Main Street Capital Corp (MAIN)

MSC INCOME FUND ANNOUNCES FIRST QUARTER 2026 RESULTSMay 7, 2026 4:15 PM
PR Newswire (US) First Quarter 2026 Net Investment Income of $0.35 Per ShareFirst Quarter 2026 Adjusted Net Investment Income(1) of $0.34 Per ShareFirst Quarter 2026 Adjusted Net Investment Income Before Taxes(2) of $0.36 Per ShareNet Asset Value of $15.87 Per ShareHOUSTON, May 7, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce its financial results for the first quarter ended March 31, 2026.First Quarter 2026 HighlightsNet investment income ("NII") of $16.2 million, or $0.35 per shareAdjusted net investment income ("ANII")(1) of $15.6 million, or $0.34 per shareANII before taxes(2) of $16.6 million, or $0.36 per shareTotal investment income of $34.1 millionNet increase in net assets resulting from operations of $13.2 million, or $0.29 per shareReturn on equity(4) of 7.3% on an annualized basisNet asset value of $15.87 per share as of March 31, 2026Declared a regular quarterly dividend of $0.35 per share and a supplemental dividend of $0.01 per share, both payable in the second quarter of 2026, resulting in total dividends declared in the first quarter of 2026 of $0.36 per shareRepurchased $16.0 million of the Fund's common stock at prices below net asset value, resulting in an increase in net asset value per share of approximately $0.08 per shareCompleted $54.8 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 $17.4 million in the total cost basis of the private loan investment portfolioCompleted $19.4 million in total lower middle market ("LMM") portfolio follow-on investments, which after aggregate repayments and return of invested equity capital resulted in a net increase of $15.1 million in the total cost basis of the LMM investment portfolioPreviously approved expanded regulatory leverage capacity became effective January 29, 2026, reducing the Fund's minimum regulatory asset coverage requirement from 200% to 150%Further diversified the Fund's capital structure by issuing $150.0 million in aggregate principal amount of 6.34% unsecured notes due May 31, 2029 (the "May 2029 Notes")In commenting on the Fund's operating results for the first quarter of 2026, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, "We are pleased with the Fund's performance in the first quarter, given the backdrop of significant economic and geopolitical uncertainties. Despite these ongoing uncertainties, we are seeing an improved lending environment and significant opportunities in our private loan investment strategy, and we believe the Fund is well positioned to capitalize on and generate attractive returns on those investments. Based upon the quality of the Fund's existing investment portfolio, together with the favorable liquidity position and expanded regulatory leverage capacity which became effective at the end of January 2026 and the current investment pipeline, we remain excited about our future expectations for the Fund."First Quarter 2026 Operating ResultsThe following table provides a summary of the Fund's operating results for the first quarter of 2026:
Three Months Ended March 31,
2026
2025
Change
Change (%)
(dollars in thousands, except per share amounts) Interest income$       29,379
$       27,424
$         1,955
7 %Dividend income3,538
5,142
(1,604)
(31) %Fee income1,170
661
509
77 %Total investment income$       34,087
$       33,227
$            860
3 %







Net investment income $       16,235
$       15,746
$            489
3 %Net investment income per share $           0.35
$           0.35
$               —
— %







Adjusted net investment income (1)$       15,597
$       15,746
$           (149)
(1) %Adjusted net investment income per share (1)$           0.34
$           0.35
$          (0.01)
(3) %







Adjusted net investment income before taxes (2)$       16,603
$       16,788
$           (185)
(1) %Adjusted net investment income before taxes per share (2)$           0.36
$           0.38
$          (0.02)
(5) %







Net increase in net assets resulting from operations$       13,223
$       15,875
$        (2,652)
(17) %Net increase in net assets resulting from operations per share$           0.29
$           0.36
$          (0.07)
(19) %







Return on equity - quarter annualized (4)7.3 %
9.5 %
(2.2) %
(23) %The $0.9 million increase in total investment income in the first quarter of 2026 from the comparable period of the prior year was principally attributable to (i) a $2.0 million increase in interest income, primarily due to higher average levels of income producing investment portfolio debt investments, partially offset by a decrease in interest rates, primarily resulting from decreases in benchmark index rates on floating rate investment portfolio debt investments, and (ii) a $0.5 million increase in fee income, primarily due to an increase in fee income related to increased investment activity. These increases were partially offset by a $1.6 million decrease in dividend income, primarily due to a $1.5 million decrease in dividend income from the Fund's LMM portfolio companies. The $0.9 million increase in total investment income in the first quarter of 2026 is after the impact of a decrease of $0.2 million in certain income considered less consistent or non-recurring, primarily related to decreases of (i) $0.2 million in such dividend income and (ii) $0.2 million in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, partially offset by a $0.2 million increase in such fee income, in each case when compared to the same period in 2025.Total expenses, net of waivers, increased by $0.4 million, or 2.5%, to $16.8 million in the first quarter of 2026 from $16.4 million for the same period in 2025. This increase was principally attributable to (i) a $0.7 million increase in interest expense, (ii) a $0.3 million increase in base management fees and (iii) a $0.1 million increase in incentive fee on income, net of waivers, partially offset by a $0.6 million decrease in the ending accrual for the accrued capital gains incentive fee(3) as of March 31, 2026. The increase in interest expense is primarily related to an increase in average borrowings outstanding used to fund a portion of the growth of the Fund's investment portfolio, partially offset by decreased weighted-average interest rates on the Credit Facilities due to decreases in benchmark floating index interest rates and a decrease in the applicable interest rate spread on the SPV Facility resulting from the amendment of the SPV Facility in March 2025 (with the Credit Facilities and the SPV Facility each defined in the Liquidity and Capital Resources section below). The increase in base management fees is primarily the result of the Fund's increased average total assets, partially offset by the benefit of the lower base management fee percentage for the full quarter in the first quarter of 2026 compared to the benefit for a partial quarter in the first quarter of 2025 as a result of the Fund's entry into an amended advisory agreement (the "Amended Advisory Agreement") with the Adviser (defined below), effective upon the listing of the Fund's common stock on the New York Stock Exchange on January 29, 2025 (the "MSC Income Listing"). The increase in incentive fee on income, net of waivers, is the result of (a) an increase in the gross calculated incentive fee on income of $1.1 million, partially offset by (b) a $1.0 million voluntary waiver of incentive fee on income by the Adviser. The increase in the gross calculated incentive fee on income is a result of the Amended Advisory Agreement. The reduction in the capital gains incentive fee accrual(3) is due to the net fair value depreciation of the Fund's investments in the first quarter of 2026.The Fund's ratio of total non-interest operating expenses, excluding incentive fees, net of waivers, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 1.8% on an annualized basis for the first quarter of 2026, from 1.9% for the first quarter of 2025, primarily due to the benefit of the lower base management fee percentage in the first quarter of 2026 as discussed above.The $0.5 million increase in NII in the first quarter of 2026 from the comparable period of the prior year was principally attributable to an increase in total investment income, partially offset by an increase in total expenses, net of waivers, each as discussed above. NII on a per share basis was $0.35 per share for the first quarter of 2026, consistent with the first quarter of 2025.The $0.1 million, or $0.01 per share, decrease in ANII(1) in the first quarter of 2026 to $15.6 million, or $0.34 per share, from $15.7 million, or $0.35 per share, in the first quarter of 2025 was principally attributable to the same factors noted above for the change in NII, but excluding the impact of the $0.6 million decrease in the capital gains incentive fee accrual.The per share changes in NII and ANII(1) in the first quarter of 2026 from the comparable period of the prior year include the impact of a 3.2% increase in the weighted-average shares outstanding, primarily due to shares issued in connection with the MSC Income Listing and shares issued through the dividend reinvestment plan, partially offset by shares repurchased by the Fund, in each case since the beginning of the comparable period of the prior year. NII and ANII(1) on a per share basis in the first quarter of 2026 each include a decrease of $0.01 per share resulting from a decrease in investment income considered less consistent or non-recurring in nature compared to the first quarter of 2025, as discussed above.The $13.2 million net increase in net assets resulting from operations in the first quarter of 2026 represents a $2.7 million decrease from the first quarter of 2025. This decrease was primarily the result of (i) a $2.5 million increase in net tax provision on the net fair value change of the portfolio investments resulting from a net tax provision of $0.1 million in the first quarter of 2026 compared to a net tax benefit of $2.4 million in the comparable period of the prior year and (ii) a $0.6 million decrease in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the decrease resulting from a net fair value decrease of $2.9 million in the first quarter of 2026 compared to a net fair value decrease of $2.3 million in the comparable period of the prior year, partially offset by a $0.5 million increase in NII as discussed above. The $2.9 million net fair value decrease in the first quarter of 2026 was the result of a net realized loss of $0.2 million and net unrealized depreciation (including the reversal of net fair value depreciation recognized in prior periods due to the net realized loss in the quarter) of $2.6 million. The $2.3 million net fair value decrease in the first quarter of 2025 was the result of a net realized loss of $21.1 million, partially offset by net unrealized appreciation of $18.8 million. The $0.2 million net realized loss from investments for the first quarter of 2026 was primarily the result of $3.7 million of realized losses on the full exits of two private loan portfolio investments, partially offset by a $3.1 million realized gain on the full exit of a private loan portfolio investment and a net realized gain on other private loan portfolio investments.The following table provides a summary of the total net unrealized depreciation of $2.6 million for the first quarter of 2026:
Three Months Ended March 31, 2026
PrivateLoan
LMM (a)
MiddleMarket
Other
Total
(in millions)Accounting reversals of net unrealized (appreciation)
depreciation recognized in prior periods due to net realized
(gains / income) losses recognized during the current period$             0.4
$           (0.4)
$              —
$              —
$              —Net unrealized appreciation (depreciation) relating to portfolio
investments(7.5)
5.4
(0.8)
0.3
(2.6)Total net unrealized appreciation (depreciation) relating to
portfolio investments$           (7.1)
$             5.0
$           (0.8)
$             0.3
$           (2.6)

(a)Includes unrealized appreciation on 27 LMM portfolio investments and unrealized depreciation on 12 LMM portfolio investments.Liquidity and Capital ResourcesAs of March 31, 2026, the Fund had aggregate liquidity of $210.0 million, including (i) $15.6 million in cash and cash equivalents and (ii) $194.4 million of aggregate unused capacity under the Fund's corporate revolving credit facility (the "Corporate Facility") and the Fund's special purpose vehicle revolving credit facility (the "SPV Facility" and, together with the Corporate Facility, the "Credit Facilities"), which the Fund maintains to support its investment and operating activities.Several details regarding the Fund's capital structure as of March 31, 2026 are as follows:The SPV Facility included $300.0 million in total commitments plus an accordion feature that allows the Fund to request an increase in the total commitments under the facility to up to $450.0 million.$267.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.9% based on the applicable Secured Overnight Financing Rate ("SOFR") effective for the contractual reset date of April 1, 2026.The Corporate Facility included $245.0 million in total commitments from a diversified group of seven participating lenders, plus an accordion feature that allows the Fund to request an increase in the total commitments under the facility to up to $300.0 million.$83.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.7% based on the applicable SOFR effective for the contractual reset date of April 1, 2026.$150.0 million of unsecured notes outstanding that bear interest at a rate of 4.04% per year (the "October 2026 Notes"). The October 2026 Notes mature on October 30, 2026 and may be redeemed in whole or in part at any time at the Fund's option subject to certain make-whole provisions.$150.0 million of May 2029 Notes outstanding that bear interest at a rate of 6.34% per year. The May 2029 Notes mature on May 31, 2029 and may be redeemed in whole or in part at any time at the Fund's option subject to certain make-whole provisions.The Fund maintains an investment grade rating from Kroll Bond Rating Agency, LLC ("KBRA") of BBB- with a stable outlook.The Fund's net asset value totaled $719.5 million, or $15.87 per share.The Fund's debt-to-equity ratio was 0.90x as of March 31, 2026.Effective on January 29, 2026, the Fund's minimum regulatory asset coverage requirement decreased from 200% to 150%, increasing the Fund's regulatory leverage capacity.Investment Portfolio Information as of March 31, 2026(5)The following table provides a summary of the investments in the Fund's private loan portfolio and LMM portfolio as of March 31, 2026:

March 31, 2026

Private Loan
LMM (a)

(dollars in millions)Number of portfolio companies
80
55Fair value
$                     823.1
$                     507.6Cost
$                     843.1
$                     399.7Debt investments as a % of portfolio (at cost)
93.1 %
71.3 %Equity investments as a % of portfolio (at cost)
6.9 %
28.7 %% of debt investments at cost secured by first priority lien
99.5 %
99.9 %Weighted-average annual effective yield (b)
10.5 %
12.6 %Average EBITDA (c)
$                       30.6
$                       12.1

(a)The Fund had equity ownership in all of its LMM portfolio companies, and the Fund's average fully diluted equity ownership in those portfolio companies was 8%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2026.

(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using a weighted-average for private loan portfolio companies and a simple average for LMM portfolio companies. These calculations exclude certain portfolio companies, including four private loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for the Fund's investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.The Fund's total investment portfolio at fair value consists of approximately 60% private loan, 37% LMM, 2% middle market and 1% other portfolio investments.The fair value of the Fund's LMM portfolio company equity investments was 204% of the related cost basis of such equity investments, and the Fund's LMM portfolio companies had a median net senior debt (senior interest-bearing debt through the Fund's debt position less cash and cash equivalents) to EBITDA ratio of 2.5 to 1.0 and a median total EBITDA to senior interest expense ratio of 3.0 to 1.0. Including all debt that is junior in priority to the Fund's debt position, these median ratios were 2.6 to 1.0 and 2.9 to 1.0, respectively.(5)(6)As of March 31, 2026, the Fund's investment portfolio also included:Middle market portfolio investments in eight portfolio companies, collectively totaling $23.0 million in fair value and $40.3 million in cost basis, which comprised 1.7% and 3.1% of the Fund's investment portfolio at fair value and cost, respectively; andOther portfolio investments in seven entities, spread across four investment managers, collectively totaling $15.6 million in fair value and $13.4 million in cost basis, which comprised 1.1% and 1.0% of the Fund's investment portfolio at fair value and cost, respectively.As of March 31, 2026, investments on non-accrual status comprised 1.1% of the total investment portfolio at fair value and 4.2% at cost, and the Fund's total portfolio investments at fair value were 106% of the related cost basis.First Quarter 2026 Financial Results Conference Call / WebcastMSC Income has scheduled a conference call for Friday, May 8, 2026 at 11:00 a.m. Eastern time to discuss the first quarter 2026 financial results.(7)You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Fund's website at https://www.mscincomefund.com.A telephonic replay of the conference call will be available through Friday, May 15, 2026 and may be accessed by dialing 201-612-7415 and using the passcode 13759639#. An audio archive of the conference call will also be available on the investor relations section of the Fund's website at https://www.mscincomefund.com shortly after the call and will be accessible until the date of MSC Income's earnings release for the next quarter.For a more detailed discussion of the financial and other information included in this press release, please refer to the MSC Income Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 to be filed with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov) and MSC Income's First Quarter 2026 Investor Presentation to be posted on the investor relations section of the MSC Income website at https://www.mscincomefund.com.ABOUT MSC INCOME FUND, INC.The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.ABOUT MSC ADVISER I, LLCMSC Adviser I, LLC (the "Adviser") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.FORWARD-LOOKING STATEMENTSMSC Income cautions that statements in this press release which are forward–looking and provide other than historical information, including but not limited to MSC Income's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to MSC Income as of the date hereof and include statements regarding MSC Income's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward–looking statements are reasonable, MSC Income can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: MSC Income's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which MSC Income's portfolio companies operate; the impacts of macroeconomic factors on MSC Income and its portfolio companies' businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact MSC Income's operations or the operations of its portfolio companies; the operating and financial performance of MSC Income's portfolio companies and their access to capital; retention of key investment personnel by the Adviser; competitive factors; and such other factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in MSC Income's filings with the SEC (www.sec.gov). MSC Income undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.MSC INCOME FUND, INC.Consolidated Statements of Operations(in thousands, except shares and per share amounts)(Unaudited) 

Three Months Ended March 31,
2026
2025INVESTMENT INCOME:


Interest, dividend and fee income:


Control investments$                  1,195
$                  1,442Affiliate investments9,247
9,335Non–Control/Non–Affiliate investments23,645
22,450Total investment income34,087
33,227EXPENSES:


Interest(8,920)
(8,243)Base management fee(5,225)
(4,972)Incentive fee on income(3,099)
(2,023)Incentive fee on capital gains638
—General and administrative(1,039)
(1,027)Internal administrative services expenses(186)
(174)Total expenses before expense waivers(17,831)
(16,439)Waiver of incentive fee on income985
—Total expenses, net of expense waivers(16,846)
(16,439)NET INVESTMENT INCOME BEFORE TAXES17,241
16,788Excise tax expense(50)
(192)Federal and state income and other tax expenses(956)
(850)NET INVESTMENT INCOME 16,235
15,746NET REALIZED GAIN (LOSS):


Control investments—
9Affiliate investments(1,656)
—Non–Control/Non–Affiliate investments1,415
(21,075)Total net realized loss(241)
(21,066)NET UNREALIZED APPRECIATION (DEPRECIATION):


