Main Street Capital Corporation(NYSE:MAIN) 
Main Street Capital Corporation is a private equity firm specializes in equity capital to lower middle market companies. The firm also provides debt capital to middle market companies for acquisitions, management buyouts, growth financings, recapitalizations and refinancing. The firm seeks to partne...
Website: http://www.mainstcapital.com
Founded: 2007
Full Time Employees: 71
Sector: Financial Services
Industry: Asset Management
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At a glance:
Bull Thesis:
Bear Thesis:
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Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
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investment income: | ||||||||||||||||||
interest, dividend and fee income: | ||||||||||||||||||
control investments | 61,664,000 | 69,459,000 | 60,027,000 | 60,212,000 | 56,242,000 | 51,318,000 | 51,665,000 | 48,645,000 | 47,979,000 | 48,862,000 | 45,216,000 | 41,367,000 | 36,808,000 | 32,577,000 | 36,373,000 | 34,852,000 | 27,027,000 | |
affiliate investments | 26,181,000 | 24,169,000 | 22,407,000 | 25,767,000 | 23,734,000 | 23,201,000 | 16,107,000 | 15,267,000 | 20,999,000 | 17,456,000 | 16,663,000 | 12,490,000 | 11,893,000 | 13,917,000 | 16,493,000 | 12,274,000 | 11,005,000 | |
non‑control/non‑affiliate investments | 52,261,000 | 51,913,000 | 57,397,000 | 57,994,000 | 57,070,000 | 57,635,000 | 61,539,000 | 59,325,000 | 58,605,000 | 53,936,000 | 52,000,000 | 44,530,000 | 36,499,000 | 32,901,000 | 29,300,000 | 29,653,000 | 29,262,000 | |
total investment income | 140,106,000 | 145,541,000 | 139,831,000 | 143,973,000 | 137,046,000 | 132,154,000 | 129,311,000 | 123,237,000 | 127,583,000 | 120,254,000 | 113,879,000 | 98,387,000 | 85,200,000 | 79,395,000 | 82,166,000 | 76,779,000 | 67,294,000 | |
expenses: | ||||||||||||||||||
interest | -34,043,000 | -31,839,000 | -32,472,000 | -32,519,000 | -31,168,000 | -29,161,000 | -24,410,000 | -26,414,000 | -26,754,000 | -24,997,000 | -23,060,000 | -21,234,000 | -17,295,000 | -16,687,000 | -15,922,000 | -14,711,000 | -14,400,000 | |
compensation | -13,185,000 | -14,674,000 | -13,217,000 | -12,677,000 | -11,476,000 | -11,322,000 | -11,419,000 | -11,560,000 | -12,188,000 | -11,111,000 | -10,063,000 | -10,404,000 | -8,807,000 | -7,269,000 | -11,652,000 | -9,576,000 | -6,895,000 | |
general and administrative | -5,396,000 | -5,768,000 | -4,928,000 | -5,919,000 | -5,086,000 | -5,375,000 | -5,127,000 | -4,324,000 | -4,514,000 | -4,077,000 | -4,567,000 | -4,018,000 | -4,238,000 | -3,226,000 | -3,055,000 | -3,047,000 | -3,417,000 | |
share‑based compensation | -5,105,000 | -5,749,000 | -5,433,000 | -5,416,000 | -4,842,000 | -4,883,000 | -4,169,000 | -4,164,000 | -4,087,000 | -4,100,000 | -3,598,000 | -3,617,000 | -3,596,000 | -2,818,000 | -2,926,000 | -2,869,000 | -2,759,000 | |
expenses allocated to the external investment manager | 5,466,000 | 6,571,000 | 5,734,000 | 5,892,000 | 5,336,000 | 5,887,000 | 5,961,000 | 5,404,000 | 5,688,000 | 4,998,000 | 3,352,000 | 3,334,000 | 3,462,000 | 2,817,000 | 2,597,000 | 2,728,000 | 2,572,000 | |
total expenses | -52,263,000 | -51,459,000 | -50,316,000 | -50,639,000 | -47,236,000 | -44,854,000 | -39,164,000 | -41,058,000 | -41,855,000 | -39,287,000 | -37,936,000 | -35,939,000 | -30,474,000 | -27,183,000 | -30,958,000 | -27,475,000 | -24,899,000 | |
