Overview
- TickerMAIN on NYSE1
- HeadquartersHouston1
- Websitewww.mainstcapital.com
- Incorporated inMD5
- Business address1300 Post Oak Boulevard, 8Th Floor, Houston, Tx 770565
- Filer categoryLarge accelerated filer5
- Legal formStock Corporation3
- LEI5493001FS9QJLJNF3E203
- StatusActive3
- LEI statusIssued and current3
- Registered addressC/O Capitol Corporate Services, Inc., 20852 Rockville, United States3
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D117986753
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Main Street Capital Corporation (“MSCC” or, together with its consolidated subsidiaries, “Main Street” or the “Company”) is a principal investment firm primarily focused on providing customized long-term debt and equity capital solutions to lower middle market (“LMM”) companies (its “LMM investment strategy”) and debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” debt and equity financing solutions within its LMM investment strategy. Main Street invests p…6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Interest | $49.6M7 | $58.8M8 | $78.3M8 | $102.6M8 | ||||
| Income tax | -$13.5M7 | $32.9M8 | $23.3M9 | $010 | $010 | |||
| Net income | $29.4M7 | $330.8M8 | $241.6M9 | $428.4M10 | $508.1M10 | $493.4M10 | ||
| Earnings per share | $2.107 | $2.658 | $3.299 | $4.0410 | $3.9310 | $3.9510 | ||
| Earnings per share (diluted) | $2.107 | $2.658 | $3.299 | $4.0410 | $3.9310 | $3.9510 | ||
| Shares (weighted, basic) | 69.0M shares8 | 74.5M shares9 | 81.9M shares10 | 86.8M shares10 | 89.4M shares10 | |||
| Shares (weighted, diluted) | 69.0M shares8 | 74.5M shares9 | 81.9M shares10 | 86.8M shares10 | 89.4M shares10 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash | $55.2M7 | $31.9M8 | $32.6M7 | $49.1M8 | $60.1M9 | $78.3M10 | $42.0M10 | |
| Total assets | $3.7B7 | $4.2B8 | $4.4B9 | $5.1B10 | $5.7B10 | |||
| Long-term debt | $1.8B7 | $2.0B8 | $1.8B9 | $2.1B10 | $2.5B10 | |||
| Total liabilities | $1.9B7 | $2.1B8 | $2.0B9 | $2.3B10 | $2.7B10 | |||
| Retained earnings | $51.8M7 | $77.3M9 | $206.0M10 | $402.5M10 | $535.3M10 | |||
| Shareholders’ equity | $1.5B10 | $1.5B10 | $1.8B10 | $2.1B10 | $2.5B10 | $2.8B10 | $3.0B10 | |
| Shares outstanding | 70.7M shares7 | 84.8M shares8 | 84.8M shares9 | 88.4M shares10 | 89.8M shares10 | 90.1M shares10 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -$54.1M7 | -$515.4M8 | -$246.9M9 | $285.3M10 | -$87.1M10 | -$45.7M10 | ||
| Stock-based compensation | $10.9M8 | $13.6M9 | $16.5M10 | $18.8M10 | $21.4M10 | |||
| Dividends paid | $170.2M7 | $192.3M8 | $302.9M10 | $356.8M10 | $378.0M10 | |||
| Cash from financing | $516.1M8 | $263.4M9 | -$274.4M10 | $105.3M10 | $9.4M10 | |||
| Dividend per share | $2.487 | $2.608 | $3.6910 | $4.1110 | $4.2310 |
What it owns
What Main Street Capital Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $42.0M10 Dec 31, 2025 | $78.3M10 Dec 31, 2024 | −46.4% |
Properties, in its own words
We do not own any real estate or other physical properties materially important to our operations. Currently, we lease office space in Houston, Texas for our corporate headquarters.
