MAIN STREET ANNOUNCES THIRD QUARTER 2024 RESULTS
Main Street Capital (NYSE: MAIN) reported strong Q3 2024 financial results with net investment income of $87.6 million ($1.00 per share) and distributable net investment income of $93.0 million ($1.06 per share). Total investment income reached $136.8 million, up 11% year-over-year. The company maintained an industry-leading cost efficiency with an Operating Expenses to Assets Ratio of 1.3%. Net asset value increased to $30.57 per share, up 2.6% from Q2 2024. The company declared regular monthly dividends of $0.245 per share for Q4 2024 and a supplemental dividend of $0.30 per share. Main Street completed $51.6 million in lower middle market investments and $309.3 million in private loan portfolio investments.
Main Street Capital (NYSE: MAIN) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un reddito netto da investimenti di 87,6 milioni di dollari (1,00 dollaro per azione) e un reddito netto da investimenti distribuibile di 93,0 milioni di dollari (1,06 dollaro per azione). Il reddito totale da investimenti ha raggiunto i 136,8 milioni di dollari, in aumento dell'11% rispetto all'anno precedente. L'azienda ha mantenuto un'efficienza dei costi leader del settore, con un rapporto spese operative/attività dell'1,3%. Il valore netto degli attivi è aumentato a 30,57 dollari per azione, in crescita del 2,6% rispetto al secondo trimestre del 2024. L'azienda ha dichiarato dividendi mensili regolari di 0,245 dollari per azione per il quarto trimestre del 2024 e un dividendo supplementare di 0,30 dollari per azione. Main Street ha completato investimenti nel mercato inferiore medio per 51,6 milioni di dollari e investimenti nel portafoglio prestiti privati per 309,3 milioni di dollari.
Main Street Capital (NYSE: MAIN) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un ingreso neto por inversiones de 87.6 millones de dólares (1.00 dólar por acción) y un ingreso neto por inversiones distribuible de 93.0 millones de dólares (1.06 dólares por acción). El ingreso total por inversiones alcanzó los 136.8 millones de dólares, un incremento del 11% interanual. La compañía mantuvo una eficiencia de costos líder en la industria, con una relación de gastos operativos a activos del 1.3%. El valor neto de los activos aumentó a 30.57 dólares por acción, un aumento del 2.6% respecto al segundo trimestre de 2024. La compañía declaró dividendos mensuales regulares de 0.245 dólares por acción para el cuarto trimestre de 2024 y un dividendo suplementario de 0.30 dólares por acción. Main Street completó inversiones en el mercado medio inferior por 51.6 millones de dólares y en su cartera de préstamos privados por 309.3 millones de dólares.
Main Street Capital (NYSE: MAIN)는 2024년 3분기 강력한 재무 성과를 보고했으며, 순 투자 수익은 8760만 달러(주당 1.00 달러), 분배 가능한 순 투자 수익은 9300만 달러(주당 1.06 달러)입니다. 총 투자 수익은 1억 3680만 달러에 달하며, 전년 대비 11% 증가했습니다. 이 회사는 1.3%의 운영 비용 대비 자산 비율로 업계 최고의 비용 효율성을 유지하고 있습니다. 순 자산 가치는 주당 30.57 달러로 증가했으며, 2024년 2분기 대비 2.6% 상승했습니다. 이 회사는 2024년 4분기 주당 0.245 달러의 정기 월배당금과 주당 0.30 달러의 추가 배당금을 선언했습니다. Main Street는 5160만 달러의 중소형 시장 투자를 완료했고, 3억 930만 달러의 개인 대출 포트폴리오 투자를 완료했습니다.
Main Street Capital (NYSE: MAIN) a annoncé des résultats financiers solides pour le troisième trimestre de 2024, avec un revenu net d'investissement de 87,6 millions de dollars (1,00 dollar par action) et un revenu net d'investissement distribuable de 93,0 millions de dollars (1,06 dollar par action). Le revenu total des investissements a atteint 136,8 millions de dollars, en hausse de 11% par rapport à l'année précédente. L'entreprise a maintenu une efficacité des coûts de premier plan dans l'industrie, avec un ratio des dépenses d'exploitation par rapport aux actifs de 1,3%. La valeur nette des actifs a augmenté à 30,57 dollars par action, en hausse de 2,6% par rapport au deuxième trimestre de 2024. L'entreprise a déclaré des dividendes mensuels réguliers de 0,245 dollar par action pour le quatrième trimestre de 2024 et un dividende supplémentaire de 0,30 dollar par action. Main Street a réalisé des investissements de 51,6 millions de dollars sur le marché inférieur moyen et de 309,3 millions de dollars dans un portefeuille de prêts privés.