net investment income before taxes | 87,843,000 | 94,082,000 | 89,515,000 | 93,334,000 | ||||||||||||||
excise tax expense | -381,000 | -1,054,000 | -838,000 | -818,000 | ||||||||||||||
federal and state income and other tax expenses | -2,883,000 | -928,000 | -2,139,000 | -4,333,000 | ||||||||||||||
net investment income | 84,579,000 | 92,100,000 | 86,538,000 | 88,183,000 | 89,810,000 | 87,300,000 | 90,147,000 | 82,179,000 | 85,728,000 | 80,967,000 | 75,943,000 | 62,448,000 | 54,726,000 | 52,212,000 | 51,208,000 | 49,304,000 | 42,395,000 | |
net realized gain: | ||||||||||||||||||
total net realized gain | 17,973,000 | 50,808,000 | -19,104,000 | 52,420,000 | 3,414,000 | -17,284,000 | 664,000 | -28,379,000 | -8,514,000 | 5,031,000 | -5,064,000 | 3,336,000 | 34,761,000 | 8,305,000 | 18,000,000 | |||
net unrealized appreciation | ||||||||||||||||||
total net unrealized appreciation | -50,599,000 | -8,338,000 | 62,978,000 | -18,951,000 | 63,190,000 | 23,044,000 | 65,507,000 | 27,011,000 | 104,941,000 | 35,118,000 | 44,738,000 | -10,081,000 | -24,593,000 | 14,752,000 | 18,552,000 | 38,631,000 | 44,441,000 | |
income tax provision on net realized gain and net unrealized appreciation | -2,972,000 | -3,459,000 | -6,741,000 | |||||||||||||||
net increase in net assets resulting from operations | 48,981,000 | 131,111,000 | 123,671,000 | 122,534,000 | 116,082,000 | 102,688,000 | 139,081,000 | 103,261,000 | 106,516,000 | 79,592,000 | 106,319,000 | 55,338,000 | 14,749,000 | 65,203,000 | 94,349,000 | 83,956,000 | 95,110,000 | |
net investment income per share—basic and diluted | 0.93 | 1.03 | 0.97 | 0.99 | 1.01 | 1.01 | 1.07 | 0.99 | 1.06 | 1.02 | 0.98 | 0.83 | 0.75 | 0.73 | 0.73 | 0.71 | 0.62 | |
net increase in net assets resulting from operations per share—basic and diluted | 0.54 | 1.46 | 1.38 | 1.37 | 1.31 | 1.19 | 1.66 | 1.25 | 1.32 | 1 | 1.4 | 0.74 | 0.2 | 0.91 | 1.35 | 1.22 | 1.39 | |
weighted-average shares outstanding—basic and diluted | 90,654,821 | 89,363,140 | 89,627,718 | 89,258,390 | 88,711,015 | 86,805,755 | 86,194,092 | 81,916,663 | 82,921,764 | 80,807,861 | 79,552,200 | 74,482,176 | 75,036,522 | 73,304,619 | 71,708,326 | 68,960,923 | 69,021,826 | 68,514,683 |
interest, fee and dividend income: | ||||||||||||||||||
income tax benefit on net realized gain and net unrealized appreciation | 882,000 | |||||||||||||||||
total net realized loss | -29,545,000 | -75,506,000 | ||||||||||||||||
net unrealized appreciation: | ||||||||||||||||||
income taxes: | ||||||||||||||||||
federal and state income, excise and other taxes | -2,486,000 | -1,597,000 | -1,970,000 | -1,256,000 | -1,671,000 | -1,737,000 | -1,541,000 | -1,540,000 | -809,000 | -1,309,000 | -3,490,000 | -953,000 | -656,000 | |||||
deferred taxes | -4,887,000 | -9,473,000 | 2,681,000 | -5,337,000 | -6,976,000 | -6,377,000 | -4,307,000 | -520,000 | -9,511,000 | -3,788,000 | -6,682,000 | -11,331,000 | -9,070,000 | |||||
total income tax provision | -7,373,000 | |||||||||||||||||
balances as of december 31, 2023 | 84,833,002 | |||||||||||||||||
public offering of common stock, net of offering costs | 128,942 | |||||||||||||||||
purchase of vested stock for employee payroll tax withholding | -295 | |||||||||||||||||
dividend reinvestment | 186,985 | |||||||||||||||||
amortization of directors’ deferred compensation | ||||||||||||||||||
issuance of restricted stock, net of forfeited shares | 14,999 | |||||||||||||||||
dividends to stockholders | ||||||||||||||||||
