Main Street Capital Corporation · NYSE:MAIN
Main Street Capital — Q2 2026 Earnings Presentation
52 slides from Main Street Capital's earnings presentation, Aug 7, 2026
Slide 1: Investor Presentation Second Quarter 2026
Investor 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: Corporate Overview and Investment Strategy
Main Street Capital Corporation Corporate Overview and Investment Strategy 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: MAIN is a Principal Investor in Private Debt and Equity
MAIN is a Principal Investor in Private Debt and Equity MAIN’s unique investment Long-term focus on delivering our shareholders sustainable strategy, efficient growth in net asset value and recurring dividends per share operating structure and conservative capitalization Consistent cash dividend yie
Slide 6: MAIN is a Principal Investor in Private Debt and Equity
MAIN is a Principal Investor in Private Debt and Equity Focus on LMM equity Equity investments in LMM portfolio provide the opportunity to grow investments and net asset value (NAV) per share and generate recurring dividend efficient operating income and periodic realized gains to support MAIN’s div
Slide 7: MAIN Strategy Produces Differentiated Returns
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 Distributable Net Investment Income (DNII),(1) and dividends paid, as investment portfoli
Slide 8: Historical Monthly Dividends, NAV and DNII Per Share
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 significant operating leverage, greater dividends and greater overall returns for our shar
Slide 9: 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 10: 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 11: 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 12: 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 13: MAIN Regulatory Framework
MAIN Regulatory Framework Highly regulated Operates as a Business Development Company structure provides • Regulated by the SEC - 1940 Act significant advantages • Publicly traded, private investment company and protections to our shareholders, including Regulated Investment Company (RIC) tax struct
Slide 14: MAIN Corporate Structure – Internally Managed
MAIN Corporate Structure – Internally Managed “Internally managed” structure means no Main Street Capital external management fees Corporation or expenses are paid, (BDC/RIC) providing operating leverage to MAIN’s Assets: ~$5.3 billion business; MAIN targets Credit Facilities:(1) $241 million total
Slide 15: 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 16: Monthly Dividends Per Share – Sustainable Growth
Monthly Dividends Per Share – Sustainable Growth Recurring monthly dividend Trailing Twelve Months Monthly Dividends Per Share has never been decreased and has grown meaningfully (141%) since IPO(1) Based upon the most recently declared monthly dividends, the annual effective yield on MAIN’s stock i
Slide 17: Total Dividends per Share – Significant Incremental Value to Shareholders
Total Dividends per Share – Significant Incremental Value to Shareholders MAIN’s dividend policy Trailing Twelve Months Total Dividends Per Share includes an expectation for: – Consistent annual growth of its monthly dividends and meaningful coverage of such monthly dividends with DNII before taxes(
Slide 18: Investment Portfolio
Main Street Capital Corporation Investment Portfolio 2nd Quarter – 2026 Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 18
Slide 19: 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 20: 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 48 of this presentation Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 20
Slide 21: 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 48 of this presentation Main Stree
Slide 22: 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 23: 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 24: LMM Portfolio by Industry (as a Percentage of Cost)
LMM Portfolio by Industry (as a Percentage of Cost) Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 24
Slide 25: Diversified LMM Portfolio (as a Percentage of Cost)
Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) LBO/MBO(1) Recapitalization/ Refinancing 22% 21% 26% 9% 61% 15% 23% 21% 2% Acquisition Growth Capital Refer to Endnotes beginning on page 48 of this presentation Main Street Capi
Slide 26: LMM Portfolio Attributes Reflect Investment Strategy
