Form 8-K

8-K — Main Street Capital CORP

Accession: 0001396440-26-000068

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001396440

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — main-20260507.htm (Primary)

EX-99.1 (main-q12026xearningsreleas.htm)

GRAPHIC (mainsta.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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main-20260507

0001396440false00013964402026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________________________

FORM 8-K

__________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 7, 2026

__________________________________________________________________________

Main Street Capital Corporation

(Exact name of registrant as specified in its charter)

Maryland

814-00746

41-2230745

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1300 Post Oak Boulevard, 8th Floor, Houston, Texas

77056

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (713) 350-6000

Not Applicable

___________________________________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

MAIN

New York Stock Exchange

NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act

of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. o

Item 2.02Results of Operations and Financial Condition.

On May 7, 2026, the Registrant issued a press release. A copy of such press release is attached hereto as Exhibit 99.1 and is

incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by

reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such

filing.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

99.1

Press release dated May 7, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to

be signed on its behalf by the undersigned hereunto duly authorized.

Main Street Capital Corporation

Date: May 7, 2026

By:

/s/ Jason B. Beauvais

Name: Jason B. Beauvais

Title: General Counsel

EX-99.1

Filename: main-q12026xearningsreleas.htm · Sequence: 2

MAIN - Q1 2026 - Earnings Release - EX-99.1

Exhibit 99.1

NEWS RELEASE

Contacts:

Main Street Capital Corporation

Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com

Ryan R. Nelson, CFO, rnelson@mainstcapital.com

713-350-6000

Dennard Lascar Investor Relations

Ken Dennard / ken@dennardlascar.com

Zach Vaughan / zvaughan@dennardlascar.com

713-529-6600

MAIN STREET ANNOUNCES

FIRST QUARTER 2026 RESULTS

First Quarter 2026 Net Investment Income of $0.93 Per Share

First Quarter 2026 Distributable Net Investment Income(1) of $1.00 Per Share

First Quarter 2026 Distributable Net Investment Income Before Taxes(2) of $1.04 Per Share

Net Asset Value of $33.46 Per Share

HOUSTON, May 7, 2026 – Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) is pleased to

announce its financial results for the first quarter ended March 31, 2026. Unless otherwise noted or the context

otherwise indicates, the terms “we,” “us,” “our” and the “Company” refer to Main Street and its consolidated

subsidiaries.

First Quarter 2026 Highlights

•Net investment income (“NII”) of $84.6 million, or $0.93 per share

•Distributable net investment income (“DNII”)(1) of $90.8 million, or $1.00 per share

•DNII before taxes(2) of $94.1 million, or $1.04 per share

•Total investment income of $140.1 million

•An industry leading position in cost efficiency, with a ratio of total non-interest operating expenses as a

percentage of quarterly average total assets (“Operating Expenses to Assets Ratio”) of 1.3% on both an

annualized basis for the quarter and for the trailing twelve-month (“TTM”) period ended March 31, 2026

•Net asset value of $33.46 per share as of March 31, 2026, representing an increase of $0.13 per share, or

0.4%, compared to $33.33 per share as of December 31, 2025

•Declared regular monthly dividends totaling $0.78 per share for the second quarter of 2026, or $0.26 per

share for each of April, May and June 2026, representing a 4.0% increase from the regular monthly

dividends paid in the second quarter of 2025

•Declared and paid a supplemental dividend of $0.30 per share, resulting in total dividends paid in the first

quarter of 2026 of $1.08 per share and representing a 2.9% increase from the total dividends paid in the first

quarter of 2025

•Completed $205.9 million in total lower middle market (“LMM”) portfolio investments, including

investments totaling $104.8 million in three new portfolio companies, which after aggregate repayments,

return of invested equity capital and a decrease in cost basis due to a realized loss resulted in a net increase

of $157.1 million in the total cost basis of the LMM investment portfolio

•Completed $149.1 million in total private loan portfolio investments, which after aggregate repayments,

return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net increase

of $36.6 million in the total cost basis of the private loan investment portfolio

