Main Street Capital Corporation · NYSE:MAIN
Main Street Capital — Debt Investor Presentation (August 2026)
45 slides from Main Street Capital's debt investor presentation, Aug 7, 2026
Slide 1: Debt Capital Markets Presentation
Debt Capital Markets Presentation Second Quarter – 2026 Main MainStreet Capital Street Capital Corporation Corporation NYSE: NYSE: MAIN MAIN mainstcapital.com mainstcapital.com Page 1
Slide 2: Disclaimers
Disclaimers Main Street Capital Corporation (MAIN) cautions that statements in this MAIN has filed a registration statement (which includes a prospectus) with presentation that are forward-looking, and provide other than historical the SEC for any offering to which this communication may relate and
Slide 3: Main Street Capital Corporation
Main Street Capital Corporation 2nd Quarter – 2026 Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 3
Slide 4: MAIN is a Principal Investor in Private Debt and Equity
MAIN is a Principal Investor in Private Debt and Equity Focus on unique Lower Internally-managed business development company (BDC) Middle Market debt and • IPO in 2007 equity investment • Over $9.0 billion in capital under management(1) strategy, Asset – Over $7.0 billion internally at MAIN(1) Mana
Slide 5: Investment Portfolio – By Type of Investment
Investment Portfolio – By Type of Investment(1) Refer to Endnotes beginning on page 41 of this presentation Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 5
Slide 6: Unique Investment Strategy
Unique Investment Strategy MAIN’s investment strategy differentiates Lower Middle Market (LMM) Private Loan MAIN from its • Proprietary investments that are difficult for • First lien, senior secured debt investments in competitors and investors to access privately held companies typically owned by
Slide 7: Portfolio Highlights
Portfolio Highlights(1) The benefits of MAIN’s Lower Middle Market Private Loan unique investment strategy have resulted • $3.2 billion of total investments • $2.1 billion of total investments in a high quality, • 94 companies • 86 companies diversified and mature • $1.8 billion of debt investments
Slide 8: Business Development Company (BDC) Background
Business Development Company (BDC) Background Created by Congress in Leverage 1980 through the Small • Regulatory restrictions on debt leverage levels require BDCs to maintain Business Investment conservative leverage Incentive Act of 1980 to • Must maintain an asset to debt coverage ratio of at lea
Slide 9: MAIN Capital Structure
MAIN Capital Structure(1) ($ in 000s) 6/30/2026 % of Capitalization Cash and Cash Equivalents $ 58,306 Debt at parent Credit Facilities(2) 241,000 4.2 % March 2029 Notes 550,000 9.7 % July 2026 Notes 500,000 8.8 % June 2027 Notes 400,000 7.0 % August 2028 Notes 350,000 6.1 % April 2031 Notes 150,000
Slide 10: Conservative Leverage
Conservative Leverage As of June 30, 2026 ($ in 000s) Non-SBIC SBICs Total Total Assets $ 5,327,260 $ 613,781 $ 5,941,041 Debt Capital: Credit Facilities(1) 241,000 — 241,000 SBIC Debentures(2) — 345,181 345,181 Notes Payable(2) 1,947,672 — 1,947,672 Total Debt $ 2,188,672 $ 345,181 $ 2,533,853 Net
Slide 11: Conservative Leverage – Regulatory
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 by lowering the required asset coverage to 1.50x MAIN received shareholder approval, effec
Slide 12: Conservative Leverage – Excess Collateral Improves Over Time
Conservative Leverage – Excess Collateral Improves Over Time MAIN’s conservative ($ millions) 9/30/2014 (1) 6/30/2026 use of leverage and equity to fund its growth results in Total Assets Excluding SBIC Assets $ 1,137 $ 5,327 significant excess Add: Equity Value of SBIC Entities(2) 218 269 collatera
Slide 13: Key Credit Highlights
Key Credit Highlights • Management team has over 100 years of collective investment experience and relationships Experienced Management Team with Strong Track Record • Long-term working relationships together dating back over 20 years • Significant management equity ownership • Meaningful operating
Slide 14: MAIN Executive Management Team
MAIN Executive Management Team • Co-founded MAIN in 2002; affiliated with Main Street group since 1999 Dwayne Hyzak(1)(2) • Director of Acquisitions & Integration with Quanta Services (NYSE: PWR) CEO • Manager with a Big 5 Accounting Firm’s audit and transaction services groups • Co-founded MAIN in
Slide 15: Significant Management and Board of Directors Ownership / Investment
Significant Management and Board of Directors Ownership / Investment Significant equity # of Shares(2) Market Value(3) ownership by MAIN’s Management(1) 3,731,319 $193,580,817 management team and its Board of Directors, coupled with internally managed structure, provides alignment of interest betwee
