CSWC portfolio grows 24% YoY to $2.2B; net investment income up 12% despite 90bp yield compression

Filed August 3, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

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  Portfolio fair value rose 24% year-over-year to $2.2B (141 companies vs. 122 prior year), driven by $62.6M equity ATM issuance and $41M SBA debenture funding. Net investment income grew 12% to $35.7M despite weighted average debt yield compressing 90bp to 10.9%, as higher average balances offset rate pressure.

  MD&A: Portfolio Growth & Net Investment Income verify on EDGAR →
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  Launched CapTrin Partners JV with Trinity Capital (50/50 ownership, $50M commitment each). CSWC funded $21M and transferred $47.1M of existing portfolio investments to the JV, which now holds 14 companies at 8.1% yield. This is a new co-investment structure that shifts capital allocation from direct holdings to a shared vehicle.

  MD&A: CapTrin JV; Notes: JV Formation verify on EDGAR →
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  Issued $350M September 2030 Notes and redeemed $150M October 2026 Notes plus $72M August 2028 Notes, extending maturity profile and reducing near-term refinancing risk. Interest expense rose 21% to $18.5M on $216M higher average borrowings and a 7bp rate increase to 5.53%.

  MD&A: Debt Refinancing; Notes: September 2030 Notes verify on EDGAR →