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 a follow-on investment of $40 million in Gamber-Johnson, LLC to finance its acquisition of Lind Electronic Design Company, Inc.. This investment, which marks Main Street's fifth in Gamber-Johnson since June 2016, is a senior secured term debt. Lind, based in Minnetonka, Minnesota, specializes in rugged mobile power solutions for various sectors, including public safety and military. Gamber-Johnson, headquartered in Stevens Point, Wisconsin, is a leading provider of rugged mounting solutions used globally by law enforcement and military fleets.
Total Commitments for Main Street Capital Corporation have increased from
Main Street Capital Corporation (NYSE: MAIN) announced its preliminary results for Q4 2022, with significant growth in net investment income and record performance indicators. The estimated net investment income per share ranges from
Main Street Capital Corporation (NYSE: MAIN) reported significant activity in its private loan portfolio for Q4 2022. The firm originated or increased commitments totaling $44.2 million, with total investments funded amounting to $86.4 million. Noteworthy loans included $29.1 million to an aircraft service provider, and $6.5 million to a cloud communications firm. As of December 31, 2022, Main Street's portfolio reached approximately $1.5 billion across 85 borrowers, with 96.7% in first lien investments.
Main Street Capital Corporation (NYSE: MAIN) announced the successful closure of a private notes offering totaling $100.0 million. The unsecured notes carry a fixed interest rate of 7.84%, maturing on December 23, 2025. Proceeds will be primarily used to repay debt from its revolving credit facility and fund investments. The notes have not been registered under the Securities Act, limiting their sale in the U.S. without proper registration or exemption. Main Street aims to support lower middle market companies through long-term debt and equity capital.
On November 28, 2022, Main Street Capital Corporation (NYSE: MAIN) announced a new senior secured revolving credit facility of $240 million led by Truist Bank. This facility includes an accordion feature for increases up to $450 million by new and existing lenders. The credit line matures on November 21, 2027, with interest rates structured around one-month Term SOFR and credit spread adjustments. Funds will be used to purchase investments and finance the SPV's direct investments, secured by the SPV's assets, but non-recourse to Main Street.
Main Street Capital Corporation (NYSE: MAIN) announced strong third-quarter 2022 results, with net investment income of $62.4 million ($0.83 per share) and distributable net investment income of $65.8 million ($0.88 per share). The net asset value stood at $25.94 per share. The company declared regular monthly dividends of $0.66 per share for Q4 2022, a 4.8% increase from the previous year, along with a supplemental dividend of $0.10 per share. Total investment income rose to $98.4 million, highlighting the effectiveness of its core investment strategies.
Main Street Capital Corporation (NYSE: MAIN) announced regular monthly cash dividends of $0.225 per share for January, February, and March 2023, totaling $0.675 for the first quarter. This represents a 2.3% increase from Q4 2022 and a 4.7% increase from Q1 2022. Additionally, a supplemental dividend of $0.10 per share will be payable in December 2022. Since its IPO in October 2007, Main Street has paid $35.80 per share in cumulative dividends without ever reducing its monthly payout.
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