株探米国株
英語
エドガーで原本を確認する
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Quote TopCo, LLC, Revolving Loans2025-09-300000017313360 Quote TopCo, LLC, Revolving Loans2025-03-310000017313Air Conditioning Specialist, Inc., Revolving Loans2025-09-300000017313Air Conditioning Specialist, Inc., Revolving Loans2025-03-310000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC), Revolving Loans2025-09-300000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC), Revolving Loans2025-03-310000017313ArborWorks, LLC, Revolving Loans2025-09-300000017313ArborWorks, LLC, Revolving Loans2025-03-310000017313ATS Operating, LLC, Revolving Loans2025-09-300000017313ATS Operating, LLC, Revolving Loans2025-03-310000017313Better Than Home, Inc., Revolving Loans2025-09-300000017313Better Than Home, Inc., Revolving Loans2025-03-310000017313Bond Brand Loyalty ULC, Revolving Loans2025-09-300000017313Bond Brand Loyalty ULC, Revolving Loans2025-03-310000017313BP Loenbro Holdings Inc., Revolving Loans2025-09-300000017313BP Loenbro Holdings Inc., Revolving Loans2025-03-310000017313Brandner Design, LLC, Revolving Loans2025-09-300000017313Brandner Design, LLC, Revolving Loans2025-03-310000017313Burning Glass Intermediate Holding Company, Inc., Revolving Loans2025-09-300000017313Burning Glass Intermediate Holding Company, Inc., Revolving Loans2025-03-310000017313Campany Roof Maintenance, LLC, Revolving Loans2025-09-300000017313Campany Roof Maintenance, LLC, Revolving Loans2025-03-310000017313Catbird NYC, LLC, Revolving Loans2025-09-300000017313Catbird NYC, LLC, Revolving Loans2025-03-310000017313Cavalier Buyer, Inc., Revolving Loans2025-09-300000017313Cavalier Buyer, Inc., Revolving Loans2025-03-310000017313CDC Dental Management Co., LLC, Revolving Loans2025-09-300000017313CDC Dental Management Co., LLC, Revolving Loans2025-03-310000017313Central Medical Supply LLC, Revolving Loans2025-09-300000017313Central Medical Supply LLC, Revolving Loans2025-03-310000017313Cumbria Capital MSO, LLC, Revolving Loans2025-09-300000017313Cumbria Capital MSO, LLC, Revolving Loans2025-03-310000017313Damotech Inc., Revolving Loans2025-09-300000017313Damotech Inc., Revolving Loans2025-03-310000017313Drive Line Service of Portland, LLC, Revolving Loans2025-09-300000017313Drive Line Service of Portland, LLC, Revolving Loans2025-03-310000017313DWS Buyer LLC, Revolving Loans2025-09-300000017313DWS Buyer LLC, Revolving Loans2025-03-310000017313Edge Autonomy Holdings, LLC, Revolving Loans2025-09-300000017313Edge Autonomy Holdings, LLC, Revolving Loans2025-03-310000017313Exact Borrower, LLC, Revolving Loans2025-09-300000017313Exact Borrower, LLC, Revolving Loans2025-03-310000017313FS Vector LLC, Revolving Loans2025-09-300000017313FS Vector LLC, Revolving Loans2025-03-310000017313GPT Industries, LLC, Revolving Loans2025-09-300000017313GPT Industries, LLC, Revolving Loans2025-03-310000017313GrammaTech, Inc., Revolving Loans2025-09-300000017313GrammaTech, Inc., Revolving Loans2025-03-310000017313Gravitiq LLC, Revolving Loans2025-09-300000017313Gravitiq LLC, Revolving Loans2025-03-310000017313Gulf Pacific Acquisition, LLC, Revolving Loans2025-09-300000017313Gulf Pacific Acquisition, LLC, Revolving Loans2025-03-310000017313Ignite Visibility LLC, Revolving Loans2025-09-300000017313Ignite Visibility LLC, Revolving Loans2025-03-310000017313Institutes of Health, LLC, Revolving Loans2025-09-300000017313Institutes of Health, LLC, Revolving Loans2025-03-310000017313ISI Enterprises, LLC, Revolving Loans2025-09-300000017313ISI Enterprises, LLC, Revolving Loans2025-03-310000017313Island Pump and Tank, LLC, Revolving Loans2025-09-300000017313Island Pump and Tank, LLC, Revolving Loans2025-03-310000017313iVueit, LLC, Revolving Loans2025-09-300000017313iVueit, LLC, Revolving Loans2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) Revolving Loans2025-09-300000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) Revolving Loans2025-03-310000017313Lash OpCo, LLC, Revolving Loans2025-09-300000017313Lash OpCo, LLC, Revolving Loans2025-03-310000017313LEHR Upfitters, LLC, Revolving Loans2025-09-300000017313LEHR Upfitters, LLC, Revolving Loans2025-03-310000017313LGM Pharma LLC, Revolving Loans2025-09-300000017313LGM Pharma LLC, Revolving Loans2025-03-310000017313Lighting Retrofit International, LLC, Revolving Loans2025-09-300000017313Lighting Retrofit International, LLC, Revolving Loans2025-03-310000017313Lightning Intermediate II, LLC, Revolving Loans2025-09-300000017313Lightning Intermediate II, LLC, Revolving Loans2025-03-310000017313LKC Technologies, Inc., Revolving Loans2025-09-300000017313LKC Technologies, Inc., Revolving Loans2025-03-310000017313Local Web Leads, LLC, Revolving Loans2025-09-300000017313Local Web Leads, LLC, Revolving Loans2025-03-310000017313Main Line Brands LLC, Revolving Loans2025-09-300000017313Main Line Brands LLC, Revolving Loans2025-03-310000017313Mammoth BorrowCo, Inc., Revolving Loans2025-09-300000017313Mammoth BorrowCo, Inc., Revolving Loans2025-03-310000017313Microbe Formulas LLC, Revolving Loans2025-09-300000017313Microbe Formulas LLC, Revolving Loans2025-03-310000017313Mid-Florida Endodontics Management Company, LLC, Revolving Loans2025-09-300000017313Mid-Florida Endodontics Management Company, LLC, Revolving Loans2025-03-310000017313Mission Critical Group, LLC, Revolving Loans2025-09-300000017313Mission Critical Group, LLC, Revolving Loans2025-03-310000017313Musiker Discovery Programs, Inc., Revolving Loans2025-09-300000017313Musiker Discovery Programs, Inc., Revolving Loans2025-03-310000017313NeuroPsychiatric Hospitals, LLC, Revolving Loans2025-09-300000017313NeuroPsychiatric Hospitals, LLC, Revolving Loans2025-03-310000017313New Skinny Mixes, LLC, Revolving Loans2025-09-300000017313New Skinny Mixes, LLC, Revolving Loans2025-03-310000017313NinjaTrader, Inc., Revolving Loans2025-09-300000017313NinjaTrader, Inc., Revolving Loans2025-03-310000017313Pipeline Technique Ltd., Revolving Loans2025-09-300000017313Pipeline Technique Ltd., Revolving Loans2025-03-310000017313Pool Service Partners, Inc., Revolving Loans2025-09-300000017313Pool Service Partners, Inc., Revolving Loans2025-03-310000017313Revo Brands, Inc., Revolving Loans2025-09-300000017313Revo Brands, Inc., Revolving Loans2025-03-310000017313Roseland Management, LLC, Revolving Loans2025-09-300000017313Roseland Management, LLC, Revolving Loans2025-03-310000017313ServerLIFT, LLC, Revolving Loans2025-09-300000017313ServerLIFT, LLC, Revolving Loans2025-03-310000017313SocialSEO, LLC, Revolving Loans2025-09-300000017313SocialSEO, LLC, Revolving Loans2025-03-310000017313Spotlight AR, LLC, Revolving Loans2025-09-300000017313Spotlight AR, LLC, Revolving Loans2025-03-310000017313Superior Health Parent LLC, Revolving Loans2025-09-300000017313Superior Health Parent LLC, Revolving Loans2025-03-310000017313Swensons Drive-In Restaurants, LLC, Revolving Loans2025-09-300000017313Swensons Drive-In Restaurants, LLC, Revolving Loans2025-03-310000017313The Gobel Group, LLC, Revolving Loans2025-09-300000017313The Gobel Group, LLC, Revolving Loans2025-03-310000017313TMT BHC Buyer, Inc., Revolving Loans2025-09-300000017313TMT BHC Buyer, Inc., Revolving Loans2025-03-310000017313Tru Fragrance & Beauty LLC, Revolving Loans2025-09-300000017313Tru Fragrance & Beauty LLC, Revolving Loans2025-03-310000017313VP Move Purchaser, Inc., Revolving Loans2025-09-300000017313VP Move Purchaser, Inc., Revolving Loans2025-03-310000017313Wash & Wax Systems LLC, Revolving Loans2025-09-300000017313Wash & Wax Systems LLC, Revolving Loans2025-03-310000017313Well Labs Plus, LLC, Revolving Loans2025-09-300000017313Well Labs Plus, LLC, Revolving Loans2025-03-310000017313Well-Foam, Inc., Revolving Loans2025-09-300000017313Well-Foam, Inc., Revolving Loans2025-03-310000017313White Plains Linen LLC, Revolving Loans2025-09-300000017313White Plains Linen LLC, Revolving Loans2025-03-310000017313Winter Services Operations, LLC, Revolving Loans2025-09-300000017313Winter Services Operations, LLC, Revolving Loans2025-03-310000017313Zenfolio Inc., Revolving Loans2025-09-300000017313Zenfolio Inc., Revolving Loans2025-03-310000017313us-gaap:RevolvingCreditFacilityMember2025-09-300000017313us-gaap:RevolvingCreditFacilityMember2025-03-310000017313AAC New Holdco Inc., Delayed Draw Term Loans2025-09-300000017313AAC New Holdco Inc., Delayed Draw Term Loans2025-03-310000017313Air Conditioning Specialist Inc., Delayed Draw Term Loans2025-09-300000017313Air Conditioning Specialist Inc., Delayed Draw Term Loans2025-03-310000017313Better Than Home, Inc., Delayed Draw Term Loans2025-09-300000017313Better Than Home, Inc., Delayed Draw Term Loans2025-03-310000017313BP Loenbro Holdings Inc., Delayed Draw Term Loans2025-09-300000017313BP Loenbro Holdings Inc., Delayed Draw Term Loans2025-03-310000017313Central Medical Supply LLC, Delayed Draw Term Loans2025-09-300000017313Central Medical Supply LLC, Delayed Draw Term Loans2025-03-310000017313Crafty Apes, LLC, Delayed Draw Term Loans2025-09-300000017313Crafty Apes, LLC, Delayed Draw Term Loans2025-03-310000017313Cumbria Capital MSO, LLC, Delayed Draw Term Loans2025-09-300000017313Cumbria Capital MSO, LLC, Delayed Draw Term Loans2025-03-310000017313DWS Buyer LLC, Delayed Draw Term Loans2025-09-300000017313DWS Buyer LLC, Delayed Draw Term Loans2025-03-310000017313Enstoa, Inc., Delayed Draw Term Loans2025-09-300000017313Enstoa, Inc., Delayed Draw Term Loans2025-03-310000017313Exact Borrower, LLC, Delayed Draw Term Loans2025-09-300000017313Exact Borrower, LLC, Delayed Draw Term Loans2025-03-310000017313Ignite Visibility LLC, Delayed Draw Term Loans2025-09-300000017313Ignite Visibility LLC, Delayed Draw Term Loans2025-03-310000017313ITA Holdings Group, LLC, Delayed Draw Term Loans2025-09-300000017313ITA Holdings Group, LLC, Delayed Draw Term Loans2025-03-310000017313iVueit, LLC, Delayed Draw Term Loans2025-09-300000017313iVueit, LLC, Delayed Draw Term Loans2025-03-310000017313KMS, LLC, Delayed Draw Term Loans2025-09-300000017313KMS, LLC, Delayed Draw Term Loans2025-03-310000017313LEHR Upfitters, LLC, Delayed Draw Term Loans2025-09-300000017313LEHR Upfitters, LLC, Delayed Draw Term Loans2025-03-310000017313Mid-Florida Endodontics Management Company, LLC, Delayed Draw Term Loans2025-09-300000017313Mid-Florida Endodontics Management Company, LLC, Delayed Draw Term Loans2025-03-310000017313Mission Critical Group, LLC, Delayed Draw Term Loans2025-09-300000017313Mission Critical Group, LLC, Delayed Draw Term Loans2025-03-310000017313Musiker Discovery Programs, Inc., Delayed Draw Term Loans2025-09-300000017313Musiker Discovery Programs, Inc., Delayed Draw Term Loans2025-03-310000017313One Group, LLC, Delayed Draw Term Loans2025-09-300000017313One Group, LLC, Delayed Draw Term Loans2025-03-310000017313Pool Service Partners, Inc., Delayed Draw Term Loans2025-09-300000017313Pool Service Partners, Inc., Delayed Draw Term Loans2025-03-310000017313Superior Health Parent LLC, Delayed Draw Term Loans2025-09-300000017313Superior Health Parent LLC, Delayed Draw Term Loans2025-03-310000017313SureKap, LLC, Delayed Draw Term Loans2025-09-300000017313SureKap, LLC, Delayed Draw Term Loans2025-03-310000017313TMT BHC Buyer, Inc., Delayed Draw Term Loans2025-09-300000017313TMT BHC Buyer, Inc., Delayed Draw Term Loans2025-03-310000017313unWired Broadband, LLC, Delayed Draw Term Loans2025-09-300000017313unWired Broadband, LLC, Delayed Draw Term Loans2025-03-310000017313Well Labs Plus, LLC, Delayed Draw Term Loans2025-09-300000017313Well Labs Plus, LLC, Delayed Draw Term Loans2025-03-310000017313us-gaap:DelayedDrawTermLoanMember2025-09-300000017313us-gaap:DelayedDrawTermLoanMember2025-03-310000017313Broad Sky Networks, LLC2025-09-300000017313Broad Sky Networks, LLC2025-03-310000017313Ignite Visibility LLC 2025-09-300000017313Ignite Visibility LLC 2025-03-310000017313Spectrum of Hope, LLC2025-09-300000017313Spectrum of Hope, LLC2025-03-310000017313unWired Broadband, LLC2025-09-300000017313unWired Broadband, LLC2025-03-310000017313cswc:UnusedCommitmentsToLendOtherMember2025-09-300000017313cswc:UnusedCommitmentsToLendOtherMember2025-03-310000017313cswc:DebtCommitmentsMember2025-09-300000017313cswc:DebtCommitmentsMember2025-03-310000017313cswc:FinancialCommitmentYearOneMember2025-09-300000017313cswc:FinancialCommitmentYearOneMember2025-03-310000017313cswc:FinancialCommitmentYearTwoMember2025-09-300000017313cswc:FinancialCommitmentYearTwoMember2025-03-310000017313cswc:FinancialCommitmentYearThreeMember2025-09-300000017313cswc:FinancialCommitmentYearThreeMember2025-03-310000017313cswc:FinancialCommitmentYearFourMember2025-09-300000017313cswc:FinancialCommitmentYearFourMember2025-03-310000017313cswc:FinancialCommitmentYearFiveMember2025-09-300000017313cswc:FinancialCommitmentYearFiveMember2025-03-310000017313cswc:FinancialCommitmentYearSixMember2025-09-300000017313cswc:FinancialCommitmentYearSixMember2025-03-310000017313cswc:FinancialCommitmentYearSevenMember2025-09-300000017313cswc:FinancialCommitmentYearSevenMember2025-03-310000017313Catbird NYC, LLC2025-09-300000017313Catbird NYC, LLC2025-03-310000017313Infolinks Media Buyco, LLC2025-09-300000017313Infolinks Media Buyco, LLC2025-03-310000017313us-gaap:FinancialSupportCapitalContributionsMember2025-09-300000017313us-gaap:FinancialSupportCapitalContributionsMember2025-03-310000017313us-gaap:FinancialStandbyLetterOfCreditMember2025-09-300000017313us-gaap:FinancialStandbyLetterOfCreditMembercswc:ExpirationTrancheOneMember2025-09-300000017313us-gaap:FinancialStandbyLetterOfCreditMembercswc:ExpirationTrancheTwoMember2025-09-300000017313us-gaap:FinancialStandbyLetterOfCreditMembercswc:ExpirationTrancheThreeMember2025-09-3000000173132021-03-310000017313us-gaap:BuildingMember2024-03-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-130000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-130000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-132025-10-130000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-132025-10-130000017313srt:ScenarioForecastMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-012025-12-310000017313Brandner Design, LLC., Revolving Loan2025-09-300000017313Brandner Design, LLC., Revolving Loan2025-04-012025-09-300000017313Brandner Design, LLC., Revolving Loan2025-03-310000017313Brandner Design, LLC., First Lien2025-09-300000017313Brandner Design, LLC., First Lien2025-04-012025-09-300000017313Brandner Design, LLC., First Lien2025-03-310000017313Brandner Design, LLC., Class A Units2025-09-300000017313Brandner Design, LLC., Class A Units2025-04-012025-09-300000017313Brandner Design, LLC., Class A Units2025-03-310000017313KMS, LLC, First Lien2025-04-012025-09-300000017313KMS, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313KMS, LLC, Series A Preferred Units2025-04-012025-09-300000017313National Credit Care, LLC, First Lien - Term Loan A2025-09-300000017313National Credit Care, LLC, First Lien - Term Loan A2025-04-012025-09-300000017313National Credit Care, LLC, First Lien - Term Loan A2025-03-310000017313National Credit Care, LLC, First Lien - Term Loan B2025-09-300000017313National Credit Care, LLC, First Lien - Term Loan B2025-04-012025-09-300000017313National Credit Care, LLC, First Lien - Term Loan B2025-03-310000017313National Credit Care, LLC, Class A-3 Preferred Units2025-09-300000017313National Credit Care, LLC, Class A-3 Preferred Units2025-04-012025-09-300000017313National Credit Care, LLC, Class A-3 Preferred Units2025-03-310000017313National Credit Care, LLC, Warrants2025-09-300000017313National Credit Care, LLC, Warrants2025-04-012025-09-300000017313National Credit Care, LLC, Warrants2025-03-310000017313Spectrum of Hope, LLC, First Lien - Superpriority Term Loan2025-09-300000017313Spectrum of Hope, LLC, First Lien - Superpriority Term Loan2025-04-012025-09-300000017313Spectrum of Hope, LLC, First Lien - Superpriority Term Loan2025-03-310000017313Spectrum of Hope, LLC, First Lien - Tranche A Term Loan2025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche A Term Loan2025-04-012025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche A Term Loan2025-03-310000017313Spectrum of Hope, LLC, First Lien - Tranche B Term Loan2025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche B Term Loan2025-04-012025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche B Term Loan2025-03-310000017313Spectrum of Hope, LLC, Common Units2025-09-300000017313Spectrum of Hope, LLC, Common Units2025-04-012025-09-300000017313Spectrum of Hope, LLC, Common Units2025-03-310000017313AAC New Holdco Inc., First Lien2025-09-300000017313AAC New Holdco Inc., First Lien2025-04-012025-09-300000017313AAC New Holdco Inc., First Lien2025-03-310000017313AAC New Holdco Inc., First Lien - Term Loan A2025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan A2025-04-012025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan A2025-03-310000017313AAC New Holdco Inc., First Lien - Term Loan B2025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan B2025-04-012025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan B2025-03-310000017313AAC New Holdco Inc., Delayed Draw Term Loan2025-09-300000017313AAC New Holdco Inc., Delayed Draw Term Loan2025-04-012025-09-300000017313AAC New Holdco Inc., Delayed Draw Term Loan2025-03-310000017313AAC New Holdco Inc., shares of preferred stock2025-09-300000017313AAC New Holdco Inc., shares of preferred stock2025-04-012025-09-300000017313AAC New Holdco Inc., shares of preferred stock2025-03-310000017313AAC New Holdco Inc., shares of common stock2025-09-300000017313AAC New Holdco Inc., shares of common stock2025-04-012025-09-300000017313AAC New Holdco Inc., shares of common stock2025-03-310000017313AAC New Holdco Inc., Warrants2025-09-300000017313AAC New Holdco Inc., Warrants2025-04-012025-09-300000017313AAC New Holdco Inc., Warrants2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2025-04-012025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., First Lien2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., First Lien2025-04-012025-09-300000017313AIR CONDITIONING SPECIALIST, INC., First Lien2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2025-04-012025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., Preferred Units2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Preferred Units2025-04-012025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan A2025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan A2025-04-012025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan A2025-03-310000017313American Nuts Operations LLC, First Lien - Term Loan B2025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan B2025-04-012025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan B2025-03-310000017313American Nuts Operations LLC, Class A Preferred Units2025-09-300000017313American Nuts Operations LLC, Class A Preferred Units2025-04-012025-09-300000017313American Nuts Operations LLC, Class A Preferred Units2025-03-310000017313American Nuts Operations LLC, Class C Common Units2025-09-300000017313American Nuts Operations LLC, Class C Common Units2025-04-012025-09-300000017313American Nuts Operations LLC, Class C Common Units2025-03-310000017313ArborWorks, LLC, Revolving Loan2025-09-300000017313ArborWorks, LLC, Revolving Loan2025-04-012025-09-300000017313ArborWorks, LLC, Revolving Loan2025-03-310000017313ArborWorks, LLC, First Lien2025-09-300000017313ArborWorks, LLC, First Lien2025-04-012025-09-300000017313ArborWorks, LLC, First Lien2025-03-310000017313ArborWorks, LLC, Class A Units2025-09-300000017313ArborWorks, LLC, Class A Units2025-04-012025-09-300000017313ArborWorks, LLC, Class A Units2025-03-310000017313ArborWorks, LLC, Class A-1 Preferred Units2025-09-300000017313ArborWorks, LLC, Class A-1 Preferred Units2025-04-012025-09-300000017313ArborWorks, LLC, Class A-1 Preferred Units2025-03-310000017313ArborWorks, LLC, Class B-1 Preferred Units2025-09-300000017313ArborWorks, LLC, Class B-1 Preferred Units2025-04-012025-09-300000017313ArborWorks, LLC, Class B-1 Preferred Units2025-03-310000017313ArborWorks, LLC, Class A-1 Common Units2025-09-300000017313ArborWorks, LLC, Class A-1 Common Units2025-04-012025-09-300000017313ArborWorks, LLC, Class A-1 Common Units2025-03-310000017313CATBIRD NYC, LLC. Revolving Loan2025-09-300000017313CATBIRD NYC, LLC. Revolving Loan2025-04-012025-09-300000017313CATBIRD NYC, LLC. Revolving Loan2025-03-310000017313CATBIRD NYC, LLC, First Lien2025-04-012025-09-300000017313CATBIRD NYC, LLC, Class A Units2025-04-012025-09-300000017313CATBIRD NYC, LLC, Class B Units2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Revolving Loan2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, First Lien2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan2025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Preferred Units2025-04-012025-09-300000017313Command Group Acquisition, LLC, First Lien2025-09-300000017313Command Group Acquisition, LLC, First Lien2025-04-012025-09-300000017313Command Group Acquisition, LLC, First Lien2025-03-310000017313Command Group Acquisition, LLC, Preferred Units2025-09-300000017313Command Group Acquisition, LLC, Preferred Units2025-04-012025-09-300000017313Command Group Acquisition, LLC, Preferred Units2025-03-310000017313Crafty Apes, LLC, First Lien2025-09-300000017313Crafty Apes, LLC, First Lien2025-04-012025-09-300000017313Crafty Apes, LLC, First Lien2025-03-310000017313Crafty Apes, LLC, Delayed Draw Term Loan2025-09-300000017313Crafty Apes, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313Crafty Apes, LLC, Delayed Draw Term Loan2025-03-310000017313Crafty Apes, LLC, Class A Common Units2025-09-300000017313Crafty Apes, LLC, Class A Common Units2025-04-012025-09-300000017313Crafty Apes, LLC, Class A Common Units2025-03-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A2025-04-012025-09-300000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B2025-04-012025-09-300000017313Dynamic Communities, LLC, Class A Preferred units2025-09-300000017313Dynamic Communities, LLC, Class A Preferred units2025-04-012025-09-300000017313Dynamic Communities, LLC, Class A Preferred units2025-03-310000017313Dynamic Communities, LLC, Class B Preferred units2025-09-300000017313Dynamic Communities, LLC, Class B Preferred units2025-04-012025-09-300000017313Dynamic Communities, LLC, Class B Preferred units2025-03-310000017313Dynamic Communities, LLC, Class C Preferred units2025-09-300000017313Dynamic Communities, LLC, Class C Preferred units2025-04-012025-09-300000017313Dynamic Communities, LLC, Class C Preferred units2025-03-310000017313Dynamic Communities, LLC, Common units2025-09-300000017313Dynamic Communities, LLC, Common units2025-04-012025-09-300000017313Dynamic Communities, LLC, Common units2025-03-310000017313GPT Industries, LLC Revolving Loan2025-09-300000017313GPT Industries, LLC Revolving Loan2025-04-012025-09-300000017313GPT Industries, LLC Revolving Loan2025-03-310000017313GPT Industries, LLC First Lien2025-09-300000017313GPT Industries, LLC First Lien2025-04-012025-09-300000017313GPT Industries, LLC First Lien2025-03-310000017313GPT Industries, LLC Class A Preferred Units2025-09-300000017313GPT Industries, LLC Class A Preferred Units2025-04-012025-09-300000017313GPT Industries, LLC Class A Preferred Units2025-03-310000017313GRAMMATECH, INC., Revolving Loan2025-04-012025-09-300000017313GRAMMATECH, INC., First Lien2025-04-012025-09-300000017313GRAMMATECH, INC., Class A units2025-09-300000017313GRAMMATECH, INC., Class A units2025-04-012025-09-300000017313GRAMMATECH, INC., Class A units2025-03-310000017313GRAMMATECH, INC., Class A-1 units2025-09-300000017313GRAMMATECH, INC., Class A-1 units2025-04-012025-09-300000017313GRAMMATECH, INC., Class A-1 units2025-03-310000017313Gravitiq LLC, Revolving Loan2025-09-300000017313Gravitiq LLC, Revolving Loan2025-04-012025-09-300000017313Gravitiq LLC, Revolving Loan2025-03-310000017313Gravitiq LLC, First Lien - Term Loan A2025-09-300000017313Gravitiq LLC, First Lien - Term Loan A2025-04-012025-09-300000017313Gravitiq LLC, First Lien - Term Loan A2025-03-310000017313Gravitiq LLC, First Lien - Term Loan B2025-09-300000017313Gravitiq LLC, First Lien - Term Loan B2025-04-012025-09-300000017313Gravitiq LLC, First Lien - Term Loan B2025-03-310000017313Gravitiq LLC, Warrants2025-09-300000017313Gravitiq LLC, Warrants2025-04-012025-09-300000017313Gravitiq LLC, Warrants2025-03-310000017313ITA HOLDINGS GROUP, LLC, Revolving loan2025-09-300000017313ITA HOLDINGS GROUP, LLC, Revolving loan2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Revolving loan2025-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan C2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan C2025-03-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A2025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B2025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan2025-03-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 12025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 12025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 12025-03-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 22025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 22025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 22025-03-310000017313ITA HOLDINGS GROUP, LLC, Class A Membership Interest2025-04-012025-09-300000017313iVueit, LLC, Revolving Loan2025-09-300000017313iVueit, LLC, Revolving Loan2025-04-012025-09-300000017313iVueit, LLC, Revolving Loan2025-03-310000017313iVueit, LLC, First lien2025-09-300000017313iVueit, LLC, First lien2025-04-012025-09-300000017313iVueit, LLC, First lien2025-03-310000017313iVueit, LLC, Delayed Draw Term Loan2025-09-300000017313iVueit, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313iVueit, LLC, Delayed Draw Term Loan2025-03-310000017313iVueit, LLC, Preferred Units2025-09-300000017313iVueit, LLC, Preferred Units2025-04-012025-09-300000017313iVueit, LLC, Preferred Units2025-03-310000017313Red Dog Operations Holding Company LLC, Revolving Loan2025-09-300000017313Red Dog Operations Holding Company LLC, Revolving Loan2025-04-012025-09-300000017313Red Dog Operations Holding Company LLC, Revolving Loan2025-03-310000017313Red Dog Operations Holding Company LLC, First Lien2025-09-300000017313Red Dog Operations Holding Company LLC, First Lien2025-04-012025-09-300000017313Red Dog Operations Holding Company LLC, First Lien2025-03-310000017313Red Dog Operations Holding Company LLC, Class A Preferred units2025-09-300000017313Red Dog Operations Holding Company LLC, Class A Preferred units2025-04-012025-09-300000017313Red Dog Operations Holding Company LLC, Class A Preferred units2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units2025-04-012025-09-300000017313Local Web Leads, LLC, Revolving Loan2025-09-300000017313Local Web Leads, LLC, Revolving Loan2025-04-012025-09-300000017313Local Web Leads, LLC, Revolving Loan2025-03-310000017313Local Web Leads, LLC, First Lien - Term Loan A2025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan A2025-04-012025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan A2025-03-310000017313Local Web Leads, LLC, First Lien - Term Loan B2025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan B2025-04-012025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan B2025-03-310000017313Local Web Leads, LLC, Common Units2025-09-300000017313Local Web Leads, LLC, Common Units2025-04-012025-09-300000017313Local Web Leads, LLC, Common Units2025-03-310000017313Pool Service Partners, Inc., Revolving Loan2025-09-300000017313Pool Service Partners, Inc., Revolving Loan2025-04-012025-09-300000017313Pool Service Partners, Inc., Revolving Loan2025-03-310000017313Pool Service Partners, Inc., First Lien2025-09-300000017313Pool Service Partners, Inc., First Lien2025-04-012025-09-300000017313Pool Service Partners, Inc., First Lien2025-03-310000017313Pool Service Partners, Inc., Delayed Draw Term Loan2025-09-300000017313Pool Service Partners, Inc., Delayed Draw Term Loan2025-04-012025-09-300000017313Pool Service Partners, Inc., Delayed Draw Term Loan2025-03-310000017313Pool Service Partners, Inc., Common Units2025-09-300000017313Pool Service Partners, Inc., Common Units2025-04-012025-09-300000017313Pool Service Partners, Inc., Common Units2025-03-310000017313Precision Spray & Coatings, LLC, First Lien2025-09-300000017313Precision Spray & Coatings, LLC, First Lien2025-04-012025-09-300000017313Precision Spray & Coatings, LLC, First Lien2025-03-310000017313Precision Spray & Coatings, LLC, Class A -2 Units2025-09-300000017313Precision Spray & Coatings, LLC, Class A -2 Units2025-04-012025-09-300000017313Precision Spray & Coatings, LLC, Class A -2 Units2025-03-310000017313ROSELAND MANAGEMENT, LLC, Revolving Loan2025-04-012025-09-300000017313ROSELAND MANAGEMENT, LLC, First Lien2025-04-012025-09-300000017313Roseland Management, LLC, Class A-2 units2025-09-300000017313ROSELAND MANAGEMENT, LLC, Class A-2 Units2025-04-012025-09-300000017313Roseland Management, LLC, Class A-1 Units2025-09-300000017313Roseland Management, LLC, Class A-1 Units2025-04-012025-09-300000017313Roseland Management, LLC, Class A-1 Units2025-03-310000017313ROSELAND MANAGEMENT, LLC, Class A Units2025-04-012025-09-300000017313Sonobi, Inc., Class A Common units2025-09-300000017313Sonobi, Inc., Class A Common units2025-04-012025-09-300000017313Sonobi, Inc., Class A Common units2025-03-310000017313STATINMED, LLC, First Lien2025-09-300000017313STATINMED, LLC, First Lien2025-04-012025-09-300000017313STATINMED, LLC, Class A Preferred Units2025-04-012025-09-300000017313STATINMED, LLC, Class B Preferred Units2025-04-012025-09-300000017313Student Resource Center LLC, First Lien2025-09-300000017313Student Resource Center LLC, First Lien2025-04-012025-09-300000017313Student Resource Center LLC, First Lien2025-03-310000017313Student Resource Center LLC, Preferred units 12025-09-300000017313Student Resource Center LLC, Preferred units 12025-04-012025-09-300000017313Student Resource Center LLC, Preferred units 12025-03-310000017313Student Resource Center LLC, Preferred units 22025-09-300000017313Student Resource Center LLC, Preferred units 22025-04-012025-09-300000017313Student Resource Center LLC, Preferred units 22025-03-310000017313Student Resource Center LLC, Preferred units 32025-09-300000017313Student Resource Center LLC, Preferred units 32025-04-012025-09-300000017313Student Resource Center LLC, Preferred units 32025-03-310000017313TalkNY Management Holdings, LLC, First Lien2025-09-300000017313TalkNY Management Holdings, LLC, First Lien2025-04-012025-09-300000017313TalkNY Management Holdings, LLC, First Lien2025-03-310000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2025-09-300000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2025-04-012025-09-300000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2025-03-310000017313White Plains Linen LLC, Revolving loan2025-09-300000017313White Plains Linen LLC, Revolving loan2025-04-012025-09-300000017313White Plains Linen LLC, Revolving loan2025-03-310000017313White Plains Linen LLC, First Lien - Term Loan A2025-09-300000017313White Plains Linen LLC, First Lien - Term Loan A2025-04-012025-09-300000017313White Plains Linen LLC, First Lien - Term Loan A2025-03-310000017313White Plains Linen LLC, First Lien - Term Loan B2025-09-300000017313White Plains Linen LLC, First Lien - Term Loan B2025-04-012025-09-300000017313White Plains Linen LLC, First Lien - Term Loan B2025-03-310000017313White Plains Linen LLC, LP Interest2025-09-300000017313White Plains Linen LLC, LP Interest2025-04-012025-09-300000017313White Plains Linen LLC, LP Interest2025-03-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-09-300000017313us-gaap:InvestmentAffiliatedIssuerMember2025-04-012025-09-300000017313us-gaap:InvestmentAffiliatedIssuerMember2025-03-310000017313cswc:CreditFacilityMember2025-04-012025-09-300000017313cswc:January2026NotesMember2025-04-012025-09-300000017313cswc:October2026NotesMember2025-04-012025-09-300000017313cswc:August2028NotesMember2025-04-012025-09-300000017313cswc:A2029ConvertibleNotesMember2025-04-012025-09-300000017313cswc:SBADebenturesMember2025-04-012025-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ……………..to ……………..

