Main Street Capital Fixed Income Presentation Deck
LMM Investment Portfolio
LMM investment
portfolio consists of a
diversified mix of
secured debt and lower
cost basis equity
investments
79 portfolio companies / $2.1 billion in fair value
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51% of total investment portfolio at fair value
Debt yielding 12.6% (¹) (73% of LMM portfolio at cost)
99% of debt investments have first lien position
63% of debt investments earn fixed-rate interest
Approximately 830 basis point net cash interest margin vs
"matched" fixed interest rate on SBIC debentures and Notes
Payable
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Equity ownership in all LMM portfolio companies representing
41% average ownership position (27% of LMM portfolio at cost)
Opportunity for dividend income, fair value appreciation and
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MAIN ST
CAPITAL CORPORATION
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periodic capital gains
64% of LMM companies (2) with direct equity investment are
currently paying dividends
Fair value appreciation of equity investments supports Net Asset
Value per share growth
Lower entry multiple valuations, lower cost basis
$384.7 million, or $4.82 per share, of cumulative pre-tax net
unrealized appreciation at March 31, 2023
(1)
Weighted-average effective yield is calculated using the applicable interest rate as of March 31, 2023 and includes amortization of deferred debt origination fees and accretion
of original issue discount, but excludes fees payable upon repayment of the debt instruments and any debt investments on non-accrual status
(2) Includes the LMM companies that (a) MAIN has a direct equity investment and (b) are flow-through entities for tax purposes; based upon dividend income for the trailing twelve
month period ended March 31, 2023
Main Street Capital Corporation
NYSE: MAIN
mainstcapital.com
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