balances as of march 31, 2024 | 85,163,633 | |||||||||||||||||
balances as of december 31, 2024 | 88,400,391 | |||||||||||||||||
balances as of march 31, 2025 | 88,659,597 | |||||||||||||||||
income tax provision | -11,070,000 | -5,838,250 | -6,593,000 | -8,647,000 | -8,114,000 | -4,369,250 | -2,060,000 | |||||||||||
income tax benefit | -10,320,000 | -5,097,000 | -10,172,000 | -12,284,000 | -9,726,000 | |||||||||||||
realized loss on extinguishment of debt | ||||||||||||||||||
sbic debentures |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||
investments at fair value: | ||||||||||||
control investments | 2,416,174,000 | 2,295,565,000 | 2,172,956,000 | 2,087,890,000 | 2,104,576,000 | 2,075,429,000 | 2,051,212,000 | 2,006,698,000 | 1,927,019,000 | 1,883,699,000 | 1,746,003,000 | 1,599,429,000 |
affiliate investments | 892,914,000 | 856,226,000 | 899,326,000 | 846,798,000 | 784,092,000 | 752,764,000 | 665,949,000 | 615,002,000 | 565,942,000 | 563,125,000 | 626,227,000 | 552,581,000 |
non‑control/non‑affiliate investments | 1,838,685,000 | 1,941,279,000 | 1,981,857,000 | 1,997,981,000 | 2,022,386,000 | 1,909,318,000 | 1,830,866,000 | 1,664,571,000 | 1,801,761,000 | 1,763,719,000 | 1,788,687,000 | 1,821,480,000 |
total investments | 5,147,773,000 | 5,093,070,000 | 5,054,139,000 | 4,932,669,000 | 4,911,054,000 | 4,737,511,000 | 4,548,027,000 | 4,286,271,000 | 4,294,722,000 | 4,210,543,000 | 4,160,917,000 | 3,973,490,000 |
cash and cash equivalents | 30,568,000 | 86,984,000 | 109,180,000 | 78,251,000 | 84,421,000 | 30,472,000 | 114,984,000 | 60,083,000 | 77,047,000 | 70,886,000 | 39,752,000 | 61,158,000 |
interest and dividend receivable and other assets | 90,110,000 | 92,509,000 | 98,395,000 | 98,084,000 | 86,420,000 | 116,003,000 | 88,236,000 | 89,337,000 | 84,897,000 | 117,749,000 | 84,597,000 | 74,283,000 |
deferred financing costs | 14,483,000 | 15,203,000 | 11,671,000 | 12,337,000 | 12,882,000 | 9,734,000 | 7,359,000 | 7,879,000 | 6,749,000 | 7,101,000 | 7,484,000 | 5,106,000 |
total assets | 5,282,934,000 | 5,287,766,000 | 5,273,385,000 | 5,121,341,000 | 5,094,777,000 | 4,957,335,000 | 4,758,818,000 | 4,443,570,000 | 4,467,760,000 | 4,420,238,000 | 4,293,255,000 | 4,134,966,000 |
liabilities | ||||||||||||
credit facilities | 211,000,000 | 477,000,000 | 514,000,000 | 384,000,000 | 460,000,000 | 625,000,000 | 323,000,000 | 360,000,000 | 493,000,000 | 580,000,000 | 564,000,000 | |
july 2026 notes | 499,583,000 | 499,452,000 | 499,320,000 | 499,188,000 | 499,057,000 | 498,925,000 | 498,794,000 | 498,662,000 | 498,530,000 | 498,399,000 | 498,267,000 | |
june 2027 notes | 399,497,000 | 399,425,000 | 399,354,000 | 399,282,000 | 401,136,000 | 297,660,000 | ||||||
august 2028 notes | 347,848,000 | |||||||||||
march 2029 notes | 347,541,000 | 347,361,000 | 347,182,000 | 347,002,000 | 346,822,000 | 346,642,000 | 346,469,000 | |||||
sbic debentures | 344,299,000 | 344,005,000 | 343,711,000 | 343,417,000 | 343,122,000 | 280,617,000 | 281,013,000 | 344,535,000 | 344,239,000 | 343,943,000 | 328,206,000 | 343,618,000 |
december 2025 notes | 149,741,000 | 149,612,000 | 149,482,000 | 149,353,000 | 149,224,000 | 149,094,000 | 148,965,000 | 148,835,000 | 148,706,000 | 148,578,000 | ||
accounts payable and other liabilities | 61,949,000 | 50,025,000 | 46,894,000 | 69,631,000 | 71,553,000 | 51,143,000 | 76,342,000 | 62,576,000 | 57,095,000 | 48,502,000 | 39,759,000 | 40,158,000 |
