HOUSTON, May 6, 2021 /PRNewswire/ -- Main Street Capital
Corporation (NYSE: MAIN) ("Main Street") is pleased to announce its
financial results for the first quarter of 2021.
First Quarter 2021 Highlights
- Net investment income of $39.8
million (or $0.58 per
share)
- Distributable net investment income(1) of
$42.1 million (or $0.62 per share)
- Total investment income of $62.8
million
- Industry leading ratio of total non-interest operating expenses
as a percentage of quarterly average total assets ("Operating
Expenses to Assets Ratio") of 1.3% on an annualized basis for the
quarter and 1.4% for the trailing twelve month ("TTM") period ended
March 31, 2021
- Net increase in net assets resulting from operations of
$57.3 million (or $0.84 per share)
- Net asset value of $22.65 per
share at March 31, 2021, representing
an increase of $0.30 per share, or
1.3%, compared to $22.35 per share at
December 31, 2020
- Declared monthly dividends totaling $0.615 per share for the second quarter of 2021,
or $0.205 per share for each of
April, May and June 2021, consistent
with the monthly dividends paid for the second quarter of 2020 and
the first quarter of 2021
- Completed $59.2 million in total
lower middle market ("LMM") portfolio investments, including
investments totaling $53.5 million in
two new LMM portfolio companies, which after aggregate repayments
of debt principal and return of invested equity capital from
several LMM portfolio investments resulted in a net increase of
$24.5 million in total LMM portfolio
investments
- Completed $39.8 million in total
private loan portfolio investments, which after aggregate
repayments of debt principal and exits of equity investments from
several private loan portfolio investments resulted in a net
decrease of $4.5 million in total
private loan portfolio investments
- Net decrease of $35.1 million in
middle market portfolio investments
- Further diversified capital structure and enhanced liquidity by
issuing $300.0 million of investment
grade notes in January 2021 that bear
interest at a rate of 3.00% per year (the "3.00% Notes")
In commenting on Main Street's results, Dwayne L. Hyzak, Main Street's Chief Executive
Officer, stated, "We are pleased with our first quarter results,
which we believe illustrate our portfolio companies continued
recovery from the impacts of the COVID-19 pandemic. These first
quarter results include the continued improvement in our net asset
value per share and the generation of distributable net investment
income per share in excess of our monthly dividends paid during the
quarter. We also continued our investment origination success in
both our lower middle market and private loan investment strategies
with the two portfolios combining for over $99 million in
investment originations in the first quarter of 2021, and we are
excited about our current investment pipeline in both strategies.
We believe that our conservative capital structure and significant
liquidity position, which we further enhanced by our $300.0 million investment grade notes issuance in
January 2021 and the expansion of our
Credit Facility capacity in April, will allow us to continue to
execute on our pipeline of attractive lower middle market and
private loan investment opportunities."
