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MAIN STREET ANNOUNCES 2024 FOURTH QUARTER AND ANNUAL RESULTS
MAINMSCC(MAIN) Prnewswire·2025-02-27 21:15

Core Insights - Main Street Capital Corporation reported a fourth quarter 2024 net investment income of 1.02pershareanddistributablenetinvestmentincomeof1.02 per share and distributable net investment income of 1.08 per share, with a net asset value of 31.65pershareasofDecember31,2024[1][4][5]FourthQuarter2024Highlights−Totalinvestmentincomeforthefourthquarterwas31.65 per share as of December 31, 2024 [1][4][5] Fourth Quarter 2024 Highlights - Total investment income for the fourth quarter was 140.4 million, an increase of 9% from the previous year [4][6] - Net investment income was 90.4million,remainingrelativelystablecomparedto90.4 million, remaining relatively stable compared to 90.1 million in the same quarter of 2023 [4][10] - The company declared regular monthly dividends totaling 0.75pershareforthefirstquarterof2025,markinga4.20.75 per share for the first quarter of 2025, marking a 4.2% increase from the previous year [4][5] - A supplemental dividend of 0.30 per share was declared, resulting in total dividends of 1.035pershareforthefourthquarter,a5.61.035 per share for the fourth quarter, a 5.6% increase from the same period in 2023 [4][5] Full Year 2024 Highlights - For the full year 2024, net investment income totaled 355.1 million, or 4.09pershare,whiledistributablenetinvestmentincomewas4.09 per share, while distributable net investment income was 375.0 million, or 4.32pershare[4][10]−Totalinvestmentincomefortheyearwas4.32 per share [4][10] - Total investment income for the year was 541.0 million, reflecting a strong performance [4][10] - The company achieved a return on equity of 19.4% for the year, with a net asset value increase of 8.4% compared to the previous year [4][10] Investment Portfolio and Performance - The company completed 167.6millioninlowermiddlemarketportfolioinvestmentsduringthefourthquarter,including167.6 million in lower middle market portfolio investments during the fourth quarter, including 115.8 million in two new portfolio companies [4][10] - The total cash expenses increased by 30.9% to 45.1million,primarilyduetohigherinterestexpenses[8][10]−TheOperatingExpensestoAssetsRatioremainedat1.345.1 million, primarily due to higher interest expenses [8][10] - The Operating Expenses to Assets Ratio remained at 1.3% on an annualized basis, indicating strong cost efficiency [4][9] Liquidity and Capital Resources - As of December 31, 2024, the company had aggregate liquidity of 1.404 billion, including 78.3millionincashandcashequivalents[15][18]−TheCorporateFacilitywasamendedtoincreasetotalcommitmentsto78.3 million in cash and cash equivalents [15][18] - The Corporate Facility was amended to increase total commitments to 1.110 billion, with an extended maturity date [5][18] - The company maintains investment grade debt ratings from Fitch Ratings and S&P Global Ratings, with a stable outlook [18][19] External Investment Manager - The External Investment Manager, MSC Adviser I, LLC, contributed 8.7milliontonetinvestmentincomeduringthefourthquarter,despiteaslightdecreasefromthepreviousyear[20][22]−TheExternalInvestmentManagerendedthefourthquarterwithtotalassetsundermanagementof8.7 million to net investment income during the fourth quarter, despite a slight decrease from the previous year [20][22] - The External Investment Manager ended the fourth quarter with total assets under management of 1.6 billion [22][20] - MSC Income Fund, a client of the External Investment Manager, successfully closed a public offering for gross proceeds of $85.4 million [21][22]