Group 1 - Main Street Capital Corporation has made a follow-on investment of $25.9 million in Nebraska Vet AcquireCo, LLC, supporting its acquisition of Muleshoe Animal Clinic and related entities [1] - The investment is part of Heritage Vet Partners' ongoing acquisition growth strategy in the rural, mixed, and large animal veterinary services sector [1][2] - Since Main Street's initial investment in December 2020, Heritage has completed fourteen acquisitions, significantly enhancing its platform across the United States [2] Group 2 - Heritage Vet Partners, founded in 1985 and headquartered in West Point, Nebraska, is a leading national provider of veterinary services and products for livestock producers and companion animal owners [2] - Main Street primarily provides long-term debt and equity capital to lower middle market companies, with portfolio companies typically having annual revenues between $10 million and $150 million [3] - Main Street's investment strategy includes supporting management buyouts, recapitalizations, growth financings, refinancings, and acquisitions across diverse industry sectors [3]

Main Street Capital Corporation NYSE: MAIN mainstcapital.com www.mainstcapital.com Page 4 Main Street Capital Corporation NYSE: MAIN mainstcapital.com www.mainstcapital.com Page 5 • Multi-faceted investment strategy supports growth of dividends over various cycles and markets $26.00 • mainstcapital.com Page 9 Investment Objectives • Access proprietary investments with attractive risk-adjusted return characteristics • Generate cash yield to support MAIN monthly dividend More relative liquidity than LMM and P ...

Main Street Capital (NYSE:MAIN) Q1 2024 Earnings Conference Call May 10, 2024 10:00 AM ET Company Participants Zach Vaughan – Dennard Lascar, Investor Relations Dwayne Hyzak – Chief Executive Officer David Magdol – President and Chief Investment Officer Jesse Morris – Chief Financial Officer and Chief Operating Officer Nick Meserve – Managing Director and Head of Main Street’s Private Credit Investment Group Conference Call Participants Bryce Rowe – B. Riley Securities Robert Dodd – Raymond James Mark Hughe ...

