MidCap Financial Q2 net investment income $0.39, NAV per share down 1.2% to $14.75.

• Net investment income per share: $0.39, up from $0.37 in Q1. • Net asset value per share: $14.75, down 1.2% from Q1. • New investment commitments: $262 million. • Gross fundings: $254 million. • Net fundings: $144 million. • Net leverage: 1.44x.

Main Street Capital Corporation (NYSE: MAIN) has released its financial results for the second quarter ended June 30, 2025. The company reported a net investment income of $0.99 per share, up from $0.97 per share in the first quarter of 2025. This increase was primarily driven by higher dividend income and interest income, despite a slight decrease in dividend income from external investment managers and an increase in interest expenses.

The company's distributable net investment income per share also increased to $1.06, up from $1.03 in the first quarter of 2025. This was mainly due to the increase in total investment income, partially offset by increased expenses and taxes. The net increase in net assets resulting from operations was $122.5 million, or $1.37 per share, up from $102.688 million in the first quarter of 2025.

The company's net asset value per share decreased to $32.30, down from $32.03 in the first quarter of 2025, representing a 0.8% decrease. This was primarily due to a decrease in the cost basis of the middle market investment portfolio.

Main Street Capital Corporation also announced a total dividend payment of $1.05 per share in the second quarter of 2025, up from $1.02 per share in the first quarter of 2025. This includes a supplemental dividend of $0.30 per share, representing the sixteenth consecutive quarterly supplemental dividend.

The company completed $209.3 million in total lower middle market (LMM) portfolio investments, resulting in a net increase of $108.4 million in the total cost basis of the LMM investment portfolio. Additionally, the company completed $188.6 million in total private loan portfolio investments, resulting in a net decrease of $34.9 million in the total cost basis of the private loan investment portfolio.

Overall, Main Street Capital Corporation's strong performance in the second quarter of 2025 demonstrates the company's ability to generate consistent returns for its shareholders while maintaining a cost-efficient operating structure.

References:
[1] https://www.mainstcapital.com/investors/news-events/press-releases/detail/2729/main-street-announces-second-quarter-2025-results