Main Street Capital Investor Presentation Deck
MAIN Strategy Produces Differentiated Returns
Enhanced Value Proposition - Three Ways to Win are Better Than One
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1. Sustain and Grow Dividends
Efficient operating structure provides operating leverage to grow Distributable Net Investment Income (DNII)(¹), and dividends
paid, as investment portfolio and total investment income grow
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2. Meaningfully Grow Net Asset Value (NAV) Per Share
$12.85 at December 31, 2007 to $27.23 at March 31, 2023 - 112% growth; CAGR of 5.0%
Represents incremental economic return to investors beyond dividends
MAIN's debt-focused peers (which comprises most BDCs) cannot generate NAV per share growth through the cycles
Unrealized appreciation is a good proxy for future dividend growth without the need for additional capital through growing
portfolio dividend income and periodic harvesting of realized gains from equity investments
Ability to grow NAV per share provides opportunity for MAIN stock share price appreciation and additional shareholder returns
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MAIN ST
CAPITAL CORPORATION
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109% increase in monthly dividends from $0.33 per share paid in Q4 2007 to declared dividends of $0.69 per share for Q3
2023
Never decreased regular monthly dividends (including through 2008/2009 recession and 2020/2021 COVID-19 pandemic)
Paid or declared $37.56(²) per share in total dividends since October 2007 IPO at $15.00 per share ($32.67 per share in
regular dividends and $4.89 per share in supplemental dividends) (²)
Multi-faceted investment strategy supports growth of dividends over various cycles and markets
3. Supplement Growth in DNII(¹) with Periodic Realized Gains
LMM equity component of investment strategy provides opportunity for meaningful realized gains (analogous to PIK income
on debt investments from cash flow perspective, but more tax efficient and without cap on upside)
Realized gains validate the quality of MAIN's unrealized appreciation
Realized gains can be retained for future reinvestment due to MAIN's unique tax structure or paid to shareholders as
dividends
NYSE: MAIN
(1) See reconciliation of DNII per share to Net Investment Income per share on page 38 and Non-GAAP Information disclosures on page 48 of this presentation
(2) Includes dividends paid or declared as of May 5, 2023
Main Street Capital Corporation
mainstcapital.com
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