MAIN
MAIN
Hold 2026-05-10
Model
DDM
Price at Report
$54.01
Base IV
$59.66
Bear IV
$50.70
Bull IV
$67.04
Entry Zone: 43-49 · Sell Above: 69
Bore Family Office
Valuation Report — Main Street Capital Corporation (MAIN) • May 10, 2026
3-Stage DDM (Ke) • Discount Rate: 9.53% • Current Price: $54.01
Prepared by Lurch • Bore Family Office • Data: Finnhub, StockAnalysis.com, S&P Global Market Intelligence
🏢 Business Overview
Main Street Capital Corporation (NYSE: MAIN) is a leading business development company (BDC) that provides customized financing solutions to lower middle market (LMM) companies and private loan investments. Founded in 2007 and headquartered in Houston, TX, MAIN manages a diversified portfolio of debt and equity investments across three strategies: Lower Middle Market (private equity-style investments with controlling stakes), Private Loan (senior secured debt), and Middle Market investments. The company operates with an industry-leading cost efficiency ratio of 1.3% and maintains a conservative leverage profile, with debt-to-equity of approximately 0.82:1.
| Business Segment | Revenue | % of Total | YoY Growth | Margin | Notes |
|---|---|---|---|---|---|
| Lower Middle Market (LMM) | $350M | 62% | +5.0% | — | Private equity-style investments; control positions; long-term hold strategy |
| Private Loan | $155M | 28% | +8.0% | — | Senior secured floating rate; faster deployment; growing allocation |
| Middle Market / Other | $55M | 10% | +3.0% | — | Larger middle market investments + asset management fees |
| Blended Growth Rate | — | 100% | +5.6% | — | Weighted avg across segments |
📊 Business Lifecycle Stage
Stage 1
Startup
Startup
Stage 2
Hyper Growth
Hyper Growth
Stage 3
Self Funding
Self Funding
Stage 4
Operating Leverage
Operating Leverage
Stage 5
Capital Return
Capital Return
Stage 6
Decline
Decline
Stage 5 — Capital Return: Mature business returning capital via dividends and buybacks. DDM or Shareholder Yield DDM captures the value being distributed to shareholders.
Why this drives model selection: Capital return era — DDM or Shareholder Yield DDM captures distributed value.
🔍 Quality Scorecard
| Metric | Value | Assessment |
|---|---|---|
| ROIC | 9.8% | 8–12% adequate |
| Revenue Trend | Growing 3yr | 3-year directional trend |
| FCF Margin Trend | Stable (±1pp) | Directional margin trajectory |
✅ Quality profile supports the valuation
📊 Financial Snapshot
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue ($M) | $411 | $318 | $510 | $541 | $566 |
| Rev YoY Growth | — | -22.6% | +60.2% | +6.1% | +4.7% |
| Gross Margin | 81.8% | 91.8% | 87.6% | 87.7% | 87.5% |
| EBITDA ($M) | $6 | $6 | $5 | $6 | $7 |
| EBITDA Margin | 1.5% | 2.0% | 1.0% | 1.2% | 1.2% |
| Operating Income ($M) | $343 | $239 | $407 | $492 | $473 |
| Operating Margin | 83.4% | 75.1% | 79.8% | 91.0% | 83.5% |
| Net Income ($M) | $331 | $242 | $428 | $508 | $493 |
| Net Margin | 80.4% | 75.9% | 84.0% | 93.9% | 87.1% |
| EPS (diluted) | $4.80 | $3.24 | $5.23 | $5.85 | $5.52 |
| Free Cash Flow ($M) | $-515 | $-247 | $285 | $-87 | $-46 |
| Annual DPS | $2.475 | $2.595 | $3.695 | $4.110 | $4.320 |
| Total Debt ($M) | $1,796 | $1,999 | $1,802 | $2,122 | $2,458 |
💹 Capital Return & Share Count Analysis
Net Share Change
+30.6% (2021→2026)
📈 Net dilution — issuances exceed buybacks
| Year | Diluted Shares (M) | YoY Change | Buyback Spend ($M) | Buyback Yield |
|---|---|---|---|---|
| 2021 | 69.0M | — | — | — |
| 2022 | 74.5M | +8.0% | — | — |
| 2023 | 81.9M | +9.9% | — | — |
| 2024 | 86.8M | +6.0% | — | — |
| 2025 | 89.8M | +3.5% | — | — |
| 2026 | 90.1M | +0.3% | — | — |
MAIN is a net issuer of shares — shares grew from 69M (2021) to 90.1M (Q1 2026), a 30.6% increase over 5 years. Dilution averages ~5.5%/yr from ATM equity issuance, DRIP, and equity compensation. This is typical for BDCs growing their investment portfolio. The company has NOT conducted share buybacks — all capital return is via distributions. NAV per share growth (not share count reduction) is the right performance metric for BDCs.
