Main Street Capital Corporation · NYSE:MAIN
Main Street Capital — IPO Roadshow (May 2023)
91 slides from Main Street Capital's IPO roadshow presentation, May 5, 2023
Slide 1: Investor Presentation First Quarter 2023
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 1 Investor Presentation First Quarter – 2023 Main St et Capital Corporation NYSE: IN mainstc ital.com Filed pursuant to Rule 433 Issuer Free Writing Prospectus dated May 5, 2023 Related to Registration Statement No
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 – 2023
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
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 5 MAIN is a Principal Investor in Private Debt and Equity Long-term focus on delivering our shareholders sustainable growth in net asset value and recurring dividends per share Consistent cash dividend yield – divi
Slide 6: MAIN is a Principal Investor in Private Debt and Equity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 6 MAIN is a Principal Investor in Private Debt and Equity Equity investments in LMM portfolio provide the opportunity to grow net asset value (NAV) per share and generate recurring dividend income and periodic real
Slide 7: MAIN Strategy Produces Differentiated Returns
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 7 MAIN Strategy Produces Differentiated Returns Enhanced Value Proposition - Three Ways to Win are Better Than One 1. Sustain and Grow Dividends • Efficient operating structure provides operating leverage to grow D
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 equity investments in the LMM provides the opportunity for significant NAV per share growth MAIN’s efficient operating structure prov
Slide 9: LMM Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 9 LMM Investment Strategy Investment Objectives • High cash yield from secured debt investments (12.4% weighted- average cash coupon as of March 31, 2023); plus • Dividend income, fair value appreciation and period
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 • 195,000+ 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 monthly dividend Investment Char
Slide 12: Middle Market Debt Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 12 Middle Market Debt Investment Strategy Investment Objective • Generate cash yield to support MAIN monthly dividend Investments in secured and/or rated debt investments • First lien, senior secured debt investmen
Slide 13: Asset Management Business
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 13 Asset Management Business MAIN(1) is the investment adviser to several third party clients in its Asset Management Business MAIN(1) is the investment adviser to and administrator of MSC Income Fund, Inc. (MSIF),
Slide 14: MAIN Regulatory Framework
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 14 MAIN Regulatory Framework Operates as a Business Development Company • Regulated by Securities and Exchange Commission - 1940 Act • Publicly-traded, private investment company Regulated Investment Company (RIC)
Slide 15: MAIN Corporate Structure – Internally Managed
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 15 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 16: MAIN Executive Management Team
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 16 MAIN Executive Management Team (1) Member of MAIN Executive Committee (2) Member of MAIN Investment Committee; Vince Foster, MAIN’s Chairman of the Board, is also a member of MAIN’s Investment Committee (3) Chie
Slide 17: Monthly Dividends Per Share – Sustainable Growth
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 17 Monthly Dividends Per Share – Sustainable Growth Recurring monthly dividend has never been decreased and has grown meaningfully (109%) since IPO(1) Based upon the current annualized monthly dividends declared fo
Slide 18: Total Dividends per Share
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 18 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 mont
Slide 19: Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 19 Main Street Capital Corporation Investment Portfolio 1st Quarter – 2023
Slide 20: Total Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 20 Total Investment Portfolio Includes complementary LMM debt and equity investments, Private Loan debt investments and Middle Market debt investments Total investment portfolio at fair value consists of approximat
Slide 21: Total Portfolio by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 21 Total Portfolio by Industry (as a Percentage of Cost)(1) (1) Excluding MAIN’s Other Portfolio investments, the External Investment Manager and short-term portfolio investments, each as described in MAIN’s filing
Slide 22: Diversified Total Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 22 Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography(2) 29% 17% 20% 14% 20% (1) Excluding MAIN’s Other Portfolio investments, the External I