•Fully exited investments in KBK Industries, LLC, realizing a gain of $17.3 million, which in addition to the

total dividends of $25.1 million received over the life of the equity investment, resulted in annual internal

rate of returns and times money invested returns of 127.2% and 62.7 times, respectively, on the equity

investment, and 27.7% and 3.5 times, respectively, including all debt and equity investments in the company

on a cumulative basis since Main Street’s initial investment in 2006

•Further enhanced our liquidity position and strengthened our capital structure by (i) adding a new lender

relationship and expanding the total commitments under our Corporate Facility by $30.0 million to a total of

$1.175 billion and (ii) issuing an additional $200.0 million of the March 2029 Notes (with our Corporate

Facility and the March 2029 Notes each as defined in the Liquidity and Capital Resources section below)

In commenting on the Company’s operating results for the first quarter of 2026, Dwayne L. Hyzak, Main

Street’s Chief Executive Officer, stated, “We are pleased with our performance in the first quarter, particularly

given the backdrop of significant economic and geopolitical uncertainty, which resulted in distributable net

investment income before taxes in line with our expectations and prior guidance. We believe that these results

continue to demonstrate the sustainable strength of our overall platform, the benefits of our differentiated and

diversified investment strategies and the continued underlying strength and quality of our portfolio companies.

Consistent with our experience in prior periods of broad economic uncertainty, we believe that our ability to

provide highly flexible and customized financing solutions to lower middle market companies and their owners

and management teams, together with our differentiated long-term to permanent holding periods, represents an

even more attractive solution to the needs of many lower middle market companies, and we are excited about

our prospects for continued near-term growth of our lower middle market investment strategy. Similarly, in our

private loan investment strategy, we are seeing an improved lending environment and significant opportunities,

which we believe positions us well to capitalize on new private loan investment opportunities and to generate

attractive returns on those investments.”

Mr. Hyzak continued, “We are pleased to have completed significant investments in our lower middle market

investment strategy in the first quarter, following our very strong investment activity in the fourth quarter of

2025, resulting in significant growth of our lower middle market investment portfolio over the last two quarters.

Our first quarter results and investment activity, continued attractive investment pipeline and favorable outlook

for the second quarter resulted in the declaration of another $0.30 per share supplemental dividend to be paid in

June 2026, representing our nineteenth consecutive quarterly supplemental dividend, to go with the 12 increases

to our regular monthly dividends declared since the fourth quarter of 2021. Additionally, with the continued

support from our long-term lender relationships, and the benefits of our recent follow-on issuance of investment

grade notes in March 2026 and private placement issuance of investment grade notes in April 2026, we continue

to maintain strong liquidity and a conservative leverage profile, which we believe is important in the current

economic environment. We remain confident that our diversified lower middle market and private loan

investment strategies, together with the benefits of our asset management business, our cost efficient operating

structure and conservative capital structure, will allow us to continue to deliver superior results for our

shareholders.”

First Quarter 2026 Operating Results

The following table provides a summary of our operating results for the first quarter of 2026:

Three Months Ended March 31,

2026

2025

Change

Change (%)

(dollars in thousands, except per share amounts)

Interest income

$105,306

$98,017

$7,289

Dividend income

28,196

36,026

(7,830)

(22)%

Fee income

6,604

3,003

3,601

120%

Total investment income

$140,106

$137,046

$3,060

Net investment income

$84,579

$85,897

$(1,318)

(2)%

Net investment income per share

$0.93

$0.97

$(0.04)

(4)%

Distributable net investment income (1)

$90,786

$90,919

$(133)

—%

Distributable net investment income per share (1)

$1.00

$1.02

$(0.02)

(2)%

Distributable net investment income before taxes (2)

$94,050

$94,832

$(782)

(1)%

Distributable net investment income before taxes per share (2)

$1.04

$1.07

$(0.03)

(3)%

Net increase in net assets resulting from operations

$48,981

$116,082

$(67,101)

(58)%

Net increase in net assets resulting from operations per share

$0.54

$1.31

$(0.77)

(59)%

Return on equity - quarter annualized (3)