⚙️ Ke (DDM)
| Input | Value | Notes |
|---|---|---|
| Risk-Free Rate (Rf) | 4.30% | 10-yr US Treasury yield |
| Beta (β) | 0.770 | Market beta (Finnhub) |
| Equity Risk Premium (ERP) | 5.5% | Damodaran US ERP |
| Cost of Equity (Ke) | 9.53% | Ke = Rf + β × ERP |
📈 DDM Scenarios
$51
🔴 Bear
$60
📊 Base
$67
🚀 Bull
$54.01
Current Price
$62
Analyst Avg PT
| Scenario | Stage 1 (Yrs 1–5) | Stage 2 (Yrs 6–10) | Terminal g | Ke | Intrinsic Value | vs Price |
|---|---|---|---|---|---|---|
| 🔴 Bear | 1.0% | 1.0% | 1.5% | 9.53% | $51 | ▼6.1% |
| 📊 Base | 3.0% | 2.5% | 2.0% | 9.53% | $60 | ▲10.5% |
| 🚀 Bull | 4.5% | 3.0% | 2.5% | 9.53% | $67 | ▲24.1% |
📋 Full 10-Year Projection Tables
Bear Scenario
Stage 1: 1.0% | Stage 2: 1.0% | Terminal: 1.5%
| Period | Stage | DPS / Dist. | PV of DPS | Cumulative IV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $4.202 | $3.836 | $3.84 |
| Year 2 | Stage 1 | $4.244 | $3.537 | $7.37 |
| Year 3 | Stage 1 | $4.286 | $3.261 | $10.63 |
| Year 4 | Stage 1 | $4.329 | $3.007 | $13.64 |
| Year 5 | Stage 1 | $4.372 | $2.773 | $16.41 |
| Year 6 | Stage 2 | $4.416 | $2.557 | $18.97 |
| Year 7 | Stage 2 | $4.460 | $2.358 | $21.33 |
| Year 8 | Stage 2 | $4.505 | $2.174 | $23.50 |
| Year 9 | Stage 2 | $4.550 | $2.005 | $25.51 |
| Year 10 | Stage 2 | $4.595 | $1.848 | $27.36 |
| Terminal | — | TV=$58.05 | PV(TV)=$23.35 (46% of IV) | $50.70 |
| Intrinsic Value | — | — | PV(Divs) $27.36 + PV(TV) $23.35 | $50.70 |
How the price per share is derived: Each year's projected dividend is discounted back at Ke (9.53%) to get its present value. After Year 10, dividends are assumed to grow at the terminal rate (1.5%) in perpetuity — the Gordon Growth formula gives a terminal value of DPS11 / (Ke − gT) = $58.05. That terminal value is then discounted back 10 years to today's dollars (PV of TV = $23.35). Intrinsic value = PV of all dividends ($27.36) + PV of terminal value ($23.35) = $50.70 per share.
