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mainstcapital.comNYSE: MAINMain Street Capital Corporation

Page 1

Analysts’ and Investors’ Day

June 2017

Main Street Capital Corporation NYSE: MAIN mainstcapital.com


Page 2

Disclaimers

Main Street Capital Corporation (MAIN) cautions that statements in this

presentation that are forward-looking, and provide other than historical

information, involve risks and uncertainties that may impact our future

results of operations. The forward-looking statements in this presentation

are based on current conditions as of June 8, 2017 and include

statements regarding our goals, beliefs, strategies and future operating

results and cash flows, including but not limited to the amount of

leverage available to us and the five year strategic overview. Although

our management believes that the expectations reflected in any forward-

looking statements are reasonable, we can give no assurance that those

expectations will prove to have been correct. Those statements are

made based on various underlying assumptions and are subject to

numerous uncertainties and risks, including, without limitation: our

continued effectiveness in raising, investing and managing capital;

adverse changes in the economy generally or in the industries in which

our portfolio companies operate; changes in laws and regulations that

may adversely impact our operations or the operations of one or more of

our portfolio companies; the operating and financial performance of our

portfolio companies; retention of key investment personnel; competitive

factors; and such other factors described under the captions “Cautionary

Statement Concerning Forward Looking Statements” and “Risk Factors”

included in our filings with the Securities and Exchange Commission

(www.sec.gov). We undertake no obligation to update the information

contained herein to reflect subsequently occurring events or

circumstances, except as required by applicable securities laws and

regulations.

This presentation is neither an offer to sell nor a solicitation of an offer to

buy MAIN’s securities. An offering is made only by an applicable

prospectus. This presentation must be read in conjunction with a

prospectus in order to fully understand all of the implications and risks of

the offering of securities to which the prospectus relates. A copy of such

a prospectus must be made available to you in connection with any

offering.

The summary descriptions and other information included herein are

intended only for informational purposes and convenient reference. The

information contained herein is not intended to provide, and should not

be relied upon for, accounting, legal or tax advice or investment

recommendations. Before making an investment decision with respect to

MAIN, investors are advised to carefully review an applicable prospectus

to review the risk factors described therein, and to consult with their tax,

financial, investment and legal advisors. These materials do not purport

to be complete, and are qualified in their entirety by reference to the

more detailed disclosures contained in an applicable prospectus and

MAIN’s related documentation.

No representation or warranty, express or implied, is made as to the

accuracy or completeness of the information contained herein, and

nothing shall be relied upon as a promise or representation as to the

future performance of MAIN.

Distributable net investment income is net investment income, as

determined in accordance with U.S. generally accepted accounting

principles, or U.S. GAAP, excluding the impact of share-based

compensation expense which is non-cash in nature. MAIN believes

presenting distributable net investment income and the related per share

amount is useful and appropriate supplemental disclosure of information

for analyzing its financial performance since share-based compensation

does not require settlement in cash. However, distributable net

investment income is a non-U.S. GAAP measure and should not be

considered as a replacement for net investment income and other

earnings measures presented in accordance with U.S. GAAP. Instead,

distributable net investment income should be reviewed only in

connection with such U.S. GAAP measures in analyzing MAIN’s financial

performance.


Page 3

A Differentiated Approach

Invests in the under-served Lower Middle Market (LMM)• Generally companies with revenue between $10 million - $150

million; EBITDA between $3 million - $20 million

Equity investments are key component of LMM portfolio• Have contributed to our 75% growth (6.2% CAGR) in net asset

value (NAV) since 2007• Generate dividend income and realized gains to support dividend

growth

Internally-managed operating structure • Provides cost efficient model with significant operating leverage• Alignment of interests between management and shareholders

Attractive asset management advisory business

Significant management ownership / investment in MAIN

Strong capitalization and liquidity position – stable, long-term debt and significant available liquidity to take advantage of opportunities• Favorable opportunities in capital markets through investment

grade rating of BBB from Standard & Poor’s Rating Services• Total liquidity of $335 million at June 2, 2017(1)

Focus on Lower Middle Market, hybrid debt and equity investment strategy and internally managed operating structure differentiate MAIN from other investment firms

(1) Includes undrawn portion of debt capital, including $109.8 million of remaining SBIC debenture capacity


Page 4

Lower Middle Market (LMM) Investment Strategy

Investment Objectives

• High cash yield from secured debt investments (10.9% weighted

average cash coupon as of March 31, 2017); plus

• Capital gains and cash dividends from equity investments

Investments are structured for (i) protection of capital, (ii) high

recurring income and (iii) meaningful capital gain opportunity

Focus on self-sponsored “one stop” financing opportunities

• Partner with business owners, management teams and

entrepreneurs

• Provide highly customized financing solutions

• Recapitalization, buyout, 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 broader debt and equity

markets and attractive risk-adjusted returns

LMM investment strategy differentiates MAIN from its competitors and provides attractive risk-adjusted returns


Page 5

LMM Investment Opportunity

Large and critical portion of U.S. economy

• 175,000+ domestic LMM businesses (1)

LMM is under-served from a capital perspective and less competitive

Inefficient asset class generates pricing inefficiencies

• Typical entry enterprise values between 4.5x – 6.5x EBITDA

• Typical entry leverage multiples between 2.0x – 3.5x EBITDA to MAIN debt investment

Partner relationship with the management teams of our portfolio companies vs a “commoditized vendor of capital”

MAIN targets LMM investments in established, profitable companies

Characteristics of LMM provide beneficial risk-reward investment opportunities

(1) Source: U.S. Census 2012 – U.S. Data Table by Enterprise Receipt Size; 2012 County Business Patterns and 2012 Economic Census; includes Number of Firms with Enterprise Receipt Size between $10,000,000 and $99,999,999


Page 6

LMM Investment Portfolio

73 portfolio companies / $886.6 million in fair value• 45% of total investment portfolio at fair value

Debt yielding 12.2% (68% of LMM portfolio at cost)• 96% of debt investments have first lien position• 74% of debt investments earn fixed-rate interest• Over 800 basis point net interest margin vs “matched” fixed

interest rate on SBIC debentures

Equity in 99% of LMM portfolio companies representing 37% average ownership position (32% of LMM portfolio at cost)• Opportunity for fair value appreciation, capital gains and cash

dividend income• 56% of LMM companies(1) with direct equity investment are

currently paying dividends• Fair value appreciation of equity investments supports Net Asset

Value per share growth• Lower multiple entry valuations, lower cost basis• $115 million, or $2.07 per share, of cumulative pre-tax net

unrealized appreciation at March 31, 2017

LMM InvestmentPortfolio consists of a diversified mix of secured debt and lower basis equity investments

(1) Includes the LMM companies which (a) MAIN is invested in direct equity and (b) are treated as flow-through entities for tax purposes; based upon dividend income for the trailing twelve month period ended March 31, 2017


Page 7

LMM Investment Portfolio

Median LMM portfolio credit statistics:• Senior leverage of 2.8x EBITDA to MAIN debt position• 2.6x EBITDA to senior interest coverage• Total leverage of 3.2x EBITDA including debt junior in priority to

MAIN• Free cash flow de-leveraging improves credit metrics and

increases equity appreciation

Average investment size of $10.6 million (less than 1% of total investment portfolio)

Opportunistic, selective posture toward new investment activity over the economic cycle

High quality, seasoned LMM portfolio• Total LMM portfolio investments at fair value equals 115% of cost• Equity component of LMM portfolio at fair value equals 165% of

cost• Majority of LMM portfolio has de-leveraged and experienced

equity appreciation– 45 LMM portfolio companies with net unrealized appreciation

on equity investments as of March 31, 2017– Net unrealized appreciation on LMM equity investments of

$161 million as of March 31, 2017

LMM Investment Portfolio is a pool of high quality, seasoned assets with attractive risk-adjusted return characteristics


Page 8

LMM Portfolio by Industry (as a Percentage of Cost)

Energy Equipment & Services, 14% Machinery, 9%

Construction & Engineering, 8% Hotels, Restaurants & Leisure, 7%

Specialty Retail, 5% Computers & Peripherals, 5%

Electronic Equipment, Instruments & Components, 5% Diversified Telecommunication Services, 4%

Internet Software & Services, 4% Building Products, 4%

Leisure Equipment & Products, 4% Diversified Consumer Services, 4%

Health Care Equipment & Supplies, 3% Diversified Financial Services, 3%

Commercial Services & Supplies, 3% Software, 3%

IT Services, 2% Professional Services, 2%

Health Care Providers & Services, 2% Consumer Finance, 2%

Oil, Gas & Consumable Fuels, 1% Air Freight & Logistics, 1%

Chemicals, 1% Paper & Forest Products, 1%

Other, 3%


Page 9

Acquisition

LBO/MBO

Growth Capital

Recapitalization/

Refinancing

Diversified LMM Portfolio (as a Percentage of Cost)

Invested Capital by Geography(1)

18% 23%

40%12%

7%

Invested Capital by Transaction Type

3%

38%

37%

22%

(1) Based upon portfolio company headquarters


Page 10

A Mature and Diversified Portfolio –LMM Investments Greater than Five Years Old

Annual ROE

(1) Aging as of June 8, 2017; fair value as of March 31, 2017

($ in 000's) Remaining Initial Equity

Investment Type Investment Date Ownership %

In MAIN portfolio for > 10 years (1)

