Financial Data and Key Metrics Changes - The total investment income for Q3 2022 increased by $21.6 million or 28% year-over-year and $13.2 million or 15.4% compared to Q2 2022, reaching $98.4 million [39] - Net investment income (NII) per share rose to $0.83, and distributable net investment income (DNII) per share increased to $0.88, both up by $0.12 from the same period last year [46] - The net asset value (NAV) increased by $114.3 million or $0.57 per share, ending the quarter at a record NAV of $25.94 per share [44] Business Line Data and Key Metrics Changes - The lower middle market portfolio included investments in 75 companies with a fair value of $1.9 billion, approximately 20% above the cost basis [35] - The private loan portfolio had investments in 87 companies representing $1.5 billion of fair value, while the middle-market portfolio had investments in 33 companies valued at $354 million [35] - Total investments in the lower middle market portfolio amounted to $112 million, resulting in a net increase of approximately $85 million after repayments [32] Market Data and Key Metrics Changes - The repayment rate in the private loan portfolio has slowed significantly, with a decrease of approximately 70% in Q3 2022 compared to the same quarter in the previous year [34] - The total investment portfolio grew by 6.9% during the third quarter to approximately $4 billion at fair value [35] Company Strategy and Development Direction - The company continues to focus on the underserved lower middle market, targeting a blended internal rate of return in the mid to high teens range through a disciplined mix of debt and equity investments [30] - The company is optimistic about future follow-on investments in existing portfolio companies, indicating strong relationships with management teams [55] - The company plans to recommend future supplemental dividends if DNII significantly exceeds monthly dividends in upcoming quarters [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the investment portfolio and the favorable investment environment, expecting another strong quarter in Q4 2022 with anticipated DNII per share exceeding $0.90 [49] - The company noted that the current market dynamics have created attractive opportunities for deploying capital, particularly in the lower middle market and private loan sectors [26][28] Other Important Information - The company declared a supplemental dividend of $0.10 per share payable in December and increased monthly dividends for Q1 2023 to $0.225 per share, representing a 4.7% increase from Q1 2022 [18] - The company raised $105 million through equity capital during the quarter, enhancing its capital structure [45] Q&A Session Summary Question: What drove the unrealized gains in the lower middle market portfolio? - Management indicated that several companies performed well and improved their capital structures, leading to positive valuations [53] Question: Are there opportunities for follow-on investments in the current macro environment? - Management expressed confidence in existing lower middle market companies and indicated that a significant portion of the current investment pipeline consists of follow-on investments in these companies [55]

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR o 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) (State or o ...

Main Street Capital Corporation (NYSE:MAIN) Q2 2022 Earnings Conference Call August 5, 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 - Chief Financial Officer and Chief Operating Officer Nick Meserve - Managing Director and Head, Private Credit Investment Group Conference Call Participants Kenneth Lee - RBC Capital Markets Operator Greetings, and welcome to the Main Street Capi ...

Investment Strategy and Portfolio - The company aims to maximize total return through current income from debt investments and capital appreciation from equity investments, targeting lower middle market (LMM) companies with annual revenues between $10 million and $150 million [364]. - The company’s LMM portfolio investments generally range in size from $5 million to $75 million, while Middle Market investments range from $3 million to $25 million [364]. - The company’s investment strategies include filling the financing gap for LMM businesses, which historically have had limited access to traditional financing sources [365]. - As of June 30, 2022, the fair value of the LMM portfolio was $1,816.3 million, the Private Loan portfolio was $1,309.0 million, and the Middle Market portfolio was $363.5 million [382]. - The number of portfolio companies as of June 30, 2022, included 75 in LMM, 82 in Private Loan, and 34 in Middle Market [382]. - The average EBITDA for the LMM portfolio was $7.5 million, for the Private Loan portfolio was $41.2 million, and for the Middle Market portfolio was $71.4 million as of June 30, 2022 [382]. Financial Performance - Total investment income for Q2 2022 was $85.2 million, a 27% increase from $67.3 million in Q2 2021 [412]. - Net investment income for Q2 2022 increased 29% to $54.7 million, or $0.75 per share, compared to $42.4 million, or $0.62 per share, in Q2 2021 [417]. - Distributable net investment income for Q2 2022 rose 29% to $58.3 million, or $0.80 per share, compared to $45.2 million, or $0.66 per share, in Q2 2021 [418]. - Total investment income for the six months ended June 30, 2022, was $164.6 million, a 27% increase from $130.1 million in the same period of 2021 [429]. - Net investment income for the six months ended June 30, 2022 increased 30% to $106.9 million, or $1.47 per share, compared to $82.1 million, or $1.20 per share, for the same period in 2021 [434]. - Distributable net investment income for the six months ended June 30, 2022 increased 30% to $113.4 million, or $1.56 per share, compared with $87.2 million, or $1.28 per share, in the corresponding period of 2021 [435]. Expenses and Costs - The ratio of total operating expenses, excluding interest expense, as a percentage of quarterly average total assets was 1.5% for the trailing twelve months ended June 30, 2022 [373]. - Total expenses for Q2 2022 were $30.5 million, a 22% increase from $24.9 million in Q2 2021 [414]. - Employee compensation expenses increased by 60% to $10.0 million in Q2 2022 from $6.3 million in Q2 2021 [414]. - Total expenses for the six months ended June 30, 2022, were $57.7 million, reflecting a 20% increase from $48.0 million in the corresponding period of 2021 [432]. Investment Manager and Fees - The total contribution to net investment income from the External Investment Manager was $5.2 million for the three months ended June 30, 2022, compared to $3.8 million for the same period in 2021 [377]. - The External Investment Manager earned base management fee income of $5.4 million during the three months ended June 30, 2022, up from $4.2 million in the same period of 2021 [377]. - The company’s total expenses allocated to the External Investment Manager were $3.5 million for the three months ended June 30, 2022, compared to $2.6 million for the same period in 2021 [379]. Debt and Financing - The company anticipates funding its investment activities through existing cash, cash flows, available borrowings, and future issuances of debt and equity capital [462]. - The Credit Facility included total commitments of $855.0 million from 18 lenders, with a maturity date in April 2026 [448]. - The company had $350.0 million of outstanding SBIC debentures guaranteed by the SBA as of June 30, 2022, with a weighted-average annual fixed interest rate of 2.9% [449]. - The company had $380.0 million in borrowings outstanding under its Credit Facility, which is set to mature in April 2026 [473]. Dividend and Shareholder Returns - The company declared a supplemental cash dividend of $0.10 per share in August 2022, in addition to regular monthly dividends totaling $0.645 per share for Q3 2022 [484]. - Regular monthly dividends of $0.22 per share were declared for Q4 2022, representing a 4.8% increase from the previous year, totaling $0.66 per share for the quarter [485]. Market and Economic Conditions - The company intends to grow its portfolio and investment income over the long term, despite potential limitations during depressed economic periods [372]. - The company is monitoring the impact of interest rate changes on its overall financial performance [491].

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 ...