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MAIN

Main Street Capital

6/19/2013, 3:59 AM ET

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| Earnings
| Dividends
| M&A
| On the move

Friday, June 7, 10:43 AM Treasury prices are sharply lower, but high yield (HYG +0.6%) is enjoying a nice bounce after a rough few weeks. The move is translating into higher prices for BDCs (BDCS +1.5%) - whose assets are somewhat comparable to junk debt. Leading: Prospect (PSEC +1.2%), Main Street (MAIN +2.2%), Triangle (TCAP +1%), MCG (MCGC +1.6%), American Capital (ACAS +1.7%), Fifth Street (FSC +1.1%), and Golub (GBDC +0.9%). As SA's Alberto Alfonso points out, American Capital - for one - can take advantage of recent declines to buy back even more shares at well below book value. 1 Comment [Financials, On the Move]
Friday, June 7, 7:23 AM Main Street Capital (MAIN) has been particularly hard-hit among the general selloff in income-producing favorites, and the sell-side steps in for the 2nd time this week. Today it's RayJay boosting from Hold to Buy with price target of $30. On Tuesday, Wunderlich initiated with a Buy and $35 price target. Comment! [Financials]
Tuesday, June 4, 1:43 PM Main Street Capital (MAIN -4.2%) continues for a 2nd day to bear the brunt of the selling in the BDC sector (BDCS -0.7%). The company's just-published investor day presentation is typical conference stuff - showing how the company is different (and superior) to its sector brethren, explaining the opportunities in lower and middle-market lending, and including several case studies. Also notably lower: MCG Capital (MCGC -1.6%), Prospect (PSEC -1.3%), and Hercules (HTGC -1%). 16 Comments [Financials, On the Move]
Monday, June 3, 11:52 AM Business development companies (BDCS -1.1%) see some selling as higher interest rates threaten to offer at least minor competition to their fat dividends. The drop in junk bond prices - a decent proxy for the assets on their books - isn't helping either. Leading on the downside today: Main Street (MAIN -4.5%), American Capital (ACAS -2.4%), Prospect Capital (PSEC -1.4%), Ares Capital (ARCC -1.1%), Blackrock Kelso (BKCC -1.1%). 5 Comments [Financials, On the Move]
Friday, May 31, 7:14 AM Main Street Capital (MAIN) gets a boost in in its credit line, announcing one new lender relationship boosting commitments $20M to $372.5M. An accordion feature effectively brings the line to $425M. The company currently has $168M drawn on the facility. (PR) Comment! [Financials]
Monday, May 13, 3:48 PM Main Street Capital (MAIN) declares special dividend of $0.20/share, payable in July 2013. (PR) 1 Comment [Dividends]
Monday, May 13, 7:16 AM Main Street Capital (MAIN) declares its semi-annual special cash dividend of $0.20/share payable in July 2013. The semi-annual payout is a new pace from the previous once-per-year, a move the company says will reduce its federal excise tax. (PR) Comment! [Financials]
Friday, May 10, 3:58 PM Main Street Capital (MAIN +0.6%) touts portfolio activity in its earnings call, with $56.2M in originations (total portfolio around $900M) in Q1 and current pipeline "consistent with the levels we have historically experienced (CC transcript)." Triangle Capital (TCAP +1.1%) - which got punished yesterday for light activity and a middling outlook - bounces nicely today. Comment! [Financials]
Thursday, May 9, 4:50 PM More on Main Street Capital (MAIN) Q1 earnings: NII of $17.3M up 35% Y/Y. NAV of $18.55/share up 2% from Dec. 31 after adjusting for the $0.32 special dividend. Fair value of Lower Middle Market portfolio of $520.3M, average yield of 14.2%, weighted average investment rating of 2.2 (on 1-5 scale, 1 is best). Middle market portfolio of $361.9M, average yield of 8.2%. Private loan portfolio of $74.5M, average yield of 14%. CC tomorrow at 10 ET. Shares +1.4% AH. (PR) Comment! [Financials, Earnings]
Thursday, May 9, 4:23 PM Main Street Capital (MAIN): Q1 NII per share of $0.50 beats by $0.03. NAV per share of $18.55. (PR) Comment! [Earnings, Financials, Breaking News]
Thursday, May 9, 11:00 AM Main Street Capital (MAIN) declares dividend of $0.155/share for the month of July, Aug. And Sep. Forward yield 6.25%. (PR) Comment! [Dividends]
Thursday, May 9, 7:21 AM Main Street Capital (MAIN) announces an increase in commitments to its line of credit, with the total now $352.5M from $287.5M previously. The credit facility's accordion feature is upsized, meaning the amount could go as high as $425M. The company currently has $110M drawn on the line. (PR) 2 Comments [Financials]
Thursday, March 7, 4:58 PM Main Street (MAIN): Q4 Net investment income of $0.56 beats by $0.07. (PR) 1 Comment [Earnings, Breaking News, Financials]
Wednesday, March 6, 7:15 AM Main Street Capital (MAIN) sets a $0.115/share monthly dividend for Q2, a 3% increase over Q1 and 11% more than a year ago. The company presents later today at a Raymond James conference. (PR) 1 Comment [Financials]
Friday, February 8, 12:54 PM In 2013 Q1, BDCs might find themselves paying for a robust 2012 Q4 (when companies rushed to close deals ahead of tax hikes). "Our deal pipeline in Q1 is much slower than it was last quarter," said Golub Capital (GBDC) CEO David Golub on the earnings call (transcript). "It's not anemic ... but there's no question that we and others in the market are feeling the full-forward effect of last quarter." 6 Comments [Financials]
Wednesday, December 19, 2012, 7:15 AM MAIN Street Capital announces a special dividend of $0.35 to be paid in January along with the regular $0.15 monthly payouts scheduled for each month of Q1. No debt offering here, the special dividend is being paid out of undistributed 2012 income. They couldn't make it payable in December? Shares -0.3% premarket. (PR) 4 Comments [Financials]