• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    MAIN STREET ANNOUNCES FIRST QUARTER 2025 RESULTS

    5/8/25 4:15:00 PM ET
    $MAIN
    Finance/Investors Services
    Finance
    Get the next $MAIN alert in real time by email

    First Quarter 2025 Net Investment Income of $1.01 Per Share

    First Quarter 2025 Distributable Net Investment Income(1) of $1.07 Per Share

    Net Asset Value of $32.03 Per Share

    HOUSTON, May 8, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE:MAIN) ("Main Street") is pleased to announce its financial results for the first quarter ended March 31, 2025. Unless otherwise noted or the context otherwise indicates, the terms "we," "us," "our" and the "Company" refer to Main Street and its consolidated subsidiaries.

    First Quarter 2025 Highlights

    • Net investment income of $89.8 million (or $1.01 per share)
    • Distributable net investment income(1) of $94.8 million (or $1.07 per share)
    • Total investment income of $137.0 million
    • An industry leading position in cost efficiency, with a ratio of total non-interest operating expenses as a percentage of quarterly average total assets ("Operating Expenses to Assets Ratio") of 1.2% on an annualized basis for the quarter and 1.3% for the trailing twelve-month ("TTM") period ended March 31, 2025
    • Net increase in net assets resulting from operations of $116.1 million (or $1.31 per share)
    • Return on equity(2) of 16.5% on an annualized basis for the quarter and 19.3% for the TTM period ended March 31, 2025
    • Net asset value of $32.03 per share as of March 31, 2025, representing an increase of $0.38 per share, or 1.2%, compared to $31.65 per share as of December 31, 2024
    • Declared regular monthly dividends totaling $0.75 per share for the second quarter of 2025, or $0.25 per share for each of April, May and June 2025, representing a 4.2% increase from the regular monthly dividends paid in the second quarter of 2024
    • Declared and paid a supplemental dividend of $0.30 per share, resulting in total dividends paid in the first quarter of 2025 of $1.05 per share and representing a 2.9% increase from the total dividends paid in the first quarter of 2024
    • Completed $86.2 million in total lower middle market ("LMM") portfolio investments, including investments totaling $61.9 million in two new LMM portfolio companies, which after aggregate repayments of LMM portfolio debt investments resulted in a net increase of $57.3 million in the total cost basis of the LMM investment portfolio
    • Completed $138.2 million in total private loan portfolio investments, which after aggregate repayments of several private loan portfolio debt investments, a partial sale of a private loan portfolio debt investment, return of invested equity capital from several private loan portfolio equity investments and a decrease in cost basis due to realized losses on several private loan portfolio investments resulted in a net increase of $25.6 million in the total cost basis of the private loan investment portfolio
    • Net decrease of $44.2 million in the total cost basis of the middle market investment portfolio

    In commenting on the Company's operating results for the first quarter of 2025, Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are pleased with our performance in the first quarter, which resulted in another quarter of strong operating results highlighted by an annualized return on equity of 16.5%, favorable levels of net investment income per share and distributable net investment income per share and another record net asset value per share driven by significant unrealized appreciation on our lower middle market portfolio investments. We are also very pleased to have completed the listing of MSC Income Fund's common stock on the New York Stock Exchange in January 2025, which was the result of our long-term strategy efforts related to the fund and we believe provides the opportunity for significant future benefits to both the fund's shareholders and our Asset Management Business. We believe that these continued strong results demonstrate the sustainable strength of our overall platform, the benefits of our differentiated and diversified investment strategies, the unique contributions of our asset management business and the continued underlying strength and quality of our portfolio companies."

    Mr. Hyzak continued, "Our continued positive performance allowed us to increase the total dividends paid to our shareholders in the first quarter by 2.9% over the prior year, continuing our trend of increasing the dividends paid to our shareholders over the past few years, while also continuing to generate distributable net investment income per share which exceeds the total dividends paid to our shareholders. In addition, our strong first quarter performance resulted in the declaration of another $0.30 per share supplemental dividend to be paid in June 2025, representing our fifteenth consecutive quarterly supplemental dividend, to go with the ten increases to our regular monthly dividends declared since the fourth quarter of 2021. Additionally, with the continued support from our long-term lender relationships as evidenced by the recent amendments and extensions of both our Corporate Facility and our SPV Facility, we continue to maintain very strong liquidity and a conservative leverage profile, providing us significant flexibility in the current market. We continue to be encouraged by the favorable performance of the companies in our diversified lower middle market and private loan investment portfolios and remain confident that these strategies, together with the benefits of our asset management business and our cost efficient operating structure, will allow us to continue to deliver superior results for our shareholders."

