 |
NEWS
RELEASE
Contacts:
Main Street Capital
Corporation
Todd
A. Reppert, President and CFO
treppert@mainstcapital.com /
713-350-6000
Dennard Rupp Gray & Easterly,
LLC
Ken
Dennard / ksdennard@drg-e.com
Ben
Burnham / bburnham@drg-e.com
713-529-6600
|
MAIN
STREET CAPITAL ANNOUNCES FOURTH QUARTER
AND
FULL YEAR 2009 FINANCIAL RESULTS
HOUSTON,
TEXAS, March 9, 2010 – Main Street Capital Corporation (NASDAQ-GS: MAIN)
(“Main Street”) announced today its financial results for the fourth quarter and
full year ended December 31, 2009.
Full Year 2009
Highlights
|
|
·
|
Total
investment income of $16.0 million, representing a 7% decrease from
2008
|
|
|
·
|
Distributable
net investment income of $10.3 million (or $1.02 per share), representing
a 5% decrease from 2008 (1)
|
|
|
·
|
Distributable
net realized income of $2.5 million (or $0.25 per share), representing an
80% decrease from 2008 (1)
|
|
|
·
|
Net
Asset Value of $129.7 million (or $11.96 per share) at December 31, 2009,
representing a 2% decrease on a per share basis from December 31,
2008
|
|
|
·
|
Paid
dividends of $1.50 per share, or $0.125 per share for each month during
2009, representing an increase of 5% over
2008
|
|
|
·
|
Completed
six new core portfolio company
investments
|
|
|
·
|
Received
access to approximately $90 million of incremental Small Business
Investment Company (“SBIC”) borrowing capacity through the American
Recovery and Reinvestment Act of 2009 (the “Stimulus
Bill”)
|
|
|
·
|
Commenced
exchange offer to acquire majority of the equity interests in Main Street
Capital II, LP (“MSC II”), an affiliated SBIC
fund
|
Fourth Quarter 2009
Highlights
|
|
·
|
Total
investment income of $4.3 million, representing a 7% decrease from fourth
quarter 2008
|
|
|
·
|
Distributable
net investment income of $2.8 million (or $0.26 per share), representing a
3% decrease from fourth quarter 2008 (1)
|
|
|
·
|
Distributable
net realized loss of $(6.5) million (or $(0.60) per share) (1)
|
|
|
·
|
Paid
dividends of $0.375 per share, or $0.125 per share for each of October,
November and December 2009
|
Full Year 2009 Operating
Results
Total
investment income decreased 7% to $16.0 million in 2009 compared with $17.3
million in 2008. This comparable period decrease was principally
attributable to (i) a $1.4 million reduction in dividend income due to certain
portfolio companies retaining their excess cash flow as additional cushion given
reduced economic visibility during 2009 and (ii) a $1.3 million reduction in fee
income due to reduced portfolio exit activity and lower new investment
originations. These decreases in total investment income were partially offset
by a $1.4 million increase in total interest income from higher average levels
of both core portfolio debt investments and interest-bearing marketable
securities and idle funds investments.
The $1.1
million of share-based compensation expense recognized during 2009 related to
non-cash amortization expense for restricted share grants. Operating expenses,
excluding non-cash, share-based compensation expense discussed above, decreased
$0.8 million, or 12%, in 2009 compared with 2008 primarily due to lower net
general, administrative and overhead expenses. The reduction in net general,
administrative and overhead expenses primarily related to (i) lower accrued
compensation expense given lower investment income levels, (ii) consulting fees
received by the affiliated Investment Manager during 2009 and (iii) reduced
costs for certain legal and administrative activities based upon developing
internal resources to perform such activities.
Distributable
net investment income, which is net investment income before non-cash,
share-based compensation expense, decreased 5% to $10.3 million, or $1.02 per
share, in 2009 compared with $10.8 million, or $1.19 per share, in 2008.(1) The
decrease in distributable net investment income was primarily attributable to
reduced levels of total investment income, as discussed above, partially offset
by lower net general, administrative and overhead expenses. Distributable net
investment income on a per share basis was also impacted by a greater number of
shares outstanding during 2009 due to the June 2009 follow-on stock
offering.
Distributable
net realized income, which is net realized income before non-cash, share-based
compensation expense, decreased to $2.5 million, or $0.25 per share, in 2009
compared with $12.2 million, or $1.34 per share, in 2008.
