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Main Street (NYSE: MAIN) sees Q1 2026 NAV, income hold steady

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8-K

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Main Street Capital Corporation released preliminary first quarter 2026 results, showing estimated net investment income of $0.91 to $0.95 per share and distributable net investment income of $0.98 to $1.02 per share, in line with prior guidance.

Estimated net asset value per share rose to $33.42 to $33.50, up $0.09 to $0.17 after paying a $0.30 supplemental dividend, and implied an annualized return on equity of about 6%. Non-accrual investments were modest at 1.2% of the portfolio at fair value, while the company originated $205.9 million of lower middle market and $149.1 million of private loan investments.

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Insights

Preliminary Q1 figures show steady income, modest NAV growth and active new investing.

Main Street estimates Q1 2026 net investment income of $0.91-$0.95 per share and distributable NII of $0.98-$1.02, described as consistent with prior guidance. This suggests core earnings power is tracking management expectations despite macro uncertainty.

Estimated net asset value per share increased to $33.42-$33.50, a 0.3%-0.5% gain after a $0.30 supplemental dividend. Management attributes the NAV move mainly to accretive equity issuance, partly offset by fair value declines in private loans, the asset manager, and residual middle market assets.

Non-accruals remain low at 1.2% of the portfolio at fair value and 4.0% at cost, indicating limited credit stress in the current snapshot. New investment activity was robust, with $205.9M in lower middle market and $149.1M in private loan originations, leading to net cost basis increases in both strategies. An estimated ~6% annualized return on equity for the quarter is moderate but consistent with the stable profile suggested by these figures.

