Welcome to our dedicated page for Main Street Capital Corporation news (Ticker: MAIN), a resource for investors and traders seeking the latest updates and insights on Main Street Capital Corporation stock.
Main Street Capital Corporation (NYSE: MAIN) is a principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. The company's portfolio investments typically support management buyouts, recapitalizations, growth financings, refinancings, and acquisitions across various industry sectors. Main Street's lower middle market investments target companies with annual revenues between $10 million and $150 million, offering a 'one-stop' financing solution for entrepreneurs, business owners, and management teams. In contrast, its middle market investments focus on larger businesses.
Recent milestones include:
- In Q4 2023, Main Street reported new or increased commitments in its private loan portfolio amounting to $136.8 million, with investments totaling $160.4 million, bringing the private loan portfolio to around $1.5 billion across 87 unique borrowers.
- Preliminary Q4 2023 results show a record net investment income per share, a new high for net asset value per share for the sixth consecutive quarter, and a return on equity exceeding 22% for the quarter.
- For the full year 2023, Main Street achieved a 19% return on equity, with distributable net investment income per share setting annual records.
Strategic partnerships and diversified investment strategies have enabled Main Street to maintain a conservative capital structure while delivering significant shareholder value. In January 2024, the company issued $350 million in unsecured notes at 6.95%, further solidifying its financial foundation.
Main Street also manages external investments through its wholly-owned subsidiary MSC Adviser I, LLC, which is registered as an investment adviser. This asset management business, which ended 2023 with $1.5 billion in assets under management, contributes substantially to the company's net investment income.
Main Street's robust pipeline and strong performance trends indicate ongoing growth and value creation for stakeholders. For more information, visit the company's website at www.mainstcapital.com.
Main Street Capital Corporation (NYSE: MAIN) announced regular monthly cash dividends of $0.215 per share for January, February, and March 2022, totaling $0.645 for the quarter, a 2.4% increase from Q4 2021 and 4.9% from Q1 2021. The Board also declared a supplemental cash dividend of $0.10 per share payable in December 2021. Since its IPO in October 2007, Main Street has paid $32.82 per share in cumulative dividends, maintaining a consistent dividend increase history without any reductions.
Main Street Capital Corporation (NYSE: MAIN) reported significant activity in its private loan portfolio for Q3 2021. The company originated approximately $99.3 million in new private loan commitments across six borrowers, with total investments reaching a cost basis of around $119.7 million. As of September 30, 2021, Main Street's portfolio contained investments valued at $865.5 million across 69 borrowers, consisting mainly of first lien debt (92.4%). This reflects strong engagement in the lower middle market sector.
Main Street Capital Corporation (NYSE: MAIN) announced its plans to release third-quarter 2021 results on November 4, 2021, after market close. A live conference call to discuss these results is scheduled for November 5, 2021, at 10:00 a.m. Eastern time. Investors can participate via phone by calling 412-902-0030 or through a webcast available on Main Street's website. A replay of the call will be accessible until November 12, 2021.
Main Street primarily invests in lower middle market companies, providing long-term debt and equity capital.
Main Street Capital Corporation (NYSE: MAIN) announced a public offering of $200 million in 3.00% notes due 2026, priced at 101.741% of the principal amount. This issuance will increase total outstanding notes to $500 million. The offering aims to repay existing debt and fund further investments, including marketable securities and operational expenses. The offering is expected to close on October 1, 2021, with expected gross proceeds of approximately $203.5 million and a yield-to-maturity of 2.604%.
Main Street Capital (NYSE: MAIN) announced successful exits from its investments in NRI Clinical Research and SambaSafety. The exit from NRI generated a substantial gain of $8.8 million, yielding an annual internal rate of return of 38.5% on equity. SambaSafety's exit realized a gain of $4.5 million, reflecting a remarkable 134.7% internal rate of return on equity investments. These transactions underscore Main Street's effective investment strategy within the lower middle market and highlight their ability to achieve returns exceeding fair market values.
Main Street Capital Corporation (NYSE: MAIN) announced a total investment of $26 million in first lien, senior secured term debt for two portfolio companies. This includes a follow-on investment in OMi Holdings, Inc., to support its recapitalization, and in Cody Pools, Inc., which is expanding its market presence in Houston through an acquisition. Main Street continues to back lower middle market firms, providing essential capital for growth and operational improvements.
Main Street Capital Corporation (NYSE: MAIN) reported strong second quarter 2021 results, achieving net investment income of $42.4 million ($0.62 per share) and distributable net investment income of $45.2 million ($0.66 per share). Total investment income grew by 29% year-over-year to $67.3 million. The net increase in net assets from operations was $95.1 million, reflecting a record return on equity of 24.2%. Monthly dividends remained steady at $0.615 per share for Q3 2021. Despite increased operating expenses of $22.1 million, the firm maintains a strong liquidity position of $772.8 million, including significant unused credit capacity.
Main Street Capital Corporation (NYSE: MAIN) announced a regular monthly cash dividend of $0.21 per share for October, November, and December 2021. This marks a total of $0.63 for the fourth quarter, representing a 2.4% increase from the prior quarter's dividends. Since its IPO in October 2007, Main Street has consistently increased monthly dividends and has paid a cumulative $32.075 per share in dividends. The ex-dividend dates are September 28, October 28, and November 23, 2021, with payments on October 15, November 15, and December 15, 2021.
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