Annual report pursuant to Section 13 and 15(d)

FINANCIAL HIGHLIGHTS (Tables)

v3.22.4
FINANCIAL HIGHLIGHTS (Tables)
 12 Months Ended
Dec. 31, 2022
Investment Company [Abstract]  
Schedule of Financial Highlights
Year Ended December 31,
Per Share Data: 2022 2021 2020 2019 2018
NAV at the beginning of the period $ 25.29  $ 22.35  $ 23.91  $ 24.09  $ 23.53 
Net investment income (1) 3.29  2.65  2.10  2.50  2.60 
Net realized gain (loss) (1)(2) (0.07) 0.66  (1.77) (0.33) (0.03)
Net unrealized appreciation (depreciation) (1)(2) 0.33  1.97  (0.09) (0.09) 0.32 
Income tax benefit (provision) (1)(2) (0.31) (0.48) 0.21  (0.02) (0.09)
Net increase in net assets resulting from operations (1) 3.24  4.80  0.45  2.06  2.80 
Dividends paid from net investment income (2.95) (2.58) (2.46) (2.91) (2.69)
Distributions from capital gains —  —  —  —  (0.16)
Dividends paid (2.95) (2.58) (2.46) (2.91) (2.85)
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period (0.01) (0.01) —  (0.01) (0.01)
Accretive effect of stock offerings (issuing shares above NAV per share) 1.17  0.58  0.41  0.55  0.47 
Accretive effect of DRIP issuance (issuing shares above NAV per share) 0.09  0.09  0.08  0.12  0.09 
Other (3) 0.03  0.06  (0.04) 0.01  0.06 
NAV at the end of the period $ 26.86  $ 25.29  $ 22.35  $ 23.91  $ 24.09 
Market value at the end of the period $ 36.95  $ 44.86  $ 32.26  $ 43.11  $ 33.81 
Shares outstanding at the end of the period 78,506,816 70,737,021 67,762,032 64,252,937 61,264,861
Year Ended December 31,
Per Share Data: 2017 2016 2015 2014 2013
NAV at the beginning of the period $ 22.10  $ 21.24  $ 20.85  $ 19.89  $ 18.59 
Net investment income (1) 2.39  2.23  2.18  2.20  2.06 
Net realized gain (loss) (1)(2) 0.19  0.56  (0.43) 0.53  0.07 
Net unrealized appreciation (depreciation) (1)(2) 0.86  (0.14) 0.20  (0.27) 0.52 
Income tax benefit (provision) (1)(2) (0.43) 0.02  0.18  (0.15) — 
Net increase in net assets resulting from operations (1) 3.01  2.67  2.13  2.31  2.65 
Dividends paid from net investment income (2.47) (1.99) (2.49) (2.17) (2.29)
Distributions from capital gains (0.32) (0.74) (0.16) (0.38) (0.37)
Dividends paid (2.79) (2.73) (2.65) (2.55) (2.66)
Impact of the net change in monthly dividends declared prior to the end of the period and paid in the subsequent period (0.01) (0.01) (0.01) (0.01) (0.02)
Accretive effect of stock offerings (issuing shares above NAV per share) 1.07  0.76  0.74  1.07  1.13 
Accretive effect of DRIP issuance (issuing shares above NAV per share) 0.06  0.08  0.12  0.12  0.13 
Other (3) 0.09  0.09  0.06  0.02  0.07 
NAV at the end of the period $ 23.53  $ 22.10  $ 21.24  $ 20.85  $ 19.89 
Market value at the end of the period $ 39.73  $ 36.77  $ 29.08  $ 29.24  $ 32.69 
Shares outstanding at the end of the period 58,660,680 54,354,857 50,413,744 45,079,150 39,852,604
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(1)Based on weighted-average number of common shares outstanding for the period.
(2)Net realized gains or losses, net unrealized appreciation or depreciation, and income tax provision or benefit can fluctuate significantly from period to period.
(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
Year Ended December 31,
2022 2021 2020 2019 2018
(dollars in thousands)
NAV at end of period $ 2,108,586 $ 1,788,846 $ 1,514,767 $ 1,536,390 $ 1,476,049
Average NAV $ 1,923,134 $ 1,626,585 $ 1,436,291 $ 1,517,615 $ 1,441,163
Average outstanding debt $ 1,882,462 $ 1,417,831 $ 1,152,108 $ 1,055,800 $ 947,694
Ratio of total expenses, including income tax expense, to average NAV (1)(2) 8.05  % 8.56  % 4.95  % 5.75  % 5.75  %
Ratio of operating expenses to average NAV (2) 6.84  % 6.54  % 5.89  % 5.67  % 5.32  %
Ratio of operating expenses, excluding interest expense, to average NAV (2) 2.77  % 2.92  % 2.44  % 2.36  % 2.30  %
Ratio of net investment income to average NAV 12.76  % 11.23  % 9.60  % 10.37  % 10.87  %
Portfolio turnover ratio 16.79  % 29.81  % 18.00  % 18.86  % 29.13  %
Total investment return (3) (11.18) % 48.24  % (19.11) % 36.86  % (8.25) %
Total return based on change in NAV (4) 13.51  % 21.84  % 1.91  % 8.78  % 12.19  %
Year Ended December 31,
2017 2016 2015 2014 2013
(dollars in thousands)
NAV at end of period $ 1,380,368 $ 1,201,481 $ 1,070,894 $ 939,982 $ 792,533
Average NAV $ 1,287,639 $ 1,118,567 $ 1,053,313 $ 885,568 $ 706,056
Average outstanding debt $ 843,993 $ 801,048 $ 759,396 $ 575,524 $ 444,331
Ratio of total expenses, including income tax expense, to average NAV (1)(2) 7.37  % 5.48  % 4.63  % 5.82  % 5.82  %
Ratio of operating expenses to average NAV (2) 5.47  % 5.59  % 5.45  % 5.11  % 5.82  %
Ratio of operating expenses, excluding interest expense, to average NAV (2) 2.63  % 2.58  % 2.41  % 2.44  % 2.95  %
Ratio of net investment income to average NAV 10.51  % 10.35  % 10.15  % 10.79  % 10.68  %
Portfolio turnover ratio 38.18  % 24.63  % 25.37  % 35.71  % 36.10  %
Total investment return (3) 16.02  % 37.36  % 8.49  % (3.09) % 16.68  %
Total return based on change in NAV (4) 14.20  % 12.97  % 11.11  % 12.71  % 15.06  %
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(1)Total expenses are the sum of operating expenses and net income tax provision/benefit. Net income tax provision/benefit includes the accrual of net deferred tax provision/benefit relating to the net unrealized appreciation/depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. Main Street is required to include net deferred tax provision/benefit in calculating its total expenses even though these net deferred taxes are not currently payable/receivable.
(2)Unless otherwise noted, operating expenses include interest, compensation, general and administrative and share-based compensation expenses, net of expenses allocated to the External Investment Manager of $13.0 million, $10.3 million, $7.4 million, $6.7 million, $6.8 million, $6.4 million, $5.1 million, $4.3 million and $2.0 million for the years ended December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014, respectively. There were no expenses allocated to the External Investment Manager for the year ended December 31, 2013.
(3)Total investment return is based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by Main Street’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
(4)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items.