Main Street Capital (MAIN)


Market Price (10/5/2026): $55.27 | Market Cap: $5.2 BilSector: Financials | Industry: Asset Management & Custody Banks

Main Street Capital (MAIN)


Market Price (10/5/2026): $55.27
Market Cap: $5.2 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 6.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%

Low stock price volatility
Vol 12M is 26%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -7.2%, 3Y Excs Rtn is -6.9%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Expensive valuation multiples
P/SPrice/Sales ratio is 9.2x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 20.97

Key risks
MAIN key risks include [1] deteriorating credit quality in its lower middle-market portfolio and [2] the erosion of its significant stock premium to Net Asset Value (NAV).

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 6.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%
1 Low stock price volatility
Vol 12M is 26%
2 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.
3 Weak multi-year price returns
2Y Excs Rtn is -7.2%, 3Y Excs Rtn is -6.9%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 9.2x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27%
8 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 20.97
9 Key risks
MAIN key risks include [1] deteriorating credit quality in its lower middle-market portfolio and [2] the erosion of its significant stock premium to Net Asset Value (NAV).

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Main Street Capital (MAIN) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Results Exceeded Expectations.

Main Street Capital reported robust performance for fiscal Q2 2026 (ended June 30, 2026), with earnings per share (EPS) of $0.97, surpassing the consensus estimate of $0.96 by $0.01. Quarterly revenue also significantly exceeded analysts' expectations, coming in at $327.56 million against an anticipated $144.59 million. Additionally, the company's Net Asset Value (NAV) per share increased by 1.2% to 1.5% in fiscal Q2 2026, reaching an estimated $33.88 to $33.96 as of June 30, 2026, even after factoring in a supplemental dividend payment.

2. Consistent and Increased Shareholder Distributions Reinforced Investor Confidence.

Main Street Capital demonstrated its commitment to shareholder returns by declaring regular monthly cash dividends of $0.265 per share for fiscal Q3 2026 (July, August, and September), which represented a 1.9% increase over fiscal Q2 2026. Furthermore, the company announced a $0.30 per share supplemental cash dividend payable in September 2026, following a similar $0.30 per share supplemental dividend distributed in June 2026. Management also anticipated proposing an additional significant supplemental dividend payable in December 2026, signaling ongoing financial strength.

Show more
Updated on 10/1/2026

Main Street Capital (MAIN) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Results Exceeded Expectations.

Main Street Capital reported robust performance for fiscal Q2 2026 (ended June 30, 2026), with earnings per share (EPS) of $0.97, surpassing the consensus estimate of $0.96 by $0.01. Quarterly revenue also significantly exceeded analysts' expectations, coming in at $327.56 million against an anticipated $144.59 million. Additionally, the company's Net Asset Value (NAV) per share increased by 1.2% to 1.5% in fiscal Q2 2026, reaching an estimated $33.88 to $33.96 as of June 30, 2026, even after factoring in a supplemental dividend payment.

2. Consistent and Increased Shareholder Distributions Reinforced Investor Confidence.

Main Street Capital demonstrated its commitment to shareholder returns by declaring regular monthly cash dividends of $0.265 per share for fiscal Q3 2026 (July, August, and September), which represented a 1.9% increase over fiscal Q2 2026. Furthermore, the company announced a $0.30 per share supplemental cash dividend payable in September 2026, following a similar $0.30 per share supplemental dividend distributed in June 2026. Management also anticipated proposing an additional significant supplemental dividend payable in December 2026, signaling ongoing financial strength.

3. Favorable Broad Market Conditions Benefited the Small and Mid-Cap Investment Sector.

The period saw a macroeconomic tailwind for companies in Main Street Capital's investment focus. U.S. Small Cap stocks, as measured by the Russell 2000 Index, experienced a significant gain of over 22% in the first half of 2026, outperforming large-cap counterparts. This broader market participation and distributed revenue growth across mid- and small-cap companies provided a supportive environment for Business Development Companies (BDCs) like Main Street Capital, which primarily invest in lower middle market companies.