Main Street Capital (NYSE: MAIN) hat für das dritte Quartal 2024 starke Finanzzahlen berichtet, mit einem Nettoinvestitionsertrag von 87,6 Millionen US-Dollar (1,00 US-Dollar pro Aktie) und einem ausschüttbaren Nettoinvestitionsertrag von 93,0 Millionen US-Dollar (1,06 US-Dollar pro Aktie). Die gesamten Investitionserträge erreichten 136,8 Millionen US-Dollar, was einem Anstieg von 11% im Jahresvergleich entspricht. Das Unternehmen hielt eine branchenführende Kosteneffizienz mit einem Verhältnis von Betriebskosten zu Vermögenswerten von 1,3%. Der Nettovermögenswert pro Aktie stieg auf 30,57 US-Dollar, ein Anstieg von 2,6% im Vergleich zum 2. Quartal 2024. Das Unternehmen erklärte regelmäßige monatliche Dividenden von 0,245 US-Dollar pro Aktie für das 4. Quartal 2024 und eine ergänzende Dividende von 0,30 US-Dollar pro Aktie. Main Street hat Investitionen in den unteren Mittelmarkt in Höhe von 51,6 Millionen US-Dollar und in ein privates Kreditportfolio in Höhe von 309,3 Millionen US-Dollar abgeschlossen.
- Net investment income increased 7% YoY to $87.6 million
- Total investment income grew 11% YoY to $136.8 million
- NAV per share increased 4.7% YTD to $30.57
- Monthly dividend increased 4.3% YoY
- Strong return on equity of 18.8% annualized
- Non-cash compensation expenses increased by $1.4 million YoY
- Interest expenses increased by $7.1 million due to higher rates
- Non-accrual investments represent 1.4% of portfolio at fair value
Insights
Main Street Capital delivered strong Q3 2024 results with several positive highlights. Net investment income reached
Key positives include the
The investment portfolio shows healthy diversification across lower middle market, private loan and middle market investments. The weighted-average yield on the portfolio remains attractive at
Main Street's capital structure and liquidity position show considerable strength. The company maintains
Credit metrics remain solid with investment grade ratings from major agencies. The portfolio quality is strong with
Third Quarter 2024 Net Investment Income of
Third Quarter 2024 Distributable Net Investment Income(1) of
Net Asset Value of
Third Quarter 2024 Highlights
- Net investment income of
(or$87.6 million per share)$1.00 - Distributable net investment income(1) of
(or$93.0 million per share)$1.06 - Total investment income of
$136.8 million - An industry leading position in cost efficiency, with a ratio of total non-interest operating expenses as a percentage of quarterly average total assets ("Operating Expenses to Assets Ratio") of
1.3% on an annualized basis for the quarter and for the trailing twelve-month ("TTM") period ended September 30, 2024 - Net increase in net assets resulting from operations of
(or$124.0 million per share)$1.42 - Return on equity(2) of
18.8% on an annualized basis for the quarter and18.7% for the TTM period ended September 30, 2024 - Net asset value of
per share as of September 30, 2024, representing an increase of$30.57 per share, or$0.77 2.6% , compared to per share as of June 30, 2024, and$29.80 per share, or$1.37 4.7% , compared to per share as of December 31, 2023$29.20 - Declared regular monthly dividends totaling
per share for the fourth quarter of 2024, or$0.73 5 per share for each of October, November and December 2024, representing a$0.24 54.3% increase from the regular monthly dividends paid in the fourth quarter of 2023 - Declared and paid a supplemental dividend of
per share, resulting in total dividends paid in the third quarter of 2024 of$0.30 per share and representing a$1.03 57.3% increase from the total dividends paid in the third quarter of 2023 - Completed
in total lower middle market ("LMM") portfolio investments, including an investment of$51.6 million in a new LMM portfolio company, which after aggregate repayments of debt principal from several LMM portfolio investments and return of invested equity capital from a LMM portfolio investment resulted in a net increase of$11.2 million in the total cost basis of the LMM investment portfolio$2.0 million - Completed
in total private loan portfolio investments, which after aggregate repayments and sales of several private loan portfolio debt investments and return of invested capital from a private loan portfolio equity investment resulted in a net increase of$309.3 million in the total cost basis of the private loan investment portfolio$162.7 million - Net decrease of
in the total cost basis of the middle market investment portfolio$4.3 million - Further diversified our capital structure by issuing an additional
of our June 2027 Notes that bear interest at a rate of$100.0 million 6.50% per year (the "June 2027 Notes") at a premium to par of approximately102.1% , resulting in a yield-to-maturity of approximately5.62% - Enhanced our liquidity position by amending our special purpose vehicle revolving credit facility (the "SPV Facility") to increase the total commitments to
