Main Street Capital Corporation Q4 FY2025 earnings call

• Strong fourth quarter performance with ROE of 17.7% in Q4 and 17.1% for the year, strong DNII per share and record NAV per share for 14th consecutive quarter. • Exited high - performing lower middle market portfolio companies like Mystic Logistics and KBK Industries, realizing material gains and receiving significant dividends. • In Q4, added 5 new lower middle market portfolio companies, with a net increase of $253 million in lower middle market investments, and $109 million net increase in private loan portfolio. • Asset management business performed well, with external investment manager contributing to net investment income. • Board declared supplemental dividend of 30 cents per share payable in March and regular monthly dividends for Q2 2026, with Q2 regular monthly dividends up 4% from Q2 2025.

Lower middle market: In 2025, invested over $700 million, with $482 million in 13 new platform companies and $219 million in follow - on investments. Achieved $150 million net fair value appreciation and $77 million net realized gains. Fourth quarter saw $300 million total investments in lower middle market portfolio, including $241 million in 5 new companies, increasing the portfolio by $253 million. Private loan: In 2025, completed gross investments of approx. $672 million, private loan portfolio represented 43% of total investments at cost. Fourth quarter had $231 million total private loan investments, net increase of $109 million. ROE for fourth quarter was 17.7%, full year 17.1%. DNII per share strong, NAV per share at record high for 14th consecutive quarter.

• Expect first quarter 2026 DNII before taxes of at least $1.04 per share with upside potential. • Anticipate proposing additional significant supplemental dividend payable in June 2026. • Lower middle market investment pipeline is above average, confident in strong lower middle market investment activity in Q1. • Private loan investment pipeline also above average.

• Economic uncertainty may impact investment activity and performance. • Market volatility can affect fair value of investment portfolio. • Risk of investments going non - accrual.

Q: Robert Dodd asked about activity level and software exposure.

A: Dwayne Hijak said lower middle market has been intentional to grow team, adding MDs, and offering attractive solution in uncertain economy. Private loan side due to team and market activity. On software, limited exposure, value - based investor.

Q: Brian McKenna asked about ROE and deployment.

A: Dwayne Hijak said ROE impacted by private credit rates and spreads, lower middle market economy, and new investments. Deployment focused on best - in - class managers, industry agnostic.

Q: Doug Harder asked about underwriting to cycles.

A: Dwayne Hijak said portfolio feels good, no specific area underperforming, spending more time on software and low - end consumer with limited exposure.