Main Street Capital Corporation
01/15/2026 | Press release | Distributed by Public on 01/15/2026 09:34
Business/Financial Results (Form 8-K)
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NEWS RELEASE
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Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, [email protected]
Ryan R. Nelson, CFO, [email protected]
713-350-6000
Dennard Lascar Investor Relations
Ken Dennard / [email protected]
Zach Vaughan / [email protected]
713-529-6600
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Main Street Announces Preliminary Estimate of Fourth Quarter 2025
Operating Results
Announces Federal Tax Treatment of 2025 Dividends
Announces Fourth Quarter and Full Year 2025 Earnings Release and Conference Call
Schedule
HOUSTON - January 15, 2026 - Main Street Capital Corporation (NYSE: MAIN) ("Main
Street" or the "Company") is pleased to announce its preliminary operating results for the fourth
quarter of 2025, the federal tax treatment of its dividends paid in 2025 and its fourth quarter and
full year 2025 earnings release and conference call schedule.
In commenting on the Company's preliminary operating results for the fourth quarter of 2025,
Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are extremely pleased
with our continued strong performance in the fourth quarter, which closed another great year for
Main Street across our key financial metrics, including several new quarterly and annual records.
Our preliminary operating results highlight that our fourth quarter performance resulted in
another quarter of strong operating results, including favorable distributable net investment
income per share and a new record for net asset value per share for the fourteenth consecutive
quarter, primarily driven by a significant net fair value increase and including the benefits of
material net realized gains in both our lower middle market and private loan investment
portfolios. We also produced extremely strong fourth quarter investment activity in our unique
lower middle market investment strategy, resulting in an annual record for gross investments of
approximately $700 million in 2025. Our fourth quarter results continued our positive
performance over the last few years and resulted in an estimated return on equity of over 17% for
the quarter and for the full year. We look forward to sharing the full details of our fourth quarter
and full year 2025 results in late February."
Preliminary Estimates of Fourth Quarter 2025 Results
Main Street's preliminary estimate of fourth quarter 2025 net investment income ("NII") is $1.01
to $1.05 per share, distributable net investment income ("DNII")(1) is $1.07 to $1.11 per share
and DNII before taxes(2) is $1.09 to $1.13 per share.
Main Street's preliminary estimate of net asset value ("NAV") per share as of December 31,
2025 is $33.29 to $33.37, representing an increase of $0.51 to $0.59 per share, or 1.5% to 1.8%,
from the NAV per share of $32.78 as of September 30, 2025, with this increase after the impact
of the supplemental dividend paid in December 2025 of $0.30 per share. The estimated NAV per
share increase is primarily due to the net fair value increase of the investment portfolio and the
accretive impact of equity issuances, partially offset by the net tax provision for the quarter. The
net fair value increase of the existing investment portfolio is primarily the result of net fair value
increases of the existing lower middle market ("LMM") and private loan investment portfolios,
partially offset by net fair value decreases of the wholly-owned asset manager and the residual
middle market investment portfolio.
As a result of Main Street's preliminary estimates of NII, the net changes in the fair value of the
investment portfolio and the net tax provision as noted above, Main Street estimates that it
generated a return on equity of over 17% for both the fourth quarter on an annualized basis and
for the full year of 2025.(3)
Main Street preliminarily estimates that investments on non-accrual status comprised 1.0% of the
total investment portfolio at fair value and 3.3% at cost as of December 31, 2025.
Investment Portfolio Activity
The Company's fourth quarter 2025 operating activities include the following investment activity
in the LMM and private loan investment strategies:
•$300.0 million in total LMM portfolio investments, which after aggregate repayments
and return of invested equity capital, including a decrease in cost basis associated with
the exits of several LMM portfolio investments, resulted in a net increase of $253.1
million in the total cost basis of the LMM investment portfolio; and
•$231.4 million in total private loan portfolio investments, which after aggregate
repayments, return of invested equity capital associated with the exit of two private loan
portfolio investments and a decrease in cost basis due to a realized loss on a private loan
portfolio investment resulted in a net increase of $108.8 million in the total cost basis of
the private loan investment portfolio.
Federal Tax Treatment of 2025 Dividends
Main Street has posted information regarding the U.S. federal income tax characteristics of its
dividends paid in 2025 on its website under "2025 Form 1099 Information" (https://
www.mainstcapital.com/investors/listed-securities-information/tax-information).(4) Main Street
paid dividends totaling $4.23 per share in 2025, with approximately 8% of such dividends taxed
as qualified dividends and approximately 92% taxed as ordinary income. Qualified dividends
paid to non-corporate taxpayers (including individuals) qualify for favorable tax treatment under
the Internal Revenue Code ("IRC") and, for 2025, will generally be subject to a maximum 20%
U.S. federal income tax rate (plus a 3.8% Medicare surtax, if applicable).
Federal Tax Treatment of 2025 Dividends - Non-U.S. Shareholders
Non-U.S. resident and foreign corporation shareholders ("Non-U.S. Shareholders") in a
Regulated Investment Company ("RIC"), such as Main Street, are exempt from U.S. withholding
tax on both "interest-related" dividends and short-term capital gains in accordance with the IRC
Sections 871(k) and 881(e). In addition, Non-U.S. Shareholders in a RIC are also exempt from
U.S. withholding tax on long-term capital gains. Main Street paid dividends totaling $4.23 per
share in 2025, with approximately 47% of such dividends relating to "interest-related" dividends
and short-term capital gains. See "Tax Treatment of 2025 Dividends to Non-U.S. Shareholders"
posted on Main Street's website for more details (https://www.mainstcapital.com/investors/
listed-securities-information/tax-information).(4)
To the extent Non-U.S. Shareholder taxes were withheld on dividends distributed, this
information may be considered in connection with any claims for refund on taxes made with the
U.S. Internal Revenue Service. Non-U.S. Shareholders should contact their tax advisor with any
questions regarding this information.
Fourth Quarter and Full Year 2025 Earnings Release and Conference Call Schedule
Main Street will release its fourth quarter and full year 2025 results on Thursday, February 26,
2026, after the financial markets close. In conjunction with the release, Main Street has
scheduled a conference call, which will be broadcast live via phone and over the Internet, on
Friday, February 27, 2026, at 10:00 a.m. Eastern time. Investors may participate either by phone
or audio webcast.(4)
By Phone:Dial 412-902-0030 at least 10 minutes before the call. A replay will be
available through March 6, 2026 by dialing 201-612-7415 and using the
access code 13757959#.
By Webcast:Connect to the webcast via the Investor Relations section of Main Street's
website at www.mainstcapital.com. Please log in at least 10 minutes in
advance to register and download any necessary software. A replay of the
conference call will be available on Main Street's website shortly after the call
and will be accessible until the date of Main Street's earnings release for the
next quarter.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides
customized long-term debt and equity capital solutions to lower middle market companies and
debt capital to private companies owned by or in the process of being acquired by a private
equity fund. Main Street's portfolio investments are typically made to support management
buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that
operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business
owners and management teams and generally provides customized "one-stop" debt and equity
financing solutions within its lower middle market investment strategy. Main Street seeks to
partner with private equity fund sponsors and primarily invests in secured debt investments in its
private loan investment strategy. Main Street's lower middle market portfolio companies
generally have annual revenues between $10 million and $150 million. Main Street's private
loan portfolio companies generally have annual revenues between $25 million and $500 million.
Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC
Adviser"), also maintains an asset management business through which it manages investments
for external parties. MSC Adviser is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended.
Main Street Capital Corporation published this content on January 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 15, 2026 at 15:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]