Main Street Capital Corporation (NYSE:MAIN) Q1 2022 Earnings Conference Call May 6, 2022 10:00 AM ET Company Participants Zach Vaughan - Dennard Lascar Investor Relations Dwayne Hyzak - Chief Executive Officer David Magdol - President and Chief Investment Officer Jesse Morris - EVP, Chief Financial Officer and Chief Operating Officer Nick Meserve - Managing Director and Head of our Private Credit Investment Group Conference Call Participants Robert Dodd - Raymond James Bryce Rowe - Hovde Group Kenneth Lee ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number: 001-33723 Main Street Capital Corporation (Exact name of registrant as specified in its charter) Maryland (State ...

Financial Position and Debt Management - The company has total assets of $3,690.3 million and outstanding debt of $1,805.0 million, resulting in net assets of $1,788.8 million[193]. - The weighted-average interest rate on the company's debt is 3.3%[193]. - To cover annual interest payments, the company must achieve annual returns of at least 1.7% on total assets[194]. - The company has received Board approval to incur additional leverage, changing the asset coverage requirement from 200% to 150% effective February 23, 2023[198]. - If the company defaults on its senior securities, lenders may foreclose on assets, potentially forcing the sale of investments at unfavorable prices[195]. - The company may need to refinance or restructure debt if operating performance declines and cash flow is insufficient[196]. - The company is subject to regulatory constraints as a BDC, requiring at least 70% of total assets to be invested in qualifying assets[206]. - The company may not be able to issue additional equity securities at favorable terms, leading to potential dilution for existing stockholders[210]. - The company has outstanding SBIC debentures guaranteed by the SBA, requiring semiannual interest payments, necessitating sufficient cash flow to meet these obligations[237]. - The company must distribute at least 90% of its net ordinary taxable income annually to maintain RIC tax treatment, which may be challenging if cash flow is insufficient[242]. - The company may face corporate-level U.S. federal income tax if it fails to qualify as a RIC under Subchapter M of the Code, which could significantly reduce net assets and available income for distribution[242]. - The company is subject to certain asset coverage ratio requirements under the 1940 Act, which could restrict distributions necessary to satisfy the RIC distribution requirement[242]. - The company may recognize taxable income before receiving cash, complicating its ability to meet the Annual Distribution Requirement necessary for RIC status[246]. - The company may choose to pay dividends in stock, which could create a tax liability for stockholders exceeding the cash received[247]. Investment Risks and Market Conditions - The COVID-19 pandemic has caused significant disruptions to portfolio companies' global supply chains, leading to delays in manufacturing and delivery of products[255]. - There has been a notable increase in commodity, parts, and material component inflation in 2021 and 2022, which has adversely affected productivity and margin performance[255]. - The pandemic has resulted in increased draws on revolving lines of credit and a rise in requests for amendments or waivers of credit agreements, indicating financial distress among borrowers[257]. - The fair value of certain investments has been adversely impacted, with potential restructuring needed, which could reduce principal payments and extend payment timelines[257]. - The company faces risks related to market volatility and disruptions, which could negatively impact business operations and financial condition[259]. - A continued significant decrease in the value of the investment portfolio could increase the risk of not meeting asset coverage requirements under the 1940 Act[258]. - Economic deterioration could impair the financial positions of portfolio companies, leading to increased defaults and challenges in meeting debt service requirements[264]. - The company has experienced fluctuations in operating results due to various factors, including competition and general economic conditions[266]. - The Federal Reserve is expected to raise the Federal Funds Rate in 2022, which may lead to increased interest rate volatility and affect capital market access[263]. - The company is currently operating in a period of capital markets disruption and economic uncertainty, which may negatively impact its business and operations[259]. - The broader fundamentals of the U.S. economy remain mixed, and a contraction could lead to increased defaults among small to mid-sized companies in which the company invests[264]. Regulatory and Compliance Issues - The company is subject to SBIC regulations, which may limit its ability to make certain distributions necessary to maintain RIC status, potentially resulting in corporate-level taxes[241]. - The company must obtain at least 90% of its gross income from distributions, interest, and gains from the sale of stock or securities to satisfy the source-of-income requirement[248]. - At least 50% of the value of the company's assets must consist of cash, cash equivalents, U.S. government securities, and other acceptable securities to meet the asset diversification requirement[248]. - The company may face challenges in raising additional capital due to regulatory constraints on issuing common stock below net asset value[210]. - The company’s ability to declare dividends or make distributions may be restricted if it fails to meet the asset coverage test after issuing senior securities[208]. Cybersecurity and Operational Risks - Cybersecurity risks and system failures could disrupt business operations, potentially harming financial performance and market reputation[272]. - The company is highly dependent on information systems, and any failure could significantly disrupt business operations and negatively affect stock prices and dividend payments[269]. - Potential disruptions include sudden electrical or telecommunications outages, natural disasters, disease pandemics, political or social events, and cyber attacks[270]. - Cyber security failures and unanticipated disaster recovery events could impair the company's ability to conduct business effectively[271]. - The company relies heavily on computer systems for necessary business functions, making it vulnerable to cyber-attacks and unauthorized access[272]. - Third-party service providers may also pose cyber security risks, leading to unauthorized access or data loss[273]. - Compliance with privacy and information security laws may result in increased costs due to necessary system changes and new administrative processes[273]. Conflicts of Interest and Management Issues - The company may face conflicts of interest due to its executive officers managing other investment funds[200]. - Termination of management agreements with third-party funds could materially affect the company's results of operations[202]. - The External Investment Manager may manage other funds, creating potential conflicts of interest in investment opportunities[200].

