Main Street Capital Fixed Income Presentation Deck
Middle Market Debt Investment Strategy
MAIN maintains a portfolio
of debt investments in
Middle Market companies
Investment Objective
• Generate cash yield to support MAIN monthly dividend
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Investments in secured and/or rated debt investments
First lien, senior secured debt investments
Floating rate debt investments
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MAIN ST
Large and critical portion of U.S. economy
220,000+ domestic Middle Market businesses(1)
CAPITAL CORPORATION
Larger companies than the LMM investment strategy
• Current Middle Market portfolio companies have weighted-average
EBITDA of approximately $65.4 million
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More relative liquidity than LMM and Private Loan investments
6% - 10% targeted gross yields
• Weighted-average effective yield of 11.8% (2)
• Net returns positively impacted by lower overhead requirements
and modest use of leverage
Floating rate debt investments provide matching with MAIN's
floating rate Credit Facilities (3)
(1) Source: U.S. Census 2017 - U.S. Data Table by Enterprise Receipt Size; 2017 County Business Patterns and 2017 Economic Census; includes Number of Firms with Enterprise
Re ipt Size between $10,000,000 and $1,000,000,000
(2) 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
NYSE: MAIN
(3) Includes MAIN's corporate revolving credit facility (the Corporate Facility) and SPV credit facility (the SPV Facility and together with the Corporate Facility, the Credit Facilities); see
additional details on page 18
Main Street Capital Corporation
mainstcapital.com
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