SUMMARY FACT SHEET

AS OF JUNE 30, 2020

ABOUT US

  • Main Street Capital Corporation ("MAIN") is a publicly traded (NYSE: MAIN) business development company ("BDC") that provides capital to private U.S. companies. MAIN is located in Houston, Texas and has $4.0 billion of investment capital under management(1)

INVESTMENT OBJECTIVE

  • Maximize our portfolio's total return by generating (i) current income from our debt investments in lower middle market ("LMM") companies and middle market companies and (ii) capital appreciation, dividend income and realized gains from our equity and equity related investments in LMM companies

INVESTMENT CONSIDERATIONS

  • Unique primary investment focus on LMM companies, which provides lower correlation to broader debt and equity markets
  • Historically growing cash dividend, paid monthly, provides recurring current income to shareholders
  • LMM equity investments provide opportunities for tax efficient capital gains and capital appreciation; Net
    Asset Value ("NAV") per share growth of 62% since 2007
  • Efficient internally managed operating structure provides significant operating leverage, greater alignment of management and shareholder interests and greater shareholder returns
  • Significant investment by MAIN's management and board of directors in MAIN's equity - approximately 3.3 million shares and $103.0 million of market value(2)
  • The core members of MAIN's management team have over 100 years of collective experience and have worked together since 2002
  • Enhanced opportunities in capital markets through investment grade rating of BBB-/Stable from S&P
  • Access to attractive leverage through three Small Business Investment Company ("SBIC") subsidiaries; $350.0 million of total capacity
  • Conservative, well capitalized balance sheet (net debt to NAV ratio(4) of 0.78)

HISTORICAL MONTHLY DIVIDENDS, NAV AND DISTRIBUTABLE

NET INVESTMENT INCOME ("DNII")(4) PER SHARE

$0.80

$26.00

$0.70

Recessionary

$24.00

Share

Period

$22.00

and Dividends Per

$0.60

$20.00

NAV Per Share

$18.00

$0.50

$0.40

$16.00

$14.00

DNII

$12.00

$0.30

$10.00

$0.20

$0.00

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Monthly Dividends (3)

DNII (4) per share

NAV per share

Note: See endnotes on the last page of this presentation.

Main Street Capital Corporation

NYSE: MAIN

mainstcapital.com

SUMMARY FACT SHEET

AS OF JUNE 30, 2020

INVESTMENT PORTFOLIO FOCUS

  • Invests debt and equity in the under-served LMM
    • Inefficient asset class with limited competition
    • Secured debt with meaningful equity participation and attractive risk-adjusted returns
    • Generally companies with revenues between $10 million and $150 million and EBITDA between $3 million and $20 million
    • Transaction types include growth/expansion initiatives, management buyout/change of control transactions, recapitalizations and acquisitions
  • Invests in debt investments in middle market companies
    • Generally issuances of first lien debt securities
    • Generally larger companies than in the LMM

EFFICIENT AND LEVERAGEABLE OPERATING STRUCTURE

  • MAIN is internally managed, which means that there are no external management fees or expenses; provides operating leverage to MAIN's business model and alignment of management and shareholders' interests
  • Total operating and administrative costs, including non-cash share based compensation expense, as a percentage of quarterly average total assets ("Operating Expense to Assets Ratio") of 1.2% (0.8% excluding non-cash share based compensation expense) (1)
  • Favorable comparison of Operating Expense to Assets Ratio to other BDCs (at 2.7%(2)(3)) and commercial banks (at 3.0%(4))
  • Efficient cost structure drives greater shareholder returns

STABLE, RECURRING DIVIDENDS WITH HISTORICAL GROWTH

  • Attractive, recurring monthly dividend with a current yield of 7.9%(5)
  • Declared fourth quarter 2020 recurring monthly dividends ($0.615 per share for the quarter)
  • Recurring monthly dividends per share growth of 86% from $0.33 per share in the fourth quarter of 2007 (first quarter after IPO; $1.32 per share annualized) to declared dividends of $0.615 per share for the third quarter of 2020 ($2.46 per share annualized)
  • Cumulative dividends paid or declared from October 2007 IPO (at $15.00 per share) through the third quarter of 2020 equal $29.60 per share(6)

Note: See endnotes on the last page of this presentation.

