thanks our everyone fourth our found which our prepared on us for and year earnings to Chris, refer earnings at Web in will site joining to various call. our XXXX for slides presentation, remarks, Throughout www.capitalsouthwest.com. fiscal quarter be Thanks, can we
We this lien portfolio, smaller quarterly loan morning a This co-investments building market here lower our the of for largely where focus portfolio to with with equity year year, fiscal a you are annual exist. results significant our remain and middle announce senior on the be debt opportunity consisting first pleased to equity XXXX. across upside
our Slide of the some with value interest internal Laid dividends summary friendly long-term fiscal XX, on X at We increasing NAV ending the closely fellow generating shareholder for our on execute important March managed share structure, and XXXX. which year continue interest our are growth. stable points under to its foundation, shareholders out performance through aligns per sustainable our in
the share out $XX.XX while to our to we year fiscal XX% of year, this quarterly end accomplish able share ’XX. dividends paid year over growing During paid a per per share $XX.XX NAV the fiscal during from XXXX. of the were we the $X.XX We dividends, $X.XX as increase in in per
XX.X%. our for return result, was on year 'XX a equity As total the fiscal
the grew balance both trade million in baby year-end, million. increasing we side its added on current which new $XXX XX.X of our our CSWCL. from and the million, our on issuing Subsequent unsecured facility the right capitalization million credit today XXX through under commitments line our total credit revolving to facility the an from in total During lenders, we existing XXX NASDAQ to of ticker to and of commitments year, $XX our commitments million increasing credit bonds, additional bringing significantly sheet, debt level to
base $XXX $XXX has our at Our increased over XX, from portfolio capital been million XXXX March in to XXXX. grow XX, utilized March to million XX%
commitments for During eight weighted companies average loans, IRR equity we total of our the XX.X%. XX invested portfolio originated in in generating of year, in million alongside $XX million $XX in $XXX including XX exiting while proceeds, companies, million a
We our three one into with list. on internal are portfolio strategy, a only pleased watch credit to that and non-accrual, we have loans investment years our no on note
is being generated full in calls our has transaction with Wastewater The been loan approximately we on now first fees. previous resulting our Friday, sold. have The being contractual Specialties, IRR last mentioned watch company In internal prepayment fact, prepaid in on XX%. of exit lien the list, closed an
the fund The the company are the preparing ramp to logistics in sponsor has equity the long-term underperformed up to deal. added expected financial the that prepare to invest covenants. significant first Company's about has company of We recently good this company good up no equity. lien dollars growth this Our other investors and company, the this are bullish That is a and have and which the new has company prospects, on are credit breached prospects loan to months. feel very and very list coming large watch current number take of about and signed list a said, new to we business. our customers capital in a and equity CapEx in shareholders’ distribution security to the our financial pretty on necessary of The
per job as experienced support per We’re quarter, quarter share new an management $X.XX Slide while income. performance, some $XX.XX to per net the on is also by the fourth seen has Specific during we the portfolio and strong pleased investment $X.XX earning share team with NAV interesting providing X, the growing share, the done pretax customers. in company, sponsor think to the up excellent signing
end growth quarter, X%, the portfolio from the million investment $XXX of During of we the $XXX the at quarter. achieved increasing portfolio prior to million net
fund senior capital on the loan I-XX annualized its performance, yield solid Our XX% cash in providing continued the a for fund our quarter.
