Main Street Capital Investor Day Presentation Deck
LMM Investment Portfolio(1)
LMM investment
portfolio consists of a
diversified mix of
secured debt and lower
cost basis equity
investments
79 portfolio companies / $2.1 billion in fair value
51% of total investment portfolio at fair value
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Debt yielding 12.6% (2) (73% of LMM portfolio at cost)
99% of debt investments have first lien position
63% of debt investments earn fixed-rate interest
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Equity ownership in all LMM portfolio companies representing
41% average ownership position (27% of LMM portfolio at cost)
Lower entry multiple valuations, lower cost basis
Opportunity for dividend income, fair value appreciation and
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MAINST
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CAPITAL CORPORATION
Approximately 830 basis point net cash interest margin vs
"matched" fixed interest rate on SBIC debentures
periodic capital gains
64% of LMM companies (3) with direct equity investment are
currently paying dividends
Fair value appreciation of equity investments supports Net Asset
Value per share growth
$384.7 million, or $4.82 per share, of cumulative pre-tax net
unrealized appreciation at March 31, 2023
(1) As of March 31, 2023
(2) Weighted-average effective yield is calculated using the applicable interest rate as of March 31, 2023 and includes amortization of deferred debt origination fees and accretion
of original issue discount, but excludes fees payable upon repayment of the debt instruments and any debt investments on non-accrual status
NYSE: MAIN
(3) Includes the LMM companies that (a) MAIN has a direct equity investment and (b) are flow-through entities for tax purposes; based upon dividend income for the trailing
twelve month period ended March 31, 2023
Main Street Capital Corporation
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