BDCs

BDC Quick Recap: Capital Southwest Corporation (CSWC) as of Dec 31st, 2022

BDC filing season is upon us. Capital Southwest (CSWC) filed its earnings on Tuesday and data was available in SOLVE’s BDC workstation within minutes. Here is a quick recap of the credit stats for Capital Southwest for the three-month period ended Dec. 31st, 2022.

Portfolio Stats

FMV $1.15B
# of Investments 219
Total unused commitments to extend financing $159.7M
Portfolio Companies 81
Portfolio Composition  
First Lien 82.7%
Second Lien 3.10%
Equity and Other 14.20%

Source: SOLVE & Capital Southwest

New Investment Stats

New Volume $164.0M
Exits and Sales $12.4M
Net New Volume $151.6M
# of New Commitments 5

Source: SOLVE & Capital Southwest

Portfolio Credit Quality

Non-Accrual Cost $15.9M
# of Non- Accruals 6
% of Portfolio at Cost 1.37%
New Non- Accrual Delphi Behavioral Health Group Inc.

Source: SOLVE & Capital Southwest

Select New Originations

Company Investment Type Industry Cost Maturity Coupon
Acacia Buyerco V LLC First Lien-Term Loan A Prepackaged software $4.9M 11/26/2027 S+650
Acacia Buyerco V LLC Class B-Units Prepackaged software $1.0M
Exact Borrower LLC First Lien-Term Loan A Advertising agencies $9.3M 8/6/2027 S+800
Exact Borrower LLC First Lien-Term Loan B Advertising agencies $9.3M 8/6/2027 S+800
Exact Borrower LLC Promissory Note Advertising agencies $0.4M 12/6/2028
Exact Borrower LLC Common Units Advertising agencies $0.6M
FM Sylvan Inc. First Lien Plumbing, heating and air-conditioning $14.7M 11/8/2027 S+800
Gains Intermediate LLC First Lien-Term Loan A Business services, not elsewhere classified $7.4M 12/15/2027 S+650
Gains Intermediate LLC First Lien-Term Loan B Business services, not elsewhere classified $7.4M 12/15/2027 S+850
NEW Skinny Mixes LLC First Lien Beverages $12.7M 12/21/2027 S+800

Source: SOLVE & Capital Southwest

Exits & Sales

Company Investment Type Industry Net Proceeds
California Pizza Kitchen Inc. Common Stock Eating Places $0.9M
Blaschak Coal Corp. Second Lien-Term Loan Coal Mining $11.5M

Source: SOLVE & Capital Southwest

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