Commission File Number: 814-00061

CAPITAL SOUTHWEST CORPORATION
(Exact name of registrant as specified in its charter)
Texas 75-1072796
(State or other jurisdiction of incorporation
or organization)		 (I.R.S. Employer
Identification No.)

8333 Douglas Avenue, Suite 1100, Dallas, Texas
 75225
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (214) 238-5700
Securities registered pursuant to Section 12(b) of the Act:
   
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $0.25 par value per share CSWC The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

57,466,998 shares of Common Stock, $0.25 value per share, as of October 30, 2025.


TABLE OF CONTENTS
Page



Table of Contents
PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
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 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
3
Table of Contents
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 

The accompanying Notes are an integral part of these Consolidated Financial Statements.
4
Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
(In thousands, except shares)
Common Stock Treasury Stock Additional Paid-In Capital Total Distributable Earnings (Loss) Total Net Asset Value
Number of Shares Par Value Number of Shares Par Value
Balances at March 31, 2024
 45,050,759 $ 11,263  — $ —  $ 796,945  $ (52,532) $ 755,676 
Issuance of common stock 1,498,981 375 — — 37,403 — 37,778
Share-based compensation — — — — 1,224 — 1,224
Issuance of common stock under restricted stock plan, net of forfeitures 359,000 89 — — (89) — —
Common stock withheld for payroll taxes upon vesting of restricted stock (71,229) (18) — — (1,844) — (1,862)
Dividends to shareholders — — — — — (29,508) (29,508)
Change in restoration plan liability — — — — (12) — (12)
Net investment income — — — — — 28,859 28,859
Net realized gain on investments
 — — — — — 711 711
Net unrealized depreciation on investments
 — — — — — (15,535) (15,535)
Balances at June 30, 2024
 46,837,511 $ 11,709  — $ —  $ 833,627  $ (68,005) $ 777,331 
Issuance of common stock 839,099 210 — — 20,027 — 20,237
Share-based compensation — — — — 1,538 — 1,538
Issuance of common stock under restricted stock plan, net of forfeitures 10,075 3 — — (3) — —
Dividends to shareholders — — — — — (30,520) (30,520)
Change in restoration plan liability — — — — (12) — (12)
Net investment income — — — — — 31,165 31,165
Net realized loss on investments
 — — — — — (10,289) (10,289)
Net unrealized appreciation on investments
 — — — — — 1,808 1,808
Balances at September 30, 2024
 47,686,685 $ 11,922  — $ —  $ 855,177  $ (75,841) $ 791,258 
Balances at March 31, 2025
 52,912,796 $ 13,228  — $ —  $ 959,123  $ (88,718) $ 883,633 
Issuance of common stock 2,034,917 509 — — 40,663 — 41,172
Share-based compensation — — — — 1,143 — 1,143
Issuance of common stock under restricted stock plan, net of forfeitures 332,250 83 — — (83) — —
Common stock withheld for payroll taxes upon vesting of restricted stock (52,593) (13) — — (1,107) — (1,120)
Dividends to shareholders — — — — — (35,344) (35,344)
Change in restoration plan liability — — — — (11) — (11)
Net investment income — — — — — 31,889 31,889
Net realized gain on investments
 — — — — — 15,704 15,704
Net unrealized depreciation on investments
 — — — — — (20,592) (20,592)
Balances at June 30, 2025
 55,227,370 $ 13,807  — $ —  $ 999,728  $ (97,061) $ 916,474 
Issuance of common stock 1,766,975 442  — —  39,251  —  39,693 
Share-based compensation — —  — —  1,270  —  1,270 
Issuance of common stock under restricted stock plan, net of forfeitures (27,347) (7) — —  7  —  — 
Dividends to shareholders — —  — —  —  (36,040) (36,040)
Change in restoration plan liability — —  — —  (12) —  (12)
Net investment income — —  — —  —  31,984  31,984 
Net realized loss on investments and disposal of fixed assets
 — —  — —  —  (4,928) (4,928)
Net unrealized depreciation on investments
 — —  — —  —  (1,437) (1,437)
Balances at September 30, 2025
 56,966,998 $ 14,242  — $ —  $ 1,040,244  $ (107,482) $ 947,004 
5
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended
September 30,
2025 2024
Cash flows from operating activities
Net increase in net assets from operations $ 52,620  $ 36,719 
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:
Purchases and originations of investments (237,711) (194,049)
Proceeds from sales and repayments of debt investments in portfolio companies 114,745  153,053 
Proceeds from sales and return of capital of equity investments in portfolio companies 30,918  — 
Payment of accreted original issue discounts 1,211  1,753 
Payment of accrued payment-in-kind interest 510  — 
Depreciation and amortization 3,436  2,598 
Net pension benefit (33) (33)
Realized (gain) loss on investments before income tax (17,846) 9,624 
Realized loss on disposal of fixed assets 2  — 
Net unrealized depreciation on investments before income tax 24,559  14,016 
Accretion of discounts on investments (4,765) (3,091)
Payment-in-kind interest (6,115) (6,065)
Share-based compensation expense 2,413  2,762 
Deferred income taxes (1,918) 592 
Changes in other assets and liabilities:
Increase in dividend and interest receivable (2,634) (7,585)
Decrease in escrow receivables 59  23 
Decrease (increase) in tax receivable 47  (148)
Decrease (increase) in other receivables 1,123  (863)
Decrease in other assets 604  590 
Increase in taxes payable 309  518 
Decrease in other liabilities (2,265) (3,120)
Net cash (used in) provided by operating activities (40,731) 7,294 
Cash flows from investing activities
Acquisition of fixed assets (222) (522)
Net cash used in investing activities (222) (522)
Cash flows from financing activities
Proceeds from common stock offering 80,896  58,036 
Borrowings under Credit Facilities 199,000  144,000 
Repayments of Credit Facilities (465,000) (131,000)
Debt issuance costs paid (1,440) (954)
Proceeds from issuance of September 2030 Notes 344,208  — 
Dividends to shareholders (71,383) (60,028)
Common stock withheld for payroll taxes upon vesting of restricted stock (1,120) (1,862)
Net cash provided by financing activities 85,161  8,192 
Net increase in cash, cash equivalents and restricted cash 44,208  14,964 
Cash and cash equivalents at beginning of period 44,871  32,273 
Cash, cash equivalents and restricted cash at end of period $ 89,079  $ 47,237 
Supplemental cash flow disclosures:
Cash paid for income taxes $ 8,952  $ 115 
Cash paid for interest 29,678  22,546 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
Six Months Ended September 30,
2025 2024
Cash and cash equivalents $ 87,429  $ 47,237 
Restricted cash 1,650  — 
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows $ 89,079  $ 47,237 