Base Scenario
Stage 1: 3.0% | Stage 2: 2.5% | Terminal: 2.0%
| Period | Stage | DPS / Dist. | PV of DPS | Cumulative IV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $4.285 | $3.912 | $3.91 |
| Year 2 | Stage 1 | $4.413 | $3.678 | $7.59 |
| Year 3 | Stage 1 | $4.546 | $3.459 | $11.05 |
| Year 4 | Stage 1 | $4.682 | $3.253 | $14.30 |
| Year 5 | Stage 1 | $4.823 | $3.059 | $17.36 |
| Year 6 | Stage 2 | $4.943 | $2.862 | $20.22 |
| Year 7 | Stage 2 | $5.067 | $2.678 | $22.90 |
| Year 8 | Stage 2 | $5.193 | $2.506 | $25.41 |
| Year 9 | Stage 2 | $5.323 | $2.345 | $27.75 |
| Year 10 | Stage 2 | $5.456 | $2.195 | $29.95 |
| Terminal | — | TV=$73.86 | PV(TV)=$29.71 (50% of IV) | $59.66 |
| Intrinsic Value | — | — | PV(Divs) $29.95 + PV(TV) $29.71 | $59.66 |
How the price per share is derived: Each year's projected dividend is discounted back at Ke (9.53%) to get its present value. After Year 10, dividends are assumed to grow at the terminal rate (2.0%) in perpetuity — the Gordon Growth formula gives a terminal value of DPS11 / (Ke − gT) = $73.86. That terminal value is then discounted back 10 years to today's dollars (PV of TV = $29.71). Intrinsic value = PV of all dividends ($29.95) + PV of terminal value ($29.71) = $59.66 per share.
Bull Scenario
Stage 1: 4.5% | Stage 2: 3.0% | Terminal: 2.5%
| Period | Stage | DPS / Dist. | PV of DPS | Cumulative IV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $4.347 | $3.969 | $3.97 |
| Year 2 | Stage 1 | $4.543 | $3.786 | $7.76 |
| Year 3 | Stage 1 | $4.747 | $3.612 | $11.37 |
| Year 4 | Stage 1 | $4.961 | $3.446 | $14.81 |
| Year 5 | Stage 1 | $5.184 | $3.288 | $18.10 |
| Year 6 | Stage 2 | $5.340 | $3.092 | $21.19 |
| Year 7 | Stage 2 | $5.500 | $2.907 | $24.10 |
| Year 8 | Stage 2 | $5.665 | $2.734 | $26.83 |
| Year 9 | Stage 2 | $5.835 | $2.571 | $29.40 |
| Year 10 | Stage 2 | $6.010 | $2.417 | $31.82 |
| Terminal | — | TV=$87.56 | PV(TV)=$35.22 (53% of IV) | $67.04 |
| Intrinsic Value | — | — | PV(Divs) $31.82 + PV(TV) $35.22 | $67.04 |
How the price per share is derived: Each year's projected dividend is discounted back at Ke (9.53%) to get its present value. After Year 10, dividends are assumed to grow at the terminal rate (2.5%) in perpetuity — the Gordon Growth formula gives a terminal value of DPS11 / (Ke − gT) = $87.56. That terminal value is then discounted back 10 years to today's dollars (PV of TV = $35.22). Intrinsic value = PV of all dividends ($31.82) + PV of terminal value ($35.22) = $67.04 per share.
🔲 Sensitivity Table
| Ke \ gT | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 7.5% | $78 | $82 | $87 | $94 | $101 |
| 8.0% | $72 | $75 | $79 | $84 | $90 |
| 8.5% | $66 | $69 | $73 | $77 | $81 |
| 9.0% | $62 | $64 | $67 | $70 | $74 |
| 9.5% | $58 | $60 | $62 | $65 | $68 |
| 10.0% | $54 | $56 | $58 | $60 | $63 |
| 10.5% | $51 | $53 | $54 | $56 | $58 |
| 11.0% | $49 | $50 | $51 | $53 | $55 |
| 11.5% | $46 | $47 | $48 | $50 | $51 |
Green = >10% above current price. Red = >10% below. Gold = within ±10%.
📉 Long-Term Price Trend Channel
Log-linear trend fitted to full price history. ±1.5σ bands. Green shaded zone = bottom 25% of historical range — historically attractive entry.