4. Strong Portfolio Performance and Strategic Balance Sheet Enhancement.

The company reported a realized gain exceeding $46 million from the successful exit of an investment in Centre Technologies during fiscal Q2 2026, showcasing effective portfolio management. Concurrently, Main Street Capital proactively amended its revolving credit facility, increasing total commitments from $1.175 billion to $1.240 billion. This strategic financial maneuvering enhanced the company's liquidity and strengthened its capital structure, supporting future investment activities and stability.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 8.3% change in MAIN stock from 6/30/2026 to 10/4/2026 was primarily driven by a 6.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610042026Change
Stock Price ($)50.8755.118.3%
Change Contribution By: 
Total Revenues ($ Mil)5265596.3%
Net Income Margin (%)81.1%80.8%-0.4%
P/E Multiple10.811.45.3%
Shares Outstanding (Mil)9193-2.8%
Cumulative Contribution8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/4/2026
ReturnCorrelation
MAIN8.3% 
Market (SPY)3.1%44.4%
Sector (XLF)-0.2%41.1%

Fundamental Drivers

The 8.3% change in MAIN stock from 3/31/2026 to 10/4/2026 was primarily driven by a 22.9% change in the company's P/E Multiple.
(LTM values as of)331202610042026Change
Stock Price ($)50.8855.118.3%
Change Contribution By: 
Total Revenues ($ Mil)592559-5.6%
Net Income Margin (%)83.4%80.8%-3.1%
P/E Multiple9.311.422.9%
Shares Outstanding (Mil)9093-3.7%
Cumulative Contribution8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/4/2026
ReturnCorrelation
MAIN8.3% 
Market (SPY)18.6%30.1%
Sector (XLF)8.7%38.8%

Fundamental Drivers

The -6.5% change in MAIN stock from 9/30/2025 to 10/4/2026 was primarily driven by a -10.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510042026Change
Stock Price ($)58.9155.11-6.5%
Change Contribution By: 
Total Revenues ($ Mil)623559-10.3%
Net Income Margin (%)86.2%80.8%-6.3%
P/E Multiple9.811.416.2%
Shares Outstanding (Mil)8993-4.3%
Cumulative Contribution-6.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/4/2026
ReturnCorrelation
MAIN-6.5% 
Market (SPY)16.5%40.1%
Sector (XLF)0.5%44.9%

Fundamental Drivers

The 72.0% change in MAIN stock from 9/30/2023 to 10/4/2026 was primarily driven by a 52.9% change in the company's P/E Multiple.
(LTM values as of)930202310042026Change
Stock Price ($)32.0555.1172.0%
Change Contribution By: 
Total Revenues ($ Mil)43155929.5%
Net Income Margin (%)80.6%80.8%0.2%
P/E Multiple7.411.452.9%
Shares Outstanding (Mil)8193-13.3%
Cumulative Contribution72.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/4/2026
ReturnCorrelation
MAIN72.0% 
Market (SPY)86.2%52.4%
Sector (XLF)68.3%55.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MAIN Return48%-11%28%47%11%-2%170%
Peers Return32%-9%35%21%-2%-6%80%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
MAIN Win Rate75%33%67%83%58%56% 
Peers Win Rate75%48%70%75%57%47% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
MAIN Max Drawdown-12%-27%-10%-10%-21%-21% 
Peers Max Drawdown-8%-27%-14%-12%-23%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, FSK, HTGC, OBDC, TSLX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

How Low Can It Go

EventMAINS&P 500
2025 US Tariff Shock
  % Loss-21.0%-18.8%
  % Gain to Breakeven26.5%23.1%
  Time to Breakeven92 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.6%-24.5%
  % Gain to Breakeven29.1%32.4%
  Time to Breakeven137 days427 days
2020 COVID-19 Crash
  % Loss-64.4%-33.7%
  % Gain to Breakeven180.6%50.9%
  Time to Breakeven380 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-13.4%-19.2%
  % Gain to Breakeven15.5%23.8%
  Time to Breakeven43 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-10.1%-12.2%
  % Gain to Breakeven11.3%13.9%
  Time to Breakeven9 days62 days
2014-2016 Oil Price Collapse
  % Loss-15.2%-6.8%
  % Gain to Breakeven17.9%7.3%
  Time to Breakeven23 days15 days