The accompanying Notes are an integral part of these Consolidated Financial Statements.
6
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Building & Infrastructure Products                          
BRANDNER DESIGN, LLC Revolving Loan 16.30% SOFR (Q) 12.00% 2.00% 2.00% 4/15/2024 4/13/2029 135  125    101  (7)(10)(20)  
  First Lien 16.29% SOFR (Q) 12.00% 2.00% 2.00% 4/15/2024 4/13/2029 8,772  8,669    6,509  (7)  
                    8,794    6,610   
Subtotal: Building & Infrastructure Products                   8,794    6,610  0.70  %
Business Services                          
DYNAMIC COMMUNITIES, LLC First Lien - Term Loan A 12.26% SOFR (M) 8.00% 2.00% 12.26% 12/20/2022 12/31/2026 5,066  5,054    5,066  (6)  
  First Lien - Term Loan B 13.26% SOFR (M) 9.00% 2.00%   12/20/2022 12/31/2026 4,985  4,963    4,985  (6)  
                    10,017    10,051   
GAINS INTERMEDIATE, LLC Revolving Loan   SOFR 8.00% 2.00%   12/15/2022 12/15/2027 —  (22)   —   
  First Lien - Term Loan A 11.55% SOFR (Q) 7.00% 2.00%   12/15/2022 12/15/2027 7,341  7,266    5,579   
  First Lien - Term Loan B 13.55% SOFR (Q) 9.00% 2.00%   12/15/2022 12/15/2027 7,413  7,330    5,160  (16)  
                    14,574    10,739   
IVUEIT, LLC Revolving Loan 10.29% SOFR (Q) 6.00% 2.00%   2/3/2025 2/1/2030 250  241    248  (6)(10)  
  First Lien 10.29% SOFR (Q) 6.00% 2.00%   2/3/2025 2/1/2030 10,000  9,910    9,910  (6)  
  Delayed Draw Term Loan   SOFR 6.00% 2.00%   2/3/2025 2/1/2030 —  —    —  (6)(10)  
                    10,151    10,158   
SPOTLIGHT AR, LLC Revolving Loan   SOFR 6.75% 1.00%   12/8/2021 6/8/2026 —  (6)   —  (10)  
  First Lien 11.19% SOFR (Q) 6.75% 1.00%   12/8/2021 6/8/2026 4,275  4,259    4,275   
                    4,253    4,275   
US COURTSCRIPT HOLDINGS, INC. First Lien 10.80% SOFR (Q) 6.25% 1.00%   5/17/2022 5/17/2027 14,100  13,946    13,846   
WINTER SERVICES OPERATIONS, LLC Revolving Loan 11.77% SOFR (Q) 7.50% 1.00%   11/19/2021 11/19/2026 2,578  2,531    2,570  (10)(20)  
  First Lien - Term Loan A 11.05% SOFR (Q) 6.50% 1.00%   1/16/2024 11/19/2026 14,479  14,340    14,436   
  First Lien - Term Loan B 13.05% SOFR (Q) 8.50% 1.00%   1/16/2024 11/19/2026 14,479  14,344    14,436   
  Delayed Draw Term Loan 12.05% SOFR (Q) 7.50% 1.00%   11/19/2021 11/19/2026 3,748  3,695    3,737   
                    34,910    35,179   
Subtotal: Business Services                   87,851    84,248  8.90  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Commerical Services & Supplies                          
LEHR UPFITTERS, LLC Revolving Loan 9.66% SOFR (Q) 5.50% 1.50%   9/19/2024 9/19/2029 525  483    521  (10)  
  First Lien 9.50% SOFR (Q) 5.50% 1.50%   9/19/2024 9/19/2029 31,657  31,101    31,436   
  Delayed Draw Term Loan 9.50% SOFR (Q) 5.50% 1.50%   4/29/2025 9/19/2029 2,791  2,716    2,772  (10)  
                    34,300    34,729   
VP MOVE PURCHASER, INC. Revolving Loan   SOFR 5.75% 2.00%   2/3/2025 2/4/2030 —  (27)   —  (10)  
  First Lien - Term Loan A 9.04% SOFR (Q) 4.75% 2.00%   2/3/2025 2/4/2030 15,000  14,899    14,895   
  First Lien - Term Loan B 11.04% SOFR (Q) 6.75% 2.00%   2/3/2025 2/4/2030 15,000  14,899    14,895   
                    29,771    29,790   
WHITE PLAINS LINEN LLC Revolving Loan 11.50% SOFR (Q) 7.25% 2.00%   8/1/2025 5/1/2030 1,000  971    971  (6)(10)  
  First Lien - Term Loan A 10.55% SOFR (Q) 6.25% 2.00%   8/1/2025 5/1/2030 12,200  12,081    12,081  (6)  
  First Lien - Term Loan B 12.55% SOFR (Q) 8.25% 2.00%   8/1/2025 5/1/2030 12,200  12,081    12,081  (6)  
                    25,133    25,133   
Subtotal: Commerical Services & Supplies                   89,204    89,652  9.47  %
Consumer Products                          
ALLIANCE SPORTS GROUP Unsecured Convertible Note 6.00% Fixed 6.00% 7/15/2020 12/31/2026 173  173    173   
GRAVITIQ LLC Revolving Loan   SOFR 7.00% 2.00%   1/17/2025 1/16/2030 —  (43)   —  (6)(10)  
  First Lien - Term Loan A 10.29% SOFR (Q) 6.00% 2.00%   1/17/2025 1/16/2030 14,813  13,975    14,516  (6)  
  First Lien - Term Loan B 12.29% SOFR (Q) 8.00% 2.00%   1/17/2025 1/16/2030 14,813  13,970    14,516  (6)  
                    27,902    29,032   
HEAT TRAK, LLC First Lien - Term Loan A 14.44% SOFR (Q) 10.00% 2.00%   6/12/2023 6/9/2028 11,500  10,649    10,419   
  First Lien - Term Loan E 14.44% SOFR (Q) 10.00% 2.00%   3/28/2025 12/31/2025 2,500  2,500    2,500   
                    13,149    12,919   
HYBRID PROMOTIONS, LLC Second Lien 12.54% SOFR (Q) 8.25% 1.00%   6/30/2021 1/3/2028 15,999  15,867    15,999  (15)  
LASH OPCO, LLC Revolving Loan 12.01% SOFR (Q) 7.75% 1.00% 5.10% 12/29/2021 9/17/2027 212  204    195  (10)  
  First Lien 12.16% SOFR (Q) 7.75% 1.00% 5.10% 12/29/2021 9/17/2027 18,149  17,983    16,703  (20)  
                    18,187    16,898   
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
REVO BRANDS, INC. Revolving Loan 11.77% SOFR (Q) 7.50% 1.50%   2/21/2024 2/21/2029 7,300  7,201    7,081  (10)(20)  
  First Lien - Term Loan A 10.79% SOFR (Q) 6.50% 1.50%   2/21/2024 2/21/2029 10,580  10,422    10,263   
  First Lien - Term Loan B 11.79% SOFR (Q) 7.50% 1.50%   2/21/2024 2/21/2029 10,580  10,421    10,263   
  First Lien - Term Loan C 12.79% SOFR (Q) 8.50% 1.50%   2/21/2024 2/21/2029 10,580  10,420    10,263   
                    38,464    37,870   
TRU FRAGRANCE & BEAUTY LLC Revolving Loan 10.53% SOFR (Q) 6.25% 1.50%   3/22/2024 3/21/2029 5,200  5,137    5,200  (10)(20)  
  First Lien - Term Loan A 9.54% SOFR (Q) 5.25% 1.50%   3/22/2024 3/21/2029 15,023  14,796    15,023   
  First Lien - Term Loan B 11.54% SOFR (Q) 7.25% 1.50%   3/22/2024 3/21/2029 15,023  14,793    15,023   
  First Lien 10.54% SOFR (Q) 6.25% 1.50%   1/2/2025 3/21/2029 6,000  5,949    6,000   
                    40,675    41,246   
Subtotal: Consumer Products                   154,417    154,137  16.28  %
Consumer Services                          
AIR CONDITIONING SPECIALIST INC. Revolving Loan 9.70% SOFR (Q) 5.50% 1.00%   11/9/2021 11/19/2029 695  683    689  (10)  
  First Lien 9.69% SOFR (Q) 5.50% 1.00%   11/9/2021 11/19/2029 20,971  20,760    20,803   
  Delayed Draw Term Loan 9.64% SOFR (Q) 5.50% 1.00%   11/19/2024 11/19/2029 6,144  6,144    6,094  (20)  
                    27,587    27,586   
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC) Revolving Loan   SOFR 8.00% 1.00%   8/27/2021 8/27/2026 —  (11)   —  (10)  
  First Lien - Term Loan A 11.55% SOFR (Q) 7.00% 1.00%   8/27/2021 8/27/2026 13,261  13,193    10,609   
  First Lien - Term Loan B 13.55% SOFR (Q) 9.00% 1.00%   4/12/2023 8/27/2026 13,261  13,193    10,609   
                    26,375    21,218   
BETTER THAN HOME, INC. Revolving Loan   SOFR 5.75% 1.00%   8/8/2025 8/8/2031 —  (22)   —  (10)  
  First Lien 9.96% SOFR (Q) 5.75% 1.00%   8/8/2025 8/8/2031 12,000  11,874    11,874  (20)  
  Delayed Draw Term Loan 9.89% SOFR (Q) 5.75% 1.00%   8/8/2025 8/8/2031 2,250  2,225    2,225  (10)(20)  
                    14,077    14,099   
CAMPANY ROOF MAINTENANCE, LLC Revolving Loan   SOFR 7.00% 1.50%   7/26/2024 11/27/2028 —  (17)   —  (10)  
  First Lien 11.26% SOFR (M) 7.00% 1.50%   7/26/2024 11/27/2028 14,790  14,505    13,311   
                    14,488    13,311   
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
KINDRED PET SERVICE, LLC (fka RED DOG OPERATIONS HOLDING COMPANY LLC) Revolving Loan   SOFR 6.50% 2.00%   11/15/2024 11/15/2029 —  (16)   —  (6)(10)  
  First Lien 10.76% SOFR (Q) 6.50% 2.00%   11/15/2024 11/15/2029 10,800  10,704    10,692  (6)(20)  
                    10,688    10,692   
LIFT BRANDS, INC. Tranche A Term Loan 11.76% SOFR (M) 7.50% 1.00%   2/1/2024 9/30/2026 2,297  2,297    2,292   
  Tranche B Term Loan 9.50% Fixed 9.50% 2/1/2024 9/30/2026 762  762    726   
  Tranche C Loan —%   2/1/2024 9/30/2026 549  549    524   
                    3,608    3,542   
MAIN LINE BRANDS LLC Revolving Loan   SOFR 5.75% 2.00%   5/15/2025 5/15/2030 —  (18)   —  (10)  
  First Lien 10.04% SOFR (Q) 5.75% 2.00%   5/15/2025 5/15/2030 10,000  9,906    9,900   
                    9,888    9,900   
POOL SERVICE PARTNERS, INC. Revolving Loan   SOFR 7.00% 2.00%   12/20/2023 12/20/2028 —  (21)   —  (6)(10)  
  First Lien 11.29% SOFR (Q) 7.00% 2.00%   12/20/2023 12/20/2028 5,000  4,929    4,945  (6)  
  Delayed Draw Term Loan 11.29% SOFR (Q) 7.00% 2.00%   12/20/2023 12/20/2028 5,400  5,271    5,341  (6)(10)  
                    10,179    10,286   
TMT BHC BUYER, INC. Revolving Loan   SOFR 6.00% 1.50%   3/7/2024 3/7/2029 —  (69)   —  (10)  
  First Lien 10.29% SOFR (Q) 6.00% 1.50%   3/7/2024 3/7/2029 16,500  16,254    16,500   
                    16,185    16,500   
WASH & WAX SYSTEMS LLC Revolving Loan 9.81% SOFR (Q) 5.50% 1.00%   4/30/2025 4/30/2028 9  1    9  (10)  
  First Lien 9.81% SOFR (Q) 5.50% 1.00% 9.81% 4/30/2025 4/30/2028 6,866  6,750    6,866   
  First Lien 12.00% Fixed 12.00% 4/30/2025 7/30/2028 4,616  4,616    3,924   
                    11,367    10,799   
Subtotal: Consumer Services                   144,442    137,933  14.57  %
Data Processing & Outsourced Services                          
BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC. Revolving Loan 9.43% SOFR (S) 5.00% 1.00%   2/22/2024 6/10/2028 217  215    217  (10)  
  First Lien 9.15% SOFR (Q) 5.00% 1.00%   2/22/2024 6/10/2028 2,093  2,076    2,093   
                    2,291    2,310   
Subtotal: Data Processing & Outsourced Services                   2,291    2,310  0.24  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Distribution                          
KMS, LLC First Lien 12.50% Fixed   2/10/2025 9/29/2028 2,121  2,121    2,121  (7)(15)  
  Delayed Draw Term Loan 12.50% Fixed   2/10/2025 9/29/2028 2,464  2,403    2,464  (7)(10)(15)  
                    4,524    4,585   
Subtotal: Distribution                   4,524    4,585  0.48  %
Education                          
MUSIKER DISCOVERY PROGRAMS, INC. Revolving Loan 11.30% SOFR (Q) 7.00% 2.00%   10/29/2024 10/29/2029 3,000  2,959    3,000  (10)(20)  
  First Lien - Term Loan A 10.29% SOFR (Q) 6.00% 2.00%   10/29/2024 10/29/2029 11,500  11,401    11,500   
  First Lien - Term Loan B 12.29% SOFR (Q) 8.00% 2.00%   10/29/2024 10/29/2029 11,500  11,401    11,489   
  Delayed Draw Term Loan   SOFR 7.00% 2.00%   10/29/2024 10/29/2029 —  —    —  (10)  
                    25,761    25,989   
STUDENT RESOURCE CENTER LLC First Lien 8.50% Fixed 8.50% 12/31/2022 12/30/2027 9,644  9,503    3,761  (6)(16)  
Subtotal: Education                   35,264    29,750  3.14  %
Energy Services                          
ACE GATHERING, INC. First Lien 11.05% SOFR (Q) 6.50% 2.00%   12/13/2018 12/14/2026 3,533  3,514    3,533  (15)  
PIPELINE TECHNIQUE LTD. Revolving Loan 11.75% SOFR (Q) 7.25% 1.00%   8/23/2022 8/19/2027 2,389  2,364    2,389  (9)(10)(20)(22)  
  First Lien 11.71% SOFR (Q) 7.25% 1.00%   8/23/2022 8/19/2027 5,472  5,414    5,472  (9)(22)  
                    7,778    7,861   
WELL-FOAM, INC. Revolving Loan   SOFR 8.00% 1.00%   9/9/2021 9/9/2026 —  (17)   —  (10)  
  First Lien 12.44% SOFR (Q) 8.00% 1.00%   9/9/2021 9/9/2026 10,671  10,620    10,671   
                    10,603    10,671   
Subtotal: Energy Services                   21,895    22,065  2.33  %
Environmental Services                          
ARBORWORKS, LLC Revolving Loan 15.00% Fixed 15.00% 11/6/2023 11/6/2028 1,220  1,220    1,220  (6)(10)  
  First Lien 10.75% SOFR (M) 6.50% 1.00% 10.75% 11/6/2023 11/6/2028 3,722  3,722    3,722  (6)  
                    4,942    4,942   
ISLAND PUMP AND TANK, LLC Revolving Loan 11.41% SOFR (Q) 7.00% 2.00%   3/2/2023 5/17/2029 3,479  3,440    3,479  (20)  
  First Lien - Term Loan A 10.55% SOFR (Q) 6.00% 2.00%   2/23/2024 5/17/2029 12,218  12,068    12,218   
  First Lien - Term Loan B 11.55% SOFR (Q) 7.00% 2.00%   2/23/2024 5/17/2029 12,218  12,068    12,218   
  First Lien - Term Loan C 12.55% SOFR (Q) 8.00% 2.00%   2/23/2024 5/17/2029 12,218  12,062    12,218   
                    39,638    40,133   
11
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
LIGHTING RETROFIT INTERNATIONAL, LLC Revolving Loan 7.50% Fixed   12/31/2021 12/31/2026 —  —    —  (6)(10)  
  First Lien 7.50% Fixed   12/31/2021 12/31/2026 5,013  5,013    4,922  (6)  
  Second Lien 10.00% Fixed 10.00% 12/31/2021 12/31/2027 5,208  5,208    —  (6)(16)  
                    10,221    4,922   
Subtotal: Environmental Services                   54,801    49,997  5.28  %
Financial Services                          
INSURE HOMES CORPORATION Tranche B Term Loan 11.78% SOFR (M) 7.50% 2.00%   8/6/2024 8/6/2029 24,000  23,700    24,000   
JACKSON HEWITT TAX SERVICE INC. First Lien 12.79% SOFR (Q) 8.50% 2.50%   9/14/2023 9/14/2028 10,000  9,899    10,000   
NATIONAL CREDIT CARE, LLC First Lien - Term Loan A 4.50% Fixed 12/23/2021 2/25/2030 11,625  11,451    10,520  (7)  
  First Lien - Term Loan B 4.50% Fixed 12/23/2021 2/25/2030 11,625  11,449    10,520  (7)  
                    22,900    21,040   
NINJATRADER, LLC First Lien 10.94% SOFR (Q) 6.50% 1.00%   12/18/2019 12/18/2026 46,282  46,245    46,282   
Subtotal: Financial Services                   102,744    101,322  10.70  %
Food, Agriculture & Beverage                          
AMERICAN NUTS OPERATIONS LLC First Lien - Term Loan A 12.94% SOFR (Q) 8.50% 1.00% 12.94% 3/28/2025 3/28/2028 6,051  6,051    6,051  (6)  
  First Lien - Term Loan B 12.94% SOFR (Q) 8.50% 1.00% 12.94% 3/28/2025 3/28/2028 6,051  6,051    4,931  (6)  
                    12,102    10,982   
FOODPHARMA SUBSIDIARY HOLDINGS, LLC First Lien - Term Loan A 10.80% SOFR (M) 6.50% 2.00%   6/21/2024 12/31/2026 14,197  14,083    14,197  (20)  
  First Lien - Term Loan B 11.80% SOFR (M) 7.50% 2.00%   6/21/2024 12/31/2026 14,197  14,055    14,197  (20)  
  First Lien - Term Loan C 12.80% SOFR (M) 8.50% 2.00%   6/21/2024 12/31/2026 14,197  14,055    14,197  (20)  
                    42,193    42,591   
GULF PACIFIC ACQUISITION, LLC Revolving Loan 11.26% SOFR (M) 7.00% 1.00%   9/30/2022 9/29/2028 454  444    409  (10)(20)  
  First Lien 11.26% SOFR (M) 7.00% 1.00%   9/30/2022 9/29/2028 3,846  3,792    3,462  (20)  
                    4,236    3,871   
12
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
MAMMOTH BORROWCO, INC. Revolving Loan 10.47% SOFR (Q) 6.25% 1.50%   11/30/2023 11/30/2028 1,850  1,791    1,758  (10)(20)  
  First Lien - Term Loan A 9.45% SOFR (Q) 5.25% 1.50%   11/30/2023 11/30/2028 10,514  10,330    9,988   
  First Lien - Term Loan B 11.45% SOFR (Q) 7.25% 1.50%   11/30/2023 11/30/2028 10,514  10,327    9,988   
  Delayed Draw Term Loan 10.43% SOFR (Q) 6.25% 1.50%   11/30/2023 11/30/2028 2,839  2,780    2,697  (20)  
                    25,228    24,431   
MUENSTER MILLING COMPANY Revolving Loan   SOFR 9.00% 1.00%   8/10/2021 2/10/2027 —  (25)   —   
  First Lien 13.44% SOFR (Q) 9.00% 1.00% 13.44% 8/10/2021 2/10/2027 24,118  23,949    21,513   
                    23,924    21,513   
NEW SKINNY MIXES, LLC Revolving Loan 12.52% SOFR (Q) 8.00% 2.00%   12/21/2022 12/21/2027 1,250  1,214    1,250  (10)(20)  
  First Lien 12.49% SOFR (Q) 8.00% 2.00%   12/21/2022 12/21/2027 13,000  12,863    13,000   
                    14,077    14,250   
Subtotal: Food, Agriculture & Beverage                   121,760    117,638  12.42  %
Healthcare Equipment & Supplies                          
CENTRAL MEDICAL SUPPLY LLC Revolving Loan 11.29% SOFR (Q) 7.00% 1.00%   5/22/2020 5/22/2028 1,975  1,951    1,975  (6)(10)(20)  
  First Lien 11.29% SOFR (Q) 7.00% 1.00%   5/22/2020 5/22/2028 18,641  18,482    18,641  (6)  
                    20,433    20,616   
COMMAND GROUP ACQUISITION, LLC First Lien 11.79% SOFR (Q) 7.50% 2.00%   2/15/2024 2/15/2029 6,000  5,910    6,000  (6)  
LKC TECHNOLOGIES, INC. Revolving Loan   SOFR 6.50% 2.00%   6/7/2023 6/7/2028 —  (21)   —  (10)  
  First Lien 11.05% SOFR (Q) 6.50% 2.00%   6/7/2023 6/7/2028 15,441  15,308    15,441   
                    15,287    15,441   
SCRIP, INC. First Lien 12.14% SOFR (M) 8.00% 2.00%   3/21/2019 3/19/2027 17,837  17,796    15,696   
Subtotal: Healthcare Equipment & Supplies                   59,426    57,753  6.10  %
Healthcare Products                          
DWS BUYER LLC Revolving Loan   SOFR 5.50% 0.75%   7/29/2025 7/29/2031 —  (19)   —  (10)  
  First Lien 9.70% SOFR (Q) 5.50% 0.75%   7/29/2025 7/29/2031 6,552  6,456    6,456   
  Delayed Draw Term Loan   SOFR 5.50% 0.75%   7/29/2025 7/29/2031 —  (16)   —  (10)  
6,421    6,456 
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Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
LIGHTNING INTERMEDIATE II, LLC Revolving Loan   SOFR 6.00% 1.00%   6/6/2022 6/5/2028 —  (17)   —  (10)  
  First Lien 10.17% SOFR (S) 6.00% 1.00%   6/6/2022 6/5/2028 19,422  19,258    19,033   
                    19,241    19,033   
MICROBE FORMULAS LLC Revolving Loan   SOFR 5.75% 1.00%   4/4/2022 4/3/2028 —  (14)   —  (10)  
  First Lien 10.01% SOFR (M) 5.75% 1.00%   4/4/2022 4/3/2028 12,162  12,054    12,162  (20)  
                    12,040    12,162   
Subtotal: Healthcare Products                   37,702    37,651  3.98  %
Healthcare Services                          
AAC NEW HOLDCO INC. First Lien 18.00% Fixed 18.00% 12/11/2020 6/2/2027 198  198    198  (6)  
  First Lien - Term Loan A 10.00% Fixed 10.00% 3/31/2025 6/2/2027 3,086  3,086    3,086  (6)  
  First Lien - Term Loan B 12.00% Fixed 12.00% 3/31/2025 6/2/2027 3,023  3,023    1,375  (6)(16)  
  Delayed Draw Term Loan 10.00% Fixed 10.00% 4/1/2025 6/2/2027 768  768    768  (6)(10)  
                    7,075    5,427   
CAVALIER BUYER, INC. First Lien 12.14% SOFR (Q) 8.00% 2.00%   2/10/2023 2/10/2028 10,500  10,405    10,490  (20)  
CDC DENTAL MANAGEMENT CO., LLC Revolving Loan   SOFR 7.50% 2.00%   10/31/2023 10/31/2028 —  (25)   —  (10)  
  First Lien - Term Loan A 10.79% SOFR (Q) 6.50% 2.00%   10/31/2023 10/31/2028 5,500  5,423    5,500   
  First Lien - Term Loan B 12.79% SOFR (Q) 8.50% 2.00%   10/31/2023 10/31/2028 5,500  5,424    5,500   
                    10,822    11,000   
CITYVET INC. First Lien 11.39% SOFR (Q) 7.00% 2.00%   9/6/2023 9/6/2028 35,000  34,469    35,000   
CUMBRIA CAPITAL MSO, LLC Revolving Loan   SOFR 6.50% 2.00%   10/28/2024 10/29/2029 —  (12)   —  (10)  
  First Lien 10.79% SOFR (Q) 6.50% 2.00%   10/28/2024 10/29/2029 5,400  5,354    5,400   
  Delayed Draw Term Loan 10.79% SOFR (Q) 6.50% 2.00%   10/28/2024 10/29/2029 759  749    759  (10)  
                    6,091    6,159   
HH-INSPIRE ACQUISITION, INC. Revolving Loan 14.38% SOFR (M) 10.00% 2.00% 2.00% 4/3/2023 4/3/2028 776  771    706   
  First Lien 14.38% SOFR (M) 10.00% 2.00% 2.00% 4/3/2023 4/3/2028 8,287  8,160    7,542   
                    8,931    8,248   
INSTITUTES OF HEALTH, LLC Revolving Loan   SOFR 7.50% 2.00%   9/29/2023 9/29/2028 —  (12)   —  (10)  
  First Lien - Term Loan A 10.79% SOFR (Q) 6.50% 2.00%   9/29/2023 9/29/2028 7,500  7,399    7,448   
  First Lien - Term Loan B 12.79% SOFR (Q) 8.50% 2.00%   9/29/2023 9/29/2028 7,500  7,398    7,440   
                    14,785    14,888   
14
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC Revolving Loan 10.51% SOFR (Q) 6.50% 2.00%   12/11/2024 12/11/2029 100  75    99  (10)  
  First Lien - Term Loan A 9.79% SOFR (Q) 5.50% 2.00%   12/11/2024 12/11/2029 8,050  7,980    7,977   
  First Lien - Term Loan B 11.79% SOFR (Q) 7.50% 2.00%   12/11/2024 12/11/2029 8,050  7,979    7,977   
  Delayed Draw Term Loan   SOFR 6.50% 2.00%   12/11/2024 12/11/2029 —  —    —  (10)  
                    16,034    16,053   
NEUROPSYCHIATRIC HOSPITALS, LLC Revolving Loan 11.94% SOFR (Q) 7.50% 1.00%   5/14/2021 5/14/2026 1,000  982    1,000  (10)  
  First Lien - Term Loan A 10.94% SOFR (Q) 6.50% 1.00%   3/21/2023 5/14/2026 7,374  7,353    7,359   
  First Lien - Term Loan B 12.94% SOFR (Q) 8.50% 1.00%   3/21/2023 5/14/2026 7,374  7,353    7,388   
  First Lien - Term Loan C 14.44% SOFR (Q) 10.00% 1.00%   3/21/2023 5/14/2026 5,112  5,081    5,112   
  First Lien - Term Loan D 11.94% SOFR (Q) 7.50% 1.00%   10/27/2023 5/14/2026 12,884  12,794    12,884   
                    33,563    33,743   
ROSELAND MANAGEMENT, LLC Revolving Loan   SOFR 7.00% 2.00%   11/9/2018 11/10/2025 —  (1)   —  (6)(10)  
  First Lien 11.44% SOFR (Q) 7.00% 2.00%   11/9/2018 11/10/2025 14,473  14,473    14,473  (6)  
                    14,472    14,473   
SPECTRUM OF HOPE, LLC First Lien - Superpriority Term Loan 7.00% Fixed 7.00% 12/23/2024 12/31/2029 3,592  3,592    3,592  (7)  
  First Lien - Tranche A Term Loan 6.00% Fixed 6.00% 3/31/2025 12/31/2029 11,120  11,104    7,217  (7)(16)  
  First Lien - Tranche B Term Loan 8.00% Fixed 8.00% 3/31/2025 12/31/2029 11,120  11,120    —  (7)(16)  
                    25,816    10,809   
SUPERIOR HEALTH PARENT LLC Revolving Loan 10.00% SOFR (Q) 6.00% 1.50%   12/26/2024 12/26/2030 1,000  980    988  (10)  
  First Lien 10.00% SOFR (Q) 6.00% 1.50%   12/26/2024 12/26/2030 17,500  17,381    17,290   
  Delayed Draw Term Loan   SOFR 6.00% 1.50%   12/26/2024 12/26/2030 —  (76)   —  (10)  
                    18,285    18,278   
TALKNY MANAGEMENT HOLDINGS, LLC First Lien 11.54% SOFR (Q) 7.25% 3.00%   6/14/2024 6/14/2029 7,500  7,410    7,200  (6)  
15
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
WELL LABS PLUS, LLC Revolving Loan   SOFR 6.50% 1.00%   9/5/2025 9/5/2030 —  (22)   —  (10)  
  First Lien 10.61% SOFR (Q) 6.50% 1.00%   9/5/2025 9/5/2030 15,250  15,136    15,136  (20)  
  Delayed Draw Term Loan   SOFR 6.50% 1.00%   9/5/2025 9/5/2030 —  —    —  (10)  
                    15,114    15,136   
Subtotal: Healthcare Services                   223,272    206,904  21.85  %
Industrial Machinery                          
C&M CONVEYOR, INC. First Lien - Term Loan A 10.90% SOFR (M) 6.50% 1.50%   1/3/2023 9/30/2026 6,500  6,459    6,500  (15)  
  First Lien - Term Loan B 12.90% SOFR (M) 8.50% 1.50%   1/3/2023 9/30/2026 6,500  6,460    6,500  (15)  
  First Lien - Term Loan C 10.90% SOFR (M) 6.50% 1.50%   10/2/2024 9/30/2026 7,810  7,768    7,810  (15)  
  First Lien - Term Loan D 12.90% SOFR (M) 8.50% 1.50%   10/2/2024 9/30/2026 7,810  7,768    7,810  (15)  
                    28,455    28,620   
DRIVE LINE SERVICE OF PORTLAND, LLC Revolving Loan   SOFR 8.00% 2.00%   12/16/2024 12/14/2029 —  (17)   —  (10)  
  First Lien 12.29% SOFR (Q) 8.00% 2.00%   12/16/2024 12/14/2029 6,790  6,729    6,722   
                    6,712    6,722   
SUREKAP, LLC First Lien - Term Loan A 9.30% SOFR (Q) 5.00% 1.50%   6/24/2024 6/25/2029 19,089  18,947    18,001   
  First Lien - Term Loan B 11.30% SOFR (Q) 7.00% 1.50%   6/24/2024 6/25/2029 19,089  18,946    18,001   
  Delayed Draw Term Loan   SOFR 6.00% 1.50%   6/24/2024 6/25/2029 —  —    —  (10)  
                    37,893    36,002   
Subtotal: Industrial Machinery                   73,060    71,343  7.53  %
Industrial Products                          
GPT INDUSTRIES, LLC Revolving Loan   SOFR 9.00% 2.00%   1/30/2023 1/31/2028 —  (28)   —  (6)(10)  
  First Lien 11.55% SOFR (Q) 7.00% 2.00%   1/30/2023 1/31/2028 5,796  5,729    5,785  (6)(19)  
                    5,701    5,785   
LLFLEX, LLC First Lien 12.44% SOFR (Q) 8.00% 1.00% 3.00% 8/16/2021 8/14/2026 10,201  10,153    7,651  (15)  
SERVERLIFT, LLC Revolving Loan 9.54% SOFR (Q) 5.25% 2.00%   12/31/2024 12/31/2029 1,000  963    1,000  (10)  
  First Lien - Term Loan A 8.54% SOFR (Q) 4.25% 2.00%   12/31/2024 12/31/2029 16,000  15,877    16,000   
  First Lien - Term Loan B 10.54% SOFR (Q) 6.25% 2.00%   12/31/2024 12/31/2029 16,000  15,876    16,000   
                    32,716    33,000   
Subtotal: Industrial Products                   48,570    46,436  4.90  %
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Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Industrial Services                          
BP LOENBRO HOLDINGS INC. Revolving Loan 10.01% SOFR (M) 5.75% 1.50%   2/9/2024 2/1/2029 330  316    330  (10)  
  First Lien 10.16% SOFR (Q) 5.75% 1.50%   2/9/2024 2/1/2029 17,132  16,973    17,132  (20)  
                    17,289    17,462   
MISSION CRITICAL GROUP, LLC Revolving Loan   SOFR 6.00% 1.00%   6/18/2025 4/17/2030 —  (36)   —  (10)  
  First Lien 10.14% SOFR (M) 6.00% 1.00%   6/18/2025 4/17/2030 10,977  10,767    10,901   
  Delayed Draw Term Loan   SOFR 6.00% 1.00%   6/18/2025 4/17/2030 —  (43)   —  (10)  
                    10,688    10,901   
PRECISION SPRAY & COATINGS, LLC First Lien 11.80% SOFR (Q) 7.50% 2.00%   8/1/2025 8/1/2030 4,000  3,961    3,961  (6)  
UPS INTERMEDIATE, LLC First Lien 10.41% SOFR (M) 6.25% 1.00%   7/31/2024 7/27/2029 9,875  9,713    9,678  (15)  
Subtotal: Industrial Services                   41,651    42,002  4.44  %
Media & Marketing                          
360 QUOTE TOPCO, LLC Revolving Loan 10.65% SOFR (Q) 6.50% 1.00%   6/16/2022 6/16/2027 846  801    846  (10)  
  First Lien 10.65% SOFR (Q) 6.50% 1.00%   6/16/2022 6/16/2027 26,198  26,059    26,198  (19)  
                    26,860    27,044   
ACCELERATION PARTNERS First Lien 12.33% SOFR (Q) 7.89% 1.00%   12/1/2020 12/31/2026 19,749  19,607    19,749  (8)(20)  
BOND BRAND LOYALTY ULC Revolving Loan 11.44% SOFR (Q) 7.00% 2.00%   5/1/2023 5/1/2028 800  779    800  (9)(10)(22)  
  First Lien - Term Loan A 10.44% SOFR (Q) 6.00% 2.00%   5/1/2023 5/1/2028 8,820  8,715    8,820  (9)(22)  
  First Lien - Term Loan B 12.44% SOFR (Q) 8.00% 2.00%   5/1/2023 5/1/2028 8,820  8,713    8,820  (9)(22)  
                    18,207    18,440   
EXACT BORROWER, LLC Revolving Loan   SOFR 6.00% 2.00%   12/7/2022 8/6/2027 —  (20)   —  (10)  
  First Lien - Term Loan A 10.44% SOFR (Q) 6.00% 2.00%   12/7/2022 8/6/2027 6,753  6,689    6,658   
  First Lien - Term Loan B 10.44% SOFR (Q) 6.00% 2.00%   12/7/2022 8/6/2027 6,753  6,689    6,658   
  First Lien - Term Loan C 10.44% SOFR (Q) 6.00% 2.00%   12/31/2024 8/6/2027 11,443  11,358    11,282   
  Delayed Draw Term Loan 10.44% SOFR (Q) 6.00% 2.00%   12/7/2022 8/6/2027 3,591  3,539    3,541  (10)  
  Promissory Note 13.57% Fixed   12/7/2022 12/6/2028 385  385    385   
                    28,640    28,524   
FMT SOLUTIONS, LLC First Lien 11.79% SOFR (Q) 7.50% 2.00%   11/19/2024 11/19/2029 6,750  6,691    6,750   
17
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
IGNITE VISIBILITY LLC Revolving Loan   SOFR 6.00% 1.00%   12/1/2023 12/1/2028 —  (19)   —  (10)  
  First Lien - Term Loan A 9.29% SOFR (Q) 5.00% 1.00%   12/1/2023 12/1/2028 7,500  7,437    7,500  (10)  
  First Lien - Term Loan B 11.29% SOFR (Q) 7.00% 1.00%   12/1/2023 12/1/2028 7,500  7,436    7,500  (10)  
  Delayed Draw Term Loan 10.27% SOFR (Q) 6.00% 1.00%   4/3/2025 12/1/2028 5,500  5,404    5,500  (10)(20)  
                    20,258    20,500   
LOCAL WEB LEADS, LLC Revolving Loan   SOFR 7.00% 2.00%   7/3/2025 7/3/2030 —  (9)   —  (6)(10)  
  First Lien - Term Loan A 10.30% SOFR (Q) 6.00% 2.00%   7/3/2025 7/3/2030 6,750  6,686    6,686  (6)  
  First Lien - Term Loan B 12.30% SOFR (Q) 8.00% 2.00%   7/3/2025 7/3/2030 6,750  6,686    6,686  (6)  
                    13,363    13,372   
SOCIALSEO, LLC Revolving Loan 11.28% SOFR (M) 7.00% 2.00%   3/6/2025 6/24/2027 1,200  1,177    1,189  (10)  
  First Lien - Term Loan A 10.28% SOFR (M) 6.00% 2.00%   3/6/2025 6/24/2027 10,125  10,047    10,034   
  First Lien - Term Loan B 12.28% SOFR (M) 8.00% 2.00%   3/6/2025 6/24/2027 10,125  10,046    10,034   
                    21,270    21,257   
Subtotal: Media & Marketing                   154,896    155,636  16.43  %
Movies & Entertainment                          
CRAFTY APES, LLC First Lien 10.75% SOFR (M) 6.50% 1.00% 10.75% 11/20/2024 6/1/2027 4,053  3,926    3,863  (6)(8)  
  Delayed Draw Term Loan SOFR 6.50% 1.00%   11/20/2024 6/1/2027 —  —    —  (6)(8)(10)  
                    3,926    3,863   
Subtotal: Movies & Entertainment                   3,926    3,863  0.41  %
Pharmaceuticals, Biotechnology & Life Sciences                          
LGM PHARMA LLC Revolving Loan   SOFR 8.50% 1.00%   11/28/2023 11/20/2026 —  (11)   —  (10)  
  First Lien - Term Loan A 11.78% SOFR (M) 7.50% 1.00%   11/28/2023 11/20/2026 4,799  4,781    4,799   
  First Lien - Term Loan B 13.78% SOFR (M) 9.50% 1.00%   11/28/2023 11/20/2026 4,799  4,781    4,799   
  First Lien 12.69% SOFR (M) 8.50% 1.00%   11/28/2023 11/20/2026 19,913  19,720    19,913  (20)  
  Delayed Draw Term Loan 12.78% SOFR (M) 8.50% 1.00%   3/16/2018 11/20/2026 4,204  4,173    4,204   
                    33,444    33,715   
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences                   33,444    33,715  3.56  %
18
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Research & Consulting Services                          
ENSTOA, INC. First Lien 10.31% SOFR (M) 6.00% 1.00%   5/1/2025 5/1/2030 9,306  9,153    9,082   
  Delayed Draw Term Loan   SOFR 6.00% 1.00%   5/1/2025 5/1/2030 —  (86)   —  (10)  
                    9,067    9,082   
FS VECTOR LLC Revolving Loan   SOFR 5.75% 1.00%   4/26/2023 4/26/2028 —  (51)   —  (10)  
  First Lien - Term Loan A 9.19% SOFR (Q) 4.75% 1.00%   4/26/2023 4/26/2028 15,000  14,820    14,970   
  First Lien - Term Loan B 11.19% SOFR (Q) 6.75% 1.00%   4/26/2023 4/26/2028 15,000  14,822    14,955   
                    29,591    29,925   
THE GOBEL GROUP, LLC Revolving Loan   SOFR 6.50% 2.00%   10/29/2024 10/29/2029 —  (8)   —  (10)  
  First Lien 10.79% SOFR (Q) 6.50% 2.00%   10/29/2024 10/29/2029 4,000  3,966    4,000   
                    3,958    4,000   
Subtotal: Research & Consulting Services                   42,616    43,007  4.54  %
Restaurants                          
ONE GROUP, LLC First Lien 10.78% SOFR (M) 6.50% 1.00%   2/22/2024 10/29/2026 9,530  9,487    9,530   
SWENSONS DRIVE-IN RESTAURANTS, LLC Revolving Loan   SOFR 7.50% 2.00%   9/27/2023 9/27/2028 —  (18)   —  (10)  
  First Lien - Term Loan A 10.79% SOFR (Q) 6.50% 2.00%   9/27/2023 9/27/2028 8,000  7,893    8,000   
  First Lien - Term Loan B 12.79% SOFR (Q) 8.50% 2.00%   9/27/2023 9/27/2028 8,000  7,891    8,000   
                    15,766    16,000   
Subtotal: Restaurants                   25,253    25,530  2.70  %
Software & IT Services                          
ACACIA BUYERCO V LLC Revolver Loan   SOFR 8.00% 1.00%   11/25/2022 11/26/2027 —  (17)   —   
  First Lien - Term Loan A 12.55% SOFR (Q) 8.00% 1.00%   11/25/2022 11/26/2027 10,000  9,830    9,000   
                    9,813    9,000   
CADMIUM, LLC Revolving Loan 11.26% SOFR (Q) 7.00% 1.00%   1/7/2022 12/22/2026 615  614    601   
  First Lien 11.26% SOFR (Q) 7.00% 1.00%   1/7/2022 12/22/2026 8,030  8,006    7,836   
                    8,620    8,437   
GRAMMATECH, INC. Revolving Loan   SOFR 9.50% 2.00%   11/1/2019 12/31/2025 —  (5)   —  (6)(10)  
  First Lien 13.65% SOFR (Q) 9.50% 2.00%   11/1/2019 12/31/2025 188  188    188  (6)  
                    183    188   
INFOGAIN CORPORATION First Lien 10.01% SOFR (M) 5.75% 1.00%   5/24/2024 7/28/2028 3,692  3,665    3,692   
ISI ENTERPRISES, LLC Revolving Loan   SOFR 7.00% 1.00%   10/1/2021 10/1/2026 —  (8)   —  (10)  
  First Lien 11.55% SOFR (Q) 7.00% 1.00%   10/1/2021 10/1/2026 3,816  3,798    3,816   
                    3,790    3,816   
19
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
ZENFOLIO INC. Revolving Loan 11.95% SOFR (Q) 7.50% 1.00%   7/17/2017 12/30/2027 2,500  2,460    2,500  (10)  
  First Lien 11.95% SOFR (Q) 7.50% 1.00%   7/17/2017 12/30/2027 19,687  19,564    19,687   
                    22,024    22,187   
Subtotal: Software & IT Services                   48,095    47,320  5.00  %
Specialty Retail                          
ATS OPERATING, LLC Revolving Loan 10.53% SOFR (Q) 6.00% 1.00%   1/18/2022 1/18/2028 2,250  2,224    2,250  (10)(20)  
  First Lien - Term Loan A 9.55% SOFR (Q) 5.00% 1.00%   1/18/2022 1/18/2028 9,250  9,170    9,250   
  First Lien - Term Loan B 11.55% SOFR (Q) 7.00% 1.00%   1/18/2022 1/18/2028 9,250  9,171    9,250   
                    20,565    20,750   
CATBIRD NYC, LLC Revolving Loan   SOFR 7.00% 1.00%   10/15/2021 10/16/2028 —  (34)   —  (6)(10)  
  First Lien 11.44% SOFR (Q) 7.00% 1.00%   10/15/2021 10/16/2028 14,377  14,287    14,377  (6)  
                    14,253    14,377   
Subtotal: Specialty Retail                   34,818    35,127  3.71  %
Technology Products & Components                          
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC. First Lien - Term B Loan 10.60% SOFR (Q) 6.25% 1.00%   3/12/2024 12/29/2027 3,358  3,334    2,350   
TRAFERA, LLC First Lien 11.44% SOFR (Q) 7.00% 1.00%   9/30/2020 9/30/2027 5,525  5,511    5,249  (15)  
Subtotal: Technology Products & Components                   8,845    7,599  0.80  %
Telecommunications                          
LOGIX HOLDING COMPANY, LLC First Lien 11.83% SOFR (Q) 7.50% 2.00% 2.75% 3/11/2024 12/31/2028 2,323  2,323    1,858   
  First Lien —%   3/11/2024 12/31/2028 314  314    314   
                    2,637    2,172   
MERCURY ACQUISITION 2021, LLC First Lien 12.55% SOFR (Q) 8.00% 1.00%   12/6/2021 12/7/2026 12,957  12,890    10,858   
  Second Lien 15.55% SOFR (Q) 11.00% 1.00%   12/6/2021 12/7/2026 2,927  2,905    1,171  (16)  
                    15,795    12,029   
U.S. TELEPACIFIC CORP. First Lien 12.32% SOFR(Q) 8.00% 1.00% 7.00% 3/19/2024 5/2/2026 2,630  2,630    1,063   
  Third Lien —%   3/18/2024 5/2/2027 230  230    58   
                    2,860    1,121   
UNWIRED BROADBAND, LLC First Lien 10.40% SOFR (M) 6.25% 1.00%   9/30/2025 9/30/2027 6,975  6,836    6,836  (10)  
  Delayed Draw Term Loan A   SOFR 6.25% 1.00%   9/30/2025 9/30/2027 —  (158)   —  (10)  
  Delayed Draw Term Loan B   SOFR 8.75% 1.00% 2.50% 9/30/2025 9/30/2027 —  (134)   —  (10)  
                    6,544    6,836   
Subtotal: Telecommunications                   27,836    22,158  2.34  %
20
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Transportation & Logistics                          
EVEREST TRANSPORTATION SYSTEMS, LLC First Lien 12.26% SOFR (M) 8.00% 1.00%   11/9/2021 8/26/2026 6,104  6,091    3,968   
GUARDIAN FLEET SERVICES, INC. First Lien 13.44% SOFR (Q) 9.00% 2.50% 1.75% 2/10/2023 2/10/2028 20,449  19,999    20,449   
ITA HOLDINGS GROUP, LLC Revolving Loan 11.44% SOFR (Q) 7.00% 2.00%   6/21/2023 6/21/2027 3,525  3,482    3,525  (6)  
  First Lien - Term Loan A 11.44% SOFR (Q) 7.00% 2.00%   6/21/2023 6/21/2027 14,840  13,692    14,840  (6)  
  First Lien - Term Loan B 11.44% SOFR (Q) 7.00% 2.00%   6/21/2023 6/21/2027 14,840  13,669    14,840  (6)  
  First Lien - Term Loan C 11.44% SOFR (Q) 7.00% 2.00%   6/21/2023 6/21/2027 12,338  12,338    12,338  (6)  
  Delayed Draw Term Loan   SOFR 7.00% 2.00%   6/21/2023 6/21/2027 —  —    —  (6)(10)  
                    43,181    45,543   
Subtotal: Transportation & Logistics                   69,271    69,960  7.39  %
Total: Debt Investments                 $ 1,760,668    $ 1,706,251  180.17  %
21
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12
Fair Value4
 % of Net Assets
Equity Investments Units Type
Building & Infrastructure Products            
BRANDNER DESIGN, LLC 27,000 Class A Units 4/15/2024 $ 105  $ —  (7)(9)(13)  
Subtotal: Building & Infrastructure Products       105  —  —  %
Business Services            
DYNAMIC COMMUNITIES, LLC 250,000 Class A Preferred Units 12/20/2022 250  317  (6)(9)(13)  
  5,435,211.03 Class B Preferred Units 12/20/2022 2,218  —  (6)(9)(13)  
  255,984.22 Class C Preferred Units 12/20/2022 —  —  (6)(9)(13)  
  2,500,000 Common Units 12/20/2022 —  —  (6)(9)(13)  
        2,468  317   
IVUEIT, LLC 2,000 Preferred Units 2/3/2025 2,000  2,232  (6)(9)(13)  
SPOTLIGHT AR, LLC 750 Common Units 12/8/2021 750  1,366  (9)(11)(13)  
US COURTSCRIPT HOLDINGS, INC. 1,000,000 Class D-3 Units 5/17/2022 1,000  1,311  (9)(13)  
  211,862.61 Class D-4 Units 10/31/2022 212  268  (9)(13)  
  211,465.87 Class D-5 Units 1/10/2023 211  263  (9)(13)  
        1,423  1,842   
Subtotal: Business Services       6,641  5,757  0.61  %
Commercial Services & Supplies            
LEHR UPFITTERS, LLC 7,250 Class A Preferred Units 9/19/2024 725  1,733  (9)(13)  
VP MOVE PURCHASER, INC. 900,000 Class A Preferred Units 2/3/2025 900  900  (9)(13)  
WHITE PLAINS LINEN LLC 16.75  % LP Interest 8/1/2025 335  335  (6)(9)(13)  
Subtotal: Commercial Services & Supplies       1,960  2,968  0.31  %
Consumer Products            
ALLIANCE SPORTS GROUP, L.P 3.88  % membership preferred interest 8/1/2017 2,500  2,530   
GRAVITIQ LLC   Warrants (Expiration - January 17, 2032) 1/17/2025 1,597  2,192  (6)(9)(13)  
HEAT TRAK, LLC   Warrants (Expiration- March 28, 2035) 6/12/2023 1,268  —  (9)(13)  
SHEARWATER RESEARCH, INC. 1,200,000 Class A Preferred Units 4/30/2021 603  730  (9)(13)(22)  
  40,000 Class A Common Units 4/30/2021 33  1,673  (9)(13)(22)  
        636  2,403   
TRU FRAGRANCE & BEAUTY LLC 1,000,000 Preferred Units 3/22/2024 1,019  1,276  (9)(11)(13)  
Subtotal: Consumer Products       7,020  8,401  0.89  %
22
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12
Fair Value4
 % of Net Assets
Equity Investments Units Type
Consumer Services            
APPLE ROOFING ADMINISTRATIVE SERVICES,
LLC (FKA ROOF OPCO, LLC) 		535,714.29 Class A Units 9/23/2022 750  —  (9)(13)  
  250,000 Class B Units 4/13/2023 250  —  (9)(13)  
  496,674.92 Class A-1 Units 5/30/2024 196  —  (9)(13)  
        1,196  —   
CAMPANY ROOF MAINTENANCE, LLC 2,951.56 Class A Units 7/26/2024 295  188  (9)(13)  
KINDRED PET SERVICE, LLC (FKA RED DOG OPERATIONS HOLDING COMPANY LLC) 1,244 Class A Units 11/15/2024 1,244  1,025  (6)(9)(13)  
LIFT BRANDS, INC. 1,051 Shares of Class A Common Stock 4/2/2024 749  263   
POOL SERVICE PARTNERS, INC. 10,667 Common Units 12/20/2023 1,150  946  (6)(9)(13)  
TMT BHC BUYER, INC. 500,000 Class A Units 3/7/2024 500  879  (9)(13)  
WASH & WAX SYSTEMS LLC 2,926 Class A Common Units 4/30/2025 3,951  3,432   
Subtotal: Consumer Services       9,085  6,733  0.71  %
Data Processing & Outsourced Services            
RESEARCH NOW GROUP, LLC   Warrants (Expiration - July 15, 2029) 7/15/2024 —  —   
Subtotal: Data Processing & Outsourced Services       —  —  —  %
Distribution            
BINSWANGER HOLDING CORP. 900,000 Shares of Common Stock 3/9/2017 900  618   
KMS, LLC 19,395.96 Series A Preferred Units 2/10/2025 6,305  8,457  (7)  
Subtotal: Distribution       7,205  9,075  0.96  %
Education            
STUDENT RESOURCE CENTER LLC 355,555.56 Senior Preferred Units 9/11/2024 356  —  (6)  
  10,502,487.46 Preferred Units 12/31/2022 5,845  —  (6)  
  2,000,000 Preferred Units 12/31/2022 —  —  (6)(9)(13)  
        6,201  —   
Subtotal: Education       6,201  —  —  %
23
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12
Fair Value4
 % of Net Assets
Equity Investments Units Type
Environmental Services            
ARBORWORKS, LLC 100 Class A Units 11/17/2021 100  5  (6)(9)(13)  
  13,898.32 Class A-1 Preferred Units 11/6/2023 3,170  4,687  (6)  
  13,898.32 Class B-1 Preferred Units 11/6/2023 —  —  (6)  
  1,666.67 Class A-1 Common Units 11/6/2023 —  —  (6)  
        3,270  4,692   
ISLAND PUMP AND TANK, LLC 1,468,391.99 Preferred Units 3/2/2023 1,641  2,909  (9)(13)  
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) 208,333.33 Series A Preferred units 12/31/2021 —  —  (6)(9)(13)  
  203,124.99 Common units 12/31/2021 —  —  (6)(9)(13)  
        —  —   
Subtotal: Environmental Services       4,911  7,601  0.80  %
Financial Services            
NATIONAL CREDIT CARE, LLC 191,049.33 Class A-3 Preferred Units 3/17/2022 2,000  2,000  (7)(9)(11)(13)  
    Warrants (Expiration - February 25, 2035) 2/25/2025 92  1,192  (7)(9)(13)  
        2,092  3,192   
PAYWARD, INC. 687,380.75 Rollover Units 5/1/2025 688  11,005  (9)(13)  
Subtotal: Financial Services       2,780  14,197  1.50  %
Food, Agriculture & Beverage            
AMERICAN NUTS OPERATIONS LLC 21,062.03 Class A Preferred Units 3/28/2025 1,843  —  (6)  
  28.16 Class C Common Units 4/10/2018 3,000  —  (6)(9)(13)  
        4,843  —   
FOODPHARMA SUBSIDIARY HOLDINGS, LLC 75,000 Class A Units 6/1/2021 750  1,713  (9)(11)(13)  
MAMMOTH BORROWCO, INC. 1,141,913.27 Class A Preferred Units 11/30/2023 1,142  692  (9)(13)  
MUENSTER MILLING COMPANY, LLC 130,444 Class A-2 Units 12/18/2024 130  239  (9)(13)  
  1,130,387.32 Class A-1 Units 12/20/2023 500  —  (9)(13)  
  1,000,000 Class A Units 12/15/2022 1,000  —  (9)(13)  
        1,630  239   
Subtotal: Food, Agriculture & Beverage       8,365  2,644  0.28  %
Healthcare Equipment & Supplies            
CENTRAL MEDICAL SUPPLY LLC 2,620,670 Preferred Units 5/22/2020 1,224  3,163  (6)(9)(13)  
COMMAND GROUP ACQUISITION, LLC 1,250,000 Preferred Units 2/15/2024 1,250  1,351  (6)(9)(13)  
LKC TECHNOLOGIES, INC. 1,000,000 Class A Units 6/7/2023 1,000  3,266  (9)(13)  
SCRIP INC. 100 Shares of Common Stock 3/21/2019 1,000  257   
Subtotal: Healthcare Equipment & Supplies       4,474  8,037  0.85  %
24
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12
Fair Value4
 % of Net Assets
Equity Investments Units Type
Healthcare Products            
DWS BUYER LLC 250 Series A Units 7/29/2025 250  250  (9)(13)  
LIGHTNING INTERMEDIATE II, LLC 0.42  % LLC interest 6/6/2022 600  263  (9)(13)  
Subtotal: Healthcare Products       850  513  0.05  %
Healthcare Services            
AAC NEW HOLDCO INC. 11,909,273.85 Preferred Units 3/31/2025 5,702  —  (6)  
  617,803 Common Units 12/11/2020 2,944  —  (6)  
    Warrants (Expiration - December 11, 2025) 12/11/2020 2,584  —  (6)  
        11,230  —   
ASC ORTHO MANAGEMENT COMPANY, LLC 2,572 Common Units 8/31/2018 1,026  —  (9)(13)  
CAVALIER BUYER, INC. 871,972.67 Preferred Units 2/10/2023 930  837  (9)(13)  
  871,972.67 Class A-1 Units 2/10/2023 —  —  (9)(13)  
        930  837   
CDC DENTAL MANAGEMENT CO., LLC 1,568.70 Class Y Units 10/31/2023 1,000  2,069  (9)(13)  
DELPHI LENDER HOLDCO LLC 254 Common Units 6/9/2023 —  —   
HH-INSPIRE ACQUISITION, INC 146,065.51 Preferred Units 4/3/2023 381  124  (9)(13)  
INSTITUTES OF HEALTH, LLC 100,000 Class A Units 9/29/2023 1,000  966  (9)(13)  
OPCO BORROWER, LLC 1,111.11 Common Shares 4/26/2024 207  1,006  (11)  
ROSELAND MANAGEMENT, LLC 3,364 Class A-2 Units 3/31/2023 202  774  (6)  
  1,100 Class A-1 Units 9/26/2022 66  187  (6)  
  16,084 Class A Units 11/9/2018 1,517  806  (6)  
        1,785  1,767   
SPECTRUM OF HOPE, LLC 402,350 Common Units 2/17/2023 1,145  —  (7)  
TALKNY MANAGEMENT HOLDINGS, LLC 1,625,472 Class A-1 Preferred Units 6/14/2024 1,590  849  (6)(9)(13)  
Subtotal: Healthcare Services       20,294  7,618  0.80  %
Industrial Machinery            
DRIVE LINE SERVICE OF PORTLAND, LLC 1,000,000 Class A Units 12/16/2024 1,000  1,000  (9)(13)  
SUREKAP, LLC 430,144.53 Common Units 6/24/2024 500  260  (9)(13)  
Subtotal: Industrial Machinery       1,500  1,260  0.13  %
Industrial Products            
GPT INDUSTRIES, LLC 1,000,000 Class A Units 1/30/2023 1,000  3,305  (6)(9)(11)(13)  
SERVERLIFT, LLC 500,000 Class A Units 12/31/2024 500  1,750  (9)(13)  
THE PRODUCTO GROUP, LLC 1,988,469 Class A Units 12/31/2021 1,988  7,853  (9)(13)  
Subtotal: Industrial Products       3,488  12,908  1.36  %
25
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12
Fair Value4
 % of Net Assets
Equity Investments Units Type
Industrial Services
PRECISION SPRAY & COATINGS, LLC 2,000 Class A-2 Units 8/1/2025 2,000  2,000  (6)(9)(13)  
Subtotal: Industrial Services       2,000  2,000  0.21  %
Media & Marketing            
ACCELERATION, LLC 13,451.22 Preferred Units 6/13/2022 893  990  (9)(13)  
  1,611.22 Common Units 6/13/2022 107  —  (9)(13)  
        1,000  990   
ACCELERATION PARTNERS, LLC 1,019 Preferred Units 12/1/2020 1,019  1,281  (9)(13)  
  1,019 Class A Common Units 12/1/2020 14  —  (9)(13)  
        1,033  1,281   
BOND BRAND LOYALTY ULC 1,000 Preferred Units 5/1/2023 1,000  799  (9)(13)(22)  
  1,000 Class A Common Units 5/1/2023 —  —  (9)(13)(22)  
        1,000  799   
EXACT BORROWER, LLC 615.156 Common Units 12/7/2022 615  945   
IGNITE VISIBILITY LLC 1,263 Preferred Units 12/1/2023 1,135  1,004  (9)(13)  
  1,263 Class A Common Units 12/1/2023 167  —  (9)(13)  
        1,302  1,004   
INFOLINKS MEDIA BUYCO, LLC 1.67  % LP interest 10/29/2021 589  723  (9)(10)(11)(13)  
LOCAL WEB LEADS, LLC 750,000 Common Units 7/3/2025 750  750  (6)(9)(13)  
OUTERBOX, LLC 11,008.6744 Class A Common Units 6/8/2022 1,313  1,464  (9)(13)  
SONOBI, INC. 500,000 Class A Common Units 9/17/2020 500  —  (6)(9)(13)  
Subtotal: Media & Marketing       8,102  7,956  0.84  %
Movies & Entertainment            
CRAFTY APES, LLC 1,519.07 Class A Common Units 11/20/2024 4,730  5,224  (6)  
Subtotal: Movies & Entertainment       4,730  5,224  0.55  %
Pharmaceuticals, Biotechnology & Life Sciences            
LGM PHARMA, LLC 161,825.84 Units of Class A Common Stock 11/15/2017 1,753  4,766  (9)(11)(13)  
STATINMED, LLC 4,718.62 Class A Preferred Units 7/1/2022 4,838  —  (6)  
  39,097.96 Class B Preferred Units 7/1/2022 1,400  —  (6)  
        6,238  —   
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences       7,991  4,766  0.50  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12
Fair Value4
 % of Net Assets
Equity Investments Units Type
Research & Consulting Services            
ENSTOA, INC. 103,054 Class A Units 5/1/2025 1,031  774  (9)(13)  
FS VECTOR LLC 1,280.58 Common Units 4/26/2023 1,333  1,857  (9)(11)(13)  
THE GOBEL GROUP, LLC 500,000 Class A-1 Preferred Units 10/29/2024 500  500  (9)(13)  
  500,000 Class A Common Units 10/29/2024 —  —  (9)(13)  
        500  500   
Subtotal: Research & Consulting Services       2,864  3,131  0.33  %
Software & IT Services            
ACACIA BUYERCO V LLC 1,000,000 Class B-2 Units 11/25/2022 1,000  552  (9)(13)  
GRAMMATECH, INC. 1,000 Class A Units 11/1/2019 1,000  201  (6)  
  360.06 Class A-1 Units 1/10/2022 360  73  (6)  
        1,360  274   
ISI ENTERPRISES, LLC 1,000,000 Series A Preferred Units 10/1/2021 1,000  1,389   
  166,667 Series A-1 Preferred Units 6/7/2023 167  299   
  275,238 Series A-2 Preferred Units 9/30/2025 319  426   
        1,486  2,114   
VTX HOLDINGS, INC. 1,597,707 Series A Preferred Units 7/23/2019 1,598  2,360  (9)(13)  
Subtotal: Software & IT Services       5,444  5,300  0.56  %
Specialty Retail            
ATS OPERATING, LLC 1,000,000 Preferred Units 1/18/2022 1,000  1,391  (9)(13)  
CATBIRD NYC, LLC 1,000,000 Class A Units 10/15/2021 1,000  1,997  (6)(9)(13)  
  500,000 Class B Units 10/15/2021 500  864  (6)(9)(10)(13)  
        1,500  2,861   
Subtotal: Specialty Retail       2,500  4,252  0.45  %
Technology Products & Components            
FLIP ELECTRONICS, LLC 2,446,170 Common Units 1/4/2021 2,892  837  (9)(13)  
TRAFERA, LLC (FKA TRINITY 3, LLC) 896.43 Class A Units 11/15/2019 1,205  539  (9)(13)  
Subtotal: Technology Products & Components       4,097  1,376  0.15  %
Telecommunications            
BROAD SKY NETWORKS LLC 1,131,579 Series A Preferred Units 12/11/2020 1,132  1,342  (9)(13)  
  89,335 Series C Preferred Units 10/21/2022 89  153  (9)(13)  
  93,790 Series D Preferred Units 4/19/2024 119  238  (9)(13)  
  182,082 Series F Preferred Units 8/5/2025 282  564  (9)(13)  
        1,622  2,297   
MERCURY ACQUISITION 2021, LLC 12,059,033 Series A Units 12/6/2021 —  —  (9)(13)  
Subtotal: Telecommunications       1,622  2,297  0.24  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
September 30, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12
Fair Value4
 % of Net Assets
Equity Investments Units Type
Transportation & Logistics            
GUARDIAN FLEET SERVICES, INC. 2,000,000 Class A Units 2/10/2023 2,000  2,877  (9)(13)  
    Warrants (Expiration - February 10, 2033) 2/10/2023 80  59  (9)(13)  
    Warrants (Expiration - November 30, 2033) 11/30/2023 20  32  (9)(13)  
    Warrants (Expiration - January 24, 2034) 1/24/2024 24  32  (9)(13)  
    Warrants (Expiration - December 18, 2034) 12/18/2024 22  13  (9)(13)  
    Warrants (Expiration - April 2, 2035) 4/2/2025 145  71  (9)(13)  
    Warrants (Expiration - July 30, 2035) 7/30/2025 52  52  (9)(13)  
        2,343  3,136   
ITA HOLDINGS GROUP, LLC   Warrants (Expiration - March 29, 2029) 3/29/2019 538  12,631  (6)(9)(11)(13)  
    Warrants (Expiration - June 21, 2033) 6/21/2023 3,791  15,488  (6)(9)(11)(13)  
  9.25  % Class A Membership Interest 2/14/2018 1,500  12,645  (6)(9)(11)(13)  
        5,829  40,764   
Subtotal: Transportation & Logistics       8,172  43,900  4.64  %
Total: Equity Investments       $ 132,401  $ 167,914  17.73  %
Other Financial Instruments            
Financial Services            
NINJATRADER, INC.   Earnout 5/1/2025 $ 3,457  $ 3,742  (9)(13)  
Subtotal: Financial Services       3,457  3,742  0.40  %
Total: Other Financial Instruments       $ 3,457  $ 3,742  0.40  %
             
             
Total Investments       $ 1,896,526  $ 1,877,907  198.30  %

(1)All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
(2)All of the Company’s investments, the investments of Capital Southwest SPV LLC ("SPV"), the investments of SBIC I (as defined below) and the investments of SBIC II (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP ("SBIC I") and Capital Southwest SBIC II, LP ("SBIC II"), the Company's wholly-owned subsidiaries that operate as small business investment companies, respectively.
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(3)The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at September 30, 2025. Certain investments are subject to an interest rate floor. As noted, certain investments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.
(4)The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
(5)Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At September 30, 2025, the Company held $1,488.4 million of non-control/non-affiliate investments, which represented approximately 79.3% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 157.1%.
(6)Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At September 30, 2025, the Company held $334.8 million of affiliate investments, which represented approximately 17.8% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 35.4%.
(7)Control investments are generally defined by the 1940 Act as investments in which the Company owns more than 25% of the voting securities or has greater than 50% representation on its board. At September 30, 2025, the Company held $54.7 million of control investments, which represented approximately 2.9% of the Company's investment assets. The fair value of these investments as a percent of net assets is 5.8%. In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if its unconsolidated subsidiaries are considered "significant subsidiaries." As of September 30, 2025, there were no unconsolidated subsidiaries that are considered "significant subsidiaries."
(8)The investment is structured as a first lien last out term loan.
(9)Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2025, approximately 8.3% of the Company's total assets (at fair value) were non-qualifying assets.
(10)The investment has an unfunded commitment as of September 30, 2025. Refer to Note 11 - Commitments and Contingencies for further discussion.
(11)Income producing through dividends or distributions.
(12)As of September 30, 2025, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $112.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $127.1 million. Cumulative net unrealized depreciation was $14.8 million, based on a tax cost of $1,885.0 million.
(13)Investment is held through a wholly-owned taxable subsidiary that has elected to be treated as a corporation for U.S. federal income tax purposes. Refer to Note 1 - Organization and Basis for Presentation for further discussion.
(14)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which, as of September 30, 2025, represented 198.3% of the Company's net assets or 92.9% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.
(15)The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
(16)Investment is on non-accrual status as of September 30, 2025, meaning the Company has ceased to recognize interest income on the investment.
(17)Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
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(18)Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
(19)The investment is structured as a first lien first out term loan.
(20)The rate presented represents a weighted average rate for borrowings under the facility as of September 30, 2025.
(21)Unless otherwise noted, all portfolio company headquarters are based in the United States.
(22)Portfolio company headquarters are located outside of the United States.
As of September 30, 2025, there were no investments that represented greater than 5% of our total assets.