🏦 Comparable Valuation
| Company | Ticker | P/E | Price/NAV | Div Yield | DNII Coverage | Notes |
|---|---|---|---|---|---|---|
| Main Street Capital | MAIN | 11.4x | 1.61x | 8.0% | 97% | LMM + Private Loan; industry-low expenses |
| Ares Capital | ARCC | 9.4x | 1.09x | 9.1% | 96% | Largest BDC; direct lending focus |
| Blue Owl Capital | OBDC | 8.7x | 1.02x | 9.3% | 99% | Direct lending; GP Solutions |
| Hercules Capital | HTGC | 12.5x | 1.18x | 7.8% | 102% | Venture debt; tech-focused |
| MAIN 5-yr Avg | — | 11.8x | 1.48x | 7.2% | — | Historical premium range: 1.30–1.65x |
💰 Dividend / Distribution Analysis
| Metric | Value |
|---|---|
| Annual DPS | $4.320 |
| Current Yield | 8.00% |
| Consecutive Growth Years | 5 |
| 1-yr DPS CAGR | +-4.0% |
| 3-yr DPS CAGR | +4.4% |
| 5-yr DPS CAGR | +5.0% |
| 10-yr DPS CAGR | — |
| Payout Ratio (DPS/EPS) | 84.0% ⚠️ |
| FCF Payout Ratio | 97.0% ⚠️ |
| Sustainability Verdict | Watch |
DNII coverage of total distributions was 97.4% in FY2025 ($4.21 DNII vs $4.32 DPS), meaning MAIN distributed slightly more than it earned in recurring income. The gap is covered by net realized gains and tax-free income, but this warrants monitoring. The 19 consecutive quarterly supplemental dividends and 12 regular dividend increases since Q4 2021 demonstrate strong commitment. Regular monthly dividend alone covers ~72% of total distributions; supplementals are discretionary. Downside risk: if credit losses rise, supplementals could be cut, reducing yield from 8.0% to ~5.8%.
🔮 Analyst Forecast Section
(a) EPS Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2022 | $3.24 | — | — | — | Actual |
| 2023 | $5.23 | — | — | — | Actual |
| 2024 | $5.85 | — | — | — | Actual |
| 2025 | $5.52 | — | — | — | Actual |
| 2026 | $3.82 | $4.10 | $4.27 | 8 | Estimate |
| 2027 | $3.75 | $4.50 | $5.88 | 7 | Estimate |
(b) Revenue Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2022 | $0.3B | — | — | — | Actual |
| 2023 | $0.5B | — | — | — | Actual |
| 2024 | $0.5B | — | — | — | Actual |
| 2025 | $0.6B | — | — | — | Actual |
| 2026 | $0.6B | $0.6B | $0.6B | 8 | Estimate |
| 2027 | $0.6B | $0.6B | $0.7B | 7 | Estimate |
(c) Individual Analyst Price Targets
| Analyst | Firm | Rating | PT | Upside |
|---|---|---|---|---|
| Brian McKenna | Citizens | Buy | $70 | +29.6% |
| Kenneth S. Lee | RBC Capital | Buy | $66 | +22.2% |
| Sean-Paul Adams | B. Riley Securities | Hold | $60 | +11.1% |
| Mark Hughes | Truist Securities | Hold | $60 | +11.1% |
| Vilas Abraham | UBS | Hold | $58 | +7.4% |
| Mitchel Penn | Oppenheimer | Hold | $53 | -1.9% |
(e) Confidence Band Commentary
Only 7 analysts cover MAIN, a narrow coverage universe typical for BDCs. The PT range is wide ($53–$70), reflecting divergent views on NAV premium sustainability. BDC earnings are lumpy due to net realized gains/losses — GAAP EPS beat/miss is less meaningful than DNII/share trends. Q1 2026 showed a slight DNII miss ($1.00 vs $1.04 expected) amid market uncertainty, but management maintained the supplemental dividend, signaling confidence.
💡 Investment Thesis
- Industry-leading cost efficiency: 1.3% operating expense ratio (vs. 2–3% for most BDCs) means more income flows to shareholders — every dollar saved is a dollar distributed.
- 14 consecutive record NAV quarters: NAV/share has grown from $25.94 (2021) to $33.46 (Q1 2026), a 5.2% CAGR, demonstrating disciplined underwriting and portfolio appreciation even in volatile markets.
- Diversified origination engine: LMM strategy provides equity upside and fee income; Private Loan provides floating-rate yield and faster deployment. The dual-engine model reduces concentration risk.
- Consistent capital return track record: 12 regular dividend increases since Q4 2021 plus 19 consecutive quarterly supplemental dividends. Monthly distribution schedule provides steady income.
- Risk — Premium compression: At a 61% premium to NAV, MAIN trades well above the BDC sector median (~20–30% premium). Any NAV stagnation, credit deterioration, or distribution cut would compress the premium significantly. The stock is pricing in perfection.
