![]() | NEWS RELEASE |
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 |
Three Months Ended March 31, | |||||||
2025 | 2024 | Change ($) | Change (%) | ||||
(in thousands, except per share amounts) | |||||||
Interest income | $98,017 | $100,106 | $(2,089) | (2)% | |||
Dividend income | 36,026 | 22,791 | 13,235 | 58% | |||
Fee income | 3,003 | 8,709 | (5,706) | (66)% | |||
Total investment income | $137,046 | $131,606 | $5,440 | 4% | |||
Net investment income | $89,810 | $89,807 | $3 | —% | |||
Net investment income per share | $1.01 | $1.05 | $(0.04) | (4)% | |||
Distributable net investment income (1) | $94,832 | $94,372 | $460 | —% | |||
Distributable net investment income per share (1) | $1.07 | $1.11 | $(0.04) | (4)% | |||
Net increase in net assets resulting from operations | $116,082 | $107,147 | $8,935 | 8% | |||
Net increase in net assets resulting from operations per share | $1.31 | $1.26 | $0.05 | 4% |
Three Months Ended March 31, 2025 | |||||||||
LMM (a) | Private Loan | Middle Market | Other | Total | |||||
(in millions) | |||||||||
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period | $(0.6) | $8.8 | $20.9 | $(0.2) | $28.9 | ||||
Net unrealized appreciation (depreciation) relating to portfolio investments | 50.2 | (4.5) | (4.2) | (7.2) | (b) | 34.3 | |||
Total net unrealized appreciation (depreciation) relating to portfolio investments | $49.6 | $4.3 | $16.7 | $(7.4) | $63.2 |
As of March 31, 2025 | ||||
LMM (a) | Private Loan | |||
(dollars in millions) | ||||
Number of portfolio companies | 86 | 90 | ||
Fair value | $2,611.0 | $1,942.2 | ||
Cost | $1,996.2 | $1,986.0 | ||
Debt investments as a % of portfolio (at cost) | 70.7% | 94.7% | ||
Equity investments as a % of portfolio (at cost) | 29.3% | 5.3% | ||
% of debt investments at cost secured by first priority lien | 99.2% | 99.9% | ||
Weighted-average annual effective yield (b) | 12.7% | 11.4% | ||
Average EBITDA (c) | $10.5 | $32.6 |
Three Months Ended March 31, | |||
2025 | 2024 | ||
INVESTMENT INCOME: | |||
Interest, fee and dividend income: | |||
Control investments | $56,242 | $51,119 | |
Affiliate investments | 23,734 | 17,728 | |
Non‑Control/Non‑Affiliate investments | 57,070 | 62,759 | |
Total investment income | 137,046 | 131,606 | |
EXPENSES: | |||
Interest | (31,168) | (26,776) | |
Compensation | (11,476) | (12,259) | |
General and administrative | (5,086) | (4,220) | |
Share‑based compensation | (4,842) | (4,103) | |
Expenses allocated to the External Investment Manager | 5,336 | 5,559 | |
Total expenses | (47,236) | (41,799) | |
NET INVESTMENT INCOME | 89,810 | 89,807 | |
NET REALIZED GAIN (LOSS): | |||
Control investments | 22 | 10 | |
Affiliate investments | 2,064 | (7,110) | |
Non‑Control/Non‑Affiliate investments | (31,631) | (5,267) | |
Total net realized loss | (29,545) | (12,367) | |
NET UNREALIZED APPRECIATION: | |||
Control investments | 401 | 32,070 | |
Affiliate investments | 39,003 | 5,925 | |
Non‑Control/Non‑Affiliate investments | 23,786 | 2,652 | |
Total net unrealized appreciation | 63,190 | 40,647 | |
INCOME TAXES: | |||
Federal and state income, excise and other taxes | (2,486) | (2,131) | |
Deferred taxes | (4,887) | (8,809) | |
Total income tax provision | (7,373) | (10,940) | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $116,082 | $107,147 | |
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED | $1.01 | $1.05 | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED | $1.31 | $1.26 | |
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED | 88,711,015 | 85,138,530 |
March 31, | December 31, | |||
2025 | 2024 | |||
(Unaudited) | ||||
ASSETS | ||||
Investments at fair value: | ||||
Control investments | $2,172,956 | $2,087,890 | ||
Affiliate investments | 899,326 | 846,798 | ||
Non‑Control/Non‑Affiliate investments | 1,981,857 | 1,997,981 | ||
Total investments | 5,054,139 | 4,932,669 | ||
Cash and cash equivalents | 109,180 | 78,251 | ||
Interest and dividend receivable and other assets | 98,395 | 98,084 | ||
Deferred financing costs, net | 11,671 | 12,337 | ||
Total assets | $5,273,385 | $5,121,341 | ||
LIABILITIES | ||||
Credit Facilities | $514,000 | $384,000 | ||
July 2026 Notes (par: $500,000 as of both March 31, 2025 and December 31, 2024) | 499,320 | 499,188 | ||
June 2027 Notes (par: $400,000 as of both March 31, 2025 and December 31, 2024) | 399,354 | 399,282 | ||
March 2029 Notes (par: $350,000 as of both March 31, 2025 and December 31, 2024) | 347,182 | 347,002 | ||
SBIC debentures (par: $350,000 as of both March 31, 2025 and December 31, 2024) | 343,711 | 343,417 | ||
December 2025 Notes (par: $150,000 as of both March 31, 2025 and December 31, 2024) | 149,612 | 149,482 | ||
Accounts payable and other liabilities | 46,894 | 69,631 | ||
Interest payable | 20,016 | 23,290 | ||
Dividend payable | 22,165 | 22,100 | ||
Deferred tax liability, net | 90,998 | 86,111 | ||
Total liabilities | 2,433,252 | 2,323,503 | ||
NET ASSETS | ||||
Common stock | 887 | 884 | ||
Additional paid‑in capital | 2,413,914 | 2,394,492 | ||
Total undistributed earnings | 425,332 | 402,462 | ||
Total net assets | 2,840,133 | 2,797,838 | ||
Total liabilities and net assets | $5,273,385 | $5,121,341 | ||
NET ASSET VALUE PER SHARE | $32.03 | $31.65 |
Three Months Ended | |||
March 31, | |||
2025 | 2024 | ||
Net investment income | $89,810 | $89,807 | |
Non-cash compensation expenses (3) | 5,022 | 4,565 | |
Distributable net investment income (1) | $94,832 | $94,372 | |
Per share amounts: | |||
Net investment income per share - | |||
Basic and diluted | $1.01 | $1.05 | |
Distributable net investment income per share - | |||
Basic and diluted (1) | $1.07 | $1.11 |
Three Months Ended | |||
March 31, | |||
2025 | 2024 | ||
Share‑based compensation | $(4,842) | $(4,103) | |
Deferred compensation expense | (180) | (462) | |
Total non-cash compensation expenses (3) | (5,022) | (4,565) | |
Total expenses | (47,236) | (41,799) | |
Less non-cash compensation expenses (3) | 5,022 | 4,565 | |
Total cash expenses (3) | $(42,214) | $(37,234) | |
Compensation | $(11,476) | $(12,259) | |
Share-based compensation | (4,842) | (4,103) | |
Total compensation expenses | (16,318) | (16,362) | |
Non-cash compensation expenses (3) | 5,022 | 4,565 | |
Total cash compensation expenses (3) | $(11,296) | $(11,797) |