Control investments(4,452)
(833)Affiliate investments8,423
2,836Non–Control/Non–Affiliate investments(6,614)
16,780Total net unrealized appreciation (depreciation)(2,643)
18,783Income tax benefit (provision) on net realized loss and net unrealized appreciation
(depreciation)(128)
2,412NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$                13,223
$                15,875NET INVESTMENT INCOME BEFORE TAXES PER SHARE—BASIC AND
DILUTED$                    0.37
$                    0.38NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED $                    0.35
$                    0.35NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER
SHARE—BASIC AND DILUTED$                    0.29
$                    0.36WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED46,116,898
44,680,084 MSC INCOME FUND, INC.Consolidated Balance Sheets(in thousands, except per share amounts) 


March 31,
2026
December 31,
2025

(Unaudited)

ASSETS



Investments at fair value:



Control investments
$                   53,802
$                   58,372Affiliate investments
426,618
406,771Non–Control/Non–Affiliate investments
888,782
870,244Total investments
1,369,202
1,335,387Cash and cash equivalents
15,559
20,635Interest and dividend receivable
11,942
12,273Deferred financing costs
3,128
3,190Prepaids and other assets
10,094
9,546Total assets
$              1,409,925
$              1,381,031LIABILITIES



Credit Facilities
$                 350,000
$                 453,000October 2026 Notes
149,826
149,751May 2029 Notes
149,274
—Accounts payable and other liabilities
4,408
3,549Interest payable
7,463
5,946Dividend payable
16,324
16,772Base management and incentive fees payable
7,340
8,388Deferred tax liability, net
5,762
4,966Total liabilities
690,397
642,372NET ASSETS



Common stock
45
47Additional paid–in capital
765,979
782,007Total overdistributed earnings
(46,496)
(43,395)Total net assets
719,528
738,659Total liabilities and net assets
$              1,409,925
$              1,381,031NET ASSET VALUE PER SHARE
$                     15.87
$                     15.85 MSC INCOME FUND, INC.Reconciliation of Adjusted Net Investment Income and Adjusted Net Investment Income Before Taxes(in thousands, except per share amounts)(Unaudited) 

Three Months Ended
March 31,
2026
2025Net investment income $                16,235
$                15,746Incentive fee on capital gains (3)(638)
—Adjusted net investment income (1)15,597
15,746Excise tax expense50
192Federal and state income and other tax expenses956
850Adjusted net investment income before taxes (2)$                16,603
$                16,788



Per share amounts:


Net investment income per share -


Basic and diluted $                    0.35
$                    0.35Adjusted net investment income per share -


Basic and diluted (1)$                    0.34
$                    0.35Adjusted net investment income before taxes per share -


Basic and diluted (2)$                    0.36
$                    0.38 MSC INCOME FUND, INC.
Endnotes

(1)ANII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of the capital gains incentive fee(3). MSC Income believes presenting ANII and the related per share amount is useful and appropriate supplemental disclosure for analyzing the Fund's financial performance since the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in NII. However, ANII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income's financial performance. A reconciliation of NII in accordance with U.S. GAAP to ANII is detailed in the financial tables included with this press release.

(2)ANII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of any tax expenses included in NII and the capital gains incentive fee(3). MSC Income believes presenting ANII before taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing the Fund's financial performance since (i) the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in NII, and (ii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, ANII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income's financial performance. A reconciliation of NII in accordance with U.S. GAAP to ANII before taxes is detailed in the financial tables included with this press release.

(3)Pursuant to the Amended Advisory Agreement, the incentive fee on capital gains is determined and payable to the Adviser in arrears, if any, as of the end of each calendar year. This fee equals (a) 17.5% of the Fund's incentive fee capital gain, which is calculated as the Fund's (i) cumulative net realized gains (net of any related net income tax expense), minus (ii) cumulative unrealized depreciation (net of any related income tax benefit, and excluding any unrealized appreciation), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, the Fund estimates the capital gains incentive fee and adjusts the accrual for the fee based upon a hypothetical liquidation of its investment portfolio at the then current fair value. Therefore, the calculation of the accrual equals (a) the Fund's cumulative change in net fair value, including both (i) the cumulative net realized gain/loss and (ii) the cumulative net unrealized appreciation/depreciation (in both cases, net of any related cumulative net income tax expense or benefit), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable period ended. However, any capital gains incentive fee accrued related to the unrealized appreciation is neither earned nor payable to the Adviser until such time that it is realized, and assuming at the end of a calendar year such incentive fee capital gain exists excluding any cumulative unrealized appreciation (in each case, net of any related net income tax expense or benefits). If the calculation results in an increase in the accrual compared to the previous quarter, the Fund records an increase to the capital gains incentive fee accrual. If the calculation results in a decrease to the estimated incentive fee on capital gains when compared to the previous quarter, the accrual for the incentive fee on capital gains is reduced to the extent of such decrease. For the first quarter of 2026, the Fund reduced the accrual on the capital gains incentive fee by $0.6 million. For further discussion, see Note J — Related Party Transactions and Arrangements in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements and Supplementary Data of the Fund's Quarterly Report on Form 10-Q to be filed with the SEC on May 8, 2026.

(4)Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.

(5)Portfolio company financial information has not been independently verified by MSC Income.

(6)These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which EBITDA is not a meaningful metric.

(7)No information contained on the Fund's website or disclosed on the May 8, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Fund's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600 View original content:https://www.prnewswire.com/news-releases/msc-income-fund-announces-first-quarter-2026-results-302766077.htmlSOURCE MSC Income Fund, Inc. Original: MSC INCOME FUND ANNOUNCES FIRST QUARTER 2026 RESULTS

MAIN STREET ANNOUNCES FIRST QUARTER 2026 RESULTSMay 7, 2026 4:20 PM
PR Newswire (US) First Quarter 2026 Net Investment Income of $0.93 Per ShareFirst Quarter 2026 Distributable Net Investment Income(1) of $1.00 Per ShareFirst Quarter 2026 Distributable Net Investment Income Before Taxes(2) of $1.04 Per ShareNet Asset Value of $33.46 Per ShareHOUSTON, May 7, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce its financial results for the first quarter ended March 31, 2026. Unless otherwise noted or the context otherwise indicates, the terms "we," "us," "our" and the "Company" refer to Main Street and its consolidated subsidiaries.First Quarter 2026 HighlightsNet investment income ("NII") of $84.6 million, or $0.93 per shareDistributable net investment income ("DNII")(1) of $90.8 million, or $1.00 per shareDNII before taxes(2) of $94.1 million, or $1.04 per shareTotal investment income of $140.1 millionAn industry leading position in cost efficiency, with a ratio of total non-interest operating expenses as a percentage of quarterly average total assets ("Operating Expenses to Assets Ratio") of 1.3% on both an annualized basis for the quarter and for the trailing twelve-month ("TTM") period ended March 31, 2026Net asset value of $33.46 per share as of March 31, 2026, representing an increase of $0.13 per share, or 0.4%, compared to $33.33 per share as of December 31, 2025Declared regular monthly dividends totaling $0.78 per share for the second quarter of 2026, or $0.26 per share for each of April, May and June 2026, representing a 4.0% increase from the regular monthly dividends paid in the second quarter of 2025Declared and paid a supplemental dividend of $0.30 per share, resulting in total dividends paid in the first quarter of 2026 of $1.08 per share and representing a 2.9% increase from the total dividends paid in the first quarter of 2025Completed $205.9 million in total lower middle market ("LMM") portfolio investments, including investments totaling $104.8 million in three new portfolio companies, 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 portfolioCompleted $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 portfolioFully exited investments in KBK Industries, LLC, realizing a gain of $17.3 million, which in addition to the total dividends of $25.1 million received over the life of the equity investment, resulted in annual internal rate of returns and times money invested returns of 127.2% and 62.7 times, respectively, on the equity investment, and 27.7% and 3.5 times, respectively, including all debt and equity investments in the company on a cumulative basis since Main Street's initial investment in 2006Further enhanced our liquidity position and strengthened our capital structure by (i) adding a new lender relationship and expanding the total commitments under our Corporate Facility by $30.0 million to a total of $1.175 billion and (ii) issuing an additional $200.0 million of the March 2029 Notes (with our Corporate Facility and the March 2029 Notes each as defined in the Liquidity and Capital Resources section below)In commenting on the Company's 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, particularly given the backdrop of significant economic and geopolitical uncertainty, which resulted in distributable net investment income before taxes in line with our expectations and prior guidance. We believe that these results continue to demonstrate the sustainable strength of our overall platform, the benefits of our differentiated and diversified investment strategies and the continued underlying strength and quality of our portfolio companies. Consistent with our experience in prior periods of broad economic uncertainty, we believe that our ability to provide highly flexible and customized financing solutions to lower middle market companies and their owners and management teams, together with our differentiated long-term to permanent holding periods, represents an even more attractive solution to the needs of many lower middle market companies, and we are excited about our prospects for continued near-term growth of our lower middle market investment strategy. Similarly, in our private loan investment strategy, we are seeing an improved lending environment and significant opportunities, which we believe positions us well to capitalize on new private loan investment opportunities and to generate attractive returns on those investments."Mr. Hyzak continued, "We are pleased to have completed significant investments in our lower middle market investment strategy in the first quarter, following our very strong investment activity in the fourth quarter of 2025, resulting in significant growth of our lower middle market investment portfolio over the last two quarters. Our first quarter results and investment activity, continued attractive investment pipeline and favorable outlook for the second quarter resulted in the declaration of another $0.30 per share supplemental dividend to be paid in June 2026, representing our nineteenth consecutive quarterly supplemental dividend, to go with the 12 increases to our regular monthly dividends declared since the fourth quarter of 2021. Additionally, with the continued support from our long-term lender relationships, and the benefits of our recent follow-on issuance of investment grade notes in March 2026 and private placement issuance of investment grade notes in April 2026, we continue to maintain strong liquidity and a conservative leverage profile, which we believe is important in the current economic environment. We remain confident that our diversified lower middle market and private loan investment strategies, together with the benefits of our asset management business, our cost efficient operating structure and conservative capital structure, will allow us to continue to deliver superior results for our shareholders."First Quarter 2026 Operating ResultsThe following table provides a summary of our operating results for the first quarter of 2026:
Three Months Ended March 31,
2026
2025
Change
Change (%)
(dollars in thousands, except per share amounts)Interest income$      105,306
$        98,017
$          7,289
7 %Dividend income28,196
36,026
(7,830)
(22) %Fee income6,604
3,003
3,601
120 %Total investment income$      140,106
$      137,046
$          3,060
2 %







Net investment income$        84,579
$        85,897
$         (1,318)
(2) %Net investment income per share$            0.93
$            0.97
$           (0.04)
(4) %







Distributable net investment income (1)$        90,786
$        90,919
$            (133)
— %Distributable net investment income per share (1)$            1.00
$            1.02
$           (0.02)
(2) %







Distributable net investment income before taxes (2)$        94,050
$        94,832
$            (782)
(1) %Distributable net investment income before taxes per share (2)$            1.04
$            1.07
$           (0.03)
(3) %







Net increase in net assets resulting from operations$        48,981
$      116,082
$       (67,101)
(58) %Net increase in net assets resulting from operations per share$            0.54
$            1.31
$           (0.77)
(59) %







Return on equity - quarter annualized (3)6.4 %
16.5 %
(10.1) %
(61) %The $3.1 million increase in total investment income in the first quarter of 2026 from the comparable period of the prior year was principally attributable to (i) a $7.3 million increase in interest income, primarily due to higher average levels of income producing investment portfolio debt investments, partially offset by a decrease in interest rates, primarily resulting from decreases in benchmark index rates on floating rate investment portfolio debt investments, and the negative impact from investment portfolio debt investments on non-accrual status and (ii) a $3.6 million increase in fee income, primarily due to a $2.6 million increase in fee income related to increased investment activity and a $1.0 million increase in fee income from the refinancing and prepayment of investment portfolio debt investments. These increases were partially offset by a $7.8 million decrease in dividend income, primarily due to an $8.0 million decrease in dividend income from our LMM portfolio companies and a $0.7 million decrease in dividend income from our private loan portfolio companies, partially offset by a $0.6 million increase in dividend income from our other portfolio investments. The $3.1 million increase in total investment income in the first quarter of 2026 includes the impact of an increase of $1.7 million in certain income considered less consistent or non-recurring, primarily related to increases of (i) $1.0 million in such fee income and (ii) $0.7 million in such dividend income, in each case when compared to the same period in 2025.Total cash expenses(4) increased $3.8 million, or 9.1%, to $46.1 million in the first quarter of 2026 from $42.2 million for the same period in 2025. This increase in total cash expenses was principally attributable to (i) a $2.9 million increase in interest expense and (ii) a $0.8 million increase in cash compensation expenses.(4) The increase in interest expense is primarily related to an increase in average borrowings outstanding used to fund a portion of the growth of our investment portfolio, partially offset by (i) a decreased weighted-average interest rate on our Credit Facilities due to decreases in benchmark index rates and decreases to the applicable margin rates resulting from the amendments of our Credit Facilities in April 2025 and (ii) a decreased weighted-average interest rate on our unsecured debt obligations resulting from the repayment in September of 2025 of the $150.0 million of unsecured notes with a maturity date in December of 2025 and the issuance of the August 2028 Notes (as defined in the Liquidity and Capital Resources section below). The increase in cash compensation expenses(4) is primarily related to increases in base compensation rates and other employee compensation related accruals.Non-cash compensation expenses(4) increased $1.2 million in the first quarter of 2026 from the comparable period of the prior year, primarily driven by a $0.9 million increase in deferred compensation expense.Our Operating Expenses to Assets Ratio (which includes non-cash compensation expenses(4)) on an annualized basis was 1.3% for the first quarter of 2026, an increase from 1.2% for the first quarter of 2025.Excise tax expense decreased $1.0 million and NII related federal and state income and other tax expenses increased $0.3 million in the first quarter of 2026 compared to the same period in 2025, resulting in a net decrease in tax expenses included in NII of $0.6 million. The decrease in excise tax is due to a decrease in undistributed taxable income as of March 31, 2026 and the increase in NII related federal and state income and other tax expenses is due to an increase in taxable NII between the relevant periods.The $1.3 million decrease in NII and the $0.1 million decrease in DNII(1) in the first quarter of 2026 from the comparable period of the prior year were both principally attributable to an increase in total expenses, partially offset by (i) the increase in total investment income and (ii) the decrease in NII related tax expenses, each as discussed above. NII and DNII(1) on a per share basis decreased by $0.04 per share and $0.02 per share, respectively, for the first quarter of 2026 as compared to the first quarter of 2025, to $0.93 per share and $1.00 per share, respectively. These decreases include the impact of a 2.2% increase in the weighted-average shares outstanding compared to the first quarter of 2025, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market ("ATM") equity issuance program, (ii) dividend reinvestment plan and (iii) equity incentive compensation plans. The decrease in NII on a per share basis in the first quarter of 2026 is after a net increase of $0.01 per share resulting from items considered less consistent or non-recurring in nature compared to the first quarter of 2025, including a $0.02 per share increase in such investment income, partially offset by a $0.01 per share increase in deferred compensation expenses, each as discussed above. The decrease in DNII(1) on a per share basis in the first quarter of 2026 is after a $0.02 per share increase in investment income considered less consistent or non-recurring in nature compared to the first quarter of 2025, as discussed above.The $49.0 million net increase in net assets resulting from operations in the first quarter of 2026 represents a $67.1 million decrease from the first quarter of 2025. This decrease was primarily the result of (i) a $66.3 million decrease in the net fair value change of our portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the decrease resulting from a net fair value decrease of $32.6 million in the first quarter of 2026 compared to a net fair value increase of $33.6 million in the prior year and (ii) a $1.3 million decrease in NII as discussed above, with these decreases partially offset by a $0.5 million decrease in net tax provision on the net fair value change of our portfolio investments resulting from a net tax provision of $3.0 million in the first quarter of 2026 compared to a net tax provision of $3.5 million in the comparable period of the prior year. The $32.6 million net fair value decrease in the first quarter of 2026 was the result of net unrealized depreciation (including the reversal of net fair value appreciation recognized in prior periods due to the net realized gain in the quarter) of $50.6 million, partially offset by a net realized gain of $18.0 million. The $33.6 million net fair value increase in the first quarter of 2025 was the result of net unrealized appreciation of $63.2 million, partially offset by a net realized loss of $29.5 million. The $18.0 million net realized gain from investments for the first quarter of 2026 was primarily the result of (i) a $17.3 million realized gain on the full exit of a LMM portfolio investment, (ii) a $7.8 million realized gain on the full exit of a private loan portfolio investment and (iii) $1.8 million of realized gains on the partial exits of two other portfolio investments, partially offset by (i) $7.8 million of realized losses on the full exits of two private loan portfolio investments and (ii) a $1.6 million realized loss on the full exit of a LMM portfolio investment.The following table provides a summary of the total net unrealized depreciation of $50.6 million for the first quarter of 2026:
Three Months Ended March 31, 2026
LMM
(a)
Private
Loan
Middle
Market
Other
Total
(in millions)Accounting reversals of net unrealized appreciation recognized in
prior periods due to net realized gains / income recognized during the
current period$     (16.7)
$       (0.9)
$          —
$       (1.8)
$     (19.4)Net unrealized appreciation (depreciation) relating to portfolio
investments29.3
(36.0)
(2.9)
(21.6)(b)(31.2)Total net unrealized appreciation (depreciation) relating to portfolio
investments$       12.6
$     (36.9)
$       (2.9)
$     (23.4)
$     (50.6)
___________________________(a)Includes unrealized appreciation on 35 LMM portfolio investments and unrealized depreciation on 25 LMM portfolio investments.(b)Includes $22.0 million of unrealized depreciation related to the External Investment Manager (as defined in the External Investment Manager section below).Liquidity and Capital ResourcesAs of March 31, 2026, we had aggregate liquidity of $1.406 billion, including (i) $20.8 million in cash and cash equivalents and (ii) $1.385 billion of aggregate unused capacity under our corporate revolving credit facility (the "Corporate Facility") and our special purpose vehicle revolving credit facility (the "SPV Facility" and, together with the Corporate Facility, the "Credit Facilities"), which we maintain to support our investment and operating activities.Several details regarding our capital structure as of March 31, 2026 are as follows:The Corporate Facility included $1.175 billion in total commitments from a diversified group of 18 participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $1.718 billion.$119.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.5% based on the applicable Secured Overnight Financing Rate ("SOFR") effective for the contractual reset date of April 1, 2026.The SPV Facility included $600.0 million in total commitments from a diversified group of six participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $800.0 million.$267.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.6% based on the applicable SOFR effective for the contractual reset date of April 1, 2026.$550.0 million of unsecured notes outstanding that bear interest at a rate of 6.95% per year (the "March 2029 Notes") with a yield-to-maturity of 6.68%. The March 2029 Notes mature on March 1, 2029 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$500.0 million of unsecured notes outstanding that bear interest at a rate of 3.00% per year (the "July 2026 Notes"). The July 2026 Notes mature on July 14, 2026 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$400.0 million of unsecured notes outstanding that bear interest at a rate of 6.50% per year with a yield-to-maturity of approximately 6.34% (the "June 2027 Notes"). The June 2027 Notes mature on June 4, 2027 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$350.0 million of unsecured notes outstanding that bear interest at a rate of 5.40% per year (the "August 2028 Notes"). The August 2028 Notes mature on August 15, 2028 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$350.0 million of outstanding Small Business Investment Company ("SBIC") debentures through our wholly-owned SBIC subsidiaries. These debentures, which are guaranteed by the U.S. Small Business Administration (the "SBA"), had a weighted-average annual fixed interest rate of 3.26% and mature ten years from original issuance. The first maturity related to our existing SBIC debentures occurs in the first quarter of 2027, and the weighted-average remaining duration was 4.4 years.We maintain investment grade credit ratings from each of Fitch Ratings and S&P Global Ratings, both of which have assigned us investment grade credit ratings of BBB- with a stable outlook.Our net asset value totaled $3.1 billion, or $33.46 per share.In April 2026, we issued $150.0 million in aggregate principal amount of 6.93% unsecured notes in a private placement (the "April 2031 Notes"). The April 2031 Notes mature on April 15, 2031 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.Investment Portfolio Information as of March 31, 2026(5)The following table provides a summary of the investments in our LMM portfolio and private loan portfolio as of March 31, 2026:

March 31, 2026

LMM (a)
Private Loan

(dollars in millions)Number of portfolio companies
93
85Fair value
$               3,227.4
$               1,993.9Cost
$               2,577.0
$               2,057.0Debt investments as a % of portfolio (at cost)
72.0 %
94.5 %Equity investments as a % of portfolio (at cost)
28.0 %
5.5 %% of debt investments at cost secured by first priority lien
99.4 %
99.3 %Weighted-average annual effective yield (b)
12.6 %
10.3 %Average EBITDA (c)
$                    11.2
$                    34.2
___________________________(a)We had equity ownership in all of our LMM portfolio companies, and our average fully diluted equity ownership in those portfolio companies was 36%.(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2026.(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using a simple average for LMM portfolio companies and a weighted-average for private loan portfolio companies. These calculations exclude certain portfolio companies, including five LMM portfolio companies and six private loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.The fair value of our LMM portfolio company equity investments was 197% of the related cost basis of such equity investments, and our LMM portfolio companies had a median net senior debt (senior interest-bearing debt through our debt position less cash and cash equivalents) to EBITDA ratio of 2.5 to 1.0 and a median total EBITDA to senior interest expense ratio of 3.0 to 1.0. Including all debt that is junior in priority to our debt position, these median ratios were 2.5 to 1.0 and 2.9 to 1.0, respectively.(5)(6)As of March 31, 2026, our investment portfolio also included:Other portfolio investments in 34 entities, spread across 13 investment managers, collectively totaling $138.5 million in fair value and $148.5 million in cost basis, which comprised 2.4% and 3.0% of our investment portfolio at fair value and cost, respectively;Middle market portfolio investments in 11 portfolio companies, collectively totaling $81.9 million in fair value and $121.4 million in cost basis, which comprised 1.4% and 2.5% of our investment portfolio at fair value and cost, respectively; andOur investment in the External Investment Manager, with a fair value of $233.1 million and a cost basis of $29.5 million, which comprised 4.1% and 0.6% of our investment portfolio at fair value and cost, respectively.As of March 31, 2026, investments on non-accrual status comprised 1.2% of the total investment portfolio at fair value and 4.0% at cost, and our total portfolio investments at fair value were 115% of the related cost basis.External Investment ManagerMSC Adviser I, LLC is our wholly-owned portfolio company and registered investment adviser that provides investment management services to external parties (the "External Investment Manager"). We share employees with the External Investment Manager and allocate costs related to such shared employees and other operating expenses to the External Investment Manager. The total contribution of the External Investment Manager to our NII consists of the combination of the expenses we allocate to the External Investment Manager and the dividend income we earn from the External Investment Manager. During the first quarter of 2026, the External Investment Manager earned $10.3 million of total fee income, and waived $1.0 million of incentive fees, resulting in total fee income, net of waivers of $9.3 million, an increase of $0.7 million from the first quarter of 2025. The fee income earned by the External Investment Manager in the first quarter of 2026 included (i) $6.1 million of management fee income, an increase of $0.3 million from the first quarter of 2025, and (ii) incentive fees, net of waivers of $3.0 million, an increase of $0.3 million from the first quarter of 2025. We allocated $5.5 million of total expenses to the External Investment Manager during the first quarter of 2026, an increase of $0.1 million from the first quarter of 2025. The increase in management fee income was primarily attributable to an increase in total assets managed for clients. The increase in incentive fees, net of waivers, is the result of a an increase in gross incentive fees of $1.3 million, partially offset by the $1.0 million incentive fee waiver. The increase in gross incentive fees was primarily attributable to (i) the amended advisory agreement between the External Investment Manager and its client, MSC Income Fund, Inc., in conjunction with the listing of MSC Income Fund, Inc.'s shares on the New York Stock Exchange in January 2025 and (ii) improved operating results from the assets managed for clients in the first quarter of 2026 relative to the first quarter of 2025. The combination of the dividend income we earned from the External Investment Manager and expenses we allocated to it resulted in a total contribution to our NII of $8.3 million, representing an increase of $0.5 million from the first quarter of 2025.The External Investment Manager ended the first quarter of 2026 with total assets under management of $1.8 billion.First Quarter 2026 Financial Results Conference Call / WebcastMain Street has scheduled a conference call for Friday, May 8, 2026 at 10:00 a.m. Eastern time to discuss the first quarter 2026 financial results.(7)You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Main Street website at https://www.mainstcapital.com.A telephonic replay of the conference call will be available through Friday, May 15, 2026 and may be accessed by dialing 201-612-7415 and using the passcode 13759637#. An audio archive of the conference call will also be available on the investor relations section of the Company's website at https://www.mainstcapital.com shortly after the call and will be accessible until the date of Main Street's earnings release for the next quarter.For a more detailed discussion of the financial and other information included in this press release, please refer to the Main Street Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 to be filed with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov) and Main Street's First Quarter 2026 Investor Presentation to be posted on the investor relations section of the Main Street website at https://www.mainstcapital.com.ABOUT MAIN STREET CAPITAL CORPORATIONMain Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.FORWARD-LOOKING STATEMENTSMain Street cautions that statements in this press release which are forward–looking and provide other than historical information, including but not limited to Main Street's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to Main Street as of the date hereof and include statements regarding Main Street's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward–looking statements are reasonable, Main Street can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: Main Street's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which Main Street's portfolio companies operate; the impacts of macroeconomic factors on Main Street and its portfolio companies' businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact Main Street's operations or the operations of its portfolio companies; the operating and financial performance of Main Street's portfolio companies and their access to capital; retention of key investment personnel; competitive factors; and such other factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in Main Street's filings with the SEC (www.sec.gov). Main Street undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.MAIN STREET CAPITAL CORPORATIONConsolidated Statements of Operations(in thousands, except shares and per share amounts)(Unaudited)

Three Months Ended
March 31,
2026
2025INVESTMENT INCOME:


Interest, dividend and fee income:


Control investments$         61,664
$         56,242Affiliate investments26,181
23,734Non–Control/Non–Affiliate investments52,261
57,070Total investment income140,106
137,046EXPENSES:


Interest(34,043)
(31,168)Compensation(13,185)
(11,476)General and administrative(5,396)
(5,086)Share–based compensation(5,105)
(4,842)Expenses allocated to the External Investment Manager5,466
5,336Total expenses(52,263)
(47,236)NET INVESTMENT INCOME BEFORE TAXES87,843
89,810Excise tax expense(381)
(1,341)Federal and state income and other tax expenses(2,883)
(2,572)NET INVESTMENT INCOME84,579
85,897NET REALIZED GAIN (LOSS):


Control investments10,035
22Affiliate investments—
2,064Non–Control/Non–Affiliate investments7,938
(31,631)Total net realized gain (loss)17,973
(29,545)NET UNREALIZED APPRECIATION (DEPRECIATION):


Control investments(47,208)
401Affiliate investments5,181
39,003Non–Control/Non–Affiliate investments(8,572)
23,786Total net unrealized appreciation (depreciation)(50,599)
63,190Income tax provision on net realized gain (loss) and net unrealized appreciation (depreciation)(2,972)
(3,460)NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$          48,981
$        116,082NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$              0.93
$              0.97NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC
AND DILUTED$              0.54
$              1.31WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED90,654,821
88,711,015 MAIN STREET CAPITAL CORPORATIONConsolidated Balance Sheets(in thousands, except per share amounts)


March 31,
December 31,

2026
2025

(Unaudited)

ASSETS



Investments at fair value:



Control investments
$        2,583,010
$        2,569,626Affiliate investments
1,055,658
965,179Non–Control/Non–Affiliate investments
2,036,083
1,983,312Total investments
5,674,751
5,518,117Cash and cash equivalents
20,791
41,959Interest and dividend receivable and other assets
119,805
107,905Deferred financing costs, net
13,051
13,720Total assets
$        5,828,398
$        5,681,701LIABILITIES



Credit Facilities
$           386,000
$           518,000March 2029 Notes
551,015
347,721July 2026 Notes
499,846
499,715June 2027 Notes
399,641
399,569August 2028 Notes
348,187
347,996SBIC debentures
344,887
344,593Accounts payable and other liabilities
47,826
67,799Interest payable
20,306
30,094Dividend payable
24,126
23,358Deferred tax liability, net
112,920
108,963Total liabilities
2,734,754
2,687,808NET ASSETS



Common stock
925
898Additional paid–in capital
2,607,285
2,457,660Total undistributed earnings
485,434
535,335Total net assets
3,093,644
2,993,893Total liabilities and net assets
$         5,828,398
$         5,681,701NET ASSET VALUE PER SHARE
$                33.46
$                33.33 MAIN STREET CAPITAL CORPORATIONReconciliation of Distributable Net Investment Income, Distributable Net Investment Income Before Taxes,Total Non-Cash Compensation Expenses, Total Cash Expenses and Total Cash Compensation Expenses(in thousands, except per share amounts)(Unaudited)

Three Months Ended
March 31,
2026
2025Net investment income$         84,579
$         85,897Non-cash compensation expenses (4)6,207
5,022Distributable net investment income (1)$         90,786
$         90,919Excise tax expense381
1,341Federal and state income and other tax expenses2,883
2,572Distributable net investment income before taxes (2)$         94,050
$         94,832



Per share amounts:


Net investment income per share -


Basic and diluted$              0.93
$              0.97Distributable net investment income per share -


Basic and diluted (1)$              1.00
$              1.02Distributable net investment income before taxes per share -


Basic and diluted (2)$              1.04
$              1.07


Three Months Ended
March 31,
2026
2025Share–based compensation$         (5,105)
$         (4,842)Deferred compensation expense(1,102)
(180)Total non-cash compensation expenses (4)(6,207)
(5,022)



Total expenses(52,263)
(47,236)Less non-cash compensation expenses (4)6,207
5,022Total cash expenses (4)$       (46,056)
$       (42,214)



Compensation$       (13,185)
$       (11,476)Share-based compensation(5,105)
(4,842)Total compensation expenses(18,290)
(16,318)Non-cash compensation expenses (4)6,207
5,022Total cash compensation expenses (4)$       (12,083)
$       (11,296)
MAIN STREET CAPITAL CORPORATION
Endnotes(1)DNII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash compensation expenses.(4) Main Street believes presenting DNII and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses(4) do not result in a net cash impact to Main Street upon settlement. However, DNII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of NII in accordance with U.S. GAAP to DNII is detailed in the financial tables included with this press release.(2)DNII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of non-cash compensation expenses(4) and any tax expenses included in NII. Main Street believes presenting DNII before taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance since (i) non-cash compensation expenses(4) do not result in a net cash impact to Main Street upon settlement and (ii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, DNII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of NII in accordance with U.S. GAAP to DNII before taxes is detailed in the financial tables included with this press release.(3)Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.(4)Non-cash compensation expenses consist of (i) share-based compensation and (ii) deferred compensation expense or benefit, both of which are non-cash in nature. Share-based compensation does not require settlement in cash. Deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. The appreciation (depreciation) in the fair value of deferred compensation plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation) and an increase (decrease) in compensation expenses, respectively. Cash compensation expenses are total compensation expenses as determined in accordance with U.S. GAAP, less non-cash compensation expenses. Total cash expenses are total expenses, as determined in accordance with U.S. GAAP, excluding non-cash compensation expenses. Main Street believes presenting cash compensation expenses, non-cash compensation expenses and total cash expenses is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses do not result in a net cash impact to Main Street upon settlement. However, cash compensation expenses, non-cash compensation expenses and total cash expenses are non-U.S. GAAP measures and should not be considered as a replacement for compensation expenses, total expenses or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of compensation expenses and total expenses in accordance with U.S. GAAP to cash compensation expenses, non-cash compensation expenses and total cash expenses is detailed in the financial tables included with this press release.(5)Portfolio company financial information has not been independently verified by Main Street.(6)These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which EBITDA is not a meaningful metric.(7)No information contained on the Company's website or disclosed on the May 8, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Company's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com  
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com  
Zach Vaughan / zvaughan @dream weaver2-6600 View original content:https://www.prnewswire.com/news-releases/main-street-announces-first-quarter-2026-results-302766243.htmlSOURCE Main Street Capital Corporation Original: MAIN STREET ANNOUNCES FIRST QUARTER 2026 RESULTS

MSC Income Fund Announces Transition from Quarterly to Monthly Regular Dividends Beginning in July 2026May 7, 2026 7:00 AM
PR Newswire (US) Declares Regular Monthly Dividends of $0.11 Per Share for each of July, August and September 2026 and Supplemental Dividend of $0.03 Per Share Payable September 2026HOUSTON, May 7, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) (the "Fund") is pleased to announce a change to its regular dividend payment frequency from quarterly to monthly beginning in July 2026. In addition, the Fund is pleased to announce that its Board of Directors declared regular monthly cash dividends of $0.11 per share payable in July, August and September 2026. These monthly dividends, which will be payable pursuant to the table below, total $0.33 per share for the third quarter of 2026.Summary of Third Quarter 2026 Regular Monthly DividendsDeclaredEx-Dividend DateRecord DatePayment DateAmount Per Share5/6/20267/2/20267/2/20267/9/2026$0.115/6/20268/3/20268/3/20268/10/2026$0.115/6/20269/2/20269/2/20269/9/2026$0.11