Main Street Capital (NYSE:MAIN) Q4 2021 Earnings Conference Call February 25, 2022 10:00 AM ET Company Participants Zach Vaughan - Investor Relations Dwayne Hyzak - Chief Executive Officer David Magdol - President and Chief Investment Officer Jesse Morris - EVP, Chief Financial Officer and Chief Operating Officer Jason Beauvais - EVP, General Counsel, Chief Compliance Officer and Secretary Conference Call Participants Kenneth Lee - RBC Capital Markets Bryce Rowe - Hovde Robert Dodd - Raymond James David Miy ...

Main Street Capital (NYSE:MAIN) Q3 2021 Earnings Conference Call November 5, 2021 10:00 AM ET Company Participants Dwayne Hyzak – CEO Zach Vaughan – Investor Relations David Magdol – Chief Investment Officer Jesse Morris – Executive Vice President Conference Call Participants Robert Dodd – Raymond James Kenneth Lee – RBC Capital Markets Operator Greetings and welcome to the Main Street Capital Corporation, Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A br ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number: 001-33723 Main Street Capital Corporation (Exact name of registrant as specified in its charter) Maryland (S ...

Main Street Capital (NYSE:MAIN) Q2 2021 Earnings Conference Call August 6, 2021 10:00 AM ET Company Participants Zach Vaughan - Dennard Lascar-Investor Relations Dwayne Hyzak - Chief Executive Officer David Magdol - President and Chief Investment Officer Jesse Morris - Executive Vice President and Chief Operating Officer Conference Call Participants Kenneth Lee - RBC Capital Markets Robert Dodd - Raymond James Operator Greetings, and welcome to Main Street Capital Corporation Second Quarter Earnings Confere ...

FORM 10-Q Table of Contents (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Main Street Capital Corporation (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 1300 Post Oak Boulevard, 8th Floor Houston, TX For the transition period from: to ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES Commission File Number: 001-33723 For the quarterly period ended June 30, 2021 EXCHANGE AC ...

Main Street Capital (NYSE:MAIN) Q1 2021 Earnings Conference Call May 7, 2021 10:00 AM ET Company Participants Zach Vaughan - IR Dwayne Hyzak - CEO & Executive Director David Magdol - President, CIO & Senior MD Brent Smith - CFO & Treasurer Conference Call Participants Robert Dodd - Raymond James Operator Greetings, and welcome to Main Street Capital Corporation First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number: 001-33723 Main Street Capital Corporation (Exact name of registrant as specified in its charter) Maryland (State ...