First Quarter 2021 Operating Results
The following table provides a summary of our operating results
for the first quarter of 2021:
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Change ($)
|
|
Change (%)
|
Interest
income
|
$
|
43,471
|
|
$
|
44,877
|
|
$
|
(1,406)
|
|
(3%)
|
Dividend
income
|
|
17,697
|
|
|
8,041
|
|
|
9,656
|
|
120%
|
Fee income
|
|
1,639
|
|
|
3,232
|
|
|
(1,593)
|
|
(49%)
|
Total investment
income
|
$
|
62,807
|
|
$
|
56,150
|
|
$
|
6,657
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
$
|
39,757
|
|
$
|
36,545
|
|
$
|
3,212
|
|
9%
|
Net investment income
per share
|
$
|
0.58
|
|
$
|
0.57
|
|
$
|
0.01
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
Distributable net
investment income (1)
|
$
|
42,090
|
|
$
|
39,382
|
|
$
|
2,708
|
|
7%
|
Distributable net
investment income per share (1)
|
$
|
0.62
|
|
$
|
0.61
|
|
$
|
0.01
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in net assets resulting from operations
|
$
|
57,346
|
|
$
|
(171,438)
|
|
$
|
228,784
|
|
133%
|
Net increase
(decrease) in net assets resulting from operations per
share
|
$
|
0.84
|
|
$
|
(2.66)
|
|
$
|
3.50
|
|
132%
|
|
|
|
|
|
|
|
|
|
|
|
The $6.7 million increase in total
investment income in the first quarter of 2021 from the comparable
period of the prior year was principally attributable to a
$9.7 million increase in dividend
income from investment portfolio equity investments, primarily due
to improved operating results, financial condition and liquidity
positions of certain of our portfolio companies, partially
offset by (i) a $1.6 million decrease
in fee income primarily relating to a decrease in fees from exit
and other prepayment activities and (ii) a $1.4 million decrease in interest income
primarily due to lower floating interest rates on investment
portfolio debt investments, based upon the decline in the London
Interbank Offered Rate ("LIBOR"). The $6.7
million increase in total investment income in the first
quarter of 2021 also includes the impact of a $0.7 million increase related to accelerated
prepayment, repricing and other income activity considered less
consistent or non-recurring when compared to the same period in
2020, which includes $2.8 million of
dividend income related to the exit of an investment portfolio
equity investment, partially offset by a $2.1 million decrease related to accelerated
prepayment, repricing and other income activity on certain
investment portfolio debt investments.
Cash operating expenses (total operating expenses excluding
non-cash, share-based compensation expense) increased to
$20.7 million in the first quarter of
2021 from $16.8 million for the
corresponding period of 2020. This increase in cash operating
expenses was principally attributable to (i) a $3.8 million increase in compensation expense and
(ii) a $1.4 million increase in
interest expense, partially offset by (i) a $0.7 million increase in expenses allocated to
the External Investment Manager and (ii) a $0.5 million decrease in general and
administrative expense. The increase in compensation expense is
primarily related to an increase in incentive compensation accruals
and increased expense resulting from an increase in the fair value
of deferred compensation plan assets, which correlates with changes
in the overall stock market and is not directly attributable to our
operating activities or results. Our Operating Expenses to Assets
Ratio for the first quarter of 2021 was 1.3%, compared to 1.1% for
the first quarter of 2020, both on an annualized basis.
The $3.2 million increase in net
investment income and the $2.7
million increase in distributable net investment
income(1), which is net investment income before
non-cash, share-based compensation expense, in the first quarter of
2021 were both principally attributable to the increase in total
investment income, partially offset by higher operating expenses,
both as discussed above.
Net investment income and distributable net investment income on
a per share basis(1) for the first quarter of 2021 both
increased $0.01 per share compared to
the first quarter of 2020 to $0.58
per share and $0.62 per share,
respectively. Both increases include the impact of a greater number
of average shares outstanding compared to the corresponding period
in 2020 primarily due to (i) shares issued through our
at-the-market, or ATM, program, (ii) shares issued pursuant to our
dividend reinvestment plan and (iii) shares issued pursuant to our
equity incentive plans. Net investment income and distributable net
investment income in the first quarter of 2021 on a per share basis
also both include (i) an increase of $0.01 per share due to the increase in investment
income from accelerated prepayment, repricing and other income
activity considered less consistent or non-recurring and (ii) a
decrease of $0.02 per share due to
increased compensation expense resulting from an increase in the
fair value of deferred compensation plan assets, in each case when
compared to the first quarter of 2020 and as discussed above.
The $57.3 million net increase in
net assets resulting from operations in the first quarter of 2021
represents a $228.8 million
improvement from the first quarter of 2020. This was primarily
the result of (i) a $228.3 million
improvement in net unrealized appreciation (depreciation) from
portfolio investments, including the impact of accounting reversals
relating to realized gains/income (losses), (ii) a $6.1 million decrease in net realized loss from
investments and (iii) a $3.2 million
increase in net investment income as discussed above, partially
offset by a $8.9 million increase in
income tax provision. The $15.7
million net realized loss from investments for the first
quarter of 2021 was primarily the result of (i) a $10.9 million realized loss from the restructure
of one LMM investment that had been on non-accrual since the second
quarter of 2018, (ii) a $4.4 million
realized loss from the exit of one other portfolio investment and
(iii) a $1.1 million net realized
loss from the exit from one private loan investment, partially
offset by a $0.8 million realized
gain from the distribution received from an other portfolio
investment.