Total for Third Quarter 2026:$0.33In addition to the regular monthly dividends for the third quarter of 2026, the Board of Directors declared a supplemental cash dividend of $0.03 per share payable in September 2026. This supplemental cash dividend, which will be payable as set forth in the table below, will be paid out of the Fund's undistributed taxable income (taxable income in excess of dividends paid) as of March 31, 2026.Supplemental Cash Dividend Payable in September 2026DeclaredEx-Dividend DateRecord DatePayment DateAmount Per Share5/6/20269/16/20269/16/20269/23/2026$0.03The final determination of the tax attributes for dividends each year are made after the close of the tax year. The final tax attributes for 2026 dividends are currently expected to include a combination of ordinary taxable income and qualified dividends and may include capital gains and return of capital.The Fund maintains a dividend reinvestment plan (the "DRIP") which provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with the Fund's transfer agent and registrar or certain brokerage firms that have elected to participate in the DRIP. Under the DRIP, if the Fund declares a dividend, registered stockholders who have not "opted out" of the DRIP at least ten days prior to the next dividend payment date will have their dividend automatically reinvested into additional shares of the Fund's common stock.ABOUT MSC INCOME FUND, INC.The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.ABOUT MSC ADVISER I, LLCMSC Adviser I, LLC ("MSCA") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. MSCA serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.FORWARD-LOOKING STATEMENTSThis press release contains certain forward-looking statements, including but not limited to the continued payment of future dividends and the potential tax attributes for 2026 dividends, which are based upon the Fund management's current expectations and are inherently uncertain.  Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Fund's control, and that the Fund may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance.  Actual performance, events and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in the Fund's filings with the U.S. Securities and Exchange Commission.  Such statements speak only as of the time when made and are based on information available to the Fund as of the date hereof and are qualified in their entirety by this cautionary statement.  The Fund assumes no obligation to revise or update any such statement now or in the future.Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600 View original content:https://www.prnewswire.com/news-releases/msc-income-fund-announces-transition-from-quarterly-to-monthly-regular-dividends-beginning-in-july-2026-302764762.htmlSOURCE MSC Income Fund, Inc. Original: MSC Income Fund Announces Transition from Quarterly to Monthly Regular Dividends Beginning in July 2026

Main Street Announces New Portfolio InvestmentApril 28, 2026 7:00 AM
PR Newswire (US)

Invests $40.0 Million in Recapitalization of Shift Transit, LLC and Shift Transit Inc.HOUSTON, April 28, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment totaling $40.0 million to facilitate the minority recapitalization of Shift Transit, LLC and Shift Transit Inc. (collectively, "Shift Transit" or the "Company"), a leading micromobility operator providing comprehensive maintenance and logistics services for docked bikeshare and scooter share systems across North America. Main Street partnered with Shift Transit's founders and existing owners to facilitate the transaction, with Main Street's investment including a combination of first lien, senior secured term debt and a direct minority equity investment.Founded in 2015 and headquartered in Chicago, Shift Transit operates multiple micromobility systems in the United States and Canada, primarily servicing city municipalities through fleet management, operational oversight and customer service. Through these services, the Company manages over 85,000 mobility assets on a day-to-day basis.   ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com
Zach Vaughan | zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-new-portfolio-investment-302755222.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces New Portfolio Investment

Main Street Announces Follow-On InvestmentApril 21, 2026 7:00 AM
PR Newswire (US)

Invests an Additional $15.6 Million in UBM ParentCo, LLC to Support Strategic Acquisition HOUSTON, April 21, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in its existing portfolio company, UBM ParentCo, LLC, doing business as United Business Mail ("UBM" or the "Company"), a leading provider of "marketing mail" commingle services, specializing in optimizing postage, transportation and delivery performance for large-scale mailers. Main Street, along with its co-investor MSC Income Fund, Inc. (NYSE: MSIF) ("MSIF"), made the follow-on investment in UBM to support the Company's strategic acquisition of a leading national provider of asset-light palletized mail consolidation, mail optimization services, freight brokerage, and warehousing and distribution for business to business, or B2B, and business to consumer, or B2C, customers. Main Street's portion of the investment consisted of an additional $15.6 million first lien, senior secured term debt investment. Main Street and MSIF initially invested in UBM in December 2025.Founded in 1987, and headquartered in Chicago, Illinois, UBM helps clients improve speed-to-market, visibility and cost efficiency across their marketing mail programs through a nationwide logistics network and commingling services. UBM expanded its transportation and logistics capabilities by acquiring Mystic Logistics, a mail consolidation services and freight brokerage company, in December 2025. The acquisition further expands these capabilities and strengthens its ability to support scalable, reliable mail movement nationwide.ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties, including MSIF. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.ABOUT MSC INCOME FUND, INC.
MSIF (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. MSIF's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSIF seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. MSIF also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, MSIF has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. MSIF's private loan portfolio companies generally have annual revenues between $25 million and $500 million. MSIF's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com  
Zach Vaughan | zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-follow-on-investment-302748109.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces Follow-On Investment

MSC Income Fund Announces First Quarter 2026 Earnings Release and Conference Call ScheduleApril 17, 2026 7:00 AM
PR Newswire (US)

Call Scheduled for 11:00 a.m. Eastern Time on Friday, May 8, 2026HOUSTON, April 17, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce that it will release its first quarter 2026 results on Thursday, May 7, 2026 after the financial markets close. In conjunction with the release, the Fund has scheduled a conference call, which will be broadcast live via phone and over the Internet, on Friday, May 8, 2026 at 11:00 a.m. Eastern time. Investors may participate either by phone or audio webcast.(1)
By Phone:     Dial 412-902-0030 at least 10 minutes before the call. A replay will be available through Friday, May 15, 2026 by dialing 201-612-7415 and using the access code 13759639#.

By Webcast:  Connect to the webcast via the Investor Relations section of the Fund's website at www.mscincomefund.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay of the conference call will be available on the Fund's website shortly after the call and will be accessible until the date of the Fund's earnings release for the next quarter.ABOUT MSC INCOME FUND, INC.The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.ABOUT MSC ADVISER I, LLCMSC Adviser I, LLC ("MSCA") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. MSCA serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.Endnotes(1)    No information contained on the Fund's website or disclosed on the May 8, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Fund's filings with the Securities and Exchange Commission, and you should not consider that information to be part of this press release or any other such filing.Contacts:MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600



View original content:https://www.prnewswire.com/news-releases/msc-income-fund-announces-first-quarter-2026-earnings-release-and-conference-call-schedule-302745578.htmlSOURCE MSC Income Fund, Inc.

Original: MSC Income Fund Announces First Quarter 2026 Earnings Release and Conference Call Schedule

Main Street Announces Completion of $150.0 Million Investment Grade Notes OfferingApril 9, 2026 4:15 PM
PR Newswire (US)

HOUSTON, April 9, 2026  /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the closing of a private notes offering totaling $150.0 million in aggregate principal amount (the "Notes").  The Notes are unsecured and bear interest at a fixed rate of 6.93% per year, payable semiannually, mature on April 15, 2031 and may be redeemed in whole or in part at any time or from time to time at Main Street's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium.Main Street intends to use the proceeds from this offering to repay outstanding indebtedness, including amounts outstanding under its corporate revolving credit facility and/or its special purpose vehicle revolving credit facility, to make investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, to pay operating expenses and other cash obligations and for general corporate purposes.The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.ABOUT MAIN STREET CAPITAL CORPORATIONMain Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.FORWARD-LOOKING STATEMENTSThis press release contains certain forward-looking statements, including but not limited to the use of the proceeds of the offering. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance, events and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Main Street's filings with the U.S. Securities and Exchange Commission. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-completion-of-150-0-million-investment-grade-notes-offering-302738664.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces Completion of $150.0 Million Investment Grade Notes Offering

Main Street Announces First Quarter 2026 Private Loan Portfolio ActivityApril 9, 2026 7:00 AM
PR Newswire (US)

HOUSTON, April 9, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the following recent activity in its private loan portfolio. During the first quarter of 2026, Main Street originated new or increased commitments in its private loan portfolio of $68.0 million and funded total investments across its private loan portfolio with a cost basis totaling $149.1 million.The following represent notable new private loan commitments and investments during the first quarter of 2026:Increased commitment of $3.5 million in an incremental first lien senior secured term loan and $13.1 million in an incremental first lien senior secured delayed draw term loan to a provider of maintenance, repair and overhaul services for industrial equipment, including compressors, motors, turbines and pumps;$10.9 million in a first lien senior secured term loan, $1.6 million in a first lien senior secured revolver and $3.1 million in a first lien senior secured delayed draw term loan to a provider of predictive analytics solutions to the U.S. Department of Defense, focusing on supply chain and maintenance applications; andIncreased commitment of $11.6 million in an incremental first lien senior secured term loan to a provider of ground services to commercial, general and cargo aviation markets.As of March 31, 2026, Main Street's private loan portfolio included total investments at cost of approximately $2.1 billion across 85 unique companies. The private loan portfolio, as a percentage of cost, included 93.8% invested in first lien senior secured debt investments and 6.2% invested in equity investments or other securities.ABOUT MAIN STREET CAPITAL CORPORATIONMain Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-first-quarter-2026-private-loan-portfolio-activity-302737498.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces First Quarter 2026 Private Loan Portfolio Activity

MSC Income Fund Announces First Quarter 2026 Private Loan Portfolio ActivityApril 9, 2026 7:00 AM
PR Newswire (US)

HOUSTON, April 9, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce the following recent activity in its private loan portfolio. During the first quarter of 2026, MSC Income originated new or increased commitments in its private loan portfolio of $38.9 million and funded total investments across its private loan portfolio with a cost basis totaling $54.8 million.The following represent notable new private loan commitments and investments during the first quarter of 2026:$17.5 million in a first lien senior secured term loan, $2.5 million in a first lien senior secured revolver and $5.0 million in a first lien senior secured delayed draw term loan to a provider of predictive analytics solutions to the U.S. Department of Defense, focusing on supply chain and maintenance applications; andIncreased commitment of $5.9 million in an incremental first lien senior secured term loan to a provider of ground services to commercial, general and cargo aviation markets.As of March 31, 2026, MSC Income's private loan portfolio included total investments at cost of approximately $843.1 million across 80 unique companies. The private loan portfolio, as a percentage of cost, included 92.6% invested in first lien senior secured debt investments and 7.4% invested in equity investments or other securities.ABOUT MSC INCOME FUND, INC.
The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.ABOUT MSC ADVISER I, LLC
MSC Adviser I, LLC ("MSCA") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. MSCA serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600



View original content:https://www.prnewswire.com/news-releases/msc-income-fund-announces-first-quarter-2026-private-loan-portfolio-activity-302737488.htmlSOURCE MSC Income Fund, Inc.

Original: MSC Income Fund Announces First Quarter 2026 Private Loan Portfolio Activity

Main Street Capital $MAIN
MAIN trades at a premium valuation that assumes flawless execution in a deteriorating credit environment. BDCs with premium multiples get punished hardest when credit spreads widen. MAIN’s portfolio is not immune to rising defaults — the market just hasn’t priced it in yet.

Main Street Announces Follow-On InvestmentApril 1, 2026 7:00 AM
PR Newswire (US)

Invests an Additional $26.0 Million in Trantech Radiator Topco, LLC to Support Strategic Acquisition HOUSTON, April 1, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in its existing portfolio company, Trantech Radiator Topco, LLC ("Trantech" or the "Company"), an industry leading domestic designer, manufacturer and supplier of branded radiators and cooling systems for transformers used in the generation, transmission and distribution of electric power. Main Street, along with its co-investor MSC Income Fund, Inc. (NYSE: MSIF) ("MSIF"), made the follow-on investment in Trantech to support the Company's strategic acquisition of Transformer Maintenance and Service, Inc. ("TMS"), which is a provider of utility equipment maintenance and repair services for original equipment manufacturers (OEM) and utility customers. Main Street and MSIF provided a portion of the financing necessary to facilitate the acquisition, with the owners of TMS receiving a portion of the acquisition purchase price in equity ownership in Trantech. Main Street's portion of the investment consisted of an additional $24.7 million first lien, senior secured term debt investment and a $1.4 million direct equity investment. Main Street and MSIF initially invested in Trantech in May 2019.Founded in 1932, and headquartered in Edgefield, South Carolina, Trantech's American made products are sold to transformer OEM and aftermarket customers for repair and replacement applications. Founded in 1978, TMS is a family owned business with long history of providing services that are highly complementary to Trantech's products. The acquisition of TMS enhances Trantech's field service, repairs and refurbishment capabilities and strengthens the Company's ability to support the increasing demands across the electric utility market.ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties, including MSIF. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.ABOUT MSC INCOME FUND, INC.
MSIF (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. MSIF's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSIF seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. MSIF also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, MSIF has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. MSIF's private loan portfolio companies generally have annual revenues between $25 million and $500 million. MSIF's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.co
Zach Vaughan | zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-follow-on-investment-302731178.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces Follow-On Investment

Main Street Prices Public Offering of $200,000,000 Million of 6.95% Notes due 2029March 27, 2026 5:10 PM
PR Newswire (US)

HOUSTON, March 27, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it has priced an underwritten public offering of an additional $200.0 million in aggregate principal amount of its 6.95% notes due 2029 (the "2029 Notes").The 2029 Notes are being issued at a premium to par at a public offering price of 102.061% of the principal amount per 2029 Note, resulting in estimated gross proceeds of approximately $204.1 million and a yield-to-worst of 6.146%. The 2029 Notes are a further issuance of the 6.95% notes due 2029 that Main Street issued on January 12, 2024 in an aggregate principal amount of $350.0 million (the "Existing 2029 Notes"). The 2029 Notes will be treated as a single series with the Existing 2029 Notes under the indenture and will have the same terms as the Existing 2029 Notes. The 2029 Notes will have the same CUSIP number and will be fungible and rank equally with the Existing 2029 Notes. Upon the issuance of the 2029 Notes, the outstanding aggregate principal amount of Main Street's 6.95% notes due 2029 will be $550.0 million. The offering is subject to customary closing conditions and is expected to close on March 31, 2026.Main Street intends to initially use the net proceeds from the offering to repay outstanding indebtedness, including amounts outstanding under Main Street's corporate revolving credit facility and/or its special purpose vehicle revolving credit facility, and then, through re-borrowing under the credit facilities, to make investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, to pay operating expenses and other cash obligations, and for general corporate purposes.RBC Capital Markets, LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc. and Truist Securities, Inc. are acting as joint book-runners for the offering. Huntington Securities, Inc., Raymond James & Associates, Inc., Academy Securities, Inc., Zions Direct, Inc., TCBI Securities, Inc., doing business as Texas Capital Securities, Hancock Whitney Investment Services, Inc., Comerica Securities, Inc., FNB America Securities LLC and B. Riley Securities, Inc. are acting as co-managers for the offering.Investors should carefully consider, among other things, Main Street's investment objective and strategies and the risks related to Main Street and the offering before investing. The pricing term sheet dated March 27, 2026, the preliminary prospectus supplement dated March 27, 2026, the accompanying prospectus dated February 28, 2025, each of which has been filed with the Securities and Exchange Commission, any related free writing prospectus, and any information incorporated by reference in each, contain this and other information about Main Street and should be read carefully before investing.A shelf registration statement relating to these securities is on file with the Securities and Exchange Commission and effective. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from RBC Capital Markets, LLC, Attention: Investment Grade Syndicate Desk, Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York 10281, telephone: 866-375-6829, or e-mail: rbcnyfixedincomeprospectus@rbccm.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; SMBC Nikko Securities America, Inc., 277 Park Avenue, New York, New York 10172, Attn: Debt Capital Markets, telephone: (1-888-868-6856) or e-mail: prospectus@smbcnikko-si.com; or Truist Securities, Inc., Attention: Prospectus Department, 740 Battery Avenue SE, 3rd Fl, Atlanta, Georgia 30339, telephone: 800-685-4786, or e-mail: TruistSecurities.prospectus@Truist.com.The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release do not constitute offers to sell or the solicitation of offers to buy, nor will there be any sale of the securities referred to in this press release, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.ABOUT MAIN STREET CAPITAL CORPORATIONMain Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking statements which are based upon Main Street management's current expectations and are inherently uncertain. The forward-looking statements may include statements as to Main Street's notes offering, the expected net proceeds from the offering and the anticipated use of the net proceeds of the offering. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance, events and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Main Street's filings with the Securities and Exchange Commission. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600



View original content:https://www.prnewswire.com/news-releases/main-street-prices-public-offering-of-200-000-000-million-of-6-95-notes-due-2029--302727649.htmlSOURCE Main Street Capital Corporation

Original: Main Street Prices Public Offering of $200,000,000 Million of 6.95% Notes due 2029

MSC Income Fund Announces Completion of $150.0 Million Investment Grade Notes OfferingMarch 13, 2026 2:00 PM
PR Newswire (US)

HOUSTON, March 13, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce the closing of a private notes offering totaling $150.0 million in aggregate principal amount (the "Notes").  The Notes are unsecured and bear interest at a fixed rate of 6.34% per year, payable semiannually, mature on May 31, 2029 and may be redeemed in whole or in part at any time or from time to time at MSC Income's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium.MSC Income intends to use the net proceeds from this offering to initially repay a portion of the outstanding debt borrowed under its floating rate multi-year revolving credit facility and then, through re-borrowing under its revolving credit facility, to fund investments in accordance with its investment objective and strategies, to pay operating expenses and other cash obligations and for general corporate purposes.The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.ABOUT MSC INCOME FUND, INC.The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.ABOUT MSC ADVISER I, LLCMSC Adviser I, LLC ("MSCA") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. MSCA serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.FORWARD-LOOKING STATEMENTSThis press release may contain certain forward-looking statements, including but not limited to the availability of future financing capacity under the Fund's revolving credit facility. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Fund's control, and that the Fund may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in the Fund's filings with the U.S. Securities and Exchange Commission. Such statements speak only as of the time when made and are based on information available to the Fund as of the date hereof and are qualified in their entirety by this cautionary statement. The Fund assumes no obligation to revise or update any such statement now or in the future.Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan @dream weaver2-6600



View original content:https://www.prnewswire.com/news-releases/msc-income-fund-announces-completion-of-150-0-million-investment-grade-notes-offering-302713633.htmlSOURCE MSC Income Fund, Inc.