    First Quarter 2025 Operating Results

    The following table provides a summary of our operating results for the first quarter of 2025:



    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 %

















    The $5.4 million increase in total investment income in the first quarter of 2025 from the comparable period of the prior year was principally attributable to a $13.2 million increase in dividend income, primarily due to a $13.1 million increase in dividend income from our LMM portfolio companies and a $1.2 million increase in dividend income from our private loan portfolio companies, partially offset by a $0.6 million decrease in dividend income from our other portfolio investments and a $0.5 million decrease in dividend income from our External Investment Manager (as defined in the External Investment Manager section below), partially offset by (i) a $5.7 million decrease in fee income, primarily related to a $3.6 million decrease from accelerated amortization and exit, prepayment and amendment activity and a $2.1 million decrease from decreased investment activity and (ii) a $2.1 million decrease in interest income, primarily due to an increase in investments on non-accrual status and a decrease in interest rates on floating rate investment portfolio debt investments primarily resulting from decreases in benchmark index rates, partially offset by higher average levels of income producing investment portfolio debt investments. The $5.4 million increase in total investment income in the first quarter of 2025 is after the impact of a decrease of $5.2 million in certain income considered less consistent or non-recurring, primarily related to (i) a $3.5 million decrease in such fee income, (ii) a $1.2 million decrease in such dividend income and (iii) a $0.5 million decrease in such interest income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt investments, in each case when compared to the same period in 2024.

    Total cash expenses(3) increased $5.0 million, or 13.4%, to $42.2 million in the first quarter of 2025 from $37.2 million for the same period in 2024. This increase in total cash expenses was principally attributable to (i) a $4.4 million increase in interest expense, (ii) a $0.9 million increase in general and administrative expense and (iii) a $0.2 million decrease in expenses allocated to our External Investment Manager, partially offset by a $0.5 million decrease in cash compensation expenses.(3) The increase in interest expense is primarily related to (i) an increased weighted-average interest rate on our debt obligations resulting from the issuance of the March 2029 Notes and the June 2027 Notes and the repayment of the notes repaid at maturity in May 2024 and (ii) an increase in average borrowings outstanding used to fund a portion of the growth of our investment portfolio, partially offset by a decreased weighted-average interest rate on our Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index rates.

    Non-cash compensation expenses(3) increased $0.5 million in the first quarter of 2025 from the comparable period of the prior year, primarily driven by a $0.7 million increase in share-based compensation.

    Our Operating Expenses to Assets Ratio (which includes non-cash compensation expenses(3)) on an annualized basis was 1.2% for the first quarter of 2025, a decrease from 1.3% for the first quarter of 2024.

    Net investment income in the first quarter of 2025 was consistent with net investment income in the first quarter of 2024 and the $0.5 million increase in distributable net investment income(1) in the first quarter of 2025 from the comparable period of the prior year was principally attributable to the increase in non-cash compensation expenses,(3) as discussed above. Net investment income and distributable net investment income(1) both decreased by $0.04 per share for the first quarter of 2025 as compared to the first quarter of 2024, to $1.01 per share and $1.07 per share, respectively. These decreases include the impact of a 4.2% increase in the weighted-average shares outstanding compared to the first quarter of 2024, primarily due to shares issued since the beginning of the comparable period of the prior year through our (i) at-the-market ("ATM") equity issuance program, (ii) dividend reinvestment plan and (iii) equity incentive plans. Net investment income and distributable net investment income(1) on a per share basis in the first quarter of 2025 both include a net decrease of $0.06 per share resulting from a decrease in investment income considered less consistent or non-recurring in nature compared to the first quarter of 2024, as discussed above.

