Main Street Capital (MAIN) Tops Q1 EPS by 4c

Main Street Capital (NYSE: MAIN) reported Q1 EPS of $0.58, $0.04 better than the analyst estimate of $0.54.

• Net investment income of $39.8 million (or $0.58 per share)
• Distributable net investment income(1) of $42.1 million (or $0.62 per share)
• Total investment income of $62.8 million
• Industry leading ratio of total non-interest operating expenses as a percentage of quarterly average total assets ("Operating Expenses to Assets Ratio") of 1.3% on an annualized basis for the quarter and 1.4% for the trailing twelve month ("TTM") period ended March 31, 2021
• Net increase in net assets resulting from operations of $57.3 million (or $0.84 per share)
• Net asset value of $22.65 per share at March 31, 2021, representing an increase of $0.30 per share, or 1.3%, compared to $22.35 per share at December 31, 2020
• Declared monthly dividends totaling $0.615 per share for the second quarter of 2021, or $0.205 per share for each of April, May and June 2021, consistent with the monthly dividends paid for the second quarter of 2020 and the first quarter of 2021
• Completed $59.2 million in total lower middle market ("LMM") portfolio investments, including investments totaling $53.5 million in two 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 $24.5 million in total LMM portfolio investments
• Completed $39.8 million in total private loan portfolio investments, which after aggregate repayments of debt principal and exits of equity investments from several private loan portfolio investments resulted in a net decrease of $4.5 million in total private loan portfolio investments
• Net decrease of $35.1 million in middle market portfolio investments
• Further diversified capital structure and enhanced liquidity by issuing $300.0 million of investment grade notes in January 2021 that bear interest at a rate of 3.00% per year (the "3.00% Notes")

For earnings history and earnings-related data on Main Street Capital (MAIN) click here.

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