Original: MSC Income Fund Announces Completion of $150.0 Million Investment Grade Notes Offering

Main Street Announces New Portfolio InvestmentMarch 4, 2026 7:00 AM
PR Newswire (US)

Invests $28.0 Million in Recapitalization of an Architectural and Engineering Services Organization HOUSTON, March 4, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment totaling $28.0 million to facilitate the minority recapitalization of a leading provider of end-to-end architectural, engineering, land planning and entitlement services (the "Company"). Main Street partnered with the Company's existing owner operator to facilitate the transaction, with Main Street's investment including a combination of first lien, senior secured term debt and a direct minority equity investment.Founded over four decades ago and headquartered in the Southeastern United States, the Company is a full-service architectural, engineering, land planning and entitlement services firm serving specific commercial end markets across the United States. Driven by a client-centric focus and supported by a dedicated team of professionals, the Company provides comprehensive solutions spanning design, planning, permitting, zoning, entitlement, negotiation and project administration.ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund.  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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy.  Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.  Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com
Zach Vaughan | zvaughan @dream weaver2-6600



View original content:https://www.prnewswire.com/news-releases/main-street-announces-new-portfolio-investment-302703257.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces New Portfolio Investment

Main Street Announces Follow-On InvestmentsMarch 3, 2026 7:00 AM
PR Newswire (US)

Invests an Additional $21.1 Million in Three Existing Lower Middle Market Portfolio CompaniesHOUSTON, March 3, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed follow-on investments in three existing lower middle market portfolio companies, Nello Industries Investco, LLC ("NELLO"), RFG AcquireCo, LLC ("Revolution") and Gamber-Johnson Holdings, LLC ("Gamber-Johnson"), to support strategic acquisitions.NELLO is a manufacturer of engineered steel poles and structures for the electric utility and wireless telecommunications end markets, with products including tapered steel poles, transmission poles, lattice towers and guyed towers. Founded in 2002 and headquartered in South Bend, Indiana, NELLO's customer base consists of top EPC companies and leading electric utility and telecommunications companies. Main Street originally invested in NELLO in June 2024, partnering with the company's existing equity owners and management team to facilitate a management led buyout. This follow-on investment was made to support a strategic acquisition that broadens the company's ability to manufacture products for the electric utility substation and commercial markets. Main Street made the follow-on investment alongside its co-investor, MSC Income Fund, Inc. (NYSE: MSIF) ("MSIF"), with Main Street's investment consisting of an additional $9.2 million first lien, senior secured term loan and representing its fourth follow-on investment in NELLO since the initial partnership in 2024.Revolution is a leading aerial survey and geospatial services company servicing blue-chip customers who service an extensive suite of end users across diverse end markets. Founded in 2006 and highly regarded for its premium services, reliability and technical expertise, the company is an established and trusted leader in the aerial survey industry. Revolution also operates two maintenance, repair and overhaul, or "MRO", facilities, providing the company with critical fleet readiness capabilities while also servicing commercial and private customers, and is also a leading resource in the Americas and Europe for the sale, purchase and lease of used and new aerial survey equipment and aircraft. Main Street originally invested in Revolution in June 2025, partnering with the company's existing equity owners and management team to facilitate a minority recapitalization. This follow-on investment was made to support a strategic acquisition that broadens Revolution's service offerings and enhances its ability to deliver advanced geospatial solutions to its customers. Main Street's follow-on investment consisted of an additional first lien, senior secured term loan of $7.5 million, representing its second follow-on investment in Revolution since the initial partnership in 2025.Gamber-Johnson is a leading worldwide supplier of rugged mounting systems that safely secure mobile communication systems, computers and other electronic equipment in fleet vehicles, public safety vehicles, forklifts and other mobility applications. Founded in 1954 and headquartered in Stevens Point, Wisconsin, Gamber-Johnson's products are used by law enforcement, public safety, military and warehouse fleets around the globe and are known for being rugged, reliable and responsive. Main Street originally invested in Gamber-Johnson in 2016, partnering with the company's management team to facilitate a management led buyout. This follow-on investment was made to support a strategic acquisition of a weapons-retention solutions provider which enhances Gamber-Johnson's ability to serve the law enforcement market through its one-stop shop product portfolio. Main Street made the follow-on investment alongside its co-investor, MSIF, with Main Street's investment consisting of an additional $4.4 million first lien, senior secured term loan and representing its seventh follow-on investment in Gamber-Johnson since the initial partnership in 2016.ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties, including MSIF. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.ABOUT MSC INCOME FUND, INC.
MSIF (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. MSIF's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSIF seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. MSIF also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, MSIF has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. MSIF's private loan portfolio companies generally have annual revenues between $25 million and $500 million. MSIF's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com  
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com   
Zach Vaughan | zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-follow-on-investments-302702042.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces Follow-On Investments

MSC INCOME FUND ANNOUNCES 2025 FOURTH QUARTER AND ANNUAL RESULTSFebruary 26, 2026 4:15 PM
PR Newswire (US)

Fourth Quarter 2025 Net Investment Income of $0.28 Per ShareFourth Quarter 2025 Adjusted Net Investment Income(1) of $0.34 Per ShareFourth Quarter 2025 Adjusted Net Investment Income Before Taxes(2) of $0.37 Per ShareNet Asset Value of $15.85 Per ShareHOUSTON, Feb. 26, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce its financial results for the fourth quarter and full year ended December 31, 2025.Fourth Quarter 2025 HighlightsNet investment income ("NII") of $13.1 million, or $0.28 per share, including the impact of the capital gains incentive fee(3) of $2.8 million, or $0.06 per share, and excise tax and NII related income taxes of $1.3 million, or $0.03 per shareNII excluding the impact of the capital gains incentive fee,(3) or adjusted net investment income ("ANII"),(1) of $15.9 million, or $0.34 per shareANII excluding the impact of excise tax and NII related income taxes, or ANII before taxes,(2) of $17.2 million, or $0.37 per shareTotal investment income of $34.9 millionNet increase in net assets resulting from operations of $30.0 million, or $0.64 per shareReturn on equity(4) of 16.3% on an annualized basisNet asset value of $15.85 per share as of December 31, 2025, representing an increase of $0.31 per share, or 2.0%, compared to $15.54 per share as of September 30, 2025Declared a regular quarterly dividend of $0.35 per share and a supplemental dividend of $0.01 per share, both payable in the first quarter of 2026, resulting in total dividends declared in the fourth quarter of 2025 of $0.36 per shareCompleted $100.9 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 $57.1 million in the total cost basis of the private loan investment portfolioCompleted $23.0 million in total lower middle market ("LMM") portfolio follow-on 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 $14.9 million in the total cost basis of the LMM investment portfolioFull Year 2025 HighlightsNII of $61.8 million, or $1.33 per share, including the impact of the capital gains incentive fee(3) of $2.8 million, or $0.06 per share, and excise tax and NII related income taxes of $3.8 million, or $0.08 per shareNII excluding the impact of the capital gains incentive fee,(3) or ANII,(1) of $64.5 million, or $1.39 per shareANII excluding the impact of excise tax and NII related income taxes, or ANII before taxes,(2) of $68.3 million, or $1.47 per shareTotal investment income of $139.2 millionNet increase in net assets resulting from operations of $88.7 million, or $1.91 per shareReturn on equity(4) of 12.5%Net asset value of $15.85 per share as of December 31, 2025, representing an increase of $0.32 per share, or 2.1%, compared to $15.53 per share as of December 31, 2024Declared regular quarterly dividends totaling $1.40 per share and supplemental dividends totaling $0.04 per share, resulting in total dividends declared of $1.44 per shareCompleted $357.1 million in total private loan portfolio investments, which after aggregate repayments and sales of debt investments, return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net increase of $109.6 million in the total cost basis of the private loan investment portfolioCompleted $53.5 million in total LMM portfolio follow-on 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 $27.1 million in the total cost basis of the LMM investment portfolioFurther diversified the Fund's capital structure and enhanced its liquidity position by (i) amending the Corporate Facility to increase total commitments to $245.0 million (from $165.0 million), increase the accordion feature to up to a total of $300.0 million and expand and diversify the lender group to seven participants and (ii) amending the SPV Facility to decrease the interest rate to the applicable Secured Overnight Financing Rate ("SOFR") plus 2.20% (from 3.00%), extend the revolving period through February 2029 and extend the final maturity date to February 2030, with the Corporate Facility and SPV Facility each defined in the Liquidity and Capital Resources section belowEntered into an amended advisory agreement effective upon the listing of the Fund's common stock on the New York Stock Exchange ("NYSE") in January 2025 (the "MSC Income Listing") to, among other things, (i) reduce the annual base management fee payable by the Fund to 1.5% of its average total assets (with additional future contractual reductions based upon changes to the composition of the Fund's investment portfolio), (ii) reduce to 17.5% the subordinated incentive fee on income payable by the Fund, subject to a 50% / 50% catch-up feature, (iii) reduce to 17.5% and reset the incentive fee on cumulative net realized capital gains payable by the Fund and (iv) establish a cap on the amount of expenses payable by the Fund relating to certain internal administrative services, which varies based on the value of the Fund's total assetsIn commenting on the Fund's operating results for the fourth quarter and full year of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, "We are very pleased with the Fund's performance in the fourth quarter, which resulted in an annualized return on equity of 16.3%, favorable adjusted net investment income per share and a significant net increase in the fair value of the Fund's investments, including the benefits of net realized gains in both the Fund's private loan and lower middle market investments, which resulted in a significant increase in net asset value per share. The Fund also produced favorable investment activity in the fourth quarter which generated meaningful growth of the Fund's investment portfolio."Mr. Hyzak continued, "After the Fund's positive performance in the first three quarters of 2025, the Fund's strong performance in the fourth quarter resulted in a return on equity of 12.5% for the full year. Based upon the quality of the Fund's existing investment portfolio, combined with the Fund's existing liquidity and expanded regulatory leverage capacity which became effective for the Fund at the end of January 2026, we remain excited about our future expectations for the Fund."Fourth Quarter 2025 Operating ResultsThe following table provides a summary of the Fund's operating results for the fourth quarter of 2025:
Three Months Ended December 31,
2025
2024
Change ($)
Change (%)
(dollars in thousands, except per share amounts)Interest income$           28,860
$           29,662
$              (802)
(3) %Dividend income5,308
2,731
2,577
94 %Fee income748
1,062
(314)
(30) %Total investment income$           34,916
$           33,455
$             1,461
4 %







Net investment income (5)$           13,122
$           13,557
$              (435)
(3) %Net investment income per share (5)$               0.28
$               0.34
$             (0.06)
(18) %







Adjusted net investment income (1)$           15,885
$           13,557
$             2,328
17 %Adjusted net investment income per share (1)$               0.34
$               0.34
$                   —
— %







Adjusted net investment income before taxes (2)$           17,162
$           14,227
$             2,935
21 %Adjusted net investment income before taxes per share (2)$               0.37
$               0.35
$               0.02
6 %







Net increase in net assets resulting from operations$           30,035
$           20,462
$             9,573
47 %Net increase in net assets resulting from operations per share$               0.64
$               0.51
$               0.13
25 %The $1.5 million increase in total investment income in the fourth quarter of 2025 from the comparable period of the prior year was principally attributable to a $2.6 million increase in dividend income, primarily due to a $2.5 million increase in dividend income from the Fund's LMM portfolio companies. The increase was partially offset by (i) a $0.8 million decrease in interest income, principally attributable to a decrease in interest rates, primarily resulting from decreases in benchmark index rates on floating rate debt investments, and a larger negative impact from investments on non-accrual status, partially offset by higher average levels of income producing investment portfolio debt investments and (ii) a $0.3 million decrease in fee income, principally attributable to a decrease in fee income from the refinancing and prepayment of debt investments. The $1.5 million increase in total investment income in the fourth quarter of 2025 includes the impact of an increase of $1.1 million in certain income considered less consistent or non-recurring, primarily related to increases of (i) $1.2 million in such dividend income and (ii) $0.1 million in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, partially offset by a $0.3 million decrease in such fee income, in each case when compared to the same period in 2024.Total expenses, net of waivers, increased by $1.3 million, or 6.7%, to $20.5 million in the fourth quarter of 2025 from $19.2 million for the same period in 2024. This increase was principally attributable to a $2.8 million capital gains incentive fee(3) accrued in the fourth quarter of 2025, partially offset by (i) a $1.2 million decrease in interest expense and (ii) a $0.4 million decrease in base management fees. The capital gains incentive fee(3) is primarily the result of the significant net fair value appreciation of the Fund's investments recognized during the fourth quarter of 2025. The decrease in interest expense is primarily related to a decreased weighted-average interest rate on the Credit Facilities due to a decrease to the applicable spreads resulting from amendments of the Credit Facilities since the fourth quarter of 2024 and decreases in benchmark index rates.The Fund's ratio of total non-interest operating expenses, excluding incentive fees, as a percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, decreased to 1.8% on an annualized basis for the fourth quarter of 2025, from 2.1% for the fourth quarter of 2024, primarily as a result of the decreased base management fee percentage under the amended advisory agreement effective upon the MSC Income Listing in January 2025.NII related federal and state income and other tax expenses increased $0.6 million in the fourth quarter of 2025 from the comparable period of the prior year, primarily driven by an increase in taxable NII between the relevant periods.The $0.4 million decrease in NII in the fourth quarter of 2025 from the comparable period of the prior year was principally attributable to increases in (i) total expenses, net of waivers, and (ii) NII related federal and state income and other tax expenses, partially offset by an increase in total investment income, each as discussed above. NII on a per share basis decreased by $0.06 per share for the fourth quarter of 2025 as compared to the fourth quarter of 2024, to $0.28 per share, reflecting the impact of the $0.06 per share capital gains incentive fee accrual in the fourth quarter of 2025.The $2.3 million increase in ANII(1) in the fourth quarter of 2025 from the comparable period of the prior year was principally attributable to the same factors noted above for the change in NII, which include (i) an increase in total investment income, (ii) a decrease in interest expense and (iii) a decrease in base management fees, partially offset by an increase in NII related federal and state income and other tax expenses, each as discussed above, but excluding the impact of the capital gains incentive fee accrual in 2025. ANII(1) on a per share basis for the fourth quarter of 2025 was consistent with the fourth quarter of 2024 at $0.34 per share.The per share changes in NII and ANII(1) in the fourth quarter of 2025 from the comparable period of the prior year include the impact of a 16.6% increase in the weighted-average shares outstanding, primarily due to new shares issued through the MSC Income Listing and the dividend reinvestment plan, partially offset by shares repurchased by the Fund. NII and ANII(1) on a per share basis in the fourth quarter of 2025 each include a net increase of $0.02 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the fourth quarter of 2024, as discussed above.The $30.0 million net increase in net assets resulting from operations in the fourth quarter of 2025 represents a $9.6 million increase from the fourth quarter of 2024. This increase was primarily the result of a $16.0 million increase in the net fair value change of the Fund's portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the increase resulting from a net fair value increase of $17.2 million in the fourth quarter of 2025 compared to a net fair value increase of $1.2 million in the comparable period of the prior year, partially offset by (i) a $6.0 million increase in net tax provision on the net fair value change of the portfolio investments resulting from a net tax provision of $0.3 million in the fourth quarter of 2025 compared to a net tax benefit of $5.7 million in the comparable period of the prior year and (ii) a $0.4 million decrease in NII as discussed above. The $17.2 million net fair value increase in the fourth quarter of 2025 was the result of a net realized gain of $16.6 million and net unrealized appreciation (including the reversal of net fair value appreciation recognized in prior periods due to the net realized gain in the quarter) of $0.5 million. The $1.2 million net fair value increase in the fourth quarter of 2024 was the result of net unrealized appreciation of $9.2 million, partially offset by a net realized loss of $8.0 million. The $16.6 million net realized gain from investments for the fourth quarter of 2025 was primarily the result of (i) $16.1 million of realized gains on the full exits of two private loan portfolio investments and (ii) a $6.0 million realized gain on the full exit of a LMM portfolio investment, partially offset by (i) a $5.2 million realized loss on the restructure of a private loan portfolio investment and (ii) a $0.3 million realized loss on the full exit of a private loan portfolio investment.The following table provides a summary of the total net unrealized appreciation of $0.5 million for the fourth quarter of 2025:
Three Months Ended December 31, 2025
PrivateLoan
LMM (a)
MiddleMarket
Other
Total
(in millions)Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$         (11.0)
$           (6.2)
$              —
$              —
$         (17.2)Net unrealized appreciation (depreciation) relating to portfolio investments8.4
12.2
(3.1)
0.2
17.7Total net unrealized appreciation (depreciation) relating to portfolio investments$           (2.6)
$             6.0
$           (3.1)
$             0.2
$             0.5

