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, 2024.
Second Quarter Fiscal Year 2025 Financial
Highlights
- Total Investment Portfolio: $1.5
billion
- Credit Portfolio of $1.4 billion:
- 98% 1st Lien Senior Secured Debt
- $88.0 million in new committed credit
investments during the quarter
- Weighted Average Yield on Debt
Investments: 12.9%
- Current non-accruals with a fair value
of $52.2 million, representing 3.5% of the total investment
portfolio
- Equity Portfolio of $134.5 million
- $1.8 million in new equity
co-investments during the quarter
- Pre-Tax Net Investment Income: $30.0
million, or $0.64 per weighted average share outstanding
- LTM Operating Leverage: 1.7% for the
quarter ended September 30, 2024
- Dividends: Paid $0.58 per share Regular
Dividend and $0.06 per share Supplemental Dividend
- 119% LTM Pre-Tax NII Regular Dividend
Coverage
- Total Dividends for the quarter ended
September 30, 2024 of $0.64 per share
- Net Realized and Unrealized
Depreciation: $8.5 million, or 0.6% of total investments at fair
value
- $1.3 million of net depreciation
related to the equity portfolio
- $7.2 million of net depreciation
related to the credit portfolio
- Balance Sheet:
- Cash and Cash Equivalents: $47.2
million
- Total Net Assets: $791.3 million
- Net Asset Value (“NAV”) per Share:
$16.59
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.
Our portfolio continued to perform well, producing $0.64 of pre-tax
net investment income per share for the quarter, which earned both
our $0.58 per share regular dividend and our $0.06 per share
supplemental dividend paid for the quarter. Originations for the
quarter were $90 million, offset by $45 million in prepayments. Due
to delayed deal closings past the end of the September quarter, as
well as an exceptionally strong current backlog of deals in
diligence, we expect very robust net portfolio growth for the
quarter ending December 31, 2024. In consideration of the strong
performance of our portfolio, the Board of Directors has again
declared a regular dividend of $0.58 per share for the quarter
ending December 31, 2024. Our Board of Directors has also declared
a supplemental dividend of $0.05 per share for the quarter ending
December 31, 2024, resulting in total dividends for the quarter
ending December 31, 2024 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. Finally, we continued our
capital raising track record during the quarter raising over $20
million on our Equity ATM Program and adding $25 million in new
commitments to our Corporate Credit Facility.”
Second Quarter Fiscal Year Investment
Activities
Originations
During the quarter ended September 30, 2024, the
Company originated $89.8 million in new commitments, consisting of
investments in four new portfolio companies totaling $73.0 million
and add-on commitments in 11 portfolio companies totaling $16.8
million. New portfolio company investment transactions that closed
during the quarter ended September 30, 2024 are summarized as
follows:
InSure Home
Corporation, $25.0 million
1st Lien Senior Secured
Debt: The company is an insurance holding company owning
vertically integrated, diversified specialty insurance service
entities and risk bearing insurance carriers.
Campany Roof Maintenance,
LLC, $12.9 million 1st
Lien Senior Secured Debt, $1.1 million Revolving Loan, $6.0
million Delayed Draw Term Loan, $0.3 million Preferred
Equity: The company is a commercial and residential
reroofing and roof maintenance company.
LEHR Upfitters, LLC,
$10.0 million 1st Lien Senior
Secured Debt, $1.7 million Revolving Loan, $5.2 million Delayed
Draw Term Loan, $0.7 million Preferred Equity: The company
provides regional vehicular upfitting services and wholesale parts
to law enforcement, departments of transit and fire/EMS departments
across the West and Pacific Northwest regions.
UPS Intermediate, LLC,
$10.0 million Split Lien Term Loan: The company provides
maintenance, repair and overhaul services for a comprehensive range
of industrial rotating equipment.
Prepayments and Exits
During the quarter ended September 30, 2024, the
Company received full prepayments on four debt investments totaling
$45.2 million.
Acceleration, LLC: Proceeds of
$26.6 million, generating an IRR of 16.1%.
South Coast Terminals, LLC:
Proceeds of $14.4 million, generating an IRR of 11.3%.
Retail Services WIS
Corporation: Proceeds of $2.6 million, generating an IRR
of 17.2%.
ADS Tactical, Inc.: Proceeds of
$1.6 million, generating an IRR of 15.6%.
