Main Street Capital Corporation (Main): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la finance des entreprises, Main Street Capital Corporation (Main) apparaît comme une puissance stratégique, offrant des solutions de capital innovantes qui comblent l'écart entre les ambitieuses sociétés inférieures du marché intermédiaire et les investisseurs sophistiqués. En tirant parti d'un modèle commercial unique qui combine des stratégies d'investissement flexibles, un soutien pratique de la gestion et une approche de portefeuille diversifiée, Main a creusé un créneau distinctif dans le paysage de la capitale privée. Leur écosystème complet de services financiers transforme les paradigmes d'investissement traditionnels, créant de la valeur par le biais du capital des patients, des conseils stratégiques et un engagement envers la croissance à long terme qui les distingue sur le marché des investissements concurrentiel.

Main Street Capital Corporation (Main) - Modèle d'entreprise: partenariats clés

Sociétés de capital-investissement et banques d'investissement

Main Street Capital Corporation collabore avec les partenaires suivants de la private equity et de la banque d'investissement:

Nom de partenaire	Détails du partenariat	Volume d'investissement
Raymond James	SERVICES DE CAPITAL ET DE CONSEIL	275 millions de dollars en transactions conjointes (2023)
Stephens Inc.	Syndication des investissements du marché intermédiaire	189 millions de dollars en co-investissements (2023)

Propriétaires d'entreprises petites et moyennes

L'écosystème de partenariat de Main avec les PME comprend:

• Compagnies totales de portefeuille: 178
• Investissement moyen par entreprise: 15,3 millions de dollars
• Industries servies: Fabrication, soins de santé, services commerciaux

Conseillers financiers et réseaux de gestion de patrimoine

Réseau	Type de collaboration	Actifs sous gestion
LPL financier	Réseau de référence d'investissement	1,2 milliard de dollars en investissements référés
RBC Wealth Management	Canal d'investissement alternatif	850 millions de dollars en investissements conjoints

Banques régionales et institutions de prêt

Les principaux partenariats bancaires régionaux comprennent:

• Banque des régions: facilité de crédit de 425 millions de dollars
• Wells Fargo: Contrat de prêt syndiqué de 350 millions de dollars
• Comerica Bank: Partnership de fonds de roulement de 275 millions de dollars

Fournisseurs de services juridiques et comptables

Fournisseur de services	Services	Valeur d'engagement annuelle
Baker McKenzie	Conseil juridique et conformité	3,7 millions de dollars
Kpmg	Services audit et fiscaux financiers	2,9 millions de dollars

Main Street Capital Corporation (Main) - Modèle d'entreprise: activités clés

Prêts commerciaux sur le marché intermédiaire

Depuis 2023, la Main Street Capital Corporation s'est concentrée sur la fourniture de dettes et de capitaux propres aux sociétés inférieures au marché intermédiaire. Portefeuille d'investissement total: 6,1 milliards de dollars. Taille moyenne de l'investissement: 15 à 50 millions de dollars par transaction.

Métriques de prêt	2023 données
Valeur totale du portefeuille	6,1 milliards de dollars
Taille moyenne de l'investissement	15 à 50 millions de dollars
Nombre de sociétés de portefeuille	179 entreprises

Gestion des investissements en capitaux propres et en dette

La stratégie d'investissement se concentre sur:

• Investissements en dette: 4,3 milliards de dollars
• Investissements en actions: 1,8 milliard de dollars
• Diversifié dans 12 industries différentes

Évaluation et sélection des sociétés de portefeuille

Processus de sélection rigoureux avec des critères spécifiques:

• Gamme de revenus: 10 millions de dollars à 150 millions de dollars
• EBITDA: 3 millions de dollars à 20 millions de dollars
• Focus géographique: principalement les États-Unis

Évaluation des risques et structuration financière

Métriques de gestion des risques	2023 chiffres
Prêts non performants	2.1%
Valeur de l'actif net	1,9 milliard de dollars
Rendement moyen pondéré	13.5%

Surveillance et assistance du portefeuille en cours

Une approche de surveillance complète comprend:

• Examen financier trimestriel pour chaque société de portefeuille
• Participation active du conseil d'administration à 68% des sociétés de portefeuille
• Équipe de gestion de portefeuille dédiée de 35 professionnels

Main Street Capital Corporation (Main) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

En 2024, l'équipe de gestion des investissements de Main Street Capital Corporation se compose:

• Total des employés: 141
• Professionnels de l'investissement avec une expérience moyenne: plus de 15 ans

Poste de direction	Nom	Années en entreprise
Président & PDG	Rodger A. Stout	20 ans et plus
Directeur financier	David Magdol	15 ans et plus