(1) The decrease in distributable net realized income was primarily
attributable to the level of net realized loss on investments during 2009 and a
decrease in distributable net investment income. The net realized loss on
investments of $7.8 million during 2009 principally related to losses realized
on the exit of debt and equity investments in Universal Scaffolding &
Equipment, LLC and Carlton Global Resources, LLC, partially offset by realized
gains related to the exit of equity investments in CBT Nuggets, LLC and various
marketable securities investments.
The net
increase in net assets resulting from operations was $11.9 million, or $1.19 per
share, in 2009 compared with $10.9 million, or $1.20 per share, in
2008. The $8.2 million total net change in unrealized appreciation
from investments for 2009 was attributable to (i) $8.3 million in accounting
reversals of net unrealized depreciation attributable to the net realized loss
recognized in 2009 as discussed above, (ii) unrealized appreciation on fourteen
investments in portfolio companies totaling $11.6 million, offset by unrealized
depreciation on fifteen investments in portfolio companies totaling $11.7
million, (iii) $0.6 million in unrealized appreciation related to various
marketable securities investments, and (iv) $0.6 million in unrealized
depreciation attributable to Main Street’s investment in the affiliated
Investment Manager. During 2009, Main Street also recognized a net income tax
benefit of $2.3 million principally related to deferred taxes on unrealized
depreciation for certain portfolio investments held by Main Street’s wholly
owned taxable subsidiary.
Liquidity and Capital
Resources
As of
December 31, 2009, Main Street had approximately $48.7 million in total cash and
cash equivalents, marketable securities and idle funds
investments. In January 2010, Main Street completed a follow-on
public stock offering (the “January Offering”) in which it sold 2,875,000 shares
of common stock, including the underwriters’ exercise of the over-allotment
option, at a price to the public of $14.75 per share, resulting in total net
proceeds of approximately $40.1 million, after deducting underwriters’
commissions and offering costs. During October 2008, Main Street
closed a three-year, $30 million investment credit facility (the “Investment
Facility”) that will be used to provide additional liquidity in support of
future investment and operational activities. Based upon the current
level of cash and cash equivalents, marketable securities and idle funds
investments as well as the additional borrowing capacity through both the SBIC
program and the Investment Facility, Main Street projects that it will have
sufficient liquidity to fund its investment and operational activities through
all of calendar year 2010. This projection will be impacted by, among
other things, the pace of new and follow-on investments, debt repayments and
investment redemptions, the level of cash flow from operations and cash flow
from realized gains, and the level of dividends paid in cash. Currently, Main
Street has over $50 million of executed term sheets for new portfolio
investments which are in the due diligence or documentation phase of the
investment process.
On
December 31, 2009, Main Street had $65 million of SBIC debenture leverage
outstanding. The existing SBIC debenture leverage bears a weighted average fixed
interest rate of approximately 5.0%, paid semi-annually, and matures ten years
from original issuance. The first maturity of the existing SBIC debenture
leverage does not occur until 2013, and the weighted average maturity duration
is 6.1 years as of December 31, 2009. As of December 31, 2009, Main
Street had a debt to net asset value ratio and a net debt (debt less cash and
cash equivalents, marketable securities and idle funds) to net asset value ratio
of approximately 0.5 to 1.0 and 0.1 to 1.0, respectively. As of December
31, 2009, all of Main Street’s outstanding indebtedness, which consisted of
long-term SBIC debenture leverage, was exempted from the 200% asset coverage
requirements under the Business Development Company regulations. Main Street’s
full year 2009 interest coverage ratio (distributable net investment income plus
interest expense divided by interest expense) was approximately 3.7 to
1.0.
MSC II Exchange
Offer
On
January 7, 2010, Main Street consummated transactions (the “Exchange
Offer”) to exchange 1,239,695 shares of its common stock for approximately 88%
of the total dollar value of the limited partner interests in MSC II (and
together with Main Street Mezzanine Fund, LP (“MSMF”), Main Street’s wholly
owned SBIC fund, being referred to as the “Funds”). Pursuant to the terms of the
Exchange Offer, 100% of the membership interests in the general partner of MSC
II, Main Street Capital II GP, LLC (“MSC II GP”), were also transferred to
MSCC for no consideration. MSC II commenced operations in January 2006, is an
investment fund that operates as an SBIC, and is managed by Main Street’s wholly
owned investment management subsidiary (Main Street Capital Partners, LLC, or
the “Investment Manager”). The Exchange Offer and related transactions,
including the transfer of the MSC II GP membership interests, are
collectively referred to as the “Exchange Offer Transactions.”