Investment Strategy - Main Street Capital Corporation's investment strategy focuses on lower middle market companies with annual revenues between $10 million and $150 million, and investments typically range from $5 million to $100 million[431]. - Main Street's Middle Market investment strategy involves companies with annual revenues typically between $150 million and $1.5 billion, with investments generally ranging from $3 million to $25 million[431]. - The company has de-emphasized its Middle Market investment strategy in recent years and plans to continue this trend[434]. - Main Street's Private Loan investments generally range in size from $10 million to $75 million and are typically secured by a first priority lien on the assets of the portfolio company[431]. - The company aims to maximize total return by generating current income from debt investments and capital appreciation from equity investments[431]. Financial Performance - Total investment income for Q1 2024 was $131.6 million, a 9% increase from $120.3 million in Q1 2023[476]. - Net investment income for Q1 2024 increased 11% to $89.8 million, or $1.05 per share, compared to $80.9 million, or $1.02 per share, in Q1 2023[484]. - Distributable net investment income for Q1 2024 rose 10% to $94.4 million, or $1.11 per share, compared to $85.4 million, or $1.07 per share, in Q1 2023[485]. - The total return on investments for the three months ended March 31, 2024, is 16.7%, up from 13.4% for the same period in 2023[456]. - The net increase in net assets resulting from operations was $107.1 million, or $1.26 per share, compared to $79.6 million, or $1.00 per share, for the same period in 2023[493]. Investment Portfolio - As of March 31, 2024, the fair value of the LMM portfolio is $2,361.5 million, an increase from $2,273.0 million as of December 31, 2023, representing a growth of 3.9%[451][453]. - The weighted-average annual effective yield for the LMM portfolio is 12.8% as of March 31, 2024, compared to 13.0% as of December 31, 2023, indicating a slight decrease[451][453]. - The company has co-invested in 81 LMM portfolio companies, with an average fully diluted equity ownership of 40%[451]. - As of March 31, 2024, Other Portfolio investments totaled $139.8 million in fair value, down from $142.0 million as of December 31, 2023[457]. - The company has short-term portfolio investments totaling $103.4 million in fair value as of March 31, 2024, which were not present as of December 31, 2023[458]. Expenses and Income - The ratio of total operating expenses, excluding interest expense, as a percentage of quarterly average total assets was 1.3% for the trailing twelve months ended March 31, 2024, compared to 1.4% for the same period in 2023[441]. - The ratio of total operating expenses, including interest expense, as a percentage of quarterly average total assets was 3.7% for the trailing twelve months ended March 31, 2024, compared to 3.5% for the same period in 2023[441]. - Total expenses for Q1 2024 were $41.8 million, a 6% increase from $39.3 million in Q1 2023[478]. - The increase in interest income was primarily due to higher interest rates on floating rate investments, resulting in a 7% increase to $100.1 million in Q1 2024[477]. - Fee income surged by 230% to $8.7 million in Q1 2024, driven by increased refinancing and prepayment activities[477]. Debt and Cash Management - The company had $115.0 million in cash and cash equivalents and $1,102.0 million of unused capacity under Credit Facilities as of March 31, 2024[498]. - The outstanding aggregate principal amount of the March 2029 Notes was $350.0 million as of March 31, 2024[502]. - The company had $288.0 million in outstanding commitments, including 83 investments with commitments to fund revolving loans and 13 investments with equity capital commitments[514]. - The company realized cash proceeds totaling $175.0 million from sales and repayments of debt investments and equity investments during the three months ended March 31, 2024[495]. - The company repaid the entire $450.0 million principal amount of the May 2024 Notes at par value in May 2024, funded through borrowings on Credit Facilities[520]. Risk Management - The company noted risks associated with investing in below investment-grade debt and equity investments, including potential economic downturns impacting portfolio performance[471]. - Interest expense sensitivity analysis indicates that a 200 basis point increase in interest rates could decrease net investment income by approximately $34.842 million[525]. - The company expects that changes in interest rates will affect both interest expense on debt and interest income from portfolio investments, highlighting the importance of risk management systems[523]. - The company has not entered into any interest rate hedging arrangements as of March 31, 2024, and operates as a "limited derivatives user" under applicable regulations[524]. - The company has policies in place to manage potential conflicts of interest arising from co-investments with the External Investment Manager[448]. Dividends - A supplemental dividend of $0.30 per share was declared in May 2024, in addition to regular monthly dividends of $0.24 per share for April, May, and June 2024, totaling $0.72 per share for Q2 2024[521]. - Regular monthly dividends of $0.245 per share were declared for July, August, and September 2024, representing a 6.5% increase from the same period in 2023[522].

For the quarter ended March 2024, Main Street Capital (MAIN) reported revenue of $131.61 million, up 9.4% over the same period last year. EPS came in at $1.05, compared to $1.02 in the year-ago quarter.The reported revenue represents a surprise of +2.82% over the Zacks Consensus Estimate of $128 million. With the consensus EPS estimate being $1.03, the EPS surprise was +1.94%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stre ...

