1
Exhibit 99.1
mainst.jpg
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
THIRD QUARTER 2026 RESULTS
Third Quarter 2026 Net Investment Income of $0.89 Per Share
Third Quarter 2026 Distributable Net Investment Income(1) of $0.96 Per Share
Third Quarter 2026 Distributable Net Investment Income Before Taxes(2) of $0.98 Per Share
Net Asset Value of $34.22 Per Share
HOUSTON, November 5, 2026 – Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) is pleased
to announce its financial results for the third quarter ended September 30, 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.
Third Quarter 2026 Highlights
•Net investment income (“NII”) of $83.8 million, or $0.89 per share
•Distributable net investment income (“DNII”)(1) of $89.9 million, or $0.96 per share
•DNII before taxes(2) of $91.7 million, or $0.98 per share
•Total investment income of $142.5 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 1.2% on an
annualized basis for the quarter and 1.3% for the trailing twelve-month (“TTM”) period ended
September 30, 2026
•Net increase in net assets resulting from operations of $117.1 million, or $1.25 per share
•Return on equity(3) of 14.7% on an annualized basis for the quarter and 14.4% for the TTM period ended
September 30, 2026
•Net asset value of $34.22 per share as of September 30, 2026, representing an increase of $0.30 per share, or
0.9%, compared to $33.92 per share as of June 30, 2026 and $0.89 per share, or 2.7%, compared to $33.33
per share as of December 31, 2025
•Declared regular monthly dividends totaling $0.795 per share for the fourth quarter of 2026, or $0.265 per
share for each of October, November and December 2026, representing a 3.9% increase from the regular
monthly dividends paid in the fourth quarter of 2025
•Declared and paid a supplemental dividend of $0.30 per share, resulting in total dividends paid in the third
quarter of 2026 of $1.095 per share and representing a 2.8% increase from the total dividends paid in the
third quarter of 2025
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•Completed $61.5 million in total lower middle market (“LMM”) portfolio investments, including
investments totaling $39.3 million in a new portfolio company, which after aggregate repayments, return of
invested equity capital and a decrease in cost basis due to a realized loss resulted in a net decrease of $19.4
million in the total cost basis of the LMM investment portfolio
•Completed $162.0 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 decrease
of $1.8 million in the total cost basis of the private loan investment portfolio
•Further enhanced our liquidity position as a result of one of our wholly-owned SBIC-licensed investment
funds receiving SBA approval to increase its borrowing capacity for SBIC debentures by $75.0 million to a
total of $250.0 million (with SBIC and SBA each as defined in the Liquidity and Capital Resources section
below); when combined with our other wholly-owned SBIC licensed investment fund, this provides us
access to $425.0 million of the recently increased $475.0 million of regulatory maximum SBIC debenture
borrowing capacity for affiliated SBIC funds, and we expect to obtain and subsequently maintain SBIC
debentures in the future in an amount up to the regulatory maximum amount allowed
In commenting on the Company’s operating results for the third quarter of 2026, Dwayne L. Hyzak, Main
Street’s Chief Executive Officer, stated, “We are pleased with our performance in the third quarter, which
resulted in another quarter of strong operating results, including an annualized return on equity of 14.7%,
distributable net investment income before taxes per share that was in line with our expectations and prior
guidance provided on our last conference call and an increase in net asset value per share. 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.”
Mr. Hyzak continued, “Our strong third quarter results and continued positive outlook for the future resulted in
the declaration of another $0.30 per share supplemental dividend to be paid in December 2026, representing our
twenty-first consecutive quarterly supplemental dividend, to go with the 13 increases to our regular monthly
dividends declared since the fourth quarter of 2021. Additionally, after several recent positive capital structure
activities, 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, cost
efficient operating structure and conservative capital structure, will allow us to continue to deliver superior
results for our shareholders.”
