Main Street Capital CORP

Listed Company

MAINCIK 0001396440NYSELarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$493.40M

Total Assets

$5.68B

Equity

$2.99B

Shares Out

90.10M

Op. Cash Flow

$-45.70M

Business

Main Street Capital CORP is a principal investment firm that provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies associated with private equity sponsors. It offers secured debt investments, direct equity investments, warrants, mezzanine loans and related financing structures, and provides asset management and advisory services through an external investment manager. Its business is organized into LMM, Private Loan, Middle Market legacy and Other Portfolio segments. Main Street primarily originates and manages investments and distributes its services through direct origination, strategic co-investments and asset management relationships in the United States.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total investment income	566	541	500	377	289
Interest	−128	−123	−103	−78	—
Compensation	−52	−47	−46	−37	−34
General and administrative	−22	−19	−18	−16	−12
Share-based compensation	−21	−19	−17	−14	−11
Expenses allocated to the External Investment Manager	24	23	22	13	10
Total expenses	−200	−186	−161	−132	−106
NET INVESTMENT INCOME BEFORE TAXES	367	355	339	245	183
Excise tax expense	−4	−6	−3	—	—
Federal and state income and other tax expenses	−10	−8	−5	—	—
NET INVESTMENT INCOME	353	341	331	—	—
Total net realized gain (loss)	55	46	−121	−5	45
Total net unrealized appreciation	99	138	233	25	136
Income tax provision on net realized gain (loss) and net unrealized appreciation	−13	−17	−14	—	—
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	493	508	428	242	331
NET INVESTMENT INCOME PER SHARE BASIC (in dollars per share)	3.95	3.93	4.04	3.29	2.65
NET INVESTMENT INCOME PER SHARE DILUTED (in dollars per share)	3.95	3.93	4.04	3.29	2.65
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREBASIC (in dollars per share)	5.52	5.85	5.23	3.24	4.8
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREDILUTED (in dollars per share)	5.52	5.85	5.23	3.24	4.8
WEIGHTED-AVERAGE SHARES OUTSTANDINGBASIC (in shares)	89	87	82	74	69
WEIGHTED-AVERAGE SHARES OUTSTANDINGDILUTED (in shares)	89	87	82	74	69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Investments at fair value:	5,518	—	—	—	4,933
Cash and cash equivalents	42	—	—	—	78
Interest and dividend receivable and other assets	108	—	—	—	98
Deferred financing costs (net of accumulated amortization of $17,601 and $14,592 as of December 31, 2025 and 2024, respectively)	14	—	—	—	12
Total assets	5,682	—	—	—	5,121
Debt	2,458	—	—	—	2,122
Accounts payable and other liabilities	68	—	—	—	70
Interest payable	30	—	—	—	23
Dividend payable	23	—	—	—	22
Deferred tax liability, net	109	—	—	—	86
Total liabilities	2,688	—	—	—	2,324
Commitments and contingencies (Note K)	—	—	—	—	—
Common stock, $0.01 par value per share (150,000,000 shares authorized; 89,834,849 and 88,398,713 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	898,000	—	—	—	884,000
Additional paid-in capital	2,458	—	—	—	2,394
Total undistributed earnings	535	—	—	—	402
Total net assets	2,994	—	—	—	2,798
Total liabilities and net assets	5,682	—	—	—	5,121
NET ASSET VALUE PER SHARE (in dollars per share)	33.33	32.78	32.3	32.03	31.65

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in portfolio companies	−1,429	−1,576	−867	−1,153	−1,764
Proceeds from sales and repayments of debt investments in portfolio companies	839	1,014	782	608	921
Proceeds from sales and return of capital of equity investments in portfolio companies	197	143	44	72	134
Accretion of unearned income	−21	−22	−19	−13	−16
Payment-in-kind interest	−16	−23	−11	−5	−8
Cumulative dividends	−4	−3	−1	−2	−2
Share-based compensation expense	21	19	17	14	11
Amortization of deferred financing costs	7	5	3	3	3
Deferred taxes	23	22	16	—	—
Interest and dividend receivable and other assets	−15	−11	−9	−28	−6
Accounts payable and other liabilities	−1	8	10	12	20
Interest payable	7	6	445,000	2	6
Deferred fees and other	7	5	4	4	7
Net cash provided by (used in) operating activities	−46	−87	285	−247	−515
Proceeds from public offering of common stock, net of offering costs	32	123	204	266	99
Dividends paid	−339	−320	−272	−194	−161
Proceeds from Credit Facilities	1,399	1,920	460	1,032	1,100
Repayments on Credit Facilities	−1,265	−1,896	−707	−745	−1,049
Payment of deferred financing costs	−7	−14	−3	−5	—
Purchases of vested stock for employee payroll tax withholding	−10	−7	−6	−5	−5
Net cash provided by (used in) financing activities	9	105	−274	263	516
Net increase (decrease) in cash and cash equivalents	−36	18	11	16	710,000
Interest paid	115	113	99	74	51
Taxes paid	21	8	8	7	2
Right-of-use assets obtained in exchange for operating lease liabilities	304,000	379,000	0	5	0
Value of shares issued pursuant to the dividend reinvestment plan	38	36	31	24	16

Filings

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