Main Street Capital Corporation

NYSE: MAIN

mainstcapital.com

SUMMARY FACT SHEET

AS OF JUNE 30, 2020

HIGH QUALITY, MATURE AND DIVERSIFIED INVESTMENT PORTFOLIO

  • Diversity adds structural protection to portfolio, revenue sources, income, cash flows and dividends
  • Investments in 177 portfolio companies (69 LMM, 64 Private Loan and 44 Middle Market)
  • Significant diversification
    • Average investment size of $13.0 million(2)
    • Largest total investment in individual portfolio company represents 3.7% of total investment income(1) and 3.0% of total portfolio fair value (with most investments less than 1% of income and fair value)
  • Eleven investments on non-accrual, which represent 1.9% of the total investment portfolio at fair value and 6.3% at cost
  • Total portfolio investments at fair value equal approximately 100% of cost basis

INDUSTRY(3)(4)

Machinery, 8%

Commercial Services & Supplies, 5%

Aerospace & Defense, 5%

Energy Equipment & Services, 5%

Professional Services, 5%

Health Care Providers & Services, 5%

Construction & Engineering, 5%

Internet Software & Services, 4%

Media, 4%

IT Services, 4%

Diversified Telecommunication Services, 4%

Leisure Equipment & Products, 4%

Hotels, Restaurants & Leisure, 4%

Software, 4%

Electronic Equipment, Instruments & Components, 3%

Communications Equipment, 3%

Oil, Gas & Consumable Fuels, 3%

Specialty Retail, 3%

Food Products, 3%

Distributors, 3%

Diversified Financial Services, 2%

Containers & Packaging, 2%

Computers & Peripherals, 1%

Trading Companies & Distributors, 1%

Diversified Consumer Services, 1%

Transportation Infrastructure, 1%

Food & Staples Retailing, 1%

Chemicals, 1%

Internet & Catalog Retail, 1%

Other, 5%

GEOGRAPHY(3)(4)(5)

22%

20%

19%

26%

13%

Note: See endnotes on the last page of this presentation.

Main Street Capital Corporation

NYSE: MAIN

mainstcapital.com

SUMMARY FACT SHEET

AS OF JUNE 30, 2020

MAIN FINANCIAL PERFORMANCE

Total Investment Income

Distributable Net Investment Income(1)

($ in millions)

($ in millions)

Year over Year Growth

Year over Year Growth

8%

15%

13%

4%

(12)%(2)

10%

17%

14%

1%

(12)%(2)

$260.0 $240.0 $220.0 $200.0 $180.0 $160.0 $140.0 $120.0 $100.0

$80.0 $60.0 $40.0 $20.0 $0.0

Portfolio Investments

$180.0

$243.4

$160.0

$233.4

$140.0

$205.7

$145.4

$120.0

$124.1

$178.3

$164.6

$100.0

$113.3

$80.0

$108.2

$60.0

$40.0

$20.0

$0.0

2015

2016

2017

2015

2016

2017

2018

2019

YTD (3)

2020

Total Portfolio Investments and Distributable

Net Investment Income ("DNII")(1) per share

($ in millions, except per share data)

$2,800

$2.76

$2,600

$2.56

$2.39

$2,400

$2.29

$2.31

$2,454

$2.17

$2,200

$2.09

$2,000

$2,171

$1,800

$1,997

$1,600

$1.77

$1,800

$1,400

$1,563

$1,200

$1.25

$1,286

$1.19

$1,000

$800

$1.02

$924

$600

$0.76

$658

$400

$408

$200

$159

$0

$106

$127

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Portfolio Investments

DNII per Share

$165.8 $167.4

$73.5

2018

2019

YTD (3)

2020

$2.66

$2.80

$2.45

$2.60

$2,602

$2.40

$2,420

$2.20

$2.00

$1.80

$1.60

share

$1.40

$1.20

per

$1.00

DNII

$0.80

$0.60

$0.40

$0.20

2019 June

$0.00

30,

2020 (4)

Note: See endnotes on the last page of this presentation.

