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
investments
- Weighted 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 outstanding
- Dividends: Paid $0.56 per share Regular
Dividend and $0.06 per share Supplemental Dividend
- 120% LTM Pre-Tax NII Regular Dividend
Coverage
- Total 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
million
- Total Net Assets: $657.8 million
- Net 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 has declared an increase in our regular
quarterly dividend to $0.57 per share for the December 31, 2023
quarter. In addition, given the continued excess earnings being
generated by our floating rate debt portfolio, our Board of
Directors has also declared a supplemental dividend of $0.06 per
share for the December 31, 2023 quarter, resulting in total
dividends for the December 31, 2023 quarter of $0.63 per share.
While future dividend declarations are at the discretion of our
Board of Directors, it is our intent to continue to distribute
quarterly supplemental dividends for the foreseeable future while
base rates remain materially above long-term historical averages
and we have a meaningful UTI balance. Finally, subsequent to
quarter end we received shareholder approval to increase the number
of authorized shares from 40,000,000 to 75,000,000. These
incremental shares provide Capital Southwest with the flexibility
to continue our track record of raising accretive equity to
maintain conservative balance sheet leverage while growing our
asset base.”
Second Quarter Fiscal Year Investment
Activities
Originations
During the quarter ended September 30, 2023, the
Company originated $110.0 million in new commitments, consisting of
investments in five new portfolio companies totaling $81.7 million
and add-on commitments in six portfolio companies totaling $28.3
million. New portfolio company investment transactions that closed
during the quarter ended September 30, 2023 are summarized as
follows:
CityVet, Inc., $15.0 million
1st Lien Senior Secured Debt,
$5.0 million Delayed Draw Term Loan: CityVet operates a
network of branded veterinary practices offering comprehensive pet
care services including medical, surgical, retail, pharmacy,
boarding and wellness.
Swensons Drive-In Restaurants, LLC,
$16.0 million 1st Lien Senior
Secured Debt, $1.5 million Revolving Loan: Swensons
Drive-In Restaurants is a quick service restaurant chain, founded
in 1934, that operates twenty-one nostalgic drive-in style
restaurants, primarily located in the surrounding areas of
Cleveland, Akron, Columbus, Cincinnati and Indianapolis.
Damotech, Inc., $10.2 million
1st Lien Senior Secured Debt,
$3.0 million Delayed Draw Term Loan, $3.0 million Revolving Loan,
$1.0 million Preferred and Common Equity: Damotech is a
rack safety leader in North America, providing engineering services
and industrial rack repair and protection products to clients of
all sizes across numerous industries.
Institutes of Health, LLC, $15.0 million
1st Lien Senior Secured Debt,
$1.0 million Revolving Loan, $1.0 million Preferred
Equity: Institutes of Health operates medical care
facilities serving patients entirely in the workers' compensation
space, providing treatment for traumatic brain injury, chronic
pain, PTSD and depression.
Jackson Hewitt Tax Services, Inc., $10.0
million 1st Lien Senior Secured
Debt: Jackson Hewitt is the second largest omnichannel tax
preparation provider in the United States, with a network of
locations including over three thousand franchisee and over two
thousand corporate-owned stores/kiosks across 49 states.
Second Fiscal Quarter 2024 Operating
Results
For the quarter ended September 30, 2023,
Capital Southwest reported total investment income of $42.8
million, compared to $40.4 million in the prior quarter. The
increase in investment income was primarily attributable to an
increase in average debt investments outstanding and an increase in
the weighted average yield on debt investments from 12.9% to
13.5%.
For the quarter ended September 30, 2023, total
operating expenses (excluding interest expense) were $5.9 million,
compared to $5.7 million in the prior quarter.
For the quarter ended September 30, 2023,
interest expense was $10.5 million as compared to $9.7 million in
the prior quarter. The increase was primarily attributable to an
increase in average debt outstanding and an increase in the
weighted average interest rate on total debt.
For the quarter ended September 30, 2023, total
pre-tax net investment income was $26.4 million, compared to $25.0
million in the prior quarter.