Slide 23: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 23 LMM Investment Portfolio 79 portfolio companies / $2.1 billion in fair value • 51% of total investment portfolio at fair value Debt yielding 12.6%(1) (73% of LMM portfolio at cost) • 99% of debt investments have
Slide 24: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 24 LMM Investment Portfolio Median LMM portfolio credit statistics(1): • Senior leverage of 2.9x EBITDA through MAIN debt position • 2.6x EBITDA to senior interest coverage • Total leverage of 3.1x EBITDA including
Slide 25: LMM Portfolio by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 25 LMM Portfolio by Industry (as a Percentage of Cost)
Slide 26: Diversified LMM Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 26 Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Geography(1) 28% 26% 22% 14% 10% Invested Capital by Transaction Type (1) Based upon portfolio company headquarters 6% 27% 64% 3% LBO/MBO R
Slide 27: LMM Portfolio Attributes Reflect Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 27 1st Lien 99% 1% Security Position on Debt Capital as a Percentage of Cost LMM Portfolio Attributes Reflect Investment Strategy High yielding secured debt investments coupled with significant equity participation
Slide 28: Term and Total Interest Coupon of Existing LMM Debt Investments
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 28 Total Interest Coupon(1) Term and Total Interest Coupon of Existing LMM Debt Investments Original Term (1) Interest coupon excludes amortization of deferred upfront fees, original issue discount, exit fees and a
Slide 29: Private Loan Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 29 Private Loan Investment Portfolio 86 investments / $1.5 billion in fair value • 36% of total investment portfolio at fair value Average investment size of $17.8 million(1) (less than 1% of total portfolio) Inves
Slide 30: Middle Market Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 30 Middle Market Investment Portfolio 30 investments / $306.2 million in fair value • 7% of total investment portfolio at fair value Average investment size of $13.0 million(1) (less than 1% of total portfolio) Inv
Slide 31: Private Loan & Middle Market Portfolios by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 31 Private Loan & Middle Market Portfolios by Industry (as a Percentage of Cost)
Slide 32: Diversified Private Loan & Middle Market Investments
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 32 Diversified Private Loan & Middle Market Investments (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(1) 30% 9% 17% 15% 29% (1) Based upon portfolio company headquarte
Slide 33: Financial Overview
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 33 Main Street Capital Corporation Financial Overview 1st Quarter – 2023
Slide 34: MAIN Financial Performance
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 34 $233.4 $243.4 $222.6 $289.0 $376.9 $120.3 2018 2019 2020 2021 2022 YTD 2023 $0.0 $40.0 $80.0 $120.0 $160.0 $200.0 $240.0 $280.0 $320.0 $360.0 $400.0 $165.6 $168.3 $149.6 $194.7 $257.5 $85.4 2018 2019 2020 2021 2
Slide 35: Long-Term Portfolio and DNII Per Share Growth
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 35 Long-Term Portfolio and DNII(1) Per Share Growth MAIN has consistently grown portfolio investments and DNII per share ($ in millions, except per share data) (1) See reconciliation of DNII per share to Net Invest
Slide 36: Efficient and Leverageable Operating Structure
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 36 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 37: MAIN Maintains a Significant Operating Cost Advantage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 37 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% MAIN Maintains a Significant Operating Cost Advantage (1) Total expenses excluding interest expense (2) Based upon the trailing twelve month period ended March 31, 2023 (3) Bas
Slide 38: MAIN Income Statement Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 38 MAIN Income Statement Summary (1) Positive percentage represents an increase and negative percentage represents a decrease to the Net Increase (Decrease) in Net Assets (2) Excludes non-cash compensation expenses
Slide 39: MAIN Per Share Change in Net Asset Value
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 39 MAIN Per Share Change in Net Asset Value (NAV) (1) See reconciliation of non-cash compensation expenses and DNII per share to Net Investment Income per share on page 38 and Non-GAAP Information disclosures on pa
Slide 40: MAIN Balance Sheet Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 40 MAIN Balance Sheet Summary (1) Includes $500.0 million of July 2026 Notes, $450.0 million of May 2024 Notes, $185.0 million of December 2022 Notes (repaid Q4 2022) and $150.0 million of December 2025 Notes (100.