Main Street Capital Corporation

NYSE: MAIN

mainstcapital.com

SUMMARY FACT SHEET

AS OF JUNE 30, 2020

MAIN TOTAL RETURN PERFORMANCE SINCE IPO

  • Consistent market out-performance through various economic cycles

Recessionary

Period

Notes:

  1. Assumes dividends reinvested on date paid
  2. The Main Street Peer Group includes all BDCs that have been publicly-traded for at least one year and that have total assets greater than $500 million based on individual SEC Filings as of December 31, 2019; specifically includes: AINV, ARCC, BBDC, BKCC, CCAP, CGBD, CSWC, FDUS, FSK, GAIN, GBDC, GSBD, HTGC, MRCC, NEWT, NMFC, OCSI, OCSL, OFS, PFLT, PNNT, PSEC, SAR, SCM, SLRC, SUNS, TCPC, TPVG, TSLX, and WHF.
  3. Main Street Peer Group is equal weighted
  4. Indexed as of October 5, 2007 and last trading date is June 30, 2020

KEY INVESTOR CONTACTS

  • Dwayne L. Hyzak, Chief Executive Officer - dhyzak@mainstcapital.com
  • Brent D. Smith, Chief Financial Officer & Treasurer - bsmith@mainstcapital.com

Main Street Capital Corporation

1300 Post Oak Blvd, 8th Floor

Houston, Texas 77056

  1. 350-6000
    www.mainstcapital.com

Main Street Capital Corporation

NYSE: MAIN

mainstcapital.com

SUMMARY FACT SHEET

AS OF JUNE 30, 2020

ENDNOTES

PAGE 1

  1. Includes (a) undrawn portion of debt capital and (b) over $0.9 billion of capital managed as a sub-adviser to a third party, including the undrawn portion of debt capital of such third party, in each case as of June 30, 2020.
  2. Based on the closing market price of $31.13 per share on June 30, 2020.
  3. Includes the monthly dividends paid and declared through August 6, 2020.
  4. See slide "Non-GAAP Information" in the Main Street Investor Presentation, available on the Main Street website, for discussion of the calculation of Distributable Net Investment Income and Net Debt to NAV Ratio

PAGE 2

  1. Based upon the TTM period ended June 30, 2020.
  2. Other BDCs includes dividend paying BDCs that have been publicly-traded for at least two years and have total assets greater than $500 million based on individual SEC Filings as of December 31, 2019; specifically includes: AINV, ARCC, BBDC, BKCC, CCAP, CGBD, CSWC, FDUS, FSK, GAIN, GBDC, GSBD, HTGC, MRCC, NEWT, NMFC, OCSI, OCSL, OFS, PFLT, PNNT, PSEC, SAR, SCM, SLRC, SUNS, TCPC, TPVG, TSLX, and WHF
  3. Calculation represents the average for the companies included in the group and is based upon the trailing twelve month ("TTM") period ended March 31, 2020 as derived from each company's SEC filings.
  4. Source: SNL Financial. Calculation represents the average for the TTM period ended March 31, 2020 and includes commercial banks with a market capitalization between $500 million and $3 billion.
  5. As of August 5, 2020; based upon the closing market price of $31.05 per share and the annualized most recently declared monthly dividends.
  6. Includes the regular monthly dividends and semi-annual supplemental dividends paid and declared through August 6, 2020.

PAGE 3

  1. Based upon the TTM period ended June 30, 2020.
  2. As of June 30, 2020; based on cost
  3. As a percentage of cost.
  4. Excluding MAIN's Other Portfolio investments and the External Investment Manager, as described in MAIN's public filings, which represent approximately 5% of the total investment portfolio.
  5. Based upon portfolio company headquarters and excluding any MAIN investments headquartered outside the U.S., which represent approximately 2% of the total investment portfolio.

PAGE 4

  1. See slide "Non-GAAP Information" in the Main Street Investor Presentation, available on the Main Street website, for discussion of the calculation of Distributable Net Investment Income
  2. Reflects year-to-date June 30, 2020 performance compared with year-to-date June 30, 2019 performance.
  3. Through June 30, 2020
  4. DNII per share for the TTM period ended June 30, 2020.

Main Street Capital Corporation

NYSE: MAIN

mainstcapital.com

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Main Street Capital Corporation published this content on 07 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 20:53:14 UTC