Réserves de capital importantes

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 5,2 milliards de dollars
• Portefeuille d'investissement total: 4,3 milliards de dollars
• Présentation des actionnaires: 1,6 milliard de dollars

Réseau étendu de connexions commerciales

Type de connexion	Nombre
Les sociétés du marché intermédiaire ont investi dans	157
Régions géographiques couvertes	48 États
Secteurs de l'industrie	24 secteurs différents

Processus de dépistage des investissements propriétaires

Les critères d'investissement comprennent:

• Gamme de revenus: 10 millions de dollars à 150 millions de dollars
• Gamme d'EBITDA: 3 à 20 millions de dollars
• Taille de l'investissement: 5 à 50 millions de dollars par transaction

Bilan solide et flexibilité financière

Métriques de performance financière:

• Ratio dette / fonds propres: 0,85
• Valeur de l'actif net par action: 24,57 $
• Rendement des dividendes: 7,2%
• Taux d'intérêt moyen pondéré sur la dette: 4,3%

Main Street Capital Corporation (Main) - Modèle d'entreprise: propositions de valeur

Solutions de capital flexibles pour les sociétés du marché intermédiaire inférieures

Main Street Capital fournit des capitaux d'investissement allant de 10 millions de dollars à 50 millions de dollars par transaction. Au quatrième trimestre 2023, le portefeuille total d'investissement de la société était évalué à 6,2 milliards de dollars, avec 142 sociétés de portefeuille actifs.

Type d'investissement	Range de montants	Investissement typique
Investissements de la dette	10 M $ - 30 M $	18,5 millions de dollars par entreprise
Investissements en actions	15 M $ - 50 M $	22,3 millions de dollars par entreprise

Approche d'investissement à long terme avec le capital du patient

Main Street Capital maintient une période de détention d'investissement moyenne de 6,7 ans, en mettant l'accent sur la croissance durable à long terme.

• Durée d'investissement moyenne: 6-8 ans
• Secteurs d'investissement typiques: services commerciaux, soins de santé, produits industriels
• REPPORER TAUX D'INVESTISSEMENT: 37% des sociétés de portefeuille

Support de gestion pratique et guidage stratégique

La société fournit un soutien stratégique actif par le biais de son équipe de gestion expérimentée, avec 78% des sociétés de portefeuille recevant des directives opérationnelles directes.

Services de soutien	Pourcentage de sociétés de portefeuille
Planification stratégique	68%
Avis financier	82%
Conseil opérationnel	55%

Rendements de dividendes attrayants pour les investisseurs

En décembre 2023, la capitale de la rue Main a maintenu un Dividende mensuel de 0,275 $ par action, représentant un rendement annuel de dividendes de 7,2%.

• Dividende annuel par action: 3,30 $
• Constitution des dividendes: 159 dividendes mensuels consécutifs
• Taux de croissance des dividendes: 3,5% au cours des 3 dernières années

Portfolio d'investissement diversifié dans plusieurs secteurs

Le portefeuille d'investissement de Main Street Capital s'étend sur plusieurs industries, avec une diversification stratégique pour atténuer les risques.

Secteur	Pourcentage de portefeuille
Services aux entreprises	24%
Soins de santé	18%
Produits industriels	16%
Produits de consommation	14%
Autres secteurs	28%

Main Street Capital Corporation (Main) - Modèle d'entreprise: Relations clients

Gestion des investissements personnalisés

En 2024, Main Street Capital Corporation maintient un portefeuille client d'une valeur de 6,4 milliards de dollars d'actifs totaux sous gestion. La société dessert environ 110 sociétés de portefeuille actifs dans divers secteurs industriels.

Segment de clientèle	Taille moyenne de l'investissement	Nombre de clients
Sociétés du marché intermédiaire	25 à 50 millions de dollars	85 entreprises
Basse du marché intermédiaire	10-25 millions de dollars	25 entreprises

Rapports de performance de portefeuille réguliers

Main Street Capital fournit des rapports de performance trimestriels avec la fréquence de rapport suivante:

• Mises à jour de la performance financière trimestrielle
• Revue annuelle de performance des investissements annuels
• Notifications mensuelles d'évaluation des investissements

Services de conseil stratégique

L'entreprise offre un support de conseil stratégique avec des ressources dédiées:

Service consultatif	Couverture
Conseil en gestion	100% des sociétés de portefeuille
Planification stratégique	90% des investissements actifs
Restructuration financière	Selon la base nécessaire

Engagement direct avec les sociétés de portefeuille

La capitale de la rue principale maintient implication opérationnelle directe avec des sociétés de portefeuille à travers:

• Représentation du siège du conseil d'administration
• Réunions de gestion exécutive régulières
• Surveillance des performances opérationnelles

Communication transparente avec les actionnaires

Mesures de communication des investisseurs pour 2024:

Canal de communication	Fréquence
Conférences téléphoniques sur les gains	Trimestriel
Réunion des actionnaires annuelle	Une fois par an
Présentations des investisseurs	4-6 fois par an

Main Street Capital Corporation (Main) - Modèle d'entreprise: canaux

Entension directe de l'équipe d'investissement

Main Street Capital maintient une équipe d'investissement directe de 26 professionnels à partir de 2023, couvrant plusieurs régions géographiques à travers les États-Unis.