LMM Portfolio Attributes Reflect Investment Strategy High-yielding secured Security Position on Debt Fully Diluted Equity Ownership %(2) debt investments coupled Investments as a % of Cost with significant equity participation = Attractive risk-adjusted returns 1st Lien 2nd Lien/ > 50.0% 1.0% - Othe
Slide 27: Term and Total Interest Coupon of Existing LMM Debt Investments
Term and Total Interest Coupon of Existing LMM Debt Investments Original Term(1) Total Interest Coupon(2) > 13% ≤ 14% < 5 years > 5 years Current Interest > 12% ≤ 13% Current Interest 2% 14% 1% Floating Interest Rate (Wtd. Avg. of 12.2%)(3) 22% 40% ≤ 10% Current Interest 8% 1% 97% 5 years > 10% ≤ 11
Slide 28: 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 $24.7 million(1) (less than complement the L
Slide 29: Private Loan Portfolio by Industry (as a Percentage of Cost)
Private Loan Portfolio by Industry (as a Percentage of Cost) Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 29
Slide 30: Diversified Private Loan Portfolio (as a Percentage of Cost)
Diversified Private Loan Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) LBO/MBO(1) Recapitalization 41% / Refinancing 34% 18% 20% 30% 16% 12% 28% 1% Acquisition Growth Capital Refer to Endnotes beginning on page 48 of this presentation Main
Slide 31: Financial Overview
Main Street Capital Corporation Financial Overview 2nd Quarter – 2026 Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 31
Slide 32: MAIN Financial Performance
MAIN Financial Performance Total Investment Income ($ in millions) Distributable Net Investment Income(1) ($ in millions) Year over Year Change Year over Year Change 30% 33% 8% 5% 3% (2) 32% 35% 4% 4% 2% (2) $600.0 $400.0 $560.0 $375.0 $566.4 $376.0 $520.0 $541.0 $350.0 $361.3 $325.0 $348.5 $480.0 $
Slide 33: Long-Term Portfolio and DNII Per Share Growth
Long-Term Portfolio and DNII(1) Per Share Growth MAIN has consistently grown portfolio investments and DNII(1) per share over its long-term history Refer to Endnotes beginning on page 48 of this presentation Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 33
Slide 34: 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 35: 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 36: 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 37: 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 38: 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 39: MAIN Liquidity and Capitalization
MAIN Liquidity and Capitalization ($ in 000s) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Cash and Cash Equivalents $ 86,984 $ 30,568 $ 41,959 $ 20,791 $ 58,306 Availability Under Credit Facilities(1)(2) 1,264,100 1,530,100 1,223,100 1,385,100 1,095,100 Total Liquidity $ 1,351,084 $ 1,560,668 $ 1,265,059 $ 1,405,
Slide 40: 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) June 2031 $26.0 million (5.5%(4)) overall leverage and an intentional mi
Slide 41: 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 42: 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 43: 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 44: MAIN Total Return Performance Since IPO
MAIN Total Return(1) Performance Since IPO Refer to Endnotes beginning on page 48 of this presentation Main Street Capital Corporation NYSE: MAIN mainstcapital.com Page 44
Slide 45: Executive Summary
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 secured debt investments plus meaningful equity participation Invest in complementary in
Slide 46: 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 47: 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 48: 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 49: Endnotes (cont’d)
Endnotes (cont’d) 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 June 30, 2026, MAIN’s Credit Facilities had $1.840 billion in total commitments with accordion fea
Slide 50: Endnotes (cont’d)
Endnotes (cont’d) Page 22: LMM Investment Portfolio (1) Weighted-average effective yield is calculated using the applicable interest rates as of June 30, 2026 and is weighted based upon the principal amount of each debt investment as of June 30, 2026; includes amortization of deferred debt originati
Slide 51: Endnotes (cont’d)
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 June 30, 2026 performance compared to year-to-date June 30, 2025 performance (3) Six months ended June
Slide 52: Endnotes (cont’d)
Endnotes (cont’d) Page 39: MAIN Liquidity and Capitalization (1) As of June 30, 2026, MAIN’s Corporate Facility had $1.240 billion in total commitments with an accordion feature with the right to request an increase up to $1.860 billion and MAIN’s SPV Facility had $600.0 million in total commitments