3
Third Quarter 2026 Operating Results
The following table provides a summary of our operating results for the third quarter of 2026:
Three Months Ended September 30,
2026
2025
Change
Change (%)
(dollars in thousands, except per share amounts)
Interest income
$111,863
$103,286
$8,577
8%
Dividend income
25,525
31,263
(5,738)
(18)%
Fee income
5,144
5,282
(138)
(3)%
Total investment income
$142,532
$139,831
$2,701
2%
Net investment income
$83,823
$86,538
$(2,715)
(3)%
Net investment income per share
$0.89
$0.97
$(0.08)
(8)%
Distributable net investment income (1)
$89,937
$92,705
$(2,768)
(3)%
Distributable net investment income per share (1)
$0.96
$1.03
$(0.07)
(7)%
Distributable net investment income before taxes (2)
$91,674
$95,682
$(4,008)
(4)%
Distributable net investment income before taxes per share (2)
$0.98
$1.07
$(0.09)
(8)%
Net increase in net assets resulting from operations
$117,083
$123,671
$(6,588)
(5)%
Net increase in net assets resulting from operations per share
$1.25
$1.38
$(0.13)
(9)%
Return on equity - quarter annualized (3)
14.7%
17.0%
(2.3)%
(14)%
The $2.7 million increase in total investment income in the third quarter of 2026 from the comparable period of
the prior year was principally attributable to an $8.6 million increase in interest income, primarily due to higher
average levels of income producing investment portfolio debt investments, partially offset by the negative
impact from investment portfolio debt investments on non-accrual status and a decrease in interest rates,
primarily resulting from decreases in benchmark index rates on floating rate investment portfolio debt
investments. This increase in interest income was partially offset by a $5.7 million decrease in dividend income,
primarily due to a $6.9 million decrease in dividend income from our LMM portfolio companies and a $0.5
million decrease in dividend income from our External Investment Manager (as defined in the External
Investment Manager section below), partially offset by a $1.8 million increase in dividend income from our
private loan portfolio companies. The $2.7 million increase in total investment income in the third quarter of
2026 includes the impact of an increase of $1.8 million in certain income considered less consistent or non-
recurring, primarily related to increases of (i) $1.4 million in such dividend income and (ii) $0.7 million in such
fee income, partially offset by a decrease of $0.2 million in such interest income from accelerated prepayment,
repricing and other activity related to certain investment portfolio debt investments, in each case when
compared to the same period in 2025.
Total cash expenses(4) increased $6.7 million, or 15.2%, to $50.9 million in the third quarter of 2026 from
$44.1 million for the same period in 2025. This increase in total cash expenses(4) was principally attributable to
a $6.4 million increase in interest expense. The increase in interest expense was primarily related to (i) an
increase in average borrowings outstanding used to fund a portion of the growth of our investment portfolio and
(ii) an increased weighted-average interest rate on our unsecured debt obligations resulting from borrowing and
refinancing activities, partially offset by a decreased weighted-average interest rate on our Credit Facilities (as
defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index rates.
Non-cash compensation expenses(4) decreased $0.1 million in the third quarter of 2026 from the comparable
period of the prior year, primarily driven by a $0.5 million decrease in deferred compensation expense, partially
offset by a $0.4 million increase in share-based compensation expense.
4
Our Operating Expenses to Assets Ratio (which includes non-cash compensation expenses(4)) on an annualized
basis was 1.2% for the third quarter of 2026, a decrease from 1.4% for the third quarter of 2025.
NII related federal and state income and other tax expenses decreased $0.7 million and excise tax expense
decreased $0.5 million in the third quarter of 2026 compared to the same period in 2025, resulting in a decrease
in tax expenses included in NII of $1.2 million. The decrease in NII related federal and state income and other
tax expenses was due to a decrease in taxable NII between the comparable periods and the decrease in excise
tax was due to a decrease in undistributed taxable income as of September 30, 2026.
The $2.7 million decrease in NII and the $2.8 million decrease in DNII(1) in the third quarter of 2026 from the
comparable period of the prior year were both principally attributable to an increase in total cash expenses,(4)
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 $0.08 per share and $0.07 per share,
respectively, for the third quarter of 2026 as compared to the third quarter of 2025, to $0.89 per share and $0.96
per share, respectively. These decreases include the impact of a 4.6% increase in the weighted-average shares
outstanding compared to the third 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 decreases in NII and DNII(1) on a
per share basis in the third quarter of 2026 are after a net increase of $0.02 per share primarily resulting from an
increase in investment income considered less consistent or non-recurring in nature compared to the third
quarter of 2025, as discussed above.
The $117.1 million net increase in net assets resulting from operations in the third quarter of 2026 represents a
$6.6 million decrease from the third quarter of 2025. This decrease was primarily the result of (i) a $2.9 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
increase of $40.9 million in the third quarter of 2026 compared to a net fair value increase of $43.9 million in
the prior year, (ii) a $2.7 million decrease in NII as discussed above and (iii) a $0.9 million increase in the net
tax provision on the net fair value change of our portfolio investments, resulting from a net tax provision of
$7.7 million in the third quarter of 2026 compared to a net tax provision of $6.7 million in the comparable
period of the prior year. The $40.9 million net fair value increase in the third quarter of 2026 was the result of
net unrealized appreciation (including the reversal of net unrealized depreciation recognized in prior periods due
to the net realized loss in the quarter) of $68.5 million, partially offset by a net realized loss of $27.6 million.
