Preliminary Estimates of Second Quarter 2024 Results
Main Street's preliminary estimate of second quarter 2024 net investment income ("NII") is $1.00 to $1.02 per share and distributable net investment income ("DNII") is $1.06 to $1.08 per share.(1)
Main Street's preliminary estimate of net asset value ("NAV") per share as of June 30, 2024 is $29.77 to $29.83, representing an increase of $0.23 to $0.29 per share, or 0.8% to 1.0%, from the NAV per share of $29.54 as of March 31, 2024, with this increase after the impact of the supplemental dividend paid in June 2024 of $0.30 per share. The estimated increase in NAV per share is primarily due to the net fair value increase on the investment portfolio resulting from the net unrealized appreciation and the net realized gain on portfolio investments, including an increase in the fair value of the wholly-owned asset manager, and the accretive impact of equity issuances during the quarter, with these increases partially offset by the net tax expense for the quarter.
As a result of Main Street's preliminary estimates of NII and net changes in the fair market value of its investment portfolio as noted above, Main Street estimates that it generated a quarterly annualized return on equity of 15% to 17% for the second quarter of 2024.(2)
Main Street preliminarily estimates that non-accrual investments comprised 1.2% of the total investment portfolio at fair value and 3.6% at cost as of June 30, 2024.