1 Houston Plating and Coatings, LLC Equity Only Jan-03 < 25% 4,230 2 Café Brazil, LLC Equity Only Apr-04 > 50% 5,900 3 KBK Industries, LLC Debt and Equity Jan-06 < 25% 9,847 4 Hawthorne Customs and Dispatch Services, LLC Equity Only Jan-06 25% to 50% 2,320 5 East Teak Fine Hardwoods, Inc. Equity Only Apr-06 < 25% 750 6 CBT Nuggets, LLC Equity Only Jun-06 25% to 50% 60,620 7 Jensen Jewelers of Idaho, LLC Debt and Equity Nov-06 > 50% 8,365 8 Mid-Columbia Lumber Products, LLC Debt and Equity Dec-06 > 50% 9,675 9 Vision Interests, Inc. Debt and Equity Jun-07 > 50% 5,814

Total - In MAIN portfolio for > 10 years 107,521 % of total LMM portfolio at fair value 12%


10 Gulf Manufacturing, LLC Debt and Equity Aug-07 25% to 50% 9,967 11 The MPI Group, LLC Debt and Equity Oct-07 > 50% 5,312 12 Hydratec, Inc. Equity Only Nov-07 > 50% 15,640 13 Uvalco Supply, LLC Debt and Equity Jan-08 > 50% 5,063 14 NAPCO Precast, LLC Debt and Equity Feb-08 25% to 50% 17,585 15 OMi Holdings, Inc. Equity Only Apr-08 25% to 50% 13,080 16 Lamb Ventures, LLC Debt and Equity May-08 > 50% 15,862 17 Condit Exhibits, LLC Equity Only Jul-08 < 25% 1,840 18 Ziegler’s NYPD, LLC Debt and Equity Oct-08 > 50% 8,384


Fair Value


Page 11

A Mature and Diversified Portfolio –LMM Investments Greater than Five Years Old (continued)

Annual ROE

(1) Aging as of June 8, 2017; fair value as of March 31, 2017

(2) Since MAIN’s initial investment in this portfolio company, the portfolio company has completed one or more transactions whereby it sold or recapitalized a majority of its

equity, and through these transactions MAIN retained a portion of its equity ownership in the portfolio company. The investment date listed here represents MAIN’s initial

investment date in each portfolio company

($ in 000's) Remaining Initial Equity

Investment Type Investment Date Ownership %


19 Indianapolis Aviation Partners, LLC Debt and Equity Sep-09 25% to 50% 5,810 20 Compact Power Equipment Centers Inc. Debt and Equity Sep-09 < 25% 8,680

21 Drilling Info Holdings, Inc.(2) Equity Only Nov-09 < 25% 10,100 22 Harrison Hydra-Gen, Ltd. Equity Only Jun-10 25% to 50% 2,800 23 PPL RVs, Inc. Debt and Equity Jun-10 > 50% 29,614 24 OPI International Ltd. Debt and Equity Nov-10 < 25% 853

25 irth Solutions, LLC(2) Equity Only Dec-10 < 25% 1,920 26 Pegasus Research Group, LLC Equity Only Jan-11 25% to 50% 8,440 27 Principle Environmental, LLC Debt and Equity Feb-11 > 50% 14,034 28 River Aggregates, LLC Debt and Equity Mar-11 25% to 50% 7,756 29 OnAsset Intelligence, Inc. Debt and Equity Apr-11 < 25% 4,654



30 NRI Clinical Research, LLC Debt and Equity Sep-11 25% to 50% 7,803

31 SAFETY Investment Holdings, LLC(2) Equity Only Nov-11 < 25% 2,000 32 Gault Financial, LLC (RMB Capital, LLC) Debt and Equity Nov-11 < 25% 11,950 33 NRP Jones, LLC Debt and Equity Dec-11 > 50% 14,594 34 Ameritech College Operations, LLC Debt and Equity Mar-12 25% to 50% 6,839 35 Bridge Capital Solutions Corporation Debt and Equity Apr-12 25% to 50% 11,043

Total - In MAIN portfolio for > 5 years 349,144

% of total LMM portfolio at fair value 39%

Fair Value


Page 12

Portfolio Investments – Vintage Analysis ($ Invested)(1)

Annual ROE

(1) As of March 31, 2017

(2) Including Other Portfolio investments and excluding MAIN’s external investment manager, MSC Advisor I, LLC

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

2011 andprior

2012 2013 2014 2015 2016 2017

($)

in m

illio

ns

Lower Middle Market

Cost Fair Value

$-

$50.0

$100.0

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$400.0

2011 andprior

2012 2013 2014 2015 2016 2017

($)

in m

illio

ns

Middle Market

Cost Fair Value

$-

$50.0

$100.0

$150.0

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$250.0

$300.0

$350.0

$400.0

2011 andprior

2012 2013 2014 2015 2016 2017

($)

in m

illio

ns

Private Loan

Cost Fair Value

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

2011 andprior

2012 2013 2014 2015 2016 2017

($)

in m

illio

ns

Total(2)

Cost Fair Value


Page 13

Portfolio Investments – Vintage Analysis (% Invested)(1)

(1) As of March 31, 2017

(2) Including Other Portfolio investments and excluding MAIN’s external investment manager, MSC Advisor I, LLC

0%

5%

10%

15%

20%

25%

30%

35%

40%

2011 andprior

2012 2013 2014 2015 2016 2017

% o

f to

tal

Lower Middle Market

Cost Fair Value

0%

5%

10%

15%

20%

25%

30%

35%

2011 andprior

2012 2013 2014 2015 2016 2017

% o

f to

tal

Middle Market

Cost Fair Value

0%

5%

10%

15%

20%

25%

30%

35%

2011 andprior

2012 2013 2014 2015 2016 2017

% o

f to

tal

Private Loan

Cost Fair Value

0%

5%

10%

15%

20%

25%

2011 andprior

2012 2013 2014 2015 2016 2017

% o

f to

tal

Total(2)

Cost Fair Value


Page 14

Middle Market Liquidity Analysis(1)

(1) As of March 31, 2017; amounts and percentages are based upon the par value of debt investments

(2) Expected Maturity represents MAIN’s estimated or anticipated repayment date based on historical trends in both MAIN’s portfolio and in the broader Middle Market

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

2017 2018 2019 2020 2021 2022 2023 2024

($)

in m

illio

ns

Contractual Maturity

Principal

0%

5%

10%

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20%

25%

30%

2017 2018 2019 2020 2021 2022 2023 2024

% o

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Contractual Maturity

Principal

$-

$20.0

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2017 2018 2019 2020 2021 2022 2023 2024

($)

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Expected Maturity(2)

Principal

0%

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2017 2018 2019 2020 2021 2022 2023 2024

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Expected Maturity(2)

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Page 15

Asset Management Business

In May 2012, MAIN(1) entered into an investment sub-advisory

agreement with the investment advisor to HMS Income Fund, Inc.

(HMS), a non-listed BDC

• MAIN(1) provides asset management services, including sourcing,

diligence and post-investment monitoring

• HMS has total assets of $1.0 billion as of March 31, 2017

• MAIN(1) receives 50% of the investment advisor’s base asset

management fee and incentive fees– MAIN(1) base asset management fee – 1% of total assets

– MAIN(1) incentive fees – 10% of net investment income above a hurdle and 10% of

net realized capital gains

Benefits to MAIN

• No significant increases to MAIN’s operating costs to provide

services (utilize existing infrastructure and leverage fixed costs)

• No invested capital – monetizing the value of MAIN franchise

• Impact on MAIN’s financial results– $2.2 million contribution to net investment income in the first quarter of 2017(2)

– $7.9 million contribution to net investment income for the year ended December 31,

2016(2)

– $33.5 million of cumulative unrealized appreciation as of March 31, 2017

MAIN’s asset management business represents additional income diversification and the opportunity for greater shareholder returns

MAIN’s internally managed operating structure provides MAIN’s shareholders the benefits of this asset management business

(1) Through MAIN’s wholly owned unconsolidated subsidiary, MSC Advisor I, LLC

(2) Contribution to Net Investment Income includes (a) dividend income received by MAIN from MSC Advisor I, LLC and (b) operating expenses allocated from MAIN to MSC Advisor I, LLC


Page 16

Management Alignment

– Has asset growth been accretive to shareholders – earnings, dividend, NAV per share?