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, and exhibit attachments filed with this report.
Net investment income per share $0.91-$0.95 per share Preliminary estimate for Q1 2026
Distributable NII per share $0.98-$1.02 per share Preliminary estimate for Q1 2026
DNII before taxes per share $1.02-$1.06 per share Preliminary estimate for Q1 2026
Net asset value per share $33.42-$33.50 Estimated as of March 31, 2026
NAV increase per share $0.09-$0.17 (0.3%-0.5%) Change from $33.33 as of December 31, 2025, after $0.30 supplemental dividend
Annualized return on equity Approximately 6% Estimated for Q1 2026
LMM investment originations $205.9M total; $157.1M net increase Lower middle market portfolio activity in Q1 2026
Private loan investments $149.1M total; $36.6M net increase Private loan portfolio activity in Q1 2026
net investment income financial
"Main Street’s preliminary estimate of first quarter 2026 net investment income (“NII”) is $0.91 to $0.95 per share"
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
distributable net investment income financial
"distributable net investment income (“DNII”)(1) is $0.98 to $1.02 per share"
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.
net asset value financial
"Main Street’s preliminary estimate of net asset value (“NAV”) per share as of March 31, 2026 is $33.42 to $33.50"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
non-accrual status financial
"Main Street preliminarily estimates that investments on non-accrual status comprised 1.2% of the total investment portfolio at fair value"
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.
return on equity financial
"Main Street estimates that it generated an annualized return on equity of approximately 6% for the first quarter.(3)"
Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.
lower middle market financial
"Main Street’s lower middle market portfolio companies generally have annual revenues between $10 million and $150 million."
A segment of privately held companies that are larger than small businesses but smaller than big, publicly traded firms—think a successful neighborhood bakery rather than a national chain. These businesses often have steady revenue and room to grow, making them appealing targets for buyout investors seeking higher returns; they also carry more risk and less liquidity than large-cap stocks, so valuation and operational improvements matter more to investors.
Net investment income per share $0.91-$0.95
Distributable NII per share $0.98-$1.02
DNII before taxes per share $1.02-$1.06
NAV per share $33.42-$33.50 +0.3%-0.5% from $33.33
Annualized return on equity Approximately 6%
Non-accrual investments at fair value 1.2% of portfolio
Non-accrual investments at cost 4.0% of portfolio
Understanding 8-K Material Events →
0001396440false00013964402026-04-162026-04-16
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) April 16, 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 April 16, 2026, the Registrant issued a press release announcing certain preliminary estimates of its financial condition
and results of operations for its fiscal quarter ended March 31, 2026, as well as other information. A copy of such press
release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information disclosed herein, including Exhibit 99.1 hereto, shall be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference into the Registrant’s filings
made under the Securities Act of 1933, as amended; provided, however, that information contained on the Registrant’s
website referred to in the press release attached hereto as Exhibit 99.1 is not incorporated by reference herein or in Exhibit
99.1 and is not a part of this Form 8-K or Exhibit 99.1.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
99.1
Press release dated April 16, 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: April 16, 2026
By:
/s/ Jason B. Beauvais
Name:    Jason B. Beauvais
Title:      General Counsel
Exhibit 99.1
mainst.jpg
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 Preliminary Estimate of First Quarter 2026
Operating Results
Announces First Quarter 2026 Earnings Release and Conference Call Schedule
HOUSTON – April 16, 2026 – Main Street Capital Corporation (NYSE: MAIN) (“Main Street”
or the “Company”) is pleased to announce its preliminary operating results for the first quarter of
2026 and its first quarter 2026 earnings release and conference call schedule.
In commenting on the Company’s preliminary operating results for the first quarter of 2026,
Dwayne L. Hyzak, Main Street’s Chief Executive Officer, stated, “We are pleased with our
performance in the first quarter, which resulted in distributable net investment income before
taxes that was in line with our expectations and prior guidance provided on our last conference
call, despite the ongoing backdrop of significant economic and geopolitical uncertainties. We
look forward to sharing the full details of our first quarter 2026 results in a few weeks.”
Preliminary Estimates of First Quarter 2026 Results
Main Street’s preliminary estimate of first quarter 2026 net investment income (“NII”) is $0.91
to $0.95 per share, distributable net investment income (“DNII”)(1) is $0.98 to $1.02 per share
and DNII before taxes(2) is $1.02 to $1.06 per share.
Main Street’s preliminary estimate of net asset value (“NAV”) per share as of March 31, 2026 is
$33.42 to $33.50, representing an increase of $0.09 to $0.17 per share, or 0.3% to 0.5%, from the
NAV per share of $33.33 as of December 31, 2025, with this increase after the impact of the
supplemental dividend paid in March 2026 of $0.30 per share. The estimated NAV per share
increase is primarily due to the accretive impact of equity issuances, partially offset by the net
fair value decrease of the existing investment portfolio, the total dividends per share paid in the
first quarter in excess of NII per share and the net tax provision. The net fair value decrease of
the existing investment portfolio is primarily the result of net fair value decreases of the existing
private loan investment portfolio, the wholly-owned asset manager and the residual middle
market investment portfolio, partially offset by the net fair value increase of the existing lower
middle market (“LMM”) investment portfolio.
As a result of Main Street’s preliminary estimates of NII, the net changes in the fair value of the
existing investment portfolio and the net tax provision as noted above, Main Street estimates that
it generated an annualized return on equity of approximately 6% for the first quarter.(3)
Main Street preliminarily estimates that investments on non-accrual status comprised 1.2% of the
total investment portfolio at fair value and 4.0% at cost as of March 31, 2026.
Investment Portfolio Activity
The Company’s first quarter 2026 operating activities include the following investment activity
in the LMM and private loan investment strategies:
•$205.9 million in total LMM portfolio investments, which after aggregate repayments,
return of invested equity capital and a decrease in cost basis due to a realized loss resulted
in a net increase of $157.1 million in the total cost basis of the LMM investment
portfolio; and
•$149.1 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 increase of $36.6 million in the total cost basis of the private loan
investment portfolio.
First Quarter 2026 Earnings Release and Conference Call Schedule
Main Street will release its first quarter 2026 results on Thursday, May 7, 2026, after the
financial markets close. In conjunction with the release, Main Street has scheduled a conference
call, which will be broadcast live via phone and over the Internet, on Friday, May 8, 2026, at
10:00 a.m. Eastern time. Investors may participate either by phone or audio webcast.(4)
By Phone:
Dial 412-902-0030 at least 10 minutes before the call. A replay will be
available through May 15, 2026 by dialing 201-612-7415 and using the
access code 13759637#.
By Webcast:
Connect to the webcast via the Investor Relations section of Main Street’s
website at www.mainstcapital.com. Please log in at least 10 minutes in
advance to register and download any necessary software. A replay of the
conference call will be available on Main Street’s website shortly after the
call and will be accessible until the date of Main Street’s earnings release for
the next quarter.
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. MSC Adviser is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS AND OTHER MATTERS
Main Street cautions that statements in this press release which are forward-looking and provide
other than historical information, including but not limited to the preliminary estimates of first
quarter 2026 financial information and results, are based on current conditions and information
available to Main Street as of the date hereof. 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, such factors described under the captions “Cautionary
Statement Concerning Forward-Looking Statements” and “Risk Factors” included in Main
Street’s filings with the U.S. Securities and Exchange Commission (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.
The preliminary estimates of first quarter 2026 financial information and results furnished above
are based on Main Street management’s preliminary determinations and current expectations,
and such information is inherently uncertain. The preliminary estimates provided herein have
been prepared by, and are the responsibility of, management and are subject to completion of
Main Street’s customary quarter-end closing and review procedures and third-party review,
including the determination of the fair value of Main Street’s portfolio investments. As a result,
actual results could differ materially from the current preliminary estimates based on adjustments
made during Main Street’s quarter-end closing and review procedures and third-party review,
and Main Street’s reported information in its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2026 may differ from this information, and any such differences may be
material. In addition, the information furnished above does not include all of the information
regarding Main Street’s financial condition and results of operations for the quarter ended
March 31, 2026 that may be important to readers. As a result, readers are cautioned not to place
undue reliance on the information furnished in this press release and should view this
information in the context of Main Street’s full first quarter 2026 results when such results are
disclosed by Main Street in its Quarterly Report on Form 10-Q for the quarter ended March 31,
2026. The information furnished in this press release is based on Main Street management’s
current expectations that involve substantial risks and uncertainties that could cause actual results
to differ materially from the results expressed in, or implied by, such information.
Main Street has an existing effective Registration Statement on Form N-2 on file with the SEC
relating to the offer and sale from time to time of its securities. Investors are advised to carefully
consider the investment objective, risks and charges and expenses of Main Street before
investing in any of Main Street’s securities. The prospectus included in the Registration
Statement on Form N-2, together with any related prospectus supplement, contain this and other
information about Main Street and should be read carefully before investing. A copy of the
prospectus and any related prospectus supplement may be obtained by contacting Main Street.
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,
which includes both share-based compensation expenses and deferred compensation
expense or benefit. Main Street believes presenting DNII per share is useful and
appropriate supplemental disclosure for analyzing its financial performance since (i)
share-based compensation does not require settlement in cash and (ii) deferred
compensation expense or benefit does 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. Instead, DNII should be reviewed only in connection
with such U.S. GAAP measures in analyzing Main Street’s financial performance. In
order to reconcile estimated DNII per share to estimated NII per share in accordance
with U.S. GAAP for the first quarter of 2026, an estimated $0.07 per share of non-
cash compensation expenses are added back to estimated NII per share to calculate
estimated DNII per share.
(2)DNII before taxes is NII as determined in accordance with U.S. GAAP, excluding the
impact of non-cash compensation expenses, which includes both share-based
compensation expenses and deferred compensation expense or benefit, and any tax
expenses included in NII. Main Street believes presenting DNII before taxes per share
is useful and appropriate supplemental disclosure for analyzing its financial
performance since (i) share-based compensation does not require settlement in cash,
(ii) deferred compensation expense or benefit does not result in a net cash impact to
Main Street upon settlement and (iii) 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.
Instead, DNII before taxes should be reviewed only in connection with such U.S.
GAAP measures in analyzing Main Street’s financial performance. In order to
reconcile estimated DNII before taxes per share to estimated NII per share in
accordance with U.S. GAAP for the first quarter of 2026, an estimated $0.07 per
share of non-cash compensation expenses and an estimated $0.04 per share of NII
related tax expenses are added back to estimated NII per share to calculate estimated
DNII before taxes per share.
(3)Return on equity equals the net increase in net assets resulting from operations
divided by the average quarterly total net assets.
(4)No information contained on the Company’s website or disclosed on the May 8, 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.