Slide 41: MAIN Liquidity and Capitalization
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 41 MAIN Liquidity and Capitalization (1) As of March 31, 2023, MAIN’s Corporate Facility had $980.0 million in total commitments with an accordion feature with the right to request an increase up to $1.4 billion an
Slide 42: Stable, Long-Term Leverage – Significant Unused Capacity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 42 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 43: Long-term Maturity of Debt Obligations
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 43 (in m ill io ns ) $63.8 $75.0 $75.0 $35.0 $85.2 $564.0 $450.0 $150.0 $500.0 SBIC debentures Credit Facilities May 2024 Notes December 2025 Notes July 2026 Notes 2023 2024 2025 2026 2027 2028 2029 2030 2031 $0 $5
Slide 44: Interest Rate Impact and Sensitivity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 44 Interest Rate Impact and Sensitivity The following table illustrates the approximate annual changes in the components of MAIN’s net investment income due to hypothetical increases (decreases) in interest rates(1
Slide 45: Significant Management Ownership / Investment
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 45 Significant Management Ownership / Investment Significant equity ownership by MAIN’s management team, coupled with internally managed structure, provides alignment of interest between MAIN’s management and our s
Slide 46: MAIN Total Return Performance Since IPO
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 46 Notes: (1) Assumes dividends reinvested on date paid (2) Indexed as of October 5, 2007 and last trading date is March 31, 2023 (3) The KBW Nasdaq Regional Banking Index is a modified market capitalization weight
Slide 47: Executive Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 47 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, senior
Slide 48: Non-GAAP Information
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 48 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 impacts of non-cash c
Slide 49: MAIN Corporate Data
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 49 MAIN Corporate Data Board of Directors Vincent D. Foster Chairman of the Board Main Street Capital Corporation Board of Directors Quanta Services, Inc. J. Kevin Griffin Chief Strategy Officer MaineHealth Dwayne
Slide 50: Debt Capital Markets Presentation First Quarter 2023
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 1 Debt Capital Markets Presentation First Quarter – 2023 Main St et Capital Corporation NYSE: IN mainstc ital.com
Slide 51: 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 52: Main Street Capital Corporation 1st Quarter 2023
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 3 Main Street Capital Corporation 1st Quarter – 2023
Slide 53: 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 54: Investment Portfolio – By Type of Investment
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 5 Investment Portfolio – By Type of Investment(1) (1) Fair value as of March 31, 2023 (2) Other portfolio investments, as described in MAIN’s SEC filings
Slide 55: Unique Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 6 Unique Investment Strategy Middle Market • Larger companies than LMM strategy, with EBITDA between $20 - $100 million • First lien, senior secured debt investments • Floating rate debt investments • Large address
Slide 56: Portfolio Highlights
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 7 Portfolio Highlights(1) Middle Market • $306.2 million of total investments • 30 companies • $297.3 million of debt investments (97% of Middle Market portfolio) • 99% of debt investments are first lien(2) • Avera
Slide 57: 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 58: MAIN Capital Structure
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 9 MAIN Capital Structure (1) Includes MAIN’s corporate revolving credit facility (the Corporate Facility) and SPV credit facility (the SPV Facility and together, the Credit Facilities); see page 18 for further deta
Slide 59: Conservative Leverage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 10 Conservative Leverage (1) Includes MAIN’s corporate revolving credit facility (the Corporate Facility) and SPV credit facility (the SPV Facility and together, the Credit Facilities); see page 18 for further deta
Slide 60: 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 61: 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 62: 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 63: MAIN Executive Management Team
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 14 MAIN Executive Management Team (1) Member of MAIN Executive Committee (2) Member of MAIN Investment Committee; Vince Foster, MAIN’s Chairman of the Board, is also a member of MAIN’s Investment Committee (3) Chie
Slide 64: Significant Management Ownership / Investment
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 15 Significant Management Ownership / Investment Significant equity ownership by MAIN’s management team, coupled with internally managed structure, provides alignment of interest between MAIN’s management and our s
Slide 65: Efficient and Leverageable Operating Structure
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 16 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 66: MAIN Maintains a Significant Operating Cost Advantage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 17 MAIN Maintains a Significant Operating Cost Advantage Operating Expenses(1) as a Percentage of Total Assets Other BDCs Excl. Non-cash Exp (4)(6) (1) Total expenses excluding interest expense (2) Based upon the t
Slide 67: Stable, Long-Term Leverage – Significant Unused Capacity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 18 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 68: Long-term Maturity of Debt Obligations
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 19 (in m ill io ns ) $63.8 $75.0 $75.0 $35.0 $85.2 $564.0 $100.0 $450.0 $500.0 SBIC debentures Credit Facilities December 2025 Notes May 2024 Notes July 2026 Notes 2023 2024 2025 2026 2027 2028 2029 2030 2031 $0 $5