The accompanying Notes are an integral part of these Consolidated Financial Statements.
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Aerospace & Defense
EDGE AUTONOMY HOLDINGS, LLC Revolving Loan SOFR 7.50% 2.00% 4/21/2023 4/21/2028 $ —  $ (73) $ —  (10)
First Lien - Term Loan A 10.98% SOFR (Q) 6.50% 2.00% 4/21/2023 4/21/2028 17,500  17,182  17,500 
First Lien - Term Loan B 12.98% SOFR (Q) 8.50% 2.00% 4/21/2023 4/21/2028 17,500  17,184  17,500 
First Lien 11.94% SOFR (Q) 7.50% 2.00% 10/31/2024 4/21/2028 17,500  17,263  17,500 
51,556  52,500 
STELLANT MIDCO, LLC First Lien 9.92% SOFR (M) 5.50% 0.75% 3/7/2024 10/2/2028 1,776  1,765  1,767 
First Lien 10.17% SOFR (M) 5.75% 0.75% 3/7/2024 10/2/2028 788  776  784 
2,541  2,551 
Subtotal: Aerospace & Defense 54,097  55,051  6.23  %
Building & Infrastructure Products
BRANDNER DESIGN, LLC Revolving Loan 14.30% SOFR (Q) 10.00% 2.00% 4/15/2024 4/13/2029 100  88  85  (7)(10)
First Lien 14.31% SOFR (Q) 10.00% 2.00% 4/15/2024 4/13/2029 8,750  8,637  7,437  (7)
8,725  7,522 
Subtotal: Building & Infrastructure Products 8,725  7,522  0.85  %
Business Services
DYNAMIC COMMUNITIES, LLC First Lien - Term Loan A 11.92% SOFR (M) 7.50% 2.00% 11.92% 12/20/2022 12/31/2026 4,766  4,753  4,766  (6)
First Lien - Term Loan B 13.92% SOFR (M) 9.50% 2.00% 13.92% 12/20/2022 12/31/2026 4,985  4,963  4,985  (6)
9,716  9,751 
GAINS INTERMEDIATE, LLC Revolving Loan SOFR 8.00% 2.00% 12/15/2022 12/15/2027 —  (27) — 
First Lien - Term Loan A 11.57% SOFR (Q) 7.00% 2.00% 7.00% 12/15/2022 12/15/2027 7,099  7,012  6,105 
First Lien - Term Loan B 13.57% SOFR (Q) 9.00% 2.00% 9.00% 12/15/2022 12/15/2027 7,099  7,010  6,105 
13,995  12,210 
IVUEIT, LLC Revolving Loan SOFR 6.00% 2.00% 2/3/2025 2/1/2030 —  (10) —  (6)(10)
First Lien 10.29% SOFR (Q) 6.00% 2.00% 2/3/2025 2/1/2030 10,000  9,902  9,902  (6)
Delayed Draw Term Loan SOFR 6.00% 2.00% 2/3/2025 2/1/2030 —  —  —  (6)(10)
9,892  9,902 
SPOTLIGHT AR, LLC Revolving Loan SOFR 6.75% 1.00% 12/8/2021 6/8/2026 —  (11) —  (10)
First Lien 11.21% SOFR (Q) 6.75% 1.00% 12/8/2021 6/8/2026 4,312  4,286  4,312 
4,275  4,312 
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
US COURTSCRIPT HOLDINGS, INC. First Lien 10.57% SOFR (Q) 6.00% 1.00% 5/17/2022 5/17/2027 14,800  14,625  14,800 
WINTER SERVICES OPERATIONS, LLC Revolving Loan 12.56% SOFR (Q) 8.00% 1.00% 11/19/2021 11/19/2026 5,333  5,266  5,205  (10)(20)
First Lien - Term Loan A 11.57% SOFR (Q) 7.00% 1.00% 1/16/2024 11/19/2026 14,479  14,290  14,132 
First Lien - Term Loan B 13.57% SOFR (Q) 9.00% 1.00% 1/16/2024 11/19/2026 14,479  14,294  14,132 
Delayed Draw Term Loan 12.57% SOFR (Q) 8.00% 1.00% 11/19/2021 11/19/2026 3,748  3,691  3,659 
37,541  37,128 
Subtotal: Business Services 90,044  88,103  9.97  %
Commerical Services & Supplies
LEHR UPFITTERS, LLC Revolving Loan SOFR 6.00% 1.50% 9/19/2024 9/19/2029 —  (47) —  (10)
First Lien 10.30% SOFR (Q) 6.00% 1.50% 9/19/2024 9/19/2029 26,557  26,054  26,348 
Delayed Draw Term Loan SOFR 6.00% 1.50% 10/31/2024 9/19/2029 —  (48) —  (10)
25,959  26,348 
VP MOVE PURCHASER, INC. Revolving Loan 10.08% SOFR (Q) 5.75% 2.00% 2/3/2025 2/4/2030 300  269  269  (10)
First Lien - Term Loan A 9.04% SOFR (Q) 4.75% 2.00% 2/3/2025 2/4/2030 15,000  14,890  14,890 
First Lien - Term Loan B 11.04% SOFR (Q) 6.75% 2.00% 2/3/2025 2/4/2030 15,000  14,890  14,890 
30,049  30,049 
Subtotal: Commerical Services & Supplies 56,008  56,397  6.38  %
Consumer Products
ALLIANCE SPORTS GROUP Unsecured Convertible Note 6.00% Fixed 6.00% 7/15/2020 12/31/2026 173  173  173 
GRAVITIQ LLC Revolving Loan SOFR 7.00% 2.00% 1/17/2025 1/16/2030 —  (48) —  (6)(10)
First Lien - Term Loan A 10.30% SOFR (Q) 6.00% 2.00% 1/17/2025 1/16/2030 15,000  14,082  14,082  (6)
First Lien - Term Loan B 12.30% SOFR (Q) 8.00% 2.00% 1/17/2025 1/16/2030 15,000  14,082  14,082  (6)
28,116  28,164 
HEAT TRAK, LLC First Lien - Term Loan A 14.46% SOFR (Q) 10.00% 2.00% 6/12/2023 6/9/2028 11,500  10,480  9,775 
First Lien - Term Loan E 14.45% SOFR (Q) 10.00% 2.00% 3/28/2025 12/31/2025 2,500  2,500  2,500 
12,980  12,275 
HYBRID PROMOTIONS, LLC Second Lien 12.56% SOFR (Q) 8.25% 1.00% 6/30/2021 1/3/2028 15,999  15,841  15,871  (15)
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
LASH OPCO, LLC Revolving Loan 11.39% SOFR (Q) 7.00% 1.00% 12/29/2021 3/18/2026 866  863  823 
First Lien 11.39% SOFR (Q) 7.00% 1.00% 12/29/2021 3/18/2026 17,618  17,448  16,737 
18,311  17,560 
REVO BRANDS, INC. Revolving Loan 11.81% SOFR (Q) 7.50% 1.50% 2/21/2024 2/21/2029 2,700  2,590  2,697  (10)(20)
First Lien - Term Loan A 10.81% SOFR (Q) 6.50% 1.50% 2/21/2024 2/21/2029 10,776  10,596  10,593 
First Lien - Term Loan B 11.81% SOFR (Q) 7.50% 1.50% 2/21/2024 2/21/2029 10,776  10,596  10,593 
First Lien - Term Loan C 12.81% SOFR (Q) 8.50% 1.50% 2/21/2024 2/21/2029 10,776  10,595  10,581 
34,377  34,464 
TRU FRAGRANCE & BEAUTY LLC Revolving Loan SOFR 6.00% 1.50% 3/22/2024 3/21/2029 —  (64) —  (10)
First Lien - Term Loan A 9.31% SOFR (Q) 5.00% 1.50% 3/22/2024 3/21/2029 15,099  14,845  15,099 
First Lien - Term Loan B 11.31% SOFR (Q) 7.00% 1.50% 3/22/2024 3/21/2029 15,099  14,843  15,099 
First Lien 10.31% SOFR (Q) 6.00% 1.50% 1/2/2025 3/21/2029 6,000  5,943  5,943 
35,567  36,141 
Subtotal: Consumer Products 145,365  144,648  16.37  %
Consumer Services
AIR CONDITIONING SPECIALIST INC. Revolving Loan 9.82% SOFR (Q) 5.50% 1.00% 11/9/2021 11/19/2029 695  682  685  (6)(10)
First Lien 9.82% SOFR (Q) 5.50% 1.00% 11/9/2021 11/19/2029 21,077  20,849  20,761  (6)
Delayed Draw Term Loan 9.81% SOFR (Q) 5.50% 1.00% 11/19/2024 11/19/2029 2,937  2,937  2,893  (6)(10)
24,468  24,339 
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC Revolving Loan SOFR 8.00% 1.00% 8/27/2021 8/27/2026 —  (17) —  (10)
First Lien - Term Loan A 11.57% SOFR (Q) 7.00% 1.00% 8/27/2021 8/27/2026 13,261  13,155  11,802 
First Lien - Term Loan B 13.57% SOFR (Q) 9.00% 1.00% 4/12/2023 8/27/2026 13,261  13,155  11,802 
26,293  23,604 
CAMPANY ROOF MAINTENANCE, LLC Revolving Loan SOFR 6.75% 1.50% 7/26/2024 11/27/2028 —  (20) —  (10)
First Lien 11.17% SOFR (M) 6.75% 1.50% 7/26/2024 11/27/2028 15,353  15,034  14,739 
15,014  14,739 
LIFT BRANDS, INC. Tranche A Term Loan 11.92% SOFR (M) 7.50% 1.00% 2/1/2024 6/29/2025 2,426  2,426  2,422 
Tranche B Term Loan 9.50% Fixed 9.50% 2/1/2024 6/29/2025 727  727  693 
Tranche C Loan —% 2/1/2024 6/29/2025 565  565  538 
3,718  3,653 
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
POOL SERVICE PARTNERS, INC. Revolving Loan SOFR 7.00% 2.00% 12/20/2023 12/20/2028 —  (24) —  (6)(10)
First Lien 11.31% SOFR (Q) 7.00% 2.00% 12/20/2023 12/20/2028 5,000  4,920  4,765  (6)
Delayed Draw Term Loan 11.30% SOFR (Q) 7.00% 2.00% 12/20/2023 12/20/2028 5,400  5,322  5,146  (6)
10,218  9,911 
RED DOG OPERATIONS HOLDING COMPANY LLC Revolving Loan SOFR 6.50% 2.00% 11/15/2024 11/15/2029 —  (18) —  (6)(10)
First Lien 10.81% SOFR (Q) 6.50% 2.00% 11/15/2024 11/15/2029 7,500  7,429  7,425  (6)
7,411  7,425 
TMT BHC BUYER, INC. Revolving Loan SOFR 6.00% 1.50% 3/7/2024 3/7/2029 —  (79) —  (10)
First Lien 10.31% SOFR (Q) 6.00% 1.50% 3/7/2024 3/7/2029 10,000  9,833  10,000 
Delayed Draw Term Loan SOFR 6.00% 1.50% 3/7/2024 3/7/2029 —  (39) —  (10)
9,715  10,000 
ZIPS CAR WASH, LLC Delayed Draw Term Loan - A —% 2/11/2022 1/16/2025 14,072  14,072  11,539  (16)(23)
Delayed Draw Term Loan - B —% 2/11/2022 1/16/2025 3,527  3,527  2,892  (16)(23)
DIP Term Loan 11.70% SOFR (Q) 7.25% 1.00% 11.70% 2/10/2025 10/10/2025 878  878  878  (20)
Roll Up Term Loan 11.70% SOFR (Q) 7.25% 1.00% 11.70% 3/18/2025 10/10/2025 1,536  1,536  1,536 
20,013  16,845 
Subtotal: Consumer Services 116,850  110,516  12.51  %
Data Processing & Outsourced Services
BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC. Revolving Loan SOFR 5.00% 1.00% 2/22/2024 6/10/2028 —  (2) —  (10)
First Lien 9.45% SOFR (M) 5.00% 1.00% 2/22/2024 6/10/2028 2,093  2,073  2,093 
2,071  2,093 
Subtotal: Data Processing & Outsourced Services 2,071  2,093  0.24  %
Distribution
KMS, LLC First Lien 12.50% Fixed 12.50% 2/10/2025 9/29/2028 2,407  2,407  2,407  (7)(15)
Delayed Draw Term Loan 12.50% Fixed 12.50% 2/10/2025 9/29/2028 2,328  2,261  2,261  (7)(10)(15)
4,668  4,668 
Subtotal: Distribution 4,668  4,668  0.53  %
34
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Education
MUSIKER DISCOVERY PROGRAMS, INC. Revolving Loan 11.81% SOFR (Q) 7.50% 2.00% 10/29/2024 10/29/2029 3,000  2,955  2,952  (10)(20)
First Lien - Term Loan A 10.81% SOFR (Q) 6.50% 2.00% 10/29/2024 10/29/2029 11,500  11,392  11,397 
First Lien - Term Loan B 12.81% SOFR (Q) 8.50% 2.00% 10/29/2024 10/29/2029 11,500  11,392  11,385 
Delayed Draw Term Loan SOFR 7.50% 2.00% 10/29/2024 10/29/2029 —  —  —  (10)
25,739  25,734 
STUDENT RESOURCE CENTER LLC First Lien 8.50% Fixed 8.50% 12/31/2022 12/30/2027 9,644  9,503  3,761  (6)(16)
Subtotal: Education 35,242  29,495  3.34  %
Energy Services
ACE GATHERING, INC. First Lien 11.07% SOFR (Q) 6.50% 1.00% 12/13/2018 12/14/2026 3,953  3,927  3,953  (15)
PIPELINE TECHNIQUE LTD. Revolving Loan 12.81% SOFR (Q) 8.25% 1.00% 8/23/2022 8/19/2027 2,389  2,357  2,222  (9)(10)(22)
First Lien 12.84% SOFR (Q) 8.25% 1.00% 8/23/2022 8/19/2027 5,972  5,897  5,554  (22)
8,254  7,776 
VEREGY CONSOLIDATED, INC. First Lien 10.55% SOFR (Q) 6.00% 1.00% 2/29/2024 11/3/2027 1,532  1,530  1,532 
WELL-FOAM, INC. Revolving Loan SOFR 8.00% 1.00% 9/9/2021 9/9/2026 —  (28) —  (10)
First Lien 12.46% SOFR (Q) 8.00% 1.00% 9/9/2021 9/9/2026 11,761  11,679  11,761 
11,651  11,761 
Subtotal: Energy Services 25,362  25,022  2.83  %
Environmental Services
ARBORWORKS, LLC Revolving Loan 15.00% Fixed 15.00% 11/6/2023 11/6/2028 886  886  886  (6)(10)
First Lien 10.92% SOFR (M) 6.50% 1.00% 11/6/2023 11/6/2028 3,515  3,515  3,473 
4,401  4,359 
ISLAND PUMP AND TANK, LLC Revolving Loan SOFR 6.50% 2.00% 3/2/2023 5/17/2029 —  (44) —  (10)
First Lien - Term Loan A 10.07% SOFR (Q) 5.50% 2.00% 2/23/2024 5/17/2029 12,218  12,047  12,218 
First Lien - Term Loan B 11.07% SOFR (Q) 6.50% 2.00% 2/23/2024 5/17/2029 12,218  12,047  12,218 
First Lien - Term Loan C 12.07% SOFR (Q) 7.50% 2.00% 2/23/2024 5/17/2029 12,218  12,043  12,218 
36,093  36,654 
LIGHTING RETROFIT INTERNATIONAL, LLC Revolving Loan 7.50% Fixed 12/31/2021 12/31/2026 729  729  701  (6)(10)
First Lien 7.50% Fixed 12/31/2021 12/31/2026 5,039  5,039  4,842  (6)
Second Lien 10.00% Fixed 10.00% 12/31/2021 12/31/2027 5,208  5,208  —  (6)(16)
10,976  5,543 
Subtotal: Environmental Services 51,470  46,556  5.27  %
35
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Financial Services
INSURE HOMES CORPORATION Tranche B Term Loan 11.82% SOFR (M) 7.50% 2.00% 8/6/2024 8/6/2029 24,500  24,167  24,500 
JACKSON HEWITT TAX SERVICE INC. First Lien 12.81% SOFR (Q) 8.50% 2.50% 9/14/2023 9/14/2028 10,000  9,886  9,990 
NATIONAL CREDIT CARE, LLC First Lien - Term Loan A 4.50% Fixed 4.50% 12/23/2021 2/25/2030 11,875  11,683  11,282  (7)
First Lien - Term Loan B 4.50% Fixed 4.50% 12/23/2021 2/25/2030 11,875  11,682  9,500  (7)
23,365  20,782 
NINJATRADER, LLC Revolving Loan SOFR 6.50% 1.00% 12/18/2019 12/18/2026 —  (2) —  (10)
First Lien 10.96% SOFR (Q) 6.50% 1.00% 12/18/2019 12/18/2026 33,830  33,552  33,830 
33,550  33,830 
Subtotal: Financial Services 90,968  89,102  10.08  %
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC First Lien - Term Loan A 12.95% SOFR (Q) 8.50% 1.00% 3/28/2025 3/28/2028 5,851  5,851  5,851  (6)
First Lien - Term Loan B 12.95% SOFR (Q) 8.50% 1.00% 3/28/2025 3/28/2028 5,851  5,851  4,973  (6)
11,702  10,824 
FOODPHARMA SUBSIDIARY HOLDINGS, LLC First Lien - Term Loan A 10.84% SOFR (M) 6.50% 2.00% 6/21/2024 12/31/2026 14,197  14,038  14,197 
First Lien - Term Loan B 11.84% SOFR (M) 7.50% 2.00% 6/21/2024 12/31/2026 14,197  13,997  14,197 
First Lien - Term Loan C 12.84% SOFR (M) 8.50% 2.00% 6/21/2024 12/31/2026 14,197  13,998  14,197 
42,033  42,591 
GULF PACIFIC ACQUISITION, LLC Revolving Loan 11.42% SOFR (M) 7.00% 1.00% 9/30/2022 9/29/2028 707  695  601  (10)
First Lien 11.42% SOFR (M) 7.00% 1.00% 9/30/2022 9/29/2028 3,866  3,806  3,286 
4,501  3,887 
INW MANUFACTURING, LLC First Lien 10.31% SOFR (Q) 5.75% 0.75% 3/6/2024 3/25/2027 1,980  1,953  1,819 
MAMMOTH BORROWCO, INC. Revolving Loan 10.56% SOFR (Q) 6.25% 1.50% 11/30/2023 11/30/2028 3,550  3,481  3,422  (10)
First Lien - Term Loan A 9.56% SOFR (Q) 5.25% 1.50% 11/30/2023 11/30/2028 10,643  10,433  10,259 
First Lien - Term Loan B 11.56% SOFR (Q) 7.25% 1.50% 11/30/2023 11/30/2028 10,643  10,431  10,259 
Delayed Draw Term Loan 10.55% SOFR (Q) 6.25% 1.50% 11/30/2023 11/30/2028 2,853  2,791  2,751 
27,136  26,691 
MUENSTER MILLING COMPANY Revolving Loan SOFR 9.00% 1.00% 8/10/2021 2/10/2027 —  (34) — 
First Lien 13.46% SOFR (Q) 9.00% 1.00% 13.46% 8/10/2021 2/10/2027 22,574  22,365  21,446 
22,331  21,446 
36
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
NEW SKINNY MIXES, LLC Revolving Loan 12.50% SOFR (Q) 8.00% 2.00% 12/21/2022 12/21/2027 1,000  956  1,000  (10)
First Lien 12.51% SOFR (Q) 8.00% 2.00% 12/21/2022 12/21/2027 13,000  12,838  13,000 
13,794  14,000 
Subtotal: Food, Agriculture & Beverage 123,450  121,258  13.72  %
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC Revolving Loan 11.31% SOFR (Q) 7.00% 1.00% 5/22/2020 5/22/2025 1,450  1,445  1,450  (6)(10)
First Lien 11.31% SOFR (Q) 7.00% 1.00% 5/22/2020 5/22/2025 18,540  18,506  18,525  (6)(20)
Delayed Draw Term Loan 11.31% SOFR (Q) 7.00% 1.00% 5/22/2020 5/22/2025 101  100  101  (6)(10)
20,051  20,076 
COMMAND GROUP ACQUISITION, LLC First Lien 12.31% SOFR (Q) 8.00% 2.00% 2/15/2024 2/15/2029 6,000  5,900  5,880  (6)
LKC TECHNOLOGIES, INC. Revolving Loan SOFR 6.75% 2.00% 6/7/2023 6/7/2028 —  (25) —  (10)
First Lien 11.32% SOFR (Q) 6.75% 2.00% 6/7/2023 6/7/2028 17,000  16,829  17,000 
16,804  17,000 
SCRIP, INC. First Lien 12.45% SOFR (M) 8.00% 1.00% 3/21/2019 3/19/2027 17,882  17,828  16,451 
Subtotal: Healthcare Equipment & Supplies 60,583  59,407  6.72  %
Healthcare Products
LIGHTNING INTERMEDIATE II, LLC Revolving Loan SOFR 6.50% 1.00% 6/6/2022 6/7/2027 —  (16) —  (10)
First Lien 11.03% SOFR (S) 6.50% 1.00% 6/6/2022 6/7/2027 20,903  20,689  20,235 
20,673  20,235 
MICROBE FORMULAS LLC Revolving Loan SOFR 5.75% 1.00% 4/4/2022 4/3/2028 —  (16) —  (10)
First Lien 10.17% SOFR (M) 5.75% 1.00% 4/4/2022 4/3/2028 8,958  8,858  8,958 
First Lien 10.17% SOFR (M) 5.75% 1.00% 11/20/2024 4/3/2028 5,018  4,972  5,018 
13,814  13,976 
Subtotal: Healthcare Products 34,487  34,211  3.87  %
Healthcare Services
AAC NEW HOLDCO INC. First Lien 18.00% Fixed 18.00% 12/11/2020 6/2/2027 181  181  181  (6)
First Lien - Term Loan A 10.00% Fixed 10.00% 3/31/2025 6/2/2027 2,933  2,933  2,933  (6)
First Lien - Term Loan B 12.00% Fixed 12.00% 3/31/2025 6/2/2027 2,933  2,933  2,933  (6)
6,047  6,047 
CAVALIER BUYER, INC. Revolving Loan SOFR 7.00% 2.00% 2/10/2023 2/10/2028 —  (23) —  (10)
First Lien 11.46% SOFR (Q) 7.00% 2.00% 2/10/2023 2/10/2028 10,500  10,389  10,500  (20)
10,366  10,500 
37
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
CDC DENTAL MANAGEMENT CO., LLC Revolving Loan 12.31% SOFR (Q) 8.00% 2.00% 10/31/2023 10/31/2028 500  471  490  (10)
First Lien - Term Loan A 11.31% SOFR (Q) 7.00% 2.00% 10/31/2023 10/31/2028 5,500  5,414  5,390 
First Lien - Term Loan B 13.31% SOFR (Q) 9.00% 2.00% 10/31/2023 10/31/2028 5,500  5,414  5,390 
11,299  11,270 
CITYVET INC. First Lien 11.41% SOFR (Q) 7.00% 2.00% 9/6/2023 9/6/2028 35,000  34,419  34,965 
CUMBRIA CAPITAL MSO, LLC Revolving Loan 10.81% SOFR (Q) 6.50% 2.00% 10/28/2024 10/29/2029 400  386  397  (10)
First Lien 10.81% SOFR (Q) 6.50% 2.00% 10/28/2024 10/29/2029 5,400  5,350  5,362 
Delayed Draw Term Loan 10.81% SOFR (Q) 6.50% 2.00% 10/28/2024 10/29/2029 1,050  1,040  1,043  (10)
6,776  6,802 
HH-INSPIRE ACQUISITION, INC. Revolving Loan 14.42% SOFR (M) 10.00% 2.00% 2.00% 4/3/2023 4/3/2028 768  761  689 
First Lien 14.42% SOFR (M) 10.00% 2.00% 2.00% 4/3/2023 4/3/2028 8,259  8,111  7,408 
8,872  8,097 
INSTITUTES OF HEALTH, LLC Revolving Loan SOFR 7.50% 2.00% 9/29/2023 9/29/2028 —  (14) —  (10)
First Lien - Term Loan A 10.81% SOFR (Q) 6.50% 2.00% 9/29/2023 9/29/2028 7,500  7,386  7,447 
First Lien - Term Loan B 12.81% SOFR (Q) 8.50% 2.00% 9/29/2023 9/29/2028 7,500  7,384  7,440 
14,756  14,887 
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC Revolving Loan SOFR 6.50% 2.00% 12/11/2024 12/11/2029 —  (28) —  (10)
First Lien - Term Loan A 9.81% SOFR (Q) 5.50% 2.00% 12/11/2024 12/11/2029 8,050  7,973  7,970 
First Lien - Term Loan B 11.81% SOFR (Q) 7.50% 2.00% 12/11/2024 12/11/2029 8,050  7,973  7,970 
Delayed Draw Term Loan SOFR 6.50% 2.00% 12/11/2024 12/11/2029 —  —  —  (10)
15,918  15,940 
38
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
NEUROPSYCHIATRIC HOSPITALS, LLC Revolving Loan 11.96% SOFR (Q) 7.50% 1.00% 5/14/2021 5/14/2026 3,000  2,973  3,000  (10)
First Lien - Term Loan A 10.96% SOFR (Q) 6.50% 1.00% 3/21/2023 5/14/2026 7,390  7,353  7,390 
First Lien - Term Loan B 12.96% SOFR (Q) 8.50% 1.00% 3/21/2023 5/14/2026 7,390  7,353  7,390 
First Lien - Term Loan C 14.46% SOFR (Q) 10.00% 1.00% 3/21/2023 5/14/2026 5,124  5,069  5,124 
First Lien - Term Loan D 11.96% SOFR (Q) 7.50% 1.00% 10/27/2023 5/14/2026 12,914  12,757  12,914 
35,505  35,818 
ROSELAND MANAGEMENT, LLC Revolving Loan SOFR 7.00% 2.00% 11/9/2018 11/10/2025 —  (2) —  (6)(10)
First Lien 11.46% SOFR (Q) 7.00% 2.00% 11/9/2018 11/10/2025 14,598  14,598  14,598  — 
14,596  14,598 
SPECTRUM OF HOPE, LLC First Lien - Superpriority Term Loan 12.96% SOFR (Q) 8.50% 1.00% 12.96% 12/23/2024 12/31/2029 2,284  2,284  2,284  (7)
First Lien - Tranche A 12.96% SOFR (Q) 8.50% 1.00% 12.96% 3/31/2025 12/31/2029 11,120  11,104  9,318  (7)(16)
First Lien - Tranche B 12.96% SOFR (Q) 8.50% 1.00% 12.96% 3/31/2025 12/31/2029 11,120  11,120  3,114  (7)(16)
24,508  14,716 
SUPERIOR HEALTH PARENT LLC Revolving Loan 10.30% SOFR (Q) 6.00% 1.50% 12/26/2024 12/26/2030 1,000  979  978  (10)
First Lien 10.30% SOFR (Q) 6.00% 1.50% 12/26/2024 12/26/2030 17,500  17,373  17,378 
Delayed Draw Term Loan SOFR 6.00% 1.50% 12/26/2024 12/26/2030 —  (84) —  (10)
18,268  18,356 
TALKNY MANAGEMENT HOLDINGS, LLC First Lien 11.56% SOFR (Q) 7.25% 3.00% 6/14/2024 6/14/2029 7,500  7,401  7,312  (6)
Subtotal: Healthcare Services 208,731  199,308  22.56  %
Industrial Machinery
C&M CONVEYOR, INC. First Lien - Term Loan A 10.44% SOFR (M) 6.00% 1.50% 1/3/2023 9/30/2026 6,500  6,440  6,500  (15)
First Lien - Term Loan B 12.44% SOFR (M) 8.00% 1.50% 1/3/2023 9/30/2026 6,500  6,441  6,500  (15)
First Lien - Term Loan C 10.44% SOFR (M) 6.00% 1.50% 10/2/2024 9/30/2026 7,810  7,749  7,810  (15)
First Lien - Term Loan D 12.44% SOFR (M) 8.00% 1.50% 10/2/2024 9/30/2026 7,810  7,749  7,810  (15)
28,379  28,620 
DRIVE LINE SERVICE OF PORTLAND, LLC Revolving Loan SOFR 8.00% 2.00% 12/16/2024 12/14/2029 —  (18) —  (10)
First Lien 12.31% SOFR (Q) 8.00% 2.00% 12/16/2024 12/14/2029 8,000  7,923  7,919 
7,905  7,919 
39
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
SUREKAP, LLC First Lien - Term Loan A 9.30% SOFR (Q) 5.00% 1.50% 6/24/2024 6/25/2029 19,089  18,932  19,089 
First Lien - Term Loan B 11.30% SOFR (Q) 7.00% 1.50% 6/24/2024 6/25/2029 19,089  18,931  19,089 
Delayed Draw Term Loan SOFR 6.00% 1.50% 6/24/2024 6/25/2029 —  —  —  (10)
37,863  38,178 
Subtotal: Industrial Machinery 74,147  74,717  8.46  %
Industrial Products
DAMOTECH INC. Revolving Loan SOFR 5.50% 2.00% 7/7/2023 7/7/2028 —  (39) —  (9)(22)(10)
First Lien - Term Loan A 8.96% SOFR (Q) 4.50% 2.00% 7/7/2023 7/7/2028 5,100  5,027  5,100  (9)(22)
First Lien - Term Loan B 10.96% SOFR (Q) 6.50% 2.00% 7/7/2023 7/7/2028 5,100  5,026  5,100  (9)(22)
Delayed Draw Term Loan 9.96% SOFR (Q) 5.50% 2.00% 7/7/2023 7/7/2028 3,000  2,950  3,000  (9)(22)
12,964  13,200 
GPT INDUSTRIES, LLC Revolving Loan SOFR 7.00% 2.00% 1/30/2023 1/31/2028 —  (34) —  (6)(10)
First Lien 11.57% SOFR (Q) 7.00% 2.00% 1/30/2023 1/31/2028 5,866  5,786  5,866  (6)(19)
5,752  5,866 
LLFLEX, LLC First Lien 12.46% SOFR (Q) 8.00% 1.00% 3.00% 8/16/2021 8/14/2026 10,103  10,030  7,577  (15)
SERVERLIFT, LLC Revolving Loan 10.30% SOFR (Q) 6.00% 2.00% 12/31/2024 12/31/2029 1,000  958  991  (10)
First Lien - Term Loan A 9.33% SOFR (Q) 5.00% 2.00% 12/31/2024 12/31/2029 16,000  15,866  15,856 
First Lien - Term Loan B 11.33% SOFR (Q) 7.00% 2.00% 12/31/2024 12/31/2029 16,000  15,865  15,856 
32,689  32,703 
Subtotal: Industrial Products 61,435  59,346  6.72  %
Industrial Services
BP LOENBRO HOLDINGS INC. Revolving Loan 10.17% SOFR (M) 5.75% 1.50% 2/9/2024 2/1/2029 330  313  330  (10)
First Lien 10.14% SOFR (Q) 5.75% 1.50% 2/9/2024 2/1/2029 9,553  9,395  9,553 
First Lien 10.16% SOFR (Q) 5.75% 1.50% 1/2/2025 2/1/2029 2,188  2,188  2,188 
Delayed Draw Term Loan SOFR 5.75% 1.50% 2/9/2024 2/1/2029 —  (8) —  (10)
11,888  12,071 
UPS INTERMEDIATE, LLC First Lien 10.57% SOFR (Q) 6.25% 1.00% 7/31/2024 7/27/2029 9,925  9,746  9,528  (15)
Subtotal: Industrial Services 21,634  21,599  2.44  %
Media & Marketing
360 QUOTE TOPCO, LLC Revolving Loan 10.95% SOFR (Q) 6.50% 1.00% 6/16/2022 6/16/2027 3,346  3,295  3,279 
First Lien 10.95% SOFR (Q) 6.50% 1.00% 6/16/2022 6/16/2027 23,677  23,500  23,203  (19)
26,795  26,482 
ACCELERATION PARTNERS First Lien 12.47% SOFR (Q) 8.01% 1.00% 12/1/2020 12/31/2026 19,749  19,570  19,749  (8)
40
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
BOND BRAND LOYALTY ULC Revolving Loan 11.46% SOFR (Q) 7.00% 2.00% 5/1/2023 5/1/2028 800  775  800  (9)(10)(22)
First Lien - Term Loan A 10.46% SOFR (Q) 6.00% 2.00% 5/1/2023 5/1/2028 8,865  8,743  8,865 
First Lien - Term Loan B 12.46% SOFR (Q) 8.00% 2.00% 5/1/2023 5/1/2028 8,865  8,741  8,865 
18,259  18,530 
EXACT BORROWER, LLC Revolving Loan SOFR 6.00% 2.00% 12/7/2022 8/6/2027 —  (25) —  (10)
First Lien - Term Loan A 10.46% SOFR (Q) 6.00% 2.00% 12/7/2022 8/6/2027 6,800  6,721  6,726 
First Lien - Term Loan B 10.46% SOFR (Q) 6.00% 2.00% 12/7/2022 8/6/2027 6,800  6,721  6,726 
First Lien - Term Loan C 10.48% SOFR (Q) 6.00% 2.00% 12/31/2024 8/6/2027 11,500  11,395  11,374 
Delayed Draw Term Loan 10.46% SOFR (Q) 6.00% 2.00% 12/7/2022 8/6/2027 3,608  3,552  3,568  (10)
Promissory Note 13.57% Fixed 12/7/2022 12/6/2028 385  385  385 
28,749  28,779 
FMT SOLUTIONS, LLC First Lien 11.81% SOFR (Q) 7.50% 2.00% 11/19/2024 11/19/2029 6,750  6,686  6,682 
IGNITE VISIBILITY LLC Revolving Loan 10.79% SOFR (Q) 6.50% 1.50% 12/1/2023 12/1/2028 500  478  490  (10)
First Lien - Term Loan A 9.81% SOFR (Q) 5.50% 1.50% 12/1/2023 12/1/2028 5,000  4,941  4,900 
First Lien - Term Loan B 11.81% SOFR (Q) 7.50% 1.50% 12/1/2023 12/1/2028 5,000  4,940  4,900 
10,359  10,290 
SOCIALSEO, LLC Revolving Loan 11.31% SOFR (Q) 7.00% 2.00% 3/6/2025 6/24/2027 800  771  771  (10)
First Lien - Term Loan A 10.31% SOFR (Q) 6.00% 2.00% 3/6/2025 6/24/2027 10,125  10,027  10,027 
First Lien - Term Loan B 12.31% SOFR (Q) 8.00% 2.00% 3/6/2025 6/24/2027 10,125  10,026  10,026 
20,824  20,824 
Subtotal: Media & Marketing 131,242  131,336  14.86  %
Movies & Entertainment
CRAFTY APES, LLC First Lien 10.88% SOFR (M) 6.50% 1.00% 10.88% 11/20/2024 6/1/2027 3,833  3,673  3,653  (6)(8)
Delayed Draw Term Loan SOFR 6.50% 1.00% 11/20/2024 6/1/2027 —  —  —  (6)(8)(10)
3,673  3,653 
Subtotal: Movies & Entertainment 3,673  3,653  0.41  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA LLC Revolving Loan SOFR 8.00% 1.00% 11/28/2023 11/20/2026 —  (16) —  (10)
First Lien - Term Loan A 11.42% SOFR (M) 7.00% 1.00% 11/28/2023 11/20/2026 4,823  4,798  4,770 
First Lien - Term Loan B 13.42% SOFR (M) 9.00% 1.00% 11/28/2023 11/20/2026 4,823  4,798  4,876 
First Lien 12.42% SOFR (M) 8.00% 1.00% 11/28/2023 11/20/2026 4,938  4,878  4,938 
Delayed Draw Term Loan 12.42% SOFR (M) 8.00% 1.00% 3/16/2018 11/20/2026 4,226  4,190  4,226 
18,648  18,810 
STATINMED, LLC First Lien 13.94% SOFR (M) 9.50% 2.00% 13.94% 7/1/2022 7/1/2027 7,560  7,560  —  (6)(16)
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences 26,208  18,810  2.13  %
Research & Consulting Services
FS VECTOR LLC Revolving Loan SOFR 5.75% 1.00% 4/26/2023 4/26/2028 —  (61) —  (10)
First Lien - Term Loan A 9.21% SOFR (Q) 4.75% 1.00% 4/26/2023 4/26/2028 15,000  14,791  15,000 
First Lien - Term Loan B 11.21% SOFR (Q) 6.75% 1.00% 4/26/2023 4/26/2028 15,000  14,793  15,000 
29,523  30,000 
THE GOBEL GROUP, LLC Revolving Loan SOFR 6.50% 2.00% 10/29/2024 10/29/2029 —  (9) —  (10)
First Lien 10.81% SOFR (Q) 6.50% 2.00% 10/29/2024 10/29/2029 4,000  3,962  3,960 
3,953  3,960 
Subtotal: Research & Consulting Services 33,476  33,960  3.84  %
Restaurants
ONE GROUP, LLC First Lien 12.69% SOFR (M) 8.25% 1.00% 2/22/2024 10/29/2026 9,656  9,595  9,656 
Delayed Draw Term Loan SOFR 8.25% 1.00% 2/22/2024 10/29/2026 —  —  —  (10)
9,595  9,656 
SWENSONS DRIVE-IN RESTAURANTS, LLC Revolving Loan SOFR 7.50% 2.00% 9/27/2023 9/27/2028 —  (21) —  (10)
First Lien - Term Loan A 10.81% SOFR (Q) 6.50% 2.00% 9/27/2023 9/27/2028 8,000  7,878  8,000 
First Lien - Term Loan B 12.81% SOFR (Q) 8.50% 2.00% 9/27/2023 9/27/2028 8,000  7,877  8,000 
15,734  16,000 
Subtotal: Restaurants 25,329  25,656  2.90  %
42
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Software & IT Services
ACACIA BUYERCO V LLC Revolver Loan SOFR 8.00% 1.00% 11/25/2022 11/26/2027 —  (21) — 
First Lien - Term Loan A 12.57% SOFR (Q) 8.00% 1.00% 11/25/2022 11/26/2027 10,000  9,816  9,550 
9,795  9,550 
CADMIUM, LLC Revolving Loan 12.56% SOFR (Q) 8.00% 1.00% 1/7/2022 12/22/2026 615  613  601 
First Lien 12.56% SOFR (Q) 8.00% 1.00% 4.00% 1/7/2022 12/22/2026 7,994  7,962  7,802 
8,575  8,403 
GRAMMATECH, INC. Revolving Loan SOFR 9.50% 2.00% 11/1/2019 12/31/2025 —  (6) —  (6)(10)
First Lien 13.95% SOFR (Q) 9.50% 2.00% 11/1/2019 12/31/2025 563  563  563  (6)
557  563 
INFOGAIN CORPORATION First Lien 10.17% SOFR (M) 5.75% 1.00% 5/24/2024 7/28/2028 3,692  3,661  3,692 
ISI ENTERPRISES, LLC Revolving Loan SOFR 7.00% 1.00% 10/1/2021 10/1/2026 —  (12) —  (10)
First Lien 11.57% SOFR (Q) 7.00% 1.00% 10/1/2021 10/1/2026 3,816  3,789  3,816 
3,777  3,816 
ZENFOLIO INC. Revolving Loan 12.21% SOFR (Q) 7.75% 1.00% 7/17/2017 12/31/2026 1,500  1,485  1,500  (10)
First Lien 12.21% SOFR (Q) 7.75% 1.00% 7/17/2017 12/31/2026 19,695  19,578  19,695 
21,063  21,195 
Subtotal: Software & IT Services 47,428  47,219  5.34  %
Specialty Retail
ATS OPERATING, LLC Revolving Loan 10.56% SOFR (Q) 6.00% 1.00% 1/18/2022 1/18/2027 1,250  1,232  1,250  (10)
First Lien - Term Loan A 9.57% SOFR (Q) 5.00% 1.00% 1/18/2022 1/18/2027 9,250  9,176  9,250 
First Lien - Term Loan B 11.57% SOFR (Q) 7.00% 1.00% 1/18/2022 1/18/2027 9,250  9,173  9,250 
19,581  19,750 
CATBIRD NYC, LLC Revolving Loan SOFR 7.00% 1.00% 10/15/2021 10/15/2026 —  (25) —  (6)(10)
First Lien 11.46% SOFR (Q) 7.00% 1.00% 10/15/2021 10/15/2026 14,700  14,591  14,700  (6)
14,566  14,700 
Subtotal: Specialty Retail 34,147  34,450  3.90  %
Technology Products & Components
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC. First Lien 10.67% SOFR (M) 6.25% 1.00% 3/12/2024 12/29/2027 3,404  3,376  2,553 
TRAFERA, LLC First Lien 11.46% SOFR (Q) 7.00% 1.00% 9/30/2020 9/30/2027 5,575  5,558  5,525  (15)
Subtotal: Technology Products & Components 8,934  8,078  0.91  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
 Maturity Principal
Cost12,17
Fair Value4
 % of Net Assets
Debt Investments Coupon Reference Spread Floor PIK
Telecommunications
BROAD SKY NETWORKS LLC 20.00% Fixed 20.00% 4/19/2024 12/13/2028 65  65  65  (9)(10)(13)
LOGIX HOLDING COMPANY, LLC First Lien 10.05% SOFR (Q) 5.75% 2.00% 3/11/2024 12/22/2024 3,555  3,555  2,829  (23)
MERCURY ACQUISITION 2021, LLC First Lien 12.57% SOFR (Q) 8.00% 1.00% 12/6/2021 12/7/2026 12,957  12,862  11,338 
Second Lien 15.57% SOFR (Q) 11.00% 1.00% 12/6/2021 12/7/2026 2,927  2,905  2,195 
15,767  13,533 
U.S. TELEPACIFIC CORP. First Lien 11.72% SOFR(Q) 7.25% 1.00% 6.25% 3/19/2024 5/2/2026 2,547  2,547  1,019 
Third Lien —% 3/18/2024 5/2/2027 230  230  58 
2,777  1,077 
Subtotal: Telecommunications 22,164  17,504  1.98  %
Transportation & Logistics
EVEREST TRANSPORTATION SYSTEMS, LLC First Lien 12.42% SOFR (M) 8.00% 1.00% 11/9/2021 8/26/2026 6,159  6,138  4,312 
GUARDIAN FLEET SERVICES, INC. First Lien 13.46% SOFR (Q) 9.00% 2.50% 1.75% 2/10/2023 2/10/2028 10,792  10,590  10,630 
ITA HOLDINGS GROUP, LLC Revolving Loan 13.46% SOFR (Q) 9.00% 2.00% 6/21/2023 6/21/2027 3,525  3,473  3,525  (6)
First Lien - Term Loan 12.46% SOFR (Q) 8.00% 2.00% 6/21/2023 6/21/2027 13,356  11,962  13,356  (6)
First Lien - Term B Loan 14.46% SOFR (Q) 10.00% 2.00% 6/21/2023 6/21/2027 13,356  11,940  13,356  (6)
Delayed Draw Term Loan - A 12.46% SOFR (Q) 8.00% 2.00% 6/21/2023 6/21/2027 1,484  1,467  1,484  (6)
Delayed Draw Term Loan - B 14.46% SOFR (Q) 10.00% 2.00% 6/21/2023 6/21/2027 1,484  1,456  1,484  (6)
30,298  33,205 
LAB LOGISTICS, LLC Revolving Loan 11.67% SOFR (M) 7.25% 1.00% 9/17/2024 12/31/2025 279  279  276 
First Lien 11.67% SOFR (M) 7.25% 1.00% 2/22/2024 12/31/2025 7,876  7,875  7,798 
8,154  8,074 
Subtotal: Transportation & Logistics 55,180  56,221  6.36  %
Total: Debt Investments $ 1,653,118  $ 1,605,906  181.74  %

