Main Street CapitalNYSE
Main Street Capital - Most Expensive BDC Poised For Decline In NAV And Dividend Cut
New Capital • 90 Comments
New Capital • 90 Comments
Today, 7:30 AM
- Headquartered in Mountain View, CA and founded in 1996, Hawk Ridge Systems is one of North America's largest value-added resellers of SolidWorks' CAD, CAM, and CAE software solutions and 3D Systems; 3D printing solutions.
- Main Street (NYSE:MAIN), along with a co-investor, partnered with Hawk Ridge's co-founder and CEO to buy out his co-founding partners. Main Street funded $13M in a combination of first lien senior secured debt, and direct equity investment.
Thu, Nov. 3, 4:26 PM
- Q3 net investment income of $30.6M or $0.58 per share vs. $27.9M and $0.56 one year ago. Distributable net investment income per share of $0.62 vs. $0.59.
- Net increase in net assets from operations of $43.2M vs. $20.7M a year ago. Per share of $0.82 vs. $0.41.
- Net asset value per share of $21.62 up 2% for the year; up 3% after backing out the supplemental dividend made in June. Today's close of $32.23 has the stock at about a 50% premium to book value.
- $7.7M in lower middle market investments; after repayments, a net decrease of $25.5M in LMM investments.
- Net increase of $5.7M in middle market investments; net increase of $30M in private loan portfolio investments.
- Conference call tomorrow at 10 ET
- Previously: Main Street Capital beats by $0.03, beats on total investment income (Nov. 3)
- MAIN flat after hours
Thu, Nov. 3, 4:19 PM
Thu, Nov. 3, 8:27 AM
- Main Street Capital (NYSE:MAIN) declares $0.185/share monthly dividend, in line with previous.
- Forward yield 6.8%
- Payable Jan. 13; for shareholders of record Dec. 30; ex-div Dec. 28.
- Payable Feb. 15; for shareholders of record Jan. 20; ex-div Jan. 18.
- Payable March. 15; for shareholders of record Feb. 22; ex-div Feb. 17.
Wed, Nov. 2, 5:35 PM
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Tue, Nov. 1, 7:24 AM
- An amendment to MAIN's five-year credit facility extends the final maturity by one year to September 2021. Total commitments remain at $555M, with an accordion feature allowing for an increase up to $750M. The interest rate remains at Libor +1.875% as long as the company maintains an investment grade credit rating and stays within certain collateral and leverage requirements.
Thu, Oct. 20, 12:34 AM
Thu, Oct. 6, 7:24 AM
- Main Street (NYSE:MAIN) is out of its debt and equity investments in Travis Body and Trailer after its sale to a P-E backed acquirer.
- MAIN realized a gain of about $17.9M on the exit of its equity stake, or a total IRR of 56.7% since August 2013. The exit price also marked a realized value of $4.6M above Main Street's fair market value as of June 30.
- Adding in the debt, Main Street realized a total IRR of 42.1% and a 2.9x money invested return.
Mon, Sep. 12, 10:04 AM
- The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
- All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
- Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
- ETFs: BDCL, BDCS, BIZD, FGB, LBDC
Tue, Aug. 9, 7:36 AM
- Q2 distributable net investment income of $29.9M or $0.58 per share vs. $28.8M and $0.57 in Q1. Dividends were $0.54 (plus semi-annual supplemental dividend of $0.275 paid in June).
- Net increase in net assets from operations of $30.9M or $0.60 per share vs. $16.8M and $0.33 in Q1.
- Net asset value per share of $21.11 vs. $21.18 three months earlier. Last night's close was $34.13.
- Completed $62.4M of new investments during quarter, including $50M in three new portfolio companies. Net increase of $14.2M in middle market portfolio investments. Net increase of $28M in private loan portfolio investments.
- Company also announces receipt of license from the SBA to operate its third small business investment company. This will provide the company with up to $125M of capital with which to make new investments.
- CC at 10 ET
- Previously: Main Street Capital NII in-line, misses on total investment income (Aug. 8)
- MAIN flat premarket
Mon, Aug. 8, 4:32 PM
Sun, Aug. 7, 5:35 PM
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Wed, Aug. 3, 7:24 AM
- Main Street Capital (NYSE:MAIN) declares $0.185/share monthly dividend, 2.8% increase from prior dividend of $0.18.
- Forward yield 6.68%
- Payable Oct. 14; for shareholders of record Sept. 21; ex-div Sept. 19.
- Payable Nov. 15; for shareholders of record Oct. 20; ex-div Oct. 18.
- Payable Dec. 13; for shareholders of record Nov. 21; ex-div Nov. 17.
Thu, Jul. 14, 10:40 AM
- Small-cap banks and BDCs are "increasingly less compelling" after recent run-ups, and without catalysts to support further multiple expansions, says Baird's Bryce Rowe.
- For more gains, he's looking for what he calls "higher quality" BDCs - those preserving capital and earning their cost of capital. Fidus Investment (FDUS +1.9%), Main Street Capital (MAIN -0.1%), Monroe Capital (MRCC +1.1%) and Triangle Capital (TCAP +0.1%) fit the bill, he says.
- He downgrades from Outperform to Neutral two others which have had big moves higher - New Mountain Finance and Stellus Capital (SCM -0.9%).
Wed, Jun. 29, 7:36 AM
- Headquartered in Stevens Point, WI and with business origins going back to 1954, Gamber-Johnson is a provider of ruggedized mounting systems for law enforcement, public safety, telecommunications, utility and military end markets,
- Main Street (NYSE:MAIN), along with a co-investor, partnered with company management on an LBO, with Main Street funding $32.1M in a combination of first-lien, senior secured term debt and a direct equity investment. There's also a currently undrawn credit line.
Fri, Jun. 10, 7:26 AM| Fri, Jun. 10, 7:26 AM | 15 Comments