(a)Includes unrealized appreciation on 34 LMM portfolio investments and unrealized depreciation on 11 LMM portfolio investments.Liquidity and Capital ResourcesAs of December 31, 2025, the Fund had aggregate liquidity of $112.0 million, including (i) $20.6 million in cash and cash equivalents and (ii) $91.4 million of aggregate unused capacity under the Fund's corporate revolving credit facility (the "Corporate Facility") and the Fund's special purpose vehicle revolving credit facility (the "SPV Facility" and, together with the Corporate Facility, the "Credit Facilities"), which the Fund maintains to support its investment and operating activities.Several details regarding the Fund's capital structure as of December 31, 2025 are as follows:The SPV Facility included $300.0 million in total commitments plus an accordion feature that allows the Fund to request an increase in the total commitments under the facility to up to $450.0 million.$244.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.9% based on the applicable SOFR effective for the contractual reset date of January 1, 2026.The Corporate Facility included $245.0 million in total commitments from a diversified group of seven participating lenders, plus an accordion feature that allows the Fund to request an increase in the total commitments under the facility to up to $300.0 million.$209.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.8% based on the applicable SOFR effective for the contractual reset date of January 1, 2026.$150.0 million of unsecured notes outstanding that bear interest at a rate of 4.04% per year (the "Series A Notes"). The Series A Notes mature on October 30, 2026.The Fund maintains an investment grade rating from Kroll Bond Rating Agency, LLC of BBB- with a stable outlook. Kroll Bond Rating Agency, LLC reaffirmed its rating in October 2025.The Fund's net asset value totaled $738.7 million, or $15.85 per share.The Fund's debt-to-equity ratio was 0.82x as of December 31, 2025, below the Fund's targeted leverage range.Effective on January 29, 2026, the Fund's minimum regulatory asset coverage requirement decreased from 200% to 150%.Investment Portfolio Information as of December 31, 2025(6)The following table provides a summary of the investments in the Fund's private loan portfolio and LMM portfolio as of December 31, 2025:

December 31, 2025

Private Loan
LMM (a)

(dollars in millions)Number of portfolio companies
81
55Fair value
$                     809.0
$                     487.6Cost
$                     821.7
$                     384.8Debt investments as a % of portfolio (at cost)
92.1 %
70.6 %Equity investments as a % of portfolio (at cost)
7.9 %
29.4 %% of debt investments at cost secured by first priority lien
99.9 %
99.9 %Weighted-average annual effective yield (b)
10.7 %
12.4 %Average EBITDA (c)
$                       30.0
$                       11.7

(a)The Fund had equity ownership in all of its LMM portfolio companies, and the Fund's average fully diluted equity ownership in those portfolio companies was 8%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2025.

(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using a weighted-average for private loan portfolio companies and a simple average for LMM portfolio companies. These calculations exclude certain portfolio companies, including four private loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for the Fund's investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.The Fund's total investment portfolio at fair value consists of approximately 61% private loan, 36% LMM, 2% middle market and 1% other portfolio investments.The fair value of the Fund's LMM portfolio company equity investments was 201% of the related cost basis of such equity investments, and the Fund's LMM portfolio companies had a median net senior debt (senior interest-bearing debt through the Fund's debt position less cash and cash equivalents) to EBITDA ratio of 2.5 to 1.0 and a median total EBITDA to senior interest expense ratio of 2.9 to 1.0. Including all debt that is junior in priority to the Fund's debt position, these median ratios were 2.7 to 1.0 and 2.8 to 1.0, respectively.(6)(7)As of December 31, 2025, the Fund's investment portfolio also included:Middle market portfolio investments in eight portfolio companies, collectively totaling $23.3 million in fair value and $39.8 million in cost basis, which comprised 1.7% and 3.2% of the Fund's investment portfolio at fair value and cost, respectively; andOther portfolio investments in six entities, spread across four investment managers, collectively totaling $15.5 million in fair value and $13.7 million in cost basis, which comprised 1.2% and 1.1% of the Fund's investment portfolio at fair value and cost, respectively.As of December 31, 2025, investments on non-accrual status comprised 1.0% of the total investment portfolio at fair value and 3.9% at cost, and the Fund's total portfolio investments at fair value were 106% of the related cost basis.Fourth Quarter and Full Year 2025 Financial Results Conference Call / WebcastMSC Income has scheduled a conference call for Friday, February 27, 2026 at 11:00 a.m. Eastern time to discuss the fourth quarter and full year 2025 financial results.(8)You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Fund's website at https://www.mscincomefund.com.A telephonic replay of the conference call will be available through Friday, March 6, 2026 and may be accessed by dialing 201-612-7415 and using the passcode 13758250#. An audio archive of the conference call will also be available on the investor relations section of the Fund's website at https://www.mscincomefund.com shortly after the call and will be accessible until the date of MSC Income's earnings release for the next quarter.For a more detailed discussion of the financial and other information included in this press release, please refer to the MSC Income Annual Report on Form 10-K for the fiscal year ended December 31, 2025 to be filed with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov) and MSC Income's Fourth Quarter 2025 Investor Presentation to be posted on the investor relations section of the MSC Income website at https://www.mscincomefund.com.ABOUT MSC INCOME FUND, INC.The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.ABOUT MSC ADVISER I, LLCMSC Adviser I, LLC ("MSCA") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. MSCA serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.FORWARD-LOOKING STATEMENTSMSC Income cautions that statements in this press release which are forward–looking and provide other than historical information, including but not limited to MSC Income's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to MSC Income as of the date hereof and include statements regarding MSC Income's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward–looking statements are reasonable, MSC Income can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: MSC Income's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which MSC Income's portfolio companies operate; the impacts of macroeconomic factors on MSC Income and its portfolio companies' businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact MSC Income's operations or the operations of its portfolio companies; the operating and financial performance of MSC Income's portfolio companies and their access to capital; retention of key investment personnel by MSCA; competitive factors; and such other factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in MSC Income's filings with the SEC (www.sec.gov). MSC Income undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations. MSC INCOME FUND, INC.Consolidated Statements of Operations(in thousands, except shares and per share amounts)

Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024INVESTMENT INCOME:






Interest, dividend and fee income:






Control investments$               1,234
$                   799
$               5,483
$               3,441Affiliate investments10,629
8,331
38,849
31,222Non–Control/Non–Affiliate investments23,053
24,325
94,821
100,165Total investment income34,916
33,455
139,153
134,828EXPENSES:






Interest(8,357)
(9,565)
(33,927)
(39,035)Base management fee(5,018)
(5,377)
(19,757)
(20,922)Incentive fee on income(3,370)
(3,131)
(12,145)
(12,494)Incentive fee on capital gains(2,763)
—
(2,763)
—General and administrative(827)
(992)
(4,337)
(4,416)Internal administrative services expenses(182)
(2,935)
(701)
(10,089)Total expenses before expense waivers(20,517)
(22,000)
(73,630)
(86,956)Waiver of internal administrative services expenses—
2,772
—
9,450Total expenses, net of expense waivers(20,517)
(19,228)
(73,630)
(77,506)NET INVESTMENT INCOME BEFORE TAXES14,399
14,227
65,523
57,322Excise tax expense(270)
(281)
(510)
(851)Federal and state income and other tax expenses(1,007)
(389)
(3,260)
(2,590)NET INVESTMENT INCOME (5)13,122
13,557
61,753
53,881NET REALIZED GAIN (LOSS):






Control investments—
90
5,305
147Affiliate investments8,639
(3,560)
6,320
(3,560)Non–Control/Non–Affiliate investments7,999
(4,556)
(21,128)
19,189Total net realized gain (loss)16,638
(8,026)
(9,503)
15,776NET UNREALIZED APPRECIATION (DEPRECIATION):






Control investments(2,481)
202
(9,495)
4,833Affiliate investments5,088
6,625
17,548
7,791Non–Control/Non–Affiliate investments(2,065)
2,390
28,375
(28,063)Total net unrealized appreciation (depreciation)542
9,217
36,428
(15,439)Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)(267)
5,714
50
2,335NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$             30,035
$             20,462
$             88,728
$             56,553NET INVESTMENT INCOME BEFORE TAXES PER SHARE—BASIC AND DILUTED$                  0.31
$                  0.35
$                  1.41
$                  1.43NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED (5)$                  0.28
$                  0.34
$                  1.33
$                  1.34NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$                  0.64
$                  0.51
$                  1.91
$                  1.41WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED46,923,388
40,232,637
46,497,019
40,174,311 MSC INCOME FUND, INC.Consolidated Balance Sheets(in thousands, except per share amounts)


December 31,
2025
December 31,
2024




ASSETS



Investments at fair value:



Control investments
$                   58,372
$                   69,878Affiliate investments
406,771
351,360Non–Control/Non–Affiliate investments
870,244
756,269Total investments
1,335,387
1,177,507Cash and cash equivalents
20,635
28,375Interest and dividend receivable
12,273
11,925Deferred financing costs
3,190
1,985Prepaids and other assets
9,546
4,254Deferred tax asset, net
—
625Total assets
$              1,381,031
$              1,224,671LIABILITIES



Credit Facilities
$                 453,000
$                 415,688Series A Notes due 2026 (par: $150,000 as of both December 31, 2025 and 2024)
149,751
149,453Accounts payable and other liabilities
3,549
4,723Interest payable
5,946
6,909Dividend payable
16,772
14,487Base management and incentive fees payable
8,388
8,508Deferred tax liability, net
4,966
—Total liabilities
642,372
599,768NET ASSETS



Common stock
47
40Additional paid–in capital
782,007
689,580Total overdistributed earnings
(43,395)
(64,717)Total net assets
738,659
624,903Total liabilities and net assets
$              1,381,031
$              1,224,671NET ASSET VALUE PER SHARE
$                      15.85
$                      15.53 MSC INCOME FUND, INC.Reconciliation of Adjusted Net Investment Income and Adjusted Net Investment Income Before Taxes(in thousands, except per share amounts)

Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Net investment income (5)$             13,122
$             13,557
$             61,753
$             53,881Incentive fee on capital gains (3)2,763
—
2,763
—Adjusted net investment income (1)15,885
13,557
64,516
53,881Excise tax expense270
281
510
851Federal and state income and other tax expenses1,007
389
3,260
2,590Adjusted net investment income before taxes (2)$             17,162
$             14,227
$             68,286
$             57,322







Per share amounts:






Net investment income per share -






Basic and diluted (5)$                 0.28
$                 0.34
$                 1.33
$                 1.34Adjusted net investment income per share -






Basic and diluted (1)$                 0.34
$                 0.34
$                 1.39
$                 1.34Adjusted net investment income before taxes per share -






Basic and diluted (2)$                 0.37
$                 0.35
$                 1.47
$                 1.43 MSC INCOME FUND, INC.
Endnotes
(1)ANII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of the capital gains incentive fee(3). MSC Income believes presenting ANII and the related per share amount is useful and appropriate supplemental disclosure for analyzing the Fund's financial performance since the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in NII. However, ANII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income's financial performance. A reconciliation of NII in accordance with U.S. GAAP to ANII is detailed in the financial tables included with this press release.

(2)ANII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of any tax expenses included in NII and the capital gains incentive fee(3). MSC Income believes presenting ANII before taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing the Fund's financial performance since (i) the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in NII, and (ii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, ANII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income's financial performance. A reconciliation of NII in accordance with U.S. GAAP to ANII before taxes is detailed in the financial tables included with this press release.

(3)Pursuant to the amended advisory agreement effective upon the MSC Income Listing, the incentive fee on capital gains is determined and payable to the Fund's investment adviser (the "Adviser") in arrears, if any, as of the end of each calendar year. This fee equals (a) 17.5% of the Fund's incentive fee capital gain, which is calculated as the Fund's (i) cumulative net realized gains (net of any related net income tax expense), minus (ii) cumulative unrealized depreciation (net of any related income tax benefit, and excluding any unrealized appreciation), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, the Fund estimates the capital gains incentive fee and accrues the fee based upon a hypothetical liquidation of its investment portfolio at the then current fair value. Therefore, the calculation of the accrual equals (a) the Fund's cumulative change in net fair value, including both (i) the cumulative net realized gain/loss and (ii) the cumulative net unrealized appreciation/depreciation (in both cases, net of any related cumulative net income tax expense or benefit), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable period ended. However, any capital gains incentive fee accrued related to the unrealized appreciation is neither earned nor payable to the Adviser until such time that it is realized, and assuming at the end of a calendar year such incentive fee capital gain exists excluding any cumulative unrealized appreciation (in each case, net of any related net income tax expense or benefits). For the fourth quarter of 2025, the Fund accrued a capital gains incentive fee of $2.8 million. For further discussion, see Note J Related Party Transactions and Arrangements in the notes to the consolidated financial statements included in Item 8. Consolidated Financial Statements and Supplementary Data of the Fund's Annual Report on Form 10-K filed with the SEC on February 27, 2026.

(4)Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.

(5)NII for each period in 2024 and the first quarter of 2025 necessary to present the comparable amounts for the year ended December 31, 2025 have been revised to include the impact of excise tax and NII related federal and state income and other tax expenses previously included within the total income tax provision. This correction was determined to be immaterial to any impacted prior periods and had no impact on net increases in net assets resulting from operations or the related per share amounts.

(6)Portfolio company financial information has not been independently verified by MSC Income.

(7)These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which EBITDA is not a meaningful metric.

(8)No information contained on the Fund's website or disclosed on the February 27, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Fund's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com  
Cory E. Gilbert, CFO, cgilbert @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com  
Zach Vaughan / zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/msc-income-fund-announces-2025-fourth-quarter-and-annual-results-302698971.htmlSOURCE MSC Income Fund, Inc.

Original: MSC INCOME FUND ANNOUNCES 2025 FOURTH QUARTER AND ANNUAL RESULTS

MAIN STREET ANNOUNCES 2025 FOURTH QUARTER AND ANNUAL RESULTSFebruary 26, 2026 4:15 PM
PR Newswire (US)

