Business
Capital Southwest Announces Financial Results for Fourth Fiscal Quarter and Fiscal Year Ended March 31, 2023
CSWC Reports Pre-Tax Net Investment Income of $0.65 Per Share for Quarter Ended March 31, 2023 DALLAS, May 22, 2023 (GLOBE NEWSWIRE) -- Capital Southwest
About this update from Capital Southwest Corporation
[{"type":"text","content":"CSWC Reports Pre-Tax Net Investment Income of $0.65 Per Share for Quarter Ended March 31, 2023\nDALLAS, May 22, 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 fourth fiscal quarter and fiscal year ended March 31, 2023. Fourth Quarter Fiscal Year 2023 Financial Highlights Total Investment Portfolio: $1.2 billion Credit Portfolio of $1.0 billion: 96% 1st Lien Senior Secured Debt$61.7 million in new committed credit investmentsWeighted Average Yield on Debt Investments: 12.8%Current non-accruals with a fair value of $3.9 million, representing 0.3% of the total investment portfolio Equity Portfolio of $117.5 million, excluding investment in I-45 Senior Loan Fund (\"I-45 SLF\") $5.6 million in new equity co-investments CSWC Investment in I-45 SLF of $51.3 million at fair value I-45 SLF portfolio of $143.7 million Portfolio consists of 36 issuers: 95% 1st Lien Debt $86.0 million of debt outstanding at I-45 SLF I-45 SLF fund leverage of 1.34x debt to equity at fair value I-45 SLF paid a $1.9 million quarterly dividend to CSWC; an annualized yield of 14.8% Pre-Tax Net Investment Income: $22.8 million, or $0.65 per weighted average share outstandingDividends: Paid $0.53 per share Regular Dividend and $0.05 per share Supplemental Dividend 113% LTM Pre-Tax NII Regular Dividend CoverageTotal Dividends for the quarter ended March 31, 2023 of $0.58 per share Net Realized and Unrealized Depreciation: $4.2 million $2.4 million of net depreciation related to the credit portfolio$1.2 million of net depreciation related to I-45 SLF$0.6 million of net depreciation related to the equity portfolio Balance Sheet: Cash and Cash Equivalents: $21.6 millionTotal Net Assets: $590.4 millionNet Asset Value (“NAV”) per Share: $16.37 Received Baa3 Investment Grade Rating from Moody's Investors Service with Stable Outlook Fiscal Year 2023 Financial Highlights Total Investment Portfolio: Increased by $269.8 million in total fair value, from $936.6 million to $1.2 billion, representing 29% growth during the year Credit Portfolio increased by $243.8 million, representing 31% growth du...