interest payable | 18,573,000 | 23,717,000 | 20,016,000 | 23,290,000 | 18,513,000 | 25,823,000 | 24,818,000 | 17,025,000 | 18,733,000 | 15,355,000 | 18,671,000 | 16,673,000 |
dividend payable | 22,832,000 | 22,767,000 | 22,165,000 | 22,100,000 | 21,575,000 | 21,205,000 | 20,606,000 | 20,368,000 | 19,664,000 | 18,729,000 | 18,036,000 | 16,789,000 |
deferred tax liability | 95,237,000 | 90,056,000 | 90,998,000 | 86,111,000 | 91,392,000 | 82,140,000 | 72,667,000 | 63,858,000 | 66,539,000 | 61,202,000 | 54,226,000 | 43,542,000 |
total liabilities | 2,348,359,000 | 2,403,549,000 | 2,433,252,000 | 2,323,503,000 | 2,402,523,000 | 2,378,379,000 | 2,242,848,000 | 1,966,171,000 | 2,096,953,000 | 2,165,290,000 | 2,120,333,000 | 2,155,546,000 |
commitments and contingencies | ||||||||||||
net assets | ||||||||||||
common stock, 0.01 par value per share... | 895,000 | 893,000 | 887,000 | 884,000 | 880,000 | 865,000 | 851,000 | 848,000 | 836,000 | 814,000 | 797,000 | 763,000 |
additional paid‑in capital | 2,451,987,000 | 2,429,817,000 | 2,413,914,000 | 2,394,492,000 | 2,418,089,000 | 2,337,879,000 | 2,289,042,000 | 2,270,549,000 | 2,225,614,000 | 2,132,041,000 | 2,083,175,000 | 1,952,992,000 |
total undistributed earnings | 481,693,000 | 453,507,000 | 425,332,000 | 402,462,000 | 273,285,000 | 240,212,000 | 226,077,000 | 206,002,000 | 144,357,000 | 122,093,000 | 88,950,000 | 25,665,000 |
total net assets | 2,934,575,000 | 2,884,217,000 | 2,840,133,000 | 2,797,838,000 | 2,692,254,000 | 2,578,956,000 | 2,515,970,000 | 2,477,399,000 | 2,370,807,000 | 2,254,948,000 | 2,172,922,000 | 1,979,420,000 |
total liabilities and net assets | 5,282,934,000 | 5,287,766,000 | 5,273,385,000 | 5,121,341,000 | 5,094,777,000 | 4,957,335,000 | 4,758,818,000 | 4,443,570,000 | 4,467,760,000 | 4,420,238,000 | 4,293,255,000 | 4,134,966,000 |
net asset value per share | 32,780 | 32,300 | 32,030 | 31,650 | 30,570 | 29,800 | 29,540 | 29,200 | 28,330 | 27,690 | 27,230 | 25,940 |
investment income: | ||||||||||||
interest, fee and dividend income: | ||||||||||||
total investment income | 139,831,000 | 143,973,000 | 137,046,000 | 541,026,000 | 136,824,000 | 132,154,000 | 131,606,000 | 500,385,000 | 123,237,000 | 127,583,000 | 120,254,000 | 98,387,000 |
expenses: | ||||||||||||
interest | -32,472,000 | -32,519,000 | -31,168,000 | -123,429,000 | -33,474,000 | -29,161,000 | -26,776,000 | -102,575,000 | -26,414,000 | -26,754,000 | -24,997,000 | -21,234,000 |
compensation | -13,217,000 | -12,677,000 | -11,476,000 | -47,486,000 | -11,644,000 | -11,322,000 | -12,259,000 | -46,279,000 | -11,560,000 | -12,188,000 | -11,111,000 | -10,404,000 |
general and administrative | -4,928,000 | -5,919,000 | -5,086,000 | -19,347,000 | -4,564,000 | -5,375,000 | -4,220,000 | -18,042,000 | -4,324,000 | -4,514,000 | -4,077,000 | -4,018,000 |
share‑based compensation | -5,433,000 | -5,416,000 | -4,842,000 | -18,793,000 | -4,868,000 | -4,883,000 | -4,103,000 | -16,520,000 | -4,164,000 | -4,087,000 | -4,100,000 | -3,617,000 |
expenses allocated to the external investment manager | 5,734,000 | 5,892,000 | 5,336,000 | 23,088,000 | 5,322,000 | 5,887,000 | 5,559,000 | 22,050,000 | 5,404,000 | 5,688,000 | 4,998,000 | 3,334,000 |
total expenses | -50,316,000 | -50,639,000 | -47,236,000 | -185,967,000 | -49,228,000 | -44,854,000 | -41,799,000 | -161,366,000 | -41,058,000 | -41,855,000 | -39,287,000 | -35,939,000 |
net investment income before taxes | 89,515,000 | 93,334,000 | ||||||||||