– Benefits of internally managed structure

• Greater incentives to maximize increases to shareholder value and rationalize equity and debt capital raises

• No conflicts of interests; 100% of MAIN’s management efforts and activities are for the benefit of the BDC

– Favorable comparison of the above vs our peers, the vast majority of which have only increased assets under management, but not key shareholder value metrics

Management Ownership

– MAIN’s senior executives and Board of Directors own 3.2 million shares worth ~$121 million(3)

• $24.0 million purchased as part of or since 2007 IPO, including $3.8 million purchased in 2016 and Q1 2017

– Broad / significant ownership throughout greater MAIN team through restricted stock

• Focuses our personnel on key drivers of value to MAIN shareholders – DNII and NAV per share

• Restricted stock grants were greater than 40% of 2016 total compensation for executive management

Alignment of Interests Between MAIN Management and MAIN Investors

MAIN Growth % Total

Assets

Total Assets

Per Share

DNII Per

Share(1)Dividends

Per Share(2)NAV Per

Share

1-YR 11% 3% 3% 4% 4%

3-YR 53% 12% 10% 17% 11%

5-YR 182% 39% 35% 39% 45%

From End of IPO Year 1089% 96% 214% 65% 72%

(1) Distributable net investment income (DNII) is net investment income excluding the impact of share-based compensation expense which is non-cash in nature(2) Excludes supplemental/special dividends(3) Based upon closing market price of $38.27/share on March 31, 2017


Page 17

MAIN Maintains a Significant Operating Cost Advantage

Efficient and leverageable operating structure

MAIN’s internally managed operating structure provides significant operating leverage and greater returns for our shareholders

(1) Total operating expenses, including non-cash share based compensation expense and excluding interest expense

(2) For the trailing twelve month period ended March 31, 2017

(3) 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, 2016; specifically includes: AINV, ARCC, BKCC, CPTA, FDUS, FSC, FSFR, FSIC, GBDC, HTGC, MCC, MFIN, NMFC, PFLT, PNNT, PSEC, SLRC, SUNS, TCAP, TCPC, TCRD, TICC and TSLX

(4) Calculation represents the average for the companies included in the group and is based upon the trailing twelve month period ended December 31, 2016 as derived from each company’s SEC filings

(5) Source: SNL Financial. Calculation represents the average for the trailing twelve month period ended December 31, 2016 and includes commercial banks with a market capitalization between $125 million and $2 billion

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

MAIN (2)Other

BDCs (3)(4)Commercial

Banks (5)

Operating Expenses as a Percentage of Total Assets(1)


Page 18

MAIN Maintains a Significant Operating Cost Advantage

BDC Manager Costs Relative to Total Economic Profit Generated (dollars in thousands)

Annual ROE

(1) Source: Public company filings

(2) Amounts represent the most recent five prior fiscal years ended for each respective company. For each applicable BDC not > 5 years past IPO, the first full fiscal year-end post-IPO was used as the starting point for this

analysis as follows: CPTA – 2014; FSFR – 2014; FSIC – 2015; TCPC – 2013 and TSLX – 2015. NMFC amounts represent the most recent three prior fiscal years since management fees were not presented for FY

2012 and FY 2013 in NMFC’s SEC filings(3) Includes all BDCs with total assets greater than $500 million as of December 31, 2016, with the exception of MFIN which is excluded due to the non-traditional nature of their business plan and operations compared to

most BDCs

Dividend Paying BDCs

Public for > 2 Years(3)Management

Structure

Net Increase in

Net Assets

(Net Income)

Add back:

Compensation

and Mgmt Fees

Gross Economic

Profit Before

Management

Costs

% Economic

Profits Paid to

Management

MAIN Internal 545,329$ 81,720$ 627,049$ 13.0%

Apol lo Investment Corporation External 319,975 493,546 813,521 60.7%

Ares Capita l Corporation External 2,513,000 1,200,033 3,713,033 32.3%

BlackRock Capita l Investment Corporation External 241,913 191,871 433,784 44.2%

Capita la Finance Corp. External 19,562 43,221 62,783 68.8%

Fidus Investment Corporation External 133,646 64,534 198,180 32.6%

Fifth Street Finance Corp. External 242,593 336,785 579,378 58.1%

Fifth Street Senior Floating Rate Corp. External 20,818 25,278 46,096 54.8%

FS Investment Corporation External 332,676 238,472 571,148 41.8%

Golub Capita l BDC, Inc. External 283,663 123,339 407,002 30.3%

Hercules Capita l , Inc. Internal 329,012 125,497 454,509 27.6%

Medley Capita l Corporation External 71,260 138,193 209,453 66.0%

New Mountain Finance Corporation External 190,208 100,534 290,742 34.6%

PennantPark Floating Rate Capita l Ltd. External 90,453 27,809 118,262 23.5%

PennantPark Investment Corporation External 274,605 193,530 468,135 41.3%

Prospect Capita l Corporation External 1,180,481 933,998 2,114,479 44.2%

Solar Capita l Ltd. External 360,418 197,466 557,884 35.4%

Solar Senior Capita l Ltd. External 63,519 14,973 78,492 19.1%

TCP Capita l Corp. External 219,460 59,942 279,402 21.5%

THL Credit, Inc. External 152,452 91,667 244,119 37.6%

TICC Capita l Corp. External 168,148 109,173 277,321 39.4%

TPG Specia l ty Lending, Inc. External 200,575 87,756 288,331 30.4%

Triangle Capita l Corporation Internal 251,751 89,388 341,139 26.2%

Peer Group Average 39.6%

5 Year Total(1)(2)


Page 19

Historical Dividend, DNII and NAV Per Share Growth

MAIN’s unique focus on equity investments in the Lower Middle Market provides the opportunity for significant NAV per share growth

MAIN’s efficient operating structure provides significant operating leverage, greater dividends and greater overall returns for our shareholders

MAIN’s dividends have been covered by DNII and net realized gains – MAIN has never paid a return of capital distribution

• Includes recurring monthly and supplemental dividends paid and declared as of June 7, 2017.

• Annual return on equity averaging approximately 13.8% from 2010 through the first quarter of 2017

MAIN (2)

Internally

Managed

BDC’s (3)(5)

Externally

Managed

BDC’s (4)(5)$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

$22.00

$24.00

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NA

V P

er

Sh

are

DN

II a

nd

Div

ide

nd

s P

er

Sh

are

Regular Dividends Supplemental Dividends DNII per share NAV per share

$0.00

Recessionary

Period

2007

2072007


Page 20

MAIN Strategy Produces Differentiated Returns

Historical Monthly Dividend Growth and Coverage of Monthly Dividends with Earnings(1)

(1) Sources: Yearly dividends per share from individual company website; does not include supplemental dividends

(2) Includes all BDCs with total assets greater than $500 million as of December 31, 2016, with the exception of MFIN, which is excluded due to the non-traditional

nature of their business plan and operations compared to most BDCs

Dividends Per Share

2011 2012 2013 2014 2015 2016

MAIN $1.56 $1.71 $1.86 $2.00 $2.10 $2.18 6.87% 5.35% 102.3%

Apollo Investment Corporation $1.12 $1.04 $0.80 $0.80 $0.80 $0.75 -7.71% -2.13% 93.2%

Ares Capital Corporation $1.41 $1.50 $1.52 $1.52 $1.52 $1.52 1.51% 0.00% 103.5%

BlackRock Capital Investment Corporation $1.10 $1.04 $1.04 $0.94 $0.84 $0.84 -5.25% -6.87% 88.4%

Fidus Investment Corporation N/A $1.46 $1.52 $1.52 $1.54 $1.56 NM 0.87% 93.3%

Fifth Street Finance Corporation $1.28 $1.18 $1.15 $1.03 $0.69 $0.72 -10.87% -14.45% 98.7%

Golub Capital BDC, Inc. $1.28 $1.28 $1.28 $1.28 $1.28 $1.28 0.00% 0.00% 98.9%

Hercules Capital, Inc. $0.88 $0.95 $1.11 $1.24 $1.24 $1.24 7.10% 3.76% 109.7%

Medley Capital Corporation N/A $1.31 $1.46 $1.48 $1.20 $1.04 NM -10.69% 84.1%

New Mountain Finance Corporation N/A $1.34 $1.36 $1.36 $1.36 $1.36 NM 0.00% 88.9%

PennantPark Floating Rate Capital Ltd. N/A $0.94 $1.04 $1.08 $1.13 $1.14 NM 3.11% 95.4%

Pennant Park Investment Corp. $1.07 $1.12 $1.12 $1.12 $1.12 $1.12 0.92% 0.00% 86.3%

Prospect Capital Corporation $1.21 $1.22 $1.28 $1.33 $1.05 $1.00 -3.75% -7.91% 95.9%

Solar Capital Ltd. $2.40 $1.80 $2.20 $1.60 $1.60 $1.60 -7.79% -10.07% 105.2%

Solar Senior Capital Ltd. N/A $1.16 $1.41 $1.41 $1.41 $1.41 NM 0.00% 100.9%

THL Credit, Inc. $1.17 $1.29 $1.43 $1.36 $1.36 $1.29 1.97% -3.38% 104.4%

TICC Capital Corp. $0.99 $1.12 $1.16 $1.16 $1.14 $1.16 3.22% 0.00% 39.9%

Triangle Capital Corporation $1.77 $2.02 $2.16 $2.16 $2.16 $1.89 1.32% -4.35% 85.6%

Peer Group Average -1.61% -3.07% 92.5%


Public for > 5 Years(2)

Coverage?

2016 NII /

Mo. Dividend

5-YR

CAGR

3-YR

CAGR

Monthly Dividends Per Share


Page 21


Dividend Yield Does Not Equal Economic Shareholder Return and Can Be Very Misleading

Return of Capital Distributions Do Not Equal Investment Return to Shareholders

(1) Includes all BDCs with total assets greater than $500 million as of December 31, 2016, with the exception of MFIN, which is excluded due to the non-traditional nature of their business

plan and operations compared to most BDCs

(2) Realized Income = Net Investment Income plus Net Realized Gains / (Losses) on investments

(3) Includes Total Distributions Paid to shareholders

(4) Calculation is (a) (i) Total Distributions Paid divided by (ii) Beginning Market Price Per Share divided by (b) number of years included in analysis (based upon each company's respective

IPO date). For each applicable BDC not > 6 years past IPO, the first full 12/31 calendar year-end post-IPO is as follows: CPTA – 2014; FDUS – 2012; FSFR – 2014; FSIC – 2015; MCC

– 2012; NMFC – 2012; PFLT – 2012; SUNS – 2012; TCPC – 2013 and TSLX – 2015.