, extend the final maturity date to September 2029 and decrease the interest rate$600.0 million - Issued
of additional Small Business Investment Company ("SBIC") debentures, increasing the total outstanding SBIC debentures to the regulatory maximum amount of$63.8 million as of September 30, 2024$350.0 million
In commenting on the Company's operating results for the third quarter of 2024, Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are pleased with our performance in the third quarter, which resulted in another quarter of strong operating results highlighted by a return on equity of
Mr. Hyzak continued, "The total dividends paid to our shareholders in the third quarter of 2024 increased by over
Third Quarter 2024 Operating Results
The following table provides a summary of our operating results for the third quarter of 2024:
Three Months Ended September 30, | |||||||
2024 | 2023 | Change ($) | Change (%) | ||||
Interest income | $ 110,551 | $ 99,381 | $ 11,170 | 11 % | |||
Dividend income | 23,239 | 21,192 | 2,047 | 10 % | |||
Fee income | 3,034 | 2,664 | 370 | 14 % | |||
Total investment income | $ 136,824 | $ 123,237 | $ 13,587 | 11 % | |||
Net investment income | $ 87,596 | $ 82,179 | $ 5,417 | 7 % | |||
Net investment income per share | $ 1.00 | $ 0.99 | $ 0.01 | 1 % | |||
Distributable net investment income (1) | $ 92,973 | $ 86,171 | $ 6,802 | 8 % | |||
Distributable net investment income per share (1) | $ 1.06 | $ 1.04 | $ 0.02 | 2 % | |||
Net increase in net assets resulting from operations | $ 124,007 | $ 103,261 | $ 20,746 | 20 % | |||
Net increase in net assets resulting from operations per share | $ 1.42 | $ 1.25 | $ 0.17 | 14 % |
The
Total cash expenses(3) increased
Non-cash compensation expenses(3) increased
Our Operating Expenses to Assets Ratio (which includes non-cash compensation expenses(3)) was
The
The
The following table provides a summary of the total net unrealized appreciation of
Three Months Ended September 30, 2024 | |||||||||
LMM | Private | Middle | Other | Total | |||||
(dollars in millions) | |||||||||
Accounting reversals of net unrealized appreciation | $ (0.5) | $ (27.2) | $ - | $ (0.2) | $ (27.9) | ||||
Net unrealized appreciation (depreciation) relating to | 25.7 | (7.3) | (3.4) | 34.6 | (b) | 49.6 | |||
Total net unrealized appreciation (depreciation) relating | $ 25.2 | $ (34.5) | $ (3.4) | $ 34.4 | $ 21.7 |
(a) | LMM includes unrealized appreciation on 39 LMM portfolio investments and unrealized depreciation on 20 LMM portfolio investments. |
(b) | Includes (i) |
Liquidity and Capital Resources
As of September 30, 2024, we had aggregate liquidity of
Several details regarding our capital structure as of September 30, 2024 are as follows:
- Our Corporate Facility included
in total commitments from a diversified group of 19 participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to$1.11 0 billion .$1.66 5 billion in outstanding borrowings under our Corporate Facility, with an interest rate of$300.0 million 7.2% based on SOFR effective for the contractual reset date of October 1, 2024.- Our SPV Facility included
in total commitments from a diversified group of six participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to$600.0 million .$800.0 million in outstanding borrowings under our SPV Facility, with an interest rate of$160.0 million 7.6% based on SOFR effective for the contractual reset date of October 1, 2024. of notes outstanding that bear interest at a rate of$500.0 million 3.00% per year (the "July 2026 Notes"). The July 2026 Notes mature on July 14, 2026 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. of June 2027 Notes outstanding that bear interest at a rate of$400.0 million 6.50% per year with a yield-to-maturity of approximately6.34% . The June 2027 Notes mature on June 4, 2027 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. of notes outstanding that bear interest at a rate of$350.0 million 6.95% per year (the "March 2029 Notes"). The March 2029 Notes mature on March 1, 2029 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions. of outstanding SBIC debentures through our wholly owned SBIC subsidiaries. These debentures, which are guaranteed by the$350.0 million U.S. Small Business Administration (the "SBA"), had a weighted-average annual fixed interest rate of3.28% and mature ten years from original issuance. The first maturity related to our existing SBIC debentures occurs in the first quarter of 2027, and the weighted-average remaining duration was 5.9 years. of notes outstanding that bear interest at a weighted-average rate of$150.0 million 7.74% per year (the "December 2025 Notes"). The December 2025 Notes mature on December 23, 2025 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.- We maintain investment grade debt ratings from each of Fitch Ratings and S&P Global Ratings, both of which have assigned us investment grade corporate and credit ratings of BBB- with a stable outlook.
