Main Street Capital CORP (MAIN)

Price$58.10Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe premium is high, but strong income, dividend coverage, and portfolio quality make the valuation broadly reasonable.

Main Street trades around 1.7 times June net asset value of $33.92 per share. Second-quarter distributable net investment income was $1.04 per share, or roughly $4.16 annualized, putting the shares near 14 times that earnings measure. Regular monthly dividends annualize to $3.18, and recent quarterly supplemental dividends add meaningful income. The cash return is attractive for a high-quality lender, but the large premium to asset value leaves limited margin of safety if credit quality or earnings weaken.

Big pictureRecurring interest income and equity gains support returns, although lower rates can pressure loan yields.

Second-quarter investment income rose 4% to $149.6 million as interest income increased 12%, partly offset by lower dividend income. Main Street owns both debt and equity in many smaller businesses, so successful exits can add substantial gains beyond loan interest; its Centre Technologies exit generated a $46.4 million realized gain. Portfolio credit remains healthy, with non-accrual investments representing only 1.1% of fair value. However, many loans have floating rates, so falling benchmark rates can reduce interest income unless portfolio growth or spreads offset the decline.

Business strengthLiquidity and credit quality are strong, while premium-priced share issuance can actually increase book value.

June liquidity was about $1.15 billion, including unused credit capacity, while debt of roughly $2.53 billion compared with $3.17 billion of equity, a conservative balance for a business development company. Main Street also carries investment-grade ratings. Shares outstanding rose from about 89.8 million at year-end to 93.4 million by June, largely through market share issuance and reinvestment programs. Unlike ordinary dilution, issuing shares well above net asset value can increase asset value per existing share, although per-share income still declined slightly year over year.

What could change the storyFurther book-value growth could support the premium, while credit deterioration would expose meaningful downside.

The bull case is continued net asset value growth, distributable income above roughly $1.00 per quarter, successful equity exits, and accretive share issuance at a premium. That combination can keep funding rising dividends despite the expensive price-to-book ratio. The bear case is premium compression if credit weakens: even stable assets could produce share-price downside if investors stop paying far above book value. Non-accrual investments rising above roughly 3% of portfolio fair value or distributable income falling below regular quarterly dividends would materially weaken the thesis.

AI: News

Preliminary quarter surpriseEarly second-quarter estimates showed stronger book-value growth and returns, prompting a notable positive market reaction.

On July 16, Main Street estimated distributable net investment income of $1.02-$1.06 per share, net asset value of $33.88-$33.96, and an annualized quarterly return on equity above 18%. The shares rose about 4.0% that session. The reaction is consistent with investors rewarding continued book-value growth and strong portfolio performance, although broader market factors may also have contributed. The preliminary figures also showed that share issuance above book value was helping increase net asset value per share.

Full results confirm strengthFinal results confirmed strong income, rising book value, and healthy credit quality across the portfolio.

On August 6, Main Street confirmed second-quarter distributable net investment income of $1.04 per share and net asset value of $33.92, while annualized quarterly return on equity reached 18.9%. Investments on non-accrual represented only 1.1% of portfolio fair value. Shares gained about 3.8% in the following session. That reaction is consistent with confidence in portfolio quality and earnings durability, though the conference call and broader credit-market conditions may also have influenced trading.

Dividend package extendedAnother supplemental payout and higher regular dividends reinforced Main Street's unusually strong shareholder-income record.

On August 4, Main Street declared monthly dividends of $0.265 for October, November, and December plus a $0.30 supplemental dividend payable in September. The regular monthly rate was 3.9% above the prior year's fourth quarter, and the supplemental payment was the twentieth consecutive quarterly supplemental dividend. Shares rose about 2.5% that session. The timing is consistent with investors welcoming continued excess taxable income, although the market move cannot be attributed solely to the dividend announcement.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$566.4M	$541.0M	$500.4M	$376.9M	$289.0M	$222.6M
Operating expenses	$71.7M	$62.5M	$58.8M	$53.3M	—	—
Net income	$493.4M	$508.1M	$428.4M	$241.6M	$330.8M	$29.4M
Net profit margin	87.11%	93.91%	85.62%	64.11%	114.43%	13.20%
Basic EPSper basic share	$3.95	$3.93	$4.04	$3.29	$2.65	$2.10
Diluted EPSper diluted share	$3.95	$3.93	$4.04	$3.29	$2.65	$2.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

3.58%of listed shares

PRICE T ROWE ASSOCIATES INC /MD/3.34M shares · Jun 30, 2026

View holders

Top 20 reported holders of MAIN
Holder	% owned
PRICE T ROWE ASSOCIATES INC /MD/	3.58%3.34M shares
VAN ECK ASSOCIATES CORP	2.02%1.89M shares
UBS Group AG	1.49%1.39M shares
Legal & General Group Plc	0.89%835.06K shares
MORGAN STANLEY	0.84%786.28K shares
Qube Research & Technologies Ltd	0.70%654.17K shares
Invesco Ltd.	0.59%553.97K shares
Hyzak Dwayne L.	≈0.54%506.85K shares
ADELL HARRIMAN & CARPENTER INC	0.53%499K shares
Muzinich & Co., Inc.	0.53%495.92K shares
Magdol David L.	≈0.47%440.69K shares
BlackRock, Inc.	0.43%403.62K shares
Sumitomo Mitsui Trust Group, Inc.	0.40%375.51K shares
D. E. Shaw & Co., Inc.	0.40%375.32K shares
LPL Financial LLC	0.37%347.6K shares
FRANKLIN RESOURCES INC	0.37%342.76K shares
GOLDMAN SACHS GROUP INC	0.36%332.29K shares
Cambridge Investment Research Advisors, Inc.	0.33%307.9K shares
PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO	0.30%281.4K shares
Morris Jesse E	≈0.29%267.57K shares

Percentages use 93.35M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$249.9K disclosed value

Sells (SEC code S)11$22.31M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 30, 2026Form 4	Beauvais Jason BEVP, GC, SECRETARY	SellCommon Stock	6.8K	$51.73	$353.3K	196.2K
Aug 14, 2025Form 4	Meserve NicholasMANAGING DIRECTOR	SellCommon Stock	14.0K	$67.15	$940.1K	82.4K
Jun 27, 2025Form 4	Morris Jesse EEVP AND COO	SellCommon Stock	10.2K	$59.04	$604.7K	235.7K
Jun 27, 2025Form 4	Morris Jesse EEVP AND COO	SellCommon Stock	24.8K	$59.50	$1.47M	245.9K
Jun 27, 2025Form 4	Beauvais Jason BEVP, GC, SECRETARY	SellCommon Stock	4.0K	$59.04	$236.0K	181.5K