Financial Performance - First Quarter 2024 net investment income was $89.8 million, or $1.05 per share, representing an 11% increase from the prior year[5] - Distributable net investment income for the first quarter was $94.4 million, or $1.11 per share, a 10% increase year-over-year[5] - Total investment income increased by $11.4 million, or 9%, to $131.6 million compared to the same period in 2023[8] - Total investment income for the three months ended March 31, 2024, was $131,606,000, an increase of 9.9% from $120,254,000 in the same period of 2023[34] - Net investment income for the same period was $89,807,000, up 10.3% from $80,967,000 year-over-year[34] - The net increase in net assets resulting from operations was $107,147,000, compared to $79,592,000 in the prior year, reflecting a significant growth of 34.7%[34] - Distributable net investment income increased to $94,372,000, a rise of 10.5% from $85,443,000 in the previous year[38] Asset and Liability Management - Net asset value per share rose to $29.54, a 1.2% increase from $29.20 at the end of 2023[5] - Total assets as of March 31, 2024, were $4,758,818,000, compared to $4,443,570,000 in the prior year, marking an increase of 7.1%[36] - Total liabilities increased to $2,242,848,000 from $1,966,171,000, reflecting a growth of 14.1%[36] - Control investments at fair value were $2,051,212,000, up from $2,006,698,000, showing a 2.2% increase[36] - Cash and cash equivalents increased significantly to $114,984,000 from $60,083,000, representing a growth of 91.5%[36] Investment Portfolio - The company completed $91.8 million in lower middle market portfolio investments and $154.5 million in private loan portfolio investments during the quarter[7] - As of March 31, 2024, the LMM portfolio includes 81 companies with a fair value of $2,361.5 million and a cost of $1,850.3 million, representing a debt investment percentage of 72.5%[17] - The average EBITDA for the LMM portfolio companies is $8.7 million, with a median net senior debt to EBITDA ratio of 3.0 to 1.0[18] - Non-accrual investments represent 0.5% of the total investment portfolio at fair value and 2.0% at cost, with total portfolio investments at fair value being 115% of the related cost basis[19] Expenses and Dividends - Declared regular monthly dividends of $0.72 per share for Q2 2024, a 6.7% increase from the same quarter in 2023[5] - Total cash expenses increased by $2.4 million, or 7%, to $37.2 million in Q1 2024 compared to Q1 2023[9] - The company maintained an Operating Expenses to Assets Ratio of 1.3% on an annualized basis for both Q1 2024 and Q1 2023[10] Management and Ratings - The External Investment Manager earned $5.7 million in management fee income, an increase of $0.2 million from Q1 2023, and $3.9 million in incentive fees, an increase of $0.6 million from Q1 2023[20] - The total assets under management by the External Investment Manager reached $1.5 billion by the end of Q1 2024[24] - The company maintains an investment grade corporate rating of BBB- with a stable outlook from both Fitch Ratings and S&P Global Ratings[17] Liquidity and Financing - As of March 31, 2024, the company had aggregate liquidity of $1,217.0 million, including $115.0 million in cash[13] - The Corporate Facility has total commitments of $995.0 million, with $313.0 million currently borrowed at an interest rate of 7.3%[15] - The SPV Facility has total commitments of $430.0 million, with $10.0 million currently borrowed at an interest rate of 7.9%[15] Shareholder Information - The weighted-average shares outstanding increased to 85,138,530 from 79,552,200, an increase of 6.5%[34]

Regular Monthly Dividends of $0.245 per Share for each of July, August and September 2024 Monthly Dividends Represent a 2.1% Increase Compared to Second Quarter 2024 and a 6.5% Increase Compared to Third Quarter 2023 Supplemental Dividend of $0.30 per Share Payable in June 2024 HOUSTON, May 7, 2024 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that its Board of Directors declared regular monthly cash dividends of $0.245 per share for each of July, August ...

Analysts on Wall Street project that Main Street Capital (MAIN) will announce quarterly earnings of $1.03 per share in its forthcoming report, representing an increase of 1% year over year. Revenues are projected to reach $128 million, increasing 6.4% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a comp ...

Chris Amaral/DigitalVision via Getty ImagesWelcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company ("BDC") sector from both the bottom-up - highlighting individual news and events - as well as the top-down - providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving the market or that investors ought to be mindful of. This update covers the period t ...

PM Images Main Street Capital (NYSE:MAIN) is one of the most popular business development corporations (BDC) on Seeking Alpha, with 72,800 followers. MAIN is the 7th largest BDC by net assets ($2.48 billion) and the 5th largest by market cap ($4.05 billion), yet it's the 2nd most followed BDC on Seeking Alpha behind Ares Capital (ARCC) with 77,060 followers. I started a position in MAIN when it was trading in the mid-30s in May of 2022, and since then, my initial investment has increased by 31.18%, and ...