Regular Monthly Dividends of $0.24 per Share for each of January,
February and March 2024
Monthly Dividends Represent a 2.1% Increase
Compared to Fourth Quarter 2023 and a 6.7% Increase Compared to
First Quarter 2023
Supplemental Dividend of $0.275 per Share Payable in December 2023
HOUSTON, Nov. 1,
2023 /PRNewswire/ -- Main Street Capital Corporation (NYSE:
MAIN) ("Main Street") is pleased to announce that its Board of
Directors declared regular monthly cash dividends of $0.24 per share for each of January, February and
March 2024. These monthly dividends, which will be payable
pursuant to the table below, total $0.72 per share for the first quarter of 2024 and
represent a 2.1% increase from the regular monthly dividends
declared for the fourth quarter of 2023 and a 6.7% increase from
the regular monthly dividends paid in the first quarter of 2023.
Since its October 2007 initial public
offering, Main Street has periodically increased the amount of its
regular monthly dividends paid per share and has never reduced its
regular monthly dividend amount per share.
Summary of First Quarter 2024 Regular Monthly
Dividends
Declared
|
Ex-Dividend
Date
|
Record Date
|
Payment Date
|
Amount Per
Share
|
10/31/2023
|
1/4/2024
|
1/5/2024
|
1/12/2024
|
$0.24
|
10/31/2023
|
2/7/2024
|
2/8/2024
|
2/15/2024
|
$0.24
|
10/31/2023
|
3/7/2024
|
3/8/2024
|
3/15/2024
|
$0.24
|
|
|
Total for First Quarter
2024:
|
$0.72
|
|
|
|
|
In addition to the regular monthly dividends for the first
quarter of 2024, the Board of Directors declared a supplemental
cash dividend of $0.275 per share
payable in December 2023. This
supplemental cash dividend, which will be payable as set forth in
the table below, will be paid out of Main Street's undistributed
taxable income (taxable income in excess of dividends paid) as of
September 30, 2023.
Supplemental Cash Dividend Payable in December 2023
Declared
|
Ex-Dividend
Date
|
Record Date
|
Payment Date
|
Amount Per
Share
|
10/31/2023
|
12/19/2023
|
12/20/2023
|
12/27/2023
|
$0.275
|
|
|
|
|
|
Including all dividends declared to date, including the first
quarter 2024 regular monthly dividend and the December 2023 supplemental dividend, Main Street
will have paid $39.535 per share in
cumulative cash dividends since its October
2007 initial public offering at $15.00 per share. Including the first quarter
2024 regular monthly dividends and the December 2023 supplemental dividend, these most
recent dividend declarations represent total dividends to Main
Street shareholders of $0.995 per
share, representing an annualized current yield of 10.4% based on
the closing price of $38.13 per share
on October 31, 2023.
The final determination of the tax attributes for dividends each
year are made after the close of the tax year. The final tax
attributes for 2023 and 2024 dividends are currently expected to
include a combination of ordinary taxable income and qualified
dividends and may include capital gains and return of capital.
Main Street maintains a dividend reinvestment and direct stock
purchase plan (the "Plan"). The dividend reinvestment feature
of the Plan (the "DRIP") provides for the reinvestment of dividends
on behalf of Main Street's registered stockholders who hold their
shares with Main Street's transfer agent and registrar, American
Stock Transfer and Trust Company, or certain brokerage firms that
have elected to participate in the DRIP. Under the DRIP, if
Main Street declares a dividend, registered stockholders who have
not "opted out" of the DRIP by the dividend record date will have
their dividend automatically reinvested into additional shares of
Main Street common stock. The direct stock purchase feature
of the Plan (the "DSPP") provides investors with a convenient and
economical method to purchase shares of Main Street common
stock. More information about the Plan (including the DSPP
prospectus) can be found on the Main Street website
(https://ir.mainstcapital.com/dividend-reinvestment-and-direct-stock-purchase-plan).
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street
(www.mainstcapital.com) is a principal investment firm that
primarily provides long-term debt and equity capital to lower
middle market companies and debt capital to middle market
companies. Main Street's portfolio investments are typically
made to support management buyouts, recapitalizations, growth
financings, refinancings and acquisitions of companies that operate
in diverse industry sectors. Main Street seeks to partner
with entrepreneurs, business owners and management teams and
generally provides "one stop" financing alternatives within its
lower middle market investment strategy. Main Street's lower
middle market companies generally have annual revenues between
$10 million and $150 million. Main Street's middle market
debt investments are made in businesses that are generally larger
in size than its lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC
Adviser I, LLC ("MSC Adviser"), also maintains an asset management
business through which it manages investments for external
parties. MSC Adviser is registered as an investment adviser
under the Investment Advisers Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS
This press release may
contain certain forward-looking statements, including but not
limited to the continued payment and growth of future dividends and
the potential tax attributes for 2023 and 2024 dividends. Any
such statements other than statements of historical fact are likely
to be affected by other unknowable future events and conditions,
including elements of the future that are or are not under Main
Street's control, and that Main Street may or may not have
considered; accordingly, such statements cannot be guarantees or
assurances of any aspect of future performance. Actual
performance and results could vary materially from these estimates
and projections of the future as a result of a number of factors,
including those described from time to time in Main Street's
filings with the Securities and Exchange Commission. Such
statements speak only as of the time when made and are based on
information available to Main Street as of the date hereof and are
qualified in their entirety by this cautionary statement.
Main Street assumes no obligation to revise or update any such
statement now or in the future.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO,
dhyzak@mainstcapital.com
Jesse E. Morris, CFO and COO,
jmorris@mainstcapital.com
713-350-6000
Dennard Lascar Investor
Relations
Ken Dennard /
ken@dennardlascar.com
Zach Vaughan /
zvaughan@dennardlascar.com
713-529-6600
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SOURCE Main Street Capital Corporation