Compare to ARCC, FSK, HTGC, OBDC, TSLX

In The Past

Main Street Capital's stock fell -21.0% during the 2025 US Tariff Shock. Such a loss loss requires a 26.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMAINS&P 500
2025 US Tariff Shock
  % Loss-21.0%-18.8%
  % Gain to Breakeven26.5%23.1%
  Time to Breakeven92 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.6%-24.5%
  % Gain to Breakeven29.1%32.4%
  Time to Breakeven137 days427 days
2020 COVID-19 Crash
  % Loss-64.4%-33.7%
  % Gain to Breakeven180.6%50.9%
  Time to Breakeven380 days140 days
2008-2009 Global Financial Crisis
  % Loss-28.6%-53.4%
  % Gain to Breakeven40.1%114.4%
  Time to Breakeven143 days1085 days

Compare to ARCC, FSK, HTGC, OBDC, TSLX

In The Past

Main Street Capital's stock fell -21.0% during the 2025 US Tariff Shock. Such a loss loss requires a 26.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Main Street Capital (MAIN)

Main Street Capital (MAIN) is a private equity firm that provides financing solutions primarily to lower middle market companies. The firm acts as a "one-stop shop" for entrepreneurs, business owners, and management teams seeking capital, often partnering with them to facilitate growth and strategic transactions.

MAIN's main products are a combination of equity and debt capital. For lower middle market companies, it offers equity investments for various purposes such as recapitalizations, management buyouts, refinancing, and industry consolidation. Additionally, it provides debt capital to middle market companies to support acquisitions, growth financing, and other strategic initiatives. Equity stakes can range from a minority 5% to a majority 50%.

The firm targets lower middle market companies typically with annual revenues between $5 million and $300 million and annual EBITDA between $1 million and $20 million. Equity investments typically range from $2 million to $75 million, while debt investments are between $5 million and $50 million per transaction. Main Street Capital invests across a very diverse range of industries, including technology, healthcare, consumer services, industrial services, and energy, among many others.

AI Analysis | Feedback

Here are a few analogies for Main Street Capital (MAIN):

1. It's like a Blackstone or KKR, but focused on providing both loans and equity to smaller, established private companies rather than multi-billion dollar deals.

2. Think of it as a specialized bank for medium-sized businesses that not only provides loans but also takes ownership stakes, acting as a "one-stop shop" for their growth financing needs.

3. It's like a professional "Shark Tank" for businesses that have moved beyond the startup phase but are still too small for the massive private equity funds or traditional investment banks.

AI Analysis | Feedback

```html
  • Equity Investments: Provides equity capital to lower middle market companies for purposes such as recapitalizations, management buyouts, and refinancing.
  • Debt Investments: Offers debt capital to middle market companies to finance acquisitions, growth, management buyouts, and recapitalizations.
  • One-Stop Financing Solutions: Delivers integrated financing packages that combine both equity and debt capital, simplifying the funding process for portfolio companies.
```

AI Analysis | Feedback

Main Street Capital (MAIN) is a private equity firm that provides debt and equity capital to lower middle market and middle market companies. Therefore, its "customers" are the private companies in which it invests and to which it lends capital.

Given the nature of its business, Main Street Capital does not have "major customers" in the traditional sense that a company selling products or services would have. Instead, it has a diversified portfolio of private companies across various industries. These portfolio companies are typically private entities and are not publicly traded, thus they do not have public stock symbols.

Therefore, it is not possible to list specific names or symbols of major customer companies for Main Street Capital.

AI Analysis | Feedback

null

AI Analysis | Feedback

Dwayne Hyzak, Chief Executive Officer

Mr. Hyzak has served as Chief Executive Officer of Main Street Capital since November 2018. He joined Main Street in 2002, becoming one of the founding members of the firm. Prior to his CEO role, Mr. Hyzak held several other executive positions at Main Street, including President (2015-2018), Chief Operating Officer (2014-2018), and Chief Financial Officer (2011-2014). Before joining Main Street, he was a Director of Acquisitions and Integration with Quanta Services, Inc. (NYSE: PWR), focusing on mergers and acquisitions and corporate finance. Earlier in his career, Mr. Hyzak was a Manager at Arthur Andersen LLP in its Transaction Advisory Services group.