share quarter, our program. under this Finally repurchased shares we repurchase XX,XXX
As can itself purchase we our number will long-term is what due to given week we significantly market makes we it low volume or have previously trading where said, shares while of we we any repurchase to of in If the then presents to the shares price are shareholder sense the can. committed day building stock. limited value, repurchase
of building assets. As shareholder driving performing X share of increases per we a NAV past the thoughtfully Slide portfolio quarterly through well have track illustrated shows dividends our in progress record in continued increasing and updates, and
$X.XX the share this increasing we appreciation paid For driven while NAV our significantly. quarterly shareholders, appreciation annualized largely to per XX, yield a March our out quarter was TitanLiner in in ending in XXXX, NAV dividend, equity X.X% investment quarter by MRI. dividend in generating and
quarterly several on performance quite mentioned have has we financial As last been robust. calls, TitanLiner's our
and sale of that gain. from and months, letter a today close for a an believe under to drilling market very soon. managing share what has a has we for job a past increases team process sale gas benefit the TitanLiner active is been and from business management great oil intent several company that has transaction expect the and done continued in generating activity the significant to As we
growth to margins with profit well new continues increasing the being very market perform several increased by with its driven MRI, penetration on products, and core products. Regarding company
credit After following allows to passage for BDC to ratio the debt additional the Stated of coverage availability to applicable XXX%. allowable at increased self-imposed the limit first restrictive a the to the Southwest company's XXX% policy, through recently to the approve also limitation Capital limitations; Directors and leverage leverage decrease X.X:X leverage of of maximum BDCs Board a companies BDCs the business long-term debt new act asset consideration resolutions; small vote immediately equity. XXX% can of from the shareholders also second, financing resolution announced up from company on the required a that differently, down it X:X either careful announced development business X:X or two minimum that of equity, be it The a We act. in the of strategy, or year access asset the the can Board new after adoption limitation. one a that flexibility, maximum the prior of adopts adopt of of of coverage. this more regulatory capitalization to
the above provides and of for flexibility flexibility certainly manage company, the financial a to changed. has provided positive of prudently the assets additional the remain target the Capital an of based sheet legislation steadfast portfolio on X.X:X, Southwest and to view our leverage the Capital leverage with leverage it security of should our in We balance by underlying that that is assets. stated not Southwest on quality previously While philosophy applied our be
the themselves; such Specifically, as; and at average weighted of factors, portfolio we companies lien consider the the portfolio first performance. and loan the underlying leverage portion the assets; portfolio
first being Southwest as leverage a while for While X.X:X believe may leverage sheet is at near appropriate we as that any assets. there loan that to allowing we of from while of target, leverage balance enable it X:X believe performing We greater level leverage well a do view not flow Capital cushion security additional X:X much targeting appropriate, shareholders. increase Southwest for than balance X.X:X lien flowing the largely in additional previously perspective, regulatory Capital leverage our Southwest increase a from leverage do a optimal Capital portfolio, quality limitation, the appropriate. the Frankly, us levels stated to better leverage at portfolio the will be sheet to was our economics that and of evaluating
the structure a resolution limitation not plan XXX% at resolution the months, feedback of does to currently leverage manager. and risk-adjusted our of it managing from changes in second important pass for the longer-term; where structure over in levels. to to then meant by Capital the time, take any our to lenders our shareholders. sustainable these incremental and returns the communicate waiting of was for into shareholders contemplate any our Board we value Southwest more long-term this context restrictive and next over is leverage emphasize elected all incremental period This leverage meeting the utilize in decisions our managed leverage and internally attractive made to Capital prudent Southwest one-year economics specific Directors Again, growth shareholders. from flow stark the to the allows our externally obtain decisions The our our capitalization XX be additional measured our implementing float consideration Board as economics in to that managed virtually to is intent Since to earned much of contrast the in of creating to our the asset
market, well a on of middle of to is and robust as of is out Our mitigating credit lower have on our co-investments a future middle risk-adjusted upper blend the and and built made assets, consisting per middle equity X, our to In markets. portfolio focuses we granular building both a the in we opportunities equity seek which originate as attractive market returns debt losses. alongside debt, investment described growth investments driving both provides market, lower core NAV high-performing important market directly strategic flexibility strategy Slide while capability investments share, as
risk and the to market presence liquid On middle hand market exit. upper provides ability the returns opportunistically the our attractive in in other invest more when a us adjusted capability
investments we two companies. the in seen during the co-investments. investments included had investments two Three quarter, $XX a equity maturity committed a were Slide made of portfolio of on existing million quarter to and lower the portfolio debt This two new and middle the investments average as XX.X%. X, market basis, add-on weighted yield to On
sheet in shareholders’ generated our upper over we proceeds as IRR of XX on credit and IRR XX%. XX, I-XX, average weighted balance quarter, we years middle investment Slide of X, upper on capital this adjusted XXXX the our over exits market million $XXX This lower During have a Slide we as million XX.X%. launch $X generating of proceeds one continues risk expenditures XX, the market our portfolio, middle the credit middle representing time on from December exits record out and now returns held of received ago, strategy On our three of had since the excluding second track the our exit an lien since break seen between that strong in on market.