Consummation
of the Exchange Offer Transactions provides us with access to additional
long-term, low-cost leverage capacity through the SBIC program. The Stimulus
Bill increased the maximum amount of combined SBIC leverage (or SBIC leverage
cap) to $225 million for affiliated SBIC funds from the previous SBIC leverage
cap of approximately $137 million. Since the increase of the SBIC leverage cap
to $225 million applies to affiliated SBIC funds, Main Street is required to
allocate such increased borrowing capacity between MSMF and MSC II. Subsequent
to the Exchange Offer, Main Street now has access to an incremental $90 million
in SBIC leverage capacity, subject to the required capitalization of the Funds,
in addition to the $70 million of existing MSC II SBIC leverage and the $65
million of SBIC leverage at MSMF. Main Street currently projects that
consummation of the Exchange Offer Transactions will be accretive to Main
Street’s calendar year 2010 distributable net investment income per share.
Assuming the Exchange Offer Transactions and the January Offering had closed on
December 31, 2009, Main Street estimates that its pro forma net asset value per
share at that date would have been $12.04.
Legislation
recently proposed and passed by the United States House of Representatives, the
Small Business Financing and Investment Act of 2009 (or “HR 3854”), would among
other things increase the total SBIC leverage capacity for the Funds from $225
million to $350 million. While Main Street is positioned to benefit from the
full congressional passage of HR 3854, the ultimate form and outcome of such
legislation or any similar legislation cannot be predicted.
Core
Portfolio Statistics (all as of December 31, 2009) (2)
Main
Street had debt and equity investments in 35 portfolio companies with the
average portfolio investment at cost equaling approximately 3% of total
portfolio investments and 2% of total assets.
Approximately
80% of Main Street’s portfolio investments at cost were in the form of secured
debt investments, and 87% of Main Street’s debt investments were secured by
first priority liens on the assets of portfolio companies. The annual
weighted average effective yield on Main Street debt investments held at
December 31, 2009 was 14.3%, including amortization of deferred debt origination
fees and accretion of original issue discount but excluding any debt investments
on non-accrual status. Approximately 87% of Main Street’s debt
investments at cost were structured at fixed interest rates with cash interest
payments generally due monthly.
Based on information provided by our
portfolio companies, which Main Street has not independently verified, our
portfolio companies had a weighted average net senior debt (senior
interest-bearing debt through Main Street’s debt position less cash and cash
equivalents) to EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) ratio of approximately 2.4 to 1.0 and a total EBITDA to senior
interest expense ratio of approximately 3.4 to 1.0. Including all debt that is junior in
priority to Main Street’s debt position, these ratios were approximately 3.2 to
1.0 and 2.8 to 1.0, respectively.
Main
Street had equity ownership in 91% of its portfolio companies and the average
fully diluted equity ownership in those portfolio companies was approximately
24%.
Based
upon Main Street’s internal investment rating system, with a rating of “1” being
the highest and a rating of “5” being the lowest, the weighted average
investment rating for Main Street’s portfolio was 2.4, which was unchanged
compared to the weighted average investment rating at September 30,
2009. As of December 31, 2009, Main Street had three investments on
non-accrual status that represented 1.4% of the total portfolio at fair value.
During January 2010, Main Street sold its investment in Quest Design and
Production, LLC (“Quest”), which was on non-accrual status as of December 31,
2009. Main Street had recorded unrealized depreciation as of December 31, 2009
on its investment in Quest equal to the $4.0 million loss it will realize in the
first quarter of 2010 related to the exit of this investment.
Included
at the end of this press release is a summary table which presents a sequential
quarterly comparison of key portfolio statistics as of December 31, 2009 and
September 30, 2009.
Fourth Quarter and Full Year
2009 Financial Results Conference Call / Webcast
Main
Street has scheduled a conference call for Wednesday, March 10, 2010 at 10:00
a.m. Eastern Time to discuss the fourth quarter and full year 2009 financial
results.
You may
access the conference call by dialing 480-629-9774 or 800-762-8908 and quote
conference ID #4244557 at least 10 minutes prior to the start
time. The conference call can also be accessed via a simultaneous
webcast by logging into the investor relations section of the Main Street web
site at http://www.mainstcapital.com.
A
telephonic replay of the conference call will be available through Wednesday,
March 17, 2010 and may be accessed by dialing 303-590-3030 and using the
passcode ID #4244557. An audio archive of the conference call will
also be available on the investor relations section of the Main Street web site
at http://www.mainstcapital.com shortly after the call and will be accessible
for approximately 90 days.