During the quarter ended September 30, 2023,
Capital Southwest recorded total net realized and unrealized losses
on investments of $4.2 million, compared to $0.7 million of total
net realized and unrealized losses in the prior quarter. For the
quarter ended September 30, 2023, this included net realized and
unrealized gains on I-45 SLF of $1.6 million, net unrealized losses
on debt investments of $2.8 million and net realized and unrealized
losses on equity investments of $3.0 million. The net increase in
net assets resulting from operations was $22.6 million for the
quarter, compared to $23.8 million in the prior quarter.
The Company’s NAV at September 30, 2023 was
$16.46 per share, as compared to $16.38 at June 30, 2023. The
increase in NAV per share from the prior quarter is primarily due
to pre-tax net investment income in excess of dividends paid for
the quarter, as well as the issuance of common stock at a premium
to NAV per share through the Equity ATM Program (as described
below), partially offset by net realized and unrealized losses on
investments.
Liquidity and Capital
Resources
At September 30, 2023, Capital Southwest had
approximately $23.0 million in unrestricted cash and money market
balances, $250.0 million of total debt outstanding on the Credit
Facility (as defined below), $139.2 million, net of unamortized
debt issuance costs, of the 4.50% Notes due January 2026
outstanding, $147.6 million, net of unamortized debt issuance
costs, of the 3.375% Notes due October 2026, $69.4 million, net of
unamortized debt issuance costs, of the 7.75% Notes due August 2028
and $126.4 million, net of unamortized debt issuance costs, of SBA
Debentures (as defined below) outstanding. As of September 30,
2023, Capital Southwest had $184.4 million in available borrowings
under the Credit Facility. The regulatory debt to equity ratio at
the end of the quarter was 0.92 to 1.
On October 11, 2023, after receiving the
requisite shareholder approval, the Company filed an amendment to
its Amended and Restated Articles of Incorporation with the office
of the Secretary of State of the State of Texas to increase the
amount of authorized shares of common stock from 40,000,000 to
75,000,000.
In June 2023, the Company issued approximately
$71.9 million in aggregate principal amount, including the
underwriters' full exercise of their option to purchase an
additional $9.4 million in aggregate principal amount to cover
over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes").
The August 2028 Notes mature on August 1, 2028 and may be redeemed
in whole or in part at any time, or from time to time, at the
Company’s option on or after August 1, 2025. The August 2028 Notes
bear interest at a rate of 7.75% per year, payable quarterly on
February 1, May 1, August 1 and November 1 of each year, beginning
on August 1, 2023. The August 2028 Notes are the direct unsecured
obligations of the Company, rank pari passu with the Company's
other outstanding and future unsecured unsubordinated indebtedness
and are effectively or structurally subordinated to all of the
Company's existing and future secured indebtedness, including
borrowings under the Credit Facility and the SBA Debentures. The
August 2028 Notes are listed on the Nasdaq Global Select Market
under the trading symbol "CSWCZ."
The Company has an "at-the-market" offering (the
"Equity ATM Program"), pursuant to which the Company may offer and
sell, from time to time through sales agents, shares of its common
stock having an aggregate offering price of up to $650,000,000.
During the quarter ended September 30, 2023, the Company sold
1,100,000 shares of its common stock under the Equity ATM Program
at a weighted-average price of $20.77 per share, raising
$22.8 million of gross proceeds. Net proceeds were
$22.5 million after commissions to the sales agents on shares
sold. Cumulative to date, the Company has sold 20,240,580 shares of
its common stock under the Equity ATM Program at a weighted-average
price of $20.41, raising $413.1 million of gross proceeds. Net
proceeds were $406.5 million after commissions to the sales
agents on shares sold. As of September 30, 2023, the Company has
$236.9 million available under the Equity ATM Program.
In August 2016, CSWC entered into a senior
secured credit facility (the “Credit Facility”) to provide
additional liquidity to support its investment and operational
activities. Borrowings under the Credit Facility accrue interest on
a per annum basis at a rate equal to the applicable SOFR rate plus
2.15%. On August 2, 2023, CSWC entered into the Third Amended and
Restated Senior Secured Revolving Credit Agreement which (1)
increased commitments under the Credit Facility from $400 million
to $435 million; (2) added an uncommitted accordion feature that
could increase the maximum commitments up to $750 million; (3)
extended the end of the Credit Facility's revolving period from
August 9, 2025 to August 2, 2027 and extended the final maturity
from August 9, 2026 to August 2, 2028; and (4) amended several
financial covenants. At September 30, 2023, the Credit Facility had
$250.0 million in borrowings outstanding.
