Main Street Announces 2020 Fourth Quarter And Annual Results
https://www.bloomberg.com/press-releases/...uarter-and-annual-results
Fourth Quarter 2020 Highlights
o Net investment income of $39.6 million (or $0.59 per share)
o Distributable net investment income^(1) of $42.3 million (or $0.63 per
share)
o Total investment income of $62.5 million
o Industry leading ratio of total non-interest operating expenses as a
percentage of quarterly average total assets ("Operating Expenses to
Assets Ratio") of 1.5% on an annualized basis
o Net increase in net assets resulting from operations of $79.3 million (or
$1.19 per share)
o Net asset value of $22.35 per share at December 31, 2020, representing an
increase of $0.83 per share, or 3.9%, compared to $21.52 per share at
September 30, 2020
o Declared monthly dividends totaling $0.615 per share for the first quarter
of 2021, or $0.205 per share for each of January, February and March 2021,
consistent with the monthly dividends paid for the first quarter of 2020
and the fourth quarter of 2020
o Completed $97.8 million in total lower middle market ("LMM") portfolio
investments, including investments totaling $68.7 million in two new LMM
portfolio companies, which after aggregate repayments of debt principal
and return of invested equity capital from several LMM portfolio
investments resulted in a net increase of $40.3 million in total LMM
portfolio investments
o Completed $98.5 million in total private loan portfolio investments, which
after aggregate repayments of debt principal and exits of equity
investments from several private loan portfolio investments resulted in a
net decrease of $58.3 million in total private loan portfolio investments
o Net decrease of $29.3 million in middle market portfolio investments
o The External Investment Manager (as defined below) became the sole
investment adviser to MSC Income Fund, LLC ("MSC Income"), formerly known
as HMS Income Fund, Inc., a non-listed business development company
o The External Investment Manager successfully launched and closed its first
private fund, MS Private Loan Fund I, LP Full Year 2020 Highlights o Net investment income of $137.9 million (or $2.10 per share)
o Distributable net investment income^(1) of $148.8 million (or $2.26 per
share)
o Total investment income of $222.6 million
o Industry leading Operating Expenses to Assets Ratio of 1.3%
o Paid monthly dividends totaling $2.460 per share, representing a 1.9%
increase compared to $2.415 for 2019
o Completed $294.4 million in total LMM portfolio investments, including
investments totaling $199.6 million in six new LMM portfolio companies,
which after aggregate repayments of debt principal and return of invested
equity capital from several LMM portfolio investments resulted in a net
increase of $102.5 million in total LMM portfolio investments
o Completed $269.4 million in total private loan portfolio investments,
which after aggregate repayments of debt principal and exits of equity
investments from several private loan portfolio investments resulted in a
net increase of $24.4 million in private loan portfolio investments
o Net decrease of $88.7 million in middle market portfolio investments
o Amended our revolving credit facility ("Credit Facility") in March and
November 2020 to increase the total commitments from $705.0 million to
$780.0 million and add two new lender relationships
o Further diversified capital structure by issuing an additional $125.0
million of our existing 5.20% investment grade notes due 2024 at a premium
resulting in an estimated yield-to-maturity of 4.42%
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