excise tax expense | -838,000 | -818,000 | ||||||||||
federal and state income and other tax expenses | -2,139,000 | -4,333,000 | ||||||||||
net investment income | 86,538,000 | 88,183,000 | 89,810,000 | 355,059,000 | 87,596,000 | 87,300,000 | 89,807,000 | 339,019,000 | 82,179,000 | 85,728,000 | 80,967,000 | 62,448,000 |
net realized gain: | ||||||||||||
total net realized gain | -19,104,000 | 52,420,000 | 45,998,000 | 26,382,000 | 3,414,000 | -120,507,000 | 664,000 | -28,379,000 | 5,031,000 | |||
net unrealized appreciation | ||||||||||||
total net unrealized appreciation | 62,978,000 | -18,951,000 | 63,190,000 | 137,656,000 | 21,738,000 | 23,044,000 | 40,647,000 | 232,577,000 | 27,011,000 | 104,941,000 | 35,118,000 | -10,081,000 |
income tax provision on net realized gain and net unrealized appreciation | -6,741,000 | |||||||||||
net increase in net assets resulting from operations | 123,671,000 | 122,534,000 | 116,082,000 | 508,080,000 | 124,007,000 | 102,688,000 | 107,147,000 | 428,447,000 | 103,261,000 | 106,516,000 | 79,592,000 | 55,338,000 |
net investment income per share—basic and diluted | 970 | 990 | 1,010 | 4,090 | 1,000 | 1,010 | 1,050 | 4,140 | 990 | 1,060 | 1,020 | 830 |
net increase in net assets resulting from operations per share—basic and diluted | 1,380 | 1,370 | 1,310 | 5,850 | 1,420 | 1,190 | 1,260 | 5,230 | 1,250 | 1,320 | 1,000 | 740 |
weighted-average shares outstanding—basic and diluted | 89,627,718,000 | 89,258,390,000 | 88,711,015,000 | 86,805,755,000 | 87,459,533,000 | 86,194,092,000 | 85,138,530,000 | 81,916,663,000 | 82,921,764,000 | 80,807,861,000 | 79,552,200,000 | 75,036,522,000 |
income tax benefit on net realized gain and net unrealized appreciation | 882,000 | |||||||||||
total net realized loss | -29,545,000 | -12,367,000 | -75,506,000 | |||||||||
net unrealized appreciation: | ||||||||||||
income taxes: | ||||||||||||
federal and state income, excise and other taxes | -2,486,000 | -8,380,000 | -2,457,000 | -1,597,000 | -2,131,000 | -6,633,000 | -1,256,000 | -1,671,000 | -1,737,000 | -1,540,000 | ||
deferred taxes | -4,887,000 | -22,253,000 | -9,252,000 | -9,473,000 | -8,809,000 | -16,009,000 | -5,337,000 | -6,976,000 | -6,377,000 | -520,000 | ||
total income tax provision | -7,373,000 | -30,633,000 | -22,642,000 | |||||||||
may 2024 notes | 450,045,000 | 450,182,000 | 450,318,000 | 450,454,000 | 450,590,000 | |||||||
income tax provision | -11,709,000 | -11,070,000 | -10,940,000 | -6,593,000 | -8,647,000 | -8,114,000 | -2,060,000 | |||||
receivable for securities sold | 63,615,000 | 212,000 | 4,345,000 | 13,959,000 | 505,000 | 20,929,000 | ||||||
credit facility | 561,000,000 | |||||||||||
3.00% notes due 2026 | 498,004,000 | |||||||||||
5.20% notes due 2024 | 450,863,000 | |||||||||||
4.50% notes due 2022 | 184,899,000 | |||||||||||
payable for securities purchased |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||
net increase in net assets resulting from operations | 123,671,000 | 122,534,000 | 116,082,000 | 174,233,000 | 124,012,000 | 102,688,000 | 107,147,000 | 139,081,000 | 103,259,000 | 106,515,000 | 79,592,000 | 55,334,000 | 14,750,000 | 65,203,000 | 83,962,000 | 95,105,000 | 57,346,000 |
adjustments to reconcile net increase in net assets resulting from operations to net cash from operating activities: | |||||||||||||||||