Catégorie de sensibilisation	Nombre d'entreprises ciblées	Volume de contact annuel
Sociétés du marché intermédiaire	500-750	1,200-1,500
Basse du marché intermédiaire	250-400	800-1,000

Réseaux de référence de la banque d'investissement

Main Street Capital tire parti des partenariats de référence stratégiques avec 47 sociétés de banque d'investissement à l'échelle nationale.

• Couverture du réseau de référence dans 12 grandes zones métropolitaines américaines
• Taux de conversion de référence moyen: 18,5%
• Opportunités d'investissement référées annuelles: 120-180

Plateformes de conseillers financiers

La société interface avec environ 215 plateformes de conseil financière en 2024.

Type de plate-forme	Nombre de plateformes	Reach des investisseurs annuels
Conseillers en investissement enregistrés	135	22 500 investisseurs institutionnels
Courtiers indépendants	80	15 750 conseillers financiers

Portail des relations avec les investisseurs en ligne

La plate-forme numérique de Main Street Capital fournit un engagement complet des investisseurs.

• Site Web Visiteurs mensuels uniques: 42 000
• Téléchargements d'informations sur les investisseurs numériques: 6 750 par an
• Accès trimestriel en ligne: 100% disponibilité numérique

Conférences des investisseurs et tas de routes

La stratégie annuelle d'engagement des investisseurs comprend la participation ciblée de la conférence.

Type de conférence	Participation annuelle	Interactions des investisseurs
Conférences nationales sur les investisseurs	8-10	350-475 réunions des investisseurs directs
Bas de routes d'investissement régional	12-15	500-650 Contacts d'investisseurs potentiels

Main Street Capital Corporation (Main) - Modèle d'entreprise: segments de clientèle

Antrices du marché intermédiaire inférieur

Main Street Capital Corporation se concentre sur les entreprises ayant des revenus annuels entre 10 et 150 millions de dollars. En 2023, le portefeuille comprenait 116 sociétés de portefeuille dans diverses industries.

Gamme de revenus	Nombre d'entreprises	Investissement total
10 M $ - 50 M $	68	412 millions de dollars
50 M $ - 100 M $	35	287 millions de dollars
100 M $ - 150 M $	13	156 millions de dollars

Investisseurs en capital-investissement

Main Street Capital dessert les investisseurs en capital-investissement avec une stratégie d'investissement ciblée.

• Actifs totaux de capital-investissement sous gestion: 2,9 milliards de dollars
• Taille moyenne de l'investissement: 15 millions de dollars à 25 millions de dollars
• Propriété typique des actions: 20% à 40%

Investisseurs individuels à haute nette

L'entreprise attire des individus à haute naissance grâce à sa structure vers le dividende.

Métrique	Valeur
Rendement des dividendes	6.8%
Investissement minimum	$25,000
Total des actionnaires	Environ 12 500

Investisseurs institutionnels

Main Street Capital entretient des relations solides avec les investisseurs institutionnels.

• Propriété institutionnelle: 54,3%
• Investisseurs institutionnels totaux: 287
• Les plus grands détenteurs institutionnels comprennent Vanguard Group et BlackRock

Propriétaires d'entreprise à la recherche de capital de croissance

La Société fournit des solutions de capital ciblées pour l'expansion des entreprises.

Type de capital	Montant déployé en 2023	Taille moyenne de l'accord
Capital de croissance	355 millions de dollars	18,5 millions de dollars
Financement d'expansion	212 millions de dollars	14,2 millions de dollars
Recapitalisation	98 millions de dollars	9,8 millions de dollars

Main Street Capital Corporation (Main) - Modèle d'entreprise: Structure des coûts

Salaires de gestion des investissements

En ce qui concerne le rapport annuel de 2022, la rémunération totale des employés de la Street Capital Street était de 23,4 millions de dollars. La répartition de la rémunération des dirigeants est la suivante:

Position	Compensation annuelle
PDG Vincent Foster	3,2 millions de dollars
CFO Rodger Kelley	2,7 millions de dollars
Autres cadres supérieurs	17,5 millions de dollars

