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Assessing Main Street Capital's Results For Q3 2018 (Includes Discussion Of Dividend Transition)

Published Thu, 08 Nov 2018 13:37:16 -0500 on Seeking Alpha

Recap/Focus of Article: On 11/1/2018, Main Street Capital Corp. (MAIN) reported quarterly net investment income (“NII”) of $0.626 per share and a net asset value (“NAV”) as of 9/30/2018 of $24.69 per share. In comparison, I projected MAIN would report quarterly NII of $0.618 per share and a NAV as of 6/30/2018 of $24.40 per share in the following article:
Main Street Capital's Q3 2018 NAV And NII Projection (Includes Current Recommendation And Price Target)
When calculated, my NII and NAV projections had a variance of ($0.008) and ($0.29) per share, respectively. As such, I believe MAIN’s quarterly NII should be seen as a very minor outperformance while the company’s NAV was a modest outperformance (basically at the top end of my projected range).
Within the first section of this article, I will summarize my prior article’s account projections and compare each amount to MAIN’s actual results. If an account had at least a modest variance between projected and actual results, I will also provide an explanation on the variance. I will list MAIN’s accounts in the same order as projected within my income statement and EPS projection article (see link provided above).
The second part of this assessment article performs a FMV investing rating analysis on MAIN’s portfolio companies over the prior several quarters. This article then discusses MAIN’s recently announced change when it comes to the... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
MEDLEY CAPITAL 2.93   0.0 -2.04 0.40 13.89
TWO HARBORS INVESTMENT 14.08   4.3 3.29 1.88 13.48
FS INVESTMENT 5.85   0.0 -0.07 0.76 13.13
APOLLO INVESTMENT 14.22   14.8 0.96 1.80 12.63
PROSPECT CAPITAL 6.68   6.6 1.02 0.72 10.68
NEWTEK BUSINESS SERVICES 19.20   0.0 0.00 2.00 10.60
TCP CAPITAL 14.10   13.8 1.02 1.44 10.31
OAKTREE SPECIALTY LENDING 4.90   0.0 -1.39 0.50 10.02
ARES CAPITAL 16.23   7.4 2.20 1.56 9.59
SOLAR CAPITAL 19.87   11.2 1.78 1.64 8.21
GLADSTONE INVESTMENT 10.79   3.5 3.12 0.82 7.78
PENNANTPARK FLOATING RATE CAPITAL 12.49   14.5 0.86 0.95 7.62
OAKTREE STRATEGIC INCOME 8.27   12.0 0.69 0.62 7.49
GOLUB CAPITAL BDC 17.88   13.0 1.37 1.28 7.39
BLACKROCK 396.42   11.4 34.91 12.52 3.15