Main Street Capital Q1 net investment income covers total dividends by 9%
Main Street Capital (NYSE:MAIN) posted Q1 distributable net investment income that exceeded monthly dividends paid to its shareholders by 54% and the total dividends paid to its shareholders by 9%.
“Our strong first quarter results and favorable outlook for the second quarter resulted in the declaration of an increase to our monthly dividends for the third quarter of 2024 and a $0.30 per share supplemental dividend to be paid in June 2024, representing our 11th consecutive quarterly supplemental dividend,” said CEO Dwayne L. Hyzak.
The business development company issued preliminary Q1 results last month, providing a range of $1.10-$1.12 for distributable net investment income per share.
Q1 distributable net investment income per share of $1.11, vs. the average analyst estimate of $1.04, compared with $1.12 in Q4 2023 and $1.07 in Q1 2023.
Total investment income of $131.6M, vs. the $127.9M consensus, increased from $129.3M in the prior quarter and $120.3M a year ago.
Net asset value per share of $29.54 at March 31, 2024, rose from $29.20 at Dec. 31, 2023.
Main Street Capital (MAIN) stock slipped 0.2% in Thursday after-hours trading.
During the quarter, Main Street Capital (MAIN) completed $154.5M in total private loan portfolio investments, which after aggregate repayments of debt principal from several private loan portfolio investments, return of invested equity capital from a private loan portfolio investments, and a decrease in cost basis due to realized losses on several private loan portfolio investments, resulted in a net increase of $54.9M in the total cost basis of the portfolio.
During the same period, the company completed $91.8M in lower middle-market (“LMM”) portfolio investments, including an investment of $12.8M in a new LMM portfolio companies, which after aggregate repayments of debt principal and return of invested equity capital from several LMM portfolio investments, resulted in a net increase of $67.0M in the total cost basis of the LMM investment portfolio.
Conference call on May 10 at 10:00 AM ET.
Earlier, Main Street Capital reports Q1 results