"We are pleased with our second quarter results, which were highlighted by an annualized return on equity of 16.1%, DNII per share, that continue to exceed the dividends paid to our shareholders, and a new record for NAV per share for the eighth consecutive quarter."
— Dwayne Hyzak
03Detailed Report
MAIN
Company MAIN
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 23, 2026
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Executive Summary
Main Street Capital reported a robust QQ2 2024, underpinned by strong DNII generation and a record NAV per share for the eighth consecutive quarter. Management highlighted an annualized ROE of 16.1% and DNII per share continuing to exceed regular dividend payouts, supporting a steady uptrend in shareholder value as NAV rose to $29.80 per share. The quarter featured meaningful investment activity across the lower middle market and private loan strategies, with lower middle market investments totaling $155 million (net $69 million) and private loans totaling $324 million (net $225 million). The asset management business contributed significantly via the External Investment Manager, driving incentive fees alongside base management fees. A new unsecured debt issuance and an expanded corporate facility reinforced liquidity and a conservative capital structure.
Key Performance Indicators
Revenue
Increasing
158.61M
QoQ: 20.52% | YoY: 21.76%
Gross Profit
Increasing
129.45M
81.61% margin
QoQ: 3.73% | YoY: 1.46%
Operating Income
Decreasing
113.76M
QoQ: -2.42% | YoY: -1.22%
Net Income
Decreasing
102.69M
QoQ: -4.16% | YoY: -3.59%
EPS
Decreasing
1.19
QoQ: -5.56% | YoY: -9.85%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $158.612 million, YoY +21.8%, QoQ +20.5%. Gross Profit: $129.451 million, YoY +1.5%, QoQ +3.7%. Operating Income: $113.758 million, YoY -1.22%, QoQ -2.42%. Net Income: $102.688 million, YoY -3.59%, QoQ -4.16%. EPS: $1.19, YoY -9.85%, QoQ -5.56%. Distributable net investment income (DNII) per share: $1.07 in QQ2 2024 (management notes DNII is GAAP net investment income excluding non-cash compensation). NAV per share: $29.80, up $0.26 from Q1 and up $2.11 (7.6%) versus a year ago. Total dividends paid in QQ2 2024: $1.02 per share (includes supplemental $0.30), with guidance for Q3 2024 of $1.035 per share and recurring monthly dividends of $0.245 per share for Q4 2024. Cash at end of period: $30.47 million; cash and availability under facilities and SBIC funds near $1.0 billion. Total debt: $2.198 billion; net debt: $2.168 billion; leverage (debt to equity): 0.852; regulatory debt-to-equity leverage around 0.74 with a 2.33x asset coverage. ROE (GAAP) 16.1% annualized for Q2 and 16.6% for the first six months of 2024; DNII per share and dividends tracked to maintain a positive DE/NAV trajectory.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
158.61M
21.76%
20.52%
Gross Profit
129.45M
1.46%
3.73%
Operating Income
113.76M
-1.22%
-2.42%
Net Income
102.69M
-3.59%
-4.16%
EPS
1.19
-9.85%
-5.56%
Key Financial Ratios
Gross Profit Margin
Excellent
81.60%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
71.70%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
64.70%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
2.07%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.98%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
2.00
Current ratio shows adequate liquidity to meet short-term obligations
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