6.4%

16.5%

(10.1)%

(61)%

The $3.1 million increase in total investment income in the first quarter of 2026 from the comparable period of

the prior year was principally attributable to (i) a $7.3 million increase in interest income, primarily due to

higher average levels of income producing investment portfolio debt investments, partially offset by a decrease

in interest rates, primarily resulting from decreases in benchmark index rates on floating rate investment

portfolio debt investments, and the negative impact from investment portfolio debt investments on non-accrual

status and (ii) a $3.6 million increase in fee income, primarily due to a $2.6 million increase in fee income

related to increased investment activity and a $1.0 million increase in fee income from the refinancing and

prepayment of investment portfolio debt investments. These increases were partially offset by a $7.8 million

decrease in dividend income, primarily due to an $8.0 million decrease in dividend income from our LMM

portfolio companies and a $0.7 million decrease in dividend income from our private loan portfolio companies,

partially offset by a $0.6 million increase in dividend income from our other portfolio investments. The $3.1

million increase in total investment income in the first quarter of 2026 includes the impact of an increase of $1.7

million in certain income considered less consistent or non-recurring, primarily related to increases of (i) $1.0

million in such fee income and (ii) $0.7 million in such dividend income, in each case when compared to the

same period in 2025.

Total cash expenses(4) increased $3.8 million, or 9.1%, to $46.1 million in the first quarter of 2026 from $42.2

million for the same period in 2025. This increase in total cash expenses was principally attributable to (i) a $2.9

million increase in interest expense and (ii) a $0.8 million increase in cash compensation expenses.(4) The

increase in interest expense is primarily related to an increase in average borrowings outstanding used to fund a

portion of the growth of our investment portfolio, partially offset by (i) a decreased weighted-average interest

rate on our Credit Facilities due to decreases in benchmark index rates and decreases to the applicable margin

rates resulting from the amendments of our Credit Facilities in April 2025 and (ii) a decreased weighted-average

interest rate on our unsecured debt obligations resulting from the repayment in September of 2025 of the $150.0

million of unsecured notes with a maturity date in December of 2025 and the issuance of the August 2028 Notes

(as defined in the Liquidity and Capital Resources section below). The increase in cash compensation

expenses(4) is primarily related to increases in base compensation rates and other employee compensation related

accruals.

Non-cash compensation expenses(4) increased $1.2 million in the first quarter of 2026 from the comparable

period of the prior year, primarily driven by a $0.9 million increase in deferred compensation expense.

Our Operating Expenses to Assets Ratio (which includes non-cash compensation expenses(4)) on an annualized

basis was 1.3% for the first quarter of 2026, an increase from 1.2% for the first quarter of 2025.

Excise tax expense decreased $1.0 million and NII related federal and state income and other tax expenses

increased $0.3 million in the first quarter of 2026 compared to the same period in 2025, resulting in a net

decrease in tax expenses included in NII of $0.6 million. The decrease in excise tax is due to a decrease in

undistributed taxable income as of March 31, 2026 and the increase in NII related federal and state income and

other tax expenses is due to an increase in taxable NII between the relevant periods.

The $1.3 million decrease in NII and the $0.1 million decrease in DNII(1) in the first quarter of 2026 from the

comparable period of the prior year were both principally attributable to an increase in total expenses, partially

offset by (i) the increase in total investment income and (ii) the decrease in NII related tax expenses, each as

discussed above. NII and DNII(1) on a per share basis decreased by $0.04 per share and $0.02 per share,

respectively, for the first quarter of 2026 as compared to the first quarter of 2025, to $0.93 per share and $1.00

per share, respectively. These decreases include the impact of a 2.2% increase in the weighted-average shares

outstanding compared to the first quarter of 2025, primarily due to shares issued since the beginning of the

comparable period of the prior year through our (i) at-the-market (“ATM”) equity issuance program, (ii)

dividend reinvestment plan and (iii) equity incentive compensation plans. The decrease in NII on a per share

basis in the first quarter of 2026 is after a net increase of $0.01 per share resulting from items considered less

consistent or non-recurring in nature compared to the first quarter of 2025, including a $0.02 per share increase

in such investment income, partially offset by a $0.01 per share increase in deferred compensation expenses,

each as discussed above. The decrease in DNII(1) on a per share basis in the first quarter of 2026 is after a $0.02

per share increase in investment income considered less consistent or non-recurring in nature compared to the

first quarter of 2025, as discussed above.