Slide 16: Efficient and Leverageable Operating Structure
Efficient and Leverageable Operating Structure MAIN’s internally “Internally managed” structure means no external management managed operating fees or expenses are paid structure provides significant operating Alignment of interest between management and investors leverage and greater • Greater ince
Slide 17: MAIN Maintains a Significant Operating Cost Advantage
MAIN Maintains a Significant Operating Cost Advantage Operating Expenses(1) as a Percentage of Total Assets 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Other MAIN Excl. BDCs Excl. Non-cash Non-cash Comp Exp Other Comp Exp Commercial MAIN(2) BDCs (5)(6) (3)(4) (5)(7) Banks(8) 0.0% Refer to Endnotes beginning on pa
Slide 18: Stable, Long-Term Leverage – Significant Unused Capacity
Stable, Long-Term Leverage – Significant Unused Capacity MAIN maintains a Facility Interest Rate Maturity Principal Drawn conservative capital $1.240 billion SOFR+1.775% floating structure, with limited Corporate Facility(1)(3) (5.5%(4)) June 2031 $26.0 million overall leverage and an intentional mi
Slide 19: Long-term Maturity of Debt Obligations
Long-term Maturity of Debt Obligations MAIN’s conservative $600.0 capital structure $550.0 provides long-term $550.0 access to attractively- $500.0 priced and structured $500.0 $400.0 $450.0 debt facilities $350.0 • Allows for investments in $400.0 assets with long-term $350.0 holding periods / illi
Slide 20: Interest Rate Impact and Sensitivity
Interest Rate Impact and Sensitivity MAIN’s financial results are subject 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 rates(1)(2) (dollars in to impact from changes in int
Slide 21: At-The-Market (ATM) Equity Program
At-The-Market (ATM) Equity Program ATM Equity Program Provides permanent capital to match long-term to permanent provides efficient and low expected holding period for LMM investments cost access to equity capital Facilitates maintenance of conservative leverage position • Provides access to equity
Slide 22: LMM Investment Strategy
LMM Investment Strategy LMM investment strategy Investment objectives differentiates MAIN from • Attractive cash yield from first lien, senior secured debt its competitors and investments (12.4%(1) weighted-average cash coupon as of provides attractive risk- June 30, 2026); plus adjusted returns • D
Slide 23: LMM Investment Opportunity
LMM Investment Opportunity MAIN targets LMM Large and critical portion of U.S. economy investments in • 245,000+ domestic LMM businesses(1) established, profitable companies LMM is under-served from a capital perspective and less competitive Characteristics of LMM provide beneficial risk- reward inv
Slide 24: Private Loan Investment Strategy
Private Loan Investment Strategy Private Loan portfolio Investment objectives investments are primarily • Access proprietary investments with attractive risk-adjusted debt investments in return characteristics privately held companies • Generate cash yield to support MAIN’s monthly dividend which ha
Slide 25: Asset Management Business
Asset Management Business MAIN’s Asset MAIN(1) is the investment adviser to several third-party clients in its AMB Management Business MAIN(1) is the investment adviser to and administrator of MSC Income (AMB) provides Fund, Inc. (MSIF), a publicly traded (NYSE: MSIF) BDC focused on additional incom
Slide 26: Total Investment Portfolio
Total Investment Portfolio Diversity provides Includes complementary LMM debt and equity investments and structural protection to Private Loan debt investments investment portfolio, revenue sources, income, Total investment portfolio at fair value consists of approximately cash flows and 56% LMM / 3
Slide 27: Portfolio Snapshot – Significant Diversification
Portfolio Snapshot – Significant Diversification ($ in millions) 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Number of Portfolio Companies Lower Middle Market 80 84 92 94 Private Loan 87 91 86 86 Middle Market 23 15 11 11 Other Portfolio(1) 30 31 33 34 External Investment Manager 1 1 1 1 Total 221 22
Slide 28: Portfolio Snapshot – Significant Diversification (cont’d)
Portfolio Snapshot – Significant Diversification (cont’d) ($ in millions) 12/31/2023 12/31/2024 12/31/2025 6/30/2026 $ Invested - Fair Value Lower Middle Market $ 2,273.0 $ 2,502.9 $ 3,057.0 $ 3,205.6 % of Total 53.0 % 50.8 % 55.4 % 55.8 % Private Loan $ 1,453.5 $ 1,904.3 $ 1,988.4 $ 2,090.9 % of To
Slide 29: Portfolio Snapshot – Significant Diversification (cont’d)
Portfolio Snapshot – Significant Diversification (cont’d) ($ in millions) 12/31/2023 12/31/2024 12/31/2025 6/30/2026 % of Total $ Invested in Debt that is First Lien (Cost Basis) Lower Middle Market $ 1,272.4 $ 1,360.3 $ 1,711.9 $ 1,800.4 % of Total Lower Middle Market 99.2 % 99.2 % 99.4 % 99.4 % Pr