- Our net asset value totaled
, or$2.7 billion per share.$30.57
Investment Portfolio Information as of September 30, 2024(4)
The following table provides a summary of the investments in our LMM portfolio, private loan portfolio and middle market portfolio as of September 30, 2024:
As of September 30, 2024 | ||||||
LMM (a) | Private Loan | Middle Market | ||||
(dollars in millions) | ||||||
Number of portfolio companies | 84 | 92 | 17 | |||
Fair value | $ 2,468.8 | $ 1,883.3 | $ 178.2 | |||
Cost | $ 1,924.5 | $ 1,937.7 | $ 218.3 | |||
Debt investments as a % of portfolio (at cost) | 72.2 % | 95.9 % | 88.0 % | |||
Equity investments as a % of portfolio (at cost) | 27.8 % | 4.1 % | 12.0 % | |||
% of debt investments at cost secured by first priority lien | 99.2 % | 99.9 % | 97.6 % | |||
Weighted-average annual effective yield (b) | 13.0 % | 12.4 % | 12.6 % | |||
Average EBITDA (c) | $ 9.6 | $ 35.0 | $ 53.1 |
(a) | We had equity ownership in all of our LMM portfolio companies, and our average fully diluted equity ownership in those portfolio companies was |
(b) | The weighted-average annual effective yields were computed using the effective interest rates for all debt investments at cost, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status. |
(c) | The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the private loan and middle market portfolios. These calculations exclude certain portfolio companies, including four LMM portfolio companies, five private loan portfolio companies and two middle market companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains. |
The fair value of our LMM portfolio company equity investments was
As of September 30, 2024, our investment portfolio also included:
- Other portfolio investments in 14 entities, collectively totaling
in fair value and$162.4 million in cost basis, which comprised$155.8 million 3.3% and3.7% of our investment portfolio at fair value and cost, respectively; and - Our investment in the External Investment Manager, with a fair value of
and a cost basis of$218.4 million , which comprised$29.5 million 4.4% and0.7% of our investment portfolio at fair value and cost, respectively.
As of September 30, 2024, non-accrual investments comprised
External Investment Manager
MSC Adviser I, LLC is our wholly owned portfolio company and registered investment adviser that provides investment management services to external parties (the "External Investment Manager"). We share employees with the External Investment Manager and allocate costs related to such shared employees and other operating expenses to the External Investment Manager. The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses we allocate to the External Investment Manager and the dividend income we earn from the External Investment Manager. During the third quarter of 2024, the External Investment Manager earned
We continue to execute our fund-raising activities of limited partner commitments for our second private loan fund managed by the External Investment Manager. This fund is exclusively focused on investments in our private loan investment strategy and provides us an additional opportunity for continued growth of the benefits from the External Investment Manager.
The External Investment Manager ended the third quarter of 2024 with total assets under management of
Third Quarter 2024 Financial Results Conference Call / Webcast
Main Street has scheduled a conference call for Friday, November 8, 2024 at 10:00 a.m. Eastern Time to discuss the third quarter 2024 financial results.
You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Main Street website at https://www.mainstcapital.com.