Second Fiscal Quarter 2025 Operating
Results
For the quarter ended September 30, 2024,
Capital Southwest reported total investment income of $48.7
million, compared to $51.4 million in the prior quarter. The
decrease in investment income was primarily attributable to a
decrease in distributions received from our equity investments, as
well as a decrease in amendment and prepayment fees received during
the quarter.
For the quarter ended September 30, 2024, total
operating expenses (excluding interest expense) were $6.1 million,
compared to $7.6 million in the prior quarter. The decrease was
primarily attributable to a decrease in accrued bonus compensation
in the current quarter and a decrease in professional fees
primarily due to non-recurring fees incurred in the previous
quarter in connection with the compensation consultant engaged by
the Compensation Committee.
For the quarter ended September 30, 2024,
interest expense was $12.6 million, compared to $12.4 million in
the prior quarter. The increase was primarily attributable to an
increase in average debt outstanding.
For the quarter ended September 30, 2024, total
pre-tax net investment income was $30.0 million, compared to $31.3
million in the prior quarter.
For the quarter ended September 30, 2024, there
was a tax benefit of $1.2 million, compared to a tax provision of
$2.4 million in the prior quarter. The benefit includes a $1.5
million deferred tax benefit, which is primarily attributable to an
increase in the tax basis of investments held at the Taxable
Subsidiary due to pass-through income, resulting in a decrease in
tax appreciation.
During the quarter ended September 30, 2024,
Capital Southwest recorded total net realized and unrealized losses
on investments of $8.5 million, compared to $14.8 million of total
net realized and unrealized losses in the prior quarter. For the
quarter ended September 30, 2024, the total net realized and
unrealized losses on investments reflected net realized and
unrealized losses on debt investments of $7.2 million and net
realized and unrealized losses on equity investments of $1.3
million. The net increase in net assets resulting from operations
was $22.7 million for the quarter, compared to $14.0 million in the
prior quarter.
The Company’s NAV at September 30, 2024 was
$16.59 per share, as compared to $16.60 the prior quarter. The
decrease in NAV per share from the prior quarter is primarily due
to net realized and unrealized losses on investments, partially
offset by the issuance of common stock at a premium to NAV per
share through the Equity ATM Program (as described below).
Liquidity and Capital
Resources
At September 30, 2024, Capital Southwest had
approximately $47.2 million in unrestricted cash and money market
balances and $406.2 million of unused capacity under the Corporate
Credit Facility (as defined below) and the SPV Credit Facility (as
defined below). The regulatory debt to equity ratio at the end of
the quarter was 0.80 to 1.
As of September 30, 2024, Capital Southwest had
the following borrowings outstanding:
- $200.0 million of total debt
outstanding on the Corporate Credit Facility
- $78.0 million of total debt
outstanding on the SPV Credit Facility
- $139.6 million, net of unamortized
debt issuance costs, of the 4.50% Notes due January 2026
- $148.5 million, net of unamortized
debt issuance costs, of the 3.375% Notes due October 2026
- $69.9 million, net of unamortized
debt issuance costs, of the 7.75% Notes due August 2028
- $149.1 million, net of unamortized
debt issuance costs, of SBA Debentures (as defined below)
In August 2016, CSWC entered into a senior
secured credit facility (the “Corporate Credit Facility”) to
provide additional liquidity to support its investment and
operational activities. Borrowings under the Corporate 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 (the "Credit Agreement") that (1)
increased commitments under the Corporate 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 Corporate 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. On December 7, 2023, the Company
entered into an Incremental Commitment and Assumption Agreement
that increased the total commitments under the accordion feature of
the Credit Agreement by $25 million, which increased total
commitments from $435 million to $460 million. The
$25 million increase was provided by one new lender, bringing
the total bank syndicate to ten participants.
On March 1, 2024, the Company entered into
Amendment No. 1 to the Credit Agreement (the "Amendment"). The
Amendment amended the Credit Agreement and other related loan
documents to, among other things, permit the Company to enter into
special purpose vehicle financings and exclude assets held by any
such special purpose vehicle from the assets pledged as collateral
securing the Corporate Credit Facility.
On September 12, 2024, the Company entered into
an Incremental Commitment and Assumption Agreement that increased
the total commitments under the accordion feature of the Credit
Agreement by $25 million, which increased total commitments from
$460 million to $485 million. The $25 million increase was provided
by one new lender, bringing the total bank syndicate to 11
participants.
