Main Street Capital Investor Day Presentation Deck
Dividend Paying BDCs Public
for > 2 Years
(1)
MAIN's Strategy Consistently Produces Differentiated Returns (cont.)
Total Shareholder Returns are Better Indicator of Economic Value Creation for Shareholders
Total Shareholder Return - Market Value
Increase
Dividends
(Decrease) in Paid Per Share
(3) (4)
Market Price 2011-2022
18.76
30.37
(6.29)
12.82
(1.04)
15.13
10.61
12.65
4.26
12.16
10.51
11.62
70.38
25.33
13.52
21.26
14.08
11.73
16.58
14.46
Main Street Capital Corporation
Monroe Capital Corporation
New Mountain Finance Corporation
Oaktree Specialty Lending Corporation
OFS Capital Corporation
Owl Rock Capital Corp
Pennant Park Floating Rate Capital Ltd.
PennantPark Investment Corp.
Prospect Capital Corporation
Portman Ridge Finance Corporation
Saratoga Investment Corp.
Stellus Capital Investment Corporation
Solar Capital Ltd.
TCG BDC, Inc.
TriplePoint Venture Growth BDC Corp.
TPG Specialty Lending, Inc.
WhiteHorse Finance, Inc.
Net Asset
Value Per Share
(2)(3)
Beg 12/31/22
13.06
26.86
14.54
10.39
13.60
13.02
31.32
19.63
14.80
13.47
14.85
14.99
13.68
11.14
10.25
82.10
24.95
14.45
22.73
19.05
14.61
15.53
15.30
11.30
7.71
9.94
24.23
28.25
14.02
18.33
16.99
11.88
16.48
14.30
Total Shareholder Return - Economic Value
Dividends
Paid Per Share
2011-2022 (3)(4)
30.37
Increase
(Decrease) in
NAV Per Share
13.80
(4.15)
(0.58)
(11.69)
(1.33)
0.14
(2.38)
(3.43)
(0.31)
(57.87)
3.30
(0.43)
(4.40)
(2.06)
(2.73)
0.95
(1.00)
12.82
15.13
10.61
12.65
4.26
12.16
10.51
11.62
70.38
25.33
13.52
21.26
14.08
11.73
16.58
14.46
NAV Change
Plus Div
Per Share
44.17
8.67
14.55
(1.08)
11.32
4.40
9.78
7.08
11.31
12.51
28.63
13.09
16.86
12.02
9.00
17.53
13.46
Avg Ann'l
Return as a %
of Beg NAV (5)
28.2%
6.0%
9.7%
-0.3%
7.6%
4.9%
6.5%
5.3%
9.2%
1.3%
9.6%
9.1%
6.2%
9.0%
7.7%
14.1%
8.8%
Closing Trading
Price Per Share
(2)(3)
Beg
12/31/22
18.19
36.95
14.83
8.54
13.41
12.37
36.42
20.61
13.69
10.15
17.89
11.55
10.98
5.75
6.99
23.00
25.49
13.26
13.91
14.31
10.43
17.80
13.05
10.30
12.25
10.80
69.70
17.35
16.31
24.78
20.04
14.85
16.82
14.81
(15.81)
(3.54)
(6.34)
0.68
(6.50)
(3.81)
NYSE: MAIN
(46.70)
8.14
MAINST
(3.05)
(10.87)
(5.73)
(4.42)
0.98
(1.76)
CAPITAL CORPORATION
Mkt Price Chg
Plus Div
Per Share
49.13
6.53
14.09
(5.20)
9.11
(2.08)
12.84
4.01
7.81
23.68
33.47
10.47
10.39
8.35
7.31
17.56
12.70
Avg Ann'l
Return as a %
(6)
Beg Mkt Price
22.5%
4.4%
9.6%
-1.2%
6.7%
-1.9%
11.3%
2.7%
6.0%
2.8%
16.1%
6.4%
3.5%
6.0%
6.2%
13.0%
8.6%
(1) 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
(2) Represents either (a) 12/31/10 if BDC has been public > 11 years or (b) the first 12/31 date after IPO date. For each applicable BDC not > 11 years past IPO, the beginning
12/31 period is as follows: BCSF - 2017; CCAP - 2015; CGBD 2014; CSWC-2013; FSK-2014; GAIN-2016; GSBD-2016; MRCC-2012; OFS - 2012; ORCC - 2019;
PFLT-2012; SCM-2012; TCPC - 2012; TPVG - 2014; TSLX - 2014; and WHF - 2012
Certain BDC's beginning NAV, share price, and dividends have been adjusted for subsequent reverse stock splits: MFIC - 2018; FSK - 2020; PTMN - 2021; and OCSL - 2022
(4) Represents either (a) dividends for full 12 years if BDC has been public > 12 years or (b) dividends from first full 12/31 calendar year-end after IPO date through 12/31/22; See
footnote (2) above for details
(5) Calculation is (a) (i) Total NAV Change Plus Dividends Paid per Share divided by (ii) Beginning NAV divided by (b) number of years included in analysis (based upon IPO date)
(6) Calculation is (a) (i) Total Market Price Change Plus Dividends Paid per Share divided by (ii) Beginning Market Price divided by (b) number of years included in analysis (based
upon IPO date)
Main Street Capital Corporation
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