EX-99.1 2 q22026earningsrelease.htm EX-99.1
Exhibit 99.1

|  | 8333 Douglas Avenue, Suite 1100 Dallas, Texas 75225 T 214.238.5700 F 214.238.5701

Capital Southwest Announces Financial Results for Second Fiscal Quarter Ended September 30, 2025
Dallas, Texas – November 3, 2025 – Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its financial results for the second fiscal quarter ended September 30, 2025.
Second Quarter Fiscal Year 2026 Financial Highlights
•Total Investment Portfolio: $1.9 billion
◦Credit Portfolio of $1.7 billion
▪99% 1st Lien Senior Secured Debt
▪$241.5 million in new committed credit investments during the quarter
▪Weighted Average Yield on Debt Investments: 11.5%
▪Current non-accruals with a fair value of $18.7 million, representing 1.0% of the total investment portfolio
◦Equity Portfolio of $171.7 million
▪$4.0 million in new equity co-investments during the quarter
•Pre-Tax Net Investment Income: $34.0 million, or $0.61 per weighted average common share outstanding
•Estimated Undistributed Taxable Income ("UTI"): $1.13 per share as of September 30, 2025
◦Increase primarily due to realized gains of $3.5 million from the exit of one equity investment during the quarter
•LTM Operating Leverage: 1.6% for the quarter ended September 30, 2025
•Dividends: Paid Regular Monthly Dividends of $0.1934 per share for each of July, August and September 2025 and $0.06 per share Supplemental Dividend in September 2025
◦104% LTM Pre-Tax NII Regular Dividend Coverage
◦Total Dividends for the quarter ended September 30, 2025 of $0.6402 per share
•Net Realized and Unrealized Depreciation: $6.4 million, or 0.3% of total investments at fair value
◦$5.7 million of net appreciation related to the equity portfolio
◦$10.3 million of net depreciation related to the credit portfolio
◦$1.8 million net realized and unrealized income tax provision
•Balance Sheet:
◦Cash and Cash Equivalents: $87.4 million
◦Total Net Assets: $947.0 million
◦Net Asset Value (“NAV”) per Share: $16.62