(5) Realized Income Per Share minus Total Distributions Paid Per Share

(6) Adjusted Profit Distributions = Total Distributions Paid Per Share plus Net Excess Earnings / (Return of Capital); % result is based upon the same calculation as footnote (4) above

Avg Dist Paid Net Excess Avg Adj'd

Per Yr as a Earnings / Profit Dist Per

Dividend Paying BDCs % of Beg Mkt (Return of Yr as % of Beg

Public for > 2 Years(1) Cumulative Cumulative Price (4) Capital) (5) Mkt Price (6)

MAIN 13.93 13.85 12.7% 0.08 12.8%

Apollo Investment Corporation 1.17 5.31 8.0% (4.14) 1.8%

Ares Capital Corporation 11.11 9.24 9.3% 1.87 11.2%

BlackRock Capital Investment Corporation 4.09 5.80 8.7% (1.71) 6.2%

Capitala Finance Corp. 4.02 5.76 9.6% (1.74) 6.7%

Fidus Investment Corporation 9.00 8.32 12.8% 0.68 13.9%

Fifth Street Finance Corp. 3.14 6.05 8.3% (2.91) 4.3%

Fifth Street Senior Floating Rate Corp. 3.15 3.20 8.1% (0.05) 7.9%

FS Investment Corporation 1.43 1.63 8.2% (0.21) 7.2%

Golub Capital BDC, Inc. 7.62 7.93 7.7% (0.31) 7.4%

Hercules Capital, Inc. 7.56 6.66 10.7% 0.90 12.2%

Medley Capital Corporation 4.69 6.49 12.5% (1.80) 9.0%

New Mountain Finance Corporation 6.38 7.39 11.0% (1.01) 9.5%

PennantPark Floating Rate Capital Ltd. 5.99 5.32 10.3% 0.67 11.6%

PennantPark Investment Corp. 6.15 6.67 9.1% (0.52) 8.4%

Prospect Capital Corporation 6.65 7.09 10.9% (0.43) 10.3%

Solar Capital Ltd. 8.21 11.20 7.5% (2.99) 5.5%

Solar Senior Capital Ltd. 6.02 6.80 6.2% (0.78) 5.5%

TCP Capital Corp. 4.96 5.95 10.1% (0.99) 8.4%

THL Credit, Inc. 6.58 7.95 10.2% (1.37) 8.4%

TICC Capital Corp. 5.19 6.73 10.0% (1.54) 7.7%

TPG Specialty Lending, Inc. 3.54 3.12 9.3% 0.42 10.5%

Triangle Capital Corporation 13.48 12.76 11.2% 0.72 11.8%

Peer Group Average 9.5% 8.4%

Realized Income Per

Share 2011 - 2016(2)

Total Distributions

Paid Per Share

2011 - 2016 (3)


Page 22


Total Shareholder Returns are Better Indicator of Economic Value Creation for Shareholders

(1) Includes all BDCs with total assets greater than $500 million as of December 31, 2016, with the exception of MFIN, which is excluded due to the non-traditional nature of their

business plan and operations compared to most BDCs

(2) Represents either (a) 12/31/10 if BDC has been public > 6 years or (b) the first 12/31 date after IPO date. For each applicable BDC not > 6 years past IPO, the beginning

12/31 period is as follows: CPTA – 12/31/13; FDUS – 12/31/11; FSFR – 12/31/13; FSIC – 12/31/14; MCC – 12/31/11; NMFC – 12/31/11; PFLT – 12/31/11; SUNS – 12/31/11;

TCPC – 12/31/12 and TSLX 12/31/14

(3) Represents either (a) dividends for full 6 years if BDC has been public > 6 years or (b) dividends from first full 12/31 calendar year-end after IPO date through 12/31/16. See

footnote (4) on page 21 for details

(4) Calculation is (a) (i) Total NAV Change Plus Distributions Paid per Share divided by (ii) Beginning NAV divided by (b) number of years included in analysis (based upon IPO

date)

(5) Calculation is (a) (i) Total Market Price Change Plus Distributions Paid per Share divided by (ii) Beginning Market Price divided by (b) number of years included in analysis

(based upon IPO date)

Increase Distributions NAV Change Avg Ann'l Increase Distributions Mkt Price Chg Avg Ann'l

Dividend Paying BDCs Public (Decrease) in Paid Per Share Plus Distrib Return as a % (Decrease) in Paid Per Share Plus Distrib Return as a %

for > 2 Years (1) Beg (2) 12/31/16 NAV Per Share 2011-2016 (3)

Per Share of Beg NAV (4) Beg (2) 12/31/16 Market Price 2011-2016

(3)Per Share Beg Mkt Price

(5)

MAIN 13.06 22.10 9.04 13.85 22.89 29.2% 18.19 36.77 18.58 13.85 32.43 29.7%

Apollo Investment Corporation 9.73 6.86 (2.87) 5.31 2.44 4.2% 11.07 5.86 (5.21) 5.31 0.10 0.2%

Ares Capital Corporation 14.92 16.45 1.53 9.24 10.77 12.0% 16.48 16.49 0.01 9.24 9.25 9.4%

BlackRock Capital Investment Corporation 9.62 8.21 (1.41) 5.80 4.39 7.6% 11.06 6.96 (4.10) 5.80 1.70 2.6%

Capitala Finance Corp. 20.71 15.79 (4.92) 5.76 0.84 1.4% 19.90 12.93 (6.97) 5.76 (1.21) -2.0%

Fidus Investment Corporation 14.90 15.76 0.86 8.32 9.18 12.3% 12.97 15.73 2.76 8.32 11.08 17.1%

Fifth Street Finance Corp. 10.44 7.31 (3.13) 6.05 2.92 4.7% 12.14 5.37 (6.77) 6.05 (0.72) -1.0%

Fifth Street Senior Floating Rate Corp. 15.10 10.86 (4.24) 3.20 (1.04) -2.3% 13.24 8.71 (4.53) 3.20 (1.33) -3.3%

FS Investment Corporation 9.83 9.41 (0.42) 1.63 1.21 6.2% 9.93 10.30 0.37 1.63 2.00 10.1%

Golub Capital BDC, Inc. 14.74 15.74 1.00 7.93 8.93 10.1% 17.12 18.39 1.27 7.93 9.20 9.0%

Hercules Capital, Inc. 9.50 9.90 0.40 6.66 7.06 12.4% 10.36 14.11 3.75 6.66 10.41 16.7%

Medley Capital Corporation 12.57 9.39 (3.18) 6.49 3.31 5.3% 10.40 7.51 (2.89) 6.49 3.60 6.9%

New Mountain Finance Corporation 13.60 13.46 (0.14) 7.39 7.25 10.7% 13.41 14.10 0.69 7.39 8.08 12.1%

PennantPark Floating Rate Capital Ltd. 13.68 14.11 0.43 5.32 5.75 8.4% 10.30 14.11 3.81 5.32 9.13 17.7%

PennantPark Investment Corp. 11.14 9.11 (2.03) 6.67 4.64 6.9% 12.25 7.66 (4.59) 6.67 2.08 2.8%

Prospect Capital Corporation 10.25 9.62 (0.63) 7.09 6.46 10.5% 10.80 8.35 (2.45) 7.09 4.64 7.2%

Solar Capital Ltd. 22.73 21.74 (0.99) 11.20 10.21 7.5% 24.78 20.82 (3.96) 11.20 7.24 4.9%

Solar Senior Capital Ltd. 18.15 16.80 (1.35) 6.80 5.45 6.0% 22.09 16.44 (5.65) 6.80 1.15 1.0%

TCP Capital Corp. 14.71 14.91 0.20 5.95 6.15 10.5% 14.74 16.90 2.16 5.95 8.11 13.8%

THL Credit, Inc. 13.06 11.82 (1.24) 7.95 6.71 8.6% 13.01 10.01 (3.00) 7.95 4.95 6.3%

TICC Capital Corp. 9.85 7.50 (2.35) 6.73 4.38 7.4% 11.21 6.61 (4.60) 6.73 2.13 3.2%

TPG Specialty Lending, Inc. 15.53 15.95 0.42 3.12 3.54 11.4% 16.82 18.68 1.86 3.12 4.98 14.8%

Triangle Capital Corporation 12.09 15.13 3.04 12.76 15.80 21.8% 19.00 18.34 (0.66) 12.76 12.10 10.6%

Peer Group Average 8.3% 7.3%

Net Asset

Total Shareholder Return - Economic Value Total Shareholder Return - Market Value

Closing Trading

Price Per ShareValue Per Share


Page 23


Preserving (or Increasing) Value through Economic Cycles?