Item 2 of the 10-K filed Feb 27, 2026.6
Leadership
Who has led Main Street Capital Corp, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerDwayne L. Hyzak Nov 28, 2018 to now13
- PresidentDavid L. Magdol Nov 28, 2018 to now14
- PresidentDwayne L. Hyzak Nov 24, 2015 to Oct 29, 201815
- PresidentTodd A. Reppert Oct 4, 2007 to Oct 11, 201216
- Chief financial officerRyan Robert Nelson Aug 13, 2024 to now17
- Chief financial officerJesse E. Morris Mar 2, 2022 to Jun 28, 202418
- Chief financial officerBrent D. Smith Nov 24, 2014 to Jun 28, 202119
- Chief financial officerDwayne L. Hyzak Sep 16, 2011 to Oct 22, 201420
- Chief financial officerTodd A. Reppert Oct 4, 2007 to Jul 28, 201116
- Chief operating officerJesse E. Morris Jul 30, 2019 to now21
- Chief operating officerDwayne L. Hyzak Nov 24, 2014 to Oct 29, 201822
Board members and other officers (28)
- VP, CAO & Assistant TreasurerRyan McHugh Aug 19, 2024 to now23
- VP, CAO, Assistant TreasurerRyan Robert Nelson Mar 21, 2023 to Apr 2, 202424
- VP, Chief Accounting OfficerLance A. Parker Mar 4, 2020 to Mar 9, 202325
- SVP - FinanceBrent D. Smith Aug 25, 2014 to Oct 22, 201426
- Managing DirectorRobert M. Shuford Apr 1, 2013 to Apr 24, 201327
- SVP, GC, CCO, Sec.Jason B. Beauvais Jun 22, 2012 to now28
- VP, Chief Accounting OfficerShannon Martin Nov 16, 2012 to Feb 28, 202029
- Managing DirectorNicholas Meserve Dec 3, 2012 to now30
- Vice chairTodd A. Reppert Dec 28, 2012 to Aug 8, 201331
- VP, Chief Accounting OfficerMichael S. Galvan Jun 16, 2008 to Jul 27, 201232
- Senior Vice PresidentCurtis L. Hartman Oct 4, 2007 to Oct 25, 201933
- Senior Vice PresidentDavid L. Magdol Oct 4, 2007 to Oct 29, 201834
- Senior Vice PresidentDwayne L. Hyzak Oct 4, 2007 to Jul 28, 201135
- CAO, CCO & SecretaryRodger A. Stout Oct 4, 2007 to Jan 10, 201836
- Board memberJesse E. Morris Jun 28, 2024 to now37
- Board memberBeverly Kay Matthews Jan 7, 2020 to Mar 9, 202338
- Board memberDunia A. Shive Mar 3, 2020 to now39
- Board memberDwayne L. Hyzak Jan 5, 2018 to now40
- Board memberValerie Lebeaux Banner Nov 2, 2017 to Apr 28, 202141
- Board memberBrian E. Lane Nov 5, 2015 to now42
- Board memberStephen B. Solcher Nov 5, 2015 to now43
- Board memberJohn Earl Jackson Aug 8, 2013 to now44
- Board memberArthur L. French Oct 4, 2007 to Apr 29, 202245
- Board memberJoseph E. Canon Oct 4, 2007 to Apr 27, 202046
- Board memberMichael Appling Jr. Oct 4, 2007 to Apr 27, 202047
- Board memberTodd A. Reppert Oct 4, 2007 to Aug 8, 201316
- Board memberWilliam D. Gutermuth Oct 4, 2007 to Jan 19, 201248
- General counselJason B. Beauvais Jun 24, 2008 to Apr 16, 201249
Timeline
- Oct 15, 20268-K Results of operations50
- Oct 8, 20268-K Results of operations51
- Aug 12, 20268-K Entered a material agreement52
- Aug 6, 20268-K Results of operations53
- Aug 4, 20268-K Other events54
- Jul 16, 20268-K Results of operations55
- Jul 9, 20268-K Results of operations56
- Jun 30, 20268-K Entered a material agreement; New debt or obligation; Other events57
- Jun 11, 20268-K Regulation FD disclosure58
- May 7, 20268-K Results of operations59
- May 6, 20268-K Shareholder vote60
- May 5, 20268-K Other events61
- Nov 28, 2018New chief executive Dwayne L. Hyzak becomes CEO13
- 1997Founded Founded1
Calendar
Coming up
- Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.97 a share, on Nov 6, 2025.62
When it reported results
- Oct 15, 2026Reported quarterly or annual results50
- Oct 8, 2026Reported quarterly or annual results51
- Aug 6, 2026Reported quarterly or annual results53
- Jul 16, 2026Reported quarterly or annual results55
- Jul 9, 2026Reported quarterly or annual results56
- May 7, 2026Reported quarterly or annual results59
- Apr 16, 2026Reported quarterly or annual results63
- Apr 9, 2026Reported quarterly or annual results64
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
