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Main Street Capital makes its case at investor day

Jun. 09, 2015 12:30 PM ETMain Street Capital (MAIN)MAINBy: Stephen Alpher, SA News Editor19 Comments
  • Among the positives, says the company, is its significant operating cost advantage, with operating costs as a percentage of total assets of less than 1.5% vs. over 3% for other internally-managed BDCs, and more than 3.5% for externally-managed BDCs.
  • Presentation slides
  • Main Street's (NYSE:MAIN) growing asset management business provides further diversification of income streams without significant increases to operating costs as the company's existing infrastructure is used.
  • The company is also positively levered to higher interest rates, with 75% of its debt at fixed rates, and 57% of its debt investments at floating rates. A rise of more than 100 bps in interest rates should provides for a significant increase in NII.
  • Scoreboard: Total average annual return - dividends plus the change in book value - since the start of 2010 of 31.5% compares to 12.4% for a broad group of BDCs.

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