Main Street Capital Investor Day Presentation Deck
MAIN's Historical Asset Coverage Ratio:
Consolidated Asset Coverage Ratio - Regulatory(1)
Prior Minimum Required Asset Coverage (2)
Cushion % above Prior Minimum Required Asset Coverage
Current Minimum Required Asset Coverage (2)
Cushion % above Current Minimum Required Asset Coverage
Conservative Leverage Regulatory
Passage of the Small Business Credit Availability Act in December 2017 provided the opportunity for BDCs to obtain
board or shareholder approval to access additional leverage by lowering the required asset coverage to 1.50x
MAIN received shareholder approval, effective as of May 3, 2022, to adopt the 1.50x asset coverage ratio
MAIN has historically operated at conservative regulatory leverage levels, in all cases with significant cushion to the
1.50x regulatory limits, and proven through historical performance that MAIN does not require access to additional
leverage to generate market leading returns
2018
3.22x
2.00x
61%
1.50x
115%
2019
2.89x
2.00x
45%
1.50x
93%
2020
2.67X
2.00x
34%
1.50x
78%
2021
2.22x
2.00x
11%
1.50x
MAIN STI
48%
CAPITAL CORPORATIONON
2022
2.27X
N/A
N/A
1.50x
51%
Q1 2023
2.30x
N/A
N/A
1.50x
53%
(1) Calculated per BDC regulations; SBIC Debentures are not included as "senior debt" for purposes of the Minimum Asset Coverage Ratio requirements pursuant to exemptive relief
received by MAIN
(2) MAIN received shareholder approval, effective as of May 3, 2022, to adopt the 1.5x asset coverage ratio (decreased from the previously required asset coverage ratio of 2.0x)
Main Street Capital Corporation
NYSE: MAIN
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