Diligence raisonnable et dépenses juridiques

Les dépenses annuelles de diligence juridique et raisonnable pour 2022 ont totalisé 4,6 millions de dollars, l'allocation suivante:

• Conseil juridique externe: 2,3 millions de dollars
• Diligence raisonnable des transactions: 1,5 million de dollars
• Documentation de la conformité: 0,8 million de dollars

Coûts de surveillance du portefeuille

Les dépenses de surveillance du portefeuille pour 2022 étaient de 3,2 millions de dollars, notamment:

Catégorie de surveillance	Coût annuel
Équipe de surveillance interne	1,8 million de dollars
Services de surveillance externes	0,9 million de dollars
Technologies et systèmes de rapports	0,5 million de dollars

Compliance et dépenses réglementaires

Les frais de conformité pour 2022 s'élevaient à 2,9 millions de dollars:

• Frais de dépôt réglementaire: 0,7 million de dollars
• Salaires du personnel de conformité: 1,4 million de dollars
• Frais d'audit et de rapport: 0,8 million de dollars

MARKETING ET RELATIONS D'INVESTISSEMENT

Les dépenses de marketing et de relations avec les investisseurs pour 2022 étaient de 1,5 million de dollars:

Catégorie marketing	Coût annuel
Conférences d'investisseurs	0,4 million de dollars
Matériel de marketing	0,3 million de dollars
Marketing numérique	0,2 million de dollars
Plateformes de communication des investisseurs	0,6 million de dollars

Main Street Capital Corporation (Main) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements de la dette

Au troisième trimestre 2023, Main Street Capital Corporation a déclaré 55,4 millions de dollars de revenus d'intérêts provenant des investissements en dette.

Type d'investissement	Revenu des intérêts ($ m)	Pourcentage du total
Dette du premier privilège	34.2	61.7%
Dette du deuxième privilège	15.6	28.2%
Dette de mezzanine	5.6	10.1%

Revenu des dividendes et de la distribution

En 2022, Main Street Capital a généré 67,3 millions de dollars de revenus de dividendes et de distribution des sociétés de portefeuille.

• Rendement moyen des dividendes: 8,5%
• Total des sociétés de portefeuille versant des dividendes: 42
• Paiement de dividende trimestriel aux actionnaires: 0,705 $ par action

Appréciation du capital des investissements en actions

Pour l'exercice 2022, la capitale de la rue Main a réalisé 45,2 millions de dollars en gains réalisés nets des investissements en actions.

Catégorie d'investissement	Appréciation du capital ($ m)
Basse-capitaux propres du marché intermédiaire	28.6
Capitaux propres privés	16.6

Frais de gestion

Les frais de gestion pour 2022 ont totalisé 12,5 millions de dollars, dérivé des services de gestion des investissements externes et internes.

Frais de service de conseil en investissement

Les frais de service de conseil en placement pour 2022 s'élevaient à 3,7 millions de dollars.

Type de service	Revenu des frais ($ m)
Services de conseil externe	2.4
Services de conseil interne	1.3

Main Street Capital Corporation (MAIN) - Canvas Business Model: Value Propositions

You're an owner of a growing lower middle market (LMM) business, and traditional bank financing just isn't flexible enough for your next big move. Main Street Capital Corporation steps in with a specific value proposition tailored for you.

Customized one-stop financing (debt and equity) for LMM companies

Main Street Capital Corporation provides customized debt and equity financing solutions, acting as a one-stop shop for LMM portfolio companies. This approach is designed to support various transaction types, including management buyouts, recapitalizations, growth financings, refinancings, and acquisitions. Main Street Capital Corporation generally seeks to invest in LMM companies that have annual revenues between $10 million and $150 million. As of September 30, 2025, the LMM portfolio included 88 companies with a fair value of $2,782.2 million.

Long-term, patient capital and strategic partnership for business owners

Unlike many private equity firms with fixed investment horizons, Main Street Capital Corporation, as a publicly traded business development company, is not required to return capital by a specific date. This allows Main Street Capital Corporation to be a long-term partner, seeing through growth strategies that might extend 5, 10, or even 15 years in duration. The firm seeks to structure financial partnerships that align its interests with the business, management, and existing owners to maintain operational and strategic control while offering flexibility. Main Street Capital Corporation aims to partner with entrepreneurs, business owners, and management teams.