The $43.9 million net fair value increase in the third quarter of 2025 was the result of net unrealized
appreciation of $63.0 million, partially offset by a net realized loss of $19.1 million. The $27.6 million net
realized loss from investments for the third quarter of 2026 was primarily the result of (i) a $15.0 million
realized loss on the full exit of a LMM portfolio investment, (ii) an $11.3 million realized loss on the restructure
of a private loan portfolio investment, (iii) a $6.5 million loss on the partial exit of a private loan portfolio
investment, (iv) a $5.7 million realized loss on the partial exit of a LMM portfolio investment and (v)
$3.4 million of realized losses on the full exits of two middle market portfolio investments, partially offset by (i)
a $6.9 million realized gain on the full exit of a private loan portfolio investment, (ii) a $2.4 million realized
gain on the full exit of a LMM portfolio investment, (iii) a $1.3 million realized gain on a distribution from a
private loan portfolio investment and (iv) a $0.7 million realized gain on the partial exit of an other portfolio
investment.
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The following table provides a summary of the total net unrealized appreciation of $68.5 million for the third
quarter of 2026:
Three Months Ended September 30, 2026
LMM (a)
Private
Loan
Middle
Market
Other
Total
(in millions)
Accounting reversals of net unrealized (appreciation) depreciation
recognized in prior periods due to net realized (gains / income) losses
recognized during the current period
$16.8
$7.8
$3.4
$(1.1)
$26.9
Net unrealized appreciation (depreciation) relating to portfolio
investments
45.1
1.0
(2.9)
(1.6)
(b)
41.6
Total net unrealized appreciation (depreciation) relating to portfolio
investments
$61.9
$8.8
$0.5
$(2.7)
$68.5
___________________________
(a)Includes unrealized appreciation on 46 LMM portfolio investments and unrealized depreciation on 23 LMM
portfolio investments.
(b)Includes $2.5 million of unrealized depreciation related to the External Investment Manager.
Liquidity and Capital Resources
As of September 30, 2026, we had aggregate liquidity of $1.218 billion, including (i) $102.4 million in cash and
cash equivalents, (ii) $1.041 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”) and (iii) $75.0 million of available capacity under
the SBIC debentures, subject to certain conditions.
Several details regarding our capital structure as of September 30, 2026 are as follows:
•The Corporate Facility included $1.240 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 $1.860 billion.
•$495.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.8% based
on the applicable Secured Overnight Financing Rate (“SOFR”) effective for the contractual reset date of
October 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.
•$300.5 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.9% based on the
applicable SOFR effective for the contractual reset date of October 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.
•$400.0 million of unsecured notes outstanding that bear interest at a rate of 6.50% per year with a yield-to-
maturity of 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.
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•$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 3.9 years. In September 2026, we
received approval from the SBA to increase the borrowing capacity of our SBIC debentures by $75.0
million to $425.0 million.
•$150.0 million of unsecured notes outstanding that bear interest at a rate of 6.93% per year (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.
•In July 2026, we repaid the entire $500.0 million of notes outstanding that bore interest at a rate of 3.00%
per year (the “July 2026 Notes”) at par on their scheduled maturity date.
•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. Fitch Ratings
reaffirmed its rating during the fourth quarter of 2026.
•Our net asset value totaled $3.2 billion, or $34.22 per share.
In October 2026, we issued $500.0 million in aggregate principal amount of 6.55% unsecured notes due January
15, 2030 (the “January 2030 Notes”) at an issue price of 99.258%. The January 2030 Notes 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 September 30, 2026(5)
The following table provides a summary of the investments in our LMM portfolio and private loan portfolio as
of September 30, 2026:
September 30, 2026
LMM (a)
Private Loan
(dollars in millions)
Number of portfolio companies
92
86
Fair value
$3,250.1
$2,107.3
Cost
$2,530.2
$2,129.5
Debt investments as a % of portfolio (at cost)
71.5%
93.3%
Equity investments as a % of portfolio (at cost)
28.5%
6.7%
% of debt investments at cost secured by first priority lien
99.5%
99.3%
Weighted-average annual effective yield (b)
12.7%
10.4%
Average EBITDA (c)
$12.2
$43.2
___________________________
(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 September 30, 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 September 30, 2026.
