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Capital Southwest: An Expensive But Well Run BDC, 9% Yield (NASDAQ:CSWC)

Income investing is an attractive investing strategy, but the majority of stocks have relatively low dividend yields. Or, a desired income would require more capital than we own to achieve using ordinary stocks. The BDC sector comes to mind as a

FY year-end March 31 Total Liabilities Total Equity Debt to Equity
2024 $801.1 $775.7 1.033
2023 $667.3 $590.4 1.130
2022 $553.1 $420.9 1.314
2021 $399.3 $336.3 1.187
2020 $313.3 $272.2 1.151
2019 $225.9 $326.0 0.693
2018 $109.2 $308.3 0.354
2017 $40.7 $285.1 0.143
2016 $11.9 $272.6 0.044

Asset Type Fair Value (millions USD), March 31, 2024
First Lien Loans $1,309
Second Lien Loans $34
Subordinated Debt $1
Preferred & Common Equity $132
Total $1,477

Year Ended March 31

Net Realized And Unrealized Gains (Losses), millions $USD

Total Equity, millions $USD Equity Appreciation / Depreciation Ratio NAV Per Share
2024 ($26) $756 (3.439%) $16.77
2023 ($35) $590 (5.932%) $16.37
2022 $11 $421 2.613% $16.86
2021 $29 $336 8.631% $16.01
2020 ($51) $272 (18.75%) $15.13
2019 $9 $326 2.761% $18.62
2018 $23 $308 7.468% $19.08
2017 $16 $285 5.614% $17.80
2016 $5 $273 1.832% $17.34

Fiscal Year Ended March 31 Interest Expense Total Liabilities Cost Of Liabilities Average AAA Bond Yield (FRED)
2024 $43.1 $801.1 5.38% 4.81%
2023 $28.9 $667.3 4.33% 4.07%
2022 $19.9 $553.1 3.60% 2.70%
2021 $17.9 $399.3 4.48% 2.48%
2020 $15.8 $313.3 5.04% 3.39%
2019 $12.1 $225.9 5.36% 3.93%
2018 $4.9 $109.2 4.48% 3.74%
2017 $1.0 $40.7 2.46% 3.67%
2016 $0 $11.9 0% 3.89%

Security P/NAV FWD Dividend Yield
ARCC 1.090 9.11%
CSWC 1.602 9.39%
MAIN 1.717 7.48%
HTGC 1.834 9.01%
TRIN 1.115 14.13%

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