Main Street Capital Investor Day Presentation Deck
LMM Investment Portfolio(1)
LMM investment portfolio
is a pool of high quality,
seasoned assets with
attractive risk-adjusted
return characteristics
●
Median LMM portfolio credit statistics (²):
Senior leverage of 2.9x EBITDA through MAIN debt position
2.6x EBITDA to senior interest coverage
Total leverage of 3.1x EBITDA including debt junior in priority to MAIN
Free cash flow de-leveraging improves credit metrics and increases
equity appreciation
●.
MAINST
Average investment size of $26.7 million at fair value or $21.9
million on a cost basis (less than 1% of total investment
portfolio)
CAPITAL CORPORATION
Opportunistic, selective posture toward new investment activity
over the economic cycle
●
High quality, seasoned LMM portfolio
Total LMM investment portfolio at fair value equals 122% of cost
●
Equity component of LMM portfolio at fair value equals 191% of cost
Significant portion of LMM portfolio has de-leveraged and a majority of
the LMM portfolio investments have experienced equity appreciation
- 50 LMM portfolio companies with unrealized appreciation on equity
investments
(1) As of March 31, 2023
(2) These credit statistics exclude portfolio companies on non-accrual and four companies for which EBITDA is not a meaningful metric
Main Street Capital Corporation
NYSE: MAIN
- Net unrealized appreciation on LMM equity investments of $427.2
million
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