Slide 69: Interest Rate Impact and Sensitivity
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 20 Interest Rate Impact and Sensitivity The following table illustrates the approximate annual changes in the components of MAIN’s net investment income due to hypothetical increases (decreases) in interest rates(1
Slide 70: 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 71: LMM Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 22 LMM Investment Strategy Investment Objectives • High cash yield from secured debt investments (12.4% weighted- average cash coupon as of March 31, 2023); plus • Dividend income, fair value appreciation and perio
Slide 72: 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 • 195,000+ domestic LMM businesses(1) LMM is under-served from a capital perspective and less competitive Inefficient asset class generates p
Slide 73: Private Loan Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 24 Private Loan Investment Strategy Investment Objectives • Access proprietary investments with attractive risk-adjusted return characteristics • Generate cash yield to support MAIN monthly dividend Investment Char
Slide 74: Middle Market Debt Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 25 Middle Market Debt Investment Strategy Investment Objective • Generate cash yield to support MAIN monthly dividend Investments in secured and/or rated debt investments • First lien, senior secured debt investmen
Slide 75: Asset Management Business
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 26 Asset Management Business MAIN(1) is the investment adviser to several third party clients in its Asset Management Business MAIN(1) is the investment adviser to and administrator of MSC Income Fund, Inc. (MSIF),
Slide 76: Total Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 27 Total Investment Portfolio Includes complementary LMM debt and equity investments, Private Loan debt investments and Middle Market debt investments Total investment portfolio at fair value consists of approximat
Slide 77: Portfolio Snapshot – Significant Diversification
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 28 Portfolio Snapshot – Significant Diversification (1) Excludes MAIN’s one short-term portfolio investment of $2.0 million at cost and $1.9 million at fair value as of March 31, 2023 and December 31, 2022 and $2.0
Slide 78: Portfolio Snapshot – Significant Diversification (cont.)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 29 Portfolio Snapshot – Significant Diversification (cont.) (1) Excludes MAIN’s one short-term portfolio investment of $2.0 million at cost and $1.9 million at fair value as of March 31, 2023 and December 31, 2022
Slide 79: Portfolio Snapshot – Significant Diversification (cont.)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 30 Portfolio Snapshot – Significant Diversification (cont.) (1) Excludes MAIN’s one short-term portfolio investment of $2.0 million at cost and $1.9 million at fair value as of March 31, 2023 and December 31, 2022
Slide 80: Total Portfolio by Industry
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 31 Total Portfolio by Industry (as a Percentage of Cost)(1) (1) Excluding MAIN’s Other Portfolio investments, the External Investment Manager and short-term portfolio investments, each as described in MAIN’s filing
Slide 81: Diversified Total Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 32 Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography (2) 29% 17% 20% 14% 20% (1) Excluding MAIN’s Other Portfolio investments, the External
Slide 82: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 33 LMM Investment Portfolio 79 portfolio companies / $2.1 billion in fair value • 51% of total investment portfolio at fair value Debt yielding 12.6%(1) (73% of LMM portfolio at cost) • 99% of debt investments have
Slide 83: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 34 LMM Investment Portfolio Median LMM portfolio credit statistics(1): • Senior leverage of 2.9x EBITDA through MAIN debt position • 2.6x EBITDA to senior interest coverage • Total leverage of 3.1x EBITDA including
Slide 84: Private Loan Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 35 Private Loan Investment Portfolio 86 investments / $1.5 billion in fair value • 36% of total investment portfolio at fair value Average investment size of $17.8 million(1) (less than 1% of total portfolio) Inves
Slide 85: Middle Market Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 36 Middle Market Investment Portfolio 30 investments / $306.2 million in fair value • 7% of total investment portfolio at fair value Average investment size of $13.0 million(1) (less than 1% of total portfolio) Inv
Slide 86: Non-GAAP Information
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 37 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 impacts of non-cash c
Slide 87: Appendix
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 38 Main Street Capital Corporation Appendix
Slide 88: MAIN Income Statement Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 39 MAIN Income Statement Summary (1) Positive percentage represents an increase and negative percentage represents a decrease to the Net Increase (Decrease) in Net Assets (2) Excludes non-cash compensation expenses
Slide 89: MAIN Per Share Change in Net Asset Value
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 40 MAIN Per Share Change in Net Asset Value (NAV) (1) See Non-GAAP Information disclosures on page 37 and reconciliation of non-cash compensation expenses and DNII per share to Net Investment Income per share on pa
Slide 90: MAIN Balance Sheet Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 41 MAIN Balance Sheet Summary (1) Includes $500.0 million of July 2026 Notes, $450.0 million of May 2024 Notes, $185.0 million of December 2022 Notes (repaid Q4 2022) and $150.0 million of December 2025 Notes (100.
Slide 91: MAIN Corporate Data
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 42 MAIN Corporate Data Board of Directors Vincent D. Foster Chairman of the Board Main Street Capital Corporation Board of Directors Quanta Services, Inc. J. Kevin Griffin Chief Strategy Officer MaineHealth Dwayne