In commenting on the Company’s results, Michael Sarner, President and Chief Executive Officer, stated, “The September quarter was an incredibly active quarter on the origination front for Capital Southwest, with approximately $245 million of originations in seven new and ten existing portfolio companies. Additionally, we have continued to successfully harvest realized gains with the exit of one equity investment this quarter, increasing our undistributable taxable income balance to $1.13 per share. During the quarter, the Board of Directors again declared a regular monthly dividend of $0.1934 for each of October, November and December 2025 and a quarterly supplemental dividend of $0.06 to be paid in December 2025. On the capitalization front, we successfully raised $350 million at 5.950% in our inaugural index-eligible unsecured bond transaction. Subsequent to quarter end, we used a portion of the proceeds from this issuance to redeem both our October 2026 Notes and August 2028 Notes. Importantly, there was no make-whole premium due on either of our note redemptions. We also continued to efficiently raise equity capital during the quarter, raising approximately $40 million through our Equity ATM Program. Additionally, SBIC II received an initial leverage commitment from the SBA for $40 million.”
Second Quarter Fiscal Year Investment Activities
During the quarter ended September 30, 2025, the Company originated $245.5 million in new commitments, consisting of investments in seven new portfolio companies totaling $165.8 million and add-on commitments in ten portfolio companies totaling $79.7 million. New portfolio company originations were comprised of $162.5 million in first lien senior secured debt and $3.3 million in equity investments.
During the quarter ended September 30, 2025, the Company received proceeds of $25.2 million from three portfolio company prepayments and exits, generating net realized gains of $3.5 million. Total proceeds were comprised of $20.6 million from debt investments and $4.6 million from equity investments.
Second Fiscal Quarter 2026 Operating Results
For the quarter ended September 30, 2025, Capital Southwest reported total investment income of $56.9 million, compared to $55.9 million in the prior quarter. The increase in investment income was primarily attributable to an increase in cash interest income due to an increase in the average cost basis of investments held and an increase in amendment fees and arranger fees received during the quarter, partially offset by a decrease in PIK interest income.
For the quarter ended September 30, 2025, total operating expenses (excluding interest expense) were $6.9 million, compared to $8.0 million in the prior quarter. The decrease was primarily attributable to a decrease in total employee compensation due to a decrease in accrued bonus compensation.
For the quarter ended September 30, 2025, interest expense was $16.0 million, compared to $15.3 million in the prior quarter. The increase is primarily attributable to an increase in average borrowings.
For the quarter ended September 30, 2025, total pre-tax net investment income was $34.0 million, compared to $32.7 million in the prior quarter.
For the quarter ended September 30, 2025, there was a tax provision of $2.0 million, compared to a tax provision of $0.8 million in the prior quarter. The provision includes a $0.9 million deferred tax expense, which is primarily attributable to a decrease in the tax basis of investments held at Capital Southwest Equity Investments, Inc., our wholly owned subsidiary that has elected to be treated as a corporation for U.S. federal income tax purposes, resulting in an increase in tax expense.
During the quarter ended September 30, 2025, Capital Southwest recorded total net realized and unrealized losses on investments of $6.4 million, compared to $4.9 million of total net realized and unrealized losses in the prior quarter. For the quarter ended September 30, 2025, the total net realized and unrealized losses on investments reflected net realized and unrealized gains on equity investments of $5.7 million, net realized and unrealized losses on debt investments of $10.3 million and net realized and unrealized income tax provision of $1.8 million. The net increase in net assets resulting from operations was $25.6 million for the quarter, compared to $27.0 million in the prior quarter.