A telephonic replay of the conference call will be available through Friday, November 15, 2024 and may be accessed by dialing 201-612-7415 and using the passcode 13748740#. An audio archive of the conference call will also be available on the investor relations section of the company's website at https://www.mainstcapital.com shortly after the call and will be accessible until the date of Main Street's earnings release for the next quarter.
For a more detailed discussion of the financial and other information included in this press release, please refer to the Main Street Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 to be filed with the
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS
Main Street cautions that statements in this press release which are forward–looking and provide other than historical information, including but not limited to Main Street's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to Main Street as of the date hereof and include statements regarding Main Street's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward–looking statements are reasonable, Main Street can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: Main Street's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which Main Street's portfolio companies operate; the impacts of macroeconomic factors on Main Street and its portfolio companies' business and operations, liquidity and access to capital, and on the
MAIN STREET CAPITAL CORPORATION Consolidated Statements of Operations (in thousands, except shares and per share amounts) (Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
INVESTMENT INCOME: | |||||||
Interest, fee and dividend income: | |||||||
Control investments | $ 50,134 | $ 48,645 | $ 152,572 | $ 145,485 | |||
Affiliate investments | 20,884 | 15,267 | 61,813 | 53,722 | |||
Non–Control/Non–Affiliate investments | 65,806 | 59,325 | 186,201 | 171,867 | |||
Total investment income | 136,824 | 123,237 | 400,586 | 371,074 | |||
EXPENSES: | |||||||
Interest | (33,474) | (26,414) | (89,411) | (78,165) | |||
Compensation | (11,644) | (11,560) | (35,225) | (34,860) | |||
General and administrative | (4,564) | (4,324) | (14,159) | (12,915) | |||
Share–based compensation | (4,868) | (4,164) | (13,853) | (12,351) | |||
Expenses allocated to the External Investment Manager | 5,322 | 5,404 | 16,768 | 16,089 | |||
Total expenses | (49,228) | (41,058) | (135,880) | (122,202) | |||
NET INVESTMENT INCOME | 87,596 | 82,179 | 264,706 | 248,872 | |||
NET REALIZED GAIN (LOSS): | |||||||
Control investments | - | 546 | (352) | (50,532) | |||
Affiliate investments | 32 | (228) | 786 | (16,495) | |||
Non–Control/Non–Affiliate investments | 26,350 | 346 | 16,995 | (36,196) | |||
Total net realized gain (loss) | 26,382 | 664 | 17,429 | (103,223) | |||
NET UNREALIZED APPRECIATION (DEPRECIATION): | |||||||
Control investments | 50,348 | 29,838 | 88,007 | 122,779 | |||
Affiliate investments | 7,181 | 5,188 | 22,609 | 26,859 | |||
Non–Control/Non–Affiliate investments | (35,791) | (8,015) | (25,185) | 17,432 | |||
Total net unrealized appreciation | 21,738 | 27,011 | 85,431 | 167,070 | |||
INCOME TAXES: | |||||||
Federal and state income, excise and other taxes | (2,457) | (1,256) | (6,185) | (4,663) | |||
Deferred taxes | (9,252) | (5,337) | (27,534) | (18,690) | |||
Income tax provision | (11,709) | (6,593) | (33,719) | (23,353) | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 124,007 | $ 103,261 | $ 333,847 | $ 289,366 | |||
NET INVESTMENT INCOME PER SHARE-BASIC AND DILUTED | $ 1.00 | $ 0.99 | $ 3.07 | $ 3.07 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 1.42 | $ 1.25 | $ 3.87 | $ 3.57 | |||
WEIGHTED-AVERAGE SHARES OUTSTANDING-BASIC AND DILUTED | 87,459,533 | 82,921,764 | 86,268,415 | 81,065,195 |
MAIN STREET CAPITAL CORPORATION Consolidated Balance Sheets (in thousands, except per share amounts) | ||||
September 30, | December 31, | |||
2024 | 2023 | |||
(Unaudited) | ||||
ASSETS | ||||
Investments at fair value: | ||||
Control investments | $ 2,104,576 | $ 2,006,698 | ||
Affiliate investments | 784,092 | 615,002 | ||
Non–Control/Non–Affiliate investments | 2,022,386 | 1,664,571 | ||
Total investments | 4,911,054 | 4,286,271 | ||