44
Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12,17
Fair Value4
 % of Net Assets
Equity Investments Units Type
Building & Infrastructure Products
BRANDNER DESIGN, LLC 27,000 Class A Units 4/15/2024 $ 105  $ —  (7)(9)(13)
Subtotal: Building & Infrastructure Products 105  —  —  %
Business Services
DYNAMIC COMMUNITIES, LLC 250,000 Class A Preferred Units 12/20/2022 250  317  (6)(9)(13)
5,435,211.03 Class B Preferred Units 12/20/2022 2,218  —  (6)(9)(13)
255,984.22 Class C Preferred Units 12/20/2022 —  —  (6)(9)(13)
2,500,000 Common Units 12/20/2022 —  —  (6)(9)(13)
2,468  317 
IVUEIT, LLC 2,000 Preferred Units 2/3/2025 2,000  2,000  (6)(9)(13)
SPOTLIGHT AR, LLC 750 Common Units 12/8/2021 750  1,366  (9)(11)(13)
US COURTSCRIPT HOLDINGS, INC. 1,000,000 Class D-3 LP Units 5/17/2022 1,000  1,592  (9)(13)
211,862.61 Class D-4 LP Units 10/31/2022 212  319  (9)(13)
211,465.87 Class D-5 LP Units 1/10/2023 211  311  (9)(13)
1,423  2,222 
Subtotal: Business Services 6,641  5,905  0.67  %
Commercial Services & Supplies
LEHR UPFITTERS, LLC 7,250 Class A Units 9/19/2024 725  1,043  (9)(13)
VP MOVE PURCHASER, INC. 900,000 Class A Preferred Units 2/3/2025 900  900  (9)(13)
Subtotal: Commercial Services & Supplies 1,625  1,943  0.22  %
Consumer Products
ALLIANCE SPORTS GROUP, L.P 3.88  % membership preferred interest 8/1/2017 2,500  2,840 
GRAVITIQ LLC Warrants (Expiration - January 17, 2032) 1/17/2025 1,597  1,597  (6)(9)(13)
HEAT TRAK, LLC Warrants (Expiration- March 28, 2035) 6/12/2023 1,268  —  (9)(13)
SHEARWATER RESEARCH, INC. 1,200,000 Class A Preferred Units 4/30/2021 603  675  (9)(13)(22)
40,000 Class A Common Units 4/30/2021 33  1,349  (9)(13)(22)
636  2,024 
TRU FRAGRANCE & BEAUTY LLC 1,000,000 Preferred Units 3/22/2024 1,019  1,276  (9)(13)
Subtotal: Consumer Products 7,020  7,737  0.88  %
45
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12,17
Fair Value4
 % of Net Assets
Equity Investments Units Type
Consumer Services
AIR CONDITIONING SPECIALIST, INC. 1,006,045.85 Preferred Units 11/9/2021 1,344  2,941  (6)(9)(13)
APPLE ROOFING ADMINISTRATIVE SERVICES,
LLC (FKA ROOF OPCO, LLC)		 535,714.29 Class A Units 9/23/2022 750  664  (9)(13)
250,000 Class B Units 4/13/2023 250  —  (9)(13)
496,674.92 Class A-1 Units 5/30/2024 196  —  (9)(13)
1,196  664 
CAMPANY ROOF MAINTENANCE, LLC 2,951.56 Class A Units 7/26/2024 295  441  (9)(13)
LIFT BRANDS, INC. 1,051 shares of common stock 4/2/2024 749  263 
POOL SERVICE PARTNERS, INC. 10,667 Common Units 12/20/2023 1,150  610  (6)(9)(13)
RED DOG OPERATIONS HOLDING COMPANY LLC 1,000 Class A Units 11/15/2024 1,000  1,000  (6)(9)(13)
TMT BHC BUYER, INC. 500,000 Class A Units 3/7/2024 500  682  (9)(13)
Subtotal: Consumer Services 6,234  6,601  0.75  %
Data Processing & Outsourced Services
RESEARCH NOW GROUP, LLC Warrants (Expiration - July 15, 2029) 7/15/2024 —  — 
Subtotal: Data Processing & Outsourced Services —  —  —  %
Distribution
BINSWANGER HOLDING CORP. 900,000 shares of common stock 3/9/2017 900  800 
KMS, LLC 19,395.96 Series A Preferred Units 2/10/2025 6,305  6,305  (7)
Subtotal: Distribution 7,205  7,105  0.80  %
Education
STUDENT RESOURCE CENTER LLC 355,555.56 Senior Preferred Units 9/11/2024 356  —  (6)
10,502,487.46 Preferred Units 12/31/2022 5,845  —  (6)
2,000,000 Preferred Units 12/31/2022 —  —  (6)(9)(13)
6,201  — 
Subtotal: Education 6,201  —  —  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12,17
Fair Value4
 % of Net Assets
Equity Investments Units Type
Environmental Services
ARBORWORKS, LLC 100 Class A Units 11/17/2021 100  5  (6)(9)(13)
13,898.32 Class A-1 Preferred Units 11/6/2023 3,170  3,032  (6)
13,898.32 Class B-1 Preferred Units 11/6/2023 —  —  (6)
1,666.67 Class A-1 Common Units 11/6/2023 —  —  (6)
3,270  3,037 
ISLAND PUMP AND TANK, LLC 1,326,389.30 Preferred Units 3/2/2023 1,451  2,702  (9)(13)
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) 208,333.33 Series A Preferred units 12/31/2021 —  —  (6)(9)(13)
203,124.99 Common units 12/31/2021 —  —  (6)(9)(13)
—  — 
Subtotal: Environmental Services 4,721  5,739  0.65  %
Financial Services
NATIONAL CREDIT CARE, LLC 191,049.33 Class A-3 Preferred Units 3/17/2022 2,000  2,007  (7)(9)(13)
Warrants (Expiration - February 25, 2035) 2/25/2025 92  92  (7)(9)(13)
2,092  2,099 
NINJATRADER, INC. 2,000,000 Preferred Units 12/18/2019 2,000  32,079  (9)(11)(13)
Subtotal: Financial Services 4,092  34,178  3.87  %
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC 21,062.03 Class A Preferred Units 3/28/2025 1,843  1,843  (6)
28.16 Class C Common Units 4/10/2018 3,000  —  (6)(9)(13)
4,843  1,843 
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC 75,000 Class A Units 6/1/2021 750  1,708  (9)(11)(13)
MAMMOTH BORROWCO, INC. 1,141,913.27 Class A Preferred Units 11/30/2023 1,142  692  (9)(13)
MUENSTER MILLING COMPANY, LLC 1,000,000 Class A Units 12/15/2022 1,000  147  (9)(13)
1,130,387.32 Class A-1 Units 12/20/2023 500  73  (9)(13)
130,444 Class A-2 Units 12/18/2024 130  19  (9)(13)
1,630  239 
Subtotal: Food, Agriculture & Beverage 8,365  4,482  0.51  %
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Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12,17
Fair Value4
 % of Net Assets
Equity Investments Units Type
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC 2,620,670 Preferred Units 5/22/2020 1,224  3,163  (6)(9)(13)
COMMAND GROUP ACQUISITION, LLC 1,250,000 Preferred Units 2/15/2024 1,250  1,038  (6)(9)(13)
LKC TECHNOLOGIES, INC. 1,000,000 Class A Units 6/7/2023 1,000  2,097  (9)(11)(13)
SCRIP INC. 100 shares of common stock 3/21/2019 1,000  439 
Subtotal: Healthcare Equipment & Supplies 4,474  6,737  0.76  %
Healthcare Products
LIGHTNING INTERMEDIATE II, LLC 0.42  % LLC interest 6/6/2022 600  263  (9)(13)
Subtotal: Healthcare Products 600  263  0.03  %
Healthcare Services
AAC NEW HOLDCO INC. 6,257,941 shares of preferred stock 3/31/2025 5,702  5,702  (6)
617,803 shares of common stock 12/11/2020 2,944  —  (6)
Warrants (Expiration - December 11, 2025) 12/11/2020 2,584  —  (6)
11,230  5,702 
ASC ORTHO MANAGEMENT COMPANY, LLC 2,572 Common Units 8/31/2018 1,026  234  (9)(13)
CAVALIER BUYER, INC. 871,972.67 Preferred Units 2/10/2023 930  1,017  (9)(13)
871,972.67 Class A-1 Units 2/10/2023 —  —  (9)(13)
930  1,017 
CDC DENTAL MANAGEMENT CO., LLC 1,569 Class Y Units 10/31/2023 1,000  1,065  (9)(13)
DELPHI LENDER HOLDCO LLC 254 Common Units 6/9/2023 —  — 
HH-INSPIRE ACQUISITION, INC 146,065.51 Preferred Units 4/3/2023 381  124  (9)(13)
INSTITUTES OF HEALTH, LLC 100,000 Class A Preferred Units 9/29/2023 1,000  1,163  (9)(13)
OPCO BORROWER, LLC 1,111.11 shares of common stock 4/26/2024 207  1,006  (11)
ROSELAND MANAGEMENT, LLC 3,364 Class A-2 Units 3/31/2023 202  802  (6)
1,100 Class A-1 Units 9/26/2022 66  196  (6)
16,084 Class A Units 11/9/2018 1,517  941  (6)
1,785  1,939 
SPECTRUM OF HOPE, LLC 402,350 Common Units 2/17/2023 1,145  —  (7)
TALKNY MANAGEMENT HOLDINGS, LLC 1,500,000 Class A-1 Preferred Units 6/14/2024 1,500  1,082  (6)(9)(13)
Subtotal: Healthcare Services 20,204  13,332  1.51  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12,17
Fair Value4
 % of Net Assets
Equity Investments Units Type
Industrial Machinery
DRIVE LINE SERVICE OF PORTLAND, LLC 1,000,000 Class A Units 12/16/2024 1,000  1,000  (9)(13)
SUREKAP, LLC 430,144.53 Common Units 6/24/2024 500  1,157  (9)(13)
Subtotal: Industrial Machinery 1,500  2,157  0.24  %
Industrial Products
DAMOTECH INC. 1,127 Preferred Units 7/7/2023 1,127  1,376  (9)(13)
1,127 Class A Common Units 7/7/2023 —  2,738  (9)(13)
1,127  4,114 
GPT INDUSTRIES, LLC 1,000,000 Class A Preferred Units 1/30/2023 1,000  2,747  (6)(9)(13)
SERVERLIFT, LLC 500,000 Class A Units 12/31/2024 500  500  (9)(13)
THE PRODUCTO GROUP, LLC 1,988,468.70 Class A Units 12/31/2021 1,988  8,841  (9)(11)(13)
Subtotal: Industrial Products 4,615  16,202  1.83  %
Media & Marketing
ACCELERATION, LLC 13,451.22 Preferred Units 6/13/2022 893  1,363  (9)(13)
1,611.22 Common Units 6/13/2022 107  —  (9)(13)
1,000  1,363 
ACCELERATION PARTNERS, LLC 1,019 Preferred Units 12/1/2020 1,019  1,281  (9)(13)
1,019 Class A Common Units 12/1/2020 14  —  (9)(13)
1,033  1,281 
BOND BRAND LOYALTY ULC 1,000 Preferred Units 5/1/2023 1,000  799  (9)(13)(22)
1,000 Class A Common Units 5/1/2023 —  —  (9)(13)(22)
1,000  799 
EXACT BORROWER, LLC 615 Common Units 12/7/2022 615  945 
IGNITE VISIBILITY LLC 833 Preferred Units 12/1/2023 833  620  (9)(13)
833 Class A Common Units 12/1/2023 167  —  (9)(13)
1,000  620 
INFOLINKS MEDIA BUYCO, LLC 1.67  % LP interest 10/29/2021 588  960  (9)(10)(11)(13)
OUTERBOX, LLC 11,008.67 Class A Common Units 6/8/2022 1,313  1,464  (9)(13)
SONOBI, INC. 500,000 Class A Common Units 9/17/2020 500  —  (6)(9)(13)
Subtotal: Media & Marketing 7,049  7,432  0.84  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12,17
Fair Value4
 % of Net Assets
Equity Investments Units Type
Movies & Entertainment
CRAFTY APES, LLC 1,519.07 Class A Units 11/20/2024 4,730  5,037  (6)
Subtotal: Movies & Entertainment 4,730  5,037  0.57  %
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC 161,825.84 Units of Class A Common Stock 11/15/2017 1,753  6,067  (9)(11)(13)
STATINMED, LLC 4,718.62 Class A Preferred Units 7/1/2022 4,838  —  (6)
39,097.96 Class B Preferred Units 7/1/2022 1,400  —  (6)
6,238  — 
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences 7,991  6,067  0.69  %
Research & Consulting Services
FS VECTOR LLC 1,280.58 Common Units 4/26/2023 1,333  1,585  (9)(11)(13)
THE GOBEL GROUP, LLC 500,000 Class A-1 Preferred Units 10/29/2024 500  500  (9)(13)
500,000 Class A Common Units 10/29/2024 —  —  (9)(13)
500  500 
Subtotal: Research & Consulting Services 1,833  2,085  0.24  %
Software & IT Services
ACACIA BUYERCO V LLC 1,000,000 Class B-2 Units 11/25/2022 1,000  552  (9)(13)
GRAMMATECH, INC. 1,000 Class A Units 11/1/2019 1,000  336  (6)
360 Class A-1 Units 1/10/2022 360  121  (6)
1,360  457 
ISI ENTERPRISES, LLC 1,000,000 Series A Preferred Units 10/1/2021 1,000  1,296 
166,667 Series A-1 Preferred Units 6/7/2023 167  706 
1,167  2,002 
VTX HOLDINGS, INC. 1,597,707 Series A Preferred Units 7/23/2019 1,598  2,192  (9)(13)
Subtotal: Software & IT Services 5,125  5,203  0.59  %
Specialty Retail
ATS OPERATING, LLC 1,000,000 Preferred Units 1/18/2022 1,000  1,220  (9)(13)
CATBIRD NYC, LLC 1,000,000 Class A Units 10/15/2021 1,000  1,805  (6)(9)(11)(13)
500,000 Class B Units 10/15/2021 500  797  (6)(9)(10)(11)(13)
1,500  2,602 
Subtotal: Specialty Retail 2,500  3,822  0.43  %
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2025
Portfolio Company1,5,18,21
Type of Investment2
Acquisition Date14
Cost12,17
Fair Value4
 % of Net Assets
Equity Investments Units Type
Technology Products & Components
FLIP ELECTRONICS, LLC 2,446,170 Common Units 1/4/2021 2,892  1,761  (9)(13)
TRAFERA, LLC (FKA TRINITY 3, LLC) 896.43 Class A Units 11/15/2019 1,205  539  (9)(13)
Subtotal: Technology Products & Components 4,097  2,300  0.26  %
Telecommunications
BROAD SKY NETWORKS LLC 1,131,579 Series A Preferred Units 12/11/2020 1,132  1,704  (9)(13)
89,335 Series C Preferred Units 10/21/2022 89  232  (9)(13)
93,790 Series D Preferred Units 4/19/2024 119  247  (9)(13)
1,340  2,183 
MERCURY ACQUISITION 2021, LLC 12,059,033 Series A Units 12/6/2021 —  233  (9)(13)
Subtotal: Telecommunications 1,340  2,416  0.27  %
Transportation & Logistics
GUARDIAN FLEET SERVICES, INC. 2,000,000 Class A Units 2/10/2023 2,000  2,466  (9)(13)
Warrants (Expiration - February 10, 2033) 2/10/2023 80  122  (9)(13)
Warrants (Expiration - November 30, 2033) 11/30/2023 20  68  (9)(13)
Warrants (Expiration - January 24, 2034) 1/24/2024 24  68  (9)(13)
Warrants (Expiration - December 18, 2034) 12/18/2024 22  26  (9)(13)
2,146  2,750 
ITA HOLDINGS GROUP, LLC Warrants (Expiration - March 29, 2029) 3/29/2019 538  9,755  (6)(9)(13)
Warrants (Expiration - June 21, 2033) 6/21/2023 3,791  11,369  (6)(9)(13)
9.25  % Class A Membership Interest 2/14/2018 1,500  8,776  (6)(9)(11)(13)
5,829  29,900 
Subtotal: Transportation & Logistics 7,975  32,650  3.69  %
Total: Equity Investments $ 126,242  $ 179,393  20.30  %
Total Investments $ 1,779,360  $ 1,785,299  202.04  %


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1.All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
2.All of the Company’s investments, the investments of Capital Southwest SPV LLC ("SPV") and the investments of SBIC I (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, the Company's wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.
3.The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at March 31, 2025. Certain investments are subject to an interest rate floor. As noted, certain investments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.
4.The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
5.Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At March 31, 2025, the Company held $1,436.3 million of non-control/non-affiliate investments, which represented approximately 80.5% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 162.6%.
6.Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2025, the Company held $292.9 million of affiliate investments, which represented approximately 16.4% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 33.1%.
7.Control investments are generally defined by the 1940 Act as investments in which the Company owns more than 25% of the voting securities or has greater than 50% representation on its board. At March 31, 2025, the Company held $56.1 million of control investments, which represented approximately 3.1% of the Company's investment assets. The fair value of these investments as a percent of net assets is 6.3%. In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if its unconsolidated subsidiaries are considered "significant subsidiaries." As of March 31, 2025, there were no unconsolidated subsidiaries that are considered "significant subsidiaries."
8.The investment is structured as a first lien last out term loan.
9.Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2025, approximately 10.0% of the Company's total assets (at fair value) were non-qualifying assets.
10.The investment has an unfunded commitment as of March 31, 2025. Refer to Note 11 - Commitments and Contingencies for further discussion.
11.Income producing through dividends or distributions.
12.As of March 31, 2025, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $117.4 million; cumulative gross unrealized depreciation for federal income tax purposes was $108.2 million. Cumulative net unrealized depreciation was $9.2 million, based on a tax cost of $1,776.1 million.
13.Investment is held through a wholly-owned taxable subsidiary that has elected to be treated as a corporation for U.S. federal income tax purposes. Refer to Note 1 - Organization and Basis for Presentation for further discussion.
14.The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which, as of March 31, 2025, represented 202.0% of the Company's net assets or 94.8% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.
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15.The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
16.Investment is on non-accrual status as of March 31, 2025, meaning the Company has ceased to recognize interest income on the investment.
17.Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
18.Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
19.The investment is structured as a first lien first out term loan.
20.The rate presented represents a weighted average rate for borrowings under the facility as of March 31, 2025.
21.Unless otherwise noted, all portfolio company headquarters are based in the United States.
22.Portfolio company headquarters are located outside of the United States.
23.Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
As of March 31, 2025, there were no investments that represented greater than 5% of our total assets.

The accompanying Notes are an integral part of these Consolidated Financial Statements.
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Notes to Consolidated Financial Statements

1.    ORGANIZATION AND BASIS OF PRESENTATION

    References in this Quarterly Report on Form 10-Q to “we,” “our,” “us,” “CSWC,” or the “Company” refer to Capital Southwest Corporation, unless the context requires otherwise.

Organization

Capital Southwest Corporation is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. CSWC has elected to be regulated as a business development company under the 1940 Act. Our common stock currently trades on The Nasdaq Global Select Market under the ticker symbol “CSWC.”

We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). As such, we generally will not have to pay U.S. federal income tax at corporate rates on any ordinary income or capital gains that we distribute to our shareholders as dividends. To continue to maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and timely distribute annually at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. We may be subject to U.S. federal income tax and a 4% U.S. federal excise tax on any income that we do not timely distribute to our shareholders. Our U.S. federal income tax liability may be reduced to the extent that we make certain distributions during the following calendar year and satisfy other procedural requirements.

We focus on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Our core business is to target senior debt investments and equity investments in lower middle market (“LMM”) companies. Our target companies typically have annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) generally between $3.0 million and $25.0 million, and our investments generally range in size from $5.0 million to $50.0 million. We make available significant managerial assistance to the companies in which we invest as we believe that providing managerial assistance to an investee company is critical to its business development activities.

Capital Southwest Equity Investments, Inc. (the “Taxable Subsidiary”), Capital Southwest SPV LLC (“SPV”), Capital Southwest SBIC I, LP (“SBIC I”) and Capital Southwest SBIC II, LP ("SBIC II" and together with SBIC I, the "SBIC Subsidiaries") are wholly owned subsidiaries of the Company and are consolidated in its financial statements. The Taxable Subsidiary was formed to permit us to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities) and still allow us to satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. The Taxable Subsidiary has elected to be treated as a corporation for U.S. federal income tax purposes and is subject to U.S. federal income tax at corporate rates based on its taxable income. SPV is a special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities.

