Main Street Capital Investor Day Presentation Deck
MAIN's Strategy Consistently Produces Differentiated
Returns
Dividend Paying BDCs Public
for >2 Years (¹)
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
1.49
19.07
(10.85)
19.58
(4.56)
7.69
(7.44)
9.15
(1.80)
14.01
(1.79)
10.37
7.57
14.30
17.88
6.06
(22.22)
5.26
10.76
9.55
9.95
12.75
Main Street Capital Corporation
Ares Capital Corporation
Barings BDC, Inc.
Bain Capital Specialty Finance Inc.
BlackRock Capital Investment Corporation
BlackRock TCP Capital Corp.
Crescent Capital BDC, Inc.
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.
MidCap Financial Investment Corporation
Net Asset
Value Per Share
(2)(3)
Beg
12/31/22
13.06 26.86
14.92
18.40
12.09
11.05
20.10
17.29
9.62
4.39
14.71
12.93
19.13
19.83
34.23
16.25
14.90
19.43
39.32
9.00
11.74
18.97
14.74
16.75
9.50
29.19
24.89
13.43
9.06
14.61
14.71
11.47
10.53
15.10
Total Shareholder Return - Economic Value
Dividends
Paid Per Share
(3) (4)
2011-2022
30.37
19.07
19.58
7.69
9.15
14.01
10.37
14.30
17.88
10.76
9.55
9.95
12.75
15.71
15.85
15.39
25.32
Increase
(Decrease) in
NAV Per Share
13.80
3.48
(1.04)
(2.81)
(5.23)
(1.78)
0.70
(17.98)
4.53
(14.43)
4.43
(2.68)
(4.36)
(0.03)
(5.28)
1.03
(14.09)
NAV Change
Plus Div
Per Share
44.17
22.55
18.54
4.88
3.92
12.23
11.07
(3.68)
22.41
(3.67)
13.98
7.27
8.39
15.68
10.57
16.42
11.23
Avg Ann'l
Return as a %
(5)
of Beg NAV
28.2%
12.6%
12.8%
4.0%
3.4%
8.3%
8.3%
-0.9%
13.7%
-1.2%
12.9%
5.2%
7.4%
8.9%
5.3%
14.4%
3.2%
Closing Trading
Price Per Share
(2)(3)
12/31/22
36.95
17.97
8.15
11.90
3.62
12.94
12.78
17.10
19.03
17.50
12.91
9.62
13.72
13.16
11.60
13.22
11.40
Beg
18.19
16.48
19.00
16.46
11.06
14.74
14.57
NYSE: MAIN
9.53
12.97
39.72
7.65
11.52
19.00
17.12
14.44
10.36
33.21
(1.90)
(5.28)
(3.96)
(2.84)
2.86
(21.81)
MAINST
15.71
15.85
15.39
25.32
CAPITAL CORPORATION
Mkt Price Chg
Plus Div
Per Share
49.13
20.56
8.73
3.13
1.71
12.21
8.58
21.87
23.94
(11.46)
14.81
8.05
7.47
11.75
13.01
18.25
3.51
Avg Ann'l
Return as a %
(6)
Beg Mkt Price
22.5%
10.4%
3.8%
3.2%
1.3%
8.3%
8.4%
19.1%
16.8%
-3.6%
16.1%
5.8%
6.6%
5.7%
7.5%
14.7%
0.9%
(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 > 12 years or (b) the first 12/31 date after IPO date. For each applicable BDC not > 12 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
(3) 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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