Business
Capital Southwest Announces Financial Results for First Fiscal Quarter Ended June 30, 2023 and Announces Increase in Total Dividends to $0.62 per share for the Quarter Ended September 30, 2023
CSWC Reports Pre-Tax Net Investment Income of $0.67 Per Share for Quarter Ended June 30, 2023 DALLAS, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Capital Southwest
About this update from Capital Southwest Corporation
[{"type":"text","content":"CSWC Reports Pre-Tax Net Investment Income of $0.67 Per Share for Quarter Ended June 30, 2023\nDALLAS, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its financial results for the first fiscal quarter ended June 30, 2023. First Quarter Fiscal Year 2024 Financial Highlights Total Investment Portfolio: $1.3 billion Credit Portfolio of $1.1 billion: 97% 1st Lien Senior Secured Debt$108.0 million in new committed credit investmentsWeighted Average Yield on Debt Investments: 12.9%Current non-accruals with a fair value of $22.4 million, representing 1.7% of the total investment portfolio Equity Portfolio of $122.5 million, excluding investment in I-45 Senior Loan Fund (\"I-45 SLF\") $3.9 million in new equity co-investments CSWC Investment in I-45 SLF of $51.9 million at fair value I-45 SLF portfolio of $131.7 million Portfolio consists of 33 issuers: 95% 1st Lien Debt $78.0 million of debt outstanding at I-45 SLF I-45 SLF fund leverage of 1.20x debt to equity at fair value I-45 SLF paid a $2.1 million quarterly dividend to CSWC; an annualized yield of 16.5% Pre-Tax Net Investment Income: $25.0 million, or $0.67 per weighted average share outstandingDividends: Paid $0.54 per share Regular Dividend and $0.05 per share Supplemental Dividend 118% LTM Pre-Tax NII Regular Dividend CoverageTotal Dividends for the quarter ended June 30, 2023 of $0.59 per share Net Realized and Unrealized Depreciation: $0.7 million $0.6 million of net appreciation related to I-45 SLF$0.6 million of net depreciation related to the credit portfolio$0.7 million of net depreciation related to the equity portfolio Balance Sheet: Cash and Cash Equivalents: $21.3 millionTotal Net Assets: $636.2 millionNet Asset Value (“NAV”) per Share: $16.38 In commenting on the Company’s results, Bowen Diehl, President and Chief Executive Officer, stated, “The June quarter was another strong quarter for Capital Southwest, with solid originations in six new and seven existing portfolio companies and a well-performing portfolio that produced $0.67 of pre-tax net investment income for the quarter, which more than earned both...