For a
more detailed discussion of the financial and other information included in this
press release, please refer to the Main Street Form 10-K for the year ended
December 31, 2009 to be filed with the Securities and Exchange Commission
(www.sec.gov) and Main Street’s Year End 2009 Investor Presentation to be posted
on the investor relations section of the Main Street web site at
http://www.mainstcapital.com.
(1) Distributable net investment
income and distributable net realized income are net investment income and net
realized income, respectively, as determined in accordance with U.S. generally
accepted accounting principles, or GAAP, excluding the impact of share-based
compensation expense which is non-cash in nature. Main Street believes
presenting distributable net investment income, distributable net realized
income, and related per share measures are useful and appropriate supplemental
disclosures for analyzing its financial performance since share-based
compensation does not require settlement in cash. However, distributable net
investment income and distributable net realized income are non-GAAP measures
and should not be considered as a replacement to net investment income, net
realized income, and other earnings measures presented in accordance with GAAP.
Instead, distributable net investment income and distributable net realized
income should be reviewed only in connection with such GAAP measures in
analyzing Main Street’s financial performance. A reconciliation of net
investment income and net realized income in accordance with GAAP to
distributable net investment income and distributable net realized income is
detailed in the financial tables included with this press release.
(2) All key portfolio statistics
are calculated exclusive of Main Street’s portfolio investment in Main Street
Capital Partners, LLC, the wholly owned Investment Manager.
ABOUT
MAIN STREET CAPITAL CORPORATION
Main
Street (www.mainstcapital.com) is a principal investment firm that provides
long-term debt and equity capital to lower middle market
companies. Main Street’s investments are made to support management
buyouts, recapitalizations, growth financings and acquisitions of companies that
operate in diverse industry sectors and generally have annual revenues ranging
from $10 million to $100 million. Main Street seeks to partner with
entrepreneurs, business owners and management teams and generally provides
“one-stop” financing alternatives to its portfolio companies.
FORWARD-LOOKING
STATEMENTS
Main
Street cautions that statements in this press release which are forward-looking
and provide other than historical information involve risks and uncertainties
that may impact our future results of operations. The forward-looking
statements in this press release are based on current conditions and include
statements regarding our goals, beliefs, strategies and future operating results
and cash flows, including but not limited to: our estimate that the Exchange
Offer Transactions will be accretive to Main Street’s calendar year 2010
distributable net investment income per share; our estimate regarding current
liquidity being sufficient to fund investment and operational activities through
all of calendar year 2010; our estimate of the pro forma net asset value per
share as of December 31, 2009 assuming the Exchange Offer Transactions and
January Offering had occurred on that date; expectations for the amount of the
currently executed term sheets that may result in new portfolio
investments; and our estimates regarding the incremental amount of SBIC leverage
available to us. Although our management believes that the expectations
reflected in those forward-looking statements are reasonable, Main Street can
give no assurance that those expectations will prove to have been
correct. Those statements are made based on various underlying
assumptions and are subject to numerous uncertainties and risks, including,
without limitation: our continued effectiveness in raising, investing and
managing capital; adverse changes in the economy generally or in the industries
in which our portfolio companies operate; changes in laws and regulations that
may adversely impact our operations or the operations of one or more of our
portfolio companies; the operating and financial performance of our portfolio
companies; retention of key investment personnel; competitive factors; and such
other factors described under the captions “Special Note Regarding
Forward-Looking Statements” and “Risk Factors” included in our filings with the
Securities and Exchange Commission (www.sec.gov). Main Street
undertakes no obligation to update the information contained herein to reflect
subsequently occurring events or circumstances, except as required by applicable
securities laws and regulations.
Contacts:
Main Street Capital
Corporation
Todd A.
