Main Street Capital Investor Day Presentation Deck
Dividend Paying BDCs
Public for > 5 Years (2)
MAIN's Strategy Consistently Produces Differentiated Returns
Historical Monthly Dividend Growth and Coverage of Monthly Dividends with Earnings (1)(2)
Gross Div
Potential 5-YR
Gross Div
Potential 3-YR
CAGR (4)
CAGR (4)
Main Street Capital Corporation
Ares Capital Corporation
Barings BDC, Inc.
BlackRock Capital Investment Corporation
Crescent Capital BDC, Inc.
Carlyle Secured Lending
Capital Southwest Corporation
Fidus Investment Corporation
FS KKR Capital Corp
Gladstone Investment Corporation
Gladstone Capital Corporation
Goldman Sachs BDC, Inc.
Golub Capital BDC, Inc.
Horizon Technology Finance Corporation
Hercules Capital, Inc.
Mid Cap Financial Investment Corporation
2017
$2.24
1.52
1.65
0.75
1.14
1.56
0.88
1.56
0.89
0.77
0.84
1.80
1.28
1.20
1.24
1.80
2018
$2.30
1.54
0.43
0.72
1.38
1.48
1.53
1.56
0.76
0.80
0.84
1.80
1.28
1.20
1.24
1.80
Monthly Dividends Per Share
(3)
2019
$2.42
1.60
0.54
0.64
1.63
1.48
1.57
1.56
0.76
0.82
0.84
2.25
1.29
1.20
1.27
1.80
2020
$2.46
1.60
0.65
0.44
1.64
1.43
1.64
1.29
1.58
0.91
0.80
1.35
1.20
1.20
1.28
1.52
2021
$2.48
1.62
0.82
0.40
1.64
1.28
1.76
1.26
2.45
0.86
0.78
1.80
1.17
1.20
1.29
1.24
2022
$2.60
1.75
0.95
0.40
1.64
1.30
1.98
1.44
2.54
0.92
0.81
1.80
1.23
1.20
1.37
1.31
NII Per
Share
2022
$3.29
2.19
1.07
0.40
1.93
2.00
1.63
1.90
3.05
1.03
0.92
2.24
1.25
1.46
1.50
1.58
5-YR
CAGR
3.03%
2.86%
-10.45%
-11.81%
7.54%
-3.58%
17.61%
-1.59%
23.31%
3.61%
-0.72%
0.00%
-0.79%
0.00%
2.01%
-6.16%
3-YR
CAGR
2.43%
3.03%
20.72%
-14.50%
0.20%
-4.23%
8.04%
-2.63%
49.51%
3.89%
-1.20%
-7.17%
-1.58%
0.00%
2.56%
-10.05%
MAINST
8.04%
7.60%
-8.27%
-11.79%
11.15%
5.06%
13.10%
4.05%
27.91%
6.00%
1.86%
4.43%
-0.53%
4.05%
3.91%
-2.63%
CAPITAL CORPORATION
10.86%
11.08%
25.67%
-14.46%
5.86%
10.49%
1.23%
6.84%
58.93%
7.92%
3.11%
-0.22%
-1.14%
6.84%
5.76%
-4.35%
Coverage
126.9%
125.3%
118.3%
100.2%
117.9%
153.6%
108.0%
132.1%
120.1%
112.1%
113.7%
124.2%
101.3%
122.0%
109.7%
120.2%
(1) Sources: Yearly dividends per share from individual company website; does not include supplemental dividends
(2)
BDC Peer Group includes dividend paying BDCs that have been publicly-traded for at least two years and have total assets greater than $500 million based on individual SEC Filings
as of December 31, 2022, with the exception of NEWT, which is excluded due to the non-traditional nature of their business plan and operations compared to most BDCs and their
change away from BDC election
(3) Certain BDC' historical dividends have been adjusted for subsequent reverse stock splits: MFIC-2018; FSK - 2020; PTMN - 2021; and OCSL - 2022
(4)
Gross dividend potential CAGR is calculated by utilizing dividends per share for years 2017 through 2021 and NII per share for 2022 and represents the potential growth in dividends
if dividends paid in 2022 matched NII for each BDC
(5) 2022 Dividend NII Coverage is calculated as NII for 2022 divided by monthly dividends paid in 2022
Main Street Capital Corporation
NYSE: MAIN
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