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Capital Southwest
Capital Southwest (CSWC) investor relations material
Capital Southwest Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Feb, 2026
Executive summary
Pre-tax net investment income was $34.6 million ($0.60 per share), with total investment income of $61.4 million, reflecting strong portfolio growth and consistent dividend coverage.
Net asset value per share increased to $16.75 as of December 31, 2025, up from $16.62 in the prior quarter.
Total investment portfolio reached $2.0 billion, with a credit portfolio of $1.8 billion and equity portfolio of $182.7 million.
Paid total dividends of $0.64 per share for the quarter, including regular and supplemental dividends.
Raised $53 million through the equity ATM program at a 27% premium to NAV and redeemed $221.9 million in notes.
Financial highlights
Weighted average yield on debt investments was 11.3%, with total investment income up from $56.9 million in the prior quarter.
Regulatory debt to equity ratio was 0.89x at quarter end.
Non-accruals represented 1.5% of the investment portfolio at fair value.
Estimated undistributed taxable income was $1.02 per share at quarter end.
LTM operating leverage ended at 1.7%, below the BDC industry average.
Outlook and guidance
Expectation to maintain strong dividend coverage and continue distributing supplemental dividends, supported by UTI and unrealized appreciation.
Management expects the new joint venture with a private credit asset manager to broaden investment opportunities and drive further improvements in operating leverage.
Spreads on new originations expected to remain between 7% and 7.25% over the next 12 months.
Bullish outlook for deal flow and net portfolio growth, aided by expanded sponsor relationships and new origination talent.
New JV: Expected impact on investment strategy
Credit portfolio depreciation drivers
Blended cost of debt post-refinancing
How does the new JV alter deal selection criteria?
Impact of BDC dividend cuts on LMM competition?
How is AI disruption risk factored in underwriting?
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Next Capital Southwest earnings date
Q4 202614 May, 2026
Capital Southwest
Next Capital Southwest earnings date
Q4 202614 May, 2026
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Frequently asked questions
Capital Southwest Corporation is a business development company that provides credit and capital to middle-market companies. Its investments include senior secured loans, mezzanine debt, and equity co-investments across various industries. The company is headquartered in Dallas, Texas, and its shares are listed on the NASDAQ.
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