The $49.0 million net increase in net assets resulting from operations in the first quarter of 2026 represents a

$67.1 million decrease from the first quarter of 2025. This decrease was primarily the result of (i) a $66.3

million decrease in the net fair value change of our portfolio investments resulting from the net impact of net

realized gains/losses and net unrealized appreciation/depreciation, with the decrease resulting from a net fair

value decrease of $32.6 million in the first quarter of 2026 compared to a net fair value increase of $33.6

million in the prior year and (ii) a $1.3 million decrease in NII as discussed above, with these decreases partially

offset by a $0.5 million decrease in net tax provision on the net fair value change of our portfolio investments

resulting from a net tax provision of $3.0 million in the first quarter of 2026 compared to a net tax provision of

$3.5 million in the comparable period of the prior year. The $32.6 million net fair value decrease in the first

quarter of 2026 was the result of net unrealized depreciation (including the reversal of net fair value

appreciation recognized in prior periods due to the net realized gain in the quarter) of $50.6 million, partially

offset by a net realized gain of $18.0 million. The $33.6 million net fair value increase in the first quarter of

2025 was the result of net unrealized appreciation of $63.2 million, partially offset by a net realized loss of

$29.5 million. The $18.0 million net realized gain from investments for the first quarter of 2026 was primarily

the result of (i) a $17.3 million realized gain on the full exit of a LMM portfolio investment, (ii) a $7.8 million

realized gain on the full exit of a private loan portfolio investment and (iii) $1.8 million of realized gains on the

partial exits of two other portfolio investments, partially offset by (i) $7.8 million of realized losses on the full

exits of two private loan portfolio investments and (ii) a $1.6 million realized loss on the full exit of a LMM

portfolio investment.

The following table provides a summary of the total net unrealized depreciation of $50.6 million for the first

quarter of 2026:

Three Months Ended March 31, 2026

LMM (a)

Private

Loan

Middle

Market

Other

Total

(in millions)

Accounting reversals of net unrealized appreciation recognized in

prior periods due to net realized gains / income recognized during the

current period

$(16.7)

$(0.9)

$—

$(1.8)

$(19.4)

Net unrealized appreciation (depreciation) relating to portfolio

investments

29.3

(36.0)

(2.9)

(21.6)

(b)

(31.2)

Total net unrealized appreciation (depreciation) relating to portfolio

investments

$12.6

$(36.9)

$(2.9)

$(23.4)

$(50.6)

___________________________

(a)Includes unrealized appreciation on 35 LMM portfolio investments and unrealized depreciation on 25 LMM

portfolio investments.

(b)Includes $22.0 million of unrealized depreciation related to the External Investment Manager (as defined in

the External Investment Manager section below).

Liquidity and Capital Resources

As of March 31, 2026, we had aggregate liquidity of $1.406 billion, including (i) $20.8 million in cash and cash

equivalents and (ii) $1.385 billion of aggregate unused capacity under our corporate revolving credit facility

(the “Corporate Facility”) and our special purpose vehicle revolving credit facility (the “SPV Facility” and,

together with the Corporate Facility, the “Credit Facilities”), which we maintain to support our investment and

operating activities.

Several details regarding our capital structure as of March 31, 2026 are as follows:

•The Corporate Facility included $1.175 billion in total commitments from a diversified group of 18

participating lenders, plus an accordion feature that allows us to request an increase in the total

commitments under the facility to up to $1.718 billion.

•$119.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.5% based

on the applicable Secured Overnight Financing Rate (“SOFR”) effective for the contractual reset date of

April 1, 2026.

•The SPV Facility included $600.0 million in total commitments from a diversified group of six participating

lenders, plus an accordion feature that allows us to request an increase in the total commitments under the

facility to up to $800.0 million.

•$267.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.6% based on the

applicable SOFR effective for the contractual reset date of April 1, 2026.

•$550.0 million of unsecured notes outstanding that bear interest at a rate of 6.95% per year (the “March

2029 Notes”) with a yield-to-maturity of 6.68%. The March 2029 Notes mature on March 1, 2029 and may

be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.

•$500.0 million of unsecured notes outstanding that bear interest at a rate of 3.00% per year (the “July 2026

Notes”). The July 2026 Notes mature on July 14, 2026 and may be redeemed in whole or in part at any time

at our option subject to certain make-whole provisions.