The Company’s NAV at September 30, 2025 was $16.62 per share, compared to $16.59 per share in the prior quarter. The increase in NAV per share from the prior quarter is primarily due to the issuance of common stock at a premium to NAV per share through the Equity ATM Program (as described below), partially offset by net realized and unrealized losses on investments.

Liquidity and Capital Resources
At September 30, 2025, Capital Southwest had approximately $87.4 million in unrestricted cash and money market balances and $632.2 million of unused capacity under the Corporate Credit Facility (as defined below) and the SPV Credit Facility (as defined below). The regulatory debt to equity ratio at the end of the quarter was 0.91 to 1.
As of September 30, 2025, Capital Southwest had the following borrowings outstanding:
•$77.0 million of total debt outstanding on the SPV Credit Facility
•$149.2 million, net of unamortized debt issuance costs, of the 3.375% Notes due October 2026
•$70.4 million, net of unamortized debt issuance costs, of the 7.75% Notes due August 2028
•$223.8 million, net of amortized debt issuance costs, of the 5.125% convertible notes due November 2029
•$343.3 million, net of amortized debt issuance costs, of the 5.950% Notes due 2030
•$170.9 million, net of unamortized debt issuance costs, of SBA Debentures (as defined below)
In August 2016, CSWC entered into a senior secured credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. Borrowings under the Corporate Credit Facility accrue interest on a per annum basis at a rate equal to the applicable SOFR rate plus 2.15%. On August 2, 2023, CSWC entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement that (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility's revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. As of September 30, 2025, the total commitments under the Corporate Credit Facility were $510 million provided by 11 lenders.
Capital Southwest SPV LLC ("SPV") is a wholly owned special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities. On March 20, 2024, SPV entered into a special purpose vehicle financing credit facility (the "SPV Credit Facility"). The SPV Credit Facility included an initial commitment of $150 million. Pursuant to the terms of the loan agreement, on June 20, 2024, total commitments automatically increased from $150 million to $200 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.
In September 2025, the Company issued $350 million in aggregate principal amount of 5.950% Notes due 2030 (the "September 2030 Notes"). The September 2030 Notes were issued at a price of 99.345% of the aggregate principal amount of the September 2030 Notes, resulting in yield-to-maturity of 6.104%. The September 2030 Notes mature on September 18, 2030 and may be redeemed in whole or in part at any time prior to August 18, 2030, at par plus a "make-whole" premium, and thereafter at par. The September 2030 Notes bear interest at a rate of 5.950% per year, payable semi-annually in arrears on March 18 and September 18 of each year, beginning on March 18, 2026.
On October 13, 2025, the Company redeemed, in full, $150 million in aggregate principal amount of the issued and outstanding October 2026 Notes and redeemed, in full, $71.9 million in aggregate principal amount of the issued and outstanding August 2028 Notes. Each of the October 2026 Notes and the August 2028 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding, the redemption date. There was no "make-whole" premium required to be paid in connection therewith. The Company will recognize a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of approximately $2.2 million during the quarter ending December 31, 2025.
The Company has an "at-the-market" offering (the "Equity ATM Program"), pursuant to which the Company may offer and sell, from time to time through sales agents, up to $1 billion of shares of its common stock. During the quarter ended September 30, 2025, the Company sold 1,766,975 shares of its common stock under the Equity ATM Program at a weighted-average price of $22.81 per share, raising $40.3 million of gross proceeds. Net proceeds were $39.7 million

