Business
Capital Southwest Announces Financial Results for Second Fiscal Quarter Ended September 30, 2023 and Announces Increase in Total Dividends to $0.63 per share for the Quarter Ended December 31, 2023
CSWC Reports Pre-Tax Net Investment Income of $0.67 Per Share for Quarter Ended September 30, 2023 DALLAS, Oct. 30, 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 September 30, 2023\nDALLAS, Oct. 30, 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 second fiscal quarter ended September 30, 2023. Second Quarter Fiscal Year 2024 Financial Highlights Total Investment Portfolio: $1.4 billion Credit Portfolio of $1.2 billion: 97% 1st Lien Senior Secured Debt$107.5 million in new committed credit investmentsWeighted Average Yield on Debt Investments: 13.5%Current non-accruals with a fair value of $26.9 million, representing 2.0% of the total investment portfolio Equity Portfolio of $121.1 million, excluding investment in I-45 Senior Loan Fund (\"I-45 SLF\") $2.5 million in new equity co-investments Pre-Tax Net Investment Income: $26.4 million, or $0.67 per weighted average share outstandingDividends: Paid $0.56 per share Regular Dividend and $0.06 per share Supplemental Dividend 120% LTM Pre-Tax NII Regular Dividend CoverageTotal Dividends for the quarter ended September 30, 2023 of $0.62 per share Net Realized and Unrealized Depreciation: $4.2 million, or 0.3% of total investments at fair value $1.6 million of net appreciation related to I-45 SLF$2.8 million of net depreciation related to the credit portfolio$3.0 million of net depreciation related to the equity portfolio Balance Sheet: Cash and Cash Equivalents: $23.0 millionTotal Net Assets: $657.8 millionNet Asset Value (“NAV”) per Share: $16.46 In commenting on the Company’s results, Bowen Diehl, President and Chief Executive Officer, stated, “The September quarter was another strong quarter for Capital Southwest, with $110 million of originations in five new and six existing portfolio companies. Our portfolio continued to perform well, producing $0.67 of pre-tax net investment income for the quarter, which more than earned both our $0.56 per share regular dividend and our $0.06 per share supplemental dividend paid for the quarter. In consideration of the performance of our portfolio, improvements in our operating leverage, and elevated market interest rates, the Board of Directors h...