Company Overview and Strategy - Main Street Capital Corporation (MAIN) focuses on Lower Middle Market (LMM) debt and equity investments, differentiating itself through its asset management business and internally managed structure[7] - The company manages over $82 billion in capital, with over $64 billion managed internally and over $18 billion managed as an investment advisor to external parties as of March 31, 2025[8] - MAIN targets LMM companies with annual revenue between $10 million and $150 million and annual EBITDA between $3 million and $20 million[8] - The company's strategy aims for sustainable long-term growth in recurring monthly dividends, supplemental dividends, and capital appreciation for shareholders[9] Dividend and NAV Growth - MAIN has increased its monthly dividends by 132% from $033 per share in Q4 2007 to $0765 per share for Q3 2025[12, 16] - Supplemental dividends paid or declared totaled $120 per share over the last twelve months[12] - Net Asset Value (NAV) has grown by $1918 per share, or 149%, since 2007[14, 16] - Cumulative dividends paid or declared since the IPO through Q3 2025 total $4579 per share[16, 40] Investment Portfolio - The total investment portfolio is diversified, with approximately 52% in LMM investments, 38% in Private Loan investments, 3% in Middle Market investments, and 7% in other investments[48] - The LMM investment portfolio consists of 86 portfolio companies with a fair value of $26 billion, representing 52% of the total investment portfolio[60] - The Private Loan investment portfolio includes 90 investments with a fair value of $19 billion, representing 38% of the total investment portfolio[80] Financial Performance - The company's internally managed structure targets total operating and administrative expenses at or below 2% of assets, with an actual ratio of approximately 13%[37, 14, 97, 98] - Distributable Net Investment Income (DNII) for the first quarter of 2025 was $94832 million[102]