MSCC(MAIN) Prnewswire·2025-02-27 21:15Core Insights - Main Street Capital Corporation reported a fourth quarter 2024 net investment income of $1.02 per share and distributable net investment income of $1.08 per share, with a net asset value of $31.65 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 $90.4 million, remaining relatively stable compared to $90.1 million in the same quarter of 2023 [4][10] - The company declared regular monthly dividends totaling $0.75 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 $1.035 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 $4.09 per share, while distributable net investment income was $375.0 million, or $4.32 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 $167.6 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 $45.1 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 $78.3 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 $8.7 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]