investments in portfolio companies | -227,878,000 | -403,288,000 | -242,705,000 | -279,379,000 | -381,807,000 | -542,636,000 | -372,576,000 | -282,268,000 | -189,424,000 | -286,269,000 | -109,036,000 | -370,844,000 | -225,060,000 | -315,369,000 | -390,389,000 | -312,520,000 | -208,186,000 |
proceeds from sales and repayments of debt investments in portfolio companies | 215,217,000 | 327,296,000 | 144,716,000 | 270,013,000 | 301,479,000 | 275,326,000 | 167,270,000 | 345,818,000 | 145,058,000 | 234,913,000 | 56,644,000 | 60,163,000 | 162,916,000 | 218,781,000 | 251,661,000 | 158,276,000 | 121,027,000 |
proceeds from sales and return of capital of equity investments in portfolio companies | 14,205,000 | 81,465,000 | 19,806,000 | 79,247,000 | 34,425,000 | 21,979,000 | 7,745,000 | 5,592,000 | 6,932,000 | 24,240,000 | 6,817,000 | 33,868,000 | 10,330,000 | 19,963,000 | 27,461,000 | 41,995,000 | 13,920,000 |
net unrealized appreciation | -62,978,000 | 18,951,000 | -63,190,000 | -52,225,000 | -21,738,000 | -23,046,000 | -40,647,000 | -35,118,000 | |||||||||
net realized gain | |||||||||||||||||
accretion of unearned income | -5,708,000 | -5,922,000 | -4,484,000 | -5,825,000 | -5,655,000 | -5,754,000 | -4,806,000 | -6,291,000 | -3,175,000 | -5,227,000 | -4,673,000 | -2,554,000 | -4,520,000 | -2,834,000 | -4,581,000 | -3,923,000 | -2,468,000 |
payment-in-kind interest | -4,105,000 | -3,311,000 | -3,986,000 | -7,578,000 | -6,067,000 | -4,939,000 | -4,177,000 | -3,398,000 | -2,380,000 | -2,324,000 | -2,895,000 | -1,147,000 | -1,427,000 | -937,000 | -1,608,000 | -2,283,000 | -2,389,000 |
cumulative dividends | -996,000 | -1,255,000 | -681,000 | -790,000 | -690,000 | -600,000 | -426,000 | -317,000 | -310,000 | -300,000 | -417,000 | -328,000 | -175,000 | -887,000 | -438,000 | -433,000 | -425,000 |
share-based compensation expense | 5,433,000 | 5,416,000 | 4,842,000 | 4,940,000 | 4,867,000 | 4,883,000 | 4,103,000 | 4,169,000 | 4,164,000 | 4,087,000 | 4,100,000 | 3,617,000 | 3,596,000 | 2,818,000 | 2,869,000 | 2,759,000 | 2,333,000 |
amortization of deferred financing costs | 1,781,000 | 1,632,000 | 1,473,000 | 1,467,000 | 1,396,000 | 1,223,000 | 1,071,000 | 908,000 | 841,000 | 829,000 | 753,000 | 696,000 | 686,000 | 686,000 | 783,000 | 754,000 | 740,000 |
deferred taxes | 5,181,000 | ||||||||||||||||
changes in other assets and liabilities: | |||||||||||||||||
interest and dividend receivable and other assets | 1,161,000 | 3,523,000 | -1,710,000 | -9,280,000 | 25,385,000 | -28,729,000 | 1,447,000 | -5,508,000 | 31,622,000 | -33,287,000 | -1,357,000 | -15,298,000 | |||||
interest payable | -5,144,000 | 3,701,000 | -3,274,000 | 4,777,000 | -7,310,000 | 1,005,000 | 7,793,000 | -1,708,000 | 3,378,000 | -3,316,000 | 2,091,000 | 1,705,000 | -2,177,000 | 2,219,000 | 3,425,000 | -3,390,000 | 6,610,000 |
accounts payable and other liabilities | 10,807,000 | 3,228,000 | -22,629,000 | -1,813,000 | 20,518,000 | 4,273,000 | -14,672,000 | 7,476,000 | 5,946,000 | 8,852,000 | -12,212,000 | 10,415,000 | 3,451,000 | -13,667,000 | 6,342,000 | 1,738,000 | -504,000 |
deferred fees and other | 881,000 | 1,916,000 | 909,000 | 1,109,000 | 703,000 | 1,793,000 | 1,475,000 | 1,026,000 | 390,000 | 1,457,000 | 925,000 | 909,000 | 659,000 | 378,000 | 1,223,000 | 1,191,000 | 1,172,000 |