The following table provides a summary of the total net
unrealized appreciation of $34.0 million for the first quarter of
2021:
|
Three Months Ended
March 31, 2021
|
|
LMM (a)
|
|
Middle
Market
|
|
Private
Loan
|
|
Other
|
|
Total
|
|
(dollars 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
|
$
9.0
|
|
$
1.1
|
|
$
(0.0)
|
|
$
4.4
|
|
$
14.5
|
Net unrealized
appreciation relating to portfolio investments
|
9.4
|
|
5.6
|
|
2.5
|
|
2.0
|
(b)
|
19.5
|
Total net unrealized
appreciation relating to portfolio investments
|
$
18.4
|
|
$
6.7
|
|
$
2.5
|
|
$
6.4
|
|
$
34.0
|
|
|
|
|
|
|
|
|
|
|
Total net unrealized
appreciation
|
|
|
|
|
|
|
|
|
$
34.0
|
|
|
(a)
|
LMM includes
unrealized appreciation on 28 LMM portfolio investments and
unrealized depreciation on 18 LMM portfolio investments.
|
(b)
|
Other includes (i)
$1.6 million of net unrealized appreciation relating to the other
portfolio and (ii) $0.5 million of unrealized appreciation relating
to the External Investment Manager, as defined below.
|
|
|
Liquidity and Capital Resources
As of March 31, 2021, we had aggregate liquidity of
$818.0 million, including (i)
$65.0 million in cash and cash
equivalents, (ii) $693.0 million of
unused capacity under our revolving credit facility ("Credit
Facility"), which we maintain to support our investment and
operating activities and (iii) $60.0
million of remaining Small Business Investment Company
("SBIC") debenture capacity.
Several details regarding our capital structure as of March
31, 2021 are as follows:
- Our Credit Facility included $780.0
million in total commitments from a diversified group of 19
participating lenders, plus an accordion feature that allows us to
increase the total commitments under the facility to up to
$800.0 million. See discussion of an
amendment to the Credit Facility in April
2021 below.
- $87.0 million in outstanding
borrowings under our Credit Facility, with an interest rate of 2.0%
based on LIBOR effective for the contractual reset date of
April 1, 2021.
- $290.0 million of outstanding
SBIC debentures through our wholly owned SBIC subsidiaries. These
debentures, which are guaranteed by the U.S. Small Business
Administration, had a weighted-average annual fixed interest rate
of approximately 3.2% and mature ten years from original issuance.
The first maturity related to our existing SBIC debentures occurs
in the first quarter of 2023, and the weighted-average remaining
duration was approximately 6.2 years.
- The 3.00% Notes include $300.0
million of notes outstanding that bear interest at a rate of
3.00% per year. The 3.00% 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.
- $450.0 million of notes
outstanding that bear interest at a rate of 5.20% per year (the
"5.20% Notes"). The 5.20% Notes mature on May 1, 2024 and may be redeemed in whole or in
part at any time at our option subject to certain make-whole
provisions.
- $185.0 million of notes
outstanding that bear interest at a rate of 4.50% per year (the
"4.50% Notes"). The 4.50% Notes mature on December 1, 2022 and may be redeemed in whole or
in part at any time at our option subject to certain make-whole
provisions.
- Our net asset value totaled $1,540.2
million, or $22.65 per
share.
In April 2021, we amended the
Credit Facility to extend the final maturity to April 2026 and increase the total commitments
from $780.0 million to $855.0 million, while maintaining an expanded
accordion feature that allows for an increase up to $1.2 billion. This amendment provided a
significant increase to our liquidity and additional flexibility to
our capital structure.
