Daily News: March 8, 2013

Main Street Capital Y/Y Net Investment Income Up 50%


Main Street Capital announced full year 2012 total investment income and distributable net investment income of $90.5 million and $61.9 million, respectively was up 37% and 50% compared to 2011.

Other highlights from the Main Street Capital news release included the following:

  • Completed $150.7 million in total LMM portfolio investments, including investments in 11 new LMM portfolio companies, resulting in a diversified portfolio of 59 LMM companies at December 31, 2012

  • Completed middle market portfolio investments representing a net increase in middle market investments of $153.8 million in 2012 and a net increase of 28 in the number of middle market companies at December 31, 2012, resulting in a diversified portfolio of 85 middle market companies at December 31, 2012

  • Expanded Main Street’s credit facility to support future investment and operational activities from $235.0 million to $287.5 million in total commitments

    Vincent D. Foster, Main Street’s chairman, president and chief executive officer, stated, “2012 was another strong year for Main Street. The strength and performance of our investment portfolio provided us with meaningful growth in our net investment income and also generated over $15 million of net realized gains during 2012. This growth in net investment income allowed us to increase our regular monthly dividend three times during 2012 and the realized gains provided us the opportunity to pay our first special dividend in January 2013 of $0.35 per share. In addition to the realized gains, the investment portfolio generated significant additional unrealized appreciation as the fair value of our investments increased substantially and resulted in a record net increase in net assets from operations of over $3.50 per share. In addition, we continued to be active from an investing standpoint and ended the year with over $1 billion of assets, which we believe is a significant milestone for the company.”