Declining NAV = Risk to Investors

Note: MAIN NAV/Share growth primarily generated through retained earnings(3) (~25%) and accretive offerings (~75%)Source: Individual company filings

(1) Includes all BDCs with total assets greater than $500 million as of December 31, 2016, with the exception of MFIN, which is excluded due to the non-traditional

nature of their business plan and operations compared to most BDCs

(2) As of December 31, 2016

(3) Retained earnings includes cumulative net investment income, net realized gains and net unrealized appreciation, net of cumulative dividends paid or accrued

NAV/Share

12/31/2011 12/31/2016

% Growth

(Decline)

MAIN $15.19 $22.10 45.5% 7.8% 3.6% 105%

Apollo Investment Corporation $8.16 $6.86 -15.9% -3.4% -7.2% 50%

Ares Capital Corporation $15.34 $16.45 7.2% 1.4% 0.0% 98%

BlackRock Capital Investment Corporation $9.58 $8.21 -14.3% -3.0% -4.9% 68%

Fidus Investment Corporation $14.90 $15.76 5.8% 1.1% 0.9% 104%

Fifth Street Finance Corporation $9.89 $7.31 -26.1% -5.9% -9.5% 65%

Golub Capital BDC, Inc. $14.53 $15.74 8.3% 1.6% 1.1% 101%

Hercules Capital, Inc. $9.83 $9.90 0.7% 0.1% -2.0% 94%

Medley Capital Corporation $12.57 $9.39 -25.3% -5.7% -9.5% 72%

New Mountain Finance Corporation $13.60 $13.46 -1.0% -0.2% -2.2% 94%

PennantPark Floating Rate Capital Ltd. $13.68 $14.11 3.1% 0.6% -0.3% 102%

PennantPark Investment Corp. $10.19 $9.11 -10.6% -2.2% -5.5% 79%

Prospect Capital Corporation $10.69 $9.62 -10.0% -2.1% -3.6% 87%

Solar Capital Ltd. $22.02 $21.74 -1.3% -0.3% -1.1% 93%

Solar Senior Capital Ltd. $18.15 $16.80 -7.4% -1.5% -2.3% 94%

THL Credit, Inc. $13.24 $11.82 -10.7% -2.2% -4.0% 89%

TICC Capital Corp. $9.30 $7.50 -19.4% -4.2% -8.7% 69%

Triangle Capital Corporation $14.68 $15.13 3.1% 0.6% -2.1% 89%

Peer Group Average -6.7% -1.5% -3.6% 85%


Public for > 5 years(1)3-YR

CAGR

5-YR

CAGR

Current NAV/

Cumulative Equity

Capital Raised(2)

NAV / Share


Page 24


Operating Efficiency and Superior Underwriting Produces Superior Returns

(1) ROE calculated as Net Increase in Net Assets divided by average Net Asset Value for each respective measurement period through December 31, 2016

(2) Includes all BDCs with total assets greater than $500 million as of December 31, 2016, with the exception of MFIN, which is excluded due to the non-traditional nature of their

business plan and operations compared to most BDCs.

(3) MAIN Net Increase in Net Assets in ROE calculation excludes impact from changes in fair value (unrealized or realized) relating to SBIC debentures

Annual ROE

7-YR 5-YR 3-YR

MAIN (3) 14.1% 13.3% 11.7%

Apollo Investment Corporation 4.0% 6.0% 2.0%

Ares Capital Corporation 12.1% 10.5% 9.3%

BlackRock Capital Investment Corporation 8.0% 6.8% 4.2%

Capitala Finance Corp. N/A N/A 2.5%

Fidus Investment Corporation N/A 11.8% 11.4%

Fifth Street Finance Corp. 2.9% 2.7% -1.2%

Fifth Street Senior Floating Rate Corp. N/A N/A 2.3%

FS Investment Corporation N/A N/A N/A

Golub Capital BDC, Inc. N/A 9.1% 9.0%

Hercules Capital, Inc. 9.5% 10.3% 8.6%

Medley Capital Corporation N/A 3.0% 0.1%

New Mountain Finance Corporation N/A 8.1% 7.9%

PennantPark Floating Rate Capital Ltd. N/A 8.6% 8.1%

PennantPark Investment Corp. 7.5% 8.3% 4.9%

Prospect Capital Corporation 9.1% 8.5% 7.4%

Solar Capital Ltd. N/A 7.8% 6.1%

Solar Senior Capital Ltd. N/A 6.3% 5.8%

TCP Capital Corporation N/A N/A 8.2%

THL Credit, Inc. N/A 7.7% 6.4%

TICC Capital Corp. 8.7% 7.5% 2.9%

TPG Specialty Lending, Inc. N/A N/A N/A

Triangle Capital Corporation 11.9% 10.6% 7.1%

Peer Group Average 8.2% 7.8% 5.7%


Public for > 2 Years(2)Annual Return on Equity (ROE)

(1)


Page 25

Perspective on Total Return Since IPO

-20% -14% -8% -2% 4% 10% 16% 22%

OHAI

MFIN

KCAP

MVC

AINV

BKCC

PSEC

SAR

PNNT

TICC

GAIN

CSWC

HTGC

ARCC

NEWT

TCAP

MAIN

-100% 25% 150% 275% 400% 525%

OHAI

MFIN

KCAP

MVC

AINV

BKCC

PSEC

SAR

PNNT

TICC

GAIN

CSWC

HTGC

ARCC

NEWT

TCAP

MAIN

Annual Total Return (%)*Total Return (%)*

*Note: Bloomberg data from BDCs in existence since October 5, 2007 and assuming dividends were reinvested in each security; return analysis is through June 1, 2017


Page 26

# Company Total Return # Company Total Return

1 NETFLIX INC 5086.0% 14 APPLE INC 634.7%

2 REGENERON PHARMACEUTICALS 2490.4% 15 REYNOLDS AMERICAN INC 632.8%

3 PRICELINE GROUP INC/THE 1913.0% 16 O'REILLY AUTOMOTIVE INC 632.4%

4 INCYTE CORP 1610.1% 17 ALLERGAN PLC 616.4%

5 ALASKA AIR GROUP INC 1341.6% 18 CENTENE CORP 588.8%

6 SKYWORKS SOLUTIONS INC 1128.2% 19 SALESFORCE.COM INC 576.7%

7 TRANSDIGM GROUP INC 987.0% 20 EXTRA SPACE STORAGE INC 568.5%

8 AMAZON.COM INC 966.0% 21 ILLUMINA INC 533.2%

9 ROSS STORES INC 923.3% 22 MAIN STREET CAPITAL CORP 520.7%

10 EDWARDS LIFESCIENCES CORP 811.3% 23 SHERWIN-WILLIAMS CO/THE 499.1%

11 MASTERCARD INC - A 693.1% 24 IDEXX LABORATORIES INC 498.8%

12 CONSTELLATION BRANDS INC-A 655.8% 25 TJX COMPANIES INC 491.7%

13 CONCHO RESOURCES INC 641.3%

Amongst current S&P 500 constituents in existence since October 5, 2007, MAIN’s Total Return Since IPO ranks #22

– This result places MAIN’s total return performance in the top 5% of this comparable group

Perspective on Total Return Since IPO

*Note: Bloomberg data from all current constituents of the S&P 500 in existence since October 5, 2007 and assuming dividends were reinvested in each security; return analysis is

through June 1, 2017


Page 27

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, 2016; specifically includes: AINV, ARCC, BKCC, CPTA, FDUS, FSC, FSFR, FSIC, GBDC, GSBD, HTGC, MCC, MFIN, NMFC, PFLT, PNNT, PSEC,

SLRC, SUNS, TCAP, TCPC, TCRD, TICC, and TSLX

(3) Main Street Peer Group is equal weighted

(4) Indexed as of October 5, 2007 and last trading date is March 31, 2017

Consistent market outperformance through various economic cycles

MAIN Total Return Performance Since IPO

Recessionary

Period


MAIN (2)Chad Green

President

Steven GeutherAssociate

Main Street Capital Corporation


Main Street’s View of Transaction and Background

Business:

Casing and tubing coating for downhole corrosion prevention and cement adhesion

Original Investment Date:

December 2012

Investment Type:

- Minority equity investment

- First lien, senior secured

debt investment

Transaction Type:

Minority recapitalization to

facilitate generational transfer

Capital Invested:

$21.4 million ($15.0 million

debt and $6.4 million

common equity)

Proprietary product and machinery

• Well-regarded business with a proprietary product and strong recordas an industry leader

• Innovative and proprietary machinery, creating significant barriers toentry and maximizing production efficiencies

Favorable transaction rationale

• MAIN provided entirety of capital required to facilitate thetransaction, resulting in the family retaining control of the businessand Main Street’s ownership percentage of approximately 49%

• Allowed the first generation founder to achieve full liquidity and retirewhile his son (Chad Green, President) rolled the majority of hisproceeds, creating an alignment of incentives for all shareholdersgoing forward without the family giving up control of the business

Significant growth potential in domestic and international markets

• With a strong foothold in the Permian Basin and the addition of akey sales manager, the Company has been able to rapidly acquirenew customers domestically given the superiority of the product andlack of viable alternatives

• The Company has meaningful opportunity for growth via expansionin the Middle East and other international markets given its existingjoint venture in Oman and recently awarded joint venture in Qatar

Opportunity to partner with strong existing owner / operator


Company Overview

• Bond-Coat, Inc. (“Bond-Coat” or the “Company”) is an

industry leader in downhole, external casing and tubing

coatings for corrosion prevention and cement adhesion in

oil and gas drilling & production.