Cash and cash equivalents | 84,421 | 60,083 | ||
Interest and dividend receivable and other assets | 86,420 | 89,337 | ||
Deferred financing costs, net | 12,882 | 7,879 | ||
Total assets | $ 5,094,777 | $ 4,443,570 | ||
LIABILITIES | ||||
Credit Facilities | $ 460,000 | $ 360,000 | ||
July 2026 Notes (par: | 499,057 | 498,662 | ||
June 2027 Notes (par: | 401,136 | - | ||
March 2029 Notes (par: | 346,822 | - | ||
SBIC debentures (par: | 343,122 | 344,535 | ||
December 2025 Notes (par: | 149,353 | 148,965 | ||
May 2024 Notes (par: | - | 450,182 | ||
Accounts payable and other liabilities | 71,553 | 62,576 | ||
Interest payable | 18,513 | 17,025 | ||
Dividend payable | 21,575 | 20,368 | ||
Deferred tax liability, net | 91,392 | 63,858 | ||
Total liabilities | 2,402,523 | 1,966,171 | ||
NET ASSETS | ||||
Common stock | 880 | 848 | ||
Additional paid–in capital | 2,418,089 | 2,270,549 | ||
Total undistributed earnings | 273,285 | 206,002 | ||
Total net assets | 2,692,254 | 2,477,399 | ||
Total liabilities and net assets | $ 5,094,777 | $ 4,443,570 | ||
NET ASSET VALUE PER SHARE | $ 30.57 | $ 29.20 |
MAIN STREET CAPITAL CORPORATION Reconciliation of Distributable Net Investment Income, Total Cash Expenses, Non-Cash Compensation Expenses and Cash Compensation Expenses (in thousands, except per share amounts) (Unaudited) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net investment income | $ 87,596 | $ 82,179 | $ 264,706 | $ 248,872 | |||
Non-cash compensation expenses (3) | 5,377 | 3,992 | 14,927 | 13,068 | |||
Distributable net investment income (1) | $ 92,973 | $ 86,171 | $ 279,633 | $ 261,940 | |||
Per share amounts: | |||||||
Net investment income per share - | |||||||
Basic and diluted | $ 1.00 | $ 0.99 | $ 3.07 | $ 3.07 | |||
Distributable net investment income per share - | |||||||
Basic and diluted (1) | $ 1.06 | $ 1.04 | $ 3.24 | $ 3.23 | |||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Share–based compensation | $ (4,868) | $ (4,164) | $ (13,853) | $ (12,351) | |||
Deferred compensation (expense) benefit | (509) | 172 | (1,074) | (717) | |||
Total non-cash compensation expenses (3) | (5,377) | (3,992) | (14,927) | (13,068) | |||
Total expenses | (49,228) | (41,058) | (135,880) | (122,202) | |||
Less non-cash compensation expenses (3) | 5,377 | 3,992 | 14,927 | 13,068 | |||
Total cash expenses (3) | $ (43,851) | $ (37,066) | $ (120,953) | $ (109,134) | |||
Compensation | $ (11,644) | $ (11,560) | $ (35,225) | $ (34,860) | |||
Share-based compensation | (4,868) | (4,164) | (13,853) | (12,351) | |||
Total compensation expenses | (16,512) | (15,724) | (49,078) | (47,211) | |||
Non-cash compensation expenses (3) | 5,377 | 3,992 | 14,927 | 13,068 | |||
Total cash compensation expenses (3) | $ (11,135) | $ (11,732) | $ (34,151) | $ (34,143) |
MAIN STREET CAPITAL CORPORATION | |
(1) | Distributable net investment income is net investment income as determined in accordance with |
(2) | Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets for the three month and TTM periods ended September 30, 2024. |
(3) | Non-cash compensation expenses consist of (i) share-based compensation and (ii) deferred compensation expense or benefit, both of which are non-cash in nature. Share-based compensation does not require settlement in cash. Deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. The appreciation (depreciation) in the fair value of deferred compensation plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation) and an increase (decrease) in compensation expenses, respectively. Cash compensation expenses are total compensation expenses as determined in accordance with |
(4) | Portfolio company financial information has not been independently verified by Main Street. |
(5) | These credit statistics exclude portfolio companies on non-accrual or for which EBITDA is not a meaningful metric. |
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson@mainstcapital.com
713-350-6000
Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan@dennardlascar.com
713-529-6600
View original content:https://www.prnewswire.com/news-releases/main-street-announces-third-quarter-2024-results-302299327.html
SOURCE Main Street Capital Corporation
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