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(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using
a simple average for the LMM portfolio companies and a weighted-average for the private loan portfolio
companies. These calculations exclude certain portfolio companies, including five LMM portfolio
companies and five 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 206% 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 2.6 to 1.0 and a median total
EBITDA to senior interest expense ratio of 2.8 to 1.0. Including all debt that is junior in priority to our debt
position, these median ratios were 2.6 to 1.0 and 2.8 to 1.0, respectively.(5)(6)
As of September 30, 2026, our investment portfolio also included:
•Other portfolio investments in 32 entities across 12 investment managers, collectively totaling $146.7
million in fair value and $156.7 million in cost basis, which comprised 2.5% and 3.2% of our investment
portfolio at fair value and cost, respectively;
•Middle market portfolio investments in nine portfolio companies, collectively totaling $73.5 million in fair
value and $113.0 million in cost basis, which comprised 1.3% and 2.3% of our investment portfolio at fair
value and cost, respectively; and
•Our investment in the External Investment Manager, with a fair value of $222.7 million and a cost basis of
$29.5 million, which comprised 3.8% and 0.6% of our investment portfolio at fair value and cost,
respectively.
As of September 30, 2026, investments on non-accrual status comprised 0.9% of the total investment portfolio
at fair value and 3.5% at cost, and our total portfolio investments at fair value were 117% of the related cost
basis.
External Investment Manager
MSC Adviser I, LLC dba Main Street Capital Partners 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 third
quarter of 2026, the External Investment Manager earned $9.9 million of total fee income, and waived $0.6
million of incentive fees, resulting in total fee income, net of waivers, of $9.3 million, a decrease of $0.4 million
from the third quarter of 2025. The fee income earned by the External Investment Manager in the third quarter
of 2026 included (i) $6.2 million of management fee income, an increase of $0.6 million from the third quarter
of 2025, and (ii) incentive fees, net of waivers, of $2.9 million, a decrease of $1.0 million from the third quarter
of 2025. We allocated $5.8 million of total expenses to the External Investment Manager during the third
quarter of 2026, an increase of $0.1 million from the third quarter of 2025. The increase in management fee
income was primarily attributable to an increase in total assets managed for clients. The decrease in incentive
fees, net of waivers, is the result of (i) the $0.6 million incentive fee waiver and (ii) a decrease in gross incentive
fees of $0.4 million. The decrease in gross incentive fees was attributable to changes in the performance and
operating results from the assets managed for clients in the third quarter of 2026 relative to the third 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 $8.4 million, representing a decrease of $0.4
million from the third quarter of 2025.
8
The External Investment Manager ended the third quarter of 2026 with total assets under management of
$1.8 billion.
Third Quarter 2026 Financial Results Conference Call / Webcast
Main Street has scheduled a conference call for Friday, November 6, 2026 at 10:00 a.m. Eastern time to discuss
the third 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, November 13, 2026 and may be
accessed by dialing 201-612-7415 and using the passcode 13762919#. 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 September 30, 2026 to be filed
with the U.S. Securities and Exchange Commission (the “SEC”) (www.sec.gov) and Main Street’s Third
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 the External Investment Manager, also maintains an asset management business through
which it manages investments for external parties. The External Investment Manager is registered as an
investment adviser under the Investment Advisers Act of 1940, as amended.
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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.
