Main Street Capital Corporation (NYSE:MAIN) announced preliminary operating results for the fourth quarter of 2025 on Thursday, marked by record-breaking investment activity and a 14th consecutive quarter of growth in Net Asset Value (NAV).
The firm estimated its NAV per share as of December 31, 2025, to be between $33.29 and $33.37, a significant increase from $32.78 at the end of the third quarter.
The growth was primarily attributed to net fair value appreciation and realized gains across its Lower Middle Market (LMM) and private loan portfolios.
Main Street’s unique focus on the Lower Middle Market saw a banner year, with total gross investments reaching an annual record of approximately $700 million in 2025.
In the fourth quarter alone, the company completed $300 million in LMM investments, reinforcing its position as a primary capital provider for companies with annual revenues between $10 million and $150 million.
Alongside the results, Main Street provided a breakdown of the federal tax treatment for its 2025 dividends.
Approximately 92% of the total dividends paid in 2025 are expected to be taxed as ordinary income, with the remainder qualifying for capital gains or return of capital status.
Investors can expect the full audited results when Main Street hosts its earnings call on Friday, February 27, 2026, at 10:00 AM ET, following the official release after market close on February 26.