after commissions to the sales agents on shares sold. As of September 30, 2025, the Company has $208.0 million available under the Equity ATM Program.
Our wholly owned subsidiaries, Capital Southwest SBIC I, LP (“SBIC I”) and Capital Southwest SBIC II, LP ("SBIC II" and together with SBIC I, the "SBIC Subsidiaries"), each received a license from the Small Business Administration (the "SBA") to operate as a Small Business Investment Company ("SBIC") under Section 301(c) of the Small Business Investment Act of 1958, as amended, on April 20, 2021 and April 17, 2025, respectively. The SBIC licenses allow the SBIC Subsidiaries to obtain leverage by issuing SBA-guaranteed debentures ("SBA Debentures"), subject to the issuance of a leverage commitment by the SBA. SBA Debentures are loans issued to an SBIC that have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. For two or more SBICs under common control, the maximum amount of outstanding SBA Debentures cannot exceed $350 million. As of September 30, 2025, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn, and SBIC II had a total leverage commitment from the SBA in the amount of $40.0 million, none of which was drawn.
Share Repurchase Program
On July 28, 2021, the Company's Board of Directors (the "Board") approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Securities Exchange Act of 1934, as amended. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate purchase price for all shares equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the quarter ended September 30, 2025, the Company did not repurchase any shares of the Company’s common stock under the share repurchase program.
Regular Monthly Dividend of $0.1934 Per Share and Quarterly Supplemental Dividend of $0.06 Per Share for Quarter Ended December 31, 2025
On August 27, 2025, the Board declared monthly regular dividends of $0.1934 per share for each of October, November and December 2025 and a quarterly supplemental dividend of $0.06 per share payable in December 2025, each of which is detailed in the table below.
The Company’s regular monthly dividends for the quarter ending September 30, 2025 will be payable as follows:

Declared | Ex-Dividend Date | Record Date | Payment Date | Amount Per Share
8/27/2025 | 10/15/2025 | 10/15/2025 | 10/31/2025 | $0.1934
8/27/2025 | 11/14/2025 | 11/14/2025 | 11/28/2025 | $0.1934
8/27/2025 | 12/15/2025 | 12/15/2025 | 12/31/2025 | $0.1934

The Company’s quarterly supplemental dividend for the quarter ending September 30, 2025 will be payable as follows:

Declared | Ex-Dividend Date | Record Date | Payment Date | Amount Per Share
8/27/2025 | 12/15/2025 | 12/15/2025 | 12/31/2025 | $0.06