Investment Portfolio Information as of
March 31, 2021 (2)
The following table provides a summary of the investments in our
LMM portfolio, middle market portfolio and private loan portfolio
as of March 31, 2021:
|
As of March 31,
2021
|
|
LMM (a)
|
|
Middle
Market
|
|
Private
Loan
|
|
|
|
(dollars in
millions)
|
|
|
Number of portfolio
companies
|
71
|
|
40
|
|
63
|
Fair value
|
$
1,328.6
|
|
$
418.1
|
|
$
741.2
|
Cost
|
$
1,129.1
|
|
$
454.8
|
|
$
767.1
|
Debt investments as a
% of portfolio (at cost)
|
66.0%
|
|
92.4%
|
|
94.1%
|
Equity investments as
a % of portfolio (at cost)
|
34.0%
|
|
7.6%
|
|
5.9%
|
% of debt investments
at cost secured by first priority lien
|
98.2%
|
|
93.4%
|
|
96.8%
|
Weighted-average
annual effective yield (b)
|
11.5%
|
|
7.9%
|
|
8.7%
|
Average EBITDA
(c)
|
$
5.5
|
|
$
72.1
|
|
$
50.8
|
|
|
(a)
|
We had equity
ownership in 99% of our LMM portfolio companies, and the average
fully diluted equity ownership in those portfolio companies was
approximately 38%.
|
(b)
|
The weighted-average
annual effective yields were computed using the effective interest
rates for all debt investments at cost, 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.
|
(c)
|
The average EBITDA is
calculated using a simple average for the LMM portfolio and a
weighted-average for the middle market and private loan portfolios.
These calculations exclude certain portfolio companies, including
three LMM portfolio companies, one middle market portfolio company
and four 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.
|
|
|
The fair value of our LMM portfolio company equity investments
was approximately 165% 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 3.0 to 1.0 and a median
total EBITDA to senior interest expense ratio of 2.4 to 1.0.
Including all debt that is junior in priority to our debt position,
these median ratios were 3.1 to 1.0 and 2.4 to 1.0,
respectively.(2) (3)
As of March 31, 2021, we had other portfolio
investments in fourteen companies, collectively totaling
$142.2 million in fair value and
$164.4 million in cost basis, which
comprised approximately 5.1% of our investment portfolio at fair
value.
As of March 31, 2021, our investment in the External
Investment Manager (as defined below) had a fair value of
$117.2 million and a cost basis
of $29.5 million, which comprised
approximately 4.2% of our investment portfolio at fair value.
As of March 31, 2021, we had six investments on
non-accrual status, which comprised approximately 0.8% of the total
investment portfolio at fair value and approximately 2.9% at cost.
Our total portfolio investments at fair value were approximately
108% of the related cost basis as of March 31, 2021.
External Investment Manager
MSC Adviser I, LLC is a 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 2021,
the External Investment Manager earned $3.9
million of management fee income for the services it
provided, an increase of $1.4 million
from the first quarter of 2020, and we allocated $2.4 million of total expenses to the
External Investment Manager. These management fee income and
expenses resulted in a total contribution to our net investment
income of $3.6 million,
representing an increase of $1.3
million from the first quarter of 2020. The External
Investment Manager ended the first quarter of 2021 with total
assets under management of approximately $900 million.
First Quarter 2021 Financial Results Conference Call /
Webcast
Main Street has scheduled a conference call for Friday, May 7, 2021 at 10:00 a.m. Eastern Time to discuss the first
quarter 2021 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 web site at
http://www.mainstcapital.com.
A telephonic replay of the conference call will be available
through Friday, May 14, 2021 and may
be accessed by dialing 201-612-7415 and using the passcode
13719042#. An audio archive of the conference call will also be
available on the investor relations section of the company's
website at http://www.mainstcapital.com shortly after the call and
will be accessible for approximately 90 days.
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, 2021 to be filed with
the Securities and Exchange Commission (www.sec.gov) and Main
Street's First Quarter 2021 Investor Presentation to be posted on
the investor relations section of the Main Street website at
http://www.mainstcapital.com.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment
firm that primarily provides long-term debt and equity capital to
lower middle market companies and debt capital to middle market
companies. 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 "one stop" financing alternatives within its lower middle
market portfolio. Main Street's lower middle market companies
generally have annual revenues between $10
million and $150 million. Main
Street's middle market debt investments are made in businesses that
are generally larger in size than its lower middle market portfolio
companies.
