“We’re pleased with our performance in the third quarter, which resulted in an annualized return on equity of 18.8%, DNII per share that continued to exceed the dividends paid to our shareholders, and a new record for NAV per share for the ninth consecutive quarter.”
— Dwayne Hyzak
03Detailed Report
MAIN
Company MAIN
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 23, 2026
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Executive Summary
Main Street Capital Corporation (MAIN) delivered a robust Q3 2024 performance characterized by strong operating momentum, record NAV per share, and DNII per share that continued to cover and exceed the quarterly dividend. Management highlighted the resiliency of the lower middle market (LMM) portfolio and the contribution from the asset management business, underscored by elevated incentive fees and continued external manager value creation. The quarter featured meaningful investment activity in both the LMM and private loan portfolios, a continued favorable NAV trajectory, and a capital structure that remains conservatively leveraged with ample liquidity. The company announced a supplemental dividend of $0.30 per share for December and signaled a steady NAV trajectory and potential further supplemental dividends if environmental and portfolio dynamics remain favorable."
Key Performance Indicators
Revenue
Increasing
184.94M
QoQ: 16.60% | YoY: 22.55%
Gross Profit
Increasing
136.82M
73.98% margin
QoQ: 5.70% | YoY: 9.90%
Operating Income
Increasing
135.72M
QoQ: 19.30% | YoY: 23.54%
Net Income
Increasing
124.01M
QoQ: 20.76% | YoY: 20.09%
EPS
Increasing
1.42
QoQ: 19.33% | YoY: 13.60%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $184.944M, up 22.6% YoY and 16.6% QoQ; Gross profit: $136.824M, gross margin 0.7398 (YoY +9.9%, QoQ +5.7%); Operating income: $135.716M, operating margin 0.7338 (YoY +23.5%, QoQ +19.3%); Net income: $124.007M, net margin 0.6705 (YoY +20.1%, QoQ +20.8%); EPS: $1.42 (YoY +13.6%, QoQ +19.3%); DNII per share: $1.06 (YoY up ~1.9%), QoQ down modestly from Q2; NAV per share: $30.57, +2.6% QoQ and a record high; Cash flow: Operating cash flow $72.387M; Free cash flow ~$72.387M; Cash at end: $84.421M; Net income available to common: $124.0M; Non-accruals: ~1.4% of fair value (3.9% cost); Debt/Equity: 0.817x; Debt/Capital: 0.450x; NAV-based leverage targets: 0.8x–0.9x; Asset coverage: 2.44x; Liquidity (cash and facility availability): >$1.3B; Portfolio fair value to cost basis: 115%; Lower middle market (LMM) portfolio included 84 companies with $2.5B fair value; Private loan portfolio had 92 companies with $1.9B fair value; Supplemental dividend: $0.30 in December; Q1 2025 monthly dividend raised to $0.25; Trailing 12-month supplemental dividend: $1.20 per share; Trailing 12 months total dividends: >$4 per share; Yield: ~8%.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
184.94M
22.55%
16.60%
Gross Profit
136.82M
9.90%
5.70%
Operating Income
135.72M
23.54%
19.30%
Net Income
124.01M
20.09%
20.76%
EPS
1.42
13.60%
19.33%
Key Financial Ratios
Gross Profit Margin
Excellent
81.90%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
73.40%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
67.10%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
2.43%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.61%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
4.26
Current ratio indicates excellent liquidity and financial flexibility
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