On April 20, 2021, our wholly owned subsidiary,
Capital Southwest SBIC I, LP (“SBIC I”), received a license from
the Small Business Administration (the "SBA") to operate as a Small
Business Investment Company ("SBIC") under Section 301(c) of the
Small Business Investment Act of 1958, as amended. The SBIC license
allows SBIC I to obtain leverage by issuing SBA-guaranteed
debentures ("SBA Debentures"), subject to the issuance of a
leverage commitment by the SBA. SBA debentures are loans issued to
an SBIC that have interest payable semi-annually and a ten-year
maturity. The interest rate is fixed shortly after issuance at a
market-driven spread over U.S. Treasury Notes with ten-year
maturities. Current statutes and regulations permit SBIC I to
borrow up to $175 million in SBA Debentures with at least $87.5
million in regulatory capital, subject to SBA approval. As of
September 30, 2023, all approved SBA Debenture commitments have
been utilized.
In November 2015, I-45 SLF entered into a senior
secured credit facility led by Deutsche Bank. On March 30, 2023,
the I-45 credit facility was amended to permanently reduce total
commitments to $100 million from a group of four bank lenders.
After giving effect to the amendment, borrowings under the I-45
credit facility bear interest at a rate equal to Term SOFR plus
2.41%. The I-45 credit facility is scheduled to mature in March
2026. As of September 30, 2023, I-45 SLF had $67.0 million in
borrowings outstanding under the I-45 credit facility.
Share Repurchase Program
On July 28, 2021, the Company's board of
directors (the "Board") approved a share repurchase program
authorizing the Company to repurchase up to $20 million of its
outstanding shares of common stock in the open market at certain
thresholds below its NAV per share, in accordance with guidelines
specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the
Securities Exchange Act of 1934. On August 31, 2021, the Company
entered into a share repurchase agreement, which became effective
immediately, and the Company will cease purchasing its common stock
under the share repurchase program upon the earlier of, among other
things: (1) the date on which the aggregate purchase price for all
shares equals $20 million including, without limitation, all
applicable fees, costs and expenses; or (2) upon written notice by
the Company to the broker that the share repurchase agreement is
terminated. During the quarter ended September 30, 2023, the
Company did not repurchase any shares of the Company’s common stock
under the share repurchase program.
Regular Dividend of $0.57 Per Share and Supplemental
Dividend of $0.06 Per Share for Quarter Ended December 31,
2023
On October 25, 2023, the Board declared a total
dividend of $0.63 per share for the quarter ended December 31,
2023, comprised of a Regular Dividend of $0.57 per share and a
Supplemental Dividend of $0.06 per share.
The Company's dividend will be payable as follows:
| Regular Dividend |
| |
|
| Amount Per Share: |
$0.57 |
| Ex-Dividend Date: |
December 14, 2023 |
| Record Date: |
December 15, 2023 |
| Payment Date: |
December 29, 2023 |
| |
|
| Supplemental Dividend |
| |
|
| Amount Per Share: |
$0.06 |
| Ex-Dividend Date: |
December 14, 2023 |
| Record Date: |
December 15, 2023 |
| Payment Date: |
December 29, 2023 |
When declaring dividends, the Board reviews estimates of taxable
income available for distribution, which may differ from net
investment income under generally accepted accounting principles.
The final determination of taxable income for each year, as well as
the tax attributes for dividends in such year, will be made after
the close of the tax year.
Capital Southwest maintains a dividend
reinvestment plan ("DRIP") that provides for the reinvestment of
dividends on behalf of its registered stockholders who hold their
shares with Capital Southwest’s transfer agent and
registrar, American Stock Transfer and Trust Company.
Under the DRIP, if the Company declares a dividend, registered
stockholders who have opted into the DRIP by the dividend record
date will have their dividend automatically reinvested into
additional shares of Capital Southwest common
stock.
Second Quarter 2024 Earnings Results
Conference Call and Webcast
Capital Southwest has scheduled a conference
call on Tuesday, October 31, 2023, at 11:00 a.m. Eastern Time to
discuss the second quarter 2024 financial results. You may access
the call by using the Investor Relations section of Capital
Southwest's website at www.capitalsouthwest.com, or by using
http://edge.media-server.com/mmc/p/n4cfqux6.
