Main Street Capital net investment income per share falls 8%

Management scheduled a conference call about the quarter for November 6, 2026, at 10:00 a.m. Eastern time.

Available on EDGAR 11/05/2026 - 04:20 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:19 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Main Street Capital Corporation reported third-quarter 2026 total investment income of $142.5 million, up 2% year over year, while net investment income (NII) fell 3% to $83.8 million and NII per share fell 8% to $0.89. Distributable NII, a non-GAAP measure excluding non-cash compensation, was $89.9 million, or $0.96 per share, down 3% and 7%, respectively. Net increase in net assets from operations was $117.1 million, down 5%. The quarter included $27.6 million of net realized investment losses and $68.5 million of net unrealized appreciation. Net asset value was $34.22 per share at September 30, 2026, up $0.30 from June 30, 2026.

Main Street declared regular fourth-quarter dividends totaling $0.795 per share ($0.265 monthly), 3.9% above fourth-quarter 2025, and a $0.30 supplemental dividend payable in December 2026. At September 30, 2026, aggregate liquidity was $1.218 billion, including $102.4 million in cash, $1.041 billion of unused credit-facility capacity and $75.0 million of available SBIC debenture capacity, subject to certain conditions. In October, Main Street issued $500.0 million of 6.55% unsecured notes due January 15, 2030, at an issue price of 99.258%.

1 point · 0 major

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Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Regular fourth-quarter dividends increased 3.9% year over year.

Negative

• Moderate pointNet investment income per share fell 8% year over year.
• Moderate pointNet increase in net assets from operations declined 5% year over year.

Filing Explained

Main Street says the third-quarter NII-per-share decline was partly affected by a 4.6% year-over-year increase in weighted-average shares, reflecting issuances through its ATM, dividend-reinvestment and equity-compensation plans; issuing shares reduces existing holders’ percentage ownership absent offsetting changes.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total investment income: $142.5 million Net investment income: $83.8 million Net investment income per share: $0.89 per share +5 more

8 metrics

Total investment income $142.5 million Third quarter 2026; up 2% from the third quarter of 2025

Net investment income $83.8 million Third quarter 2026; down 3% year over year

Net investment income per share $0.89 per share Third quarter 2026; down 8% year over year

Distributable net investment income per share $0.96 per share Third quarter 2026; down 7% year over year

Net increase in net assets resulting from operations $117.1 million Third quarter 2026; down 5% year over year

Net asset value per share $34.22 per share As of September 30, 2026; up $0.30 from June 30, 2026

Regular fourth-quarter dividends $0.795 per share Fourth quarter 2026; 3.9% above fourth-quarter 2025 regular monthly dividends

Aggregate liquidity $1.218 billion As of September 30, 2026

Key Terms

Distributable net investment income, Non-accrual status, SBIC debentures, Yield-to-maturity, +1 more

5 terms

Distributable net investment income financial

"Distributable net investment income (“DNII”)"

Distributable net investment income is the portion of a fund’s or investment vehicle’s earnings from interest, dividends and other investment returns, after operating costs and required adjustments, that is available to be paid out to shareholders. It matters to investors because it signals the likely size and sustainability of cash distributions or dividends—think of it as the household budget left over for paying regular allowances after bills are paid.

Non-accrual status financial

"investments on non-accrual status comprised 0.9%"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

SBIC debentures regulatory

"$75.0 million of available capacity under the SBIC debentures"

SBIC debentures are long-term debt securities issued by Small Business Investment Companies (SBICs) and guaranteed by a government agency to help those funds borrow money to invest in or lend to small businesses. Think of them as a government-backed loan that an SBIC sells to investors: they matter because the guarantee changes the credit risk and yield profile compared with ordinary corporate bonds, affecting income and perceived safety.

Yield-to-maturity financial

"with a yield-to-maturity of 6.68%"

Yield-to-maturity is the single annualized rate of return an investor would earn if they buy a bond at its current price and hold it until it repays in full, assuming all scheduled interest payments are made and reinvested at that rate. Think of it as the bond’s all-in expected return — combining periodic interest and any gain or loss from buying above or below face value — which investors use to compare bonds and judge whether the price accurately reflects the expected payoff.

Accordion feature financial

"plus an accordion feature that allows us to request an increase"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

Earnings Snapshot

Total investment income: $142.5 million

Third quarter ended September 30, 2026

Total investment income $142.5 million Up 2% year over year

Net investment income $83.8 million Down 3% year over year

Net investment income per share $0.89 per share Down 8% year over year

Net increase in net assets resulting from operations $117.1 million Down 5% year over year

Net asset value per share $34.22 per share Up $0.30, or 0.9%, from June 30, 2026

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was MAIN's net investment income per share in Q3 2026?

Main Street reported $0.89 per share for the third quarter of 2026, compared with $0.97 in the third quarter of 2025, an 8% decrease.

What dividends did MAIN declare for Q4 2026?

Main Street 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. That represents a 3.9% increase from regular monthly dividends paid in the fourth quarter of 2025. It also declared a $0.30 supplemental dividend to be paid in December 2026.

What percentage of MAIN's investment portfolio was on non-accrual status?

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001396440false00013964402026-11-052026-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________________________

FORM 8-K

__________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 5, 2026

__________________________________________________________________________

Main Street Capital Corporation

(Exact name of registrant as specified in its charter)

Maryland	814-00746	41-2230745
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1300 Post Oak Boulevard, 8th Floor, Houston, Texas		77056
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code:   (713) 350-6000

Not Applicable

___________________________________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	MAIN	New York Stock Exchange NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act

of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. o

Item 2.02Results of Operations and Financial Condition.

On November 5, 2026, the Registrant issued a press release. A copy of such press release is attached hereto as Exhibit 99.1

and is incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by

reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such

filing.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

99.1	Press release dated November 5, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to

be signed on its behalf by the undersigned hereunto duly authorized.

	Main Street Capital Corporation
Date: November 5, 2026	By:	/s/ Jason B. Beauvais
		Name:    Jason B. Beauvais
		Title:      General Counsel

1

Exhibit 99.1

	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

2

•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.

5

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.

6

•$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.

7

(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.

9

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.

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