•$400.0 million of unsecured notes outstanding that bear interest at a rate of 6.50% per year with a yield-to-

maturity of approximately 6.34% (the “June 2027 Notes”). The June 2027 Notes mature on June 4, 2027

and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.

•$350.0 million of unsecured notes outstanding that bear interest at a rate of 5.40% per year (the “August

2028 Notes”). The August 2028 Notes mature on August 15, 2028 and may be redeemed in whole or in part

at any time at our option subject to certain make-whole provisions.

•$350.0 million of outstanding Small Business Investment Company (“SBIC”) debentures through our

wholly-owned SBIC subsidiaries. These debentures, which are guaranteed by the U.S. Small Business

Administration (the “SBA”), had a weighted-average annual fixed interest rate of 3.26% and mature ten

years from original issuance. The first maturity related to our existing SBIC debentures occurs in the first

quarter of 2027, and the weighted-average remaining duration was 4.4 years.

•We maintain investment grade credit ratings from each of Fitch Ratings and S&P Global Ratings, both of

which have assigned us investment grade credit ratings of BBB- with a stable outlook.

•Our net asset value totaled $3.1 billion, or $33.46 per share.

In April 2026, we issued $150.0 million in aggregate principal amount of 6.93% unsecured notes in a private

placement (the “April 2031 Notes”). The April 2031 Notes mature on April 15, 2031 and may be redeemed in

whole or in part at any time at our option subject to certain make-whole provisions.

Investment Portfolio Information as of March 31, 2026(5)

The following table provides a summary of the investments in our LMM portfolio and private loan portfolio as

of March 31, 2026:

March 31, 2026

LMM (a)

Private Loan

(dollars in millions)

Number of portfolio companies

Fair value

$3,227.4

$1,993.9

Cost

$2,577.0

$2,057.0

Debt investments as a % of portfolio (at cost)

72.0%

94.5%

Equity investments as a % of portfolio (at cost)

28.0%

5.5%

% of debt investments at cost secured by first priority lien

99.4%

99.3%

Weighted-average annual effective yield (b)

12.6%

10.3%

Average EBITDA (c)

$11.2

$34.2

___________________________

(a)We had equity ownership in all of our LMM portfolio companies, and our average fully diluted equity

ownership in those portfolio companies was 36%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt

investments as of March 31, 2026, including amortization of deferred debt origination fees and accretion of

original issue discount but excluding fees payable upon repayment of the debt investments and any debt

investments on non-accrual status, and are weighted based upon the principal amount of each applicable

debt investment as of March 31, 2026.

(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using

a simple average for LMM portfolio companies and a weighted-average for private loan portfolio

companies. These calculations exclude certain portfolio companies, including five LMM portfolio

companies and six private loan portfolio companies, as EBITDA is not a meaningful valuation metric for

our investments in these portfolio companies, and those portfolio companies whose primary purpose is to

own real estate and those portfolio companies whose primary operations have ceased and only residual

value remains.

The fair value of our LMM portfolio company equity investments was 197% of the related cost basis of such

equity investments, and our LMM portfolio companies had a median net senior debt (senior interest-bearing

debt through our debt position less cash and cash equivalents) to EBITDA ratio of 2.5 to 1.0 and a median total

EBITDA to senior interest expense ratio of 3.0 to 1.0. Including all debt that is junior in priority to our debt

position, these median ratios were 2.5 to 1.0 and 2.9 to 1.0, respectively.(5)(6)

As of March 31, 2026, our investment portfolio also included:

•Other portfolio investments in 34 entities, spread across 13 investment managers, collectively totaling

$138.5 million in fair value and $148.5 million in cost basis, which comprised 2.4% and 3.0% of our

investment portfolio at fair value and cost, respectively;

•Middle market portfolio investments in 11 portfolio companies, collectively totaling $81.9 million in fair

value and $121.4 million in cost basis, which comprised 1.4% and 2.5% of our investment portfolio at fair

value and cost, respectively; and

•Our investment in the External Investment Manager, with a fair value of $233.1 million and a cost basis of

$29.5 million, which comprised 4.1% and 0.6% of our investment portfolio at fair value and cost,

respectively.

