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Main Street Capital Corporation
NYSE: MAIN Financials AMC 🔎 Screen
🏹 Trader: 🎯 Near 52W High | BRS 61 Forming View all →
$5.0B
Market Cap
10.9
P/E
1.92
PEG
9.1%
ROCE
17.0%
ROE
0.83
D/E
87.4%
OPM
-8.6%
% from 52W High
49
α RS
🔍 MAIN is showing a near-52W-high setup because it's within 8.6% of its 52-week high and rs_momentum preset's Backtest win rate is 53.6% over 90 days. Net: Partial signal stack, not a recommendation. ? 52W High Backtest
Sources
8.6% from 52W high · Backtest win rate 53.6%
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🌏 Global Investor Returns
Currency-adjusted total returns for MAIN including FX impact
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📈 Price History
Ratio Health
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By Category
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About

Main Street Capital Corporation is a business development company and a small business investment company specializing in direct and indirect investments. In direct investments, the firm specializes in private equity capital to lower middle market companies. The firm specializes in recapitalizations, loan, growth capital, mezzanine debt, corporate carveouts, family estate planning, management buyouts, refinancing, private loan, private credit solutions, senior secured term debt, unintranche term debt, subordinated debt, preferred equity, common equity, minimal or no fixed amortization, split lien term debt, industry consolidation, mature, later stage and emerging growth. The firm makes both control and non-control equity investments. The firm also provides debt capital to middle market companies for strategic acquisitions, management buyouts, growth financings, majority and minority recapitalizations, and refinancing. The firm also makes equity co-investments. The firm provides debt financing solutions for acquisitions, recapitalizations, and refinancing to middle market companies. The firm provides private debt and private equity capital to lower middle market companies and debt capital to middle market companies. The firm seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market portfolio. It prefers to invest in air freight and logistics, auto components, building products, chemicals, commercial services, computers, construction and engineering, consumer finance, consumer services, electronic equipment, energy equipment and services, financial services, health care equipment, health care providers, hotels, restaurants, and leisure, internet software and services, IT Services, machinery, oil, gas and consumable fuels, paper and forest products, professional and industrial services, manufacturing, road and rail, software, specialty retail, telecommunication, consumer discretionary, energy, materials, concrete, plumbing pipes, electrical component, heavy electrical equipment, media, utilities, technology, and transportation. The firm invests in Southwest of the United States of America. The firm typically invests in business services, commercial and professional services, communication services, consumer discretionary, consumer staples, lower middle market companies ranging between $5 million and $125 million in equity investment with annual revenues between $10 million and $150 million and EBITDA in ranging between $3 million and $20 million. The firm typically prefers to invest in the range of $5 million and $150 million per transaction in debt investment value but holds the ability to lead debt financings up to $250 million. For credit solutions, the firm invests between $10 million and $150 million with an EBITDA in the range of $7.5 million and $50 million. The firm loan portfolio companies generally have annual revenues between $25 million and $500 million. The firm’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies. It takes 5 percent minority and up to 50 percent majority equity investments. Main Street Capital Corporation was founded in 2007 and is based in Houston, Texas with an additional offices in Chicago, United States and Chojnów, Poland.

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⭐ Superinvestors Holding MAIN
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 72.1K $3.8M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Main Street Capital Q1 DNII before taxes $1.04/share, NAV record $33.46
Revenue & Profitability
Total investment income for Q1 2026 was $140.1 million, up $3.1 million (2.2%) from Q1 2025 but down $5.4 million (3.7%) from Q4 2025. Distributable net investment income (DNII) before taxes was $1.04 per share. Net asset value per share increased to a record $33.46, up $1.43 (4.5%) year-over-year. The company recognized net realized gains of $18.0 million during the quarter. Regulatory leverage stood at 0.71 times debt-to-equity, and the asset coverage ratio was 2.41x.
Outlook
Management characterized the overall economic backdrop as having significant uncertainties but expects that Main Street's differentiated lower middle market strategy will become even more attractive during such periods. The lower middle market investment pipeline is described as "average," while the private loan pipeline is also "average" with an improved lending environment. The company anticipates that favorable dividend income from its lower middle market portfolio companies will continue, supported by their strong performance and deleveraging.
Growth Drivers
Growth is driven primarily by the lower middle market strategy, which saw a net increase of $157 million in investments during Q1 2026, including three new portfolio companies and five follow-on investments for strategic acquisitions. The private loan strategy had a net increase of $37 million. The asset management business, with $1.8 billion in assets under management, contributes recurring base management fees and incentive fees. The company also plans to grow MSC Income Fund, a publicly traded BDC it advises.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
The ratio of total operating expenses (excluding interest expense) to average total assets was 1.3% on an annualized basis for the quarter and the trailing twelve months, described as among the lowest in the industry. Interest expense increased due to higher average borrowings to fund portfolio growth, partially offset by lower benchmark rates and improved margins on credit facilities. No specific margin guidance was provided.
Key Risks
Risks discussed include the impact of broad economic and geopolitical uncertainties on portfolio company performance and investment activity. Non-accrual investments comprised 1.2% of total portfolio at fair value and 4% at cost. Interest rate decreases reduce floating-rate debt investment income. The company also faces the risk that portfolio companies may reduce dividends due to capital allocation decisions in uncertain times. A specific risk cited by analysts was the decline in non-recurring dividends following exits of high-paying portfolio companies.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-07
Q2 saw strong operating results with record NAV per share, robust realized gains, and continued dividend growth. Conservative leverage and ample liquidity support ongoing portfolio expansion, while the outlook remains positive despite economic uncertainty.
Q1 2026 Q1 2026 2026-05-08
First quarter results showed strong investment activity and NAV growth, with robust lower middle market performance and disciplined capital management. Dividend increases and supplemental payouts reflect confidence in continued favorable results, despite economic uncertainty.
Q4 2025 Q4 2025 2026-02-27
Strong Q4 and full-year results featured record NAV per share, robust lower middle market and private loan investment activity, and significant realized gains. Liquidity and capital structure remain conservative, supporting continued dividend growth and positive outlook for 2026.
Q3 2025 Q3 2025 2025-11-07
Strong Q3 results included record NAV per share, 17% ROE, and robust DNII. Investment pipelines for both lower-middle market and private loans are above average, with continued conservative leverage and high liquidity positioning the company for future growth.
Q2 2025 Q2 2025 2025-08-08
Q2 saw record NAV per share, strong ROE, and the largest realized gain in company history, driven by lower middle market exits. Private loan activity slowed due to muted deal flow, but liquidity and capital structure remain strong. Supplemental and regular dividends were increased.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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