On February 2, 2024, the Company formed Capital
Southwest SPV LLC ("SPV"). SPV is a wholly owned special purpose
vehicle that was formed to hold investments for the SPV Credit
Facility (as defined below) to support our investment and operating
activities. On March 20, 2024, SPV entered into a special purpose
vehicle financing credit facility (the "SPV Credit Facility"). The
SPV Credit Facility included an initial commitment of
$150 million. Pursuant to the terms of the loan agreement, on
June 20, 2024, total commitments automatically increased from $150
million to $200 million. The SPV Credit Facility also includes
an accordion feature that allows increases up to $400 million
of total commitments from new and existing lenders on the same
terms and conditions as the existing commitments. Borrowings under
the SPV Credit Facility bear interest at three-month Term SOFR plus
2.50% per annum during the revolving period ending on March 20,
2027 and three-month Term SOFR plus an applicable margin of 2.85%
thereafter. SPV (i) paid unused commitment fees of 0.10% through
April 20, 2024 and (ii) pays unused commitment fees of 0.35%
thereafter, on the unused lender commitments under the SPV Credit
Facility, in addition to other customary fees. Under the SPV Credit
Facility, SPV also pays a utilization fee based on the amount of
borrowings utilized. The SPV Credit Facility matures on March 20,
2029.
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. On May 21, 2024, the Company increased the maximum amount of
shares of its common stock to be sold through the Equity ATM
Program from $650 million to $1 billion. During the quarter ended
September 30, 2024, the Company sold 839,099 shares of its common
stock under the Equity ATM Program at a weighted-average price of
$24.49 per share, raising $20.6 million of gross proceeds. Net
proceeds were $20.2 million after commissions to the sales
agents on shares sold. As of September 30, 2024, the Company has
$412.2 million available under the Equity ATM Program.
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. On December 20, 2023, SBIC I received an additional
leverage commitment in the amount of $45.0 million to be
issued on or prior to September 30, 2028. As of September 30, 2024,
SBIC I had a total leverage commitment from the SBA in the amount
of $175.0 million, of which $22.0 million remains
unused.
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, as amended. 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, 2024, the Company did not repurchase any shares of
the Company’s common stock under the share repurchase program.
Regular Dividend of $0.58 Per Share and Supplemental
Dividend of $0.05 Per Share for Quarter Ended December 31,
2024
On October 23, 2024, the Board declared a total
dividend of $0.63 per share for the quarter ending December 31,
2024, comprised of a Regular Dividend of $0.58 per share and a
Supplemental Dividend of $0.05 per share.
The Company's dividend will be payable as follows:
|
Regular Dividend |
|
|
|
|
Amount Per Share: |
$0.58 |
|
Ex-Dividend Date: |
December 13, 2024 |
|
Record Date: |
December 13, 2024 |
|
Payment Date: |
December 31, 2024 |
|
|
|
|
Supplemental Dividend |
|
|
|
|
Amount Per Share: |
$0.05 |
|
Ex-Dividend Date: |
December 13, 2024 |
|
Record Date: |
December 13, 2024 |
|
Payment Date: |
December 31, 2024 |
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 2025 Earnings Results
Conference Call and Webcast
Capital Southwest has scheduled a conference
call on Tuesday, October 29, 2024, at 11:00 a.m. Eastern Time to
discuss the second quarter 2025 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/gwbdghtk.
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, 2024 to be filed with the Securities and Exchange Commission