portfolio As middle market and sub-debt $XX.X and average EBITDA weighted on a of middle XX% middle of of quarter, of a basis equity EBITDA had approximately ownership the was security, portfolio, XX% the securities our the lower as of lien of Within the of the our yield and quarter, $X.X hold portfolio measured respectively. market approximately between a investments and we weighted cost average an to middle first held leverage, million, at lower XX% lower XX.X% size weighted million, of the X.X equity end of XX end through upper net market times. as market We comprised of companies. our debt with average
Southwest market On Slide of portfolio, $XXX grew balance on hold a XX, and this I-XX, million, by of lower lien XX strong lien market again, middle Capital first middle million, $XX.X size of including with portfolio through million, consisted our weighted credit excluding weighted upper first security leverage our average debt an average lien second sheet average yield XX.X% of and driven X.X EBITDA X% shown $X.X to at Our times. of as loans, a activity.
the increased, by middle by the lower of grown, credit design, percentage the to XX%. As market the represented portfolio now has has portfolio
through stated believe middle equity we in terms market we the have calls, that debt with has in very more we prior invest growth as lower prospects. on have opportunity the often to the attractive, cycle returns leverage demonstrated most economic are companies to pricing be As and and interesting market adjusted attractive the the risk
represented in portfolio also increased we have middle of we heavily lower continued While the the to market, percentage emphasize our lien strategy. by first senior the investment have loans
was portfolio sheet As our securities. the the XX% lien of of senior credit end of in on quarter, first balance
XX, grew $XXX beginning X% million million now at from to Slide on the of including capital increasing investment portfolio As invested illustrated overall quarter. the our in $XXX I-XX, quarter-over-quarter,
investment assets believe environment we well positioned continue for in future. and the our have we may economic to We any invested face
first credit exposure floating portfolio a rate debt a us have diversified Slide secured seen recession, well can same time, We for preparing the heavily of our at investments while lien biased is as towards securities invested XX. in be XX% and on
benefit also Specific So to fund the our to million million beginning continue growth should XX, the $XXX $XXX senior slight that saw a at our loan rise. seen portfolio shareholders to I-XX as rates from interest fund, to quarter. with on Slide we net assets growing continue of
weighted the the credits in receiving IRR in committed at four investments, $XX level. $XX from which average exit million generated sales I-XX during a the of quarter, and fund while the X.X% million proceeds During credit new add-on quarter, of four and
the first our hold average the In lien was diversity remains industries I-XX As weighted average highly the the size competitive. of a of million end of environment I-XX the among X.X XX% had times. robust portfolio of and $XX through an of average portfolio. portfolio X.X% The quarter, security and leverage weighted EBITDA with of and markets, the
our the markets equity to consistently private rise portfolio environment make returns. business and leverage for to find difficult the is attractive and While valuation economic it that finance in liquidity the and of generate continues favorable and quantum highly both levels leverage risk-adjusted more to companies, give
tight know, spreads reduced market and the increase market, to spreads. you given the much has LIBOR back as syndicated of As continues the middle most see or market, of in upper
easy pro it that In highly addition, of our generate levels. at environment selective upper so levels risk-adjusted our adjustments makes portion granular, invest, leverage high in attractive diverse forma are creates in portfolio is taking We position relatively fund, to middle elevated don't market, market, a the syndicated In cases by believe in are returns returns. senior past which been it that is clearly we we and in attractive This that EBITDA for an many difficult while, also investing changed middle the and small represented underwritten vehicle, has through it generating right in this environment an credits being highly and competitive over the lower several the is to for market all much very while a like believe the out sell strategy has so quarters. all of, levered efficiently the best risk-adjusted now. loan
much Over by we but the generally market. LIBOR the senior year, spreads on middle leverage past in have in have have loans increases tightened points, than pronounced been approximately XXX seen levels less upper basis
loan intact. LIBOR floors and as remained covenants have such Importantly, firmly terms
maintaining strategy We on to our of investment described consistently you, continue discipline have the ago. investment focus years pipeline, credit the our while to maximizing three launch since we
remains during by a value continue with such purposes, methodology our our We debt. paid cycle. loan model hold first to repeats interest that a test within well lien recession investment financial our every model great being This senior the each bias and underwrite, towards through portfolio itself for and will, definition, we period, anticipating that stress the demonstrate assuming enterprise
the While of companies industries our appropriately matching which they at to portfolio in the potential volatility company's businesses portfolio capital structures and operate. specific to
We market continue deals by flow our the being to lower be quality team. pleased investment with generated of
remained has rate close last less the XX over months. than X% Our
will to key Michael of of maintaining hand specifics pipeline approach financial over market. call our robust in opportunities to is quarter. a now performance underwriting a competitive the review So to for I our the conservative the