An audio archive of the conference call will
also be available on the Investor Relations section of Capital
Southwest’s website.
For a more detailed discussion of the financial
and other information included in this press release, please refer
to the Capital Southwest's Form 10-Q for the period ended September
30, 2023 to be filed with the Securities and Exchange Commission
and Capital Southwest’s Second Fiscal Quarter 2024 Earnings
Presentation to be posted on the Investor Relations section of
Capital Southwest’s website at www.capitalsouthwest.com.
About Capital Southwest
Capital Southwest Corporation (Nasdaq: CSWC) is
a Dallas, Texas-based, internally managed business development
company with approximately $1.4 billion in investments at fair
value as of September 30, 2023. Capital Southwest is a middle
market lending firm focused on supporting the acquisition and
growth of middle market businesses with $5 million to $35
million investments across the capital structure, including
first lien, second lien and non-control equity co-investments. As a
public company with a permanent capital base, Capital
Southwest has the flexibility to be creative in its financing
solutions and to invest to support the growth of its portfolio
companies over long periods of time.
Forward-Looking Statements
This press release contains historical
information and forward-looking statements with respect to the
business and investments of Capital Southwest, including, but not
limited to, the statements about Capital Southwest's future
performance and financial performance and financial condition, and
the timing, form and amount of any distributions or supplemental
dividends in the future. Forward-looking statements are statements
that are not historical statements and can often be identified by
words such as "will," "believe," "expect" and similar expressions
and variations or negatives of these words. These statements are
based on management's current expectations, assumptions and
beliefs. They are not guarantees of future results and are subject
to numerous risks, uncertainties and assumptions that could cause
actual results to differ materially from those expressed in any
forward-looking statement. These risks include risks related to:
changes in the markets in which Capital Southwest invests; changes
in the financial, capital, and lending markets; changes in the
interest rate environment and its impact on our business and our
portfolio companies; regulatory changes; tax treatment; our ability
to operate our wholly owned subsidiary, Capital Southwest SBIC I,
LP, as a small business investment company; an economic downturn
and its impact on the ability of our portfolio companies to operate
and the investment opportunities available to us; the impact of
supply chain constraints and labor shortages on our portfolio
companies; and the elevated levels of inflation and its impact on
our portfolio companies and the industries in which we invests.
Readers should not place undue reliance on any forward-looking
statements and are encouraged to review Capital Southwest's Annual
Report on Form 10-K for the year ended March 31, 2023 and any
subsequent filings, including the "Risk Factors" sections therein,
with the Securities and Exchange Commission for a more complete
discussion of the risks and other factors that could affect any
forward-looking statements. Except as required by the federal
securities laws, Capital Southwest does not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
changing circumstances or any other reason after the date of this