Total Regular Dividends per Share for Quarter Ending December 31, 2025: | $0.58
Total Supplemental Dividend per Share for Quarter Ending December 31, 2025: | $0.06
Total Dividends per Share for Quarter Ending December 31, 2025: | $0.64

When declaring dividends, the Board of Directors reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of

taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.
Capital Southwest maintains a dividend reinvestment plan ("DRIP") that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, Equiniti Trust Company. Under the DRIP, if the Company declares a dividend, registered stockholders who have opted into the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest's common stock.
Second Quarter 2026 Earnings Results Conference Call and Webcast
Capital Southwest has scheduled a conference call on Tuesday, November 4, 2025, at 11:00 a.m. Eastern Time to discuss the second quarter 2026 financial results. You may access the call by using the Investor Relations section of Capital Southwest's website at www.capitalsouthwest.com, or by using http://edge.media-server.com/mmc/p/7mq36zoy.
An audio archive of the conference call will also be available on the Investor Relations section of Capital Southwest’s website.
For a more detailed discussion of the financial and other information included in this press release, please refer to the Capital Southwest's Form 10-Q for the period ended September 30, 2025 to be filed with the Securities and Exchange Commission (the "SEC") and Capital Southwest’s Second Fiscal Quarter 2026 Earnings Presentation to be posted on the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com.
About Capital Southwest
Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.9 billion in investments at fair value as of September 30, 2025. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.
Forward-Looking Statements
This press release contains historical information and forward-looking statements with respect to the business and investments of Capital Southwest, including, but not limited to, the statements about Capital Southwest's future performance and financial performance and financial condition, and the timing, form and amount of any distributions or supplemental dividends in the future. Forward-looking statements are statements that are not historical statements and can often be identified by words such as "will," "believe," "expect" and similar expressions and variations or negatives of these words. These statements are based on management's current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on our business and our portfolio companies; regulatory changes; tax treatment; our ability to operate the SBIC Subsidiaries as small business investment companies; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and our financial condition; an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of supply chain constraints on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invests.

Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest's Annual Report on Form 10-K for the year ended March 31, 2025 and any subsequent filings with the SEC, including the "Risk Factors" sections therein, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
Investor Relations Contact:
Michael S. Sarner, President and Chief Executive Officer
214-884-3829

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except shares and per share data)
| September 30, |  | March 31,
| 2025 |  | 2025
| (Unaudited) |  |
Assets |  |  |
Investments at fair value: |  |  |
Non-control/Non-affiliate investments (Cost: $1,490,045 and $1,403,623, respectively) | $ | 1,488,403 |  |  | $ | 1,436,316 |
Affiliate investments (Cost: $334,800 and $304,824, respectively) | 334,811 |  |  | 292,891 |
Control investments (Cost: $71,681 and $70,913, respectively) | 54,693 |  |  | 56,092 |
Total investments (Cost: $1,896,526 and $1,779,360, respectively) | 1,877,907 |  |  | 1,785,299 |
Cash and cash equivalents | 87,429 |  |  | 43,221 |
Restricted cash | 1,650 |  |  | 1,650 |
Receivables: |  |  |
Dividends and interest | 33,031 |  |  | 30,303 |
Escrow | 1,855 |  |  | 1,926 |
Other | 2,698 |  |  | 2,018 |
Income tax receivable | 48 |  |  | 94 |
Debt issuance costs (net of accumulated amortization of $11,764 and $10,357, respectively) | 8,277 |  |  | 9,266 |
Other assets | 8,429 |  |  | 9,063 |
Total assets | $ | 2,021,324 |  |  | $ | 1,882,840 |
Liabilities |  |  |
SBA Debentures (net of $4,088 and $4,082, respectively, of unamortized debt issuance costs) | $ | 170,912 |  |  | $ | 170,918 |
October 2026 Notes (net of $769 and $1,154, respectively, of unamortized debt issuance costs) | 149,231 |  |  | 148,846 |
August 2028 Notes (net of $1,429 and $1,681, respectively, of unamortized debt issuance costs) | 70,446 |  |  | 70,194 |
2029 Convertible Notes (net of $6,153 and $6,893, respectively, of unamortized debt issuance costs) | 223,847 |  |  | 223,107 |
September 2030 Notes (net of $6,678 and $0, respectively, of unamortized debt issuance costs) | 343,322 |  |  | — |
Credit Facilities | 77,000 |  |  | 343,000 |
Other liabilities | 21,079 |  |  | 23,038 |
Accrued restoration plan liability | 545 |  |  | 555 |
Income tax payable | 3,077 |  |  | 2,769 |
Deferred tax liability | 14,861 |  |  | 16,780 |
Total liabilities | 1,074,320 |  |  | 999,207 |
Commitments and contingencies (Note 11) |  |  |
Net Assets |  |  |
Common stock, $0.25 par value: authorized, 75,000,000 shares at September 30, 2025 and March 31, 2025; issued, 56,966,998 shares at September 30, 2025 and 52,912,796 shares at March 31, 2025 | 14,242 |  |  | 13,228 |
Additional paid-in capital | 1,040,244 |  |  | 959,123 |
Total distributable (loss) earnings | (107,482) |  |  | (88,718) |
Total net assets | 947,004 |  |  | 883,633 |
Total liabilities and net assets | $ | 2,021,324 |  |  | $ | 1,882,840 |
Net asset value per share (56,966,998 shares outstanding at September 30, 2025 and 52,912,796 shares outstanding at March 31, 2025) | $ | 16.62 |  |  | $ | 16.70 |

