The Modular Multilevel Matrix Converter (M3C) performs a direct three-phase AC to AC power conversion and is highly suitable for medium voltage high power drive applications. One area of application are high speed drives such as compressors. However, additional balancing power components which reduce the output power capability of the M3C when input and output frequencies are similar occur. This paper analytically examines the operation behavior and power capability in these operation points in order to assess whether the M3C can generate these additional components without oversizing the converter's components. Subsequently, the theoretical evaluation is verified by a laboratory scaled prototype with a rated power of 15 kW.