971 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 120 major events, 717 insider forms, 114 other. The latest 20:
- Oct 15, 20268-K EDGAR
- Oct 8, 20268-K EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 3, 20264 EDGAR
- Aug 24, 20264 EDGAR
- Aug 21, 2026144 EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 20264 EDGAR
The 971 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
27 open-market trades by officers, directors and large owners since October 2021: 5 buys and 22 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Morris Jesse EEVP AND COO | Sale | 35,000 | $58.55 | $2.0M | Form 4 |
| Aug 13, 2026 | McHugh RyanVP, CAO & Assistant Treasurer | Buy | 2,550 | $59.05 | $150.6K | Form 4 |
| Jun 30, 2026 | Beauvais Jason BEVP, GC, SECRETARY | Sale | 6,830 | $51.73 | $353.3K | Form 4 |
| Aug 14, 2025 | Meserve NicholasMANAGING DIRECTOR | Sale | 14,000 | $67.15 | $940.1K | Form 4 |
| Jun 27, 2025 | Morris Jesse EEVP AND COO | Sale | 35,000 | $59.37 | $2.1M | Form 4 |
| Jun 27, 2025 | Beauvais Jason BEVP, GC, SECRETARY | Sale | 13,664 | $59.37 | $811.2K | Form 4 |
| May 16, 2025 | McHugh RyanVP, CAO & Assistant Treasurer | Buy | 4,590 | $54.44 | $249.9K | Form 4 |
| Mar 26, 2025 | Hyzak Dwayne L.CEO, SMD | Sale | 120,000 | $58.05 | $7.0M | Form 4 |
| Mar 26, 2025 | Magdol David L.PRESIDENT, CIO AND SMD | Sale | 100,000 | $58.05 | $5.8M | Form 4 |
| Mar 5, 2025 | FOSTER VINCENT DDirector | Sale | 85,000 | $57.18 | $4.9M | Form 4 |
| Dec 10, 2024 | Meserve NicholasMANAGING DIRECTOR | Sale | 9,000 | $55.01 | $495.1K | Form 4 |
| Mar 7, 2024 | Meserve NicholasMANAGING DIRECTOR | Sale | 6,000 | $45.96 | $275.8K | Form 4 |
| Mar 4, 2024 | Beauvais Jason BEVP, GC, SECRETARY | Sale | 20,000 | $45.66 | $913.2K | Form 4 |
| Mar 1, 2024 | Beauvais Jason BEVP, GC, SECRETARY | Sale | 7,500 | $45.32 | $339.9K | Form 4 |
| Dec 20, 2023 | Meserve NicholasMANAGING DIRECTOR | Sale | 6,000 | $43.01 | $258.1K | Form 4 |
| Mar 31, 2023 | JACKSON JOHN EARLDirector | Buy | 3,000 | $39.20 | $117.6K | Form 4 |
| Mar 31, 2023 | Beauvais Jason BEVP, GC, SECRETARY | Sale | 5,894 | $39.45 | $232.5K | Form 4 |
| Mar 30, 2023 | Beauvais Jason BEVP, GC, SECRETARY | Sale | 2,225 | $39.53 | $88.0K | Form 4 |
| Mar 29, 2023 | Beauvais Jason BEVP, GC, SECRETARY | Sale | 6,800 | $39.41 | $268.0K | Form 4 |
| Mar 28, 2023 | Meserve NicholasMANAGING DIRECTOR | Sale | 3,000 | $39.50 | $118.5K | Form 4 |
All 27 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Dwayne L. Hyzak | 53 | $759.4K | $8.8M65 |
| 2025 | David L. Magdol | 55 | $640.0K | $6.5M65 |
| 2025 | Jesse E. Morris | 58 | $625.0K | $5.9M65 |
| 2025 | Jason B. Beauvais | 50 | $545.0K | $4.1M65 |
| 2025 | Ryan R. Nelson | 43 | $386.2K | $1.4M65 |
| 2024 | Member of the Board and Chief Executive Officer | $726.2K | $8.2M65 | |
| 2024 | President and Chief Investment Officer | $618.8K | $6.3M65 | |
| 2024 | Executive VicePresident and Chief Operating Officer | $603.8K | $6.0M65 | |
| 2024 | Executive Vice PresidentGeneral Counsel and Secretary | $525.0K | $3.9M65 | |
| 2024 | Chief Financial Officer and Treasurer | $365.9K | $1.3M65 | |
| 2023 | Member of the Board and Chief Executive Officer | $691.2K | $7.8M65 | |
| 2023 | President and Chief Investment Officer | $592.5K | $6.3M65 | |
| 2023 | Executive VicePresident and Chief Operating Officer | $577.5K | $6.0M65 | |
| 2023 | Executive Vice PresidentGeneral Counsel and Secretary | $501.2K | $3.7M65 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Van Eck Associates Corp | 1,885,274 | $97.8M | 0.1% | −223,648 |
| UBS Group AG | 1,387,731 | $72.0M | 0.0% | +48,919 |
| Legal & General Group Plc | 835,057 | $43.3M | 0.0% | +51,036 |
| Morgan Stanley | 786,284 | $40.8M | 0.0% | −68,301 |
| Qube Research & Technologies Ltd | 654,166 | $33.9M | 0.0% | +168,367 |
