Main Street Capital Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Main Street Capital Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing investment and debt structures.</b>

AI Summary

Main Street Capital CORP (MAIN) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Main Street Capital Corp. reported its 10-Q filing for the period ending March 31, 2024. The filing details investments in affiliated and unaffiliated issuers, with specific data points for March 31, 2024, and December 31, 2023. Information on various debt instruments including revolving credit facilities, July 2026 Notes, May 2024 Notes, March 2029 Notes, and SBIC Debentures is provided as of March 31, 2024, and December 31, 2023. The filing includes data on common stock, additional paid-in capital, and retained earnings for various periods in 2023 and 2024. The company's principal business address is 1300 Post Oak Boulevard, 8th Floor, Houston, TX 77056, with a phone number of (713) 350-6000.

Why It Matters

For investors and stakeholders tracking Main Street Capital CORP, this filing contains several important signals. This filing provides a snapshot of Main Street Capital's investment portfolio and debt obligations as of the end of Q1 2024, crucial for understanding its financial health and strategic positioning. Investors can analyze the company's capital structure, including its equity components and various debt facilities, to assess leverage and financial flexibility.

Risk Assessment

Risk Level: low — Main Street Capital CORP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk.

Analyst Insight

Monitor the company's investment performance and debt management strategies in subsequent filings to assess ongoing financial stability.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-10 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-12-31 — Previous Year End Date (Comparison data)

Key Players & Entities

• Main Street Capital CORP (company) — Filer of the 10-Q
• 1300 Post Oak Boulevard, 8th Floor, Houston, TX 77056 (company) — Business address
• MD (company) — State of incorporation
• 412230745 (company) — IRS number

FAQ

Industry Context

Main Street Capital Corp. operates as a business development company (BDC), providing debt and equity capital to lower middle market companies.

Regulatory Implications

As a BDC, the company is subject to regulations under the Investment Company Act of 1940, impacting its investment strategies and capital structure.

What Investors Should Do

1. Review the detailed breakdown of investments in affiliated and unaffiliated issuers for Q1 2024.
2. Analyze the terms and maturity dates of the company's various debt instruments, including revolving credit facilities and notes.
3. Compare the equity components (common stock, additional paid-in capital, retained earnings) to prior periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly report (10-Q) for the period ending March 31, 2024, following previous filings which would include annual reports (10-K) and other periodic disclosures.

Key Financial Figures

• $0.01 — h Registered Common Stock, par value $0.01 per share MAIN New York Stock Exchange

Filing Documents

• main-20240331.htm (10-Q) — 11346KB
• main-2024331xexx311.htm (EX-31.1) — 10KB
• main-2024331xexx312.htm (EX-31.2) — 10KB
• main-2024331xexx321.htm (EX-32.1) — 5KB
• main-2024331xexx322.htm (EX-32.2) — 5KB
• 0001396440-24-000082.txt (&nbsp;) — 46527KB
• main-20240331.xsd (EX-101.SCH) — 118KB
• main-20240331_cal.xml (EX-101.CAL) — 58KB
• main-20240331_def.xml (EX-101.DEF) — 789KB
• main-20240331_lab.xml (EX-101.LAB) — 983KB
• main-20240331_pre.xml (EX-101.PRE) — 806KB
• main-20240331_htm.xml (XML) — 12262KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 66 Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)— Three months ended March 31 , 202 4 and 202 3 108 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 126 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 141 Item 4.

Controls and Procedures

Controls and Procedures 142 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 143 Item 1A.

Risk Factors

Risk Factors 143 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 143 Item 5. Other Information 143 Item 6. Exhibits 144

Signatures

Signatures 145 Table of contents MAIN STREET CAPITAL CORPORATION Consolidated Balance Sheets (in thousands, except shares and per share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Investments at fair value: Control investments (cost: $ 1,453,666 and $ 1,435,131 as of March 31, 2024 and December 31, 2023, respectively) $ 2,051,212 $ 2,006,698 Affiliate investments (cost: $ 614,825 and $ 575,894 as of March 31, 2024 and December 31, 2023, respectively) 665,949 615,002 NonControl/NonAffiliate investments (cost: $ 1,879,039 and $ 1,714,935 as of March 31, 2024 and December 31, 2023, respectively) 1,830,866 1,664,571 Total investments (cost: $ 3,947,530 and $ 3,725,960 as of March 31, 2024 and December 31, 2023, respectively) 4,548,027 4,286,271 Cash and cash equivalents 114,984 60,083 Interest and dividend receivable and other assets 88,236 89,337 Receivable for securities sold 212 — Deferred financing costs (net of accumulated amortization of $ 12,850 and $ 12,329 as of March 31, 2024 and December 31, 2023, respectively) 7,359 7,879 Total assets $ 4,758,818 $ 4,443,570 LIABILITIES Credit Facilities $ 323,000 $ 360,000 July 2026 Notes (par: $ 500,000 as of both March 31, 2024 and December 31, 2023) 498,794 498,662 May 2024 Notes (par: $ 450,000 as of both March 31, 2024 and December 31, 2023) 450,045 450,182 March 2029 Notes (par: $ 350,000 as of March 31, 2024) 346,469 — SBIC debentures (par: $ 286,200 and $ 350,000 as of March 31, 2024 and December 31, 2023, respectively) 281,013 344,535 December 2025 Notes (par: $ 150,000 as of both March 31, 2024 and December 31, 2023) 149,094 148,965 Accounts payable and other liabilities 76,342 62,576 Interest payable 24,818 17,025 Dividend payable 20,606 20,368 Deferred tax liability, net 72,667 63,858 Total liabilities 2,242,848 1,966,171 Commitments and contingencies (Note K) NET ASSETS Common stock, $ 0.01 par value per share ( 150,000,000 shares authorized; 85

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View this 10-Q filing on SEC EDGAR