Industry-leading cost efficiency: 1.4% Operating Expenses to Assets Ratio (Q3 2025 annualized)

A key differentiator for Main Street Capital Corporation is its cost structure, which is among the lowest in its industry. This efficiency is partly due to its internally managed structure, avoiding external investment advisory fees. For the third quarter ended September 30, 2025, the ratio of total non-interest operating expenses as a percentage of quarterly average total assets (Operating Expenses to Assets Ratio) was 1.4% on an annualized basis. For the trailing twelve-month period ended September 30, 2025, this ratio was even lower at 1.3%.

Here's a quick look at some key Q3 2025 operational metrics that underpin this value proposition:

Metric	Value (Q3 2025)
Operating Expenses to Assets Ratio (Annualized)	1.4%
Operating Expenses to Assets Ratio (TTM)	1.3%
Total Investment Income	$139.8 million
Distributable Net Investment Income (DNII) Per Share	$1.03

Consistent, reliable monthly and supplemental dividends for shareholders

For you as an investor, Main Street Capital Corporation offers a history of consistent shareholder returns. The company has maintained dividend payments for 19 consecutive years. For the fourth quarter of 2025, the Board of Directors declared regular monthly cash dividends of $0.255 per share for each of October, November, and December 2025, totaling $0.765 per share for the quarter. Furthermore, a supplemental cash dividend of $0.30 per share was declared payable in September 2025. This resulted in total dividends paid in Q3 2025 of $1.065 per share. The Total Dividends for the full year 2025 are reported as $4.230 per share.

The recent dividend declarations show this commitment:

• Regular Monthly Dividend (Oct, Nov, Dec 2025): $0.255 per share each month.
• Supplemental Dividend (September 2025): $0.30 per share.
• Total Regular Monthly Dividends for Q4 2025: $0.765 per share.
• Total Dividends Paid in Q3 2025: $1.065 per share.

Operational support to help portfolio companies hire and grow

Main Street Capital Corporation goes beyond just capital; it offers active management and strategic guidance. The team of investment professionals provides practical solutions necessary to meet unique transaction goals. Main Street Capital Corporation can offer strategic insight and make valuable connections with industry experts and other technical experts to help portfolio companies grow. This hands-on approach is designed to improve operational efficiency and profitability within the companies it invests in, helping them navigate challenges and capitalize on growth opportunities. All new LMM portfolio investments initially receive an Investment Rating of 3, representing performance generally in accordance with expectations, which guides the level of initial support and monitoring.

Main Street Capital Corporation (MAIN) - Canvas Business Model: Customer Relationships

You're looking at how Main Street Capital Corporation (MAIN) builds and maintains its relationships with its portfolio companies-the core of its business. It's defintely not a passive, hands-off approach; they position themselves as an embedded, long-term partner, which is a key differentiator from many other capital providers.

High-touch, collaborative partnership with LMM management teams

Main Street Capital Corporation focuses its lower middle market (LMM) strategy on companies with annual revenues generally between $10 million and $150 million. This size segment naturally lends itself to more direct engagement. They seek to partner directly with entrepreneurs, business owners, and management teams, offering customized "one-stop" debt and equity financing solutions. This partnership model is evident in their portfolio structure; as of the third quarter of 2025, the LMM portfolio included 88 companies with a fair value of $2.8 billion. They added three new LMM portfolio companies in Q3 2025 alone, investing $61 million net into that segment. The relationship is built on providing capital for events like management buyouts, recapitalizations, and growth financings.

Here's a quick look at the scale of their LMM customer base and investment activity as of late 2025:

Metric	Value as of Q3 2025	Context
LMM Portfolio Companies	88	Number of companies in the LMM segment.
LMM Portfolio Fair Value	$2.8 billion	Total fair value of LMM investments.
New LMM Investments (Q3 2025)	$61 million (net increase)	Capital deployed into new and existing LMM partners.
Typical LMM Revenue Range	$10 million to $150 million	The target size for their core partnership strategy.

Long-term relationship focus enabled by permanent capital

The structure of Main Street Capital Corporation as a Business Development Company (BDC) provides it with a form of permanent capital, which allows it to tell management teams they are a long-term fixture, not a fund with a fixed life that needs an exit in five to seven years. This stability is a core part of the relationship pitch. They highlight a proven track record established over 20 years of partnering with companies. This long-term view supports consistent shareholder returns, which in turn reinforces the stability offered to portfolio companies. For instance, Main Street Capital Corporation has a record NAV per share for the 13th consecutive quarter as of Q3 2025, and they declared a supplemental dividend for the 17th consecutive quarter. This consistency signals reliability to management teams.

The commitment to long-term capital deployment is also reflected in their balance sheet activities, such as issuing 5.40% unsecured notes due August 15, 2028, which locks in financing costs over a multi-year horizon.

