Main Street Capital Corporation · NYSE:MAIN
Main Street Capital — IPO Roadshow (November 2024)
87 slides from Main Street Capital's IPO roadshow presentation, Nov 8, 2024
Slide 1: Investor Presentation Third Quarter 2024
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 1 Investor Presentation Third Quarter – 2024 Main St et Capital Corporation NYSE: IN mainstc ital.com Filed pursuant to Rule 433 Issuer Free Writing Prospectus dated November 8, 2024 Related to the Registration Sta
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 3rd Quarter – 2024
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: Long-term focus on sustainable growth in NAV and dividends
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 – dividends paid monthly • MAIN has never decreased its monthl
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 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 • High cash yield from secured debt investments (12.6%(1) weighted-average cash coupon as of September 30, 2024); plus • Dividend income, fair value appreciation and
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’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. (MSIF), a non-listed BDC • MA
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 and Senior Managing Director MAIN Executive Management Team (1) Member of MAIN Executive Committee (2) Member of MAIN Investment Committee; Vince
Slide 16: Monthly Dividends Per Share – Sustainable Growth
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 16 (1) Initial Public Offering, or IPO, in October 2007 (2) As of and based upon the closing market price on November 6, 2024 of $51.55 per share and the annualized most recently declared monthly dividends (3) As o
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 mont
Slide 18: Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 18 Main Street Capital Corporation Investment Portfolio 3rd Quarter – 2024
Slide 19: Total Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 19 Total Investment Portfolio Includes complementary LMM debt and equity investments and Private Loan debt investments Total investment portfolio at fair value consists of approximately 50% LMM / 38% Private Loan /
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) (1) Excluding MAIN’s Other Portfolio investments and the External Investment Manager, each as described in MAIN’s SEC filings, which in aggregate represen
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% 23% 15% 13% 23% (1) Excluding MAIN’s Other Portfolio investments and the Externa
Slide 22: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 22 LMM Investment Portfolio 84 portfolio companies / $2.5 billion in fair value • 50% of total investment portfolio at fair value Debt yielding 13.0%(1) (72% of LMM portfolio at cost) • Over 99% of debt investments
Slide 23: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 23 LMM Investment Portfolio Median LMM portfolio credit statistics(1): • Senior leverage of 2.8x EBITDA through MAIN’s debt position • 2.5x EBITDA to senior interest coverage • Total leverage of 2.9x 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) 23% 29% 24% 10% 14% Invested Capital by Transaction Type (1) Leveraged Buyout / Management Buyout (2) Based upon portfolio com
Slide 26: LMM Portfolio Attributes Reflect Investment Strategy
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 26 1st Lien 99% 1% Security Position on Debt Investments as a % of Cost LMM Portfolio Attributes Reflect Investment Strategy High yielding secured debt investments coupled with significant equity participation = At
Slide 27: Term and Total Interest Coupon of Existing LMM Debt Investments
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 27 15% Current Interest Total Interest Coupon(2) Term and Total Interest Coupon of Existing LMM Debt Investments Original Term(1) (1) Original terms can be extended if the portfolio company’s objectives and perform
Slide 28: Private Loan Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 28 Private Loan Investment Portfolio 92 investments / $1.9 billion in fair value • 38% of total investment portfolio at fair value Average investment size of $21.1 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) 27% 20% 8% 14% 31% (1) Leveraged Buyout / Management Buyout (2) Based upon portf
Slide 31: Financial Overview
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 31 Main Street Capital Corporation Financial Overview 3rd Quarter – 2024
Slide 32: MAIN Financial Performance
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 32 $243.4 $222.6 $289.0 $376.9 $500.4 $400.6 2019 2020 2021 2022 2023 YTD 2024 $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 $168.3 $149.6 $194.7 $257.5 $356.8 $279.6
Slide 33: Long-Term Portfolio and DNII Per Share Growth
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 33 Long-Term Portfolio and DNII(1) Per Share Growth MAIN has consistently grown portfolio investments and DNII(1) per share (1) See reconciliation of DNII per share to Net Investment Income per share on page 36 and