Ryan R. Nelson, Chief Financial Officer

Mr. Nelson was promoted to Chief Financial Officer of Main Street Capital, effective August 12, 2024. He previously served as the company's Vice President, Chief Accounting Officer and Assistant Treasurer since March 2023, and as Vice President of Finance since December 2022. Mr. Nelson began his career at KPMG LLP.

David Magdol, President and Chief Investment Officer

Mr. Magdol has served as Main Street's President since November 2018 and as Chief Investment Officer and Senior Managing Director since August 2011. He is responsible for the firm's investment operations, including originating and executing new investments for the lower middle market investment team. Before joining Main Street, Mr. Magdol managed a portfolio of private equity investments for the McMullen Group, a private investment firm. He started his career in the structured finance services group of JP Morgan Chase.

Jesse Morris, Executive Vice President and Chief Operating Officer

Mr. Morris joined Main Street Capital in July 2019 and serves as Executive Vice President and Chief Operating Officer, with management responsibility over the firm's internal operations. He also served as the company's Chief Financial Officer from 2021 until 2024. Prior to joining Main Street, Mr. Morris held various roles of increasing responsibility with Quanta Services, Inc.

Vincent Foster, Chairman of the Board

Mr. Foster has served as Chairman of Main Street Capital's Board since 2007. He previously held the role of Chief Executive Officer from 2007 until 2018 and also served as President from 2012 until 2015. Mr. Foster was a co-founder and co-managing partner of several Main Street predecessor funds and entities from 1997 until 2021. Before his involvement with Main Street, he had a 19-year career with Arthur Andersen, where he was a partner and directed its Corporate Finance and Mergers and Acquisitions practice for the Southwest United States. Mr. Foster also served as a founding director of Quanta Services, Inc. (NYSE: PWR) from its IPO in 1998 until 2025, and as a director for U.S. Concrete, Inc. and Carriage Services, Inc.

AI Analysis | Feedback

```html

Key Risks to Main Street Capital (MAIN)

  1. Credit Risk and Portfolio Company Defaults: Main Street Capital, as a Business Development Company (BDC), invests in debt and equity securities of lower middle market and middle market companies, many of which are privately held and may have limited financial resources. These portfolio companies carry a higher risk of defaulting on their loans or underperforming, directly impacting Main Street Capital's investment income and net asset value. This is evidenced by discussions of "portfolio company credit and investment risk" and the potential for increased "non-accruals" within the portfolio.
  2. Interest Rate Fluctuations: Main Street Capital utilizes borrowed money to finance its investments, exposing it to significant interest rate risk. Changes in prevailing interest rates can affect the company's borrowing costs, reducing its net investment income. While floating-rate loans in its portfolio can offer some protection in a rising rate environment, a decline in interest rates can also mechanically shrink net investment income and threaten dividend coverage.
  3. Valuation Risk and Illiquidity of Investments: A substantial portion of Main Street Capital's investment portfolio consists of illiquid investments in private companies, which are recorded at fair value. The subjective nature of valuing these private investments introduces uncertainty regarding their true worth, potentially leading to fluctuations in the company's reported net asset value. Furthermore, the illiquid nature of these assets can make it challenging for Main Street Capital to exit investments or raise cash quickly, especially during unfavorable market conditions.
```

AI Analysis | Feedback

null

AI Analysis | Feedback

Main Street Capital (MAIN) operates within two primary addressable markets in the U.S.: providing equity capital to lower middle market companies and offering debt capital to middle market companies.

U.S. Lower Middle Market Equity Capital

The addressable market for Main Street Capital's equity capital investments targets lower middle market companies. This segment in the U.S. includes approximately 33 million small businesses with annual revenues typically ranging between $10 million and $100 million. These companies represent a significant majority, accounting for 99.9% of all U.S. businesses.

U.S. Middle Market Debt Capital

The addressable market for Main Street Capital's debt capital investments focuses on middle market companies. The U.S. middle market encompasses nearly 200,000 businesses. The broader U.S. private credit market, which includes direct lending to these middle market companies, was estimated to be approximately $1.3 trillion as of October 2025. More specifically, U.S. direct lending alone stood at around $1 trillion as of October 2025.

