Main Street Capital Investor Day Presentation Deck
BDC Industry Leverage Ratio Comparisons (1)
MAIN's capital structure and
leverage levels compare very
favorably to other BDCS
MAIN's capital structure benefits
from a healthy mix of secured
revolving debt (28% of total debt
obligations (3)), unsecured
Investment Grade debt (55% of
its total debt obligations (3)) and
attractive SBIC debentures (17%
of total debt obligations (3))
MAIN's attractive Small Business
Investment Company (SBIC)
debentures provide favorable
leverage
SBIC debentures are viewed as "equity
like" in structure
• Regulatory leverage ratio of 0.77 (2)
Long-term target leverage levels.
continue to compare favorably to
other BDCs
MAIN
Total
Regulatory (2)
Internally Managed BDCS
High
Low
Median
Debt to Book Equity
Externally Managed BDCs
All
High
Low
Median
0.92
0.77
NYSE: MAIN
1.29
0.63
1.10
2.19
0.64
1.24
$100-$300 Market Capitalization
High
Low
2.19
0.82
Median
1.54
MAINST
CAPITAL CORPORATION
> $300 Market Capitalization
High
Low
Median
1.51
0.64
1.23
<$100 Market Capitalization
High
Low
Median
1.64
1.23
1.39
(1) Sourced from Raymond James BDC Weekly Market Update as of May 5, 2023
(2) As of March 31, 2023; Regulatory leverage ratio excludes SBIC debentures due to unique nature of these debentures and pursuant to exemptive relief MAIN received from
the Securities and Exchange Commission
(3) As of March 31, 2023
Main Street Capital Corporation
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