| Invesco Ltd. | 553,967 | $28.7M | 0.0% | +121,492 |
| Adell Harriman & Carpenter Inc | 498,998 | $25.9M | 1.3% | +14,414 |
| Muzinich & Co., Inc. | 495,923 | $25.7M | 8.8% | +11,100 |
| Union Bancaire Privee, UBP SA | 2,942 | $24.3M | 0.3% | No change |
| BlackRock, Inc. | 403,623 | $20.9M | 0.0% | −20,612 |
| Sumitomo Mitsui Trust Group, Inc. | 375,509 | $19.5M | 0.0% | +5,000 |
| D. E. Shaw & Co., Inc. | 375,318 | $19.5M | 0.0% | −168,007 |
| LPL Financial LLC | 347,600 | $18.0M | 0.0% | −328 |
| Franklin Resources Inc | 342,763 | $17.8M | 0.0% | +21,895 |
| Goldman Sachs Group Inc | 332,291 | $17.2M | 0.0% | +18,903 |
| Childress Capital Advisors, LLC | 257,733 | $13.4M | 2.2% | −36,000 |
| Raymond James Financial Inc | 238,617 | $12.4M | 0.0% | −25,104 |
| Trinity Legacy Partners, LLC | 217,844 | $12.1M | 2.4% | +14,688 |
| Sanders Morris Harris LLC | 199,559 | $10.4M | 6.0% | −37,696 |
| Royal Bank Of Canada | 174,795 | $9.1M | 0.0% | +23,599 |
| Bridgelight Financial Advisors, Inc. | 166,563 | $8.6M | 5.9% | +29,960 |
| Private Advisor Group, LLC | 162,463 | $8.4M | 0.0% | −7,847 |
| Osaic Holdings, Inc. | 162,228 | $8.4M | 0.0% | −7,467 |
| Arax Advisory Partners | 151,274 | $7.8M | 0.1% | New |
| Benjamin Edwards Inc | 145,655 | $7.6M | 0.1% | −7,968 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Nov 15, 2021 | David RouzerRepublican, House | Sale | $15,001 - $50,000 | +46.3% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Main Street Capital Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARMain Street Capital CORP2
- CIK0001396440
- Employer ID (EIN)41-22307456
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inMaryland6
- Fiscal year endsDecember 312
- Business address1300 Post Oak Boulevard, 8Th Floor, Houston, TX 770562
- Phone(713) 350-60002
- Shares outstanding93,508,461 as of Aug 6, 202612
- Public float$5.1B as of Jun 30, 20256
- AuditorGRANT THORNTON LLP, Dallas, Texas PCAOB ID 248; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceMay 11, 20072
- Filings4,150 in all: 4 (3,202), 8-K (351), 497AD (80), 497 (60), 10-Q (57), FWP (45), CORRESP (37), POS EX (32)2
All 51 form types
3 (29), 424B2 (21), 10-K (19), 40-17G (19), DEF 14A (19), 4/A (17), 40-APP/A (17), 144 (12), 40-APP (12), EFFECT (12), POS 8C (12), PRE 14A (11), N-2/A (9), SC 13G/A (9), N-2 (7), 424B3 (6), SC 13D/A (5), 8-A12B (4), APP NTC (4), APP ORDR (4), S-8 (4), APP WD (3), S-8 POS (3), SC 13G (3), UPLOAD (3), CERTNYS (2), DEFA14A (2), N-23C-2 (2), N-2ASR (2), 25 (1), 25-NSE (1), 40-6C (1), 40-6C/A (1), 5 (1), 5/A (1), CERT (1), CERTNAS (1), D (1), N-23C-2/A (1), N-54A (1), N-6F (1), NO ACT (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Mar 23, 2026
Latest 8-K (8-K) Oct 15, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.01 per share | MAIN | New York Stock Exchange |
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks Main Street Capital Corp names in Item 1A of its 10-K filed Feb 27, 2026: 61 risks under these headings, as written.6
- Risks Related to Our Business and Structure
- Risks Related to Our Investments
- Risks Related to Leverage
- Risks Related to Our Investment Management Activities
- Risks Related to BDCs
- Risks Related to Our Securities
- Risks Related to Our SBIC Funds
- Federal Income Tax Risks
- General Risk Factors
- RISKS RELATED TO OUR BUSINESS AND STRUCTURE
- Because our Investment Portfolio is recorded at fair value, there is and will continue to be uncertainty as to the value of our portfolio investments.
- Our financial condition and results of operations depends on our ability to effectively manage and deploy capital.
The other 59 risks
- We are subject to risks associated with the interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments.
- We face increasing competition for investment opportunities.