AI Analysis | Feedback

Main Street Capital (MAIN) is anticipated to drive future revenue growth over the next two to three years through several key strategies centered on its investment activities and expanding asset management capabilities.

One primary driver of revenue growth is the **continued expansion of its investment portfolio within the lower middle market and private loan strategies**. Main Street Capital consistently aims to grow its investments in income-producing debt and equity, which directly contributes to increased interest and dividend income. The company has highlighted its strong liquidity position and conservative leverage profile, positioning it well for sustained growth in its investment portfolio. Analysts have also noted the improved private loan pipeline as a factor in future performance.

Another significant factor is the **robust performance of its portfolio companies, leading to higher dividend income and realized capital gains from equity investments**. Main Street Capital's strategy involves providing equity capital to lower middle market companies, and the underlying strength and favorable performance of these businesses are expected to generate consistent dividend income and opportunities for meaningful realized gains when investments are successfully exited. These gains contribute directly to revenue and can also be reinvested for further growth.

The **growth and diversification of its Asset Management Business (AMB)** represent a third expected driver of revenue. This segment provides additional income and is primarily fueled by Main Street Capital's private loan investment strategy. Initiatives like the MSC Income Fund, which co-invests in the private loan strategy, are expected to generate increased management fees as the fund grows. Furthermore, the company is actively fundraising for a second private loan fund, which is anticipated to further expand the benefits derived from its external investment manager.

A fourth driver relates to a **favorable interest rate environment impacting its debt investments**. As a significant provider of debt capital, Main Street Capital's interest income is directly influenced by prevailing interest rates. While there can be fluctuations, a stable or ascending interest rate environment, or at least a moderation in rate decreases, would positively impact the interest income generated from its substantial portfolio of debt investments.

Finally, **increased fee income from new and follow-on investment origination and other related activities** is expected to contribute to revenue growth. Higher closing fees generated from the successful execution of new and additional investments in its portfolio companies represent a direct revenue stream that complements its interest and dividend income. This indicates that a healthy level of transactional activity will continue to be a revenue driver for the firm.

AI Analysis | Feedback

Share Issuance

  • Main Street Capital's shares outstanding significantly increased over the last few years, with a 5.97% rise in 2024, a 9.98% increase in 2023, and an 8.01% increase in 2022.
  • The company issued shares through various mechanisms, including an at-the-market (ATM) equity issuance program, its dividend reinvestment plan, and equity incentive plans, which collectively contributed to a 4.7% increase in weighted-average shares outstanding in Q4 2024 compared to Q4 2023.
  • Proceeds from public offerings of common stock, net of offering costs, included approximately $203.7 million in 2022 (ending Aug 31), $98.9 million in 2023, $205.7 million in 2022 (ending Dec 31), and $212.4 million in 2021 (ending Dec 31).

Inbound Investments

  • Main Street Capital increased total commitments under its multi-year revolving credit facility, as noted in February 2026.
  • The firm issued various notes to raise capital, including those in January 2021, October 2021, December 2022, February 2023, June 2024, and September 2024.
  • As of December 31, 2024, Main Street Capital had $350.0 million of outstanding Small Business Investment Company ("SBIC") debentures, which are guaranteed by the U.S. Small Business Administration.

Outbound Investments

  • In the full year 2025, Main Street Capital completed $701.6 million in total lower middle market (LMM) portfolio investments, which included $482.2 million invested in 13 new portfolio companies.
  • For the full year 2024, the company completed $300.0 million in total LMM portfolio investments, with $241.0 million directed to five new portfolio companies, and an additional $231.4 million in total private loan portfolio investments.
  • Main Street Capital specializes in providing "one-stop" debt and equity capital solutions to lower middle market companies (typically with annual revenues between $10 million and $150 million) and debt capital to middle market companies (generally with annual revenues between $25 million and $500 million).

