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Main Street Capital MAIN Business Segments

FY'25FY'24FY'23FY'22
Total revenues before waivers by Product
Administrative services fees$701K+9.9%$638K+4.9%$608K+0.5%$605K
Incentive fees$14.54M+5.9%$13.73M+2.2%$13.44M+434%$2.52M
Management Service, Base$22.87M-4.2%$23.88M+6.5%$22.42M+3.0%$21.78M
Net assets, percentage (as a percent) by Geography
Southeast30.9%+5.3pp25.6%-5.8pp31.4%
Southwest141.5%+12.7pp128.8%+10.0pp118.8%
US Midwest Region78.6%-0.8pp79.4%-1.6pp81%
West68.2%+8.8pp59.4%-15.1pp74.5%
Investments at fair value: by Geography
Southeast$905.15M+34.2%$674.34M-7.2%$726.28M
Southwest$4.12B+20.7%$3.41B+24.0%$2.75B
US Midwest Region$2.29B+9.2%$2.1B+11.5%$1.88B
West$1.99B+27.0%$1.57B-8.8%$1.72B
Concentration risk (as a percent) by Geography
Southeast17.5%13.1%-0.9pp14%
Southwest23.4%21.4%

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Questions, answered.

How does Main Street Capital break its business down?
Main Street Capital (MAIN) reports total revenues before waivers by product across 3 parts — Administrative services fees, Incentive fees and Management Service, Base. Each is extracted from the segment footnotes and tracked over time.
Where does Main Street Capital's segment data come from?
Segment breakdowns are pulled from the segment footnotes in Main Street Capital's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.