thanks earnings everyone third website on can prepared remarks, our us for and XXXX call. various Chris, to presentation, at our refer www.capitalsouthwest.com. joining to slides Throughout our earnings for in which we our quarter fiscal found Thanks, be will
are on We as our here share morning this as well quarterly you progress announce with our capitalization to results front. to the pleased be
to shown further per per X on quarter income the continued share growth, share As share. increasing increased investment net while during our seeing $X.XX NAV portfolio pre-tax $XX.XX appreciation. we per slide $X.XX to
million we $XXX quarter. million portfolio the increasing end of $XXX the net portfolio achieved prior to from During the at quarter, growth of investment XX% of the
and no report portfolio to senior on are loan We fund yield continue three quarter. five that a continued for equity effective the to loans on have with credit into providing our now also our addition, non-accrual. in XX.X% pleased we were strategy years strong capital we In fund its performance our a the
rate on down than had quarter, our $XX interest by list internal $XX million. the watch has our XX%, remain reducing and since the the our to one a from company loan paid our As end does quarter less improved, increased mentioned company’s watch the performance on loan has lien however credit, loan, first list last loan million
the does this on investment loan While are rating as rating most only optimistic about with we our company’s an system. of three our investment performance, investment remain
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the significant progress this front. quarter, X, made During seen on as we Slide on
of maturity balance We In meaningfully increasing also moment. discuss the $XX track the for existing and attaining very $XXX increased commitments markets been facility new and detail demand million decreasing sheet million to both with strategy our facility in amended bank have pleased and November, facility. the Michael facility, partners, of tremendous and from more cost both a record. the credit while ING-led from will on investment our extended the in the we the and bond bank
pleased was $XX.X in investors. retail trade capital the December the of in note demand bond both and were our We demand with notes have of markets through also on having significantly raised million XXXX bond acute the from ticker CSWCL. December. the Bonds The X.XX%, strong maturity institutional market oversubscribed, as and under pay NASDAQ We deal a Baby offering
the closed over the bond issuances, past the Bond issuance, among at had lowest year years. to of fact, In time treasury Baby our spread five BDC the applicable few
shareholders. eighth dividends to our consecutive of the marked quarter quarter This increased
paid and $X.XX annualized As as out XX. per as achieved Slide of we X.X% on of X, December and yield seen share
by share our $XX.XX $X.XX in Capital paid Southwest appreciation performance, quarters, driven to from increasing equity dividends while of income the portfolio generated a past primarily four per from gains from per in Over share strong NAV investments. $XX.XX
target providing now sheet of I'm on we forward, have to balance net our We and opportunity credit leverage. shareholder million X, dividends. the we on investment ended X.X seen of regulatory only us income $XX our path that of X, report, to portfolio available leverage million as as Slide with quarter funded and to in facility pleased move a Now ING-led $XXX to the growth, increasing record continue earnings cash, significantly track tangible
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Our times. Upper $X.X second X.X of Market of average Middle a average EBITDA loans, an of $XX.X including weighted XX.X% and security weighted of hold and XX portfolio side million first through consisted of leverage lien with million, our lien average debt, and yield
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the now almost represented the percentage the design Market grown, of by has portfolio XX%. the represented portfolio to portfolio Middle Lower has As by increased
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the of Middle portfolio in Lower increased strategy. Market, continue While emphasize to represented investment percentage lien we loans heavily by have have also we the the first our
portfolio in the balance first lien sheet of of credit end the was securities. XX% of As our quarter,
As the invested in portfolio demonstrated our capital grew to $XXX XX% of beginning million quarter. on million Slide increasing overall the XX, I-XX, at investment $XXX from quarter-over-quarter, including
continue have well environment our future. positioned face we for may We believe the we any economic invested in to assets
We us recession. and secured preparing first for investments, biased towards debt lien have portfolio, well-diversified a a heavily
seen is as time, Slide can be a rate XX. While at that the in securities same portfolio invested we XX% have on floating
So also contraction we saw originations fund, as portfolio to on our Slide seen senior interest there rise. as Specific benefit, continue to continue – slight net should XX, to our shareholders I-XX rates and $XXX million from prepayments ordinary of amortization net first beginning in resulted million course million the other, loans essentially lien $XXX the portfolio and each assets at quarter. loan the to offset of decreasing $X
$XX in the and invested During million in $XX committed was new of portfolio. in the $XX quarter, in $XX I-XX $XX million companies. existing new dollars offset invested million of million consisting sales by The investments the portfolio investments, approximately exits portfolio in million new refinancing to and credit
average an through portfolio. I-XX of had I-XX the EBITDA million our the lien, end of industries As robust environment of first portfolio hold X.X% and weighted among average the highly was of quarter, In The with XX% size leverage average markets, X.Xx. the diversity competitive. remains and the of and weighted portfolio $XX security of the
business in has and find make private markets attractive the valuation liquidity leverage given difficult that returns. both quantum more the and it risk-adjusted environment favorable for and consistently to and companies, While with of is generate to our portfolio economic leverage finance highly equity rise levels
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we to it with competitive while. is see discipline. for that the our has may is asset Middle quarters our are a I-XX where also a As been we will a way which Lower it base and In Market, keeping result, of very okay result contract, if
environment believe the that changed the much don't has all of past couple quarters. over I So
by seen such increases Upper loans XX year, the have important senior past been points, than Middle we XXX leverage loan spreads on tightened generally remained but terms the in Market. Over to pronounced covenants much have And less levels as basis in have LIBOR have intact.
We discipline have focus ago. maximizing consistently since launch maintaining we described investment three our strategy of our pipeline on to the years to credit you investment while continue
financial – test model period, our stress market continue repeats and assuming underwrite well the portfolio model our We our enterprise the industries. while that loan This that during for purposes, value, structures a the Great us demonstrate interest hold first investments within to portfolio remains we definition, appropriately Recession the businesses volatility a buy such by being each capital paid the insisting in and every itself matching the with to through cycle. and methodology lien, will, potential of towards financial
to back up, seeing and be Lower We traditional investment season quality continue of coming the into flow flow flow deals holiday Middle we Market After are the opportunities. solid pleased picked slowdown, our deal investment a with interesting team. of has
specifics Michael than pipeline our close for I a is to hand in of X% will to months, our now rate the the the a approach over less to market. XX robust quarter. maintaining underwriting key the review remained Our so financial last performance competitive call has conservative of over opportunities