Reppert, President and CFO
treppert@mainstcapital.com
/ 713-350-6000
Dennard Rupp Gray &
Easterly, LLC
Ken
Dennard / ksdennard@drg-e.com
Ben
Burnham / bburnham@drg-e.com
713-529-6600
MAIN
STREET CAPITAL CORPORATION
Consolidated
Statements of Operations
|
Three Months Ended
|
Years Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
INVESTMENT
INCOME:
|
||||||||||||||||
|
Interest,
fee and dividend income:
|
||||||||||||||||
|
Control
investments
|
$ | 1,669,512 | $ | 2,390,195 | $ | 8,022,687 | $ | 9,826,369 | ||||||||
|
Affiliate
investments
|
1,223,298 | 1,696,116 | 4,581,295 | 4,842,442 | ||||||||||||
|
Non-Control/Non-Affiliate
investments
|
557,119 | 234,552 | 1,225,995 | 1,454,718 | ||||||||||||
|
Total
interest, fee and dividend income
|
3,449,929 | 4,320,863 | 13,829,977 | 16,123,529 | ||||||||||||
|
Interest
from idle funds and other
|
858,225 | 312,962 | 2,172,270 | 1,171,897 | ||||||||||||
|
Total
investment income
|
4,308,154 | 4,633,825 | 16,002,247 | 17,295,426 | ||||||||||||
|
EXPENSES:
|
||||||||||||||||
|
Interest
|
(960,377 | ) | (1,043,745 | ) | (3,790,702 | ) | (3,777,919 | ) | ||||||||
|
General
and administrative
|
(289,523 | ) | (412,746 | ) | (1,351,451 | ) | (1,684,084 | ) | ||||||||
|
Expenses
reimbursed to Investment Manager
|
(263,693 | ) | (287,058 | ) | (569,868 | ) | (1,006,835 | ) | ||||||||
|
Share-based
compensation
|
(301,179 | ) | (195,726 | ) | (1,068,397 | ) | (511,452 | ) | ||||||||
|
Total
expenses
|
(1,814,772 | ) | (1,939,275 | ) | (6,780,418 | ) | (6,980,290 | ) | ||||||||
|
NET
INVESTMENT INCOME
|
2,493,382 | 2,694,550 | 9,221,829 | 10,315,136 | ||||||||||||
|
NET
REALIZED GAIN (LOSS) FROM INVESTMENTS:
|
||||||||||||||||
|
Control
investments
|
(4,307,134 | ) | (4,131,999 | ) | (3,441,483 | ) | 188,214 | |||||||||
|
Affiliate
investments
|
(5,055,796 | ) | 498,876 | (5,055,796 | ) | 1,209,280 | ||||||||||
|
Non-Control/Non-Affiliate
investments
|
70,628 | - | 70,628 | - | ||||||||||||
|
Marketable
securities and idle funds investments
|
15,920 | - | 629,103 | - | ||||||||||||
|
Total
net realized gain (loss) from investments
|
(9,276,382 | ) | (3,633,123 | ) | (7,797,548 | ) | 1,397,494 | |||||||||
|
NET
REALIZED INCOME
|
(6,783,000 | ) | (938,573 | ) | 1,424,281 | 11,712,630 | ||||||||||
|
NET
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM
INVESTMENTS:
|
||||||||||||||||
|
Core
portfolio investments, marketable securities and idle funds
investments
|
7,234,339 | 868,009 | 8,880,895 | (3,011,718 | ) | |||||||||||
|
Investment
in affiliated Investment Manager
|
(303,868 | ) | (245,068 | ) | (638,788 | ) | (949,374 | ) | ||||||||
|
Total
net change in unrealized appreciation (depreciation) from
investments
|
6,930,471 | 622,941 | 8,242,107 | (3,961,092 | ) | |||||||||||
|
Income
tax benefit (provision)
|
1,500,277 | 885,136 | 2,289,841 | 3,182,401 | ||||||||||||
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ | 1,647,748 | $ | 569,504 | $ | 11,956,229 | $ | 10,933,939 | ||||||||
|
NET
INVESTMENT INCOME PER SHARE - BASIC AND DILUTED
|
$ | 0.23 | $ | 0.29 | $ | 0.92 | $ | 1.13 | ||||||||
|
NET
REALIZED INCOME PER SHARE - BASIC AND DILUTED
|
$ | (0.63 | ) | $ | (0.10 | ) | $ | 0.14 | $ | 1.29 | ||||||
|
DIVIDENDS
PAID PER SHARE
|
$ | 0.38 | $ | 0.38 | $ | 1.50 | $ | 1.43 | ||||||||
|
NET
INCREASE IN NET ASSETS
|
||||||||||||||||
|
RESULTING
FROM OPERATIONS PER SHARE - BASIC AND DILUTED
|
$ | 0.15 | $ | 0.06 | $ | 1.19 | $ | 1.20 | ||||||||
|
WEIGHTED
AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED
|
10,797,584 | 9,230,697 | 10,042,639 | 9,095,904 | ||||||||||||
MAIN
STREET CAPITAL CORPORATION