    The $116.1 million net increase in net assets resulting from operations in the first quarter of 2025 represents an $8.9 million increase from the first quarter of 2024. This increase was primarily the result of (i) a $22.5 million increase in net unrealized appreciation from portfolio investments (including the impact of accounting reversals relating to realized gains/income (losses)) and (ii) a $3.6 million decrease in income tax provision, partially offset by a $17.2 million increase in net realized loss from investments resulting from a net realized loss of $29.5 million in the first quarter of 2025 compared to a net realized loss of $12.4 million in the first quarter of 2024. The $29.5 million net realized loss from investments for the first quarter of 2025 was primarily the result of (i) a $16.3 million realized loss on the full exit of a middle market portfolio investment, (ii) $15.3 million of realized losses on the restructures of two private loan portfolio investments, (iii) a $6.7 million realized loss on the partial exit of a middle market portfolio investment and (iv) a $3.4 million loss on the restructure of a middle market portfolio investment, partially offset by (i) $5.8 million of realized gains on the full exits of two private loan portfolio investments and (ii) a $5.5 million realized gain on proceeds received from a middle market portfolio debt investment.

    The following table provides a summary of the total net unrealized appreciation of $63.2 million for the first quarter of 2025:



    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



























    (a)

    LMM includes unrealized appreciation on 35 LMM portfolio investments and unrealized depreciation on 20 LMM portfolio investments.

    (b)

    Primarily consists of $7.8 million of unrealized depreciation related to the External Investment Manager.





    Liquidity and Capital Resources

    As of March 31, 2025, we had aggregate liquidity of $1.302 billion, including (i) $109.2 million in cash and cash equivalents and (ii) $1.193 billion of aggregate unused capacity under our corporate revolving credit facility (our "Corporate Facility") and our special purpose vehicle revolving credit facility (our "SPV Facility" and, together with our Corporate Facility, our "Credit Facilities"), which we maintain to support our investment and operating activities.

    Several details regarding our capital structure as of March 31, 2025 are as follows:

    • Our Corporate Facility included $1.110 billion in total commitments from a diversified group of 19 participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $1.665 billion.
    • $338.0 million in outstanding borrowings under our Corporate Facility, with an interest rate of 6.3% based on the applicable Secured Overnight Financing Rate ("SOFR") effective for the contractual reset date of April 1, 2025.
    • Our SPV Facility included $600.0 million in total commitments from a diversified group of six participating lenders, plus an accordion feature that allows us to request an increase in the total commitments under the facility to up to $800.0 million.
    • $176.0 million in outstanding borrowings under our SPV Facility, with an interest rate of 6.7% based on the applicable SOFR effective for the contractual reset date of April 1, 2025.
    • $500.0 million of notes outstanding that bear interest at a rate of 3.00% per year (the "July 2026 Notes"). The July 2026 Notes mature on July 14, 2026 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.
    • $400.0 million of June 2027 Notes outstanding that bear interest at a rate of 6.50% per year with a yield-to-maturity of approximately 6.34% (the "June 2027 Notes"). The June 2027 Notes mature on June 4, 2027 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.
    • $350.0 million of notes outstanding that bear interest at a rate of 6.95% per year (the "March 2029 Notes"). The March 2029 Notes mature on March 1, 2029 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.
    • $350.0 million of outstanding Small Business Investment Company ("SBIC") debentures through our wholly-owned SBIC subsidiaries. These debentures, which are guaranteed by the U.S. Small Business Administration (the "SBA"), had a weighted-average annual fixed interest rate of 3.26% and mature ten years from original issuance. The first maturity related to our existing SBIC debentures occurs in the first quarter of 2027, and the weighted-average remaining duration was 5.4 years.
    • $150.0 million of notes outstanding that bear interest at a weighted-average rate of 7.74% per year (the "December 2025 Notes"). The December 2025 Notes mature on December 23, 2025 and may be redeemed in whole or in part at any time at our option subject to certain make-whole provisions.
    • We maintain investment grade credit ratings from each of Fitch Ratings and S&P Global Ratings, both of which have assigned us investment grade credit ratings of BBB- with a stable outlook.
    • Our net asset value totaled $2.8 billion, or $32.03 per share.

