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Main Street Capital (MAIN) investor relations material
Main Street Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with net investment income of $86.5 million ($0.97 per share), up 3% year-over-year, and distributable NII of $92.7 million ($1.03 per share), with a 17% annualized ROE and record NAV per share for the 13th consecutive quarter.
Focuses on lower middle market private debt and equity, with a unique internally managed structure and asset management business contributing $8.8 million to NII in Q3 and $25.4 million for the nine months ended September 30, 2025.
Declared a supplemental dividend of $0.30 per share and increased regular monthly dividends for Q1 2026 by 4% over Q1 2025, with cumulative dividends paid or declared since IPO reaching $47.94 per share by March 2026.
Maintained strong capitalization, conservative leverage, and high liquidity, with $1.53 billion in unused credit capacity and $30.6 million in cash as of September 30, 2025.
Investment pipelines for both lower-middle market and private loan portfolios are above average, with expectations for strong activity in Q4 and Q1.
Financial highlights
Total investment income for Q3 2025 was $139.8 million, up 2% year-over-year, and $420.9 million for the nine months, up 5% year-over-year.
Net asset value per share reached a record $32.78, up 3.6% year-over-year and $0.48 sequentially.
Return on equity was 17.0% annualized for Q3 2025 and 19.0% for the trailing twelve months.
Investments on non-accrual status were 1.2% of portfolio fair value and 3.6% at cost.
Operating expenses (excluding interest) were 1.3–1.4% of average total assets annualized, among the lowest in the industry.
Outlook and guidance
Management expects continued strong performance in Q4 2025, with DNII before taxes per share of at least $1.05 and favorable investment activity in both lower-middle market and private loan segments.
Anticipates proposing another significant supplemental dividend in March 2026.
Maintains a long-term focus on NAV and dividend growth, leveraging a diversified investment portfolio and stable capital structure.
MSC Income Fund's 2026 debt capacity impact on AUM
AI's impact on LMM portfolio company valuations
Duration of conservative leverage levels
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Next Main Street Capital earnings date
Q4 202527 Feb, 2026
Next Main Street Capital earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
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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