Consolidated
Balance Sheets
|
December 31, 2009
|
December 31, 2008
|
|||||||
|
ASSETS
|
||||||||
|
Investments
at fair value:
|
||||||||
|
Control
investments (cost: $59,544,719 and $60,767,805 as of December 31, 2009 and
2008, respectively)
|
$ | 66,400,667 | $ | 65,542,608 | ||||
|
Affiliate
investments (cost: $39,252,445 and $37,946,800 as of December 31, 2009 and
2008, respectively)
|
46,886,202 | 39,412,695 | ||||||
|
Non-Control/Non-Affiliate
investments (cost: $13,492,373 and $6,245,405 as of December 31, 2009 and
2008, respectively)
|
12,598,354 | 5,375,886 | ||||||
|
Investment
in affiliated Investment Manager (cost: $18,000,000 as of December 31,
2009 and 2008, respectively)
|
16,036,838 | 16,675,626 | ||||||
|
Total
investments (cost: $130,289,537 and $122,960,010 as of December 31, 2009
and 2008, respectively)
|
141,922,061 | 127,006,815 | ||||||
|
Marketable
securities and idle funds investments (cost: $17,243,407 and $4,218,704 as
of December 31, 2009 and 2008, respectively)
|
18,070,887 | 4,389,795 | ||||||
|
Cash
and cash equivalents
|
30,619,998 | 35,374,826 | ||||||
|
Deferred
tax asset
|
2,716,400 | 1,121,681 | ||||||
|
Other
assets
|
1,509,608 | 1,100,922 | ||||||
|
Deferred
financing costs (net of accumulated amortization of $1,071,676 and
$956,037 as of December 31, 2009 and 2008, respectively)
|
1,611,508 | 1,635,238 | ||||||
|
Total
assets
|
$ | 196,450,462 | $ | 170,629,277 | ||||
|
LIABILITIES
|
||||||||
|
SBIC
debentures
|
$ | 65,000,000 | $ | 55,000,000 | ||||
|
Interest
payable
|
1,069,148 | 1,108,193 | ||||||
|
Dividend
payable
|
- | 726,464 | ||||||
|
Accounts
payable and other liabilities
|
721,183 | 1,438,564 | ||||||
|
Total
liabilities
|
66,790,331 | 58,273,221 | ||||||
|
Commitments
and contingencies
|
||||||||
|
NET
ASSETS
|
||||||||
|
Common
stock, $0.01 par value per share (150,000,000 shares authorized;
10,842,447 and 9,206,483 issued and outstanding as of December 31, 2009
and 2008, respectively)
|
108,425 | 92,065 | ||||||
|
Additional
paid-in capital
|
123,534,156 | 104,467,740 | ||||||
|
Undistributed
net realized income (loss)
|
(8,652,154 | ) | 3,658,495 | |||||
|
Net
unrealized appreciation from investments, net of income
taxes
|
14,669,704 | 4,137,756 | ||||||
|
Total
net assets
|
129,660,131 | 112,356,056 | ||||||
|
Total
liabilities and net assets
|
$ | 196,450,462 | $ | 170,629,277 | ||||
|
NET
ASSET VALUE PER SHARE
|
$ | 11.96 | $ | 12.20 | ||||
MAIN
STREET CAPITAL CORPORATION
Reconciliation
of distributable net investment income and distributable net realized income
(loss)
(Unaudited)
|
Three Months Ended December 31,
|
Years Ended December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Reconciliation
of distributable net investment income and distributable net realized
income (loss):
|
||||||||||||||||
|
Net
investment income
|
$ | 2,493,382 | $ | 2,694,550 | $ | 9,221,829 | $ | 10,315,136 | ||||||||
|
Share-based
compensation expense
|
301,179 | 195,726 | 1,068,397 | 511,452 | ||||||||||||
|
Distributable
net investment income
|
2,794,561 | 2,890,276 | 10,290,226 | 10,826,588 | ||||||||||||
|
Total
net realized gain (loss) from investments
|
(9,276,382 | ) | (3,633,123 | ) | (7,797,548 | ) | 1,397,494 | |||||||||
|
Distributable
net realized income (loss)
|
$ | (6,481,821 | ) | $ | (742,847 | ) | $ | 2,492,678 | $ | 12,224,082 | ||||||
|
Distributable
net investment income per share -
Basic
and diluted
|
$ | 0.26 | $ | 0.31 | $ | 1.02 | $ | 1.19 | ||||||||
|
Distributable
net realized income (loss) per share -
Basic
and diluted
|
$ | (0.60 | ) | $ | (0.08 | ) | $ | 0.25 | $ | 1.34 | ||||||