    In April 2025, we had several positive activities and enhancements related to our capital structure, including the following:

    • Fitch Ratings upgraded our secured debt rating to BBB.
    • We 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.
    • We entered into an amendment to our 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 from $1,110.0 million to $1,145.0 million, (iii) increase the accordion feature providing us 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 from up to a total of $1,665.0 million to up to a total of $1,717.5 million and (iv) extend the revolving period and final maturity date through April 2029 and to April 2030, respectively.

    Investment Portfolio Information as of March 31, 2025(4)

    The following table provides a summary of the investments in our LMM portfolio and private loan portfolio as of March 31, 2025:





    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



























    (a)

    We had equity ownership in all of our LMM portfolio companies, and our average fully diluted equity ownership in those portfolio companies was 39%.

    (b)

    The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2025.

    (c)

    The average EBITDA is calculated using a simple average for the LMM portfolio and a weighted-average for the private loan portfolio. These calculations exclude certain portfolio companies, including six LMM portfolio companies and seven private loan portfolio companies, as EBITDA is not a meaningful valuation metric for our investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.





    The fair value of our LMM portfolio company equity investments was 213% of the cost of such equity investments, and our LMM portfolio companies had a median net senior debt (senior interest-bearing debt through our debt position less cash and cash equivalents) to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ratio of 2.6 to 1.0 and a median total EBITDA to senior interest expense ratio of 3.0 to 1.0. Including all debt that is junior in priority to our debt position, these median ratios were 2.6 to 1.0 and 3.0 to 1.0, respectively.(4)(5)

    As of March 31, 2025, our investment portfolio also included:

    • Middle market portfolio investments in 13 portfolio companies, collectively totaling $128.3 million in fair value and $151.4 million in cost basis, which comprised 2.5% and 3.5% of our investment portfolio, respectively;
    • Other portfolio investments in 31 entities, spread across 12 investment managers, collectively totaling $134.5 million in fair value and $132.7 million in cost basis, which comprised 2.7% and 3.1% of our investment portfolio at fair value and cost, respectively; and
    • Our investment in the External Investment Manager, with a fair value of $238.2 million and a cost basis of $29.5 million, which comprised 4.7% and 0.7% of our investment portfolio at fair value and cost, respectively.

    As of March 31, 2025, non-accrual investments comprised 1.7% of the total investment portfolio at fair value and 4.5% at cost, and our total portfolio investments at fair value were 118% of the related cost basis.

    External Investment Manager

    MSC Adviser I, LLC is our wholly-owned portfolio company and registered investment adviser that provides investment management services to external parties (the "External Investment Manager"). We share employees with the External Investment Manager and allocate costs related to such shared employees and other operating expenses to the External Investment Manager. The total contribution of the External Investment Manager to our net investment income consists of the combination of the expenses we allocate to the External Investment Manager and the dividend income we earn from the External Investment Manager. During the first quarter of 2025, the External Investment Manager earned $5.8 million of management fee income, an increase of $0.1 million from the first quarter of 2024, and incentive fees of $2.7 million, a decrease of $1.2 million from the first quarter of 2024. In addition, we allocated $5.3 million of total expenses to the External Investment Manager, a decrease of $0.3 million from the first quarter of 2024. The decrease in incentive fees was primarily attributable to changes in the advisory agreement between the External Investment Manager and its client, MSC Income Fund, Inc., in conjunction with the listing of MSC Income Fund's shares on the New York Stock Exchange in January 2025. The combination of the dividend income we earned from the External Investment Manager and expenses we allocated to it resulted in a total contribution to our net investment income of $7.8 million, representing a decrease of $0.8 million from the first quarter of 2024.

    We continue to execute our fund-raising activities of limited partner commitments for our second private loan fund managed by the External Investment Manager. This fund is exclusively focused on investments in our private loan investment strategy and provides us an additional opportunity for continued growth of the benefits from the External Investment Manager.

    The External Investment Manager ended the first quarter of 2025 with total assets under management of $1.6 billion.

    First Quarter 2025 Financial Results Conference Call / Webcast

    Main Street has scheduled a conference call for Friday, May 9, 2025 at 10:00 a.m. Eastern Time to discuss the first quarter 2025 financial results.

