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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 – 4.0X EBITDA to MAIN debt investment. 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Generate cash yield to support MAIN monthly dividend", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:06:03.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0049b022-fdb6-43e5-82b6-db4fff81a082", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.5, "x": 0.45, "y": 0.35 }, "kind": "list", "text": "Investment Characteristics: Investments in companies consistent with LMM/Middle Market; Proprietary originations; Weighted-average EBITDA of $27.2 million", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:06:03.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22a252f2-b6ef-4628-aa6e-13e38e89e35c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.45, "y": 0.55 }, "kind": "list", "text": "Investments in secured debt investments: First lien, senior secured; Floating rate", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:06:03.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3544d596-0d4c-4e72-abec-e1af12fc7753", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.45, "y": 0.65 }, "kind": "list", "text": "9% – 14% targeted gross yields: Weighted-average effective yield of 12.9%; Net returns impacted by lower overhead/modest leverage; Floating rate matching", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:06:03.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5e86d30-96b4-42a7-890b-82ca1ae395a6", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "Private Loan portfolio investments are primarily debt investments in privately held companies which have primarily been originated directly by MAIN or to a lesser extent through strategic relationships with other credit funds on a collaborative basis (often referred to in the debt markets as “club deals” because of the small lender group size). 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