) weighted-average cash coupon as of March 31, 2026); plus • Dividend income, fair value appreciation a
Slide 75: LMM Investment Opportunity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 23 LMM Investment Opportunity Large and critical portion of U.S. economy • 245,000+ domestic LMM businesses(1) LMM is under-served from a capital perspective and less competitive Inefficient asset class generates p
Slide 76: Private Loan Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 24 Investment Objectives • Access proprietary investments with attractive risk-adjusted return characteristics • Generate cash yield to support MAIN’s monthly dividend Investment Characteristics • Targets companies
Slide 77: Asset Management Business
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 25 MAIN(1) is the investment adviser to several third-party clients in its AMB MAIN(1) is the investment adviser to and administrator of MSC Income Fund, Inc. (NYSE: MSIF), a publicly traded BDC focused on MAIN’s P
Slide 78: Total Investment Portfolio Diversity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 26 Diversity provides structural protection to investment portfolio, revenue sources, income, cash flows and shareholder dividends Includes complementary LMM debt and equity investments and Private Loan debt invest
Slide 79: Portfolio Snapshot – Significant Diversification
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 27 Portfolio Snapshot – Significant Diversification ($ in millions) 12/31/2023 12/31/2024 12/31/2025 3/31/2026 Number of Portfolio Companies Lower Middle Market 80 84 92 93 Private Loan 87 91 86 85 Middle Market 23
Slide 80: Portfolio Snapshot – Significant Diversification (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 28 Portfolio Snapshot – Significant Diversification (cont’d) ($ in millions) 12/31/2023 12/31/2024 12/31/2025 3/31/2026 $ Invested - Fair Value Lower Middle Market $ 2,273.0 $ 2,502.9 $ 3,057.0 $ 3,227.4 % of Total
Slide 81: Portfolio Snapshot – Significant Diversification (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 29 ($ in millions) 12/31/2023 12/31/2024 12/31/2025 3/31/2026 % of Total $ Invested in Debt that is First Lien (Cost Basis) Lower Middle Market $ 1,272.4 $ 1,360.3 $ 1,711.9 $ 1,844.5 % of Total Lower Middle Market
Slide 82: Total Portfolio by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 30 Total Portfolio by Industry (as a Percentage of Cost)(1) Refer to Endnotes beginning on page 41 of this presentation
Slide 83: Diversified Total Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 31 Invested Capital by Transaction Type Invested Capital by Geography(3) LBO/MBO(2) Acquisition Growth Capital Recapitalization/ Refinancing 19% 31% 49% 1% Diversified Total Portfolio (as a Percentage of Cost)(1) R
Slide 84: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 32 LMM Investment Portfolio 93 portfolio companies / $3.2 billion in fair value • 57% of total investment portfolio at fair value Debt yielding 12.6%(1) (72% of LMM portfolio at cost) • Over 99% of debt investments
Slide 85: LMM Investment Portfolio Credit Statistics
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 33 LMM Investment Portfolio Median LMM portfolio credit statistics:(1) • Senior leverage of 2.5x EBITDA through MAIN’s debt position • 3.0x EBITDA to senior interest coverage • Total leverage of 2.5x EBITDA includi
Slide 86: Private Loan Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 34 Private Loan Investment Portfolio 85 investments / $2.0 billion in fair value • 35% of total investment portfolio at fair value Average investment size of $24.2 million(1) (less than 1% of total portfolio) Inves
Slide 87: Non-GAAP Information
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 35 Non-GAAP Information Distributable net investment income is net investment income as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash co
Slide 88: Appendix
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 36 Main Street Capital Corporation Appendix
Slide 89: MAIN Income Statement Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 37 MAIN Income Statement Summary Q1 26 vs. Q1 25 ($ in 000s, except per share amounts) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Change(1) Total Investment Income $ 137,046 $ 143,973 $ 139,831 $ 145,541 $ 140,106 2% Expenses:
Slide 90: MAIN Per Share Change in Net Asset Value
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 38 MAIN Per Share Change in Net Asset Value (NAV) Certain fluctuations in per share amounts are due to rounding differences between quarters. ($ per share) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Beginning NAV $ 31.65 $ 32.0
Slide 91: MAIN Balance Sheet Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 39 MAIN Balance Sheet Summary ($ in 000s, except per share amounts) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 LMM Portfolio Investments $ 2,610,960 $ 2,668,844 $ 2,782,192 $ 3,057,023 $ 3,227,396 Private Loan Portfolio Investm
Slide 92: Research Coverage and Corporate Information
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 40 Research Coverage Sean-Paul Adams B. Riley Securities (415) 229-4851 Arren Cyganovich Truist Securities (212) 319-2334 Robert J. Dodd Raymond James (901) 579-4560 Ethan Kaye Lucid Capital Markets (917) 516-9876
Slide 93: Endnotes
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 41 Page 4: MAIN is a Principal Investor in Private Debt and Equity (1) Capital under management includes undrawn portion of debt capital and uncalled equity capital commitments as of March 31, 2026 (2) A securities
Slide 94: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 42 Page 12: Conservative Leverage – Excess Collateral Improves Over Time (1) Most recent information publicly reported prior to first IG debt issuance (2) Represents asset value in excess of SBIC debt; SBIC assets
Slide 95: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 43 Page 18: Stable, Long-Term Leverage – Significant Unused Capacity (1) As of March 31, 2026, MAIN maintained a corporate revolving line of credit (the Corporate Facility), which had $1.175 billion in total commit
Slide 96: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 44 Page 26: Total Investment Portfolio (1) Middle Market investments as defined in MAIN’s SEC filings; MAIN has generally stopped making new Middle Market investments and expects the size of its Middle Market inves
Slide 97: Endnotes (cont'd)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 45 Page 37: MAIN Income Statement Summary (1) Positive percentage represents an increase and negative percentage represents a decrease to the Net Increase in Net Assets Resulting From Operations (2) Excludes non-ca