SBIC I and SBIC II each received a license from the U.S. Small Business Administration (the “SBA”) to operate as an 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 Subsidiaries have an investment strategy substantially similar to the Company and make similar types of investments in accordance with SBA regulations. The SBIC Subsidiaries and their general partner are consolidated for financial reporting purposes under generally accepted accounting principles in the United States ("U.S. GAAP"), and the portfolio investments held by the SBIC Subsidiaries are included in the consolidated financial statements.

Basis of Presentation

The consolidated financial statements have been prepared in accordance with U.S. GAAP. We meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”). Under rules and regulations applicable to investment companies, we are generally precluded from consolidating any entity other than another investment company, subject to certain exceptions. One of the exceptions to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Accordingly, the consolidated financial statements include the Taxable Subsidiary, SPV, SBIC I and SBIC II.
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The consolidated financial statements are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of our management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of consolidated financial statements for the interim periods included herein. The results of operations for the three and six months ended September 30, 2025 are not necessarily indicative of the operating results to be expected for the full fiscal year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal years ended March 31, 2025 and 2024. Consolidated financial statements prepared in accordance with U.S. GAAP require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Portfolio Investment Classification

We classify our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are generally defined as investments in which we own more than 25% of the voting securities or have greater than 50% representation on its board; “Affiliate Investments” are generally defined as investments in which we own between 5% and 25% of the voting securities, and the investments are not classified as “Control Investments”; and “Non-Control/Non-Affiliate Investments” are generally defined as investments that are neither “Control Investments” nor “Affiliate Investments.”

Under the 1940 Act, a BDC must meet certain requirements, including investing at least 70% of its total assets in qualifying assets. As of September 30, 2025, the Company had 91.7% of its total assets (at fair value) in qualifying assets. The principal categories of qualifying assets relevant to our business are:

(1)securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an "eligible portfolio company," or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the Securities and Exchange Commission (the "SEC");
(2)securities of any eligible portfolio company that we control;
(3)securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements;
(4)securities of an eligible portfolio company purchased from any person in a private transaction if there is no readily available market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company;
(5)securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities; and
(6)cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.
Additionally, in order to qualify for RIC tax treatment for U.S. federal income tax purposes, we must, among other things meet the following requirements:
(1) continue to maintain our election as a BDC under the 1940 Act at all times during each taxable year;
(2) derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to our business of investing in such stock or securities; and
(3) diversify our holdings in accordance with two diversification requirements: (a) diversify our holdings such that at the end of each quarter of the taxable year at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and such other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (b)
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diversify our holdings such that no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, (i) of one issuer, (ii) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of certain "qualified publicly traded partnerships" (collectively, the "Diversification Requirements");
The two Diversification Requirements must be satisfied quarterly. If a RIC satisfies the Diversification Requirements for one quarter, and then, due solely to fluctuations in market value, fails to meet one of the Diversification Requirements in the next quarter, it retains RIC tax treatment. A RIC that fails to meet the Diversification Requirements as a result of a non-qualified acquisition may be subject to excess taxes unless the non-qualified acquisition is disposed of and the Diversification Requirements are satisfied within 30 days of the close of the quarter in which the Diversification Requirements are failed.

For the quarter ended September 30, 2025, the Company satisfied all RIC requirements and had 13.6% of its total assets in nonqualified assets according to measurement criteria established in Section 851(d) of the Code.

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements of CSWC.

Fair Value Measurements We account for substantially all of our financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. We believe that the carrying amounts of our financial instruments such as cash, receivables and payables approximate the fair value of these items due to the short maturity of these instruments. This is considered a Level 1 valuation technique. The carrying value of our credit facilities approximates fair value (Level 3 input). See Note 4 - Fair Value Measurements below for further discussion regarding the fair value measurements and hierarchy.

Investments Investments are stated at fair value and are determined by the Valuation Committee as the Valuation Designee pursuant to Rule 2a-5 under the 1940 Act, subject to the oversight of our Board of Directors, as described in the Notes to the Consolidated Schedule of Investments, Note 3 - Investments and Note 4 - Fair Value Measurements below. Investments are recorded on a trade date basis.

Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

Cash and Cash Equivalents Cash and cash equivalents, which consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase, are carried at cost, which approximates fair value. Cash may be held in a money market fund from time to time, which is a Level 1 security. At September 30, 2025 and March 31, 2025, cash held in money market funds amounted to $76.6 million and $28.1 million, respectively. Cash and cash equivalents includes deposits at financial institutions. We deposit our cash balances in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. At September 30, 2025 and March 31, 2025, cash balances totaling $87.1 million and $43.1 million, respectively, exceeded FDIC insurance limits, subjecting us to risk related to the uninsured balance. All of our cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. Restricted cash includes cash that may be restricted due to legal or contractual obligations and is not readily available for general business operations.

Escrow Receivable Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year. Escrow balances are measured for collectability on at least a quarterly basis.

Segment Reporting The Company has determined that it has a single operating segment in accordance with ASC Topic 280, Segment Reporting ("ASC 280"), which derives income from its portfolio investments. Our Chief Executive Officer and Chief Financial Officer together allocate resources and assesses performance and thus together serve as the Company's Chief Operating Decision Maker ("CODM").
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As an investment company, we derive income primarily from debt investments in portfolio companies as discussed in Note 3 - Investments. While the Company lends to and separately evaluates the performance of each portfolio company in which it invests, the CODM evaluates and monitors performance of the business on a consolidated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan servicing in addition to the administrative functions of human resources, legal, finance and information technology. The accounting policies of the segment align with those outlined in Note 2 - Summary of Significant Accounting Policies.

The CODM uses net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company's performance and when allocating resources. These performance metrics are considered the key segment measure of profit or loss received by the CODM. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as total assets and investments held on the Consolidated Schedules of Investments. The significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Consolidation As permitted under Regulation S-X and ASC 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to CSWC. Accordingly, we consolidate the results of the Taxable Subsidiary, SPV, SBIC I and SBIC II. All intercompany balances have been eliminated upon consolidation.

Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have identified investment valuation and revenue recognition as our most critical accounting estimates.

Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. Upon the prepayment of a loan, any unamortized discount or premium is accelerated into interest income. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we generally will establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio at fair value and approximately 2.6% at cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio at fair value and approximately 3.5% at cost.

Payment-in-Kind Interest The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain PIK interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to shareholders to maintain its qualification as a RIC for U.S. federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the investment on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of September 30, 2025, we had four investments for which we stopped accruing PIK interest. As of March 31, 2025, we had five investments for which we stopped accruing PIK interest. For the three and six months ended September 30, 2025, approximately 4.9% and 5.4%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. For the three and six months ended September 30, 2024, approximately 4.9% and 5.5%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income.

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Fee Income Recurring fee income, generally collected in advance, includes fees for administrative services rendered by the Company. These fees are typically charged annually and are amortized into income over the year. The Company recognizes nonrecurring fees, including prepayment penalties, waiver fees, arranger fees and amendment fees, as fee income when earned. In addition, the Company also may be entitled to an exit fee that is amortized into income over the life of the loan. Loan exit fees to be paid at the termination of the loan are accreted into fee income over the contractual life of the loan.

Warrants In connection with the Company's debt investments, the Company may receive warrants or other equity-related securities from the borrower. The Company determines the cost basis of warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon prepayment of a debt investment, any unaccreted OID is accelerated into interest income.

Debt Issuance Costs Debt issuance costs include commitment fees and other costs related to the Corporate Credit Facility (as defined below), the SPV Credit Facility (as defined below), the Company's unsecured notes (as discussed further in Note 5 - Borrowings) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the Credit Facilities (as defined below) have been capitalized and are amortized into interest expense over the term of the respective credit facility. The costs in connection with the unsecured notes and the SBA Debentures are a direct deduction from the related debt liability and amortized into interest expense over the term of the January 2026 Notes (as defined below), the October 2026 Notes (as defined below), the August 2028 Notes (as defined below), the 2029 Convertible Notes (as defined below), the September 2030 Notes (as defined below) and the SBA Debentures.

Equity Offering Costs Offering costs include SEC registration fees, legal fees and accounting fees incurred. The Company’s offering costs are charged against the proceeds from equity offerings when proceeds are received.

Earnings Per Share The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period under the two-class method. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations applicable to common shareholders by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed using the if-converted method for convertible debt, which reflects the potential dilution that would occur if all of the notes were converted as of the beginning of the reporting period (or the date of issuance, if later). The if-converted method is computed by dividing the net increase (decrease) in net assets resulting from operations (adjusted to reverse any recognized interest expense), by the weighted average number of shares of common stock assuming all potential shares had been converted, and the additional shares of common stock were dilutive. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS. The unvested shares of restricted stock awarded pursuant to CSWC’s equity compensation plans are considered participating securities for the purpose of calculating basic and diluted earnings per share.

Realized Losses on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the acceleration of any unamortized debt issuance costs and any "make-whole" premium payment is recognized as a loss upon extinguishment of the underlying debt obligation.

Leases The Company is obligated under an operating lease pursuant to which it is leasing an office facility from a third party with a remaining term of approximately 10.0 years. The operating lease is included as an operating lease right-of-use ("ROU") asset, included in other assets, and operating lease liability, included in other liabilities, in the accompanying Consolidated Statements of Assets and Liabilities. The Company does not have any financing leases.

The ROU asset represents the Company’s right to use an underlying asset for the lease term and the operating lease liability represents the Company’s obligation to make lease payments arising from such lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company’s lease does not provide an implicit discount rate, and as such the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the remaining lease payments. Lease expense is recognized on a straight-line basis over the remaining lease term.

Federal Income Taxes CSWC has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subsection M of the Code. By meeting these requirements, we will not be subject to U.S. federal income taxes at corporate rates on ordinary income or capital gains timely distributed to shareholders. In order to qualify as a RIC, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, each year.
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Investment company taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Investment company taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in investment company taxable income until they are realized.

Depending on the level of taxable income or capital gains earned in a tax year, we may choose to carry forward taxable income or capital gains in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income or capital gains must be distributed through a dividend declared on or prior to the later of (1) the filing of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

In lieu of distributing our net capital gains for a year, we may decide to retain some or all of our net capital gains. We will be required to pay a 21% corporate rate U.S. federal income tax on any such retained net capital gains. We may elect to treat such retained capital gain as a deemed distribution to shareholders. Under such circumstances, shareholders will be required to include their share of such retained capital gain in income, but will receive a credit for the amount of U.S. federal income tax paid at corporate rates with respect to their shares. As an investment company that qualifies as a RIC, federal income taxes payable on security gains that we elect to retain are accrued only on the last day of our tax year, December 31. Any net capital gains actually distributed to shareholders and properly reported by us as capital gain dividends are generally taxable to the shareholders as long-term capital gains. See Note 6 - Income Taxes for further discussion.

The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is subject to U.S. federal income tax at the corporate rate of 21%. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on taxable income and, as a result of its activities, may generate an income tax provision or benefit. The taxable income, or loss, of the Taxable Subsidiary may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the CSWC level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current year. Management’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company has concluded that it does not have any uncertain tax positions that meet the recognition of measurement criteria of ASC Topic 740, Income Taxes, ("ASC 740") for the current period. Also, we account for interest and, if applicable, penalties for any uncertain tax positions as a component of income tax provision. No interest or penalties expense was recorded during the three and six months ended September 30, 2025 and 2024.

Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at the Taxable Subsidiary using statutory tax rates. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation was enacted. See Note 6 - Income Taxes for further discussion.

Stock-Based Compensation We account for our share-based compensation using the fair value method, as prescribed by ASC Topic 718, Compensation – Stock Compensation. Accordingly, we recognize share-based compensation cost on a straight-line basis for all share-based payments awards granted to employees. For restricted stock awards, we measure the fair value based upon the market price of our common stock on the date of the grant. For restricted stock awards, we amortize this fair value to share-based compensation expense over the vesting term. We recognize forfeitures as they occur.

The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Restricted Stock Award Plan (the “2010 Plan”) was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Employee Restricted Stock Award Plan (as amended and restated, the "2021 Employee Plan"), which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan.
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In addition, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors.

Shareholder Distributions Distributions to common shareholders are recorded on the ex-dividend date. The amount of distributions, if any, is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, generally are distributed, although the Company may decide to retain such capital gains for investment.

Presentation Presentation of certain amounts in the consolidated financial statements and notes to the consolidated financial statements for the prior year comparative consolidated financial statements and notes to the consolidated financial statements are updated to conform to the current period presentation.

Recently Issued or Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which was issued to enhance the transparency and decision usefulness of income tax disclosures, including an annual requirement to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The new guidance is effective for annual periods beginning after December 15, 2024. The Company has evaluated the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity's expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

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3.    INVESTMENTS

The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2025 and March 31, 2025:
Fair Value Percentage of Total Portfolio
at Fair Value		 Percentage of Net Assets
at Fair Value		 Cost Percentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2025:
First lien loans (1)(2) $ 1,687,942  89.9  % 178.3  % $ 1,735,351  91.5  %
Second lien loans (2) 17,170  0.9  1.8  23,980  1.3 
Subordinated debt (3) 1,139  0.1  0.1  1,337  0.1 
Preferred equity 66,474  3.5  7.0  76,408  4.0 
Common equity & warrants 101,440  5.4  10.7  55,993  2.9 
Earnout 3,742  0.2  0.4  3,457  0.2 
$ 1,877,907  100.0  % 198.3  % $ 1,896,526  100.0  %
March 31, 2025:
First lien loans (1)(2) $ 1,586,622  88.9  % 179.6  % $ 1,627,746  91.5  %
Second lien loans (2) 18,066  1.0  2.0  23,955  1.3 
Subordinated debt (3) 1,218  0.1  0.1  1,417  0.1 
Preferred equity 102,918  5.7  11.6  77,451  4.4 
Common equity & warrants 76,475  4.3  8.7  48,791  2.7 
$ 1,785,299  100.0  % 202.0  % $ 1,779,360  100.0  %

(1)Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of September 30, 2025 and March 31, 2025, the fair value of the first lien last out loans was $23.6 million and $23.4 million, respectively.
(2)Included in first lien loans and second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of September 30, 2025 and March 31, 2025, the fair value of the split lien term loans included in first lien loans was $59.3 million and $59.9 million, respectively. As of September 30, 2025 and March 31, 2025, the fair value of the split lien term loans included in second lien loans was $16.0 million and $15.9 million, respectively.
(3)Included in subordinated debt are unsecured convertible notes with a fair value of $0.2 million as of both September 30, 2025 and March 31, 2025.

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The following tables show the composition of the investment portfolio by industry, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2025 and March 31, 2025:
Fair Value Percentage of Total Portfolio
at Fair Value		 Percentage of Net Assets
at Fair Value		 Cost Percentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2025:
Healthcare Services $ 214,522  11.4  % 22.7  % $ 243,566  12.8  %
Media & Marketing 163,592  8.7  17.3  162,998  8.6 
Consumer Products 162,538  8.7  17.2  161,437  8.5 
Consumer Services 144,666  7.7  15.3  153,527  8.1 
Food, Agriculture & Beverage 120,282  6.4  12.7  130,125  6.9 
Financial Services 119,261  6.4  12.6  108,981  5.7 
Transportation & Logistics 113,860  6.0  12.0  77,443  4.1 
Commercial Services & Supplies 92,620  4.9  9.8  91,164  4.8 
Business Services 90,005  4.8  9.5  94,492  5.0 
Industrial Machinery 72,603  3.9  7.7  74,560  3.9 
Healthcare Equipment & Supplies 65,790  3.5  6.9  63,900  3.4 
Industrial Products 59,344  3.1  6.3  52,058  2.7 
Environmental Services 57,598  3.1  6.1  59,712  3.1 
Software & IT Services 52,620  2.8  5.6  53,539  2.8 
Research & Consulting Services 46,138  2.5  4.9  45,480  2.4 
Industrial Services 44,002  2.3  4.6  43,651  2.3 
Specialty Retail 39,379  2.1  4.2  37,318  2.0 
Pharmaceuticals, Biotechnology & Life Sciences 38,481  2.0  4.1  41,435  2.2 
Healthcare Products 38,164  2.0  4.0  38,552  2.0 
Education 29,750  1.6  3.1  41,465  2.3 
Restaurants 25,530  1.4  2.7  25,253  1.3 
Telecommunications 24,455  1.3  2.6  29,458  1.6 
Energy Services 22,065  1.2  2.3  21,895  1.2 
Distribution 13,660  0.7  1.4  11,729  0.6 
Movies & Entertainment 9,087  0.5  0.9  8,656  0.5 
Technology Products & Components 8,975  0.5  0.9  12,942  0.7 
Building & Infrastructure Products 6,610  0.4  0.7  8,899  0.4 
Data Processing & Outsourced Services 2,310  0.1  0.2  2,291  0.1 
$ 1,877,907  100.0  % 198.3  % $ 1,896,526  100.0  %
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Fair Value Percentage of Total Portfolio
at Fair Value		 Percentage of Net Assets
at Fair Value		 Cost Percentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2025:
Healthcare Services $ 212,640  11.9  % 24.1  % $ 228,935  12.9  %
Consumer Products 152,385  8.5  17.3  152,385  8.6 
Media & Marketing 138,768  7.8  15.7  138,291  7.8 
Food, Agriculture & Beverage 125,740  7.1  14.2  131,815  7.4 
Financial Services 123,280  6.9  14.0  95,060  5.3 
Consumer Services 117,117  6.6  13.3  123,084  6.9 
Business Services 94,008  5.3  10.6  96,685  5.4 
Transportation & Logistics 88,871  5.0  10.1  63,155  3.5 
Industrial Machinery 76,874  4.3  8.7  75,647  4.3 
Industrial Products 75,548  4.2  8.5  66,050  3.7 
Healthcare Equipment & Supplies 66,144  3.7  7.5  65,057  3.7 
Commercial Services & Supplies 58,340  3.3  6.6  57,633  3.2 
Aerospace & Defense 55,051  3.1  6.2  54,097  3.0 
Software & IT Services 52,422  2.9  5.9  52,553  3.0 
Environmental Services 52,295  2.9  5.9  56,191  3.2 
Specialty Retail 38,272  2.1  4.3  36,647  2.1 
Research & Consulting Services 36,045  2.0  4.1  35,309  2.0 
Healthcare Products 34,474  1.9  3.9  35,087  2.0 
Education 29,495  1.7  3.3  41,443  2.3 
Restaurants 25,656  1.4  2.9  25,329  1.4 
Energy Services 25,022  1.4  2.8  25,362  1.4 
Pharmaceuticals, Biotechnology & Life Sciences 24,877  1.4  2.8  34,199  1.9 
Industrial Services 21,599  1.2  2.4  21,634  1.2 
Telecommunications 19,920  1.1  2.3  23,504  1.3 
Distribution 11,773  0.7  1.3  11,873  0.7 
Technology Products & Components 10,378  0.6  1.2  13,031  0.7 
Movies & Entertainment 8,690  0.5  1.0  8,403  0.5 
Building & Infrastructure Products 7,522  0.4  0.9  8,830  0.5 
Data Processing & Outsourced Services 2,093  0.1  0.2  2,071  0.1 
$ 1,785,299  100.0  % 202.0  % $ 1,779,360  100.0  %


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The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of September 30, 2025 and March 31, 2025:
Fair Value Percentage of Total Portfolio
at Fair Value		 Percentage of Net Assets
at Fair Value		 Cost Percentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2025:
Northeast $ 524,249  27.9  % 55.4  % $ 531,394  28.0  %
Southwest 393,467  21.0  41.5  373,910  19.7 
West 350,194  18.6  37.0  340,802  18.0 
Southeast 314,205  16.7  33.2  352,045  18.5 
Midwest 266,289  14.2  28.1  270,754  14.3 
International 29,503  1.6  3.1  27,621  1.5 
$ 1,877,907  100.0  % 198.3  % $ 1,896,526  100.0  %
March 31, 2025:
Northeast $ 469,271  26.3  % 53.1  % $ 474,642  26.7  %
West 388,772  21.8  44.0  359,986  20.2 
Southwest 323,966  18.2  36.7  317,428  17.8 
Southeast 315,033  17.6  35.6  338,866  19.1 
Midwest 241,814  13.5  27.4  246,198  13.8 
International 46,443  2.6  5.2  42,240  2.4 
$ 1,785,299  100.0  % 202.0  % $ 1,779,360  100.0  %

4.    FAIR VALUE MEASUREMENTS

Investment Valuation Process

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Valuation Committee comprised of certain officers of the Company as the Valuation Designee to determine the fair value of the Company's investments that do not have readily available market quotations, subject to the oversight of the Board of Directors. The valuation process is led by the valuation team and the Valuation Committee in conjunction with the investment team. The process includes a quarterly review of each investment by our valuation team and the Valuation Committee. Valuations of each portfolio security are prepared quarterly by the valuation team using updated financial and other operational information collected from the investment team. In conjunction with the internal valuation process, the Valuation Committee also has engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews and an independent range of values for selected investments, which is presented to the Valuation Committee.

CSWC also uses a standard internal investment rating system in connection with its investment oversight, portfolio management, and investment valuation procedures for its debt portfolio. This system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein.

There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. While management believes our valuation methodologies are appropriate and consistent with market participants, the recorded fair values of our investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

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Fair Value Hierarchy

CSWC has established and documented processes for determining the fair values of portfolio company investments on a recurring basis in accordance with the 1940 Act and ASC 820. As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). CSWC conducts reviews of fair value hierarchy classifications on a quarterly basis. We also use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement.

The three levels of valuation inputs established by ASC 820 are as follows:

•Level 1: Investments whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2: Investments whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•Level 3: Investments whose values are based on unobservable inputs that are significant to the overall fair value measurement.
As of September 30, 2025 and March 31, 2025, 100% of CSWC's investment portfolio consisted of privately held debt and equity instruments for which inputs falling within the categories of Level 1 and Level 2 are generally not readily available. Therefore, the Valuation Committee determines the fair value of our investments in good faith using Level 3 inputs, pursuant to CSWC's valuation policy and procedures subject to the oversight of the Board of Directors.

Investment Valuation Inputs

ASC 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date excluding transaction costs. Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to the market as of the measurement date.

The Level 3 inputs to CSWC’s valuation process reflect our best estimate of the assumptions that would be used by market participants in pricing the investment in a transaction in the principal or most advantageous market for the asset.

The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:

•financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;
•current and projected financial condition of the portfolio company;
•current and projected ability of the portfolio company to service its debt obligations;
•type and amount of collateral, if any, underlying the investment;
•current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;
•current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);
•indicative dealer quotations from brokers, banks, and other market participants;
•market yields on other securities of similar risk;
•pending debt or capital restructuring of the portfolio company;
•projected operating results of the portfolio company;
•current information regarding any offers to purchase the investment;
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•current ability of the portfolio company to raise any additional financing as needed;
•changes in the economic environment which may have a material impact on the operating results of the portfolio company;
•internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;
•qualitative assessment of key management;
•contractual rights, obligations or restrictions associated with the investment; and
•other factors deemed relevant.

CSWC uses several different valuation approaches depending on the security type including the Market Approach, the Income Approach, and the Enterprise Value Waterfall Approach.

Market Approach

Market Approach is a qualitative and quantitative analysis of the aforementioned unobservable inputs. It is a combination of the Enterprise Value Waterfall Approach and Income Approach as described in detail below. For investments recently originated (within a quarterly reporting period) or where the value has not departed significantly from its cost, we generally rely on our cost basis or recent transaction price to determine the fair value, unless a material event has occurred since origination.

Income Approach

In valuing debt securities, CSWC typically uses an Income Approach model, which considers some or all of the factors listed above. Under the Income Approach, CSWC develops an expectation of the yield that a hypothetical market participant would require when purchasing each debt investment (the “Required Market Yield”). The Required Market Yield is calculated in a two-step process. First, using quarterly market data we estimate the current market yield of similar debt securities. Next, based on the factors described above, we modify the current market yield for each security to produce a unique Required Market Yield for each of our investments. The resulting Required Market Yield is the significant Level 3 input to the Income Approach model. If, with respect to an investment, the unobservable inputs have not fluctuated significantly from the date the investment was made or have not fluctuated significantly from CSWC’s expectations on the date the investment was made, and there have been no significant fluctuations in the market pricing for such investments, we may conclude that the Required Market Yield for that investment is equal to the stated rate on the investment. In instances where CSWC determines that the Required Market Yield is different from the stated rate on the investment, we discount the contractual cash flows on the debt instrument using the Required Market Yield in order to estimate the fair value of the debt security.

In addition, under the Income Approach, CSWC also determines the appropriateness of the use of third-party broker quotes, if any, as a significant Level 3 input in determining fair value. In determining the appropriateness of the use of third-party broker quotes, CSWC evaluates the level of actual transactions used by the broker to develop the quote, whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes, the source of the broker quotes, and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. To the extent sufficient observable inputs are available to determine fair value, CSWC may use third-party broker quotes or other independent pricing to determine the fair value of certain debt investments.

Fair value measurements using the Income Approach model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in the Required Market Yield for a particular debt security may result in a lower (higher) fair value for that security. A significant increase (decrease) in a third-party broker quote for a particular debt security may result in a higher (lower) value for that security.

Enterprise Value Waterfall Approach

In valuing equity securities (including warrants), CSWC estimates fair value using an Enterprise Value Waterfall valuation model. CSWC estimates the enterprise value of a portfolio company and then allocates the enterprise value to the portfolio company’s securities in order of their relative liquidation preference. In addition, CSWC assumes that any outstanding debt or other securities that are senior to CSWC’s equity securities are required to be repaid at par. Additionally, we may estimate the fair value of non-performing debt securities using the Enterprise Value Waterfall approach as needed.

To estimate the enterprise value of the portfolio company, CSWC uses a weighted valuation model based on public comparable companies, observable transactions and discounted cash flow analyses. A main input into the valuation model is a measure of the portfolio company’s financial performance, which generally is either earnings before interest, taxes, depreciation and amortization, as adjusted (“Adjusted EBITDA”) or revenues.
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In addition, we consider other factors, including, but not limited to: (1) offers from third parties to purchase the portfolio company; and (2) the implied value of recent investments in the equity securities of the portfolio company. For certain non-performing assets, we may utilize the liquidation or collateral value of the portfolio company's assets in our estimation of its enterprise value.

The significant Level 3 inputs to the Enterprise Value Waterfall model are (1) an appropriate multiple derived from the comparable public companies and transactions, (2) discount rate assumptions used in the discounted cash flow model and (3) a measure of the portfolio company’s financial performance, which generally is either Adjusted EBITDA or revenues. Inputs can be based on historical operating results, projections of future operating results or a combination thereof. The operating results of a portfolio company may be unaudited, projected or pro forma financial information and may require adjustments for certain non-recurring items. CSWC also may consult with the portfolio company’s senior management to obtain updates on the portfolio company’s performance, including information such as industry trends, new product development, loss of customers and other operational issues. Fair value measurements using the Enterprise Value Waterfall model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in either the multiple, Adjusted EBITDA or revenues for a particular equity security would result in a higher (lower) fair value for that security.

The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2025 and March 31, 2025 (in thousands):
Fair Value Measurements
at September 30, 2025 Using
Asset Category Total Quoted Prices in Active Markets for Identical Assets
(Level 1)		 Significant Other Observable Inputs
(Level 2)		 Significant Unobservable Inputs
(Level 3)
First lien loans $ 1,687,942  $ —  $ —  $ 1,687,942 
Second lien loans 17,170  —  —  17,170 
Subordinated debt 1,139  —  —  1,139 
Preferred equity 66,474  —  —  66,474 
Common equity & warrants 101,440  —  —  101,440 
Earnout 3,742  —  —  3,742 
Total Investments $ 1,877,907  $ —  $ —  $ 1,877,907 
Fair Value Measurements
at March 31, 2025 Using
Asset Category
 Total Quoted Prices in Active Markets for Identical Assets
(Level 1)		 Significant Other Observable Inputs
(Level 2)		 Significant Unobservable Inputs
(Level 3)
First lien loans $ 1,586,622  $ —  $ —  $ 1,586,622 
Second lien loans 18,066  —  —  18,066 
Subordinated debt 1,218  —  —  1,218 
Preferred equity 102,918  —  —  102,918 
Common equity & warrants 76,475  —  —  76,475 
Total Investments $ 1,785,299  $ —  $ —  $ 1,785,299 

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The tables below present the Valuation Techniques and Significant Level 3 Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at September 30, 2025 and March 31, 2025. Significant Level 3 Inputs were weighted by the relative fair value of the investments. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to our determination of fair value.
Fair Value at Significant
Valuation September 30, 2025 Unobservable Weighted
Type Technique (in thousands) Inputs Range Average
First lien loans Income Approach $ 1,575,199    Discount Rate  
5.0% - 88.2%
 12.1%
3,413  Third Party Broker Quote
40.4 - 70.0
 60.8
Market Approach 93,094  Cost
97.1 - 100.0
 97.4
Enterprise Value Waterfall Approach 16,236  EBITDA Multiple
9.0x - 9.5x
 9.3x
Discount Rate
12.6% - 19.3%
 14.8%
Second lien loans Income Approach 17,170    Discount Rate  
9.8% - 117.2%
 17.2%
Enterprise Value Waterfall Approach —  EBITDA Multiple
3.0x - 3.0x
 0.0x
Discount Rate
22.8% - 22.8%
 0.0%
Subordinated debt Income Approach 524    Discount Rate  
12.3% - 12.3%
 12.3%
58  Third Party Broker Quote
25.4 - 25.4
 25.4
Enterprise Value Waterfall Approach 557  EBITDA Multiple
6.2x - 7.9x
 6.7x
Discount Rate
14.5% - 17.5%
 15.4%
Preferred equity Enterprise Value Waterfall Approach 64,474    EBITDA Multiple  
3.0x - 16.7x
 7.9x
Discount Rate
11.8% - 48.0%
 16.6%
Market Approach 2,000  Cost
100.0 - 100.0
 100.0
Common equity & warrants Enterprise Value Waterfall Approach 100,105    EBITDA Multiple  
3.0x - 16.7x
 8.8x
Discount Rate
11.1% - 24.9%
 14.9%
Market Approach 1,335  Cost
100.0 - 100.0
 100.0
Earnout Income Approach 3,742  Discount Rate
33.7% - 33.7%
 33.7%
Total Level 3 Investments $ 1,877,907 

           
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Fair Value at Significant
Valuation March 31, 2025 Unobservable Weighted
Type Technique (in thousands) Inputs Range Average
First lien loans Income Approach $ 1,448,656  Discount Rate
5.2% - 64.7%
 12.8%
6,923  Third Party Broker Quote
40.0 - 100.0
 79.8
Market Approach 125,500  Cost
89.8 - 100.0
 97.9
Enterprise Value Waterfall Approach 5,543  EBITDA Multiple
3.0x - 9.0x
 3.0x
Discount Rate
21.0% - 49.2%
 21.0%
Second lien loans Income Approach 18,066  Discount Rate
9.5% - 41.2%
 13.3%
Enterprise Value Waterfall Approach —  EBITDA Multiple
3.0x - 3.0x
 0.0x
Discount Rate
21.0% - 21.0%
 0.0%
Subordinated debt Income Approach 538  Discount Rate
14.4% - 14.4%
 14.4%
58  Third Party Broker Quote
25.0 - 25.0
 25.0
Market Approach 65  Cost
100.0 - 100.0
 100.0
Enterprise Value Waterfall Approach 557  EBITDA Multiple
6.1x - 7.6x
 6.6x
Discount Rate
13.3% - 17.6%
 14.7%
Preferred equity Enterprise Value Waterfall Approach 100,018  EBITDA Multiple
3.0x - 16.9x
 8.8x
Discount Rate
11.1% - 49.2%
 15.9%
Market Approach 2,900  Cost
100.0 - 100.0
 100.0
Common equity & warrants Enterprise Value Waterfall Approach 74,878  EBITDA Multiple
3.0x - 16.0x
 8.4x
Discount Rate
11.9% - 23.3%
 14.4%
Market Approach 1,597  Cost
100.0 - 100.0
 100.0
Total Level 3 Investments $ 1,785,299 

Changes in Fair Value Levels
We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value level to another. During the three and six months ended September 30, 2025 and 2024, we had no transfers between fair value levels.

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The following tables provide a summary of changes in the fair value of investments measured using Level 3 inputs during the six months ended September 30, 2025 and 2024 (in thousands):
Fair Value March 31, 2025 Realized & Unrealized Gains (Losses)
Purchases of Investments (1)
 Repayments PIK Interest Capitalized Divestitures Conversion/Exchange of Security Fair Value September 30, 2025 YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans $ 1,586,622  $ (19,113) $ 236,403  $ (116,337) $ 6,107  $ (1,789) $ (3,951) $ 1,687,942  $ (16,012)
Second lien loans 18,066  (922) 26  —  —  —  —  17,170  (922)
Subordinated debt 1,218  2  57  (146) 8  —  —  1,139  2 
Preferred equity 102,918  (7,860) 3,427  —  —  (31,323) (688) 66,474  (3,475)
Common equity & warrants 76,475  20,922  2,563  —  —  (3,159) 4,639  101,440  20,501 
Earnout —  285  3,457  —  —  —  —  3,742  285 
Total Investments $ 1,785,299  $ (6,686) $ 245,933  $ (116,483) $ 6,115  $ (36,271) $ —  $ 1,877,907  $ 379 
Fair Value March 31, 2024 Realized & Unrealized Gains (Losses) Purchases of Investments (1)(2) Repayments PIK Interest Capitalized Divestitures Conversion/Exchange of Security Fair Value September 30, 2024 YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans $ 1,309,449  $ (14,912) $ 196,254  $ (128,801) $ 5,984  $ (22,585) $ —  $ 1,345,389  $ (15,970)
Second lien loans 33,774  (1,986) (4) (3,420) 70  —  (1,062) 27,372  (106)
Subordinated debt 1,336  29  57  —  11  —  (153) 1,280  21 
Preferred equity 71,127  (132) 3,557  —  —  —  —  74,552  (132)
Common equity & warrants 60,875  (5,861) 3,685  —  —  —  1,215  59,914  (5,062)
Total Investments $ 1,476,561  $ (22,862) $ 203,549  $ (132,221) $ 6,065  $ (22,585) $ —  $ 1,508,507  $ (21,249)

(1)Includes purchases of new investments, as well as discount accretion on existing investments.
(2)Included are distributions-in-kind of investments received in connection with the dissolution and liquidation of I-45 SLF LLC, the joint venture between the Company and Main Street Capital Corporation.