    You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of the Main Street website at https://www.mainstcapital.com.

    A telephonic replay of the conference call will be available through Friday, May 16, 2025 and may be accessed by dialing 201-612-7415 and using the passcode 13752809#. An audio archive of the conference call will also be available on the investor relations section of the Company's website at https://www.mainstcapital.com shortly after the call and will be accessible until the date of Main Street's earnings release for the next quarter.

    For a more detailed discussion of the financial and other information included in this press release, please refer to the Main Street Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 to be filed with the U.S. Securities and Exchange Commission (www.sec.gov) and Main Street's First Quarter 2025 Investor Presentation to be posted on the investor relations section of the Main Street website at https://www.mainstcapital.com.

    ABOUT MAIN STREET CAPITAL CORPORATION

    Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

    Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

    FORWARD-LOOKING STATEMENTS

    Main Street cautions that statements in this press release which are forward–looking and provide other than historical information, including but not limited to Main Street's ability to successfully source and execute on new portfolio investments and deliver future financial performance and results, are based on current conditions and information available to Main Street as of the date hereof and include statements regarding Main Street's goals, beliefs, strategies and future operating results and cash flows. Although its management believes that the expectations reflected in those forward–looking statements are reasonable, Main Street can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: Main Street's continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which Main Street's portfolio companies operate; the impacts of macroeconomic factors on Main Street and its portfolio companies' businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact Main Street's operations or the operations of its portfolio companies; the operating and financial performance of Main Street's portfolio companies and their access to capital; retention of key investment personnel; competitive factors; and such other factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in Main Street's filings with the U.S. Securities and Exchange Commission (www.sec.gov). Main Street undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.

    MAIN STREET CAPITAL CORPORATION

    Consolidated Statements of Operations

    (in thousands, except shares and per share amounts)

    (Unaudited)





    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

     

    MAIN STREET CAPITAL CORPORATION

    Consolidated Balance Sheets

    (in thousands, except per share amounts)







    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

     

    MAIN STREET CAPITAL CORPORATION

    Reconciliation of Distributable Net Investment Income,

    Total Cash Expenses, Non-Cash Compensation Expenses

    and Cash Compensation Expenses

    (in thousands, except per share amounts)

    (Unaudited)





    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)

     

     

    MAIN STREET CAPITAL CORPORATION

    Endnotes



    (1)

    Distributable net investment income is net investment income as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash compensation expenses.(3) Main Street believes presenting distributable net investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses(3) do not result in a net cash impact to Main Street upon settlement. However, distributable net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to distributable net investment income is detailed in the financial tables included with this press release.





    (2)

    Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.





    (3)

    Non-cash compensation expenses consist of (i) share-based compensation and (ii) deferred compensation expense or benefit, both of which are non-cash in nature. Share-based compensation does not require settlement in cash. Deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. The appreciation (depreciation) in the fair value of deferred compensation plan assets is reflected in Main Street's Consolidated Statements of Operations as unrealized appreciation (depreciation) and an increase (decrease) in compensation expenses, respectively. Cash compensation expenses are total compensation expenses as determined in accordance with U.S. GAAP, less non-cash compensation expenses. Total cash expenses are total expenses, as determined in accordance with U.S. GAAP, excluding non-cash compensation expenses. Main Street believes presenting cash compensation expenses, non-cash compensation expenses and total cash expenses is useful and appropriate supplemental disclosure for analyzing its financial performance since non-cash compensation expenses do not result in a net cash impact to Main Street upon settlement. However, cash compensation expenses, non-cash compensation expenses and total cash expenses are non-U.S. GAAP measures and should not be considered as a replacement for compensation expenses, total expenses or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. A reconciliation of compensation expenses and total expenses in accordance with U.S. GAAP to cash compensation expenses, non-cash compensation expenses and total cash expenses is detailed in the financial tables included with this press release.





    (4)

    Portfolio company financial information has not been independently verified by Main Street.





    (5)

    These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which EBITDA is not a meaningful metric.