As of March 31, 2026, investments on non-accrual status comprised 1.2% of the total investment portfolio at

fair value and 4.0% at cost, and our total portfolio investments at fair value were 115% of the related cost basis.

External Investment Manager

MSC Adviser I, LLC is our wholly-owned portfolio company and registered investment adviser that provides

investment management services to external parties (the “External Investment Manager”). We share employees

with the External Investment Manager and allocate costs related to such shared employees and other operating

expenses to the External Investment Manager. The total contribution of the External Investment Manager to our

NII consists of the combination of the expenses we allocate to the External Investment Manager and the

dividend income we earn from the External Investment Manager. During the first quarter of 2026, the External

Investment Manager earned $10.3 million of total fee income, and waived $1.0 million of incentive fees,

resulting in total fee income, net of waivers of $9.3 million, an increase of $0.7 million from the first quarter of

2025. The fee income earned by the External Investment Manager in the first quarter of 2026 included (i) $6.1

million of management fee income, an increase of $0.3 million from the first quarter of 2025, and (ii) incentive

fees, net of waivers of $3.0 million, an increase of $0.3 million from the first quarter of 2025. We allocated $5.5

million of total expenses to the External Investment Manager during the first quarter of 2026, an increase of

$0.1 million from the first quarter of 2025. The increase in management fee income was primarily attributable

to an increase in total assets managed for clients. The increase in incentive fees, net of waivers, is the result of a

an increase in gross incentive fees of $1.3 million, partially offset by the $1.0 million incentive fee waiver. The

increase in gross incentive fees was primarily attributable to (i) the amended advisory agreement between the

External Investment Manager and its client, MSC Income Fund, Inc., in conjunction with the listing of MSC

Income Fund, Inc.’s shares on the New York Stock Exchange in January 2025 and (ii) improved operating

results from the assets managed for clients in the first quarter of 2026 relative to the first quarter of 2025. The

combination of the dividend income we earned from the External Investment Manager and expenses we

allocated to it resulted in a total contribution to our NII of $8.3 million, representing an increase of $0.5 million

from the first quarter of 2025.

The External Investment Manager ended the first quarter of 2026 with total assets under management of $1.8

billion.

First Quarter 2026 Financial Results Conference Call / Webcast

Main Street has scheduled a conference call for Friday, May 8, 2026 at 10:00 a.m. Eastern time to discuss the

first quarter 2026 financial results.(7)

You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The

conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of

the Main Street website at https://www.mainstcapital.com.

A telephonic replay of the conference call will be available through Friday, May 15, 2026 and may be accessed

by dialing 201-612-7415 and using the passcode 13759637#. An audio archive of the conference call will also

be available on the investor relations section of the Company’s website at https://www.mainstcapital.com

shortly after the call and will be accessible until the date of Main Street’s earnings release for the next quarter.

For a more detailed discussion of the financial and other information included in this press release, please refer

to the Main Street Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 to be filed

with the U.S. Securities and Exchange Commission (the “SEC”) (www.sec.gov) and Main Street’s First Quarter

2026 Investor Presentation to be posted on the investor relations section of the Main Street website at https://

www.mainstcapital.com.

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.

FORWARD-LOOKING STATEMENTS

Main Street cautions that statements in this press release which are forward‑looking and provide other than

historical information, including but not limited to Main Street’s ability to successfully source and execute on

new portfolio investments and deliver future financial performance and results, are based on current conditions

and information available to Main Street as of the date hereof and include statements regarding Main Street’s

goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the

expectations reflected in those forward‑looking statements are reasonable, Main Street can give no assurance

that those expectations will prove to be correct. Those forward-looking statements are made based on various

underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: Main

Street’s continued effectiveness in raising, investing and managing capital; adverse changes in the economy

generally or in the industries in which Main Street’s portfolio companies operate; the impacts of

macroeconomic factors on Main Street and its portfolio companies’ businesses and operations, liquidity and

access to capital, and on the U.S. and global economies, including impacts related to pandemics and other

public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain

constraints or disruptions and changes in market index interest rates; changes in laws and regulations or

business, political and/or regulatory conditions that may adversely impact Main Street’s operations or the

operations of its portfolio companies; the operating and financial performance of Main Street’s portfolio

companies and their access to capital; retention of key investment personnel; competitive factors; and such other

factors described under the captions “Cautionary Statement Concerning Forward-Looking Statements” and

“Risk Factors” included in Main Street’s filings with the SEC (www.sec.gov). Main Street undertakes no

obligation to update the information contained herein to reflect subsequently occurring events or circumstances,

except as required by applicable securities laws and regulations.