Slide 30: Total Portfolio by Industry (as a Percentage of Cost)
Total Portfolio by Industry (as a Percentage of Cost)(1) Refer to Endnotes beginning on page 41 of this presentation Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 30
Slide 31: Diversified Total Portfolio (as a Percentage of Cost)
Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography(3) LBO/MBO(2) 31% 26% 22% 15% 47% 20% 19% 18% 2% Recapitalization/ Acquisition Refinancing Growth Capital Refer to Endnotes beginning on page 41 of this presentation Main Stree
Slide 32: LMM Investment Portfolio
LMM Investment Portfolio LMM investment 94 portfolio companies / $3.2 billion in fair value portfolio consists of a • 56% of total investment portfolio at fair value diversified mix of first lien, senior secured Debt yielding 12.6%(1) (71% of LMM portfolio at cost) debt and lower cost • Over 99% of
Slide 33: LMM Investment Portfolio
LMM Investment Portfolio LMM investment portfolio Median LMM portfolio credit statistics:(1) is a pool of high quality, • Senior leverage of 2.7x EBITDA through MAIN’s debt position seasoned assets with • 2.9x EBITDA to senior interest coverage attractive risk-adjusted • Total leverage of 2.7x EBITD
Slide 34: Private Loan Investment Portfolio
Private Loan Investment Portfolio Private Loan investment 86 investments / $2.1 billion in fair value portfolio provides a • 36% of total investment portfolio at fair value diversified mix of investments and sources of income to Average investment size of $24.7 million(1) (less than complement the L
Slide 35: Non-GAAP Information
Non-GAAP Information Distributable net investment income is net investment income as Non-cash compensation expenses consist of (i) share-based determined in accordance with U.S. Generally Accepted Accounting Principles, compensation and (ii) deferred compensation expense or benefit, both of or U.S.
Slide 36: Appendix
Main Street Capital Corporation Appendix Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 36
Slide 37: MAIN Income Statement Summary
MAIN Income Statement Summary Q2 26 vs. Q2 25 ($ in 000s, except per share amounts) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Change(1) Total Investment Income $ 143,973 $ 139,831 $ 145,541 $ 140,106 $ 149,572 4% Expenses: Interest Expense (32,519) (32,472) (31,839) (34,043) (36,637) (13)% Other Expenses(2) (11
Slide 38: MAIN Per Share Change in Net Asset Value (NAV)
MAIN Per Share Change in Net Asset Value (NAV) ($ per share) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Beginning NAV $ 32.03 $ 32.30 $ 32.78 $ 33.33 $ 33.46 Distributable Net Investment Income(1) 1.06 1.03 1.09 1.00 1.04 Non-Cash Compensation Expenses(1) (0.07) (0.07) (0.07) (0.07) (0.07) Net Realized Gain (Los
Slide 39: MAIN Balance Sheet Summary
MAIN Balance Sheet Summary ($ in 000s, except per share amounts) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 LMM Portfolio Investments $ 2,668,844 $ 2,782,192 $ 3,057,023 $ 3,227,396 $ 3,205,604 Private Loan Portfolio Investments 1,920,257 1,886,453 1,988,438 1,993,902 2,090,873 Middle Market Portfolio Investment
Slide 40: MAIN Corporate Information
MAIN Corporate Information Please visit our website at www.mainstcapital.com for additional information Board of Directors Executive Officers Research Coverage Corporate Headquarters Investor Relations Contacts Vincent D. Foster Dwayne L. Hyzak Sean-Paul Adams 1300 Post Oak Blvd, 8th Floor Dwayne L.
Slide 41: Endnotes
Endnotes Page 4: MAIN is a Principal Investor in Private Debt and Equity (1) Capital under management includes the undrawn portion of debt capital and uncalled equity capital commitments as of June 30, 2026; for purposes of this calculation, the undrawn portion of MAIN’s Credit Facilities is after a
Slide 42: Endnotes (cont’d)
Endnotes (cont’d) 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 contain a negative pledge in relation to SBIC debt; therefore, equity a
Slide 43: Endnotes (cont’d)
Endnotes (cont’d) Page 18: Stable, Long-Term Leverage – Significant Unused Capacity (1) As of June 30, 2026, MAIN maintained a corporate revolving line of credit (the Corporate Facility), which had $1.240 billion in total commitments with an accordion feature with the right to request an increase up
Slide 44: Endnotes (cont’d)
Endnotes (cont’d) 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 investment portfolio to continue to decline in future periods as its existin
Slide 45: Endnotes (cont’d)
Endnotes (cont’d) 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-cash compensation expenses (3) See Non-GAAP Information disclosures on pa
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