5.    BORROWINGS

In accordance with the 1940 Act, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act.
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As of September 30, 2025, the Company’s asset coverage was 208%.

The Company had the following borrowings outstanding as of September 30, 2025 and March 31, 2025 (amounts in thousands):

Outstanding Balance Unamortized Debt Issuance Costs and Debt Discount/Premium (1) Recorded Value Estimated Fair Value (2)
September 30, 2025
SBA Debentures $ 175,000  $ (4,088) $ 170,912  $ 168,628 
Corporate Credit Facility —  —  —  — 
SPV Credit Facility 77,000  —  77,000  77,000 
October 2026 Notes 150,000  (769) 149,231  150,000 
August 2028 Notes 71,875  (1,429) 70,446  72,860 
2029 Convertible Notes 230,000  (6,153) 223,847  221,944 
September 2030 Notes 350,000  (6,678) 343,322  347,566 
$ 1,053,875  $ (19,117) $ 1,034,758  $ 1,037,998 
March 31, 2025
SBA Debentures $ 175,000  $ (4,082) $ 170,918  $ 166,460 
Corporate Credit Facility 235,000  —  235,000  235,000 
SPV Credit Facility 108,000  —  108,000  108,000 
October 2026 Notes 150,000  (1,154) 148,846  130,899 
August 2028 Notes 71,875  (1,681) 70,194  73,571 
2029 Convertible Notes 230,000  (6,893) 223,107  225,780 
$ 969,875  $ (13,810) $ 956,065  $ 939,710 
(1)The unamortized debt issuance costs for the Corporate Credit Facility and the SPV Credit Facility are reflected as "Debt issuance costs" on the Consolidated Statements of Assets and Liabilities.
(2)Each estimated fair value for the SBA Debentures, the 2029 Convertible Notes and the September 2030 Notes is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The estimated fair value of the August 2028 Notes is based on the closing price of the security on the Nasdaq Global Select Market, which is a Level 1 input under ASC 820. The estimated fair value of the Corporate Credit Facility and the SPV Credit Facility approximates its recorded value due to its variable interest rate. The estimated fair value for the October 2026 Notes is based on a redemption price of 100% of the aggregate principal amount outstanding, as discussed below.

Credit Facilities

As of September 30, 2025, the Company had in place one revolving credit facility and one special purpose vehicle financing facility, the Corporate Credit Facility and the SPV Facility, respectively (each defined below and together, the "Credit Facilities"). For the three and six months ended September 30, 2025, the weighted average interest rate on the Credit Facilities was 6.79% and 6.76%, respectively, and the average debt outstanding under the Credit Facilities was $315.4 million and $317.5 million, respectively.

Corporate Credit Facility

In August 2016, CSWC entered into a senior secured revolving credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities.

On August 2, 2023, the Company entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, including the Amendment (as defined below), the "Credit Agreement"). Borrowings under the Corporate Credit Facility accrue interest at a rate equal to the applicable Adjusted Term SOFR plus 2.15% per annum. The Credit Agreement (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million from a diversified group of lenders; (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.
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As of September 30, 2025, the total commitments under the Corporate Credit Facility were $510 million provided by 11 lenders.

On March 1, 2024, the Company entered into Amendment No. 1 to the Credit Agreement (the "Amendment"). The Amendment amends the Credit Agreement and other related loan documents to, among other things, permit the Company to enter into special purpose vehicle financings and exclude assets held by any such special purpose vehicle from the assets pledged as collateral securing the Corporate Credit Facility.

CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Corporate Credit Facility. The Corporate Credit Facility contains certain affirmative and negative covenants, including but not limited to: (1) certain reporting requirements; (2) maintaining RIC and BDC status; (3) maintaining a minimum senior coverage ratio of 2.00 to 1; (4) maintaining a minimum shareholders’ equity; (5) maintaining a minimum consolidated net worth; (6) maintaining a regulatory asset coverage of not less than 150%; and (7) maintaining an interest coverage ratio of at least 2.00 to 1.

The Credit Agreement also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions. If the Company defaults on its obligations under the Credit Agreement, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests.

The Corporate Credit Facility is secured by (1) all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in certain of the Company’s wholly-owned subsidiaries (except for the assets held by the SBIC Subsidiaries and SPV). As of September 30, 2025, all of the Company’s assets were pledged as collateral for the Corporate Credit Facility, except for assets held by the SBIC Subsidiaries and SPV. As of September 30, 2025 and 2024, CSWC was in compliance with all financial covenants under the Credit Agreement.

The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense $ 3,398  $ 3,226  $ 6,860  $ 6,920 
Unused commitment fees 465  463  899  856 
Amortization of deferred financing costs 609  558  1,218  1,107 
Total interest and amortization of deferred financing costs $ 4,472  $ 4,247  $ 8,977  $ 8,883 
Weighted average interest rate 6.72  % 7.74  % 6.68  % 7.75  %
Average borrowings $ 202,391  $ 166,685  $ 205,328  $ 178,579 

SPV Credit Facility

On March 20, 2024, SPV entered into a Loan Financing and Servicing Agreement (the “Loan Agreement”) for a special purpose vehicle financing credit facility (the “SPV Credit Facility”) to provide additional liquidity to support its investment and operational activities. The SPV Credit Facility included an initial commitment of $150.0 million. Pursuant to the terms of the Loan Agreement, on June 20, 2024, total commitments automatically increased from $150.0 million to $200.0 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.


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The Loan Agreement contains customary terms and conditions, including affirmative and negative covenants. The Loan Agreement also contains customary events of default including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions.

The SPV Credit Facility is secured by all of the assets of SPV. As of September 30, 2025, SPV was in compliance with all financial covenants under the Loan Agreement.

The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense $ 1,954  $ 1,390  $ 3,869  $ 2,307 
Unused commitment and other fees 299  314  605  613 
Amortization of deferred financing costs 114  114  228  204 
Total interest and amortization of deferred financing costs $ 2,367  $ 1,818  $ 4,702  $ 3,124 
Weighted average interest rate 6.92  % 7.85  % 6.90  % 7.87  %
Average borrowings $ 112,967  $ 70,826  $ 112,202  $ 58,617 

Unsecured Notes

The unsecured notes described below are the direct unsecured obligations of the Company, rank pari passu with the Company's other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of the Company's existing and future secured indebtedness, including borrowings under the Credit Facilities and the SBA Debentures.

January 2026 Notes

In December 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% Notes due 2026 (the "Existing January 2026 Notes"). The Existing January 2026 Notes were issued at par. In February 2021, the Company issued an additional $65.0 million in aggregate principal amount of the January 2026 Notes (the "Additional January 2026 Notes" together with the Existing January 2026 Notes, the "January 2026 Notes"). The Additional January 2026 Notes were issued at a price of 102.11% of the aggregate principal amount of the Additional January 2026 Notes, resulting in a yield-to-maturity of approximately 4.0% at issuance. The Additional January 2026 Notes were treated as a single series with the Existing January 2026 Notes under the indenture and had the same terms as the Existing January 2026 Notes. The maturity date of the January 2026 Notes was January 31, 2026, and the January 2026 Notes bore interest at a rate of 4.50% per year, payable semi-annually on January 31 and July 31 of each year.

On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding January 2026 Notes in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the quarter ended December 31, 2024. There was no "make-whole" premium required to be paid in connection with the redemption.


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The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense $ —  $ 1,575  $ —  $ 3,150 
Amortization of deferred financing costs —  84  —  168 
Total interest and amortization of deferred financing costs $ —  $ 1,659  $ —  $ 3,318 
Weighted average interest rate —  % 4.46  % —  % 4.46  %
Average borrowings $ —  $ 140,000  $ —  $ 140,000 

October 2026 Notes

In August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% Notes due 2026 (the "Existing October 2026 Notes"). The Existing October 2026 Notes were issued at a price of 99.418% of the aggregate principal amount of the Existing October 2026 Notes, resulting in a yield-to-maturity of 3.5%. In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes (the "Additional October 2026 Notes" together with the Existing October 2026 Notes, the "October 2026 Notes"). The Additional October 2026 Notes were issued at a price of 99.993% of the aggregate principal amount, resulting in a yield-to-maturity of approximately 3.375% at issuance. The Additional October 2026 Notes are treated as a single series with the Existing October 2026 Notes under the indenture and have the same terms as the Existing October 2026 Notes. The October 2026 Notes mature on October 1, 2026 and may be redeemed in whole or in part at any time prior to July 1, 2026, at par plus a "make-whole" premium, and thereafter at par. The October 2026 Notes bear interest at a rate of 3.375% per year, payable semi-annually in arrears on April 1 and October 1 of each year.

The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense $ 1,266  $ 1,266  $ 2,531  $ 2,531 
Amortization of deferred financing costs 192  192  385  385 
Total interest and amortization of deferred financing costs $ 1,458  $ 1,458  $ 2,916  $ 2,916 
Weighted average interest rate 3.50  % 3.50  % 3.50  % 3.50  %
Average borrowings $ 150,000  $ 150,000  $ 150,000  $ 150,000 

The indenture governing the October 2026 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the October 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the fourth supplemental indenture relating to the October 2026 Notes.

In addition, holders of the October 2026 Notes can require the Company to repurchase some or all of the October 2026 Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the fourth supplemental indenture relating to the October 2026 Notes.

Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the October 2026 Notes. See Note 14 - Subsequent Events for more information.


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August 2028 Notes

In June 2023, the Company issued approximately $71.9 million in aggregate principal amount, including the underwriters' full exercise of their option to purchase an additional $9.4 million in aggregate principal amount to cover over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes"). The August 2028 Notes mature on August 1, 2028 and may be redeemed in whole or in part at any time, or from time to time, at the Company’s option on or after August 1, 2025. The August 2028 Notes bear interest at a rate of 7.75% per year, payable quarterly on February 1, May 1, August 1 and November 1 of each year. The August 2028 Notes are listed on the Nasdaq Global Select Market under the trading symbol "CSWCZ."

The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense $ 1,393  $ 1,393  $ 2,785  $ 2,785 
Amortization of deferred financing costs 126  127  252  255 
Total interest and amortization of deferred financing costs $ 1,519  $ 1,520  $ 3,037  $ 3,040 
Weighted average interest rate 7.75  % 7.75  % 7.75  % 7.75  %
Average borrowings $ 71,875  $ 71,875  $ 71,875  $ 71,875 

The indenture governing the August 2028 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the August 2028 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the fifth supplemental indenture relating to the August 2028 Notes.

Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the August 2028 Notes. See Note 14 - Subsequent Events for more information.

2029 Convertible Notes

On November 4, 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the "2029 Convertible Notes"), including the underwriters' full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The 2029 Convertible Notes bear interest at a rate of 5.125% per year, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The 2029 Convertible Notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased.

At any time prior to the close of business on the business day immediately preceding November 15, 2029, holders may convert all or any portion of their 2029 Convertible Notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The conversion rate was initially 40.0000 shares of common stock per $1,000 principal amount of 2029 Convertible Notes (equivalent to an initial conversion price of $25.00 per share of common stock). The conversion rate is subject to adjustment upon certain events, such as share splits and combinations, mergers, tender or exchange offers, increases in dividends in excess of $0.58 per share per quarter for the 2029 Convertible Notes and certain changes in control. In no event will the total number of shares of common stock issuable upon conversion exceed 44.7828 per $1,000 principal amount of the 2029 Convertible Notes. The Company has determined that the embedded conversion option in the 2029 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

In addition, following certain corporate events that occur prior to the maturity date of the 2029 Convertible Notes or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Convertible Notes in connection with such a corporate event or notice of redemption, as the case may be.

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Certain key terms related to the convertible features of the 2029 Convertible Notes as of September 30, 2025 are as follows:
2029 Convertible Notes
Conversion premium 12.0  %
Closing stock price at issuance $ 22.33 
Closing stock price date November 4, 2024
Conversion price (1) $ 24.73 
Conversion rate (shares per $1,000 principal amount) (1) 40.43 
Last conversion price calculation date September 15, 2025
(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2025, taking into account any applicable de minimis adjustments that will be made on the conversion date.

The Company may redeem for cash all or any portion of the 2029 Convertible Notes (subject to the partial redemption limitation), at its option, on a redemption date on or after November 20, 2027 and on or before the 45th scheduled trading day immediately prior to the maturity date of the 2029 Convertible Notes if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which it provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

As reflected in Note 8 - Earnings Per Share, the issuance of the 2029 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share.

The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense $ 2,947  $ —  $ 5,894  $ — 
Amortization of deferred financing costs 370  —  740  — 
Total interest and amortization of deferred financing costs $ 3,317  $ —  $ 6,634  $ — 
Weighted average interest rate 5.13  % —  % 5.13  % —  %
Average borrowings $ 230,000  $ —  $ 230,000  $ — 

September 2030 Notes

In September 2025, the Company issued $350.0 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 a 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.


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The summary information regarding the September 2030 Notes is as follows (dollars in thousands):

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense $ 694  $ —  $ 694  $ — 
Amortization of deferred financing costs 42  —  42  — 
Total interest and amortization of deferred financing costs $ 736  $ —  $ 736  $ — 
Weighted average interest rate 5.95  % —  % 5.95  % —  %
Average borrowings (1) $ 350,000  $ —  $ 350,000  $ — 
(1)Average borrowings for the three and six months ended September 30, 2025 were calculated from September 18, 2025 (the issuance date of the September 2030 Notes) through September 30, 2025.

The indenture governing the September 2030 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the September 2030 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the seventh supplemental indenture relating to the September 2030 Notes.

In addition, holders of the September 2030 Notes can require the Company to repurchase some or all of the September 2030 Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the seventh supplemental indenture relating to the September 2030 Notes.

SBA Debentures

On April 20, 2021 and April 17, 2025, SBIC I and SBIC II, respectively, received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. The licenses allow each of SBIC I and SBIC II to obtain leverage by issuing 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. Interest on SBA Debentures is payable semi-annually on March 1 and September 1. Current statutes and regulations permit SBIC I and SBIC II to each borrow up to $175 million in SBA Debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations).

The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on SBIC I and SBIC II's full compliance, as determined by the SBA, with the terms and conditions set forth in the SBA regulations. As of September 30, 2025, SBIC I had regulatory capital of $87.5 million and leverageable capital of $87.5 million, and SBIC II had regulatory capital of $87.5 million and leveragable capital of $26.0 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. As of September 30, 2025, SBIC II had a total leverage commitment from the SBA in the amount of $40.0 million, none of which was drawn.


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The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Interest expense and fees $ 1,948  $ 1,695  $ 3,875  $ 3,372 
Amortization of deferred financing costs 197  184  394  368 
Total interest and amortization of deferred financing costs $ 2,145  $ 1,879  $ 4,269  $ 3,740 
Weighted average interest rate 4.45  % 4.43  % 4.43  % 4.41  %
Average borrowings $ 175,000  $ 153,000  $ 175,000  $ 153,000 

As of September 30, 2025, SBIC I's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1) Maturity Date Fixed Interest Rate Debenture Amount
9/22/2021 9/1/2031 1.575% $ 15,000 
3/23/2022 3/1/2032 3.209% 25,000 
9/21/2022 9/1/2032 4.435% 40,000 
3/22/2023 3/1/2033 5.215% 40,000 
9/20/2023 9/1/2033 5.735% 10,000 
3/20/2024 3/1/2034 5.164% 15,000 
9/25/2024 9/1/2034 4.509% 8,000 
3/26/2025 3/1/2035 5.092% 22,000 
$ 175,000 
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.

Contractual Payment Obligations

A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2025 is as follows:
Years Ending March 31,
2026 2027 2028 2029 2030 Thereafter Total
SBA Debentures $ —  $ —  $ —  $ —  $ —  $ 175,000  $ 175,000 
SPV Credit Facility —  —  —  77,000  —  —  77,000 
October 2026 Notes (1) 150,000  —  —  —  —  —  150,000 
August 2028 Notes (1) 71,875  —  —  —  —  —  71,875 
2029 Convertible Notes —  —  —  —  230,000  —  230,000 
September 2030 Notes —  —  —  —  —  350,000  350,000 
Total $ 221,875  $ —  $ —  $ 77,000  $ 230,000  $ 525,000  $ 1,053,875 
(1)Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the October 2026 Notes and the August 2028 Notes. See Note 14 - Subsequent Events for more information.

6.    INCOME TAXES

We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code and have a tax year end of December 31. In order to qualify as a RIC, we must annually distribute at least 90% of our investment company taxable income, as defined by the Code, to our shareholders in a timely manner. Investment company income generally includes net short-term capital gains but excludes net long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and capital gains that is distributed to its shareholders, including “deemed distributions” as discussed below. As part of maintaining RIC tax treatment, undistributed taxable income and capital gain, which is subject to a 4% non-deductible U.S.
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federal excise tax, pertaining to a given fiscal year may be distributed up to 12 months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (1) the extended due date of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

For the tax years ended December 31, 2024, 2023 and 2022, CSWC qualified for RIC tax treatment. We intend to meet the applicable qualifications to be taxed as a RIC in future periods. However, the Company’s ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by the Company.

We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in that year on all of our taxable income, regardless of whether we made any distributions to our shareholders. During the quarter ended March 31, 2025, CSWC declared and paid a quarterly dividend in the amount of $33.7 million, or $0.64 per share ($0.58 per share in regular dividends and $0.06 per share in supplemental dividends). During the quarter ended June 30, 2025, CSWC declared and paid a quarterly dividend in the amount of $35.3 million, or $0.64 per share ($0.58 per share in regular dividends and $0.06 per share in supplemental dividends). During the quarter ended September 30, 2025, CSWC paid monthly regular dividends of $0.1934 per share for each of July, August, and September 2025 and a quarterly supplemental dividend of $0.06 per share in September 2025, totaling $36.0 million.

The determination of the tax attributes for CSWC’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, any determination made on an interim basis is forward-looking based on currently available facts, rules and assumptions and may not be representative of the actual tax attributes of distributions determined at tax year end.

Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital.

The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the six months ended September 30, 2025 and 2024:
Six Months Ended September 30,
Reconciliation of RIC Distributable Income (1) 2025 2024
Net increase in net assets from operations $ 52,620  $ 36,719 
Net unrealized depreciation on investments 22,029  13,727 
Expense/loss recognized for tax on pass-through entities —  (7)
Realized (gain) loss book/tax differences (613) 11,333 
Capital loss carryover (2) 13,537  (1,864)
Net operating income - wholly-owned subsidiary (24,404) (2,008)
Dividend income from wholly-owned subsidiary 27,000  — 
Non-deductible tax expense 1,487  542 
Loss on extinguishment of debt (1,363) (1,363)
Non-deductible compensation 2,773  3,029 
Compensation related book/tax differences (2,387) (6,184)
Interest on non-accrual loans 2,953  7,093 
Other book/tax differences (39) 303 
Estimated distributable income before deductions for distributions $ 93,593  $ 61,320 

(1)The calculation of taxable income for each period is an estimate and will not be finally determined until the Company files its tax return each year. Final taxable income may be different than this estimate.
(2)At September 30, 2025, the Company had long-term capital loss carryforwards of $144.3 million to offset future capital gains. These capital loss carryforwards are not subject to expiration.


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A RIC may elect to retain all or a portion of its net capital gains by designating them as a “deemed distribution” to its shareholders and paying a federal tax on the net capital gains for the benefit of its shareholders. Shareholders then report their share of the retained capital gains on their income tax returns as if it had been received and report a tax credit for tax paid on their behalf by the RIC. Shareholders then add the amount of the “deemed distribution” net of such tax to the basis of their shares.

In addition, the Taxable Subsidiary holds a portion of one or more of our portfolio investments that are listed on the Consolidated Schedule of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes in accordance with U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit us to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of a partnership or LLC (or other pass-through entity) portfolio investment would flow through directly to us. To the extent that our income did not consist of investment income, it could jeopardize our ability to qualify as a RIC and therefore cause us to incur significant amounts of U.S. federal income taxes at corporate rates. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, however, the income from those interests is taxed to the Taxable Subsidiary and does not flow through to us, thereby helping us preserve our RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for U.S. federal income tax purposes and may generate an income tax provision as a result of their ownership of the portfolio companies. The income tax provision, or benefit, and the related tax assets and liabilities, if any, are reflected in our Consolidated Statement of Operations.

As of September 30, 2025, the cost of investments held by the RIC for U.S. federal income tax purposes was $1,833.0 million, with such investments having gross unrealized appreciation of $18.9 million and gross unrealized depreciation of $114.1 million, resulting in net unrealized depreciation of $95.2 million. As of September 30, 2025, the cost of investments held by the Taxable Subsidiary for U.S. federal income tax purposes was $52.0 million, with such investments having gross unrealized appreciation of $93.4 million and gross unrealized depreciation of $13.0 million, resulting in net unrealized appreciation of $80.4 million. On a consolidated basis, the total investment portfolio has net unrealized depreciation of $14.8 million for U.S. federal income tax purposes.

The Taxable Subsidiary is not a RIC and is subject to U.S. federal income tax at the current corporate rate. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate an income tax provision or benefit.

The taxable income, or loss, of the Taxable Subsidiary may differ from book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements. The Taxable Subsidiary records valuation adjustments related to its investments on a quarterly basis. Deferred taxes related to the unrealized gain/loss on investments are also recorded on a quarterly basis. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Establishing a valuation allowance of a deferred tax asset requires management to make estimates related to expectations of future taxable income. As of September 30, 2025 and March 31, 2025, the Taxable Subsidiary had a deferred tax liability of $14.9 million and $16.8 million, respectively.

Based on our assessment of our unrecognized tax benefits, management believes that all benefits will be realized and they do not contain any uncertain tax positions.


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The following table sets forth the significant components of the deferred tax assets and liabilities as of September 30, 2025 and March 31, 2025 (amounts in thousands):
September 30, 2025 March 31, 2025
Deferred tax asset:
Net operating loss carryforwards $ 253  $ 253 
Interest 1,811  1,811 
Total deferred tax asset 2,064  2,064 
Deferred tax liabilities:
Net unrealized appreciation on investments (12,524) (15,054)
Net basis differences in portfolio investments (4,401) (3,790)
Total deferred tax liabilities (16,925) (18,844)
Total net deferred tax (liabilities) assets $ (14,861) $ (16,780)

The income tax provision, or benefit, and the related tax assets and liabilities, generated by CSWC and the Taxable Subsidiary, if any, are reflected in CSWC’s consolidated financial statements. The following table sets forth the significant components of income tax provision as of September 30, 2025 and 2024 (amounts in thousands):

Three Months Ended September 30, Six Months Ended September 30,
Components of Income Tax Provision 2025 2024 2025 2024
Excise tax $ 755  $ 325  $ 1,414  $ 492 
Tax provision related to Taxable Subsidiary 1,278  (1,476) 1,374  734 
Other —  —  73  50 
Total income tax provision $ 2,033  $ (1,151) $ 2,861  $ 1,276 

Although we believe our tax returns are correct, the final determination of tax examinations could be different from what was reported on the returns. In our opinion, we have made adequate tax provisions for years subject to examination. Generally, we are currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2021 through December 31, 2023.

7.    SHAREHOLDERS' EQUITY

Equity ATM Program

On March 4, 2019, the Company established the Equity ATM Program, pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock having an aggregate offering price of up to $50.0 million. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100.0 million from $50.0 million and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250.0 million from $100.0 million and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650.0 million from $250.0 million. On May 21, 2024, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $1.0 billion from $650.0 million and (ii) amended the term "Settlement Date" to reflect that, on or after May 28, 2024, the settlement of shares will occur on the first trading day following the date on which such sales were made.


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The following table summarizes certain information relating to shares sold under the Equity ATM Program:

Three Months Ended September 30,
2025 2024
Number of shares sold 1,766,975  839,099 
Gross proceeds received (in thousands) $ 40,304  $ 20,552 
Net proceeds received (in thousands) (1) $ 39,699  $ 20,244 
Weighted average price per share $ 22.81  $ 24.49 
Six Months Ended September 30,
2025 2024
Number of shares sold 3,801,892  2,338,080 
Gross proceeds received (in thousands) $ 82,028  $ 58,920 
Net proceeds received (in thousands) (1) $ 80,896  $ 58,036 
Weighted average price per share $ 21.58  $ 25.20 

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both September 30, 2025 and September 30, 2024, no proceeds remained receivable.

Cumulative to date, the Company has sold 36,843,069 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.50, raising $792.0 million of gross proceeds. Net proceeds were $779.9 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.

Share Repurchases

Restricted Stock Awards

The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan, which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan.

In addition, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors.


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The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards:

Three Months Ended September 30,
2025 2024
Number of shares repurchased —  — 
Aggregate cost of shares repurchased (in thousands) $ —  $ — 
Weighted average price per share $ —  $ — 
Six Months Ended September 30,
2025 2024
Number of shares repurchased 52,593  71,229 
Aggregate cost of shares repurchased (in thousands) $ 1,119  $ 1,861 
Weighted average price per share $ 21.28  $ 26.13 

Share Repurchase Program

On July 28, 2021, the Board of Directors 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 Exchange Act. 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 price for all shares purchased under the share repurchase program 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 three and six months ended September 30, 2025 and 2024, the Company did not repurchase any shares under the share repurchase program.

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8.    EARNINGS PER SHARE

The following information sets forth the computation of the Company's basic and diluted net increase in net assets per share resulting from operations for the three and six months ended September 30, 2025 and 2024 (dollars and shares in thousands):

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Earnings per share - basic
Numerator for basic earnings per share $ 25,619  $ 22,684  $ 52,620  $ 36,719 
Adjustment for income allocated to participating securities (286) —  (587) — 
Numerator for basic earnings per common share 25,333  22,684  52,033 36,719
Denominator for basic earnings per common share 55,544  47,243  54,536 46,458
Basic earnings per common share $ 0.46  $ 0.48  $ 0.95  $ 0.79 
Earnings per share - diluted (1)
Numerator for increase in net assets per share $ 25,333  $ 22,684  $ 52,033  $ 36,719 
Adjustment for interest and amortization on 2029 Convertible Notes 3,317  —  6,633  — 
Numerator for diluted earnings per common share $ 28,650  $ 22,684  $ 58,666  $ 36,719 
Denominator for basic weighted average common share 55,544 47,243 54,536 46,458
Adjustment for dilutive effect of 2029 Convertible Notes 9,286 —  9,273 — 
Denominator for diluted weighted average common shares 64,830 47,243 63,809 46,458
Diluted earnings per common share $ 0.44  $ 0.48  $ 0.92  $ 0.79 

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended September 30, 2025 and 2024, there was no anti-dilution.

9.    STOCK BASED COMPENSATION PLANS

Under the 2010 Plan and the 2021 Employee Plan, a restricted stock award is an award of shares of our common stock, which have full voting and dividend rights but are restricted with regard to sale or transfer. Restricted stock awards are independent of stock grants and are generally subject to forfeiture if employment terminates prior to these restrictions lapsing. Unless otherwise specified in the award agreement, these shares vest in equal annual installments over a four-year period from the grant date and are expensed over the vesting period starting on the grant date.

The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms.

In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan as part of the compensation packages for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. The 2021 Employee Plan initially made available for issuance 1,200,000 shares of common stock. On July 24, 2025, our shareholders approved an amendment to the 2021 Employee Plan to increase the total number of shares available for issuance thereunder by 1,850,000 (from 1,200,000 to 3,050,000), which became effective on the same date. As of September 30, 2025, there were 2,014,204 shares of common stock available for issuance under the 2021 Employee Plan.

In addition, the Board of Directors and shareholders approved the Non-Employee Director Plan as part of the compensation package for non-employee directors of the Board of Directors. Under the Non-Employee Director Plan, at the beginning of each one-year term of service on our Board, each non-employee director will receive a number of shares equivalent to $50,000 based on the market value at the close of the Nasdaq Global Select Market on the date of grant. These shares will vest one year from the date of the grant and are expensed over the one-year term of non-employee directors. The Non-Employee Director Plan makes available for issuance 120,000 shares of common stock. As of September 30, 2025, there were 75,280 shares of common stock available for issuance under the Non-Employee Director Plan.

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We expense the cost of the restricted stock awards, which is determined to equal the fair value of the restricted stock award at the date of grant on a straight-line basis over the requisite service period. For these purposes, the fair value of the restricted stock award is determined based upon the closing price of our common stock on the date of the grant.

For the three months ended September 30, 2025 and 2024, we recognized total share based compensation expense of $1.3 million (of which $0.1 million was related to restricted stock issued to non-employee directors) and $1.5 million (of which $0.1 million was related to restricted stock issued to non-employee directors), respectively, related to the restricted stock issued. For the six months ended September 30, 2025 and 2024, we recognized total share based compensation expense of $2.4 million (of which $0.1 million was related to restricted stock issued to non-employee directors) and $2.8 million (of which $0.1 million was related to restricted stock issued to non-employee directors), respectively, related to the restricted stock issued.

As of September 30, 2025, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $12.8 million, which will be amortized over the weighted-average vesting period of approximately 2.9 years.

The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of September 30, 2025:
Weighted Average Weighted Average
Fair Value Per Remaining Vesting
Restricted Stock Awards Number of Shares Share at grant date Term (in Years)
Unvested at March 31, 2025
 506,352  $ 23.78  2.5
Granted 337,000  21.35  — 
Vested (175,311) 23.73  — 
Forfeited (43,062) 22.71  — 
Unvested at September 30, 2025
 624,979  $ 22.56  3.0

The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of September 30, 2025:
Weighted Average Weighted Average
Fair Value Per Remaining Vesting
Restricted Stock Awards Number of Shares Share at grant date Term (in Years)
Unvested at March 31, 2025
 10,450  $ 23.93  0.4
Granted 10,965  22.80  — 
Vested (10,450) 23.93  — 
Forfeited —  —  — 
Unvested at September 30, 2025
 10,965  $ 22.80  0.9

10.    OTHER EMPLOYEE COMPENSATION

We established a 401(k) plan (the “401K Plan”) effective October 1, 2015. All full-time employees of CSWC are eligible to participate in the 401K Plan. The 401K Plan permits employees to defer a portion of their total annual compensation up to the Internal Revenue Service annual maximum based on age and eligibility. We made contributions to the 401K Plan of up to 4.5% of the Internal Revenue Service’s annual maximum eligible compensation, all of which is fully vested immediately. During the three months ended September 30, 2025 and 2024, we made matching contributions of approximately $48.8 thousand and $45.9 thousand, respectively. During the six months ended September 30, 2025 and 2024, we made matching contributions of approximately $174.5 thousand and $163.0 thousand, respectively.

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11.    COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Because commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Additionally, our commitment to fund delayed draw term loans generally is triggered upon the satisfaction of certain pre-negotiated terms and conditions, such as meeting certain financial performance hurdles or financial covenants, which may limit a borrower's ability to draw on such delayed draw term loans.

The balances of unfunded debt commitments as of September 30, 2025 and March 31, 2025 were as follows (amounts in thousands):
September 30, March 31,
Portfolio Company 2025 2025
Revolving Loans
360 Quote TopCo, LLC $ 2,404  $ — 
Air Conditioning Specialist, Inc. 1,910  1,910 
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC) 3,056  3,056 
ArborWorks, LLC 781  1,116 
ATS Operating, LLC 640  890 
Better Than Home, Inc. 3,000  — 
Bond Brand Loyalty ULC 1,200  1,200 
BP Loenbro Holdings Inc. 2,422  1,321 
Brandner Design, LLC 865  900 
Burning Glass Intermediate Holding Company, Inc. 79  296 
Campany Roof Maintenance, LLC 1,064  1,064 
Catbird NYC, LLC 4,000  4,000 
Cavalier Buyer, Inc. —  2,000 
CDC Dental Management Co., LLC 2,000  1,500 
Central Medical Supply LLC 525  1,050 
Cumbria Capital MSO, LLC 1,500  1,100 
Damotech Inc. —  3,000 
Drive Line Service of Portland, LLC 2,000  2,000 
DWS Buyer LLC 1,293  — 
Edge Autonomy Holdings, LLC —  4,000 
Exact Borrower, LLC 2,500  2,500 
FS Vector LLC 4,000  4,000 
GPT Industries, LLC 3,000  3,000 
GrammaTech, Inc. 1,000  1,000 
Gravitiq LLC 5,000  5,000 
Gulf Pacific Acquisition, LLC 151  303 
Ignite Visibility LLC 3,000  1,500 
Institutes of Health, LLC 1,000  1,000 
ISI Enterprises, LLC 2,000  2,000 
Island Pump and Tank, LLC —  3,479 
iVueit, LLC 750  1,000 
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) 2,000  2,000 
Lash OpCo, LLC 612  — 
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September 30, March 31,
Portfolio Company 2025 2025
LEHR Upfitters, LLC 2,099  2,623 
LGM Pharma LLC 1,500  1,500 
Lighting Retrofit International, LLC 2,083  1,354 
Lightning Intermediate II, LLC 1,852  1,852 
LKC Technologies, Inc. 2,000  2,000 
Local Web Leads, LLC 1,000  — 
Main Line Brands LLC 2,000  — 
Mammoth BorrowCo, Inc. 1,900  200 
Microbe Formulas LLC 1,627  1,627 
Mid-Florida Endodontics Management Company, LLC 2,900  3,000 
Mission Critical Group, LLC 1,902  — 
Musiker Discovery Programs, Inc. 2,000  2,000 
NeuroPsychiatric Hospitals, LLC 4,000  2,000 
New Skinny Mixes, LLC 2,750  3,000 
NinjaTrader, Inc. —  2,500 
Pipeline Technique Ltd. 944  944 
Pool Service Partners, Inc. 2,000  2,000 
Revo Brands, Inc. 1,700  4,300 
Roseland Management, LLC 2,000  2,000 
ServerLIFT, LLC 4,000  4,000 
SocialSEO, LLC 1,800  2,200 
Spotlight AR, LLC 2,000  2,000 
Superior Health Parent LLC 2,000  2,000 
Swensons Drive-In Restaurants, LLC 1,500  1,500 
The Gobel Group, LLC 1,000  1,000 
TMT BHC Buyer, Inc. 4,717  4,717 
Tru Fragrance & Beauty LLC 1,800  4,000 
VP Move Purchaser, Inc. 4,200  3,900 
Wash & Wax Systems LLC 430  — 
Well Labs Plus, LLC 3,000  — 
Well-Foam, Inc. 4,500  4,500 
White Plains Linen LLC 2,000  — 
Winter Services Operations, LLC 4,089  1,333 
Zenfolio Inc. 3,500  1,500 
Total Revolving Loans 130,545  122,735 
Delayed Draw Term Loans
AAC New Holdco Inc. 47  — 
Air Conditioning Specialist Inc. —  3,229 
Better Than Home, Inc. 17,750  — 
BP Loenbro Holdings Inc. —  1,101 
Central Medical Supply LLC —  1,400 
Crafty Apes, LLC 924  924 
Cumbria Capital MSO, LLC 950  950 
DWS Buyer LLC 2,155  — 
Enstoa, Inc. 10,671  — 
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September 30, March 31,
Portfolio Company 2025 2025
Exact Borrower, LLC 2,200  2,200 
Ignite Visibility LLC 3,000  — 
ITA Holdings Group, LLC 8,813  — 
iVueit, LLC 10,000  10,000 
KMS, LLC 2,286  2,286 
LEHR Upfitters, LLC 2,449  5,247 
Mid-Florida Endodontics Management Company, LLC 10,000  10,000 
Mission Critical Group, LLC 4,565  — 
Musiker Discovery Programs, Inc. 7,500  7,500 
One Group, LLC —  545 
Pool Service Partners, Inc. 6,100  6,100 
Superior Health Parent LLC 10,000  10,000 
SureKap, LLC 7,222  7,222 
TMT BHC Buyer, Inc. —  5,000 
unWired Broadband, LLC 14,600  — 
Well Labs Plus, LLC 19,750  — 
Total Delayed Draw Term Loans 140,982  73,704 
Other
Broad Sky Networks, LLC —  57 
Ignite Visibility LLC (1) 50,000  — 
Spectrum of Hope, LLC —  411 
unWired Broadband, LLC (2) 12,000  — 
Total Other 62,000  468 
Total Unfunded Debt Commitments $ 333,527  $ 196,907 
(1)Unfunded commitment to Ignite Visibility LLC represents an unfunded term loan commitment with an expiration date of October 31, 2025.
(2)Unfunded commitment to unWired Broadband, LLC represents an unfunded term loan commitment that was subsequently funded on October 1, 2025 in accordance with the credit agreement.

