Main Street Capital Fixed Income Presentation Deck
Conservative Leverage
As of June 30, 2023 ($ in 000's)
Total Assets
Debt Capital:
Credit Facilities (1)
SBIC Debentures
Notes Payable (2)
Total Debt
Net Asset Value (NAV)
Key Leverage Stats
Interest Coverage Ratio (3)(8)
Asset Coverage Ratio (4)
Consolidated Asset Coverage Ratio - Regulatory(5)
Debt to Assets Ratio
Regulatory Debt to NAV Ratio (5)(6)
Debt to NAV Ratio (6
Non-SBIC
3,728,732 $
580,000
1,097,559
1,677,559 $
1,917,981 $
SBICS
691,506 $
343,943
343,943 $
336,967 $
MAIN ST
CAPITAL CORPORATION
Total
4,420,238
580,000
343,943
1,097,559
2,021,502
2,254,948
4.06x
6.52x
4.35x
2.22x
1.98x
2.18x
N/A
N/A
2.34x
0.45x
0.50x
0.46x
N/A
N/A
0.74x
0.88x
1.04x
0.90x
Net Debt to NAV Ratio (7)(8)
0.84x
1.01x
0.87x
(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 detail
related to MAIN's Credit Facilities
(2) Includes the carry value of the July 2026 Notes ($498.4 million; $500.0 million par), the May 2024 Notes ($450.5 million; $450.0 million par) and the December 2025 Notes ($148.7
million; $150.0 million par)
(3) Distributable Net Investment Income (DNII)(8) + interest expense / interest expense on a trailing twelve-month basis
(4)
Calculated as total assets divided by total debt at par, including July 2026 Notes ($500.0 million), May 2024 Notes ($450.0 million), SBIC Debentures ($350.0 million) and December
2025 Notes ($150.0 million)
(5) Calculated per BDC regulations; SBIC Debentures are not included as "senior debt" for purposes of the BDC asset coverage requirements, and thereby are excluded from Regulatory
Debt to NAV Ratio, pursuant to exemptive relief received by MAIN
Debt to NAV Ratio is calculated based upon the par value of debt
(6)
(7) Net debt in this ratio includes par value of debt less cash and cash equivalents of $60.7 million, $10.2 million and $70.9 million for the Non-SBIC, SBICS and Total, respectively
(8) See Non-GAAP Information disclosures on page 37 and reconciliation of DNII to Net Investment Income on page 39 of this presentation
Main Street Capital Corporation
NYSE: MAIN
mainstcapital.com
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