press release.
Investor Relations Contact:
Michael S. Sarner, Chief Financial Officer214-884-3829
|
|
|
CAPITAL SOUTHWEST CORPORATION AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES |
|
(In thousands, except shares and per share
data) |
| |
|
|
|
| |
September 30, |
|
March 31, |
|
|
|
2023 |
|
|
|
2023 |
|
| |
(Unaudited) |
|
|
| Assets |
|
|
|
| Investments at fair
value: |
|
|
|
|
Non-control/Non-affiliate investments (Cost: $1,117,439 and
$947,829, respectively) |
$ |
1,132,316 |
|
|
$ |
966,627 |
|
|
Affiliate investments (Cost: $162,716 and $191,523,
respectively) |
|
167,828 |
|
|
|
188,505 |
|
|
Control investments (Cost: $80,800 and $80,800, respectively) |
|
53,422 |
|
|
|
51,256 |
|
|
Total investments (Cost: $1,360,955 and $1,220,152,
respectively) |
|
1,353,566 |
|
|
|
1,206,388 |
|
| Cash and cash equivalents |
|
23,020 |
|
|
|
21,585 |
|
| Receivables: |
|
|
|
|
Dividends and interest |
|
24,182 |
|
|
|
18,430 |
|
|
Escrow |
|
8 |
|
|
|
363 |
|
|
Other |
|
735 |
|
|
|
647 |
|
|
Income tax receivable |
|
336 |
|
|
|
368 |
|
| Debt issuance costs (net of
accumulated amortization of $6,707 and $5,642, respectively) |
|
9,631 |
|
|
|
3,717 |
|
| Other assets |
|
5,435 |
|
|
|
6,186 |
|
|
Total assets |
$ |
1,416,913 |
|
|
$ |
1,257,684 |
|
| |
|
|
|
|
Liabilities |
|
|
|
| SBA Debentures (Par value:
$130,000 and $120,000, respectively) |
$ |
126,376 |
|
|
$ |
116,330 |
|
| January 2026 Notes (Par value:
$140,000 and $140,000, respectively) |
|
139,220 |
|
|
|
139,051 |
|
| October 2026 Notes (Par value:
$150,000 and $150,000, respectively) |
|
147,633 |
|
|
|
147,263 |
|
| August 2028 Notes (Par value:
$71,875 and $0, respectively) |
|
69,438 |
|
|
|
— |
|
| Credit facility |
|
250,000 |
|
|
|
235,000 |
|
| Other liabilities |
|
15,062 |
|
|
|
16,761 |
|
| Accrued restoration plan
liability |
|
589 |
|
|
|
598 |
|
| Income tax payable |
|
463 |
|
|
|
156 |
|
| Deferred tax liability |
|
10,358 |
|
|
|
12,117 |
|
| Total liabilities |
|
759,139 |
|
|
|
667,276 |
|
| |
|
|
|
| Commitments and
contingencies (Note 10) |
|
|
|
| |
|
|
|
| Net
Assets |
|
|
|
| Common stock, $0.25 par value:
authorized, 40,000,000 shares; issued, 39,951,118 shares at
September 30, 2023 and 38,415,937 shares at March 31, 2023 |
|
9,988 |
|
|
|
9,604 |
|
| Additional paid-in
capital |
|
690,880 |
|
|
|
646,586 |
|
| Total distributable (loss)
earnings |
|
(43,094 |
) |
|
|
(41,845 |
) |
| Treasury stock - at cost, no
shares at September 30, 2023 and 2,339,512 shares at March 31,
2023 |
|
— |
|
|
|
(23,937 |
) |
| Total net assets |
|
657,774 |
|
|
|
590,408 |
|
| Total liabilities and net
assets |
$ |
1,416,913 |
|
|
$ |
1,257,684 |
|
| Net asset value per share
(39,951,118 shares outstanding at September 30, 2023 and 36,076,425
shares outstanding at March 31, 2023) |
$ |
16.46 |
|
|
$ |
16.37 |
|
|
|
|
CAPITAL SOUTHWEST CORPORATION AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited) |
|
(In thousands, except shares and per share data) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Investment
income: |
|
|
|
|
|
|
|
| Interest income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
$ |
33,657 |
|
|
$ |
19,632 |
|
|
$ |
64,297 |
|
|
$ |
35,380 |
|
|
Affiliate investments |
|
4,298 |
|
|
|
2,487 |
|
|
|
8,477 |
|
|
|
4,999 |
|
| Payment-in-kind interest
income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
963 |
|
|
|
550 |
|
|
|
1,877 |
|
|
|
966 |
|
|
Affiliate investments |
|
563 |
|
|
|
834 |
|
|
|
1,305 |
|
|
|
1,105 |
|
| Dividend income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