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except shares and per share data)
| Three Months Ended |  | Six Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Investment income: |  |  |  |  |  |  |  |  |
Interest income: |  |  |  |  |  |  |  |  |
Non-control/Non-affiliate investments | $ | 40,746 |  |  | $ | 38,621 |  |  | $ | 81,984 |  |  | $ | 76,557 |  |  |
Affiliate investments | 6,831 |  |  | 4,727 |  |  | 12,087 |  |  | 9,486 |  |  |
Control investments | 681 |  |  | 350 |  |  | 1,302 |  |  | 642 |  |  |
Payment-in-kind interest income: |  |  |  |  |  |  |  |  |
Non-control/Non-affiliate investments | 1,673 |  |  | 1,835 |  |  | 3,749 |  |  | 4,308 |  |  |
Affiliate investments | 912 |  |  | 563 |  |  | 1,865 |  |  | 1,141 |  |  |
Control investments | 209 |  |  | — |  |  | 440 |  |  | — |  |  |
Dividend income: |  |  |  |  |  |  |  |  |
Non-control/Non-affiliate investments | 52 |  |  | 572 |  |  | 1,660 |  |  | 2,939 |  |  |
Affiliate investments | 2,690 |  |  | — |  |  | 4,735 |  |  | 51 |  |  |
Control investments | — |  |  | — |  |  | 24 |  |  | — |  |  |
Fee income: |  |  |  |  |  |  |  |  |
Non-control/Non-affiliate investments | 1,740 |  |  | 954 |  |  | 3,136 |  |  | 2,918 |  |  |
Affiliate investments | 770 |  |  | 584 |  |  | 959 |  |  | 918 |  |  |
Control investments | 23 |  |  | 9 |  |  | 46 |  |  | 67 |  |  |
Other income | 618 |  |  | 491 |  |  | 905 |  |  | 1,033 |  |  |
Total investment income | 56,945 |  |  | 48,706 |  |  | 112,892 |  |  | 100,060 |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |
Compensation | 2,631 |  |  | 1,990 |  |  | 6,587 |  |  | 5,456 |  |  |
Share-based compensation | 1,270 |  |  | 1,538 |  |  | 2,413 |  |  | 2,762 |  |  |
Interest | 16,020 |  |  | 12,587 |  |  | 31,284 |  |  | 25,034 |  |  |
Professional fees | 1,341 |  |  | 1,095 |  |  | 2,551 |  |  | 2,452 |  |  |
General and administrative | 1,666 |  |  | 1,482 |  |  | 3,323 |  |  | 3,056 |  |  |
Total operating expenses | 22,928 |  |  | 18,692 |  |  | 46,158 |  |  | 38,760 |  |  |
Income before taxes | 34,017 |  |  | 30,014 |  |  | 66,734 |  |  | 61,300 |  |  |
Federal income, excise and other taxes | 1,149 |  |  | 325 |  |  | 2,248 |  |  | 542 |  |  |
Deferred taxes | 884 |  |  | (1,476) |  |  | 613 |  |  | 734 |  |  |
Total income tax provision (benefit) | 2,033 |  |  | (1,151) |  |  | 2,861 |  |  | 1,276 |  |  |
Net investment income | $ | 31,984 |  |  | $ | 31,165 |  |  | $ | 63,873 |  |  | $ | 60,024 |  |  |
Realized (loss) gain |  |  |  |  |  |  |  |  |
Non-control/Non-affiliate investments | $ | 3,485 |  |  | $ | (10,289) |  |  | $ | 21,331 |  |  | $ | (9,485) |  |  |
Affiliate investments | (7,652) |  |  | — |  |  | (3,565) |  |  | 167 |  |  |
Control investments | — |  |  | — |  |  | — |  |  | (260) |  |  |
Income tax provision | (759) |  |  | — |  |  | (6,988) |  |  | — |  |  |
Total net realized (loss) gain on investments, net of tax | (4,926) |  |  | (10,289) |  |  | 10,778 |  |  | (9,578) |  |  |
Net unrealized (depreciation) appreciation on investments |  |  |  |  |  |  |  |  |
Non-control/Non-affiliate investments | (12,146) |  |  | (1,866) |  |  | (34,208) |  |  | (14,226) |  |  |
Affiliate investments | 10,757 |  |  | 3,669 |  |  | 11,815 |  |  | (552) |  |  |
Control investments | 1,010 |  |  | (8) |  |  | (2,166) |  |  | 762 |  |  |
Income tax (provision) benefit | (1,058) |  |  | 13 |  |  | 2,530 |  |  | 289 |  |  |
Total net unrealized (depreciation) appreciation on investments, net of tax | (1,437) |  |  | 1,808 |  |  | (22,029) |  |  | (13,727) |  |  |
Net realized and unrealized (losses) gains on investments | (6,363) |  |  | (8,481) |  |  | (11,251) |  |  | (23,305) |  |  |
Realized loss on disposal of fixed assets | (2) |  |  | — |  |  | (2) |  |  | — |  |  |
Net increase in net assets from operations | $ | 25,619 |  |  | $ | 22,684 |  |  | $ | 52,620 |  |  | $ | 36,719 |  |  |
Pre-tax net investment income per share - basic | $ | 0.61 |  |  | $ | 0.64 |  |  | $ | 1.21 |  |  | $ | 1.32 |  |  |
Net investment income per share – basic | $ | 0.57 |  |  | $ | 0.66 |  |  | $ | 1.16 |  |  | $ | 1.29 |  |  |
Net increase in net assets from operations – basic | $ | 0.46 |  |  | $ | 0.48 |  |  | $ | 0.95 |  |  | $ | 0.79 |  |  |
Net increase in net assets from operations - diluted | $ | 0.44 |  |  | $ | 0.48 |  |  | $ | 0.92 |  |  | $ | 0.79 |  |  |
Weighted average common shares outstanding – basic | 55,544,095 |  |  | 47,242,863 |  |  | 54,536,084 |  |  | 46,458,435 |  |  |
Weighted average common shares outstanding – diluted | 64,830,413 |  |  | 47,242,863 |  |  | 63,809,345 |  |  | 46,458,435 |  |  |