Peer Outperformance in Asset Management & Custody Banks

MAIN has outperformed 85% of its 82 Asset Management & Custody Banks peers over 5Y. Among the peers that beat it are BNY and STT. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that MAIN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
57%
of 102 industry peers · -5.5% return
3Y
75%
of 93 industry peers · 76.0% return
5Y
85%
of 82 industry peers · 96.2% return
Asset Management & Custody Banks peers with revenue growth within 4pp of MAIN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
MAIN Main Street Capital 10.1% 11.4x -5.5%76.0%96.2% —
BNY Bank of New York Mellon 7.7% 15.8x 38.8%275.2%206.0% +110pp
STT State Street 7.2% 14.1x 54.8%199.6%132.0% +36pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is MAIN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 15.9%64.6%115.6% SPNT 160% · RNR 142% · RGA 135%
Investment Banking & Brokerage 13 -3.8%100.8%100.0% IBKR 441% · SNEX 231% · HOOD 168%
Diversified Banks 12 28.5%131.2%96.2% CM 145% · RY 131% · JPM 122%
Life & Health Insurance 20 6.1%51.5%90.5% JXN 532% · UNM 286% · FG 191%
Multi-Sector Holdings 4 3.8%52.4%74.5% JONE 361% · BRK-B 81% · VOYA 68%
Property & Casualty Insurance 42 3.1%71.0%60.8% ASIC 2616900% · HRTG 408% · UVE 305%
Multi-line Insurance 9 4.5%70.2%53.8% GNW 135% · L 92% · AIZ 82%
Regional Banks 264 26.4%92.0%52.2% GCBC 319% · ESQ 310% · PBAM 251%
Financial Exchanges & Data 15 -2.9%15.3%30.0% VIRT 182% · CBOE 140% · CME 64%
Diversified Financial Services 4 -8.4%23.4%19.4% FRHC 175% · EQH 95% · TMS -56%
Consumer Finance 30 -0.7%86.0%17.9% ENVA 388% · EZPW 296% · FCFS 159%
Insurance Brokers 16 -25.2%-10.1%11.7% LIFE 300% · ARX 88% · CRD-A 62%
Asset Management & Custody Banks ← 83 -8.0%20.3%11.4% WT 356% · VCTR 285% · AAMI 265%
Commercial & Residential Mortgage Finance 14 -53.1%25.2%1.0% FNMA 460% · FMCC 422% · ACT 172%
Specialized Finance 3 8.6%37.5%-13.7% EFC 16% · HASI -14% · CACC -14%
Mortgage REITs 33 -18.7%4.8%-29.8% NREF 54% · RITM 33% · DX 22%
Transaction & Payment Processing Services 17 -4.3%-7.1%-45.0% V 67% · MA 66% · CPAY 51%
Diversified Capital Markets 20 -36.2%14.6%-58.2% OPY 180% · LPLA 100% · GOLD 59%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MAINARCCFSKHTGCOBDCTSLXMedian
NameMain Str.Ares Cap.FS KKR C.Hercules.Blue Owl.Sixth St. 
Mkt Price55.3218.9111.0316.8410.3218.0217.43
Mkt Cap5.213.63.13.15.11.74.1
Rev LTM5591,174-307487375132431
Op Inc LTM-------
FCF LTM-150-6801,92382,20710356
FCF 3Y Avg28-1,2131,297-1541,33611772
CFO LTM-150-6801,92392,20710356
CFO 3Y Avg28-1,2131,297-1541,33611772

Growth & Margins

MAINARCCFSKHTGCOBDCTSLXMedian
NameMain Str.Ares Cap.FS KKR C.Hercules.Blue Owl.Sixth St. 
Rev Chg LTM-10.3%-24.5%-201.0%39.1%-49.6%-45.6%-35.0%
Rev Chg 3Y Avg10.1%16.6%-46.3%9.3%-23.2%-12.5%-1.6%
Rev Chg Q22.8%-46.2%82.6%51.1%-43.9%-27.8%-2.5%
QoQ Delta Rev Chg LTM6.3%-13.8%33.1%12.4%-15.7%-13.0%-3.4%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM-26.8%-57.9%-1.7%588.7%78.3%1.7%
CFO/Rev 3Y Avg3.0%-77.1%--43.2%277.0%59.9%3.0%
FCF/Rev LTM-26.8%-57.9%-1.7%588.7%78.3%1.7%
FCF/Rev 3Y Avg3.0%-77.1%--43.3%277.0%59.9%3.0%

