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Main Street Capital MAIN Incentive fees — Total revenues before waivers

Other product segments

Management Service, Base
$6.07M+5.5%
Administrative services fees
$186K+6.9%

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Other financials

Income statement

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Net income$49.0M-57.8%
EPS (diluted)$0.93-4.1%

Balance sheet

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Cash & equivalents$20.8M-81.0%
Total debt$2.5B+12.3%
Total equity$3.1B+8.9%
Total assets$5.8B+10.5%

Cash flow

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Operating cash flow-$138.5M-579%

Valuation

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Market cap$5.28B-7.5%
Enterprise value$7.79B-0.7%
P/E12.4×+1.7×

Returns & leverage

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Return on equity14.4%-4.9pp
Debt / equity0.8×0.0×

Where this comes from

Reported directly by Main Street Capital in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The source filing: Main Street Capital’s 10-Q, filed May 8, 2026.

Filed
May 8, 2026, 11:59 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001396440-26-000073
Line itemThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Management fee income$6,071$5,752
Incentive fees (1)4,0032,690
Administrative services fees186174
Total revenues before waivers10,2608,616
Waiver of incentive fees(985)
Total revenues, net of incentive fee waivers9,2758,616
Expenses allocated from MSCC or its subsidiaries:
Salaries, share-based compensation and other personnel costs(4,571)(4,551)

Item 1. Consolidated Financial Statements

FAQ

What is Main Street Capital's incentive fees — total revenues before waivers?
Main Street Capital (MAIN) reported incentive fees — total revenues before waivers of $4M in Q1 2026.
How has Main Street Capital's incentive fees — total revenues before waivers changed year-over-year?
Main Street Capital's incentive fees — total revenues before waivers increased by 48.8% year-over-year, from $2.69M to $4M.
What is the long-term trend for Main Street Capital's incentive fees — total revenues before waivers?
Over 3 years (2022 to 2025), Main Street Capital's incentive fees — total revenues before waivers has grown at a 79.4% compound annual growth rate (CAGR), from $2.52M to $14.54M.
What does incentive fees — total revenues before waivers mean?
This metric represents the gross performance-based compensation earned by the investment manager for achieving specific investment return thresholds before any contractual fee waivers or reductions. It serves as a key indicator of the firm's ability to generate excess returns for its managed assets and reflects the underlying performance of the investment portfolio. Monitoring this figure helps investors assess the alignment of interests between the manager and shareholders and the potential for future fee income growth.

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