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Main Street Capital (NYSE: MAIN) completed its initial public offering on Oct. 4, 2007, at $15 per share. If you invested $10,000 into the business development company (BDC) stock at its IPO, you’d have purchased around 667 shares. Those shares would now generate around $177 per month in regular dividend income alone at the current rate of $0.265 per share. You’d also currently collect another $200 each quarter in supplemental dividends at the current $0.30 per share rate.

Here’s a look at Main Street Capital’s impressive dividend track record.

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An income-producing machine

As a BDC, Main Street Capital must distribute 90% of its taxable income to shareholders each year to remain compliant with IRS regulations. It has a unique strategy to meet that obligation while also providing income investors with the stability they desire. It has set its monthly dividend at a level it can sustain throughout market cycles. Main Street Capital currently generates enough distributable net investment income to cover its regular monthly dividend by a comfortable 1.39 times. The BDC pays supplemental quarterly dividends to return excess taxable income to shareholders and remain compliant.

Main Street Capital has grown its monthly dividend by 141% since its IPO. It has paid a cumulative $42.465 per share in regular monthly dividends during that period, and an additional $8.74 per share in supplemental dividends. It has never suspended or reduced its regular dividend, though it has at times stopped paying supplemental dividends.

What’s driving the dividend growth?

Main Street Capital stands out from other BDCs for its growth. The company has grown its net asset value (NAV) per share from $12.85 at its IPO to $33.92 at the end of the second quarter, 164% total growth (5.4% compound annual growth rate). One of the keys to its success is its dual investment strategy of investing in the secured debt of smaller private companies with meaningful equity participation. The company’s equity investments provide upside.

For example, this past June, Main Street announced the exit of a portfolio investment. Its initial investment consisted of a $2.4 million revolving line of credit, a $12.2 million first-lien senior secured loan, and a $5.8 million direct equity investment. It subsequently completed seven follow-on investments, growing its total debt and equity investments to $42.3 million and $6.4 million, respectively. The BDC recently realized a $46.4 million gain on its equity investment in this portfolio holding, which had also generated $2.2 million in cumulative dividend income. Gains like these have supported its growing NAV per share while providing the BDC with additional capital to reinvest to grow its portfolio. That portfolio growth has helped support its rising dividend.

An excellent income investment

Main Street Capital has a terrific record of paying dividends. It has steadily grown its monthly payout, driven largely by the value created by its equity investments. It has also paid out additional cash each quarter in supplemental dividends (20 consecutive quarters of payments). While that supplemental payment isn’t as bankable as the regular dividend, the company expects to continue paying them for the foreseeable future. There’s also no guarantee its equity investments will continue to support its growing monthly dividend. However, it has a strong track record of making value-enhancing equity investments. That should give investors confidence that Main Street Capital can continue to deliver a growing monthly dividend, with an additional quarterly income bonus, making it an ideal passive-income investment.

Should you buy stock in Main Street Capital right now?

Before you buy stock in Main Street Capital, consider this:

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Main Street Capital Went Public at $15 a Share. $10,000 Invested Then Now Collects About $177 a Month in Regular Dividends. was originally published by The Motley Fool

It’s safe to say that truck drivers around the country are feeling the impact of record-breaking diesel prices.

As of Sept. 19, diesel stood at $6.48 per gallon nationwide, according to AAA. And per GasBuddy, the highest prices can be found in Washington, Hawaii and California, the latter which has seen diesel top $8 per gallon.

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Diesel is needed to fuel trucks that transport food to your local supermarket, vehicles to out-of-state dealerships and your latest retail purchase to a local distribution center, plus much more. The American Trucking Associations estimates that trucks moved 73% of the nation’s freight by total weight in 2024.

However, high diesel prices — thanks in part to geopolitical conflicts like the U.S.-Iran war and the Russia-Ukraine War — can strain the supply chain and increase operating costs for logistics companies and freight operators. Ultimately, the prices consumers pay for goods also go up.

Some owner-operators are calling it quits

While the entire trucking industry is feeling the pinch, it’s possible that owner operators — drivers with their own trucks in business for themselves — are feeling it the most.

One owner operator, Yahathan, told WALB 10 News that he has cut down on loads because of the distances he has to travel. Owner-operators like himself have had to be extra careful about managing fuel spending of late.

“I feel that diesel for truck drivers, you know, it shouldn’t go up at a high rate because we make the world go ’round,” he said.

Vatissa Rhodes, whose weekly fuel bill has nearly doubled, said in an interview with ABC affiliate KATU 2 that she is contemplating selling her truck and working for someone else.

“I’m actually already looking to drive for another company to park my truck,” she said. “My paycheck has been cut maybe about a third.”

On cross-country trips, Rhodes would spend anywhere from $1,700 to $2,000 a week on fuel. Now, it’s at least $3,500, she told the outlet. She has been running her own business for six years, as a means to grow her savings and reinvest in her company. But the venture has instead landed her in debt, with each year being more difficult than the last.

Rhodes transports food in a refrigerated trailer, meaning she needs extra diesel fuel just to keep goods cold. While trucking contracts include a surcharge for fuel, she said they have not kept up with gas prices. Neither have the rates offered to transport freight.

“I know that the prices in the stores are going up, but we’re still not seeing an increase, so it’s hurting the drivers and the companies that are paying for the fuel,” she said.

Read More: Vanguard reveals what’s coming for U.S. stocks — and it could be bad news for this group of investors

How higher diesel prices impact consumers

Everyone is impacted by diesel prices over the long run. Diesel is not only used to transport items around the country, it’s also instrumental for farmers to operate machinery.

Higher fuel prices tighten margins for businesses across the entire supply chain, and at least some of that is passed down to the consumer in the form of higher grocery costs and delivery fees.

However, this can take a while to materialize, as the sticker shock is not as immediate as pulling up to a gas station and seeing the price per gallon has gone up since you last filled up.

And while drivers tend to respond to higher gas prices by driving less, doing the same with diesel is difficult because it’s used commercially across many industries. Even heating oil will become more expensive for homeowners across the northeast this winter. That’s because the price of heating oil tracks closely with diesel since both are made with the same ingredients.

As Tom Kloza, chief energy adviser for Gulf Oil, told CBS News, consumers should, “buckle up and recognize that inflation is likely to get turbocharged by these high prices for a product you probably don’t care much about, which is diesel fuel.”

“Everything that moves around the country and all crops are dependent on spending money on that fuel,” Kloza added.

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This article originally appeared on Moneywise.com under the title: Diesel at $6.48 per gallon pushes truck drivers to spend $3,500 a week on fuel, forcing some to quit

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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