Risk Sleuth
MAIN · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

Main Street Capital

16 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Customers

MSC Income Fund, Inc.

earns from · 1.5% annual base management fee on MSC Income’s average total assets
The External Investment Manager serves as the investment adviser and administrator to MSC Income Fund, Inc. (“MSC Income”) pursuant to an Investment Advisory and Administrative Services Agreement entered into in October 2020 between the External Investment Manager and MSC Income (as amended and restated on January 29, 2025, the “Advisory Agreement”).Business (Item 1)

MS Private Loan Fund I, LP

earns from
Additionally, the External Investment Manager has entered into investment management agreements with MS Private Loan Fund I, LP (“Private Loan Fund I”) and MS Private Loan Fund II, LP (“Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments, pursuant to which the External Investment Manager provides investment advisory and management services to each fund in exchange for an asset-based management fee and certain incentive fees.Business (Item 1)

MS Private Loan Fund II, LP

earns from
Additionally, the External Investment Manager has entered into investment management agreements with MS Private Loan Fund I, LP (“Private Loan Fund I”) and MS Private Loan Fund II, LP (“Private Loan Fund II”), each a private investment fund with a strategy to co-invest with Main Street in Private Loan portfolio investments, pursuant to which the External Investment Manager provides investment advisory and management services to each fund in exchange for an asset-based management fee and certain incentive fees.Business (Item 1)

Partners and platforms

Fitch Ratings

depends on
We also maintain investment grade ratings from both Standard & Poor’s Ratings Services and Fitch Ratings, which provide us the opportunity and flexibility to obtain additional, attractive long-term financing options to supplement our capital structure, including the unsecured notes with fixed interest rates we issue.Business (Item 1)

Also named by SYF

Standard & Poor’s Ratings Services

depends on
We also maintain investment grade ratings from both Standard & Poor’s Ratings Services and Fitch Ratings, which provide us the opportunity and flexibility to obtain additional, attractive long-term financing options to supplement our capital structure, including the unsecured notes with fixed interest rates we issue.Business (Item 1)

Places

Houston, Texas

concentrated in · All but three of our employees
All but three of our employees are located in our Houston, Texas office.Business (Item 1)

Also named by BLDR, HHH, PB, POWL

Commodities and inputs

SOFR

exposed to its price · 62% of our debt Investment Portfolio (at cost) bore interest at floating ratesnamed as a risk
As of December 31, 2025, 62% of our debt Investment Portfolio (at cost) bore interest at floating rates, 96% of which were subject to contractual minimum interest rates.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Regulators

U.S. Small Business Administration (SBA)

subject to · $350.0 million of outstanding SBA-guaranteed debenturesnamed as a risk
As of December 31, 2025, we, through the Funds, had $350.0 million of outstanding SBA-guaranteed debentures, which had an annual weighted-average interest rate of 3.3%.Business (Item 1)

Also named by AUB, CASH, CSWC, CUBI, FDUS, HTGC, RLI

U.S. Securities and Exchange Commission (SEC)

subject to
We have received an exemptive order from the SEC permitting co-investments among us, MSC Income and other advisory clients of the External Investment Manager in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Laws and programs

Investment Company Act of 1940

subject to · 150%named as a risk
As a result, the BDC asset coverage ratio applicable to us decreased from 200% to 150% effective May 3, 2022.Business (Item 1)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Subchapter M of the Internal Revenue Code (RIC status)

subject to · at least 90%named as a risk
We will be subject to corporate-level U.S. federal income tax if we are unable to qualify as a RIC under Subchapter M of the Code.Risk factors (Item 1A)

Also named by CGBD, FSK, GAIN, GBDC, TRIN, TSLX

MSCC Funding I, LLC SPV Facility

depends on · up to 100% lossnamed as a risk
Accordingly, our investments in MSCC Funding could be subject to up to 100% loss.Risk factors (Item 1A)

U.S. tariffs

subject tonamed as a risk
The U.S. has enacted, and subsequently rescinded and/or temporarily suspended, significant tariffs against certain countries, prompting reciprocal tariffs against the U.S.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Small Business Investment Act of 1958

subject tonamed as a risk
In addition, the SBA can revoke or suspend a license for willful or repeated violation of, or willful or repeated failure to observe, any provision of the Small Business Investment Act of 1958 or any rule or regulation promulgated thereunder.Risk factors (Item 1A)

Also named by CSWC, FDUS, HTGC

Investment Advisers Act of 1940

subject to
The External Investment Manager, which is wholly-owned by us, is subject to regulation under the Advisers Act.Business (Item 1)

Also named by ABR, AMG, BAM, BEN, BX, CG, HTGC, KKR and 3 more

SEC Rule 18f-4

subject to
The Company operates, and expects to continue to operate, as a “limited derivatives user” under Rule 18f-4 under the 1940 Act.Market risk (Item 7A)

Also named by CGBD, FDUS, FSK, HTGC, TSLX