• Headquartered in Midland, Texas, the Company began

operations in 1964 with its original product, Ruff-Coat,

which was designed to achieve a better wellbore cement

to casing bond as well as to provide a protective coating

to tanks and other oil field equipment.

– Ruff-Coat has since been essentially phased out, as

Flint-Coat is the primary offering.

• Bond-Coat’s proprietary product used today, Flint-Coat, is

a mix of epoxy and flint aggregate which includes a layer

of resin, a layer of flint and a second layer of resin which

is all applied after the pipe has been sandblasted using a

proprietary process.

• While the majority of Bond-Coat’s domestic coated pipe is

utilized in the Permian Basin, the Company entered into a

Joint Venture in Oman in 2010:

– The Oman J.V. is owned 50% by Bond-Coat, and

utilizes blasting and coating machinery built by

Bond-Coat and the Flint-Coat proprietary mix.

Midland, TX Headquarters

Finished Product: Coated Casing


Product Overview: Flint-Coat

• Flint-Coat is a proprietary and unique

product that is applied externally to oil and

gas production casing to prevent downhole

external corrosion.

• Flint-Coat is differentiated from other similar

products in the market as it can achieve

corrosion resistance, abrasion resistance

and cement adhesion at the same time,

which are unique selling points and provide

Bond-Coat significant competitive

advantages.

• Flint-Coat is also the cheapest solution

available in the market, compared to both

direct and indirect competitors, as well as

other alternatives.


Downhole Casing Corrosion Overview

• In the oil & gas industry, downhole external casing corrosion is an issue with which many operators have to

address on a day to day basis.

– Numerous production casing failures due to external corrosion have been reported in regions such as

West Texas, Middle East and North Africa.

• Cement failure caused by a poor cement job and ‘theft zones’ in the formation are the primary reasons

potentially leading to external casing corrosion.

– Casing corrosion will result not only in the loss of the casing but also the interruption of production,

loss of well, or even permanent damage to the reservoir.

• Nearly all causes of external casing corrosion (dissimilar metal corrosion, dissimilar soils, differential

aeration, bacteria, “stray current” interference) are highly likely when the casing is attacked by saline water,

resulting from a cement failure.

• A significant portion of oil and gas fields worldwide are exposed to saline aquifers, especially in the US,

Middle East, Far East and North Africa.

– The Middle East is one area that is most significantly covered by saline aquifers and external casing

corrosion is one of the most common problems with well integrity in that region.


Cement Adhesion Overview

• An added benefit to corrosion control is achieved when

using Flint-Coat through the production zone where

cement is applied.

– The illustration shows a common communication

problem.

– As oil enters the casing, some of the production can

be lost to a thief zone via a micro annulus from an

imperfect cement bond to untreated casing.

• Another costly problem is water encroachment into the

production zone.

– With the cement adhering to the Flint-Coat, a near

perfect bond is achieved.

– Wellbore and casing become one, leaving no

avenue for communication.

No coating Flint-Coat


Flint-Coat – Coating Process

1. Surface Preparation:

– New and used casing and tubing go throughBond-Coat’s automated, proprietary gritblasting machine, removing any surfacecontaminants and creating a rough profile toincrease adhesion.

2. Coating Application:

– Once the joints have been blasted, each jointis then coated with Bond-Coat’s proprietarymix of epoxy resin followed by a layer of flintaggregate.

– The Flint-Coat aggregate and epoxy resinthen cures in a rolling oven and a final layerof resin is applied.

– The process of placing flint aggregatebetween two layers of resin results in areinforced coating which is tougher than anyother coating or wrap in the world.

3. Quality Control & Inspection


Proprietary Machinery & Coating Line

• The Company’s proprietary sandblasting and coating machinery is custom-built and maintained in-house,

creating a scalable, significant barrier to entry:

– Bond-Coat can sandblast and coat several times more feet per hour than any known competitor.

– The Company’s blasting and coating lines are highly scalable, enabling them to be built at its

headquarters in Midland and shipped to other areas to be assembled (i.e. the Oman J.V.).


Representative Customers

• Bond-Coat’s domestic and international customers represent some of the largest major and

independent exploration & production companies in the industry.

• These customers have proven the effectiveness of Flint-Coat through extensive field and

laboratory testing.


International Growth – Recent Developments

• After extensive testing and trials, Bond-Coat recentlyreceived a contract with Qatar Petroleum:

– The Company is currently building additionalequipment for a coating line to send to a new jointventure facility in Doha, Qatar.

– Consistent with practices employed by other major,foreign oil & gas related businesses in Qatar, theCompany will be forming a joint venture with PetroleumTechnology Co. in Doha.

– The contract is initially for $3.75 million over threeyears, but Bond-Coat believes the volume andadditional work that will likely come from Qatar’soffshore state drilling company could potentially resultin annual revenues greater than $5 million.

• Bond-Coat has been in discussions to coat pipe for SaudiAramco for several years, and has undergone extensivelaboratory testing:

– Bond-Coat was awarded the opportunity to participatein the final stage of required testing in Q1 2017, inwhich Saudi Aramco put Bond-Coat’s coated casingdownhole and, after a period of 6-12 months, will run alogging tool downhole to measure or detect anycorrosion.

– Bond-Coat anticipates entering into a contract withSaudi Aramco by Q1 2018.


International Growth – Additional Opportunities

• The Company has received significant interest from AbuDhabi Company for Onshore Oil Operations (“ADCO”), thecompany responsible for over half of Abu Dhabi’s oil output,and Upper Zakum Offshore Oil Field Development, orZADCO, a joint venture with Exxon Mobil.

– ADCO is in the process of issuing a purchase order toBond-Coat for a test trial in 2017.

• The Company has also received significant interest in itsproduct from another major operator in Abu Dhabi: the AbuDhabi Marine Operating Company (“ADMA”).

• ADMA has issued a purchase order for a test trial to beconducted in the Oman facility.

• Chad Green, Bond-Coat’s majority owner and President, hasspent extensive time overseas this year for testing andadditional meetings.

• Statoil Petroleum expressed strong interest in Flint-Coat fordrilling activities in the North Sea.

• Statoil conducted a recent test comparing Flint-Coat touncoated casing to determine the cement bondingcapabilities, and had to quit mid-test as they could notremove the cement/coating from the pipe to even get ametallurgical reading, illustrating the extreme bondingcapabilities of Flint-Coat.


Historical Timeline and Valuations

A – Q4 2012

MAIN completes

minority recap

C – Q2,Q3 2014

WTI crude spot

price: $107.95 per

barrel; US Onshore

Rig Count: 1,931

G – Q1 2017

Bond-Coat

awarded field test

for Saudi Aramco;

coated casing

currently downhole

for removal &

testing in 2H 2017

E – Q1,Q2 2016

WTI crude spot

price falls to

$26.19 per barrel;

US Onshore Rig

Count falls to 404

D – Q2 2015

Bond-Coat

hires Sales

Manager, Joe

Thaggard

2012 2013 2014 2015 2016 2017

F – Q4 2016

Bond-Coat

substantially

completes its second

automated coating

line in Midland

H – Q2 2017

Bond-Coat

awarded contract

with Qatar

Petroleum, begins

join venture

formation

B – Q1 2013

Bond-Coat

hires

Operations

Manager, Tom

Soule

(A) (F)(B) (C) (D) (E) (G) (H)

$6.4 $6.2 $6.2

$6.4 $6.4 $6.4 $6.4 $6.4 $6.4 $6.4 $6.4 $6.4 $6.4

$6.4

$6.4 $6.4

$8.9 $9.3

$10.5

$11.2 $11.2

$10.2 $10.2 $10.2

$9.1

$7.5

$5.1 $5.1

$6.7

$7.6

-100.0%

0.0%

100.0%

200.0%

300.0%

400.0%

500.0%

$0

$2

$4

$6

$8

$10

$12

Dec-12 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17

(Eq

uit

y C

os

t a

nd

FV

$ i

n m

illi

on

s)

Equity Cost ($) Equity Fair Value ($) EBITDA Growth % From Original Investment Date Net Debt to EBITDA as a %


MAIN (2)

Colton BraudManaging Director

Main Street Capital Corporation


2Page

Location

Marietta, Georgia

Business

Provider of clinical respiratory and durable medical equipment for pediatric patients

Website

www.softtouchmedical.com

Original Investment Date

October 2014

Investment Type

First lien, senior secured term loan

Majority equity investment

Transaction Type

Majority recapitalization transitioning leadership of the Company to its current CEO and to support growth initiatives

Capital Invested

$15.9 million ($10.0 million debt and $5.9 million equity) – 85% MAIN / 15% HMS

Main Street’s View of Transaction and Background

1. Family-owned and operated business with market leading position in the Greater

Atlanta Metropolitan area

2. Cash flow positive every year since inception in 1997

3. Historically undercapitalized business with the majority of free cash flow being paid as

distributions to the Company founder

4. Recapitalization transaction with Main Street allowed all family members to obtain

partial or full liquidity and firmly positioned Kathleen Yeakey as CEO

5. Talented, motivated executive ready for CEO ascension

6. Longstanding relationships with the primary pediatric referral sources in Atlanta and

throughout the state of Georgia

7. High barriers to entry due to accreditation process and high standard of care required

for pediatric patients

8. Recurring rental revenue drives sales of consumable / disposable products

9. Various near- and medium-term growth opportunities through (i) opening of satellite

distribution centers, (ii) expansion of product and service offerings and (iii) potential

M&A activity

10. Main Street provided 100% of the debt and equity capital needed to close the

transaction


3Page

MAIN (2)


4Page

Company Overview

• Soft Touch Medical (“Soft Touch” or the “Company”) is the leading

home provider of durable medical equipment primarily serving pediatric

patients across the state of Georgia.

