HOUSTON, April 16, 2026 /PRNewswire/ -- 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)
