Main Street Capital Fixed Income Presentation Deck
May 2023, 42 slides
  1. Main Street Capital
  2. Fixed Income Presentation Decks
debt capital markets presentation first quarter main street capital corporation main mains | Main Street Capital
disclaimers mains | Main Street Capital
main street capital corporation quarter mains | Main Street Capital
main is a principal investor in private debt and equity focus on unique lower middle market debt and equity investment strategy asset management business and internally managed operating structure differentiates main from other investment firms conservative capital structure with multiple issuer investment grade ratings stable outlook fitch stable outlook internally managed business development company primarily invests in the under served lower middle market proprietary debt investments in privately held companies typically owned by private equity sponsors private loans debt investments in middle market companies attractive asset management advisory business significant management ownership investment in main headquartered in | Main Street Capital
investment portfolio by type of investment total billion total debt investments billion | Main Street Capital
unique investment strategy main investment strategy differentiates main from its competitors and provides highly attractive risk adjusted returns lower middle market private loans middle market asset management business | Main Street Capital
portfolio highlights the benefits of main unique investment strategy have resulted in a high quality diversified and mature investment portfolio lower middle market private loans middle market total portfolio | Main Street Capital
business development company background created by congress in through the small business investment incentive act of to facilitate the flow of capital to small and mid sized businesses highly regulated by the securities and exchange commission under the investment company act of act provide a way for individual investors to participate in debt and equity investments in private companies leverage full transparency income tax treatment | Main Street Capital
main capital structure | Main Street Capital
conservative leverage | Main Street Capital
conservative leverage regulatory | Main Street Capital
conservative leverage excess collateral improves over time | Main Street Capital
key credit highlights | Main Street Capital
main executive management team | Main Street Capital
significant management ownership investment significant equity ownership by main management team coupled with internally managed structure provides alignment of interest between main management and our shareholders | Main Street Capital
efficient and operating structure main internally managed operating structure provides significant operating leverage and greater returns for our stakeholders internally managed structure means no external management fees or expenses are paid alignment of interest between management and investors main targets total operating expenses as a percentage of average assets operating expense to assets ratio at or less than significant portion of total operating expenses are non cash | Main Street Capital
main maintains a significant operating cost advantage he | Main Street Capital
stable long term leverage significant unused capacity main maintains a conservative capital structure with limited overall leverage and an intentional mix of secured floating rate revolving debt and unsecured fixed rate long term debt capital structure is designed to correlate to and complement the expected duration and fixed floating rate nature of investment portfolio assets million debentures million | Main Street Capital
long term maturity of debt obligations main conservative capital structure provides long term access to attractively priced and structured debt facilities illiquid holding periods | Main Street Capital
interest rate impact and sensitivity main financial results are subject to impact from changes in interest rates main capital structure includes a majority of fixed rate debt obligations while main investment portfolio includes a majority of floating rate debt investments with minimum interest rate floors | Main Street Capital
at the market equity program equity program provides efficient and low cost access to equity capital provides access to equity capital to match growth of investments on an as needed basis provides significant economic cost savings compared to traditional overnight equity offerings provides permanent capital to match indefinite or long term holding period for investments facilitates maintenance of conservative leverage position issued equity is accretive to per share provides significant benefits traditional overnight equity offerings raised net proceeds of million since inception in | Main Street Capital
investment strategy investment strategy differentiates main from its competitors and provides attractive risk adjusted returns investment objectives high cash yield from secured debt investments weighted average cash coupon as of march plus dividend income fair value appreciation and periodic capital gains from equity investments investments are structured for i protection of capital high recurring income and meaningful capital gain opportunity focus on self sponsored one stop financing opportunities partner with business owners management teams and entrepreneurs provide highly financing solutions recapitalization growth and acquisition capital extensive network of grass roots referral sources strong and growing main street brand recognition reputation investments have low correlation to the debt and equity markets and attractive risk adjusted returns | Main Street Capital
investment opportunity main targets investments in established profitable companies characteristics of provide beneficial risk reward investment opportunities large and critical portion of economy domestic businesses is under served from a capital perspective and less competitive inefficient asset class generates pricing inefficiencies typical entry enterprise values between typical entry leverage multiples between to main debt investment partner relationship with the management teams of our portfolio companies a vendor of capital | Main Street Capital