Source: View Original Filing on SEC EDGAR

FAQ

What preliminary Q1 2026 earnings did Main Street Capital (MAIN) report?

Main Street Capital estimates Q1 2026 net investment income of $0.91 to $0.95 per share. It also expects distributable net investment income of $0.98 to $1.02 per share, which management says is in line with prior guidance discussed on its last conference call.

How did Main Street Capital’s (MAIN) net asset value change in Q1 2026?

Main Street Capital projects net asset value per share of $33.42 to $33.50 as of March 31, 2026. This represents an increase of $0.09 to $0.17 per share, or about 0.3% to 0.5%, after paying a $0.30 per share supplemental dividend.

What return on equity did Main Street Capital (MAIN) estimate for Q1 2026?

Main Street Capital estimates it generated an annualized return on equity of approximately 6% for the first quarter of 2026. This figure reflects net investment income, net changes in the fair value of its investment portfolio, and the net tax provision over average quarterly net assets.

How large were Main Street Capital’s (MAIN) Q1 2026 investment originations?

In Q1 2026, Main Street Capital’s lower middle market investments totaled $205.9 million, producing a $157.1 million net cost basis increase. Private loan investments totaled $149.1 million, resulting in a $36.6 million net cost basis increase after repayments, equity returns and realized losses.

What are Main Street Capital’s (MAIN) non-accrual levels as of March 31, 2026?

Main Street Capital preliminarily estimates investments on non-accrual status were 1.2% of the total investment portfolio at fair value. On a cost basis, non-accrual investments represented about 4.0% of the portfolio, indicating a relatively small portion is not currently generating income.

When will Main Street Capital (MAIN) release full Q1 2026 results and hold its call?

Main Street Capital plans to release complete first quarter 2026 results on Thursday, May 7, 2026, after markets close. A related conference call and webcast are scheduled for Friday, May 8, 2026, at 10:00 a.m. Eastern time, with replay options available by phone and online.

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