- We are dependent upon our key investment personnel for our future success.
- Our success depends on our ability to attract and retain qualified personnel in a competitive environment.
- Our business model depends to a significant extent upon strong referral relationships.
- Our Board of Directors may change our investment objective, operating policies, investment criteria and strategies without prior notice or stockholder approval, the effects of which may be adverse.
- We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
- We and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.
- We are subject to risks related to corporate social responsibility.
- RISKS RELATED TO OUR INVESTMENTS
- The types of portfolio companies in which we invest involve significant risks and we could lose all or part of our investment.
- Economic recessions or downturns could impair our portfolio companies’ performance and certain material defaults by our portfolio companies could harm our operating results.
- Rising credit spreads could affect the value of our investments, and rising interest rates make it more difficult for portfolio companies to make periodic payments on their loans.
- Inflation could adversely affect the business, results of operations and financial condition of our portfolio companies.
- Changes to U.S. tariff, trade and economic policies may have a negative effect on our portfolio companies and, in turn, harm us.
- We may be exposed to higher risks with respect to our investments that include original issue discount or PIK interest.
- The lack of liquidity in our investments may adversely affect our business.
- We generally will not control our portfolio companies.
- Certain material defaults by our portfolio companies could harm our operating results.
- Any unrealized depreciation that we experience in our Investment Portfolio may be an indication of future realized losses, which could reduce our income and gains available for distribution.
- Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
- We may not have the funds or ability to make additional investments in our portfolio companies.
- There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
- We may not realize gains from our equity investments.
- We may be subject to risks associated with “covenant-lite” loans.
- Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
- RISKS RELATED TO LEVERAGE
- Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.
- Substantially all of our assets are subject to security interests under our senior securities, and if we default on our obligations under our senior securities, we may suffer adverse consequences, including foreclosure on our assets.
- We are subject to risks associated with any revolving credit facility that utilizes a Structured Subsidiary as our interests in any Structured Subsidiary are subordinated and we could be prevented from receiving cash on our equity interests from a Structured Subsidiary.
- The ability to sell investments held by a Structured Subsidiary is limited.
- We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
- RISKS RELATED TO OUR INVESTMENT MANAGEMENT ACTIVITIES
- Our executive officers and employees, through the External Investment Manager, manage other investment funds that operate in the same or a related line of business as we do, and may invest in such funds, which may result in significant conflicts of interest.
- We, through the External Investment Manager, derive revenues from managing third-party funds pursuant to management agreements that may be terminated.
- RISKS RELATED TO BDCs
- Operating under the constraints imposed on us as a BDC and RIC may hinder the achievement of our investment objectives.
- Failure to maintain our status as a BDC would reduce our operating flexibility.
- Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital.
