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) has completed a follow-on investment of $22.3 million in CAI Software, LLC. This investment supports CAI's acquisition of Radley Corporation, enhancing its electronic data interchange and data collection software capabilities. The deal includes $21.3 million in senior secured term debt and $1 million in equity investment. CAI, a leader in ERP and related services, has made several acquisitions since 2014 to diversify its offerings. Radley will expand CAI’s customer base, particularly in the automotive sector.
Main Street Capital Corporation (NYSE: MAIN) reported its Q3 2020 financial results, showcasing a net investment income of $30.5 million ($0.46 per share) and distributable net investment income of $33.0 million ($0.50 per share). The total investment income for the quarter was $52.0 million, which marked a 14% decline from the previous year. The company's net increase in net assets from operations reached $78.2 million, significantly up from $33.9 million in Q3 2019. Main Street also declared monthly dividends of $0.615 per share for Q4 2020, maintaining its previous distribution levels.
Main Street Capital Corporation (NYSE: MAIN) announced an increase in total commitments under its revolving credit facility from $740 million to $780 million, reflecting a $40 million net increase due to a new lender relationship. This expansion enhances financing capacity for future investments and operations. The credit facility is designed to reach up to $800 million through existing and new lenders. CEO Dwayne L. Hyzak expressed satisfaction with the expanded commitments, highlighting confidence from both new and long-term lender relationships.
Main Street Capital Corporation (NYSE: MAIN) announced regular monthly cash dividends of $0.205 per share for January, February, and March 2021, totaling $0.615 for the first quarter. This marks consistency with prior dividend declarations. Since its IPO in October 2007, Main Street has paid $30.22 in cumulative dividends per share and has never reduced its dividend amount. The dividends will be payable on specified dates, including January 15, February 12, and March 15. Main Street also offers a dividend reinvestment plan for shareholders.
Main Street Capital Corporation (NYSE: MAIN) announced that its subsidiary, MSC Adviser I, LLC, received shareholder approval to replace HMS Adviser LP as the sole investment adviser to HMS Income Fund, which will be renamed MSC Income Fund. This change will reduce the management fee from 2.00% to 1.75%, while the incentive fee structure remains unchanged. The transaction is expected to close on October 30, 2020. CEO Dwayne L. Hyzak expressed confidence in a seamless transition and the strategy to grow their asset management business, benefiting stakeholders.
Main Street Capital Corporation (NYSE: MAIN) will announce its third quarter 2020 results on November 5, 2020, after market close. A conference call is scheduled for November 6, 2020, at 10:00 a.m. Eastern time, available via phone and webcast. Investors can dial 412-902-0030 to participate or connect through the Investor Relations section of the website. A replay will be accessible until November 13, 2020.
Main Street Capital Corporation (NYSE: MAIN) announced strong third-quarter 2020 activity in its private loan portfolio, originating approximately $85.0 million in new commitments across five borrowers. The net new investments totaled around $71.0 million. Notable commitments included significant loans to diverse sectors, such as $17.3 million to a consumer product manufacturer and $16.7 million to a defense contractor. As of September 30, 2020, the total portfolio was valued at $823.0 million, with 90% in first lien debt investments.
Main Street Capital Corporation (NYSE: MAIN) reported a net investment income of $31.3 million ($0.48 per share) for Q2 2020, down 21% from the previous year. Total investment income fell to $52.0 million, a 15% decline primarily due to lower interest and dividend income. The company declared monthly dividends of $0.615 per share for Q3, maintaining previous levels. Operating expenses decreased to $17.9 million, resulting in an operating expenses to assets ratio of 1.4%. Main Street completed $84.6 million in lower middle market investments and announced a transition to sole investment adviser for HMS Income Fund.
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