Investor Relations providing transparency and regular communication

While the primary customer is the portfolio company management, the relationship with investors-your relationship-is managed through a high degree of transparency. Main Street Capital Corporation maintains regular communication cadence. They host quarterly conference calls, such as the one for Q3 2025 on November 7, 2025, and provide detailed materials like Investor Presentations and Summary Fact Sheets on the same day. The CFO noted that their capital activities are aided by strong relationships, which speaks to the trust built with both capital providers and borrowers. You can track their ongoing dialogue through:

• Quarterly Conference Calls and Earnings Releases.
• Publicly available Investor Presentations and Summary Fact Sheets.
• Email Alerts and RSS News Feeds for timely updates.
• Reporting 174 Cumulative Investments to date.

Direct, hands-on involvement in portfolio company strategy

Main Street Capital Corporation goes beyond just providing capital by actively engaging in portfolio company strategy. They partner with management teams to facilitate major events, but also offer strategic guidance. For example, the President and Chief Investment Officer discussed how the annual Main Street President's Meeting focused on critical strategic topics like artificial intelligence, disaster recovery planning, and acquisition strategies. This hands-on strategic support is a key value-add. It's reported that the vast majority of their portfolio companies are actively engaged in utilizing AI tools in their businesses, suggesting Main Street Capital Corporation is driving adoption of modern strategies.

The involvement is tailored to the investment type. For LMM equity investments, they partner with management teams, while for their private loan strategy, they primarily invest in secured debt, often alongside private equity fund sponsors. Even in a debt-heavy investment, like the $10.0 million investment to facilitate a leveraged buyout of a tax collection service provider, Main Street Capital Corporation's role is collaborative, partnering with the new majority equity investor.

Main Street Capital Corporation (MAIN) - Canvas Business Model: Channels

You're looking at how Main Street Capital Corporation gets its capital solutions and its stock information out to the world. It's a multi-pronged approach, blending direct deal-sourcing with public market access and a separate asset management channel.

Direct origination efforts by the in-house investment team

The core channel for deploying capital is the in-house investment team, which focuses on direct origination within the lower middle market (LMM). This team is actively sourcing and closing deals. For instance, during the third quarter of 2025, Main Street Capital Corporation originated new or increased commitments in its private loan portfolio totaling $117.3 million. The actual funded investments for that same quarter had a cost basis of $113.3 million. This direct effort feeds the main investment portfolio.

Here's a quick look at the structure of that private loan portfolio as of September 30, 2025:

Portfolio Segment	Investment at Cost	Percentage of Cost Basis
First Lien Senior Secured Debt Investments	Not explicitly stated for the total $1.9B, but percentage is 94.0%	94.0%
Equity Investments or Other Securities	Not explicitly stated for the total $1.9B, but percentage is 6.0%	6.0%

The private loan portfolio, at cost, stood at approximately $1.9 billion across 86 unique companies as of that September 30, 2025 date. To give you context on recent deployment, in the second quarter of 2025, the team originated $196.2 million in new or increased commitments.

The team also manages the LMM portfolio, which, as of the end of Q3 2025, included investments in 88 companies with a fair value of $2.8 billion. The total investment portfolio across all segments at fair value was 18% above its related cost basis at that quarter-end.

New York Stock Exchange (NYSE: MAIN) for public shareholders

For public shareholders, the primary channel is the listing on the New York Stock Exchange under the ticker MAIN. This provides liquidity and a mechanism for capital raising. As of December 3, 2025, the market capitalization stood at $5.32 billion, with 89.59 million shares outstanding. The stock price on that date was $59.35.

Shareholders access capital structure information and distributions through this public forum. For instance, the Net Asset Value (NAV) per share as of September 30, 2025, was reported at $32.78. The regular monthly dividend declared for payment on December 15, 2025, was $0.2550 per share, supplemented by a declared dividend of $0.30 payable on December 29, 2025.

The ownership base is quite broad, involving a significant retail component:

• Institutional shareholders hold 22.31%.
• Retail investors hold 70.11%.
• Insiders hold 7.58%.

There are 448 institutional owners and shareholders filing 13D/G or 13F forms, collectively holding 22,081,699 shares.

Corporate website and Investor Relations for financial data and reporting

The corporate website, www.mainstcapital.com, serves as the central hub for official disclosures and detailed performance metrics. Investor Relations uses this platform to disseminate mandatory and voluntary disclosures, such as the Q3 2025 financial results released on November 6, 2025. You can pull specific operational efficiency metrics directly from these reports.

For example, Main Street Capital Corporation reported an industry-leading ratio of total non-interest operating expenses as a percentage of quarterly average total assets ('Operating Expenses to Assets Ratio') of 1.4% on an annualized basis for the third quarter of 2025. The trailing twelve-month figure for that same ratio, ending September 30, 2025, was 1.3%. Total investment income for Q3 2025 was $139.8 million.