MAIN STREET CAPITAL CORPORATION

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)

Three Months Ended

March 31,

2026

2025

INVESTMENT INCOME:

Interest, dividend and fee income:

Control investments

$61,664

$56,242

Affiliate investments

26,181

23,734

Non‑Control/Non‑Affiliate investments

52,261

57,070

Total investment income

140,106

137,046

EXPENSES:

Interest

(34,043)

(31,168)

Compensation

(13,185)

(11,476)

General and administrative

(5,396)

(5,086)

Share‑based compensation

(5,105)

(4,842)

Expenses allocated to the External Investment Manager

5,466

5,336

Total expenses

(52,263)

(47,236)

NET INVESTMENT INCOME BEFORE TAXES

87,843

89,810

Excise tax expense

(381)

(1,341)

Federal and state income and other tax expenses

(2,883)

(2,572)

NET INVESTMENT INCOME

84,579

85,897

NET REALIZED GAIN (LOSS):

Control investments

10,035

Affiliate investments

—

2,064

Non‑Control/Non‑Affiliate investments

7,938

(31,631)

Total net realized gain (loss)

17,973

(29,545)

NET UNREALIZED APPRECIATION (DEPRECIATION):

Control investments

(47,208)

401

Affiliate investments

5,181

39,003

Non‑Control/Non‑Affiliate investments

(8,572)

23,786

Total net unrealized appreciation (depreciation)

(50,599)

63,190

Income tax provision on net realized gain (loss) and net unrealized appreciation (depreciation)

(2,972)

(3,460)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$48,981

$116,082

NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED

$0.93

$0.97

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—

BASIC AND DILUTED

$0.54

$1.31

WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED

90,654,821

88,711,015

MAIN STREET CAPITAL CORPORATION

Consolidated Balance Sheets

(in thousands, except per share amounts)

March 31,

December 31,

2026

2025

(Unaudited)

ASSETS

Investments at fair value:

Control investments

$2,583,010

$2,569,626

Affiliate investments

1,055,658

965,179

Non‑Control/Non‑Affiliate investments

2,036,083

1,983,312

Total investments

5,674,751

5,518,117

Cash and cash equivalents

20,791

41,959

Interest and dividend receivable and other assets

119,805

107,905

Deferred financing costs, net

13,051

13,720

Total assets

$5,828,398

$5,681,701

LIABILITIES

Credit Facilities

$386,000

$518,000

March 2029 Notes

551,015

347,721

July 2026 Notes

499,846

499,715

June 2027 Notes

399,641

399,569

August 2028 Notes

348,187

347,996

SBIC debentures

344,887

344,593

Accounts payable and other liabilities

47,826

67,799

Interest payable

20,306

30,094

Dividend payable

24,126

23,358

Deferred tax liability, net

112,920

108,963

Total liabilities

2,734,754

2,687,808

NET ASSETS

Common stock

925

898

Additional paid‑in capital

2,607,285

2,457,660

Total undistributed earnings

485,434

535,335

Total net assets

3,093,644

2,993,893

Total liabilities and net assets

$5,828,398

$5,681,701

NET ASSET VALUE PER SHARE

$33.46

$33.33

MAIN STREET CAPITAL CORPORATION

Reconciliation of Distributable Net Investment Income, Distributable Net Investment Income Before Taxes,

Total Non-Cash Compensation Expenses, Total Cash Expenses

and Total Cash Compensation Expenses

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended

March 31,

2026

2025

Net investment income

$84,579

$85,897

Non-cash compensation expenses (4)

6,207

5,022

Distributable net investment income (1)

$90,786

$90,919

Excise tax expense

381

1,341

Federal and state income and other tax expenses

2,883

2,572

Distributable net investment income before taxes (2)