Valuation

MAINARCCFSKHTGCOBDCTSLXMedian
NameMain Str.Ares Cap.FS KKR C.Hercules.Blue Owl.Sixth St. 
Mkt Cap5.213.63.13.15.11.74.1
P/S9.211.6-6.413.613.011.6
P/Op Inc-------
P/EBIT-------
P/E11.414.1-8.28.217.719.212.8
P/CFO-34.4-20.01.6367.32.316.62.0
Total Yield15.6%16.9%11.3%23.2%20.5%14.4%16.2%
Dividend Yield6.8%9.8%23.5%10.8%14.8%9.2%10.3%
FCF Yield 3Y Avg0.3%-9.0%33.4%-4.7%22.2%5.8%3.1%
D/E0.51.22.10.81.51.11.1
Net D/E0.51.12.10.71.51.01.1

Returns

MAINARCCFSKHTGCOBDCTSLXMedian
NameMain Str.Ares Cap.FS KKR C.Hercules.Blue Owl.Sixth St. 
1M Rtn-3.1%-3.3%-8.0%-4.5%-6.8%0.4%-3.9%
3M Rtn8.6%3.4%9.8%8.5%-1.6%6.7%7.6%
6M Rtn9.4%9.8%13.4%19.7%0.8%2.9%9.6%
12M Rtn-5.2%3.7%-12.6%2.7%-7.8%-11.0%-6.5%
3Y Rtn76.7%32.7%-9.2%47.7%9.5%24.1%28.4%
1M Excs Rtn-4.2%-4.0%-7.3%-5.6%-7.2%0.6%-4.9%
3M Excs Rtn5.4%1.9%8.4%5.4%-5.0%4.8%5.1%
6M Excs Rtn-8.0%-7.5%-4.1%2.3%-16.5%-14.5%-7.7%
12M Excs Rtn-20.1%-11.3%-26.9%-13.6%-21.8%-25.4%-21.0%
3Y Excs Rtn-6.5%-51.9%-92.9%-39.2%-74.3%-59.4%-55.6%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment720725612396480
Total720725612396480


Price Behavior

Price Behavior
Market Price$55.11 
Market Cap ($ Bil)5.1 
First Trading Date10/09/2007 
Distance from 52W High-9.9% 
   50 Days200 Days
DMA Price$56.35$54.40
DMA Trendindeterminateup
Distance from DMA-2.2%1.3%
 3M1YR
Volatility21.3%25.6%
Downside Capture90.3493.19
Upside Capture115.7370.45
Correlation (SPY)46.6%40.6%
MAIN Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.851.100.880.640.800.72
Up Beta0.661.360.560.830.690.68
Down Beta0.900.510.450.220.810.85
Up Capture65%109%123%60%62%41%
Bmk +ve Days6162766132424
Stock +ve Days9193161118401
Down Capture135%104%89%76%97%86%
Bmk -ve Days16263760120328
Stock -ve Days13233365132342