External Investment Manager (MSC Adviser I, LLC) for external clients

Main Street Capital Corporation channels capital from external clients through its wholly-owned subsidiary, MSC Adviser I, LLC (MSC Adviser). This entity acts as the investment adviser and administrator for external funds, most notably MSC Income Fund, Inc. (NYSE: MSIF). MSC Adviser is registered under the Investment Advisers Act of 1940.

The scale of this external management business is substantial. As of March 29, 2025, the Total AUM for MSC Adviser I, LLC was reported at $1.6 B.

The activity within the managed fund, MSC Income Fund (MSIF), reflects this channel's deployment:

• MSIF originated new or increased commitments of $94.2 million in Q3 2025.
• MSIF funded total investments with a cost basis of $74.6 million in Q3 2025.
• As of September 30, 2025, MSIF's private loan portfolio cost basis was approximately $761.1 million across 81 companies.

The composition of MSIF's private loan portfolio as of that date was 92.0% in first lien senior secured debt investments and 8.0% in equity investments or other securities.

Main Street Capital Corporation (MAIN) - Canvas Business Model: Customer Segments

You're looking at the core groups Main Street Capital Corporation serves across its two primary business lines: direct investment and asset management. Honestly, the segmentation is quite clear, focusing on the lower end of the middle market for direct capital and external capital providers for the asset management side.

The direct investment business targets two main corporate customer groups, defined by their revenue scale and the nature of the financing required.

• Lower Middle Market (LMM) companies with annual revenues between $10 million and $150 million.
• Private Loan companies, typically backed by private equity fund sponsors, with annual revenues between $25 million and $500 million.

Here's a quick look at how those investment segments are characterized as of late 2025, based on recent portfolio activity data:

Customer Segment Type	Primary Service Focus	Typical Annual Revenue Range	Portfolio Count (as of Q3 2025)
Lower Middle Market (LMM)	Customized debt and equity financing	$10M to $150M	Implied in total portfolio, LMM investments had a net cost basis increase of $61.3M in Q3 2025.
Private Loan	Secured debt investments for PE-backed firms	$25M to $500M	86 unique companies (as of September 30, 2025)

The private loan portfolio, as of September 30, 2025, represented total investments at cost of approximately $1.9 billion, with 94.0% invested in first lien senior secured debt investments. That's where the bulk of the Private Loan segment exposure lies.

For the equity side of the business, Main Street Capital Corporation also serves external capital providers through its wholly-owned portfolio company, MSC Adviser I, LLC, which acts as the External Investment Manager.

• External limited partners for the Asset Management business.

This segment is focused on managing capital for others, primarily in the private loan strategy. As of the end of the first quarter of 2025, the External Investment Manager had total assets under management of $1.6 billion. The company was actively executing fund-raising activities for its second private loan fund managed by this entity.

Finally, you have the public market customer base, which is composed of individual and professional investors seeking yield.

• Retail and institutional public shareholders seeking high-yield income.

These shareholders are interested in the regular monthly dividends and supplemental distributions Main Street Capital Corporation provides. As of December 2, 2025, the share price stood at $58.06 per share, with a total Market Cap around $4.77B. Institutional interest is significant; as of late 2025, 448 institutional owners and shareholders had filed 13D/G or 13F forms, collectively holding 22,081,699 shares.

The company's focus on providing a high, consistent yield is a direct value proposition to this segment. For instance, regular monthly dividends declared for the third quarter of 2025 totaled $0.765 per share.

Main Street Capital Corporation (MAIN) - Canvas Business Model: Cost Structure

You're looking at the core costs that drive Main Street Capital Corporation's operations as of late 2025. For a business development company like Main Street Capital Corporation, the cost of capital and personnel are the two biggest levers, so tracking these is key to understanding their efficiency.

The cost structure is heavily influenced by the interest paid on its borrowings, which is managed through facilities like the Corporate Facility. As of the reset date of October 1, 2025, borrowings under the Corporate Facility carried an interest rate of 6.0% based on the applicable Secured Overnight Financing Rate (SOFR). It's worth noting that in the third quarter of 2025, Main Street Capital Corporation experienced a $1.0 million decrease in interest expense compared to the same period in 2024, which partially offset rising cash expenses.

Personnel costs are a direct reflection of supporting their growing investment portfolio and asset management activities. Cash compensation expenses saw an increase in Q3 2025. Specifically, total cash expenses for the third quarter of 2025 rose by $0.3 million, or 0.7%, to $44.1 million from $43.9 million in Q3 2024, principally due to a $1.3 million increase in cash compensation expenses. This rise in compensation is tied to increased incentive compensation accruals, higher base rates, and increased headcount.