• The Company was founded in Marietta, GA, in 1997 to address the

needs of the increasing amount of patients receiving home healthcare.

• Soft Touch carries a complete inventory of durable medical equipment

(“DME”) and many disposable supplies.

• In addition to DME, the Company provides patients with enteral

therapy equipment, respiratory machines and other pediatric

monitors.

• Soft Touch is known for its outstanding customer service and quick

turnaround delivery times.

• The Company offers 24/7 delivery, setup and instruction of its

products and employs highly trained respiratory therapists.

• The Company offers Spanish interpreters at both the technician

and front office levels, allowing it to support a greater patient

base.

• Soft Touch operates in three locations – Marietta, GA (opened in 1997);

Macon, GA (2015); and Savannah, GA (2016) – with near-term plans to

expand into adjacent states.


5Page

Referral Sources

“At Children's [Healthcare of Atlanta], we know kids aren't simply tiny adults. They need specialized pediatric care.

Our team makes sure your child is comfortable and happy while in our care. We're committed to making all kids

better today and healthier tomorrow.”

Marietta, GA

Macon, GA

• Hospitals – Working directly with the various case managers at hospitals across Georgia who have autonomy when referring pediatric patients

• Primary Referral Sources:

• Children’s Healthcare of Atlanta

• Utilized the Company’s delivery services for ~15 years

• Provider of ~80% of all pediatric services in the Atlanta metropolitan area

• More than 30 independent case managers across the CHOA network

• Children’s Hospital Navicent Health

• Primary hospital in the Macon region with 66 beds and a growing need for in home health services

• Memorial Hospital Savannah, GA

• Leading children’s hospital in the fastest growing city in Georgia

Savannah, GA


6Page

Payor Mix

Pre-Closing Current


7Page

Relationships with Industry Leading Suppliers


8Page

Expanded Coverage Area

Soft Touch has grown to cover the majority of the state of Georgia and has near-term plans to expand further

throughout the state and into Alabama, Tennessee and South Carolina.

Long-standing relationship

with four location hospital

system, Children’s

Healthcare of Atlanta

(25 counties)

Bridged the gap between

northwest and southeast Georgia

and facilitated a strong

relationship with The Children’s

Hospital Naviscent Health

(30 counties)

Has become the preferred

pediatric DME provider at

Savannah’s Memorial Hospital in

less than one year and extended

coverage area into South

Carolina market

(19 counties)


9Page

Product Overview – Enteral

• Enteral feeding products provide patients

the ability to receive necessary nutrition

during treatment of temporary acute

conditions or permanent chronic

disabilities.

• Enteral feeding products provided by the

Company include:

• Portable feeding pumps

• Feeding pump backpacks

• Nutrition pumps

• Gastric (“G-Tube”) supplies

• Nasogastric (“NG-Tube”) supplies

Clinical Nutrition

Feeding Pump

G-Tube NG-Tube

Nutrition Pump

Feeding Pump

Backpack

Infant Formula


10Page

BiPAP

Equipment

Product Overview – Respiratory Equipment & Ventilators

• The Company offers respiratory and advanced respiratory care equipment. These products require significant in-home setup and education for the patient and their guardian.

• Key respiratory care products include:

• Oxygen systems

• Concentrators

• Nebulizers

• Suction machines and pulse oximeters

• Advanced respiratory care products include:

• Intrapulmonary percussive ventilators (“IPV Units”)

• Continuous (“CPAP”) and Bi-level (“BiPAP”) Positive Airway Pressure machines

• Heated humidification systems

• Wireless modems for compliance

• Cough assistsCPAP Equipment

Oxygen

Concentrator

IPV Unit

Cough Assist


11Page

Product Overview – Infant Monitors & Phototherapy

• Soft Touch provides infant monitors that track

the respiratory systems of babies in the home.

• Also known as apnea monitors, these

products detect any pauses in breathing or

decreases in oxygen levels.

• The Company’s primary apnea monitor

products include:

• Smart Monitor II – a lightweight portable

monitor that sounds an alarm upon any

respiratory changes and records up to 2

MB of memory to document patient

conditions for an extended period of time

• 2PS Apnea Monitor – a detector of heart

rate, oxygen level and respiration

changes in a patient primarily used to

document patient responses to sedation

and treatment

• Bilibeds provide intensive phototherapy for

newborn jaundice.

Smart Monitor II

2 PS Apnea Monitor

Bilibed for Jaundice


12Page

Product Overview – Durable Medical Equipment

• Pediatric durable medical equipment

supports patients’ manual and powered

movement around the home.

• Pediatric wheelchairs are designed to fit

smaller body weights and sizes than

traditional wheelchairs.

• Other DME products include:

• Walkers

• Crutches

• Beds

• CPM

• Bathroom safety equipment

• Transfer aids

• Larger DME is typically provided as rental

equipment and is offered as a

complementary product to other respiratory

and enteral equipment and supplies.

Four-Wheel RotatorPediatric Wheelchair

Commode Chair Folding Walker

Transfer Aids


13Page

“You never think that you are going to have a special needs child. On the

same day that we discovered we were to have a son we were told he had

something called an Omphalocele. It is an abdominal wall defect. We had

no idea what life would be like after he was born.

Once he was born he was immediately intubated. Meaning he had to have

a breathing tube put down his throat and into his lungs. He was on O2 and

had a feeding tube. After being in the NICU for 2.5 months my husband

and I decided to have our son trached and we saw his handsome face for

the first time. We went home for the first time in August of 2014. He was

born in March 2014.

We went home in an ambulance with the most amount of machines that

any patient could go home with. We were petrified!!! Soft Touch was not

the first company we had, but once we switched it made a world of

difference. We could call and always get an answer or a call back with an

answer. We love the company and what they stand for. Soft Touch is all

about the patient and what he or she needs. If we run out of O2 it would be

delivered that same day or first thing the following morning. If we lose a

trach they mail us another. If we discover that we do not need something in

our monthly order they discontinue it with no questions asked.

Having a medically fragile child is difficult enough, yet having a company

that provides what your child needs makes it much easier to bear.”

- Alison P.

Patient Case Study - Keegan

“Soft Touch was not the first

company we had, but once we

switched it made a world of

difference. We could call and

always get an answer or a call

back with an answer. We love

the company and what they

stand for. Soft Touch is all

about the patient and what he

or she needs.”


14Page

MAIN Historical Timeline and Valuations

Q3 2014

Main Street, HMS and

management complete

recapitalization of Soft

Touch for $15.9

million

Q3 2015

New location

opened in

Macon, GA

Q3 2016

New location opened in

Savannah, GA, expanding

the Company’s coverage

area into South Carolina

$5.0 $4.9 $4.9 $4.9 $4.9 $4.9 $4.9 $4.9 $4.9 $5.0 $4.9 $5.3

$5.7

$7.5

$8.6 $8.7

$9.2 $9.2

0.0%

100.0%

200.0%

300.0%

$0

$3

$5

$8

$10

Dec-14 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17

Eq

uit

y C

os

t an

d F

V (

$ i

n m

illi

on

s)

Equity Cost ($) Unrealized Appreciation EBITDA Growth % From Original Investment Date Net Debt to EBITDA as a %


Page 1

Lower Middle Market Equity

June 2017



Page 2

Conservative Historical Nature of MAIN’s Valuations for Equity Investments

EBITDA Multiple

MAIN Weighted Average(1) 7.1x

MAIN Median(1)(2) 6.0x

Other BDC’s – All Equity(3) 7.8x

Industry(4) 8.1x to 8.5x

(1) Source: March 31, 2017 Form 10-Q filing

(2) MAIN’s median EBITDA multiple represents the median EBITDA multiple for all equity investments, except investments for which the valuation does not include use of an EBITDA multiple.

(3) As published in the most recent Form 10-K or Form 10-Q filed by each BDC as of May 17, 2017. Other BDCs includes 35 BDCs and includes weighted average EBITDA multiples for all forms of equity investments.