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MAIN
MAIN-5.4%25.6%-0.26-
Sector ETF (XLF)1.4%14.8%-0.1344.7%
Equity (SPY)16.2%13.0%0.8840.3%
Gold (GLD)6.8%29.6%0.2210.7%
Commodities (DBC)44.9%20.8%1.67-13.7%
Real Estate (VNQ)1.5%13.6%-0.1532.8%
Bitcoin (BTCUSD)-28.9%44.3%-0.6427.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MAIN
MAIN14.6%21.7%0.56-
Sector ETF (XLF)8.7%18.3%0.3457.9%
Equity (SPY)13.1%17.2%0.5857.5%
Gold (GLD)18.4%18.9%0.798.0%
Commodities (DBC)10.3%19.6%0.419.2%
Real Estate (VNQ)0.7%18.8%-0.0748.9%
Bitcoin (BTCUSD)14.6%52.2%0.4528.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MAIN
MAIN13.1%27.4%0.48-
Sector ETF (XLF)12.6%22.1%0.5261.5%
Equity (SPY)15.3%17.9%0.7259.1%
Gold (GLD)11.5%16.4%0.576.4%
Commodities (DBC)8.2%18.1%0.3720.9%
Real Estate (VNQ)4.2%20.7%0.1659.0%
Bitcoin (BTCUSD)64.1%66.2%1.0418.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity9.4 Mil
Short Interest: % Change Since 8312026-0.7%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest21.0 days
Basic Shares Quantity93.3 Mil
Short % of Basic Shares10.1%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20264.3%4.8%2.0%
5/7/2026-4.1%-10.0%-8.4%
2/26/2026-2.2%0.4%-10.4%
1/8/20262.8%2.9%0.1%
11/7/20250.0%-0.5%7.7%
8/7/20253.7%6.1%4.7%
5/8/2025-0.2%1.8%10.4%
2/27/20253.2%-3.4%-2.9%
...
SUMMARY STATS   
# Positive171716
# Negative9910
Median Positive2.1%2.6%3.6%
Median Negative-0.9%-3.4%-3.1%
Max Positive4.3%6.1%10.6%
Max Negative-4.1%-10.0%-10.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20264.3%4.8%2.0%
5/7/2026-4.1%-10.0%-8.4%
2/26/2026-2.2%0.4%-10.4%
1/8/20262.8%2.9%0.1%
11/7/20250.0%-0.5%7.7%
8/7/20253.7%6.1%4.7%
5/8/2025-0.2%1.8%10.4%
2/27/20253.2%-3.4%-2.9%
1/10/20250.5%4.0%4.9%
11/7/20240.7%1.3%7.7%
8/8/2024-0.5%0.9%0.4%
5/9/2024-2.7%-4.2%-3.2%
2/22/2024-0.9%-0.1%1.8%
11/2/20231.2%1.1%4.7%
8/3/2023-0.7%-4.0%-4.3%
5/4/20232.1%1.1%2.5%
2/23/20232.0%4.9%-1.3%
11/3/20224.3%2.4%0.8%
8/4/20222.0%-3.0%-8.5%
5/5/20222.1%-6.9%-2.8%
2/25/20223.4%4.6%1.6%
11/5/20210.8%0.6%-2.5%
8/6/20210.7%2.6%-1.2%
5/7/2021-0.8%-2.7%0.7%
2/26/20212.7%4.1%10.6%
11/5/2020-2.0%4.6%8.7%
SUMMARY STATS   
# Positive171716
# Negative9910
Median Positive2.1%2.6%3.6%
Median Negative-0.9%-3.4%-3.1%
Max Positive4.3%6.1%10.6%
Max Negative-4.1%-10.0%-10.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202402/28/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/26/202110-K
09/30/202011/06/202010-Q
06/30/202008/07/202010-Q
03/31/202005/08/202010-Q
12/31/201902/28/202010-K
09/30/201911/08/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 DividendsReported 0.8 1.9% Higher NewGuidance: 0.78 for Q2 2026
Q3 2026 Supplemental DividendReported 0.3 0 Same NewGuidance: 0.3 for Q2 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Regular Monthly DividendsReported 0.78 0 AffirmedGuidance: 0.78 for Q1 2026
Q2 2026 Supplemental DividendReported 0.3 0 AffirmedGuidance: 0.3 for Q1 2026

Insider Activity

Updated 9/15/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Morris, Jesse EEVP AND COODirectSell824202658.5535,0002,049,25013,616,881Form
2McHugh, RyanVP, CAO & Assistant TreasurerDirectBuy814202659.052,550150,5771,337,302Form
3Beauvais, Jason BEVP, GC, SECRETARYDirectSell630202651.736,830353,31610,148,645Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Morris, Jesse EEVP AND COODirectSell824202658.5535,0002,049,25013,616,881Form
2McHugh, RyanVP, CAO & Assistant TreasurerDirectBuy814202659.052,550150,5771,337,302Form
3Beauvais, Jason BEVP, GC, SECRETARYDirectSell630202651.736,830353,31610,148,645Form

Investor Activity (13F)

Updated Oct 5, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Muzinich & Co., Inc.$25.7 Mil9.0%38ADD +10.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Muzinich & Co., Inc.$25.7 Mil9.0%38ADD +10.2%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Muzinich & Co., Inc.$25.7 Mil9.0%38ADD +10.2%13F
Core Cache Last Updated: 10/4/2026