     

    Contacts:

    Main Street Capital Corporation

    Dwayne L. Hyzak, CEO, [email protected]

    Ryan R. Nelson, CFO, [email protected]

    713-350-6000

    Dennard Lascar Investor Relations

    Ken Dennard / [email protected]

    Zach Vaughan / [email protected]

    713-529-6600

    Cision View original content:https://www.prnewswire.com/news-releases/main-street-announces-first-quarter-2025-results-302450315.html

    SOURCE Main Street Capital Corporation

    Get the next $MAIN alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $MAIN

    DatePrice TargetRatingAnalyst
    1/8/2024$47.00Buy → Neutral
    B. Riley Securities
    6/30/2023$45.00Market Perform → Outperform
    Hovde Group
    12/19/2022$40.00Neutral
    UBS
    12/12/2022$42.00Buy
    B. Riley Securities
    8/8/2022Outperform → Mkt Perform
    Raymond James
    3/7/2022$44.00Market Perform
    Hovde Group
    11/9/2021$45.00 → $48.00Outperform
    RBC Capital
    11/8/2021$44.00 → $47.00Outperform
    Raymond James
    More analyst ratings

    $MAIN
    Financials

    Live finance-specific insights

    See more
    • MAIN STREET ANNOUNCES FIRST QUARTER 2025 RESULTS

      First Quarter 2025 Net Investment Income of $1.01 Per Share First Quarter 2025 Distributable Net Investment Income(1) of $1.07 Per Share Net Asset Value of $32.03 Per Share HOUSTON, May 8, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE:MAIN) ("Main Street") is pleased to announce its financial results for the first quarter ended March 31, 2025. Unless otherwise noted or the context otherwise indicates, the terms "we," "us," "our" and the "Company" refer to Main Street and its consolidated subsidiaries. First Quarter 2025 Highlights Net investment income of $89.8 million (or $1.01 per share)Distributable net investment income(1) of $94.8 million (or $1.07 per share)Total investme

      5/8/25 4:15:00 PM ET
      $MAIN
      Finance/Investors Services
      Finance
    • MSC Income Fund Announces First Quarter 2025 Earnings Release and Conference Call Schedule

      Call Scheduled for 10:00 a.m. Eastern Time on Tuesday, May 13, 2025 HOUSTON, April 17, 2025 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE:MSIF) ("MSC Income" or the "Company") is pleased to announce that it will release its first quarter 2025 results on Monday, May 12, 2025 after the financial markets close. In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live via phone and over the Internet, on Tuesday, May 13, 2025 at 10:00 a.m. Eastern time. Investors may participate either by phone or audio webcast.(1) By Phone:          Dial 412-902-0030 at least 10 minutes before the call. A replay will be available through Tuesday, May 20, 2025 by d

      4/17/25 7:00:00 AM ET
      $MAIN
      $MSIF
      Finance/Investors Services
      Finance
    • Main Street Announces Preliminary Estimate of First Quarter 2025 Operating Results

      Announces First Quarter 2025 Earnings Release and Conference Call Schedule HOUSTON, April 16, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE:MAIN) ("Main Street" or the "Company") is pleased to announce its preliminary operating results for the first quarter of 2025 and its first quarter 2025 earnings release and conference call schedule. In commenting on the Company's preliminary operating results for the first quarter of 2025, Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are pleased with our performance in the first quarter, which resulted in another quarter of strong operating results, including a new record for net asset value per share for the elevent

      4/16/25 7:00:00 AM ET
      $MAIN
      Finance/Investors Services
      Finance

    $MAIN
    SEC Filings

    See more
    • Main Street Capital Corporation filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

      8-K - Main Street Capital CORP (0001396440) (Filer)

      5/6/25 11:28:59 AM ET
      $MAIN
      Finance/Investors Services
      Finance
    • Main Street Capital Corporation filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - Main Street Capital CORP (0001396440) (Filer)

      5/6/25 10:00:26 AM ET
      $MAIN
      Finance/Investors Services
      Finance
    • Main Street Capital Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Other Events, Financial Statements and Exhibits

      8-K - Main Street Capital CORP (0001396440) (Filer)