10
MAIN STREET CAPITAL CORPORATION
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments
$57,910
$60,027
$177,756
$176,481
Affiliate investments
25,249
22,407
83,666
71,908
Non‑Control/Non‑Affiliate investments
59,373
57,397
170,788
172,461
Total investment income
142,532
139,831
432,210
420,850
EXPENSES:
Interest
(38,921)
(32,472)
(109,601)
(96,159)
Compensation
(12,759)
(13,217)
(40,183)
(37,370)
General and administrative
(5,238)
(4,928)
(16,352)
(15,933)
Share-based compensation
(5,880)
(5,433)
(16,792)
(15,691)
Expenses allocated to the External Investment Manager
5,826
5,734
17,918
16,962
Total expenses
(56,972)
(50,316)
(165,010)
(148,191)
NET INVESTMENT INCOME BEFORE TAXES
85,560
89,515
267,200
272,659
Excise tax expense
(303)
(838)
(1,343)
(2,997)
Federal and state income and other tax expenses
(1,434)
(2,139)
(7,131)
(9,044)
NET INVESTMENT INCOME
83,823
86,538
258,726
260,618
NET REALIZED GAIN (LOSS):
Control investments
(37,556)
(9,988)
18,805
(12,964)
Affiliate investments
290
(2)
290
57,709
Non‑Control/Non‑Affiliate investments
9,692
(9,114)
4,132
(40,974)
Total net realized gain (loss)
(27,574)
(19,104)
23,227
3,771
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments
61,841
23,461
1,235
57,016
Affiliate investments
14,417
13,260
31,644
4,518
Non‑Control/Non‑Affiliate investments
(7,753)
26,257
17,247
45,683
Total net unrealized appreciation
68,505
62,978
50,126
107,217
Income tax provision on net realized gain (loss) and net unrealized
appreciation
(7,671)
(6,741)
(18,438)
(9,319)
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS
$117,083
$123,671
$313,641
$362,287
NET INVESTMENT INCOME PER SHARE—BASIC AND
DILUTED
$0.89
$0.97
$2.80
$2.92
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS PER SHARE—BASIC AND DILUTED
$1.25
$1.38
$3.39
$4.06
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC
AND DILUTED
93,757,071
89,627,718
92,566,533
89,202,399
11
MAIN STREET CAPITAL CORPORATION
Consolidated Balance Sheets
(in thousands, except per share amounts)
September 30,
December 31,
2026
2025
(Unaudited)
ASSETS
Investments at fair value:
Control investments
$2,666,715
$2,569,626
Affiliate investments
1,016,605
965,179
Non‑Control/Non‑Affiliate investments
2,117,049
1,983,312
Total investments
5,800,369
5,518,117
Cash and cash equivalents
102,387
41,959
Interest and dividend receivable
51,453
48,719
Prepaids and other assets
75,054
59,186
Deferred financing costs, net
14,275
13,720
Total assets
$6,043,538
$5,681,701
LIABILITIES
Credit Facilities
$795,500
$518,000
March 2029 Notes
550,555
347,721
June 2027 Notes
399,785
399,569
August 2028 Notes
348,569
347,996
SBIC debentures
345,476
344,593
April 2031 Notes
149,043
—
July 2026 Notes
—
499,715
Accounts payable and other liabilities
64,931
67,799
Interest payable
23,911
30,094
Dividend payable
24,842
23,358
Deferred tax liability, net
133,248
108,963
Total liabilities
2,835,860
2,687,808
NET ASSETS
Common stock
937
898
Additional paid‑in capital
2,660,769
2,457,660
Total undistributed earnings
545,972
535,335
Total net assets
3,207,678
2,993,893
Total liabilities and net assets
$6,043,538
$5,681,701
NET ASSET VALUE PER SHARE
$34.22
$33.33
12
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
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net investment income
$83,823
$86,538
$258,726
$260,618
Non-cash compensation expenses (4)
6,114
6,167
19,389
17,350
Distributable net investment income (1)
$89,937
$92,705
$278,115
$277,968
Excise tax expense
303
838
1,343
2,997
Federal and state income and other tax expenses
1,434
2,139
7,131
9,044
Distributable net investment income before taxes (2)
$91,674
$95,682
$286,589
$290,009
Per share amounts:
Net investment income per share -
Basic and diluted
$0.89
$0.97
$2.80
$2.92
Distributable net investment income per share -
Basic and diluted (1)
$0.96
$1.03
$3.00
$3.12
Distributable net investment income before taxes per share -
Basic and diluted (2)
$0.98
$1.07
$3.10
$3.25
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Share‑based compensation
$(5,880)
$(5,433)
$(16,792)
$(15,691)
Deferred compensation expense
(234)
(734)
(2,597)
(1,659)
Total non-cash compensation expenses (4)
$(6,114)
$(6,167)
$(19,389)
$(17,350)
Total expenses
$(56,972)
$(50,316)
$(165,010)
$(148,191)
Less non-cash compensation expenses (4)
6,114
6,167
19,389
17,350
Total cash expenses (4)
$(50,858)
$(44,149)
$(145,621)
$(130,841)
Compensation
$(12,759)
$(13,217)
$(40,183)
$(37,370)
Share-based compensation
(5,880)
(5,433)
(16,792)
(15,691)
Total compensation expenses
(18,639)
(18,650)
(56,975)
(53,061)
Non-cash compensation expenses (4)
6,114
6,167
19,389
17,350
Total cash compensation expenses (4)
$(12,525)
$(12,483)
$(37,586)
$(35,711)
13
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.
14
(7)No information contained on the Company’s website or disclosed on the November 6, 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.