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.
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 our and our portfolio companies'
ability to continue to navigate the remaining economic effects of
the COVID-19 pandemic and our ability to successfully source and
execute on new portfolio investments, 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 potential impacts of the
COVID-19 pandemic on the business and operations, liquidity and
access to capital of Main Street and its portfolio companies, and
on the U.S. and global economies, including public health
requirements in response to the pandemic; 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
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
|
(dollars in
thousands, except shares and per share amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
INVESTMENT
INCOME:
|
|
|
|
|
Interest, fee and
dividend income:
|
|
|
|
|
|
|
Control
investments
|
|
$
|
24,025
|
|
$
|
19,474
|
Affiliate
investments
|
|
|
11,505
|
|
|
8,164
|
Non‑Control/Non‑Affiliate investments
|
|
|
27,277
|
|
|
28,512
|
Total investment
income
|
|
|
62,807
|
|
|
56,150
|
EXPENSES:
|
|
|
|
|
|
|
Interest
|
|
|
(13,804)
|
|
|
(12,441)
|
Compensation
|
|
|
(6,318)
|
|
|
(2,498)
|
General and
administrative
|
|
|
(2,975)
|
|
|
(3,473)
|
Share‑based
compensation
|
|
|
(2,333)
|
|
|
(2,837)
|
Expenses allocated to
the External Investment Manager
|
|
|
2,380
|
|
|
1,644
|
Total
expenses
|
|
|
(23,050)
|
|
|
(19,605)
|
NET INVESTMENT
INCOME
|
|
|
39,757
|
|
|
36,545
|
NET REALIZED GAIN
(LOSS):
|
|
|
|
|
|
|
Control
investments
|
|
|
(10,925)
|
|
|
(21,472)
|
Affiliate
investments
|
|
|
(4,803)
|
|
|
(235)
|
Non‑Control/Non‑Affiliate investments
|
|
|
(2)
|
|
|
(158)
|
Realized loss on
extinguishment of debt
|
|
|
—
|
|
|
(534)
|
Total net realized
loss
|
|
|
(15,730)
|
|
|
(22,399)
|
NET UNREALIZED
APPRECIATION (DEPRECIATION):
|
|
|
|
|
|
|
Control
investments
|
|
|
14,261
|
|
|
(35,410)
|
Affiliate
investments
|
|
|
6,417
|
|
|
(21,166)
|
Non‑Control/Non‑Affiliate investments
|
|
|
13,323
|
|
|
(137,732)
|
SBIC
debentures
|
|
|
—
|
|
|
460
|
Total net unrealized
appreciation (depreciation)
|
|
|
34,001
|
|
|
(193,848)
|
INCOME
TAXES:
|
|
|
|
|
|
|
Federal and state
income, excise and other taxes
|
|
|
(634)
|
|
|
294
|
Deferred
taxes
|
|
|
(48)
|
|
|
7,970
|
Income tax benefit
(provision)
|
|
|
(682)
|
|
|
8,264
|
NET INCREASE
(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
$
|
57,346
|
|
$
|
(171,438)
|
NET INVESTMENT
INCOME PER SHARE—BASIC AND DILUTED
|
|
$
|
0.58
|
|
$
|
0.57
|
NET INCREASE
(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER
SHARE—BASIC AND DILUTED
|
|
$
|
0.84
|
|
$
|
(2.66)
|
WEIGHTED AVERAGE
SHARES OUTSTANDING—BASIC AND DILUTED
|
|
|
68,126,576
|
|
|
64,536,471
|
MAIN STREET
CAPITAL CORPORATION
|
Consolidated
Balance Sheets
|
(dollars in
thousands, except per share amounts)
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Investments at fair
value:
|
|
|
|
|
|
|
Control
investments
|
|
$
|
1,192,964
|
|
$
|
1,113,725
|
Affiliate
investments
|
|
|
375,723
|
|
|