- Additional Common Stock
- RISKS RELATED TO OUR SECURITIES
- Shares of closed-end investment companies, including BDCs such as us, may trade at a discount to their NAV per share.
- The market price of our securities may be volatile and fluctuate significantly.
- We may not be able to pay distributions to our stockholders, our distributions may not grow over time and a portion of distributions paid to our stockholders may be a return of capital.
- Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock.
- Illustration: Example of Dilutive Effect of the Issuance of Shares Below NAV.
- Our common stockholders’ interest in us will be diluted if we issue additional shares of common stock, which could reduce the overall value of their investment.
- Provisions of the Maryland General Corporation Law and our articles of amendment and restatement and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
- We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock.
- Our credit ratings may not reflect all risks of an investment in our debt securities.
- Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
- RISKS RELATED TO OUR SBIC FUNDS
- We, through the Funds, issue debt securities guaranteed by the SBA and sold in the capital markets. As a result of its guarantee of the debt securities, the SBA has fixed dollar claims on the assets of the Funds that are superior to the claims of our securities holders.
- The Funds are licensed by the SBA, and therefore subject to SBIC regulations.
- Each of the Funds, as an SBIC, may be unable to make distributions to us that will enable us to meet or maintain RIC status, which could result in the imposition of an entity-level tax.
- FEDERAL INCOME TAX RISKS
- We will be subject to corporate-level U.S. federal income tax if we are unable to qualify as a RIC under Subchapter M of the Code.
- We may have difficulty paying the distributions required to maintain RIC tax treatment under the Code if we recognize income before or without receiving cash representing such income.
- We may in the future choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.
- Stockholders may have current tax liability on dividends they elect to reinvest in our common stock but would not receive cash from such dividends to pay such tax liability.
- Legislative or regulatory tax changes could adversely affect our stockholders.
- GENERAL RISK FACTORS
- Events outside of our control, including public health crises, supply chain disruptions and inflation, could negatively affect us and our portfolio companies and the results of our operations.
- Market conditions may materially and adversely affect debt and equity capital markets in the U.S. and abroad, which may have a negative impact on our business and operations.
- The failure in cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.
- We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.
- Failure to comply with applicable laws or regulations and changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
- Uncertainty about presidential administration initiatives could negatively impact our business, financial condition and results of operations.
Legal proceedings
We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
The opening of Item 3, Legal Proceedings.6
Links
- Websitewww.mainstcapital.com1
- LinkedInwww.linkedin.com/company/main-street-capital-corporation1
- WikidataQ22674048
- SEC EDGARCIK 1396440
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 4Company websiteMain Street Capital Corp logo
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- 14SEC EDGARDavid L. Magdol, President
- 15SEC EDGARDwayne L. Hyzak, President
- 16SEC EDGARTodd A. Reppert, President
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- 26SEC EDGARBrent D. Smith, SVP - Finance
- 27SEC EDGARRobert M. Shuford, Managing Director
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- 30SEC EDGARNicholas Meserve, Managing Director
- 31SEC EDGARTodd A. Reppert, Vice chair
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- 37SEC EDGARJesse E. Morris, Board member
- 38SEC EDGARBeverly Kay Matthews, Board member
- 39SEC EDGARDunia A. Shive, Board member
- 40SEC EDGARDwayne L. Hyzak, Board member
- 41SEC EDGARValerie Lebeaux Banner, Board member
- 42SEC EDGARBrian E. Lane, Board member
- 43SEC EDGARStephen B. Solcher, Board member
- 44SEC EDGARJohn Earl Jackson, Board member
- 45SEC EDGARArthur L. French, Board member
- 46SEC EDGARJoseph E. Canon, Board member
- 47SEC EDGARMichael Appling Jr., Board member
- 48SEC EDGARWilliam D. Gutermuth, Board member
- 49SEC EDGARJason B. Beauvais, General counsel
- 50SEC EDGARResults of operations
- 51SEC EDGARResults of operations
- 52SEC EDGAREntered a material agreement
- 53SEC EDGARResults of operations
- 54SEC EDGAROther events
- 55SEC EDGARResults of operations
- 56SEC EDGARResults of operations
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- 58SEC EDGARRegulation FD disclosure
- 59SEC EDGARResults of operations
- 60SEC EDGARShareholder vote
- 61SEC EDGAROther events
- 62NasdaqNasdaq calendar
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