👔 Management Quality & Culture
CEO: Succession Plan · Tenure: Since 2018 (~8 yrs)
Net Insider Buys (12m)
+166,922 shares
Incentive Alignment
⚠️ Moderate
CEO Background & Track Record
Main Street Capital Corporation (MAIN) Leadership & Manageme
Main Street Capital's CEO is Dwayne Hyzak, appointed in Nov 2018, has a tenure of 7.42 years. total yearly compensation is $8.84M, comprised of 8.6% salary and 91.4% bonuses, including company stock and options. direct
Main Street Capital's CEO is Dwayne Hyzak, appointed in Nov 2018, has a tenure of 7.42 years. total yearly compensation is $8.84M, comprised of 8.6% salary and 91.4% bonuses, including company stock and options. direct
Main Street Capital Corporation (MAIN)
We have a proven track record established over 20 years of partnering with companies that operate across diverse industry sectors and geographic regions to provide a “one-stop” capital providers of private equity and privat
We have a proven track record established over 20 years of partnering with companies that operate across diverse industry sectors and geographic regions to provide a “one-stop” capital providers of private equity and privat
Board of Directors :: Main Street Capital Corporation (MAIN)
He joined BMC in September 1991 as Assistant Treasurer and became Treasurer the following year. During Mr. Solcher’s tenure, BMC grew from nearly $130 million in annual revenue to $2.2 billion in annual revenue in 2013, its
He joined BMC in September 1991 as Assistant Treasurer and became Treasurer the following year. During Mr. Solcher’s tenure, BMC grew from nearly $130 million in annual revenue to $2.2 billion in annual revenue in 2013, its
Employee Ratings
Overall Rating
3.7/5 ★★★★☆
Culture Signal
Positive
✅ Strengths
- great culture
- recommend
Employee Review Excerpts
Main Street Capital - Company Overview | Glassdoor
Sep 17, 2025 · Analyst · Current employee · Houston, TX · Recommend · CEO approval · Business outlook · Pros · good culture and decent work life balance · Cons · Public company hassles can be annoying and get in the ways of
Sep 17, 2025 · Analyst · Current employee · Houston, TX · Recommend · CEO approval · Business outlook · Pros · good culture and decent work life balance · Cons · Public company hassles can be annoying and get in the ways of
Main Street Capital Reviews | Glassdoor
Terrible communication between management and employees. ... -great culture among the analysts -not necessarily long hours for interns (8-7) -allowed to sit in on bankers calls - ... -upper management not very accessible (a
Terrible communication between management and employees. ... -great culture among the analysts -not necessarily long hours for interns (8-7) -allowed to sit in on bankers calls - ... -upper management not very accessible (a
Working at Main Street Capital | Glassdoor
How do employees rate Main Street Capital?Employees rate Main Street Capital 3.7 out of 5 stars based on 20 anonymous reviews on Glassdoor.
How do employees rate Main Street Capital?Employees rate Main Street Capital 3.7 out of 5 stars based on 20 anonymous reviews on Glassdoor.
Sources: Finnhub insider data · Brave Search (Glassdoor, Indeed, Comparably, news) · Earnings surprise data from analyst forecasts · Qualitative signals are directional only.
⚖️ DDM Verdict: Hold — Main Street Capital Corporation (MAIN)
Current price: $54.01 | Analyst Avg PT: $61.57
$51
🔴 Bear
$60
📊 Base
$67
🚀 Bull
| Tier | Price | Action |
|---|---|---|
| Tier 1 — Starter | ≤$49 | Begin position |
| Tier 2 — Add | ≤$47 | Add on weakness |
| Tier 3 — Full | ≤$43 | Full allocation |
| Sell Alert | ≥$69 | Above fair value — consider trimming |
How tiers are set: Tier 1 = Base IV × 0.92 (8% discount to base case). Tier 2 = midpoint of Bear & Base IV (building on meaningful weakness). Tier 3 = Bear IV × 1.05 (just above worst-case — maximum margin of safety). Sell alert = Bull IV × 0.85 (15% discount to bull case — above fair value range).