(4) Source: Overview of Lincoln International Valuations & Opinions Group dated May 2017 as published by Lincoln International. Multiples represent the Total Enterprise Value / Adjusted EBITDA for the Last 12

Months as of December 31, 2016 for all transactions with Total Enterprise Values between (i) $10 million and $30 million (8.1x) and (ii) $30 million to $50 million (8.5x)

MAIN valuation approach and key inputs

– Market-comparable/Historical cash flow approach

• Based on actual MAIN entry transaction multiples, as adjusted over time for overall market and specific company changes

• MAIN EBITDA valuation multiples compare favorably to industry and market valuations:

Two Quarters Prior

to Exit

Four Quarters

Prior to Exit

Realized Value at Exit in Comparison to Prior Qtr FV 126% 170%

Realized Value at Exit in Excess of Prior Qtr FV

($ in 000's)$43,277 $87,244

Exits of LMM equity investments resulting in realized gains have compared positively to previously recorded fair values

– Exits of 27 LMM equity investments with realized gains have resulted in total realized gains of $167 million

– Discounted cash flow (DCF) approach

• Weighted average cost of capital (WACC) – significant component of DCF approach is significantly impacted by industry and overall market factors

• These WACC components are obtained from third party sources and can fluctuate significantly from quarter to quarter


Page 3

MAIN LMM Strategy Produces Differentiated Returns to Investors

Net Unrealized Appreciation of ~$2.91 per share, or $161 million, from LMM equity investments(1)

(As of March 31, 2017) With Unrealized

Appreciation

With Unrealized

Depreciation

% of LMM companies with MAIN Equity Investment 63% 24%

Number of LMM companies with MAIN Equity

Investment45 17

– LMM equity exits have enhanced MAIN’s portfolio returns and provided significant upside, in addition to offsetting the inevitable credit losses occurring from non-investment grade debt investments

• Exits of 27 LMM equity investments resulted in realized gains of $167 million

• Exits of 4 LMM equity investments in 2016 and Q1 2017 resulted in realized gains of $84 million

• Exits of 15 LMM equity investments resulted in realized losses of $15 million

• Net realized losses on exits and restructurings of LMM debt investments of $33 million

• Net realized losses on exits and restructurings of non-LMM debt and equity investments of $43 million

• Cumulative net realized gains across all investment portfolios of $76 million

– Portfolio diversity has resulted in LMM equity investment appreciation across a diverse group of portfolio companies and industries

Equity Exits Enhance MAIN’s Portfolio Returns(2)

(1) As of March 31, 2017

(2) Includes all full exits of LMM equity investments since Initial Public Offering in October 2007 through March 31, 2017

– Remaining Net Unrealized Appreciation at March 31, 2017 is after $84 million of realized gains on the exits of 4 LMM equity investments since December 31, 2015


Page 1

Middle Market Update

June 2017

Main Street Capital Corporation NYSE: MAIN www.mainstcapital.com


Page 2

Middle Market Debt Investment Strategy

Middle Market Credit Opportunities Private Loans

Description Generally investments in first lien secured loans through

primary loan issuance

Strategic investments in the

secondary market,

opportunistic purchases,

special situations. Investments

in Credit Opportunities will

generally be included in the

Middle Market portion of

MAIN’s investment portfolio.

Proprietary investments

originated through strategic

relationships with other

investment funds on a

collaborative basis with

attractive risk/return

characteristics

Targeted

Investments

• First lien secured debt

• Floating rate

• Majority have a B or higher

S&P rating

• First lien secured debt and

high yield bonds

• Ratings agnostic

• Primarily first lien secured

debt

• Primarily floating rate

instruments

• Unrated

Targeted

Returns6-10% gross yields 8-12% gross yields 7-10% gross yields


Page 3

Middle Market Assets1

(1) Middle Market only; amounts at fair value

MAINMAIN MAIN

MAINMAIN

HMS

HMS

HMS

HMS

HMS

I-45

I-45

I-45

$400

$800

$1,200

$1,600

$2,000

2013 2014 2015 2016 1Q '17

$ A

UM

(M

illio

ns)

AUM by Fund

I-45

MAIN

HMS

L+400

L+500

L+600

L+700

L+800

L+900

Spread by Product


Page 4

Portfolio Statistics1, 2

(1) Middle Market held by MAIN

(2) Leverage and interest coverage statistics include only borrowing base eligible assets which excludes second lien and other non-eligible assets.

$79.0

$68.8

$77.2

$94.1 $98.8

$94.2 $98.6

$95.5

3.94x

3.82x

3.97x

3.50x

3.35x3.42x

3.41x3.52x

3.11x3.07x

3.27x

3.84x

3.47x

3.31x 3.37x

3.15x

$0.0

$25.0

$50.0

$75.0

$100.0

$125.0

2.50x

3.00x

3.50x

4.00x

4.50x

5.00x

Q4:13 Q2:14 Q4:14 Q2:15 Q4:15 Q1:16 Q4:16 Q1:17

Portfolio Credit Statistics

Portfolio Average EBITDA Portfolio Average Total Net Leverage Ratio Portfolio Average Interest Coverage Ratio


Page 5

Consistent Asset Mix 1

(1) Represents Middle Market and Private Loans managed by Middle Market investment team held by MAIN

93.1%88.4% 87.4% 89.4% 89.2%

6.0%9.8% 10.8%

9.9% 10.1%

0.9% 1.8% 1.9% 0.7% 0.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 1Q '17

% o

f T

ota

l P

ort

folio

(at

Fair V

alu

e)

Portfolio Asset Mix

First Lien Second Lien Unsecured


Page 6

Middle Market Returns

(1) Total return includes interest, fee and dividend income plus realized and unrealized gains

(2) Represents Middle Market and Private Loans managed by Main’s Middle Market investment team held by MAIN

10.31%

4.91%

1.38%

12.12%

13.96%

5.72%

3.46%

4.72%

6.84%

10.39%

7.09%

1.95%

-0.19%

9.23%8.86%

-1.00%

1.00%

3.00%

5.00%

7.00%

9.00%

11.00%

13.00%

15.00%

2013 2014 2015 2016 Q1: 2017

LTM Total Returns1

vs. Indices

MAIN Middle Market² S&P/LSTA U.S. Middle Market Index CS Leveraged Loan Index - B Ratings


Page 7

Credit Selection History1

Cumulative Since Inception of MAIN Middle Market Group

(Q2:2009 – Q1:2017)

As of 3/31/2017

~$2,300 / ~300

$62.1 / 9

58.3%

Investments

Defaults2

Recovery3

Cost / # of Companies

($ in millions)

$588.9 / $568.8

$31.6 / $28.3

89.3%

Cost / FMV

(1) Middle Market assets held by MAIN

(2) Includes investments placed on non-accrual plus one distressed credit sale

(3) Realized value on defaulted exited investments plus FMV as of 3/31/17 for current investments. Recovery does not include interest income.


Page 8

Default Rates

(1) As a percentage of cost of Middle Market assets held by MAIN

(2) Includes loans not tracked in the LSTA/LPC mark-to-market service

0.00%

2.00%

2.37%

2.06%

3.50%

1.61%

2.11%

3.24%

1.50%

1.58%

1.43%

2.11%

1.21%

2.82%

3.43%

1.56%

2.05%

2.25%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

2013 2014 2015 2016 Q1: 2017 Average 2013 - 2016

LTM Default Rates

MAIN Middle Market¹ S&P/LSTA U.S. Middle Market Index S&P/LSTA U.S. Index²


Page 9

Benefits of Middle Market to MAIN

• Return on Equity

– Exceeds MAIN monthly dividend

• Asset Management Business

– Facilitates additional return for MAIN without deploying capital

• Treasury Function

– Repayments provide funding in any market

• Leverage / Debt Structure

– Credit facility would be different without marked assets

• Diversity of Markets

– Ability to pivot between LMM, PL, and MM

• Market Color

– Relationships

FOR INSTITUTIONAL USE ONLY. Not for distribution to the public.

Hines Securities, Inc., Member FINRA, SIPC, is the dealer manager. 5/17

This is neither an offer to sell nor a solicitation to buy the securities of HMS Income Fund. An offering is made only by the prospectus. No offering is made in the state of New York in connection with any offering. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities commission has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.



$1 $4 $12$21

$42

$81

$134

$205

$295

$394

$474

$538

$601$622

$656$683

$707$732

$0

$100

$200

$300

$400

$500

$600

$700

$800

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2012 2013 2014 2015 2016 2017

$M

1Includes DRIP proceeds.

Historical Capital Raise

Cumulative Gross Proceeds Since Inception1

Offering PeriodGross Capital

Raised ($M)

Initial Offering (closed 12/1/15) $601

Follow-on Offering Through 3/31/17(opened 1/5/16) 131

Inception through 3/31/17 $732



Portfolio Composition

Asset Class Detail as of 3/31/17

Portfolio holdings are subject to change. 1Weighted average effective yield is calculated based on HMS Income Fund’s investments as of March 31, 2017 and includes accretion of original issue discounts and amortization of premiums, and the amortization of fees received in connection with transactions. Investments on non-accrual status are assumed to have a zero yield in the calculation. 2Includes warrants. 3Represents the number of unique portfolio companies. The number of unique portfolio companies is less than the sum of the individual asset class figures because HMS holds both debt and equity investments in select portfolio companies. Data based on fair market value as of March 31, 2017.

($M)

Asset Class Fair Market Value% of

PortfolioPortfolio

Companies% First Lien of

Total DebtWeighted Average

Effective Yield1

Middle Market Debt $573.4 59.8% 64 81.6% 8.8%

Private Loan Debt 231.9 24.2% 31 94.9% 9.1%

Lower Middle Market Debt

82.3 8.6% 23 95.3% 11.9%

Middle Market Equity 4.2 0.4% 4 - -

Private Loan Equity2 5.7 0.6% 7 - -

Lower Middle Market Equity2

40.7 4.2% 23 - -

Other 20.9 2.2% 3 - -

Total $959.1 100% 1243 86.4% 8.9%



1Portfolio holdings are subject to change. 2Weighted average effective yield

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