SUBSEQUENT EVENTS |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements, and identified the following to report:
In May 2025, Main Street declared a supplemental dividend of $0.30 per share payable in June 2025. This supplemental dividend is in addition to the previously announced regular monthly dividends that Main Street declared of $0.25 per share for each month of April, May and June 2025, or total regular monthly dividends of $0.75 per share for the second quarter of 2025, resulting in total dividends declared for the second quarter of 2025 of $1.05 per share.
In May 2025, Main Street also declared regular monthly dividends of $0.255 per share for each month of July, August and September of 2025. These regular monthly dividends equal a total of $0.765 per share for the third quarter of 2025, representing a 4.1% increase from the regular monthly dividends paid in the third quarter of 2024. Including the regular monthly and supplemental dividends declared for the second and third quarters of 2025, Main Street will have paid $45.79 per share in cumulative dividends since its October 2007 initial public offering.
In April 2025, Main Street entered into an amendment to the Corporate Facility to, among other things: (i) decrease the interest rate to the applicable SOFR plus a credit spread adjustment of 0.10% plus (a) 1.775% prior to satisfying certain step-down conditions or (b) 1.65% after satisfying certain step-down conditions, (ii) increase the revolving commitments to $1.145 billion, (iii) increase the accordion feature providing Main Street with the right to request increases in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments to up to a total of $1.718 billion and (iv) extend the revolving period and final maturity date through April 2029 and to April 2030, respectively.
In April 2025, Main Street entered into an amendment to the SPV Facility to, among other things: (i) decrease the interest rate to the applicable SOFR plus an applicable margin of (a) 1.95% during the revolving period (from 2.35%), (b) 2.075% for the first year following the end of the revolving period (from 2.475%) and (c) 2.20% for the second year following the end of the revolving period (from 2.60%), (ii) extend the revolving period from through September 2027 to through September 2028, (iii) extend the final maturity date from September 2029 to September 2030 and (iv) decrease the unused fee to 0.40% (from 0.50%) on the unused amount up to 50% (from 35%) of the commitment amount.
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