Earnings Limelight- Main Street Capital Corporation (NYSE:MAIN)

Main Street Capital Corporation (NYSE:MAIN) stock traded volume of 242488 shares during Thursday trading session as compared to its average volume of 400791 shares over the recent month. MAIN ended its day with the below stream along the move of -0.42% and closed at the price of $35.7 before opening at $35.89. It has total market capitalization is $2074096324. 52 week range of the stock remained $ 34.37 – 41.79 while its day lowest price was $35.64 and its hit its day highest price at $36.12

Main Street Capital Corporation (NYSE:MAIN) declared financial results for the fourth quarter and full year ended December 31, 2017.

Fourth Quarter 2017 Highlights

  • Net investment income of $37.5 million (or $0.64 per share), representing a 23% increase from the fourth quarter of 2016
  • Distributable net investment income(1) of $40.0 million (or $0.69 per share), representing a 22% increase from the fourth quarter of 2016
  • Total investment income of $55.8 million, representing a 19% increase from the fourth quarter of 2016
  • Industry leading ratio of total non-interest operating expenses as a percentage of quarterly average total assets (“Operating Expense to Assets Ratio”) on an annualized basis of 1.5%
  • Net increase in net assets resulting from operations of $61.4 million (or $1.05 per share)
  • Declared regular monthly dividends totaling $0.57 per share for the first quarter of 2018, or $0.19 per share for each of January, February and March 2018, representing a 2.7% increase from the regular monthly dividends paid for the first quarter of 2017
  • Paid semi-annual supplemental cash dividend of $0.275 per share in December 2017
  • Net asset value of $23.53 per share at December 31, 2017, representing an increase of $0.51 per share, or 2.2%, compared to $23.02 per share at September 30, 2017, or an increase of $0.79 per share, or 3.4%, after excluding the effect of the semi-annual supplemental cash dividend paid in December 2017
  • Completed $13.8 million in total lower middle market (“LMM”) portfolio investments, which after aggregate repayments of debt principal and return of invested equity capital from several LMM portfolio investments resulted in a net decrease of $29.0 million in total LMM portfolio investments
  • Net decrease of $6.0 million in middle market portfolio investments
  • Net decrease of $17.9 million in private loan portfolio investments
  • Further diversified our capital structure by issuing $185.0 million of 4.50% Notes due 2022 (“4.50% Notes due 2022”)

Full Year 2017 Highlights

  • Net investment income of $135.4 million (or $2.39 per share), representing a 17% increase from 2016
  • Distributable net investment income(1) of $145.4 million (or $2.56 per share), representing a 17% increase from 2016
  • Total investment income of $205.7 million, representing a 15% increase from 2016
  • Industry leading Operating Expense to Assets Ratio of 1.6%, or 1.5% after excluding the effect of certain non-recurring professional fees and other expenses
  • Net asset value of $23.53 per share at December 31, 2017, representing an increase of $1.43 per share, or 6.5%, compared to $22.10 per share at December 31, 2016, or an increase of $1.98 per share, or 9.0%, after excluding the effect of the semi-annual supplemental cash dividends paid in 2017
  • Generated realized gains of $29.8 million on the exits of equity investments in five LMM portfolio companies
  • Net increase in net assets resulting from operations of $170.6 million (or $3.01 per share)
  • Return on equity(2) for the year of 13.3%
  • Paid regular monthly dividends totaling $2.235 per share, representing a 2.8% increase compared to $2.175 for 2016
  • Paid supplemental cash dividends totaling $0.55 per share, unchanged from the prior year
  • Completed $173.1 million in total LMM portfolio investments, including investments totaling $129.7 million in six 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 decrease of $12.3 million in total LMM portfolio investments
  • Net decrease of $25.0 million in middle market portfolio investments
  • Net increase of $128.5 million in private loan portfolio investments
  • Amended our long-term revolving credit facility (“Credit Facility”) to increase the total commitments to $585.0 million from a diversified group of fifteen participating lenders

In commenting on Main Street’s results, Vincent D. Foster, Main Street’s Chairman and Chief Executive Officer, stated, “We are pleased with our operating results for both the fourth quarter and full year 2017, periods during which we increased our total investment income, our distributable net investment income per share and our net asset value per share, in each case over the same periods in the prior year and for the fourth quarter on a sequential basis over the third quarter of 2017. As a result of our positive performance, we again generated distributable net investment income per share in excess of our regular monthly dividends, exceeding the regular monthly dividends paid during the quarter and year by approximately 21% and 15%, respectively. In addition, we maintained our supplemental dividends at $0.55 per share. We also completed our second investment grade debt offering, which provided significant enhancement to our already strong capital structure. We believe that our 2017 performance continues to highlight the unique benefits of our diversified portfolio, differentiated investment strategy and efficient operating structure.”

Hartley Martin

Hartley Martin

Hartley Martin also covers the business news across all market sectors for website. He also has an enormous knowledge of stock market.  Martin holds an MBA degree from University of Florida. He has more than 10 years of experience in writing financial and market news. He previously worked at a number of companies in different role including web developer, software engineer and product manager. He also covers Business news section for our site. Address: 2282 Bedford Street, Birmingham, Alabama Email: Hartleymartin@stocksgeeks.com Zip Code: 35209 Contact number: 205-210-1785

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