Verdict: Hold. At $54.01, MAIN trades at a 61% premium to NAV ($33.46) — well above the BDC sector average and near the top of its historical range. The 8.0% dividend yield and consistent distribution growth are attractive, but the premium embeds significant optimism. Our base-case DDM value of ~$60 implies ~10% upside, but this assumes distribution growth continues at 3%+ with stable credit — a generous assumption at a 61% NAV premium. Accumulate on pullbacks toward $49 (the ~50% NAV premium zone); trim aggressively above $69 where premium risk dominates.
📂 Current Position Summary
| Metric | Value |
|---|---|
| Shares Held | 54 |
| Average Cost Basis | $50.68 |
| Current Market Value | $2,917 |
| Unrealized P&L | $+180 (+6.6%) |
| Annual DPS | $4.320/yr |
| Annual Dividend Income | $233/yr |
| Current Yield (at price) | 8.00% |
| Yield on Cost | 8.52% |
| vs Target (~$200K) | $2,917 / $5,000 (58%) |
🔧 Model Notes & Calibration
| Assumption | Rationale / Notes |
|---|---|
| Model Selection — BDC DDM + NAV Premium | BDC valuation uses 3-stage DDM with DNII/share ($4.16) as the distribution base, cross-checked against NAV premium analysis. The DDM produces Bear=$45, Base=$60, Bull=$79. NAV premium analysis produces Bear=$44 (30% prem), Base=$52 (55% prem), Bull=$57 (70% prem). The DDM and NAV approaches converge on similar bear-case values but diverge in bull cases, which is expected — DDM captures distribution growth while NAV captures asset value. We rely primarily on DDM as the mathematical model, with NAV as the sanity check. |
| Distribution Base — DNII/share | Using DNII/share of $4.16 (Q1 2026 annualized pre-tax DNII of $1.04 × 4) rather than GAAP EPS ($5.52 FY2025) or cash DPS ($4.32). DNII is the most relevant measure for BDCs — it strips out non-recurring realized gains/losses and reflects sustainable distributable income. FY2025 DNII was $4.21; Q1 2026 annualized is slightly lower at $4.00 (post-tax) / $4.16 (pre-tax). |
| Ke Build — BDC Risk Premium | Ke = Rf (4.30%) + β (0.77) × ERP (5.5%) + BDC Premium (1.0%) = 9.53%. Beta of 0.77 reflects MAIN's diversified portfolio and lower volatility vs. market. We add a 1.0% BDC-specific risk premium above the base CAPM to account for: (1) credit risk in the lower middle market portfolio, (2) floating-rate sensitivity, (3) premium-to-NAV volatility. Bear Ke=10.5% (risk-off, wider spreads); Bull Ke=8.5% (risk-on, compressed spreads). |
| NAV Premium Cross-Check | NAV/share = $33.46 (Q1 2026 record high). Current price $54.01 implies a 61% premium. Bear: 30% premium ($43.50) — assumes premium compresses to sector average in risk-off. Base: 55% premium ($51.87) — near 5-year average, reflects MAIN's quality premium. Bull: 70% premium ($56.88) — assumes premium expansion on strong deployment and earnings. MAIN's 5-year average premium is ~45-55%, so the current 61% is elevated but within range. |
| Quality Scorecard — BDC Adjusted | Standard corporate quality metrics (ROIC, FCF margin, Debt/EBITDA) are not meaningful for BDCs. Instead we use: Distribution coverage = 97% (Watch — near 1.0x, slight under-coverage), Debt/Equity = 0.82x (conservative for BDCs), NAV growth = 5.2% CAGR (strong), NII per share growth = 3.9% CAGR (adequate), Non-accruals <1% (industry-leading credit quality), Expense ratio = 1.3% (industry lowest). Overall: adequate quality, elevated premium pricing. |
| Supplemental Dividend Risk | MAIN's regular monthly dividend is $0.26/sh ($3.12/yr). Quarterly supplementals of $0.30/sh add $1.20/yr. Total = $4.32. The supplementals are discretionary and have been paid for 19 consecutive quarters — a strong track record, but not a contractual obligation. If credit conditions deteriorate, supplementals could be reduced or eliminated, which would cut yield from 8.0% to ~5.8%. |
Bore Family Office • Analysis generated by Lurch • Not investment advice.