287 |
|
|
|
527 |
|
|
|
786 |
|
|
|
1,077 |
|
|
Affiliate investments |
|
31 |
|
|
|
— |
|
|
|
91 |
|
|
|
101 |
|
|
Control investments |
|
2,166 |
|
|
|
2,000 |
|
|
|
4,310 |
|
|
|
3,535 |
|
| Fee income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
349 |
|
|
|
567 |
|
|
|
1,294 |
|
|
|
1,857 |
|
|
Affiliate investments |
|
360 |
|
|
|
134 |
|
|
|
517 |
|
|
|
252 |
|
|
Control investments |
|
21 |
|
|
|
50 |
|
|
|
45 |
|
|
|
50 |
|
| Other income |
|
82 |
|
|
|
18 |
|
|
|
139 |
|
|
|
20 |
|
|
Total investment income |
|
42,777 |
|
|
|
26,799 |
|
|
|
83,138 |
|
|
|
49,342 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Compensation |
|
2,333 |
|
|
|
2,254 |
|
|
|
4,843 |
|
|
|
3,796 |
|
|
Share-based compensation |
|
1,236 |
|
|
|
1,060 |
|
|
|
2,199 |
|
|
|
1,881 |
|
|
Interest |
|
10,481 |
|
|
|
6,629 |
|
|
|
20,162 |
|
|
|
12,113 |
|
|
Professional fees |
|
989 |
|
|
|
810 |
|
|
|
1,944 |
|
|
|
1,659 |
|
|
General and administrative |
|
1,327 |
|
|
|
1,068 |
|
|
|
2,576 |
|
|
|
2,285 |
|
|
Total operating expenses |
|
16,366 |
|
|
|
11,821 |
|
|
|
31,724 |
|
|
|
21,734 |
|
| Income before taxes |
|
26,411 |
|
|
|
14,978 |
|
|
|
51,414 |
|
|
|
27,608 |
|
|
Federal income, excise and other taxes |
|
(150 |
) |
|
|
178 |
|
|
|
449 |
|
|
|
251 |
|
|
Deferred taxes |
|
(633 |
) |
|
|
356 |
|
|
|
(785 |
) |
|
|
475 |
|
| Total income tax (benefit)
provision |
|
(783 |
) |
|
|
534 |
|
|
|
(336 |
) |
|
|
726 |
|
| Net investment
income |
$ |
27,194 |
|
|
$ |
14,444 |
|
|
$ |
51,750 |
|
|
$ |
26,882 |
|
| Realized gain
(loss) |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
$ |
210 |
|
|
$ |
(2,396 |
) |
|
$ |
(5,596 |
) |
|
$ |
153 |
|
|
Affiliate investments |
|
152 |
|
|
|
(6,318 |
) |
|
|
(6,503 |
) |
|
|
(6,303 |
) |
|
Income tax benefit (provision) |
|
28 |
|
|
|
79 |
|
|
|
(293 |
) |
|
|
(165 |
) |
| Total net realized
gain (loss) on investments, net of tax |
|
390 |
|
|
|
(8,635 |
) |
|
|
(12,392 |
) |
|
|
(6,315 |
) |
| Net unrealized
(depreciation) appreciation on investments |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
(6,204 |
) |
|
|
2,609 |
|
|
|
(3,921 |
) |
|
|
(1,942 |
) |
|
Affiliate investments |
|
(1,038 |
) |
|
|
3,338 |
|
|
|
8,131 |
|
|
|
2,624 |
|
|
Control investments |
|
1,560 |
|
|
|
(804 |
) |
|
|
2,166 |
|
|
|
(6,706 |
) |
|
Income tax benefit (provision) |
|
1,083 |
|
|
|
(1,494 |
) |
|
|
1,063 |
|
|
|
(2,575 |
) |
| Total net unrealized
(depreciation) appreciation on investments, net of
tax |
|
(4,599 |
) |
|
|
3,649 |
|
|
|
7,439 |
|
|
|
(8,599 |
) |
| Net realized and
unrealized (losses) gains on investments |
|
(4,209 |
) |
|
|
(4,986 |
) |
|
|
(4,953 |
) |
|
|
(14,914 |
) |
| Realized loss on
extinguishment of debt |
|
(361 |
) |
|
|
— |
|
|
|
(361 |
) |
|
|
— |
|
| Net increase in net
assets from operations |
$ |
22,624 |
|
|
$ |
9,458 |
|
|
$ |
46,436 |
|
|
$ |
11,968 |
|
| Pre-tax net investment
income per share - basic and diluted |
$ |
0.67 |
|
|
$ |
0.54 |
|
|
$ |
1.33 |
|
|
$ |
1.03 |
|
| Net investment income
per share – basic and diluted |
$ |
0.69 |
|
|
$ |
0.52 |
|
|
$ |
1.34 |
|
|
$ |
1.01 |
|
| Net increase in net
assets from operations – basic and diluted |
$ |
0.57 |
|
|
$ |
0.34 |
|
|
$ |
1.20 |
|
|
$ |
0.45 |
|
| Weighted average
shares outstanding – basic and diluted |
|
39,698,396 |
|
|
|
27,987,699 |
|
|
|
38,653,879 |
|
|
|
26,757,376 |
|
Capital Southwest (NASDAQ:CSWC)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Capital Southwest (NASDAQ:CSWC)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