Slide 34: Efficient and Leverageable Operating Structure
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 34 Efficient and Leverageable Operating Structure “Internally managed” structure means no external management fees or expenses are paid Alignment of interest between management and investors • Greater incentives to
Slide 35: MAIN Maintains a Significant Operating Cost Advantage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 35 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% MAIN Maintains a Significant Operating Cost Advantage (1) Total expenses excluding interest expense (2) Based upon the trailing twelve-month period ended September 30, 2024 (3)
Slide 36: MAIN Income Statement Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 36 MAIN Income Statement Summary (1) Positive percentage represents an increase and negative percentage represents a decrease to the Net Increase (Decrease) in Net Assets (2) Excludes non-cash compensation expenses
Slide 37: MAIN Per Share Change in Net Asset Value
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 37 MAIN Per Share Change in Net Asset Value (NAV) (1) See reconciliation of non-cash compensation expenses and DNII per share to Net Investment Income per share on page 36 and Non-GAAP Information disclosures on pa
Slide 38: MAIN Balance Sheet Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 38 MAIN Balance Sheet Summary ($ in 000s, except per share amounts) Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 LMM Portfolio Investments $ 2,190,371 $ 2,273,000 $ 2,361,511 $ 2,439,993 $ 2,468,794 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 (1) As of September 30, 2024, MAIN’s Corporate Facility had $1.110 billion in total commitments with an accordion feature with the right to request an increase up to $1.665 bill
Slide 40: Credit Facilities Details
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 40 (1) As of September 30, 2024, MAIN maintained a corporate revolving line of credit (the Corporate Facility), which had $1.110 billion in total commitments with an accordion feature with the right to request an i
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 $20.3 $150.0 $500.0 $350.0 $439.7 SBIC debentures Credit Facilities December 2025 Notes July 2026 Notes June 2027 Notes March 2029 Notes 2025 2026 202
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 Ownership / Investment
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 43 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 44: MAIN Total Return Performance Since IPO
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 44 Notes: (1) Indexed as of October 5, 2007 and last trading date is September 30, 2024 (2) Assumes dividends reinvested on date paid (3) The KBW Nasdaq Regional Banking Index is a modified market capitalization we
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, senior
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 impacts of non-cash c
Slide 47: Research Coverage and Corporate Data
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 47 Research Coverage Robert J. Dodd Raymond James (901) 579-4560 Douglas Harter UBS (212) 882-0080 Mark Hughes Truist Securities (615) 748-4422 Kenneth S. Lee RBC Capital Markets (212) 905-5995 Mitchel Penn Oppenhe
Slide 48: Debt Capital Markets Presentation Third Quarter 2024
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 1 Debt Capital Markets Presentation Third Quarter – 2024 Main St et Capital Corporation NYSE: IN mainstc ital.com
Slide 49: 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 50: Main Street Capital Corporation 3rd Quarter 2024
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 3 Main Street Capital Corporation 3rd Quarter – 2024
Slide 51: 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 52: 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 September 30, 2024 (2) Other Portfolio investments, as described in MAIN’s SEC filings
Slide 53: 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 million - $100 million • First lien, senior secured debt investments • Floating rate debt investments • Large
Slide 54: Portfolio Highlights
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 7 Portfolio Highlights(1) Middle Market • $178.2 million of total investments • 17 companies • $170.7 million of debt investments (96% of Middle Market portfolio) • Over 97% of debt investments are first lien(2) •
Slide 55: 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 56: MAIN Capital Structure
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 9 MAIN Capital Structure (1) Includes MAIN’s Corporate Facility and SPV Facility (together, the Credit Facilities); see page 18 for further detail related to MAIN’s Credit Facilities (2) Debt amounts reflected at p
Slide 57: Conservative Leverage
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 10 Conservative Leverage (1) See page 18 for further detail related to MAIN’s Credit Facilities (2) Includes the recorded value, which includes unamortized debt issuance costs / premiums, of the July 2026 Notes ($4