(the "SEC") and Capital Southwest’s Second Fiscal Quarter 2025
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 $1.5 billion in investments at fair
value as of September 30, 2024. Capital Southwest is a middle
market lending firm focused on supporting the acquisition and
growth of middle market businesses with $5 million to $50
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,
Capital Southwest's ability to continue to grow its balance sheet,
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,
2024 and any subsequent filings with the SEC, including the "Risk
Factors" sections therein, 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, |
|
|
|
2024 |
|
|
|
2024 |
|
| |
(Unaudited) |
|
|
| Assets |
|
|
|
| Investments at fair
value: |
|
|
|
|
Non-control/Non-affiliate investments (Cost: $1,301,871 and
$1,276,690, respectively) |
$ |
1,297,261 |
|
|
$ |
1,286,355 |
|
|
Affiliate investments (Cost: $212,180 and $200,013,
respectively) |
|
201,870 |
|
|
|
190,206 |
|
|
Control investments (Cost: $8,613 and $0, respectively) |
|
9,376 |
|
|
|
— |
|
|
Total investments (Cost: $1,522,664 and $1,476,703,
respectively) |
|
1,508,507 |
|
|
|
1,476,561 |
|
| Cash and cash equivalents |
|
47,237 |
|
|
|
32,273 |
|
| Receivables: |
|
|
|
|
Dividends and interest |
|
29,981 |
|
|
|
22,928 |
|
|
Escrow |
|
— |
|
|
|
16 |
|
|
Other |
|
1,477 |
|
|
|
7,276 |
|
|
Income tax receivable |
|
484 |
|
|
|
336 |
|
| Debt issuance costs (net of
accumulated amortization of $9,013 and $7,741, respectively) |
|
10,611 |
|
|
|
10,928 |
|
| Other assets |
|
6,201 |
|
|
|
6,440 |
|
|
Total assets |
$ |
1,604,498 |
|
|
$ |
1,556,758 |
|
| |
|
|
|
|
Liabilities |
|
|
|
| SBA Debentures (net of $3,936
and $4,305, respectively, of unamortized debt issuance costs) |
$ |
149,064 |
|
|
$ |
148,695 |
|
| January 2026 Notes (net of
$443 and $612, respectively, of unamortized debt issuance
costs) |
|
139,557 |
|
|
|
139,388 |
|
| October 2026 Notes (net of
$1,538 and $1,923, respectively, of unamortized debt issuance
costs) |
|
148,462 |
|
|
|
148,077 |
|
| August 2028 Notes (net of
$1,927 and $2,182, respectively, of unamortized debt issuance
costs) |
|
69,948 |
|
|
|
69,693 |
|
| Credit Facilities |
|
278,000 |
|
|
|
265,000 |
|
| Other liabilities |
|
14,259 |
|
|
|
17,381 |
|
| Accrued restoration plan
liability |
|
561 |
|
|
|
570 |
|
| Income tax payable |
|
799 |
|
|
|
281 |
|
| Deferred tax liability |
|
12,590 |
|
|
|
11,997 |
|
| Total liabilities |
|
813,240 |
|
|
|
801,082 |
|
| |
|
|
|
| Commitments and
contingencies (Note 10) |
|
|
|
| |
|
|
|
| Net
Assets |
|
|
|
| Common stock, $0.25 par value:
authorized, 75,000,000 shares at September 30, 2024 and March 31,
2024; issued, 47,686,685 shares at September 30, 2024 and
45,050,759 shares at March 31, 2024 |
|
11,922 |
|
|
|
11,263 |
|
| Additional paid-in
capital |
|
855,177 |
|
|
|
796,945 |
|
| Total distributable (loss)
earnings |
|
(75,841 |
) |
|
|
(52,532 |
) |
| Total net assets |
|
791,258 |
|
|
|
755,676 |
|
| Total liabilities and net
assets |
$ |
1,604,498 |
|
|
$ |
1,556,758 |
|
| Net asset value per share
(47,686,685 shares outstanding at September 30, 2024 and 45,050,759
shares outstanding at March 31, 2024) |
$ |
16.59 |
|
|
$ |
16.77 |
|
|
|
|
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, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Investment
income: |
|
|
|
|
|
|
|
| Interest income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
$ |
38,621 |
|
|
$ |
33,657 |
|
|
$ |
76,557 |
|
|
$ |
64,297 |
|
|
Affiliate investments |
|
4,727 |
|
|
|
4,298 |
|
|
|
9,486 |
|
|
|
8,477 |
|
|
Control investments |
|
350 |
|
|
|
— |
|
|
|
642 |
|
|
|
— |
|
| Payment-in-kind interest
income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
