Main Street Capital Corporation (NYSE: MAIN) has announced its private loan portfolio activity for the second quarter of 2024, revealing significant developments since the last reporting period.
During this quarter, Main Street originated new or increased commitments in its private loan portfolio, totaling $375.9 million. The total investments across its private loan portfolio, with a cost basis, amounted to $323.8 million.
The notable new private loan commitments and investments during the second quarter of 2024 include: $107.6 million in a first lien senior secured loan and $15.4 million in a first lien senior secured revolver to a manufacturer of custom engineered die cut, formed foam, nonwoven, and multi-material components for the automotive and healthcare end markets $47.5 million in a first lien senior secured loan, $10.5 million in a first lien senior secured revolver, and $25.0 million in a first lien senior secured delayed draw loan to a provider of senior-level executive search, interim placement, consulting, and other talent advisory solutions $52.8 million in a first lien senior secured loan and $6.2 million in a first lien senior secured revolver to a provider of mission-critical services to data centers specializing in the procurement and maintenance of power systems equipment $42.9 million in a first lien senior secured loan and $3.6 million in a senior secured revolver to a provider of packaging supply chain solutions, including contract packaging, procurement, warehousing, process design, and third-party logistics $26.4 million in a first lien senior secured loan and $0.1 million in a first lien senior secured revolver to a provider of asset management and alternative investing services Increased commitments and investments in various companies providing essential services
As of June 30, 2024, Main Street’s private loan portfolio included total investments at cost of approximately $1.8 billion across 92 unique borrowers. Notably, 95.4% of the portfolio was invested in first lien debt investments, while 4.6% was invested in equity investments or other securities.
Main Street Capital Corporation primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies, supporting management buyouts, recapitalizations, growth financings, refinancings, and acquisitions of companies operating in diverse industry sectors. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.
The significant increase in private loan portfolio activity and the specific details of new commitments and investments provide a comprehensive view of Main Street's financial performance and strategic initiatives in the second quarter of 2024. As a result of these announcements, the company's shares have moved -0.3% on the market, and are now trading at a price of $51.85. Check out the company's full 8-K submission here.