366,301
|
Non‑Control/Non‑Affiliate investments
|
|
|
1,231,444
|
|
|
1,204,840
|
Total
investments
|
|
|
2,800,131
|
|
|
2,684,866
|
Cash and cash
equivalents
|
|
|
65,001
|
|
|
31,919
|
Interest receivable
and other assets
|
|
|
45,012
|
|
|
49,761
|
Deferred financing
costs, net
|
|
|
2,561
|
|
|
2,818
|
Total
assets
|
|
$
|
2,912,705
|
|
$
|
2,769,364
|
LIABILITIES
|
|
|
|
|
Credit
facility
|
|
$
|
87,000
|
|
$
|
269,000
|
SBIC debentures (par:
$290,000 and $309,800 as of March 31, 2021 and
December 31, 2020, respectively)
|
|
|
283,948
|
|
|
303,972
|
5.20% Notes due 2024
(par: $450,000 as of both March 31, 2021 and
December 31, 2020)
|
|
|
451,681
|
|
|
451,817
|
4.50% Notes due 2022
(par: $185,000 as of both March 31, 2021 and
December 31, 2020)
|
|
|
183,988
|
|
|
183,836
|
3.00% Notes due 2026
(par: $300,000 as of March 31, 2021)
|
|
|
294,948
|
|
|
—
|
Accounts payable and
other liabilities
|
|
|
20,134
|
|
|
20,833
|
Payable for
securities purchased
|
|
|
18,992
|
|
|
—
|
Interest
payable
|
|
|
15,268
|
|
|
8,658
|
Dividend
payable
|
|
|
13,942
|
|
|
13,889
|
Deferred tax
liability, net
|
|
|
2,640
|
|
|
2,592
|
Total
liabilities
|
|
|
1,372,541
|
|
|
1,254,597
|
|
|
|
|
|
|
|
NET
ASSETS
|
|
|
|
|
|
|
Common
stock
|
|
|
680
|
|
|
677
|
Additional paid‑in
capital
|
|
|
1,625,881
|
|
|
1,615,940
|
Total undistributed
(overdistributed) earnings
|
|
|
(86,397)
|
|
|
(101,850)
|
Total net
assets
|
|
|
1,540,164
|
|
|
1,514,767
|
Total liabilities and
net assets
|
|
$
|
2,912,705
|
|
$
|
2,769,364
|
NET ASSET VALUE
PER SHARE
|
|
$
|
22.65
|
|
$
|
22.35
|
MAIN STREET
CAPITAL CORPORATION
|
Reconciliation of
Distributable Net Investment Income
|
(dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2021
|
|
2020
|
Net investment
income
|
$
|
39,757
|
|
$
|
36,545
|
Share-based compensation expense
|
|
2,333
|
|
|
2,837
|
Distributable net
investment income (1)
|
$
|
42,090
|
|
$
|
39,382
|
|
|
|
|
Per share
amounts:
|
|
|
|
|
|
Net investment income
per share -
|
|
|
|
|
|
Basic and diluted
|
$
|
0.58
|
|
$
|
0.57
|
Distributable net
investment income per share -
|
|
|
|
Basic and diluted (1)
|
$
|
0.62
|
|
$
|
0.61
|
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 share-based compensation expense
which is non-cash in nature. 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 share-based compensation
does not require settlement in cash. However, distributable net
investment income is a non-U.S. GAAP measure and should not be
considered as a replacement for net investment income and other
earnings measures presented in accordance with U.S. GAAP. Instead,
distributable net investment income 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)
|
Portfolio company
financial information has not been independently verified by Main
Street.
|
|
|
(3)
|
These credit
statistics exclude certain portfolio companies for which EBITDA is
not a meaningful metric for the statistic.
|
View original
content:http://www.prnewswire.com/news-releases/main-street-announces-first-quarter-2021-results-301286209.html
SOURCE Main Street Capital Corporation