1,835 |
|
|
|
963 |
|
|
|
4,308 |
|
|
|
1,877 |
|
|
Affiliate investments |
|
563 |
|
|
|
563 |
|
|
|
1,141 |
|
|
|
1,305 |
|
| Dividend income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
572 |
|
|
|
287 |
|
|
|
2,939 |
|
|
|
786 |
|
|
Affiliate investments |
|
— |
|
|
|
31 |
|
|
|
51 |
|
|
|
91 |
|
|
Control investments |
|
— |
|
|
|
2,166 |
|
|
|
— |
|
|
|
4,310 |
|
| Fee income: |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
954 |
|
|
|
349 |
|
|
|
2,918 |
|
|
|
1,294 |
|
|
Affiliate investments |
|
584 |
|
|
|
360 |
|
|
|
918 |
|
|
|
517 |
|
|
Control investments |
|
9 |
|
|
|
21 |
|
|
|
67 |
|
|
|
45 |
|
| Other income |
|
491 |
|
|
|
82 |
|
|
|
1,033 |
|
|
|
139 |
|
|
Total investment income |
|
48,706 |
|
|
|
42,777 |
|
|
|
100,060 |
|
|
|
83,138 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Compensation |
|
1,990 |
|
|
|
2,333 |
|
|
|
5,456 |
|
|
|
4,843 |
|
|
Share-based compensation |
|
1,538 |
|
|
|
1,236 |
|
|
|
2,762 |
|
|
|
2,199 |
|
|
Interest |
|
12,587 |
|
|
|
10,481 |
|
|
|
25,034 |
|
|
|
20,162 |
|
|
Professional fees |
|
1,095 |
|
|
|
989 |
|
|
|
2,452 |
|
|
|
1,944 |
|
|
General and administrative |
|
1,482 |
|
|
|
1,327 |
|
|
|
3,056 |
|
|
|
2,576 |
|
|
Total operating expenses |
|
18,692 |
|
|
|
16,366 |
|
|
|
38,760 |
|
|
|
31,724 |
|
| Income before taxes |
|
30,014 |
|
|
|
26,411 |
|
|
|
61,300 |
|
|
|
51,414 |
|
|
Federal income, excise and other taxes |
|
325 |
|
|
|
(150 |
) |
|
|
542 |
|
|
|
449 |
|
|
Deferred taxes |
|
(1,476 |
) |
|
|
(633 |
) |
|
|
734 |
|
|
|
(785 |
) |
| Total income tax (benefit)
provision |
|
(1,151 |
) |
|
|
(783 |
) |
|
|
1,276 |
|
|
|
(336 |
) |
| Net investment
income |
$ |
31,165 |
|
|
$ |
27,194 |
|
|
$ |
60,024 |
|
|
$ |
51,750 |
|
| Realized (loss)
gain |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
$ |
(10,289 |
) |
|
$ |
210 |
|
|
$ |
(9,485 |
) |
|
$ |
(5,596 |
) |
|
Affiliate investments |
|
— |
|
|
|
152 |
|
|
|
167 |
|
|
|
(6,503 |
) |
|
Control investments |
|
— |
|
|
|
— |
|
|
|
(260 |
) |
|
|
— |
|
|
Income tax provision |
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
(293 |
) |
| Total net realized
(loss) gain on investments, net of tax |
|
(10,289 |
) |
|
|
390 |
|
|
|
(9,578 |
) |
|
|
(12,392 |
) |
| Net unrealized
appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments |
|
(1,866 |
) |
|
|
(6,204 |
) |
|
|
(14,226 |
) |
|
|
(3,921 |
) |
|
Affiliate investments |
|
3,669 |
|
|
|
(1,038 |
) |
|
|
(552 |
) |
|
|
8,131 |
|
|
Control investments |
|
(8 |
) |
|
|
1,560 |
|
|
|
762 |
|
|
|
2,166 |
|
|
Income tax benefit (provision) |
|
13 |
|
|
|
1,083 |
|
|
|
289 |
|
|
|
1,063 |
|
| Total net unrealized
appreciation (depreciation) on investments, net of
tax |
|
1,808 |
|
|
|
(4,599 |
) |
|
|
(13,727 |
) |
|
|
7,439 |
|
| Net realized and
unrealized (losses) gains on investments |
|
(8,481 |
) |
|
|
(4,209 |
) |
|
|
(23,305 |
) |
|
|
(4,953 |
) |
| Realized loss on
extinguishment of debt |
|
— |
|
|
|
(361 |
) |
|
|
— |
|
|
|
(361 |
) |
| Net increase in net
assets from operations |
$ |
22,684 |
|
|
$ |
22,624 |
|
|
$ |
36,719 |
|
|
$ |
46,436 |
|
| Pre-tax net investment
income per share - basic and diluted |
$ |
0.64 |
|
|
$ |
0.67 |
|
|
$ |
1.32 |
|
|
$ |
1.33 |
|
| Net investment income
per share – basic and diluted |
$ |
0.66 |
|
|
$ |
0.69 |
|
|
$ |
1.29 |
|
|
$ |
1.34 |
|
| Net increase in net
assets from operations – basic and diluted |
$ |
0.48 |
|
|
$ |
0.57 |
|
|
$ |
0.79 |
|
|
$ |
1.20 |
|
| Weighted average
shares outstanding – basic and diluted |
|
47,242,863 |
|
|
|
39,698,396 |
|
|
|
46,458,435 |
|
|
|
38,653,879 |
|
Capital Southwest (NASDAQ:CSWC)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Capital Southwest (NASDAQ:CSWC)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
