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net investment income: Fourth quarter: $90.1 million, or $1.07 per share. For the full year 2023, $339 million, or $4.14 per share.
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Distributable net investment income: Fourth quarter: $94.8 million, or $1.12 per share. For the full year 2023, the company reported $356.8 million, or $4.36 per share.
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Net asset value (NAV): Up 3.1% from Q3 2023 to $29.20 per share.
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total investment income: Increased to $129.3 million in the fourth quarter, an increase of 14% year over year.
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dividend: Monthly common dividends for the first quarter of 2024 have been announced totaling $0.72 per share, an increase of 6.7% from the first quarter of 2023.
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portfolio investment: Completed $92.3 million in LMM investments and $160.4 million in private loan investments in the fourth quarter.
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Liquidity and capital resources: Total liquidity as of December 31, 2023 was $1,125.1 million.
Main Street Capital Corp (NYSE:MAIN) filed an 8-K filing on February 22, 2024 to announce its financial results for the fourth quarter and year ended December 31, 2023. The lower-middle market company reported fourth quarter net investment income of $90.1 million, or $1.07 per share, and distributable net investment income of $94.8 million, or $1.12 per share. The company’s net asset value per share increased to $29.20, reflecting an increase of 3.1% sequentially.
MAIN’s total investment income for the quarter increased 14% year-over-year to $129.3 million, driven by higher interest and dividend income. The company’s cost efficiency remains industry-leading, with an annualized operating expense to asset ratio of 1.3%. MAIN also announced and paid an additional dividend of $0.275 per share, bringing his total dividend for the fourth quarter to $0.98 per share, an increase of 28.9% from the fourth quarter of 2022.
The firm’s investment activities include investments in the lower middle market (LMM) portfolio of $92.3 million and investments in the private loan portfolio of $160.4 million. MAIN’s liquidity and capital resources were strong, with total liquidity of $1,125.1 million, including cash and undrawn capacity under its credit facilities.
Commenting on the company’s results, CEO Dwayne L. Heizack said, “We are very pleased with our fourth quarter results, which capped another record year for Main Street on several key financial metrics. ” he said. He highlighted the company’s quarterly and annual record of net investment income per share and distributable net investment income per share, as well as a full-year return on equity of approximately 19%.
“These results reflect the continued and sustainable strength of our overall platform, the benefits of our differentiated and diversified investment strategies, the unique contributions of our asset management business, and the “This demonstrates the continued fundamental strength and quality of our portfolio companies.”
Moving forward, MAIN remains focused on lower middle market and private loan investment strategies and is poised for growth with strong liquidity and a modest leverage profile.
For more information on the financial and other information contained in this press release, see Main Street Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission. (www .sec.gov) and Main Street’s Q4 2023 Investor Presentation will be posted on the Investor Information section of the Main Street website (https://www.mainstcapital.com).
For more information, please see Main Street Capital Corp’s full 8-K earnings release here.
This article first appeared on GuruFocus.
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