Main Street Capital Fixed Income Presentation Deck
Conservative Leverage - Excess Collateral Improves Over Time
MAIN's conservative
use of leverage and
equity to fund its
growth results in
significant excess
collateral that
provides protection
to lenders
MAIN's management
of its capital structure
results in reduced
risk profile for debt
investors over time
Excess collateral
available to
unsecured lenders
has increased by
218% since MAIN's
first investment grade
(IG) debt issuance
($ millions)
Total Assets Excluding SBIC Assets
Add: Equity Value of SBIC Entities (2)
Total Collateral Available to Secured Lenders
Less: Secured Debt (Credit Facilities)
Excess Collateral Available to Unsecured Lenders
Increase since first IG debt issuance(3)
Less: Unsecured Debt Outstanding (par value)
Remaining Excess Collateral Available to Unsecured Lenders
Increase since first IG debt issuance(3)
9/30/2014 (1) 3/31/2023
$ 1,137
218
1,355
$
$
$
(287)
1,068
(91)
MAIN ST
CAPITAL CORPORATION
977
(2)
(3) First IG notes issued in November 2014
(4) Includes additional IG debt issuances in April 2019, December 2019, July 2020, January 2021, October 2021, December 2022 and February 2023
Main Street Capital Corporation
NYSE: MAIN
$
$
$
3,624
333
3,957
(564)
3,393
218 %
(1,100)
2,293
135 %
(4)
Most recent information publicly reported prior to first IG debt issuance
Represents asset value in excess of SBIC debt (par value); SBIC assets contain negative pledge in relation to SBIC debt; therefore, equity at SBIC entities is effectively collateral
for lenders
mainstcapital.com
Page 12View entire presentation