private loan investment strategy private loan portfolio investments are primarily debt investments in privately held companies which have primarily been originated directly by main or to a lesser extent through strategic relationships with other credit funds on a collaborative basis often referred to in the debt markets as club deals because of the small lender group size main private loan investments are typically made to a company owned by or being acquired by a private equity sponsor characteristics our and middle market approximately million | Main Street Capital
middle market debt investment strategy main maintains a portfolio of debt investments in middle market companies investment objective generate cash yield to support main monthly dividend investments in secured and or rated debt investments first lien senior secured debt investments floating rate debt investments companies than the investment strategy current middle market portfolio companies have weighted average of approximately million large and critical portion of economy domestic middle market businesses more relative liquidity than and private loan investments targeted gross yields weighted average effective yield of net returns positively impacted by lower overhead requirements and modest use of leverage floating rate debt investments provide matching with main floating rate credit facilities mains | Main Street Capital
asset management business main asset management business represents additional income diversification and the opportunity for greater stakeholder returns main internally managed operating structure provides main stakeholders the benefits of this asset management business growth of asset management business is increasingly driven by main private loan investment strategy | Main Street Capital
total investment portfolio diversity provides structural protection to investment portfolio revenue sources income cash flows and stakeholder dividends average size of million weighted average effective yield of | Main Street Capital
portfolio snapshot significant diversification | Main Street Capital
portfolio snapshot significant diversification mains | Main Street Capital
portfolio snapshot significant diversification | Main Street Capital
total portfolio by industry as a percentage of cost | Main Street Capital
diversified total portfolio as a percentage of cost | Main Street Capital
investment portfolio investment portfolio consists of a diversified mix of secured debt and lower cost basis equity investments portfolio companies billion in fair value of total investment portfolio at fair value debt yielding of portfolio at cost of debt investments have first lien position of debt investments earn fixed rate interest approximately basis point net cash interest margin matched fixed interest rate on debentures and notes payable equity ownership in all portfolio companies representing average ownership position of portfolio at cost opportunity for dividend income fair value appreciation and periodic capital gains of companies with direct equity investment are currently paying dividends fair value appreciation of equity investments supports net asset value per share growth lower entry multiple valuations lower cost basis million or per share of cumulative tax net unrealized appreciation at march mains | Main Street Capital
investment portfolio investment portfolio is a pool of high quality seasoned assets with attractive risk adjusted return characteristics median portfolio credit statistics senior leverage of through main debt position to senior interest coverage total leverage of including debt junior in priority to main free cash flow leveraging improves credit metrics and increases equity appreciation average investment size of million at fair value or million on a cost basis less than of total investment portfolio opportunistic selective posture toward new investment activity over the economic cycle high quality seasoned portfolio total portfolio investments at fair value equals of cost equity component of portfolio at fair value equals of cost significant portion of portfolio has leveraged and a majority of the portfolio investments have experienced equity appreciation portfolio companies with unrealized appreciation on equity investments net unrealized appreciation on equity investments of million | Main Street Capital
private loan investment portfolio private loan investment portfolio provides a diversified mix of investments and sources of income to complement the investment portfolio investments billion in fair value of total investment portfolio at fair value average investment size of million less than of total portfolio investments in secured debt instruments of private loan portfolio is secured debt of private loan debt portfolio is first lien term debt debt yielding of private loan debt investments bear interest at floating rates providing matching with main floating rate credit facilities approximately basis point effective interest margin matched floating rate on main credit facilities | Main Street Capital
middle market investment portfolio middle market investment portfolio provides a diversified mix of investments and diverse sources of income to complement the investment portfolio and represents a potential source of liquidity for main future investment activities investments million in fair value of total investment portfolio at fair value average investment size of million less than of total portfolio investments in secured and or rated debt investments of middle market portfolio is secured debt of middle market debt portfolio is first lien term debt debt yielding of middle market debt investments bear interest at floating rates providing matching with main floating rate credit facilities over basis point effective interest margin matched floating rate on main credit facilities | Main Street Capital
non information mains | Main Street Capital
main street capital corporation appendix | Main Street Capital
main income statement summary | Main Street Capital
main per share change in net asset value | Main Street Capital
main balance sheet summary | Main Street Capital
main corporate data mains | Main Street Capital
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