net cash from operating activities | 90,632,000 | 102,524,000 | -20,399,000 | 145,046,000 | 72,387,000 | -186,474,000 | -118,077,000 | 153,676,000 | 83,964,000 | 27,712,000 | 19,970,000 | -217,893,000 | 10,242,000 | -49,677,000 | -50,518,000 | -83,243,000 | -24,951,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 90,632,000 | 102,524,000 | -20,399,000 | 145,046,000 | 72,387,000 | -186,474,000 | -118,077,000 | 153,676,000 | 83,964,000 | 27,712,000 | 19,970,000 | -217,893,000 | 10,242,000 | -49,677,000 | -50,518,000 | -83,243,000 | -24,951,000 |
cash flows from financing activities | |||||||||||||||||
proceeds from public offering of common stock, net of offering costs | 6,859,000 | 10,833,000 | 5,198,000 | 8,962,000 | 65,760,000 | 42,217,000 | 5,696,000 | 38,523,000 | 81,060,000 | 43,204,000 | 40,896,000 | 105,349,000 | 25,633,000 | 63,522,000 | 31,820,000 | 9,398,000 | 3,628,000 |
proceeds from public offering of august 2028 notes | |||||||||||||||||
proceeds from public offering of june 2027 notes | 0 | 100,000,000 | |||||||||||||||
proceeds from public offering of march 2029 notes | 0 | 0 | 0 | 350,000,000 | |||||||||||||
repayment of december 2025 notes | |||||||||||||||||
dividends paid | -85,626,000 | -84,180,000 | -83,870,000 | -82,139,000 | -81,076,000 | -78,987,000 | -78,225,000 | -74,546,000 | -71,793,000 | -65,651,000 | -59,609,000 | -49,004,000 | -47,549,000 | -46,522,000 | -38,250,000 | -38,176,000 | -38,045,000 |
proceeds from issuance of sbic debentures | 0 | 0 | 0 | 28,000,000 | 32,000,000 | 20,200,000 | |||||||||||
repayments of sbic debentures | 0 | 0 | 0 | -63,800,000 | 0 | 0 | 0 | -16,000,000 | 0 | 0 | -40,000,000 | ||||||
repayment of may 2024 notes | |||||||||||||||||
proceeds from credit facilities | 307,000,000 | 334,000,000 | 273,000,000 | 283,000,000 | 242,000,000 | 853,000,000 | 542,000,000 | 140,000,000 | 77,000,000 | 146,000,000 | 97,000,000 | ||||||
repayments on credit facilities | -573,000,000 | -371,000,000 | -143,000,000 | -359,000,000 | -407,000,000 | -551,000,000 | -579,000,000 | -273,000,000 | -164,000,000 | -130,000,000 | -140,000,000 | ||||||
payment of deferred financing costs | -2,277,000 | ||||||||||||||||
purchases of vested stock for employee payroll tax withholding | -4,000 | 1,000 | 0 | -7,322,000 | -14,000 | 0 | 0 | -5,546,000 | -404,000 | -48,000 | -575,000 | ||||||
net cash from financing activities | -147,048,000 | -124,720,000 | 51,328,000 | -151,216,000 | -18,438,000 | 101,962,000 | 172,978,000 | -170,640,000 | -77,803,000 | 3,422,000 | -29,339,000 | 235,668,000 | 15,189,000 | 35,000,000 | 51,291,000 | 77,038,000 | 58,033,000 |
net increase in cash and cash equivalents | -56,416,000 | -22,196,000 | 30,929,000 | -6,170,000 | 53,949,000 | -84,512,000 | 54,901,000 | -16,964,000 | 6,161,000 | 17,775,000 | 25,431,000 | -14,677,000 | 773,000 | -6,205,000 | 33,082,000 | ||
cash and cash equivalents as of beginning of period | 0 | 0 | 78,251,000 | 0 | |||||||||||||
cash and cash equivalents as of end of period | -56,416,000 | -22,196,000 | 109,180,000 | -6,170,000 | |||||||||||||
supplemental cash flow disclosures: | |||||||||||||||||
interest paid | 35,815,000 | 27,144,000 | 32,924,000 | 29,492,000 | 39,300,000 | 26,857,000 | 17,837,000 | 25,161,000 | 22,162,000 | 29,211,000 | 22,122,000 | 18,801,000 | 18,754,000 | 13,751,000 | 10,471,000 | 17,003,000 | 6,424,000 |
taxes paid | 1,154,000 | 8,890,000 | 8,046,000 | 1,314,000 | 525,000 | 3,408,000 | 3,017,000 | 1,226,000 | 1,309,000 | 3,183,000 | 2,726,000 | -24,000 | 2,046,000 | 2,874,000 | 437,000 | 2,096,000 | -487,000 |
non-cash financing activities: | |||||||||||||||||
