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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Main Street Capital
Main Street Capital (MAIN) investor relations material
Main Street Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved record net investment income (NII) of $352.7M ($3.95/share) and distributable NII (DNII) of $376.0M ($4.21/share) for 2025, with strong Q4 results and NAV per share reaching $33.33 for the 14th consecutive record quarter.
Focuses on lower middle market (LMM) private debt and equity, targeting companies with $10M–$150M revenue and $3M–$20M EBITDA, and private loans to larger companies.
Internally managed BDC structure delivers operating leverage and cost efficiency, with total expenses (ex-interest) at 1.3% of assets.
Declared record total annual dividends of $4.23/share, including supplemental dividends, a 2.9% increase from prior year, and announced an 18th consecutive supplemental dividend.
Asset management business contributed $34.6M to net investment income in 2025, adding income diversification.
Financial highlights
Total investment income for 2025 was $566.4M, up 5% year-over-year; Q4 investment income was $145.5M, up 4% from Q4 2024.
DNII before taxes per share for Q4 was $1.11, up $0.03 year-over-year and $0.04 sequentially; NII for Q4 was $92.1M, up 6% year-over-year.
Net realized gains of $50.8M and net fair value appreciation of $42.5M recorded in Q4, including $33.9M from Purge Rite LLC and $23.8M from Mystic Logistics exits.
Record NAV per share of $33.33 at year-end, up $1.68 or 5.3% year-over-year, and a 159% increase since 2007.
Return on equity was 17.7% for Q4 and 17.1% for the full year, with annual average of 14.4% since 2010.
Outlook and guidance
Expect continued strong lower middle market and private loan investment activity in Q1 2026, with robust pipelines and broad industry diversification.
Declared regular monthly dividends of $0.78/share for Q1 2026, a 4% increase year-over-year, and announced $0.30/share supplemental dividend for March 2026.
Anticipate proposing another significant supplemental dividend payable in June 2026.
Project Q1 2026 DNII before taxes of at least $1.04 per share, with potential upside.
AMB expected to continue growing, primarily driven by private loan strategy.
Q4 non-recurring income impact on NII/DNII
External Manager fee structure changes impact
LMM portfolio credit health metrics
What sustains LMM investment activity beyond Q4
RIA NII inflection and new strategies
Portfolio areas of increased focus given uncertainty
Partial view of Summaries dataset, powered by Quartr API
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Next Main Street Capital earnings date
Q1 20268 May, 2026
Main Street Capital
Next Main Street Capital earnings date
Q1 20268 May, 2026
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Main Street Capital Corporation is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies. With a focus on businesses seeking growth capital and operational turnaround, Main Street focuses on situations where an investment in equity capital can lead to reward for all parties involved, which includes management, shareholders and investors. The firm generally invests in mature or lower middle market companies engaged in diverse industry sectors, focusing on traditional generalist strategy, diversified and non-core industry.
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