      5/1/25 9:06:30 AM ET
      $MAIN
      Finance/Investors Services
      Finance

    $MAIN
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Main Street Capital downgraded by B. Riley Securities with a new price target

      B. Riley Securities downgraded Main Street Capital from Buy to Neutral and set a new price target of $47.00

      1/8/24 8:58:43 AM ET
      $MAIN
      Finance/Investors Services
      Finance
    • Main Street Capital upgraded by Hovde Group with a new price target

      Hovde Group upgraded Main Street Capital from Market Perform to Outperform and set a new price target of $45.00

      6/30/23 7:28:33 AM ET
      $MAIN
      Finance/Investors Services
      Finance
    • UBS initiated coverage on Main Street Capital with a new price target

      UBS initiated coverage of Main Street Capital with a rating of Neutral and set a new price target of $40.00

      12/19/22 7:40:55 AM ET
      $MAIN
      Finance/Investors Services
      Finance

    $MAIN
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Shive Dunia A was granted 2,260 shares, increasing direct ownership by 11% to 23,703 units (SEC Form 4)

      4 - Main Street Capital CORP (0001396440) (Issuer)

      5/7/25 4:30:28 PM ET
      $MAIN
      Finance/Investors Services
      Finance
    • Director Jackson John Earl was granted 2,072 shares, increasing direct ownership by 3% to 77,580 units (SEC Form 4)

      4 - Main Street Capital CORP (0001396440) (Issuer)

      5/7/25 4:30:16 PM ET
      $MAIN
      Finance/Investors Services
      Finance
    • Director Solcher Stephen B was granted 1,036 shares, increasing direct ownership by 2% to 48,022 units (SEC Form 4)

      4 - Main Street Capital CORP (0001396440) (Issuer)

      5/7/25 4:30:16 PM ET
      $MAIN
      Finance/Investors Services
      Finance

    $MAIN
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • MAIN STREET ANNOUNCES FIRST QUARTER 2025 RESULTS

      First Quarter 2025 Net Investment Income of $1.01 Per Share First Quarter 2025 Distributable Net Investment Income(1) of $1.07 Per Share Net Asset Value of $32.03 Per Share HOUSTON, May 8, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE:MAIN) ("Main Street") is pleased to announce its financial results for the first quarter ended March 31, 2025. Unless otherwise noted or the context otherwise indicates, the terms "we," "us," "our" and the "Company" refer to Main Street and its consolidated subsidiaries. First Quarter 2025 Highlights Net investment income of $89.8 million (or $1.01 per share)Distributable net investment income(1) of $94.8 million (or $1.07 per share)Total investme

      5/8/25 4:15:00 PM ET
      $MAIN
      Finance/Investors Services
      Finance
    • Main Street Announces Third Quarter 2025 Regular Monthly Dividends, Including a Monthly Dividend Increase, and Supplemental Dividend Payable in June 2025

      Regular Monthly Dividends of $0.255 Per Share for each of July, August and September 2025 Monthly Dividends Represent a 2.0% Increase Compared to Second Quarter 2025 and a 4.1% Increase Compared to Third Quarter 2024 Supplemental Dividend of $0.30 Per Share Payable in June 2025 HOUSTON, May 6, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE:MAIN) ("Main Street") is pleased to announce that its Board of Directors declared regular monthly cash dividends of $0.255 per share for each of July, August and September 2025. These monthly dividends, which will be payable pursuant to the table below, total $0.765 per share for the third quarter of 2025 and represent a 2.0% increase from the

      5/6/25 7:00:00 AM ET
      $MAIN
      Finance/Investors Services
      Finance
    • Main Street Announces Amendment of its Corporate Credit Facility

      Interest Rate Decreased Total Commitments Increased to $1.145 Billion Final Maturity Date Extended to April 2030 HOUSTON, May 1, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE:MAIN) ("Main Street") is pleased to announce the amendment of its revolving credit facility (the "Corporate Facility"). The recently closed amendment decreases the interest rate to the applicable Secured Overnight Financing Rate ("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. The amendment also provides an increase in total commitments from $1.110 billion to $1.145 billion, while m

      5/1/25 7:00:00 AM ET
      $MAIN
      Finance/Investors Services
      Finance