Main Street Announces Follow-On Investment

Rhea-AI Summary

Main Street Capital (NYSE: MAIN) completed a follow-on investment on Dec 2, 2025, providing an additional $20.0 million to portfolio company Chamberlin Holding LLC to support Chamberlin's strategic acquisition of a commercial roofing contractor in the Southeastern United States.

The investment is Main Street's portion of a co-investment with MSC Income Fund (NYSE: MSIF) and takes the form of a first lien, senior secured term debt facility. Main Street and MSIF originally invested in Chamberlin in February 2018. The acquisition expands Chamberlin's footprint beyond its Southwest base into the Southeast.

Positive

• $20.0 million incremental first-lien term debt investment
• Co-investment with MSIF spreads capital exposure
• Acquisition expands Chamberlin into the Southeast US
• Supports strategic inorganic growth for a portfolio company

Negative

• Follow-on debt increases portfolio concentration in a single company

Key Figures

Follow-on investment $20.0 million Additional first lien, senior secured term debt to Chamberlin

Chamberlin founding year 1897 Year Chamberlin was founded

Share price $62.29 MAIN price before this news

52-week high $67.77 52-week high before this news

52-week low $47.00 52-week low before this news

Market Reality Check

$13.62 Last Close

Volume Volume 399,227 vs 20-day average 451,936 (relative volume 0.88). normal

Technical Price at 62.29, trading above 200-day MA of 59.39 and 8.09% below 52-week high of 67.77.

Peers on Argus

MAIN was up 0.56% while peers showed mixed moves: BXSL -1.06%, FSK -1.79%, OBDC -2.05%, AMG +0.11%, JHG +0.39%, indicating stock-specific rather than broad sector momentum.

Common Catalyst Limited same-day peer news; AMG reported a conference presentation, suggesting no broad news-driven sector catalyst.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Follow-on investment	Positive	+0.2%	Additional $20.0M first-lien term debt to fund Chamberlin acquisition.
Nov 19	New portfolio deal	Positive	-1.1%	$27.2M investment in The Nearshore Company for acquisition financing.
Nov 18	New portfolio deal	Positive	-0.2%	$47.0M investment backing recap of leading swim school franchisee.
Nov 13	Earnings update	Positive	-0.8%	MSC Income Fund Q3 2025 NII and investment income results release.
Nov 12	Dividend declaration	Positive	-0.1%	Announcement of regular and supplemental quarterly cash dividends.

Pattern Detected

Recent history shows MAIN often trading flat-to-down on generally constructive investment and capital deployment news, with only one small positive alignment versus several mild negative reactions.

Recent Company History

Over the last few weeks, Main Street Capital reported multiple portfolio deployments and fund updates. On Nov 18, 2025 and Nov 19, 2025, it announced new portfolio investments of $47.0 million and $27.2 million, combining first‑lien, senior secured term debt and minority equity stakes. MSC Income Fund also reported Q3 2025 results with total investment income of $35.4 million and declared regular and supplemental dividends. Today’s follow-on $20.0 million term debt investment in Chamberlin continues this pattern of incremental portfolio growth and acquisition funding.

Market Pulse Summary

This announcement details Main Street’s follow-on investment of $20.0 million in first‑lien, senior secured term debt to Chamberlin, funding a strategic roofing acquisition in the Southeastern U.S. It extends an existing relationship dating back to February 2018 and broadens Chamberlin’s geographic footprint. In context with recent new investments and fund results, investors may track portfolio diversification, credit quality, and ongoing deployment pace as key indicators of how these transactions translate into net investment income and long-term shareholder outcomes.

Key Terms

follow-on investment financial

"pleased to announce that it recently completed a follow-on investment in its existing portfolio company"

A follow-on investment is an additional purchase of a company's stock or other securities made after an initial investment, either by existing investors or when a company issues more shares after its first public sale. It matters because it can signal confidence from insiders or raise fresh capital for growth, while also changing ownership stakes and potentially diluting existing shareholders — like an investor buying more slices of the same pizza, changing how the pie is shared.

first lien financial

"consisting of an additional $20.0 million first lien, senior secured term debt investment"

A first lien is a legal claim that gives a lender the top priority to be repaid from specific collateral if a borrower defaults or liquidates assets. Think of it as being first in line for the proceeds from a sale—investors who hold a first lien are more likely to recover their money than holders of later claims, so these loans generally carry lower risk and different pricing compared with unsecured or subordinated debt.

senior secured term debt financial

"consisting of an additional $20.0 million first lien, senior secured term debt investment"

Senior secured term debt is a loan a company must repay on a set schedule that is backed by specific assets as collateral and has top priority over other creditors if the company cannot pay. Think of it like a mortgage where the lender has first dibs on the pledged property; because it is both secured and senior, it is generally lower risk than unsecured or junior debt and affects a company’s interest costs, borrowing capacity and investor risk.

AI-generated analysis. Not financial advice.

Invests an Additional $20.0 Million in Chamberlin Holding LLC to Support Strategic Acquisition

HOUSTON, Dec. 2, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in its existing portfolio company, Chamberlin Holding LLC ("Chamberlin" or the "Company"), an industry leading specialty roofing and waterproofing contractor. Main Street, along with its co-investor MSC Income Fund, Inc. (NYSE: MSIF) ("MSIF"), made the follow-on investment in Chamberlin to support the Company's strategic acquisition of a commercial roofing contractor in the Southeastern United States. Main Street and MSIF facilitated the transaction, with Main Street's portion of the investment consisting of an additional $20.0 million first lien, senior secured term debt investment. Main Street and MSIF initially invested in Chamberlin in February 2018.

Founded in 1897, and headquartered in Houston, Texas, Chamberlin is a market leading commercial specialty contractor with a focus on installing high quality roofing and waterproofing systems, as well as providing roof maintenance and leak repair services throughout the Southwest region of the United States, with a focus in Texas. Chamberlin provides its services to a variety of end markets, including office, educational, healthcare, manufacturing, data centers, multi-family, governmental, religious, retail, aviation, parking garages and hospitality / entertainment venues. Outside of the Company's Houston headquarters, Chamberlin has offices in Dallas, Austin, San Antonio, Fort Worth and the Rio Grande Valley. The acquisition expands the Company's footprint into the Southeastern region of the United States.

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, including MSIF. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

ABOUT MSC INCOME FUND, INC.
MSIF (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. MSIF's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSIF seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. MSIF also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, MSIF has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. MSIF's private loan portfolio companies generally have annual revenues between $25 million and $500 million. MSIF's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.

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

 

View original content:https://www.prnewswire.com/news-releases/main-street-announces-follow-on-investment-302630121.html

SOURCE Main Street Capital Corporation

FAQ

What did Main Street (MAIN) announce on December 2, 2025 regarding Chamberlin?

Main Street announced a follow-on $20.0 million first-lien, senior secured term debt investment to support Chamberlin's acquisition.

How is Main Street financing the Chamberlin acquisition support for MAIN shareholders?

Main Street provided its portion as a first lien, senior secured term debt investment alongside MSIF.

Does the Main Street investment change Chamberlin's geographic footprint?

Yes; the funding supports an acquisition that expands Chamberlin's operations into the Southeastern United States.

When did Main Street and MSIF first invest in Chamberlin (MAIN)?

Main Street and MSIF initially invested in Chamberlin in February 2018.

What type of company is Chamberlin, the MAIN portfolio company?

Chamberlin is a commercial specialty roofing and waterproofing contractor focused on installation, maintenance, and leak repair.