$94,050

$94,832

Per share amounts:

Net investment income per share -

Basic and diluted

$0.93

$0.97

Distributable net investment income per share -

Basic and diluted (1)

$1.00

$1.02

Distributable net investment income before taxes per share -

Basic and diluted (2)

$1.04

$1.07

Three Months Ended

March 31,

2026

2025

Share‑based compensation

$(5,105)

$(4,842)

Deferred compensation expense

(1,102)

(180)

Total non-cash compensation expenses (4)

(6,207)

(5,022)

Total expenses

(52,263)

(47,236)

Less non-cash compensation expenses (4)

6,207

5,022

Total cash expenses (4)

$(46,056)

$(42,214)

Compensation

$(13,185)

$(11,476)

Share-based compensation

(5,105)

(4,842)

Total compensation expenses

(18,290)

(16,318)

Non-cash compensation expenses (4)

6,207

5,022

Total cash compensation expenses (4)

$(12,083)

$(11,296)

MAIN STREET CAPITAL CORPORATION

Endnotes

(1)DNII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S.

GAAP, excluding the impact of non-cash compensation expenses.(4) Main Street believes presenting DNII

and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial

performance since non-cash compensation expenses(4) do not result in a net cash impact to Main Street upon

settlement. However, DNII is a non-U.S. GAAP measure and should not be considered as a replacement for

NII or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in

connection with such U.S. GAAP measures in analyzing Main Street’s financial performance. A

reconciliation of NII in accordance with U.S. GAAP to DNII is detailed in the financial tables included with

this press release.

(2)DNII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of non-cash

compensation expenses(4) and any tax expenses included in NII. Main Street believes presenting DNII

before taxes and the related per share amount is useful and appropriate supplemental disclosure for

analyzing its financial performance since (i) non-cash compensation expenses(4) do not result in a net cash

impact to Main Street upon settlement and (ii) tax expenses included in NII may include (a) excise tax

expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current

period. However, DNII before taxes is a non-U.S. GAAP measure and should not be considered as a

replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP

and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street’s

financial performance. A reconciliation of NII in accordance with U.S. GAAP to DNII before taxes is

detailed in the financial tables included with this press release.

(3)Return on equity equals the net increase in net assets resulting from operations divided by the average

quarterly total net assets.

(4)Non-cash compensation expenses consist of (i) share-based compensation and (ii) deferred compensation

expense or benefit, both of which are non-cash in nature. Share-based compensation does not require

settlement in cash. Deferred compensation expense or benefit does not result in a net cash impact to Main

Street upon settlement. The appreciation (depreciation) in the fair value of deferred compensation plan

assets is reflected in Main Street’s Consolidated Statements of Operations as unrealized appreciation

(depreciation) and an increase (decrease) in compensation expenses, respectively. Cash compensation

expenses are total compensation expenses as determined in accordance with U.S. GAAP, less non-cash

compensation expenses. Total cash expenses are total expenses, as determined in accordance with U.S.

GAAP, excluding non-cash compensation expenses. Main Street believes presenting cash compensation

expenses, non-cash compensation expenses and total cash expenses is useful and appropriate supplemental

disclosure for analyzing its financial performance since non-cash compensation expenses do not result in a

net cash impact to Main Street upon settlement. However, cash compensation expenses, non-cash

compensation expenses and total cash expenses are non-U.S. GAAP measures and should not be considered

as a replacement for compensation expenses, total expenses or other earnings measures presented in

accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in

analyzing Main Street’s financial performance. A reconciliation of compensation expenses and total

expenses in accordance with U.S. GAAP to cash compensation expenses, non-cash compensation expenses

and total cash expenses is detailed in the financial tables included with this press release.

(5)Portfolio company financial information has not been independently verified by Main Street.

(6)These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which

EBITDA is not a meaningful metric.

(7)No information contained on the Company’s website or disclosed on the May 8, 2026 conference call,

including the webcast and the archived versions, is incorporated by reference in this press release or any of

the Company’s filings with the SEC, and you should not consider that information to be part of this press

release or any other such filing.

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v3.26.1

Cover

May 07, 2026

Cover [Abstract]

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Entity Address, Address Line One

1300 Post Oak Boulevard

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