Main Street Capital Reports Q2 2024 Financials

TL;DR

MSCC Q2 24: Investments solid, debt structures clear. Holding steady.

AI Summary

Main Street Capital Corp. filed its 10-Q for the period ending June 30, 2024. The company reported its financial position, including investments in affiliated and unaffiliated issuers, and details on its revolving credit facility and unsecured debt, such as the July 2026 Notes and March 2029 Notes.

Why It Matters

This filing provides insight into Main Street Capital's financial health and investment portfolio, crucial for understanding its performance and future outlook.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided header information.)
• N/A — Net Income (Specific income figures are not detailed in the provided header information.)

Key Players & Entities

• Main Street Capital Corp. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• July 2026 Notes (dollar_amount) — Unsecured debt instrument
• March 2029 Notes (dollar_amount) — Unsecured debt instrument

FAQ

Key Financial Figures

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

Filing Documents

• main-20240630.htm (10-Q) — 11898KB
• main-2024630xexx311.htm (EX-31.1) — 10KB
• main-2024630xexx312.htm (EX-31.2) — 10KB
• main-2024630xexx321.htm (EX-32.1) — 5KB
• main-2024630xexx322.htm (EX-32.2) — 5KB
• 0001396440-24-000154.txt ( ) — 49423KB
• main-20240630.xsd (EX-101.SCH) — 120KB
• main-20240630_cal.xml (EX-101.CAL) — 59KB
• main-20240630_def.xml (EX-101.DEF) — 801KB
• main-20240630_lab.xml (EX-101.LAB) — 1022KB
• main-20240630_pre.xml (EX-101.PRE) — 825KB
• main-20240630_htm.xml (XML) — 12829KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 66 Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)— Six months ended June 30 , 2024 and 2023 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 145 Item 4.

Controls and Procedures

Controls and Procedures 146 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 147 Item 1A.

Risk Factors

Risk Factors 147 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 147 Item 5. Other Information 147 Item 6. Exhibits 149

Signatures

Signatures 150 Table of contents MAIN STREET CAPITAL CORPORATION Consolidated Balance Sheets (in thousands, except shares and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Investments at fair value: Control investments (cost: $ 1,484,861 and $ 1,435,131 as of June 30, 2024 and December 31, 2023, respectively) $ 2,075,429 $ 2,006,698 Affiliate investments (cost: $ 679,571 and $ 575,894 as of June 30, 2024 and December 31, 2023, respectively) 752,764 615,002 NonControl/NonAffiliate investments (cost: $ 1,949,642 and $ 1,714,935 as of June 30, 2024 and December 31, 2023, respectively) 1,909,318 1,664,571 Total investments (cost: $ 4,114,074 and $ 3,725,960 as of June 30, 2024 and December 31, 2023, respectively) 4,737,511 4,286,271 Cash and cash equivalents 30,472 60,083 Interest and dividend receivable and other assets 116,003 89,337 Receivable for securities sold 63,615 — Deferred financing costs (net of accumulated amortization of $ 13,370 and $ 12,329 as of June 30, 2024 and December 31, 2023, respectively) 9,734 7,879 Total assets $ 4,957,335 $ 4,443,570 LIABILITIES Credit Facilities $ 625,000 $ 360,000 July 2026 Notes (par: $ 500,000 as of both June 30, 2024 and December 31, 2023) 498,925 498,662 March 2029 Notes (par: $ 350,000 as of June 30, 2024) 346,642 — June 2027 Notes (par: $ 300,000 as of June 30, 2024) 297,660 — SBIC debentures (par: $ 286,200 and $ 350,000 as of June 30, 2024 and December 31, 2023, respectively) 280,617 344,535 December 2025 Notes (par: $ 150,000 as of both June 30, 2024 and December 31, 2023) 149,224 148,965 May 2024 Notes (par: $ 450,000 as of December 31, 2023) — 450,182 Accounts payable and other liabilities 51,143 62,576 Interest payable 25,823 17,025 Dividend payable 21,205 20,368 Deferred tax liability, net 82,140 63,858 Total liabilities 2,378,379 1,966,171 Commitments and contingencies (Note K) NET ASSETS Common stock, $ 0.01 par value per share ( 150,000

View Full Filing

View this 10-Q filing on SEC EDGAR