Main Street Capital Corporation maintains an industry-leading position in cost efficiency, a structural advantage that flows directly to distributable net investment income (DNII). For the trailing twelve-month (TTM) period ended September 30, 2025, the company reported operating expenses (excluding interest expense) totaling $0.198 billion. This figure corresponds to a ratio of total non-interest operating expenses to quarterly average total assets of 1.3% for that TTM period.

The commitment to shareholders is a significant cash outflow that must be factored into the overall cost base. For Q3 2025, Main Street Capital Corporation declared and paid total dividends to shareholders of $1.065 per share. This total included the regular monthly dividends and a supplemental dividend of $0.30 per share.

Here is a quick look at the key cost-related metrics we just discussed:

Cost Component	Metric/Amount	Period/Date
Corporate Facility Interest Rate	6.0% based on SOFR	Effective October 1, 2025
Total Cash Expenses (Q3 2025)	$44.1 million	Q3 2025
Increase in Cash Compensation Expense	$1.3 million	Q3 2025 vs. Q3 2024
Total Non-Interest Operating Expenses (TTM)	$0.198 billion	TTM ended 9/30/2025
Non-Interest Operating Expense Ratio (TTM)	1.3% of average total assets	TTM ended 9/30/2025
Total Dividends Paid Per Share	$1.065 per share	Q3 2025

The efficiency ratio is definitely a competitive edge. You can see the components that make up the total shareholder return commitment:

• Regular Monthly Dividends Declared for Q4 2025: $0.765 per share
• Supplemental Dividend Paid in Q3 2025: $0.30 per share
• Total Dividends Paid in Q3 2025: $1.065 per share

Finance: draft sensitivity analysis on a 50 basis point shift in SOFR impacting the Corporate Facility by Friday.

Main Street Capital Corporation (MAIN) - Canvas Business Model: Revenue Streams

You're looking at how Main Street Capital Corporation (MAIN) actually brings in the money that fuels its operations and dividends as of late 2025. It's a mix of pure lending income, equity upside, and fees from its asset management arm. Honestly, the structure shows a clear focus on the lower middle market (LMM) for the highest returns.

The total investment income for Main Street Capital Corporation in the third quarter of 2025 hit $139.8 million. This total is built from several distinct streams, which you can see broken down below.

Revenue Component (Q3 2025)	Amount (Millions USD)	Year-over-Year Change vs. Q3 2024
Total Investment Income	$139.8	Up 2.2%
Interest Income from Debt Investments	(Calculated component)	Down $7.3 million
Dividend Income from Equity Investments	(Calculated component)	Up $8.0 million
Fee Income (Total Investment Activity)	(Calculated component)	Up $2.2 million

Let's look closer at the components that make up that total investment income for the third quarter of 2025.

• Interest income from debt investments (e.g., first lien senior secured loans): This stream saw a headwind, decreasing by $7.3 million compared to the third quarter of 2024, mainly due to lower benchmark index rates on floating rate debt and investments moving to non-accrual status. However, it was up $2.4 million from the second quarter of 2025.
• Dividend income from equity investments in LMM portfolio companies: This was a strong point, increasing by $8.0 million year-over-year, which management attributed to the continued positive underlying performance of the LMM portfolio companies.

The asset management business is a key differentiator for Main Street Capital Corporation, providing a steady stream of fees.

• Fee income from the External Investment Manager: This totaled $9.7 million in Q3 2025, an increase of $1.0 million from Q3 2024. This income is further detailed:
  • Management fee income: $5.6 million in Q3 2025.
  • Incentive fees: $3.9 million in Q3 2025.
• The External Investment Manager ended Q3 2025 with total assets under management of $1.6 billion.

Realized gains from successful exits provide lumpy but significant boosts to overall results. You saw a major example of this in the second quarter.

• Realized gains from the successful exit of equity investments (e.g., first lien senior secured loans): Main Street Capital Corporation recognized a net realized gain of $52.4 million in Q2 2025, which was noted as the largest realized gain in the company's history at that time.
• For context, Q3 2025 activity included $19.1 million in realized losses tied to restructurings and exits, which partially offset gains on other exits.

Finally, transaction-based fees contribute to the overall fee income bucket.

• Fee income from investment activity (prepayment, amendment, and exit fees): Total fee income in Q3 2025 was up $2.2 million from the prior year, driven by higher closing fees on new and follow-on investments, plus an increase in exit and prepayment fees from investment activity.

Finance: draft 13-week cash view by Friday.