Main Street Capital (MAIN) reported Q4 FY2025 net investment income (NII) of USD 92.1 million, or USD 1.03 per share (+5%), and distributable net investment income (DNII) of USD 98.0 million, or USD 1.09 per share (+5%). Q4 total investment income was USD 145.5 million (+4%), and net asset value $(NAV)$ was USD 33.33 per share at Dec. 31, 2025 (+1.7%). Net increase in net assets resulting from operations was USD 131.1 million, or USD 1.46 per share (-26%), with a return on equity of 17.7% (annualized). For FY2025, Main Street posted NII of USD 352.7 million, or USD 3.95 per share, and DNII of USD 376.0 million, or USD 4.21 per share. FY2025 total investment income was USD 566.4 million, net increase in net assets resulting from operations was USD 493.4 million (USD 5.52 per share), return on equity was 17.1%, and NAV ended at USD 33.33 per share (+5.3%). The company paid regular monthly dividends of USD 3.03 per share in FY2025 (+4.1%) and supplemental dividends of USD 1.20 per share, for total dividends paid of USD 4.23 per share (+2.9%). Main Street declared regular monthly dividends totaling USD 0.78 per share for Q1 2026 (USD 0.26 per month, +4.0%) and reported a supplemental dividend of USD 0.30 per share. In portfolio activity, Q4 included USD 300.0 million of lower middle market investments and USD 231.4 million of private loan investments, and the company realized gains on full exits including Purge Rite LLC (USD 33.9 million gain) and Mystic Logistics Holdings, LLC (USD 23.8 million gain). As of Dec. 31, 2025, Main Street reported liquidity of USD 1.265 billion and said its External Investment Manager ended Q4 with USD 1.7 billion of assets under management, contributing USD 9.3 million to NII. CEO Dwayne L. Hyzak said DNII before taxes per share continued to exceed monthly dividends paid and cited a record NAV per share driven primarily by net fair value increases and realized gains.

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