value of shares issued pursuant to the dividend reinvestment plan | 9,586,000 | ||||||||||||||||
portfolio company | |||||||||||||||||
control investments | |||||||||||||||||
american nuts, llc | 0 | 0 | -10,000 | ||||||||||||||
analytical systems keco holdings, llc | |||||||||||||||||
asc interests, llc | |||||||||||||||||
barfly ventures, llc | 0 | 0 | -10,000 | 0 | 0 | 0 | -10,000 | 0 | 0 | 0 | -10,000 | ||||||
batjer topco, llc | |||||||||||||||||
bdb holdings, llc | |||||||||||||||||
bolder panther group, llc | |||||||||||||||||
net realized (gain) loss | -28,569,000 | 17,284,000 | 28,379,000 | 5,064,000 | -3,336,000 | -8,305,000 | |||||||||||
redemption of may 2024 notes | 0 | 0 | |||||||||||||||
brewer crane holdings, llc | |||||||||||||||||
net realized loss | 29,545,000 | -3,413,000 | 12,367,000 | 15,730,000 | |||||||||||||
deferred tax provision | 4,887,000 | -5,281,000 | 9,252,000 | 9,473,000 | 8,809,000 | -2,681,000 | 5,337,000 | 6,976,000 | 6,377,000 | ||||||||
debt issuance costs | -2,040,000 | -1,922,000 | -5,946,000 | -3,679,000 | -1,617,000 | -70,000 | -585,000 | -1,222,000 | -3,719,000 | -5,743,000 | |||||||
value of shares issued pursuant to the drip | 9,087,000 | 9,171,000 | 9,301,000 | 8,788,000 | 8,441,000 | 7,928,000 | 8,103,000 | 6,880,000 | 7,808,000 | 6,557,000 | 5,000,000 | 4,813,000 | |||||
ats workholding, llc | -10,000 | 0 | 0 | 0 | -10,000 | 0 | 0 | 0 | -10,000 | ||||||||
proceeds from public offering of december 2025 notes | 0 | 0 | 0 | 50,000,000 | |||||||||||||
redemption of december 2022 notes | |||||||||||||||||
operating non-cash activities: | |||||||||||||||||
right-of-use assets obtained in exchange for operating lease liabilities | |||||||||||||||||
cash and cash equivalents at beginning of period | 0 | 60,083,000 | 0 | 0 | 0 | 49,121,000 | 0 | 0 | 32,629,000 | 0 | 0 | 31,919,000 | |||||
cash and cash equivalents at end of period | -84,512,000 | 114,984,000 | -16,964,000 | 6,161,000 | 31,134,000 | 39,752,000 | 17,775,000 | 25,431,000 | 17,952,000 | 773,000 | -6,205,000 | 65,001,000 | |||||
proceeds from public offering of july 2026 notes | |||||||||||||||||
net unrealized (appreciation) depreciation | -27,011,000 | 10,081,000 | 24,593,000 | -14,752,000 | -38,632,000 | -44,439,000 | -34,001,000 | ||||||||||
bridge capital solutions corporation | |||||||||||||||||
net decrease in cash and cash equivalents | -9,369,000 | ||||||||||||||||
proceeds from public offering of 3.00% notes due 2026 | 0 | 0 | 300,000,000 | ||||||||||||||
proceeds from credit facility | 427,000,000 | 118,000,000 | 185,000,000 | 199,000,000 | 321,000,000 | 125,000,000 | |||||||||||
repayments on credit facility | -246,000,000 | -76,000,000 | -167,000,000 | -168,000,000 | -239,000,000 | -307,000,000 | |||||||||||
deferred tax benefit | 9,511,000 | 3,788,000 | 11,331,000 | 9,070,000 | 48,000 | ||||||||||||
| |||||||||||||||||
debt issuance premiums (costs) | |||||||||||||||||
café brazil, llc | |||||||||||||||||
california splendor holdings llc | |||||||||||||||||
interest receivable and other assets | -11,731,000 | 4,378,000 | -9,143,000 | 4,096,000 | |||||||||||||
cbt nuggets, llc | |||||||||||||||||
proceeds from public offering of 5.20% notes due 2024 | |||||||||||||||||
shares issued pursuant to the drip | 3,756,000 | 3,699,000 | |||||||||||||||
analytical systems keco, llc | |||||||||||||||||
project barfly, llc | |||||||||||||||||
bond-coat, inc. | |||||||||||||||||
access media holdings, llc |