Slide 58: 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 59: 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 60: 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 61: 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 62: 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 63: 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 64: 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 65: 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 66: 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 $20.3 $150.0 $500.0 $350.0 $439.7 SBIC debentures Credit Facilities December 2025 Notes July 2026 Notes June 2027 Notes March 2029 Notes 2025 2026 202
Slide 67: 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 (NII) due to hypothetical increases (decreases) in interest r
Slide 68: 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 69: 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 (12.6%(1) weighted-average cash coupon as of September 30, 2024); plus • Dividend income, fair value appreciation and
Slide 70: 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 71: 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’s monthly dividend Investment Ch
Slide 72: Asset Management Business
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 25 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. (MSIF), a non-listed BDC • MA
Slide 73: Total Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 26 Total Investment Portfolio Includes complementary LMM debt and equity investments and Private Loan debt investments Total investment portfolio at fair value consists of approximately 50% LMM / 38% Private Loan /
Slide 74: Portfolio Snapshot – Significant Diversification
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 27 Portfolio Snapshot – Significant Diversification (1) Excludes MAIN’s short-term portfolio investments as described in MAIN’s SEC Filings of $2.0 million at cost and $1.9 million at fair value as of December 31,
Slide 75: Portfolio Snapshot – Significant Diversification (cont.)
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 28 Portfolio Snapshot – Significant Diversification (cont.) (1) Excludes MAIN’s short-term portfolio investments as described in MAIN’s SEC Filings of $2.0 million at cost and $1.9 million at fair value as of Decem
Slide 76: 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 short-term portfolio investments as described in MAIN’s SEC Filings of $2.0 million at cost and $1.9 million at fair value as of Decem
Slide 77: 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) (1) Excluding MAIN’s Other Portfolio investments and the External Investment Manager, each as described in MAIN’s SEC filings, which in aggregate represen
Slide 78: Diversified Total Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 31 Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography(3) 26% 23% 15% 13% 23% (1) Excluding MAIN’s Other Portfolio investments and the Externa
Slide 79: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 32 LMM Investment Portfolio 84 portfolio companies / $2.5 billion in fair value • 50% of total investment portfolio at fair value Debt yielding 13.0%(1) (72% of LMM portfolio at cost) • Over 99% of debt investments
Slide 80: LMM Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 33 LMM Investment Portfolio Median LMM portfolio credit statistics(1): • Senior leverage of 2.8x EBITDA through MAIN’s debt position • 2.5x EBITDA to senior interest coverage • Total leverage of 2.9x EBITDA includi
Slide 81: Private Loan Investment Portfolio
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 34 Private Loan Investment Portfolio 92 investments / $1.9 billion in fair value • 38% of total investment portfolio at fair value Average investment size of $21.1 million(1) (less than 1% of total portfolio) Inves
Slide 82: 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 impacts of non-cash c
Slide 83: Appendix
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 36 Main Street Capital Corporation Appendix
Slide 84: MAIN Income Statement Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 37 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 85: 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) (1) See Non-GAAP Information disclosures on page 35 and reconciliation of non-cash compensation expenses and DNII per share to Net Investment Income per share on pa
Slide 86: MAIN Balance Sheet Summary
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 39 MAIN Balance Sheet Summary (1) The defined term and additional details for the Credit Facilities are included on page 18 (2) Includes $500.0 million of July 2026 Notes, $400.0 million of June 2027 Notes, $350.0
Slide 87: MAIN Corporate Data
mainstcapital.comNYSE: MAINMain Street Capital Corporation www.mainstcapital.com Page 40 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 SVP of Finance UPMC Dwayne L. Hyzak CEO Ma