Fourth Quarter 2025 Net Investment Income of $1.03 Per ShareFourth Quarter 2025 Distributable Net Investment Income(1) of $1.09 Per ShareNet Asset Value of $33.33 Per ShareHOUSTON, Feb. 26, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce its financial results for the fourth quarter and full year ended December 31, 2025. Unless otherwise noted or the context otherwise indicates, the terms "we," "us," "our" and the "Company" refer to Main Street and its consolidated subsidiaries.Fourth Quarter 2025 HighlightsNet investment income ("NII") of $92.1 million, or $1.03 per shareDistributable net investment income ("DNII")(1) of $98.0 million, or $1.09 per shareDNII before taxes(2) of $100.0 million, or $1.11 per shareTotal investment income of $145.5 millionAn industry leading position in cost efficiency, with a 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 basisNet increase in net assets resulting from operations of $131.1 million, or $1.46 per shareReturn on equity(3) of 17.7% on an annualized basisNet asset value of $33.33 per share as of December 31, 2025, representing an increase of $0.55 per share, or 1.7%, compared to $32.78 per share as of September 30, 2025Declared regular monthly dividends totaling $0.78 per share for the first quarter of 2026, or $0.26 per share for each of January, February and March 2026, representing a 4.0% increase from the regular monthly dividends paid in the first quarter of 2025 and a 2.0% increase from the regular monthly dividends paid in the fourth quarter of 2025Declared and paid a supplemental dividend of $0.30 per share, resulting in total dividends paid in the fourth quarter of 2025 of $1.065 per share and representing a 2.9% increase from the total dividends paid in the fourth quarter of 2024Completed $300.0 million in total lower middle market ("LMM") portfolio investments, including investments totaling $241.0 million in five new portfolio companies, 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 $253.1 million in the total cost basis of the LMM investment portfolioCompleted $231.4 million in total private loan 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 $108.8 million in the total cost basis of the private loan investment portfolioFully exited investments in Purge Rite LLC, realizing a gain of $33.9 million and resulting in annual internal rates of return ("IRR") and times money invested ("TMI") returns of 179.9% and 9.4 times, respectively, on the equity investment, and 98.2% and 3.3 times, respectively, including all debt and equity investments in the company on a cumulative basis since Main Street's initial investment in 2023Fully exited investments in Mystic Logistics Holdings, LLC, realizing a gain of $23.8 million, which in addition to the total dividends of $22.1 million received over the life of the equity investment, resulted in annual IRRs and TMI returns of 32.9% and 17.9 times, respectively, on the equity investment, and 22.9% and 5.1 times, respectively, including all debt and equity investments in the company on a cumulative basis since Main Street's initial investment in 2014Full Year 2025 HighlightsNII, including excise tax and NII related income taxes, of $352.7 million, or $3.95 per shareDNII,(1) including excise tax and NII related income taxes, of $376.0 million, or $4.21 per shareDNII before taxes(2) of $390.0 million, or $4.36 per shareTotal investment income of $566.4 millionAn industry leading position in cost efficiency, with an Operating Expenses to Assets Ratio of 1.3%Net increase in net assets resulting from operations of $493.4 million, or $5.52 per shareReturn on equity(3) of 17.1%Net asset value of $33.33 per share as of December 31, 2025, representing an increase of $1.68 per share, or 5.3%, compared to $31.65 per share as of December 31, 2024Paid regular monthly dividends totaling $3.03 per share, representing a 4.1% increase from prior yearPaid supplemental dividends totaling $1.20 per share, resulting in total dividends paid of $4.23 per share, representing a 2.9% increase from prior year and a new record for total annual dividends paidCompleted $701.6 million in total LMM portfolio investments, including investments totaling $482.2 million in 13 new portfolio companies, 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 $480.1 million in the total cost basis of the LMM investment portfolioCompleted $671.5 million in total private loan portfolio investments, which after aggregate repayments and sales of debt investments, return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net increase of $30.8 million in the total cost basis of the private loan investment portfolioNet decrease of $76.4 million in the total cost basis of the middle market investment portfolioFurther strengthened our capital structure and enhanced our liquidity position by (i) amending the SPV Facility to decrease the interest rate, extend the final maturity date to September 2030 and decrease the unused fee, (ii) amending the Corporate Facility to decrease the interest rate, increase the total commitments to $1.145 billion and extend the maturity date to April 2030, (iii) issuing an aggregate principal amount of $350.0 million of the August 2028 Notes and (iv) fully prepaying $150.0 million of notes outstanding in September 2025 ahead of their December 2025 maturity date (the "December 2025 Notes," with the SPV Facility, Corporate Facility and August 2028 Notes each defined in the Liquidity and Capital Resources section below)MSC Income Fund, Inc., an externally managed business development company for which Main Street's wholly owned registered investment adviser serves as investment advisor and administrator, completed a follow-on public offering of its common stock and, in conjunction with the offering, began trading on the New York Stock Exchange in January 2025In commenting on the Company's operating results for the fourth quarter and full year of 2025, Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are extremely pleased with our continued strong performance in the fourth quarter, which closed another great year for Main Street. This strong performance included several new quarterly and annual records across our key performance metrics. After our positive performance in the first three quarters of 2025, our strong performance in the fourth quarter resulted in a return on equity of 17.7% for the fourth quarter and 17.1% for the full year, strong levels of net investment income per share and distributable net investment income per share and a record net asset value per share, primarily driven by a significant net fair value increase of our investments, and including the benefits of material net realized gains in both our lower middle market and private loan investment portfolios. We also produced extremely strong fourth quarter investment activity in our unique lower middle market investment strategy, resulting in an annual record for gross investments of over $700 million in 2025. We believe that these continued strong results demonstrate the sustainable strength of our overall platform, the benefits of our differentiated and diversified investment strategies, the unique contributions of our asset management business and the continued underlying strength and quality of our portfolio companies."Mr. Hyzak continued, "Our positive performance for the quarter and full year resulted in distributable net investment income before taxes per share which continued to significantly exceed the monthly dividends paid to our shareholders for these periods. In addition, our strong fourth quarter results and favorable outlook for the first quarter resulted in the declaration of another $0.30 per share supplemental dividend to be paid in March 2026, representing our eighteenth consecutive quarterly supplemental dividend, to go with the 11 increases to our regular monthly dividends declared since the fourth quarter of 2021. Our recent declarations of our monthly dividends and our supplemental dividend allowed us to continue our trend of increasing the total dividends paid to our shareholders over the past several years. Additionally, with the continued support from our long-term lender relationships, we continue to maintain strong liquidity and a conservative leverage profile, which we believe is important in the current economic environment. We remain confident that our diversified lower middle market and private loan investment strategies, both of which have continued to generate favorable investment activity in the first quarter, together with the benefits of our asset management business, our cost efficient operating structure and conservative capital structure, will allow us to continue to deliver superior results for our shareholders."Fourth Quarter 2025 Operating ResultsThe following table provides a summary of our operating results for the fourth quarter of 2025:
Three Months Ended December 31,
2025
2024
Change ($)
Change (%)
(dollars in thousands, except per share amounts)Interest income$         102,759
$         109,963
$             (7,204)
(7) %Dividend income35,898
24,513
11,385
46 %Fee income6,884
5,966
918
15 %Total investment income$         145,541
$         140,442
$              5,099
4 %







Net investment income (4)$           92,100
$           86,690
$              5,410
6 %Net investment income per share (4)$               1.03
$               0.98
$                0.05
5 %







Distributable net investment income (1)(4)$           98,030
$           91,672
$              6,358
7 %Distributable net investment income per share (1)(4)$               1.09
$               1.04
$                0.05
5 %







Distributable net investment income before taxes (2)$         100,012
$           95,338
$              4,674
5 %Distributable net investment income before taxes per share (2)$               1.11
$               1.08
$                0.03
3 %







Net increase in net assets resulting from operations$          131,111
$         174,237
$          (43,126)
(25) %Net increase in net assets resulting from operations per share$               1.46
$               1.97
$              (0.51)
(26) %The $5.1 million increase in total investment income in the fourth quarter of 2025 from the comparable period of the prior year was principally attributable to (i) an $11.4 million increase in dividend income, primarily due to a $10.9 million increase in dividend income from our LMM portfolio companies and (ii) a $0.9 million increase in fee income, primarily due to a $1.6 million increase in fee income related to increased investment activity, partially offset by a $0.7 million decrease in fee income from the refinancing and prepayment of debt investments. These increases were partially offset by a $7.2 million decrease in interest income, principally attributable to a larger negative impact from investments on non-accrual status and a decrease in interest rates, primarily resulting from decreases in benchmark index rates on floating rate debt investments and other decreases in interest rates on existing debt investments, partially offset by higher average levels of income producing investment portfolio debt investments. The $5.1 million increase in total investment income in the fourth quarter of 2025 includes the impact of an increase of $3.9 million in certain income considered less consistent or non-recurring, primarily related to an increase of $4.5 million in such dividend income, partially offset by a $0.7 million decrease in such fee income, in each case when compared to the same period in 2024.Total cash expenses(5) increased $0.4 million, or 0.9%, to $45.5 million in the fourth quarter of 2025 from $45.1 million for the same period in 2024. This increase in total cash expenses was principally attributable to (i) a $2.3 million increase in cash compensation expenses(5) and (ii) a $0.6 million increase in general and administrative expenses, partially offset by (i) a $2.2 million decrease in interest expense and (ii) a $0.3 million increase in expenses allocated to our External Investment Manager (as defined in the External Investment Manager section below). The increase in cash compensation expenses(5) is primarily related to increased incentive compensation accruals. The increase in general and administrative expenses is primarily related to increased professional fees. The decrease in interest expense is primarily related to (i) a decreased weighted-average interest rate on our unsecured debt obligations resulting from the issuance of the August 2028 Notes and the early repayment of the December 2025 Notes and (ii) a decreased weighted-average interest rate on our Credit Facilities due to decreases in benchmark index rates and decreases to the applicable margin rates related to the amendments of our Credit Facilities in April 2025.Non-cash compensation expenses(5) increased $0.9 million in the fourth quarter of 2025 from the comparable period of the prior year, primarily driven by an $0.8 million increase in share-based compensation.Our Operating Expenses to Assets Ratio (which includes non-cash compensation expenses(5)) on an annualized basis was 1.4% for the fourth quarter of 2025, an increase from 1.3% for the fourth quarter of 2024.Excise tax expense decreased $3.1 million and NII related federal and state income and other tax expenses increased $1.5 million in the fourth quarter of 2025 compared to the same period in 2024, resulting in a net decrease in tax expenses included in NII of $1.7 million. The decrease in excise tax is due to the decrease in undistributed taxable income as of December 31, 2025 and the increase in NII related federal and state income and other tax expenses is due to an increase in taxable NII between the relevant periods.The $5.4 million increase in NII and the $6.4 million increase in DNII(1) in the fourth quarter of 2025 from the comparable period of the prior year were both principally attributable to (i) the increase in total investment income and (ii) the decrease in tax expenses included in NII, partially offset by an increase in total expenses, each as discussed above. NII and DNII(1) on a per share basis both increased by $0.05 for the fourth quarter of 2025 as compared to the fourth quarter of 2024, to $1.03 per share and $1.09 per share, respectively. These increases include the impact of a 1.6% increase in the weighted-average shares outstanding compared to the fourth quarter of 2024, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) dividend reinvestment plan, (ii) at-the-market ("ATM") equity issuance program and (iii) equity incentive plans. NII and DNII(1) on a per share basis in the fourth quarter of 2025 each include a net increase of $0.04 per share resulting from an increase in investment income considered less consistent or non-recurring in nature compared to the fourth quarter of 2024, as discussed above.The $131.1 million net increase in net assets resulting from operations in the fourth quarter of 2025 represents a $43.1 million decrease from the fourth quarter of 2024. This decrease was primarily the result of (i) a $38.3 million decrease in the net fair value change of our portfolio investments resulting from the net impact of net realized gains/losses and net unrealized appreciation/depreciation, with the decrease resulting from a net fair value increase of $42.5 million in the fourth quarter of 2025 compared to a net fair value increase of $80.8 million in the prior year and (ii) a $10.2 million increase in net tax provision on the net fair value change of our portfolio investments resulting from a net tax provision of $3.5 million in the fourth quarter of 2025 compared to a net tax benefit of $6.8 million in the comparable period of the prior year, with these decreases partially offset by a $5.4 million increase in NII as discussed above. The $42.5 million net fair value increase in the fourth quarter of 2025 was the result of a net realized gain of $50.8 million, partially offset by unrealized depreciation (including the reversal of net fair value appreciation recognized in prior periods due to the net realized gain in the quarter) of $8.3 million. The $80.8 million net fair value increase in the fourth quarter of 2024 was the result of a net realized gain of $28.6 million and net unrealized appreciation of $52.2 million. The $50.8 million net realized gain from investments for the fourth quarter of 2025 was primarily the result of (i) $42.0 million of realized gains on the full exits of two private loan portfolio investments, (ii) a $23.8 million realized gain on the full exit of a LMM portfolio investment, (iii) a $1.4 million realized gain on the partial exit of a LMM portfolio investment and (iv) a $1.1 million realized gain on the partial exit of an other portfolio investment, partially offset by (i) a $17.8 million realized loss on the restructure of a private loan portfolio investment and (ii) a $0.6 million realized loss on the partial exit of a LMM portfolio investment.The following table provides a summary of the total net unrealized depreciation of $8.3 million for the fourth quarter of 2025:
Three Months Ended December 31, 2025
LMM (a)
Private Loan
Middle Market
Other
Total
(in millions)Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period$     (25.4)
$     (25.1)
$          —
$       (1.5)
$     (52.0)Net unrealized appreciation (depreciation) relating to portfolio investments48.4
11.0
(6.8)
(8.9)(b)43.7Total net unrealized appreciation (depreciation) relating to portfolio investments$       23.0
$     (14.1)
$       (6.8)
$     (10.4)
$       (8.3)

___________________________(a)Includes unrealized appreciation on 43 LMM portfolio investments and unrealized depreciation on 21 LMM portfolio investments.(b)Includes $11.3 million of unrealized depreciation related to the External Investment Manager.Liquidity and Capital ResourcesAs of December 31, 2025, we had aggregate liquidity of $1.265 billion, including (i) $42.0 million in cash and cash equivalents and (ii) $1.223 billion of aggregate unused capacity under our corporate revolving credit facility (the "Corporate Facility") and our special purpose vehicle revolving credit facility (the "SPV Facility" and, together with the Corporate Facility, the "Credit Facilities"), which we maintain to support our investment and operating activities.Several details regarding our capital structure as of December 31, 2025 are as follows:The Corporate Facility included $1.145 billion in total commitments from a diversified group of 18 participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $1.718 billion.$432.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 5.6% based on the applicable Secured Overnight Financing Rate ("SOFR") effective for the contractual reset date of January 1, 2026.The SPV Facility included $600.0 million in total commitments from a diversified group of six participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $800.0 million.$86.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 5.6% based on the applicable SOFR effective for the contractual reset date of January 1, 2026.$500.0 million of unsecured notes outstanding that bear interest at a rate of 3.00% per year (the "July 2026 Notes"). The July 2026 Notes mature on July 14, 2026 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$400.0 million of unsecured notes outstanding that bear interest at a rate of 6.50% per year with a yield-to-maturity of approximately 6.34% (the "June 2027 Notes"). The June 2027 Notes mature on June 4, 2027 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$350.0 million of unsecured notes outstanding that bear interest at a rate of 5.40% per year (the "August 2028 Notes"). The August 2028 Notes mature on August 15, 2028 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$350.0 million of unsecured notes outstanding that bear interest at a rate of 6.95% per year (the "March 2029 Notes"). The March 2029 Notes mature on March 1, 2029 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.$350.0 million of outstanding Small Business Investment Company ("SBIC") debentures through our wholly-owned SBIC subsidiaries. These debentures, which are guaranteed by the U.S. Small Business Administration (the "SBA"), had a weighted-average annual fixed interest rate of 3.26% and mature ten years from original issuance. The first maturity related to our existing SBIC debentures occurs in the first quarter of 2027, and the weighted-average remaining duration was 4.6 years.We maintain investment grade credit ratings from each of Fitch Ratings and S&P Global Ratings, both of which have assigned us investment grade credit ratings of BBB- with a stable outlook.Our net asset value totaled $3.0 billion, or $33.33 per share.In February 2026, we expanded the total commitments under our Corporate Facility by $30.0 million to $1.175 billion. The increase in total commitments was the result of the addition of a new lender relationship, which further diversifies our lender group.Investment Portfolio Information as of December 31, 2025(6)The following table provides a summary of the investments in our LMM portfolio and private loan portfolio as of December 31, 2025:

December 31, 2025

LMM (a)
Private Loan

(dollars in millions)Number of portfolio companies
92
86Fair value
$               3,057.0
$               1,988.4Cost
$               2,419.3
$               2,014.1Debt investments as a % of portfolio (at cost)
71.2 %
93.5 %Equity investments as a % of portfolio (at cost)
28.8 %
6.5 %% of debt investments at cost secured by first priority lien
99.4 %
99.9 %Weighted-average annual effective yield (b)
12.5 %
10.5 %Average EBITDA (c)
$                    11.1
$                    33.9
___________________________(a)We had equity ownership in all of our LMM portfolio companies, and our average fully diluted equity ownership in those portfolio companies was 37%.(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2025.(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using a simple average for LMM portfolio companies and a weighted-average for private loan portfolio companies. These calculations exclude certain portfolio companies, including five LMM portfolio companies and six private loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.The fair value of our LMM portfolio company equity investments was 199% of the related cost basis of such equity investments, and our LMM portfolio companies had a median net senior debt (senior interest-bearing debt through our debt position less cash and cash equivalents) to EBITDA ratio of 2.4 to 1.0 and a median total EBITDA to senior interest expense ratio of 3.0 to 1.0. Including all debt that is junior in priority to our debt position, these median ratios were 2.5 to 1.0 and 2.9 to 1.0, respectively.(6)(7)As of December 31, 2025, our investment portfolio also included:Other portfolio investments in 33 entities, spread across 13 investment managers, collectively totaling $134.1 million in fair value and $141.6 million in cost basis, which comprised 2.4% and 3.0% of our investment portfolio at fair value and cost, respectively;Middle market portfolio investments in 11 portfolio companies, collectively totaling $83.5 million in fair value and $120.1 million in cost basis, which comprised 1.5% and 2.5% of our investment portfolio at fair value and cost, respectively; andOur investment in the External Investment Manager, with a fair value of $255.0 million and a cost basis of $29.5 million, which comprised 4.6% and 0.6% of our investment portfolio at fair value and cost, respectively.As of December 31, 2025, investments on non-accrual status comprised 1.0% of the total investment portfolio at fair value and 3.3% at cost, and our total portfolio investments at fair value were 117% of the related cost basis.External Investment ManagerMSC Adviser I, LLC is our wholly-owned portfolio company and registered investment adviser that provides investment management services to external parties (the "External Investment Manager"). We share employees with the External Investment Manager and allocate costs related to such shared employees and other operating expenses to the External Investment Manager. The total contribution of the External Investment Manager to our NII consists of the combination of the expenses we allocate to the External Investment Manager and the dividend income we earn from the External Investment Manager. During the fourth quarter of 2025, the External Investment Manager earned $10.2 million of total fee income, an increase of $0.5 million from the fourth quarter of 2024. The fee income earned by the External Investment Manager in the fourth quarter of 2025 included (i) $5.8 million of management fee income, a decrease of $0.3 million from the fourth quarter of 2024, and (ii) incentive fees of $4.2 million, an increase of $0.9 million from the fourth quarter of 2024. We allocated $6.6 million of total expenses to the External Investment Manager during the fourth quarter of 2025, an increase of $0.3 million from the fourth quarter of 2024. The decrease in management fee income was primarily attributable to a decrease in the base management fees earned resulting from changes in the advisory agreement between the External Investment Manager and its client, MSC Income Fund, Inc., in conjunction with the listing of MSC Income Fund, Inc.'s shares on the New York Stock Exchange in January 2025, partially offset by an increase in total assets managed for clients. The increase in incentive fees was attributable to the favorable performance and improved operating results from the assets managed for clients in the fourth quarter of 2025 relative to the fourth quarter of 2024. The combination of the dividend income we earned from the External Investment Manager and expenses we allocated to it resulted in a total contribution to our NII of $9.3 million, representing an increase of $0.5 million from the fourth quarter of 2024.The External Investment Manager ended the fourth quarter of 2025 with total assets under management of $1.7 billion.Fourth Quarter and Full Year 2025 Financial Results Conference Call / WebcastMain Street has scheduled a conference call for Friday, February 27, 2026 at 10:00 a.m. Eastern time to discuss the fourth quarter and full year 2025 financial results.(8)You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Main Street website at https://www.mainstcapital.com.A telephonic replay of the conference call will be available through Friday, March 6, 2026 and may be accessed by dialing 201-612-7415 and using the passcode 13757959#. An audio archive of the conference call will also be available on the investor relations section of the Company's website at https://www.mainstcapital.com shortly after the call and will be accessible until the date of Main Street's earnings release for the next quarter.For a more detailed discussion of the financial and other information included in this press release, please refer to the Main Street Annual Report on Form 10-K for the fiscal year ended December 31, 2025 to be filed with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov) and Main Street's Fourth Quarter 2025 Investor Presentation to be posted on the investor relations section of the Main Street website at https://www.mainstcapital.com.ABOUT MAIN STREET CAPITAL CORPORATIONMain Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.FORWARD-LOOKING STATEMENTSMain Street cautions that statements in this press release which are forward-looking and provide other than historical information, including but not limited to Main Street's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to Main Street as of the date hereof and include statements regarding Main Street's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward-looking statements are reasonable, Main Street can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: Main Street's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which Main Street's portfolio companies operate; the impacts of macroeconomic factors on Main Street and its portfolio companies' businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession, tariffs and trade disputes, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact Main Street's operations or the operations of its portfolio companies; the operating and financial performance of Main Street's portfolio companies and their access to capital; retention of key investment personnel; competitive factors; and such other factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in Main Street's filings with the SEC (www.sec.gov). Main Street undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.MAIN STREET CAPITAL CORPORATIONConsolidated Statements of Operations(in thousands, except shares and per share amounts)

Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024INVESTMENT INCOME:






Interest, dividend and fee income:






Control investments$         69,459
$         52,795
$       245,940
$       205,367Affiliate investments24,169
22,555
96,077
84,367Non–Control/Non–Affiliate investments51,913
65,092
224,374
251,292Total investment income145,541
140,442
566,391
541,026EXPENSES:






Interest(31,839)
(34,018)
(127,998)
(123,429)Compensation(14,674)
(12,261)
(52,044)
(47,486)General and administrative(5,768)
(5,188)
(21,701)
(19,347)Share–based compensation(5,749)
(4,939)
(21,440)
(18,793)Expenses allocated to the External Investment Manager6,571
6,320
23,533
23,088Total expenses(51,459)
(50,086)
(199,650)
(185,967)NET INVESTMENT INCOME BEFORE TAXES94,082
90,356
366,741
355,059Excise tax expense(1,054)
(4,199)
(4,051)
(5,851)Federal and state income and other tax benefits (expenses)(928)
533
(9,972)
(7,807)NET INVESTMENT INCOME (4)92,100
86,690
352,718
341,401NET REALIZED GAIN (LOSS):






Control investments32,638
37,274
19,674
36,922Affiliate investments418
(5,005)
58,127
(4,219)Non–Control/Non–Affiliate investments17,752
(3,700)
(23,222)
13,295Total net realized gain50,808
28,569
54,579
45,998NET UNREALIZED APPRECIATION (DEPRECIATION):






Control investments(10,728)
29,860
46,288
117,867Affiliate investments4,635
24,690
9,153
47,299Non–Control/Non–Affiliate investments(2,245)
(2,324)
43,438
(27,510)Total net unrealized appreciation (depreciation)(8,338)
52,226
98,879
137,656Income tax benefit (provision) on net realized gain and net unrealized appreciation (depreciation)(3,459)
6,752
(12,778)
(16,975)NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$       131,111
$       174,237
$       493,398
$       508,080NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED (4)$              1.03
$              0.98
$              3.95
$              3.93NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$              1.46
$              1.97
$              5.52
$              5.85WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED89,840,122
88,406,094
89,363,140
86,805,755 MAIN STREET CAPITAL CORPORATIONConsolidated Balance Sheets(in thousands, except per share amounts)


December 31,
December 31,

2025
2024




ASSETS



Investments at fair value:



Control investments
$        2,569,626
$        2,087,890Affiliate investments
965,179
846,798Non–Control/Non–Affiliate investments
1,983,312
1,997,981Total investments
5,518,117
4,932,669Cash and cash equivalents
41,959
78,251Interest and dividend receivable and other assets
107,905
98,084Deferred financing costs, net
13,720
12,337Total assets
$        5,681,701
$        5,121,341LIABILITIES



Credit Facilities
$           518,000
$           384,000July 2026 Notes (par: $500,000 as of both December 31, 2025 and 2024)
499,715
499,188June 2027 Notes (par: $400,000 as of both December 31, 2025 and 2024)
399,569
399,282August 2028 Notes (par: $350,000 as of December 31, 2025)
347,996
—March 2029 Notes (par: $350,000 as of both December 31, 2025 and 2024)
347,721
347,002SBIC debentures (par: $350,000 as of both December 31, 2025 and 2024)
344,593
343,417December 2025 Notes (par: $150,000 as of December 31, 2024)
—
149,482Accounts payable and other liabilities
67,799
69,631Interest payable
30,094
23,290Dividend payable
23,358
22,100Deferred tax liability, net
108,963
86,111Total liabilities
2,687,808
2,323,503NET ASSETS



Common stock
898
884Additional paid–in capital
2,457,660
2,394,492Total undistributed earnings
535,335
402,462Total net assets
2,993,893
2,797,838Total liabilities and net assets
$        5,681,701
$        5,121,341NET ASSET VALUE PER SHARE
$                33.33
$                31.65 MAIN STREET CAPITAL CORPORATIONReconciliation of Distributable Net Investment Income, Distributable Net Investment Income Before Taxes,Total Non-Cash Compensation Expenses, Total Cash Expenses and Total Cash Compensation Expenses(in thousands, except per share amounts)

Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Net investment income (4)$         92,100
$         86,690
$       352,718
$       341,401Non-cash compensation expenses (5)5,930
4,982
23,280
19,910Distributable net investment income (1)(4)$         98,030
$         91,672
$       375,998
$       361,311Excise tax expense1,054
4,199
4,051
5,851Federal and state income and other tax expenses (benefits)928
(533)
9,972
7,807Distributable net investment income before taxes (2)$       100,012
$         95,338
$       390,021
$       374,969







Per share amounts:






Net investment income per share -






Basic and diluted (4)$              1.03
$              0.98
$              3.95
$              3.93Distributable net investment income per share -






Basic and diluted (1)(4)$              1.09
$              1.04
$              4.21
$              4.16Distributable net investment income before taxes per share -






Basic and diluted (2)$              1.11
$              1.08
$              4.36
$              4.32








Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Share–based compensation$         (5,749)
$         (4,939)
$       (21,440)
$       (18,793)Deferred compensation expense(181)
(43)
(1,840)
(1,117)Total non-cash compensation expenses (5)(5,930)
(4,982)
(23,280)
(19,910)







Total expenses(51,459)
(50,086)
(199,650)
(185,967)Less non-cash compensation expenses (5)5,930
4,982
23,280
19,910Total cash expenses (5)$       (45,529)
$       (45,104)
$     (176,370)
$     (166,057)







Compensation$       (14,674)
$       (12,261)
$       (52,044)
$       (47,486)Share-based compensation(5,749)
(4,939)
(21,440)
(18,793)Total compensation expenses(20,423)
(17,200)
(73,484)
(66,279)Non-cash compensation expenses (5)5,930
4,982
23,280
19,910Total cash compensation expenses (5)$       (14,493)
$       (12,218)
$       (50,204)
$       (46,369)MAIN STREET CAPITAL CORPORATION
Endnotes(1)DNII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash compensation expenses.(5) Main Street believes presenting DNII and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses(5) do not result in a net cash impact to Main Street upon settlement. However, DNII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of NII in accordance with U.S. GAAP to DNII is detailed in the financial tables included with this press release.(2)DNII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of non-cash compensation expenses(5) and any tax expenses included in NII. Main Street believes presenting DNII before taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance since (i) non-cash compensation expenses(5) do not result in a net cash impact to Main Street upon settlement and (ii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, DNII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of NII in accordance with U.S. GAAP to DNII before taxes is detailed in the financial tables included with this press release.(3)Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.(4)NII and DNII for each period in 2024 and the first quarter of 2025 necessary to present the amount for the year ended December 31, 2025 have been revised to include the impact of excise tax and NII related federal and state income and other tax expenses previously included within the total income tax provision. This correction was determined to be immaterial to any impacted prior periods and had no impact on net increases in net assets resulting from operations or the related per share amounts.(5)Non-cash compensation expenses consist of (i) share-based compensation and (ii) deferred compensation expense or benefit, both of which are non-cash in nature. Share-based compensation does not require settlement in cash. Deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. The appreciation (depreciation) in the fair value of deferred compensation plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation) and an increase (decrease) in compensation expenses, respectively. Cash compensation expenses are total compensation expenses as determined in accordance with U.S. GAAP, less non-cash compensation expenses. Total cash expenses are total expenses, as determined in accordance with U.S. GAAP, excluding non-cash compensation expenses. Main Street believes presenting cash compensation expenses, non-cash compensation expenses and total cash expenses is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses do not result in a net cash impact to Main Street upon settlement. However, cash compensation expenses, non-cash compensation expenses and total cash expenses are non-U.S. GAAP measures and should not be considered as a replacement for compensation expenses, total expenses or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of compensation expenses and total expenses in accordance with U.S. GAAP to cash compensation expenses, non-cash compensation expenses and total cash expenses is detailed in the financial tables included with this press release.(6)Portfolio company financial information has not been independently verified by Main Street.(7)These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which EBITDA is not a meaningful metric.(8)No information contained on the Company's website or disclosed on the February 27, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Company's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com  
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com  
Zach Vaughan / zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-2025-fourth-quarter-and-annual-results-302698980.htmlSOURCE Main Street Capital Corporation

Original: MAIN STREET ANNOUNCES 2025 FOURTH QUARTER AND ANNUAL RESULTS

Main Street Announces Follow-On InvestmentFebruary 11, 2026 7:00 AM
PR Newswire (US)

Invests an Additional $25.6 Million in DMS Holdco LLC to Support Strategic Acquisition and Other Growth InitiativesHOUSTON, Feb. 11, 2026 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in its existing portfolio company, DMS Holdco LLC ("DMS" or the "Company"), an industry leading provider of omni-channel direct marketing services. Main Street, along with its co-investor MSC Income Fund, Inc. (NYSE: MSIF) ("MSIF"), made the follow-on investment in DMS to support the Company's strategic acquisition of Johnson & Quin, Inc. ("J&Q"), which is a direct marketing services business strategically located in Chicago, Illinois, and to support other strategic growth initiatives. Main Street and MSIF provided a portion of the financing necessary to facilitate the acquisition, with the owners of J&Q receiving a portion of the acquisition purchase price in equity ownership in DMS. Main Street's portion of the investment consisted of an additional $20.8 million first lien, senior secured term debt investment and a $4.8 million direct equity investment. Main Street and MSIF initially invested in DMS in February 2018.Founded in 1982, DMS develops and executes end-to-end, omni-channel direct marketing services including strategy, creative design, direct mail production/fulfillment and digital marketing to various end markets including the FinTech, banking, telecom and technology industries. Founded in 1876, J&Q is a family-owned business with a 150-year history of continuous operations in the printing industry. J&Q has a similar and complementary expertise to DMS in the omni-channel direct marketing services industry.ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties, including MSIF. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.ABOUT MSC INCOME FUND, INC.
MSIF (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. MSIF's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSIF seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. MSIF also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, MSIF has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. MSIF's private loan portfolio companies generally have annual revenues between $25 million and $500 million. MSIF's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson @oilsands-6000Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com
Zach Vaughan | zvaughan @dream weaver2-6600 



View original content:https://www.prnewswire.com/news-releases/main-street-announces-follow-on-investment-302684731.htmlSOURCE Main Street Capital Corporation

Original: Main Street Announces Follow-On Investment

So far so good. It needs a little dividend boost. Thank you.

as share price increases so do dividends

I would have to disagree. I have read that throughout the market history over 60% of gains come from dividends. I would rather keep my shares and have it pay me the rest of my life than to have to sell it just to get my money back.

Might be better for the reinvestment but generally a raise in share price is always where the real money comes. Dividends are just a bonus! Look at BEN

I prefer it when the price stays the same as I have been dripping my dividends since 2016. When the price gets high I get less shares per month. All I care about is that their profits and dividends increase every year.

I've been a share holder since 2016 and it has work out any time they did this. I plan on holding MAIN forever as long as they keep the same business plan and the dividend is safe.

glad to see this is finally moving north of 40 again

Sounds good. Usually when companies do a secondary offering it’s bad news. This kind of offering is good for the bottom line. Certainly has helped the pps.

To fund more investments

Anyone know why Main is doing a 250 million public offering?

Added even more

Took a starter

News: $MAIN Main Street Announces Preliminary Estimate of Fourth Quarter 2018 Results

HOUSTON , Jan. 17, 2019 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce its preliminary operating results for the fourth quarter of 2018, the tax treatment of its 2018 dividends and its fourth quarter and full year 2018 earnings rel...

In case you are interested https://marketwirenews.com/news-releases/main-street-announces-preliminary-estimate-of-fourth-quarter-2018-results-7000500.html

News: $MAIN New Research: Key Drivers of Growth for Main Street Capital, Northrop Grumman, Verisk Analytics, Celanese, FormFactor, and Kopin - Factors of Influence, Major Initiatives and Sustained Production

NEW YORK, Jan. 16, 2019 (GLOBE NEWSWIRE) -- In new independent research reports released early this morning, Market Source Research released its latest key findings for all current investors, traders, and shareholders of Main Street Capital Corporation (NYSE:MAIN), Northrop Grumman Corporat...

Read the whole news https://marketwirenews.com/news-releases/new-research-key-drivers-of-growth-for-main-street-capital-northrop-grumman-verisk-analytics-celanese-formfactor-and-kopin-factors-of-influence-major-initiatives-and-sustained-production-6925016.html

I’ve been buying on every dip and reinvesting the Div. This is my best holding in my portfolio. I love it.

jdjlaw

MAIN looks good for dividend portfolio just sit back and reinvest.

Any reaction to recent news and dip in price. Increase in Div is nice.

Jdjlaw

Any thoughts about the P R today?

$35? Premarket?

Where's the bottom? New X date coming up for the special div. why are we not seeing an up tick?

jdjlaw

Works for me. I look for any dips to grab more.

Jdjlaw

All downgrades lately are legit manipulation.. nobody wants to buy 52 week highs so they downgrade and say it's overvalued and we all get cheapies.

I saw the downgrade news just don't know why. I got an alert about a new SEC filing and I think it had to do with the issuing of 4.5 million shares of stock. I will try to go back and find out more.

Jdjlaw

Downgrade to sell I believe

What is the the cause of the dive today? Dilution?

I've been the stock for a while. Just wondered if I could pick up a little more knowledge. I'm very happy with they way it's preforming.

I am here but this is a quiet board, probably due to happy shareholders.

Yes waiting for $32's

Anyone still here?

MAIN 50 SMA about to cross above the 200 SMA--- look what happened the last time that happened!

Could we be in for another 30% increase??

~ Monday! $MAIN ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $MAIN ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=MAIN&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=MAIN&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=MAIN
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=MAIN#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=MAIN+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=MAIN
Finviz: http://finviz.com/quote.ashx?t=MAIN
~ BusyStock: http://busystock.com/i.php?s=MAIN&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=MAIN >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

Main Street Capital Announces Follow-on Portfolio Investment
Main Street Capital Corp. Common Stock (NYSE:MAIN)
Intraday Stock Chart

Today : Thursday 23 June 2011
Click Here for more Main Street Capital Corp. Common Stock Charts.

Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it has completed a follow-on investment in an existing portfolio company totaling $7.0 million. Main Street's follow-on investment in Audio Messaging Solutions, LLC ("AMS") supported the acquisition of an industry competitor which significantly expands the company's customer base and service offering. The follow-on investment consists of $7.0 million in first lien secured debt with additional equity warrant participation. AMS now provides custom branded on hold messaging, auto attendant greetings, overhead music and digital signage services to its customers. In addition to the expansion of its customer base through this cash and equity transaction, AMS believes that the broader range of services offered by the acquired company provides enhanced cross-selling opportunities to existing AMS customers. This acquisition represents the Company's eleventh acquisition in the on hold messaging sector, making AMS one of the largest providers of those services in the United States. Current management of the acquired company will also become significant shareholders of AMS and serve in senior management positions in the combined company.

In addition to the follow-on portfolio investment discussed above, Main Street has invested $44.8 million since March 31, 2011 in six privately placed, interest-bearing debt securities with a weighted average effective yield of 11.6%. These privately placed investments represent first lien and second lien secured debt investments and include companies operating in the oilfield services, environmental services, professional services, information services and entertainment industries