The following table provides additional information regarding the expiration year of the Company’s unfunded debt commitments (amounts in thousands):
September 30, 2025 March 31, 2025
Unfunded Debt Commitments
Expiring during fiscal year ending:
2026 $ 90,913  $ 31,354 
2027 137,384  70,235 
2028 20,277  16,420 
2029 38,534  42,986 
2030 30,224  33,912 
2031 11,902  2,000 
2032 4,293  — 
Total Unfunded Debt Commitments $ 333,527  $ 196,907 


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The balances of unfunded equity commitments as of September 30, 2025 and March 31, 2025 were as follows (amounts in thousands):

September 30, 2025 March 31, 2025
Unfunded Equity Commitments
Catbird NYC, LLC $ 125  $ 125 
Infolinks Media Buyco, LLC 411  411 
Total Unfunded Equity Commitments $ 536  $ 536 

As of September 30, 2025, total revolving and delayed draw loan commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2025, the Company had $0.9 million in letters of credit issued and outstanding under these commitments on behalf of portfolio companies. For all of these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $0.4 million expire in February 2026, $0.3 million expire in March 2026, and $0.2 million expire in April 2026. As of September 30, 2025, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's balance sheet.

In March 2021, the Company executed an agreement to lease office space that commenced on February 1, 2022 and expires September 30, 2035, including the three-year extension pursuant to the amendment described below. The Company identified the foregoing as an operating lease. ASC 842 indicates that an ROU asset and lease liability should be recorded based on the effective date. As such, CSWC recorded an ROU asset, which is included in "Other assets" on the Consolidated Statements of Assets and Liabilities, and a lease liability, which is included in "Other liabilities" on the Consolidated Statements of Assets and Liabilities, as of February 1, 2022. The Company has recorded lease expense on a straight-line basis.

In December 2023, the Company executed an agreement to lease additional office space, which commenced on October 1, 2024 and expires on September 30, 2035. The additional office space is approximately 7,100 square feet. This is an amendment of the Company's current lease, which is classified as an operating lease.

Total lease expense incurred for each of the three months ended September 30, 2025 and 2024 was $0.1 million. Total lease expense incurred for the six months ended September 30, 2025 and 2024 was $0.3 million and $0.2 million, respectively. As of September 30, 2025 and March 31, 2025, the asset related to the operating lease was $3.6 million and $3.9 million, respectively, and as of September 30, 2025 and March 31, 2025, the lease liability was $5.0 million and $5.4 million, respectively. As of September 30, 2025, the remaining lease term was 10.0 years and the weighted average discount rate was 7.37%.

The following table shows future minimum payments under the Company's operating leases as of September 30, 2025 (in thousands):

Year ending March 31,  Rent Commitment
2026 $ 353 
2027 715 
2028 733 
2029 752 
2030 771 
Thereafter 4,988 
Total $ 8,312 

Contingencies

We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. To our knowledge, we have no currently pending material legal proceedings to which we are party or to which any of our assets are subject.


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12.    RELATED PARTY TRANSACTIONS

As a BDC, we are obligated under the 1940 Act to make available to our portfolio companies significant managerial assistance. “Making available significant managerial assistance” refers to any arrangement whereby we offer to provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We also are deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us will vary according to the particular needs of each portfolio company. During each of the three and six months ended September 30, 2025 and 2024, we did not receive any management fees from our portfolio companies.


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13.    SUMMARY OF PER SHARE INFORMATION

The following presents a summary of per share data for the six months ended September 30, 2025 and 2024 (share amounts presented in thousands).
Six Months Ended
September 30,
Per Share Data: 2025 2024
Investment income (1) $ 2.05  $ 2.15 
Operating expenses (1) (0.84) (0.83)
Income taxes (1) (0.05) (0.03)
Net investment income (1) 1.16  1.29 
Net realized gain (loss), net of tax (1) 0.19  (0.21)
Net unrealized (depreciation) appreciation on investments, net of tax (1) (0.40) (0.29)
Total increase from investment operations 0.95  0.79 
Accretive effect of share issuances and repurchases 0.31  0.40 
Dividends to shareholders (1.28) (1.27)
Issuance of restricted stock (2) (0.10) (0.14)
Common stock withheld for payroll taxes upon vesting of restricted stock (0.04) (0.07)
Share based compensation expense 0.04  0.06 
Other (3) 0.04  0.05 
(Decrease) increase in net asset value (0.08) (0.18)
Net asset value
Beginning of period 16.70  16.77 
End of period $ 16.62  $ 16.59 
Ratios and Supplemental Data
Ratio of operating expenses to average net assets (4) 9.94  % 9.86  %
Ratio of operating expenses (excluding interest expense) to average net assets (4) 3.20  % 3.49  %
Ratio of net investment income to average net assets (4) 13.75  % 15.26  %
Portfolio turnover 8.08  % 10.44  %
Total investment return (5) 0.65  % 6.33  %
Total return based on change in NAV (6) 7.19  % 6.50  %
Per share market value at the end of the period $ 21.86  $ 25.29 
Weighted-average basic shares outstanding 54,536  46,458 
Weighted-average diluted shares outstanding 63,809  46,458 
Common shares outstanding at end of period 56,967  47,687 

(1)Based on weighted average of common shares outstanding for the period.
(2)Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period.
(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. The balance increases with the increase in variability of shares outstanding throughout the year due to share issuance and repurchase activity.
(4)The ratios reflect an annualized amount.
(5)Total investment return based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by CSWC’s dividend reinvestment plan during the period. As such, the total investment return is not annualized. The return does not reflect any sales load that may be paid by an investor.
(6)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to shareholders and other non-operating changes during the period, as divided by the beginning NAV, and has not been annualized.

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14.    SUBSEQUENT EVENTS

On October 13, 2025, the Company redeemed, in full, $150.0 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.







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SCHEDULE 12-14
Schedule of Investments in and Advances to Affiliates
(In thousands)

Portfolio Company Type of Investment (1) Industry September 30, 2025 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2025 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at September 30, 2025
Control Investments
Brandner Design, LLC Revolving Loan Building & Infrastructure Products $ 135  $ 13  $ 85  $ 37  $ —  $ —  $ (21) $ 101 
First Lien 8,772  714  7,437  33  —  —  (961) 6,509 
27,000 Class A Units
 —  —  —  —  —  —  —  — 
KMS, LLC First Lien Distribution 2,121  152  2,407  125  (411) —  —  2,121 
Delayed Draw Term Loan 2,464  170  2,261  142  —  —  61  2,464 
19,395.96 Series A Preferred Units
 —  —  6,305  —  —  —  2,152  8,457 
National Credit Care, LLC First Lien - Term Loan A Financial Services 11,625  290  11,282  262  (496) —  (528) 10,520 
First Lien - Term Loan B 11,625  290  9,500  281  (514) —  1,253  10,520 
191,049.33 Class A-3 Preferred Units
 —  24  2,007  —  —  —  (7) 2,000 
Warrants —  —  92  —  —  —  1,100  1,192 
Spectrum of Hope, LLC First Lien - Superpriority Term Loan Healthcare Services 3,592  113  2,284  1,308  —  —  —  3,592 
First Lien - Tranche A Term Loan 11,120  —  9,318  —  —  —  (2,101) 7,217 
First Lien - Tranche B Term Loan 11,120  —  3,114  —  —  —  (3,114) — 
402,350 Common Units
 —  —  —  —  —  —  —  — 
Total Control Investments $ 62,574  $ 1,766  $ 56,092  $ 2,188  $ (1,421) $ —  $ (2,166) $ 54,693 
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Portfolio Company Type of Investment (1) Industry September 30, 2025 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2025 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at September 30, 2025
Affiliate Investments
AAC New Holdco Inc. First Lien Healthcare Services $ 198  $ 17  $ 181  $ 17  $ —  $ —  $ —  $ 198 
First Lien - Term Loan A 3,086  152  2,933  153  —  —  —  3,086 
First Lien - Term Loan B 3,023  90  2,933  90  —  —  (1,648) 1,375 
Delayed Draw Term Loan 768  33  —  768  —  —  —  768 
11,909,273.85 Preferred Units
 —  —  5,702  —  —  —  (5,702) — 
617,803 Common Units
 —  —  —  —  —  —  —  — 
Warrants —  —  —  —  —  —  —  — 
Air Conditioning Specialist, Inc. Revolving Loan Consumer Services —  —  685  —  (685) —  —  — 
First Lien —  —  20,761  —  (20,761) —  —  — 
Delayed Draw Term Loan —  —  2,893  —  (2,893) —  —  — 
1,006,045.85 Preferred Units
 —  —  2,941  —  (5,431) 4,087  (1,597) — 
American Nuts Operations LLC First Lien - Term Loan A Food, Agriculture & Beverage 6,051  392  5,851  200  —  —  —  6,051 
First Lien - Term Loan B 6,051  392  4,973  200  —  —  (242) 4,931 
21,062.03 Class A Preferred Units
 —  —  1,843  —  —  —  (1,843) — 
28.16 Class C Common Units
 —  —  —  —  —  —  —  — 
ArborWorks, LLC Revolving Loan Environmental Services 1,220  72  886  371  (37) —  —  1,220 
First Lien 3,722  201  3,473  207  —  —  42  3,722 
100 Class A Units
 —  —  5  —  —  —  —  5 
13,898.32 Class A-1 Preferred Units
 —  —  3,032  —  —  —  1,655  4,687 
13,898.32 Class B-1 Preferred Units
 —  —  —  —  —  —  —  — 
1,666.67 Class A-1 Common Units
 —  —  —  —  —  —  —  — 
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Portfolio Company Type of Investment (1) Industry September 30, 2025 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2025 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at September 30, 2025
Catbird NYC, LLC Revolving Loan Specialty Retail —  —  —  (10) —  —  10  — 
First Lien 14,377  860  14,700  19  (323) —  (19) 14,377 
1,000,000 Class A Units
 —  —  1,805  —  —  —  192  1,997 
500,000 Class B Units
 —  —  797  —  —  —  67  864 
Central Medical Supply LLC Revolving Loan Healthcare Equipment & Supplies 1,975  82  1,450  506  —  —  19  1,975 
First Lien 18,641  951  18,525  (13) —  —  129  18,641 
Delayed Draw Term Loan —  (4) 101  (11) (101) —  11  — 
2,620,670 Preferred Units
 —  —  3,163  —  —  —  —  3,163 
Command Group Acquisition, LLC First Lien Healthcare Equipment & Supplies 6,000  372  5,880  10  —  —  110  6,000 
1,250,000 Preferred Units
 —  —  1,038  —  —  —  313  1,351 
Crafty Apes, LLC First Lien Movies & Entertainment 4,053  250  3,653  253  —  —  (43) 3,863 
Delayed Draw Term Loan —  —  —  —  —  —  —  — 
1,519.07 Class A Common Units
 —  —  5,037  —  —  —  187  5,224 
Dynamic Communities, LLC First Lien - Term Loan A Business Services 5,066  301  4,766  302  —  —  (2) 5,066 
First Lien - Term Loan B 4,985  334  4,985  —  —  —  —  4,985 
250,000 Class A Preferred units
 —  —  317  —  —  —  —  317 
5,435,211.03 Class B Preferred units
 —  —  —  —  —  —  —  — 
255,984.22 Class C Preferred units
 —  —  —  —  —  —  —  — 
2,500,000 Common units
 —  —  —  —  —  —  —  — 
GPT Industries, LLC Revolving Loan Industrial Products —  14  —  6  —  —  (6) — 
First lien 5,796  354  5,866  12  (69) —  (24) 5,785 
1,000,000 Class A Preferred Units
 —  100  2,747  —  —  —  558  3,305 
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Portfolio Company Type of Investment (1) Industry September 30, 2025 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2025 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at September 30, 2025
GrammaTech, Inc. Revolving Loan Software & IT Services —  4  —  1  —  —  (1) — 
First Lien 188  33  563  —  (375) —  —  188 
1,000 Class A Units
 —  —  336  —  —  —  (135) 201 
360.06 Class A-1 Units
 —  —  121  —  —  —  (48) 73 
Gravitiq LLC Revolving Loan Consumer Products —  71  —  2,905  (2,900) —  (5) — 
First Lien - Term Loan A 14,813  857  14,082  81  (188) —  541  14,516 
First Lien - Term Loan B 14,813  1,005  14,082  76  (188) —  546  14,516 
Warrants —  —  1,597  —  —  —  595  2,192 
ITA Holdings Group, LLC Revolving Loan Transportation & Logistics 3,525  227  3,525  9  —  —  (9) 3,525 
First Lien - Term Loan 14,840  1,066  13,356  1,747  —  —  (263) 14,840 
First Lien - Term Loan B 14,840  1,220  13,356  1,756  —  —  (272) 14,840 
First Lien - Term Loan C 12,338  362  —  12,338  —  —  —  12,338 
Delayed Draw Term Loan - A —  —  1,484  (1,484) —  —  —  — 
Delayed Draw Term Loan - B —  —  1,484  (1,484) —  —  —  — 
Delayed Draw Term Loan —  92  —  —  —  —  —  — 
Warrants —  1,753  9,755  —  —  —  2,876  12,631 
Warrants —  1,384  11,369  —  —  —  4,119  15,488 
9.25% Class A Membership Interest
 —  1,497  8,776  —  —  —  3,869  12,645 
iVueit, LLC Revolving Loan Business Services 250  14  —  251  —  —  (3) 248 
First Lien 10,000  531  9,902  8  —  —  —  9,910 
Delayed Draw Term Loan —  25  —  —  —  —  —  — 
2,000 Preferred Units
 —  2,000  —  —  —  232  2,232 
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Portfolio Company Type of Investment (1) Industry September 30, 2025 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2025 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at September 30, 2025
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) Revolving Loan Consumer Services —  7  —  2  —  —  (2) — 
First Lien 10,800  509  7,425  3,274  —  —  (7) 10,692 
1,244 Class A Units
 —  —  1,000  244  —  —  (219) 1,025 
Lighting Retrofit International, LLC (DBA Envocore) Revolving Loan Environmental Services —  16  701  521  (1,250) —  28  — 
First Lien 5,013  192  4,842  —  (26) —  106  4,922 
Second Lien 5,208  —  —  —  —  —  —  — 
208,333.33 Series A Preferred units
 —  —  —  —  —  —  —  — 
203,124.99 Common units
 —  —  —  —  —  —  —  — 
Local Web Leads, LLC Revolving Loan Media & Marketing —  2  —  (10) —  —  10  — 
First Lien - Term Loan A 6,750  177  —  6,686  —  —  —  6,686 
First Lien - Term Loan B 6,750  210  —  6,686  —  —  —  6,686 
750,000 Common Units
 —  —  —  750  —  —  —  750 
Pool Service Partners, Inc. Revolving Loan Consumer Services —  8  —  3  —  —  (3) — 
First Lien 5,000  296  4,765  9  —  —  171  4,945 
Delayed Draw Term Loan 5,400  275  5,146  (50) —  —  245  5,341 
10,667 Common units
 —  —  610  —  —  —  336  946 
Precision Spray & Coatings, LLC First Lien Industrial Services 4,000  81  —  3,961  —  —  —  3,961 
2,000 Class A-2 Units
 —  —  —  2,000  —  —  —  2,000 
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Portfolio Company Type of Investment (1) Industry September 30, 2025 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2025 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at September 30, 2025
Roseland Management, LLC Revolving Loan Healthcare Services —  8  —  3  —  —  (3) — 
First Lien 14,473  848  14,598  (1) (125) —  1  14,473 
3,364 Class A-2 Units
 —  —  802  —  —  —  (28) 774 
1,100 Class A-1 Units
 —  —  196  —  —  —  (9) 187 
16,084 Class A Units
 —  —  941  —  —  —  (135) 806 
Sonobi, Inc.
500,000 Class A Common Units
 Media & Marketing —  —  —  —  —  —  —  — 
STATinMED, LLC First Lien Pharmaceuticals, Biotechnology & Life Sciences —  —  —  —  —  (7,560) 7,560  — 
4,718.62 Class A Preferred Units
 —  —  —  —  —  —  —  — 
39,097.96 Class B Preferred Units
 —  —  —  —  —  —  —  — 
Student Resource Center LLC First Lien Education 9,644  —  3,761  —  —  —  —  3,761 
355,555.56 Senior Preferred units
 —  —  —  —  —  —  —  — 
10,502,487.46 Preferred units
 —  —  —  —  —  —  —  — 
2,000,000 Preferred units
 —  —  —  —  —  —  —  — 
TalkNY Management Holdings, LLC First Lien Healthcare Services 7,500  449  7,312  10  —  —  (122) 7,200 
1,625,472 Class A-1 Preferred Units
 —  —  1,082  90  —  —  (323) 849 
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Portfolio Company Type of Investment (1) Industry September 30, 2025 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2025 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at September 30, 2025
White Plains Linen LLC Revolving Loan Commercial Services & Supplies 1,000  21  —  971  —  —  —  971 
First Lien - Term Loan A 12,200  221  —  12,081  —  —  —  12,081 
First Lien - Term Loan B 12,200  263  —  12,081  —  —  —  12,081 
16.75% LP Interest
 —  —  —  335  —  —  —  335 
Total Affiliate Investments $ 276,557  $ 18,687  $ 292,891  $ 68,930  $ (35,352) $ (3,473) $ 11,815  $ 334,811 
Total Control & Affiliate Investments $ 339,131  $ 20,453  $ 348,983  $ 71,118  $ (36,773) $ (3,473) $ 9,649  $ 389,504 
(1)The principal amount and ownership detail as shown in the Consolidated Schedules of Investments.
(2)Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category.
(5)The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited.

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

The information contained herein may contain “forward-looking statements” based on our current expectations, assumptions and estimates about us and our industry. These forward-looking statements involve risks and uncertainties. Words such as “may,” “predict,” “will,” “continue,” “likely,” “would,” “could,” “should,” “expect,” “anticipate,” “potential,” “estimate,” “indicate,” “seek,” “believe,” “target,” “intend,” “plan,” or “project” and other similar expressions identify forward-looking statements. These risks include risks related to changes in the markets in which the Company invests; changes in the financial and lending markets; interest rate volatility; the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy; the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest; the impact of geopolitical conditions and its impact on financial market volatility, global economic markets and various sectors and industries; regulatory changes; changes in tax treatment; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; and our ability to operate our wholly owned subsidiaries, Capital Southwest SBIC I, LP and Capital Southwest SBIC II, LP, as small business investment companies. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results could differ materially from those we express in the forward-looking statements as a result of several factors more fully described in “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and in this Quarterly Report on Form 10-Q. The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. You should read the following discussion in conjunction with the consolidated financial statements and related footnotes and other financial information included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. We undertake no obligation to update publicly any forward-looking statements for any reason, whether as a result of new information, future events or otherwise, except as required by law.

OVERVIEW

We are an internally managed closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We specialize in providing customized debt and equity financing to LMM companies in a broad range of investment segments located primarily in the United States. Our investment objective is to produce attractive risk-adjusted returns by generating current income from our debt investments and capital appreciation from our equity and equity related investments. Our investment strategy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. We invest primarily in first lien debt securities, secured by security interests in portfolio company assets. We also may invest in equity interests in our portfolio companies alongside our debt securities.

We focus on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. We primarily target senior debt and equity investments in LMM companies. Our target companies typically have annual EBITDA between $3.0 million and $25.0 million, and our investments generally range in size from $5.0 million to $50.0 million.

We seek to fill the financing gap for LMM companies, which, historically, have had more limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participations. Our ability to invest across a LMM company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options. Providing customized financing solutions is important to LMM companies. We generally seek to partner directly with financial sponsors, entrepreneurs, management teams and business owners in making our investments. Our LMM debt investments typically include senior loans with a first lien on the assets of the portfolio company. Our LMM debt investments typically have a term of up to five years from the original investment date. We also often seek to invest in the equity securities of our LMM portfolio companies.

Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a beneficial operating expense structure when compared to other publicly traded and privately held investment firms that are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our investment portfolio. As of September 30, 2025 and 2024, the ratio of our last twelve months ("LTM") operating expenses, excluding interest expense, as a percentage of our LTM average total assets was 1.64% and 1.74%, respectively.
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CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES

The preparation of our consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods covered by the consolidated financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an on-going basis, we evaluate our estimates, including those related to the matters below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

Valuation of Investments

The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our investment portfolio and the related amounts of unrealized appreciation and depreciation. As of September 30, 2025 and March 31, 2025, our investment portfolio at fair value represented approximately 92.9% and 94.8% of our total assets, respectively. We are required to report our investments at fair value. We follow the provisions of ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market.  See Note 4 - Fair Value Measurements in the Notes to the Consolidated Financial Statements for a detailed discussion of our investment portfolio valuation process and procedures.

Due to the inherent uncertainty in the valuation process, our determination of fair value for our investment portfolio may differ materially from the values that would have been determined had a ready market for the securities actually existed. In addition, changes in the market environment, portfolio company performance, and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors designated a valuation committee (the "Valuation Committee") comprised of certain officers of the Company as its valuation designee to determine the fair value of the Company's investments that do not have readily available market quotations, subject to the oversight of the Board of Directors. Our Valuation Committee believes that our investment portfolio as of September 30, 2025 and March 31, 2025 reflects the fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates. 

Revenue Recognition

Interest and Dividend Income

Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. Upon the prepayment of a loan, any unamortized discount or premium is accelerated into interest income. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the portfolio company's ability to service debt or other obligations, it will be restored to accrual basis. As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio's fair value and approximately 2.6% of its cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio's fair value and approximately 3.5% of its cost.


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Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which was issued to enhance the transparency and decision usefulness of income tax disclosures, including an annual requirement to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The new guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosure.

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity's expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

INVESTMENT PORTFOLIO COMPOSITION

The total fair value of our investment portfolio was $1,877.9 million as of September 30, 2025, as compared to $1,785.3 million as of March 31, 2025. As of September 30, 2025, we had investments in 126 portfolio companies with an aggregate cost of $1,896.5 million. As of March 31, 2025, we had investments in 121 portfolio companies with an aggregate cost of $1,779.4 million. The following table presents certain additional selected information regarding our debt investments as of September 30, 2025 and March 31, 2025 (dollars in millions):

September 30, 2025 March 31, 2025
Debt investments, at fair value, bearing a floating rate $ 1,648.4  $ 1,562.3 
Percentage of debt bearing a floating rate 96.6  % 97.3  %
Percentage of floating rate debt subject to contractual minimum interest rates 100.0  % 99.1  %
Debt investments, at fair value, bearing a fixed rate $ 57.9  $ 43.6 
Percentage of debt bearing a fixed rate 3.4  % 2.7  %
Weighted average contractual minimum interest rate 1.4  % 1.5  %

The following tables provide a summary of our investments in portfolio companies as of September 30, 2025 and March 31, 2025:
September 30, 2025 March 31, 2025
(dollars in thousands)
Number of portfolio companies (a) 126 121
Fair value $ 1,877,907  $ 1,785,299 
Cost $ 1,896,526  $ 1,779,360 
% of portfolio at fair value - debt 90.9  % 90.0  %
% of portfolio at fair value - equity 9.1  % 10.0  %
% of investments at fair value secured by first lien 89.9  % 88.9  %
Weighted average annual effective yield on debt investments (b) 11.5  % 11.7  %
Weighted average annual effective yield on total investments (c) 12.0  % 11.5  %
Weighted average EBITDA (d) $ 19,567  $ 18,499 
Weighted average leverage through CSWC security (e) 3.5x 3.5x

(a)At September 30, 2025 and March 31, 2025, we had equity ownership in approximately 65.9% and 65.3%, respectively, of our portfolio companies.
(b)The weighted average annual effective yield of debt investments is not the same as a return on investment for CSWC's shareholders, but rather relates to CSWC's investment portfolio and is calculated before the payment of all of CSWC's and subsidiaries' fees and expenses.
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The weighted average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of September 30, 2025 and March 31, 2025, respectively, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio's fair value and approximately 2.6% of its cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio's fair value and approximately 3.5% of its cost. Weighted average annual effective yield is not a return to shareholders and is higher than what an investor in shares in our common stock will realize on its investment because it does not reflect our expenses or any sales load paid by an investor.
(c)The weighted average annual effective yield of total investments is not the same as a return on investment for CSWC's shareholders, but rather relates to CSWC's investment portfolio and is calculated before the payment of all of CSWC's and subsidiaries' fees and expenses. The weighted average annual effective yields on total investments were calculated by dividing total investment income, exclusive of non-recurring fees, by average total investments at fair value.
(d)Includes CSWC debt investments only. Weighted average EBITDA metric is calculated using investment cost basis weighting. As of September 30, 2025, 13 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. As of March 31, 2025, 12 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful.
(e)Includes CSWC debt investments only. Calculated as the amount of each portfolio company’s debt (including CSWC’s position and debt senior or pari passu to CSWC’s position, but excluding debt subordinated to CSWC’s position) in the capital structure divided by each portfolio company’s adjusted EBITDA. Weighted average leverage is calculated using investment cost basis weighting. Management uses this metric as a guide to evaluate relative risk of its position in each portfolio debt investment. As of September 30, 2025, 13 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. As of March 31, 2025, 12 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful.

Portfolio Asset Quality

We utilize an internally developed investment rating system to rate the performance and monitor the expected level of returns for each debt investment in our portfolio. The investment rating system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein, including each investment's expected level of returns and the collectability of our debt investments, comparisons to competitors and other industry participants and the portfolio company's future outlook. The ratings are not intended to reflect the performance or expected level of returns of our equity investments.

•Investment Rating 1 represents the least amount of risk in our portfolio. The investment is performing materially above underwriting expectations and the trends and risk factors are generally favorable. The investment generally has a higher probability of being prepaid in part or in full.
•Investment Rating 2 indicates the investment is performing as expected at the time of underwriting and the trends and risk factors are generally favorable to neutral. All new loans are initially rated 2.
•Investment Rating 3 involves an investment performing below underwriting expectations and the trends and risk factors are generally neutral to negative. The investment may be out of compliance with financial covenants, however interest payments are generally not past due and the investment is typically on accrual.
•Investment Rating 4 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are generally negative and the risk of the investment has increased. Interest payments on our investment are likely to be impaired and the investment is typically on non-accrual, however there is not an expectation of significant principal loss.
•Investment Rating 5 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are negative and the risk of the investment has increased substantially. Interest payments on our investment are impaired, the investment is on non-accrual, and there is an expectation of significant principal loss.

We continue to observe commodity inflation, elements of financial market instability (including elevated interest rates), supply chain disruptions, changes to U.S. tariff and import/export regulations, and elements of geopolitical instability (including the ongoing war in Ukraine, conflict in the Middle East, and U.S. and China relations). Changes to trade policies, including the imposition of new tariffs, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macro-economic environment. In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities, and we have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.
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The following table shows the distribution of our debt portfolio investments on the 1 to 5 investment rating scale at fair value as of September 30, 2025 and March 31, 2025:
As of September 30, 2025
Investment Rating Debt Investments at Fair Value Percentage of Debt Portfolio
(dollars in thousands)
1 $ 340,902  20.0  %
2 1,214,233  71.2 
3 126,197  7.4 
4 21,158  1.2 
5 3,761  0.2 
Total $ 1,706,251  100.0  %
As of March 31, 2025
Investment Rating Debt Investments at Fair Value Percentage of Debt Portfolio
(dollars in thousands)
1 $ 400,989  25.0  %
2 1,035,968  64.5 
3 144,929  9.0 
4 20,259  1.3 
5 3,761  0.2 
Total $ 1,605,906  100.0  %

Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due.

As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio's fair value and approximately 2.6% of its cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio's fair value and approximately 3.5% of its cost.

Investment Activity

During the six months ended September 30, 2025, we made debt investments totaling $201.6 million and equity investments totaling $6.0 million. We also received, in connection with the sale of a preferred equity investment, an earnout with a cost basis of $3.5 million, which is included in financial instruments. We received contractual principal repayments totaling approximately $17.5 million and full prepayments of approximately $78.0 million. We funded $30.1 million on revolving loans and received $21.0 million in repayments on revolving loans. In addition, we received proceeds from sales of debt and equity investments totaling $36.3 million.

During the six months ended September 30, 2024, we made debt investments totaling $165.5 million and equity investments totaling $4.9 million. We received contractual principal repayments totaling approximately $16.2 million and full prepayments of approximately $103.0 million. We funded $23.6 million on revolving loans and received $13.0 million in repayments on revolving loans. In addition, we received proceeds from sales of debt investments totaling $22.6 million.
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Total portfolio investment activity for the six months ended September 30, 2025 and 2024 was as follows (dollars in thousands):
Six months ended September 30, 2025 First Lien Loans Second Lien Loans Subordinated Debt Preferred
& Common Equity		 Financial Instruments Total
Fair value, beginning of period $ 1,586,622  $ 18,066  $ 1,218  $ 179,393  $ —  $ 1,785,299 
New investments 231,664  —  57  5,990  3,457  241,168 
Proceeds from sales of investments (1,789) —  —  (34,482) —  (36,271)
Principal repayments received (116,337) —  (146) —  —  (116,483)
Conversion/exchange of security (3,951) —  —  3,951  —  — 
PIK interest earned 6,107  —  8  —  —  6,115 
Accretion of loan discounts 4,739  26  —  —  —  4,765 
Realized gain (loss) (12,827) —  —  30,700  —  17,873 
Unrealized (loss) gain (6,286) (922) 2  (17,638) 285  (24,559)
Fair value, end of period $ 1,687,942  $ 17,170  $ 1,139  $ 167,914  $ 3,742  $ 1,877,907 

Six months ended September 30, 2024 First Lien Loans Second Lien Loans Subordinated Debt Preferred
& Common Equity		 Total
Fair value, beginning of period $ 1,309,449  $ 33,774  $ 1,336  $ 132,002  $ 1,476,561 
New investments 189,044  —  57  4,948  194,049 
Proceeds from sales of investments (22,585) —  —  —  (22,585)
Principal repayments received (128,801) (3,420) —  —  (132,221)
Distributions-in-kind (1) 4,115  —  —  2,294  6,409 
Conversion of security —  (1,062) (153) 1,215  — 
PIK interest earned 5,984  70  11  —  6,065 
Accretion of loan discounts 3,095  (4) —  —  3,091 
Realized gain (loss) 131  (8,977) —  —  (8,846)
Unrealized (loss) gain (15,043) 6,991  29  (5,993) (14,016)
Fair value, end of period $ 1,345,389  $ 27,372  $ 1,280  $ 134,466  $ 1,508,507 
(1)In connection with the dissolution and liquidation of I-45 SLF LLC, the joint venture between CSWC and Main Street Capital Corporation, the Company received distributions-in-kind of investments.

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RESULTS OF OPERATIONS

The composite measure of our financial performance in the Consolidated Statements of Operations is captioned “Net increase in net assets from operations” and consists of three elements. The first is “Net investment income,” which is the difference between income from interest, dividends and fees and our combined operating and interest expenses, net of applicable income taxes. The second element is “Net realized (loss) gain on investments, net of tax,” which is the difference between the proceeds received from the disposition of portfolio securities and their stated cost. The third element is the “Net unrealized (depreciation) appreciation on investments, net of tax,” which is the net change in the market or fair value of our investment portfolio, compared with the stated cost. The “Net realized (loss) gain on investments before income tax” and “Net unrealized (depreciation) appreciation on investments, net of tax” are directly related in that when an appreciated portfolio security is sold to realize a gain, a corresponding decrease in net unrealized appreciation occurs by transferring the gain associated with the transaction from being “unrealized” to being “realized.” Conversely, when a loss is realized on a depreciated portfolio security, an increase in net unrealized appreciation occurs.

Comparison of three months ended September 30, 2025 and September 30, 2024
Three Months Ended
September 30, Net Change
2025 2024 Amount %
(in thousands)
Total investment income $ 56,945  $ 48,706  $ 8,239  16.9  %
Interest expense 16,020  12,587  3,433  27.3  %
Other operating expenses 6,908  6,105  803  13.2  %
Income before taxes 34,017  30,014  4,003  13.3  %
Income tax provision (benefit) 2,033  (1,151) 3,184  (276.6) %
Net investment income 31,984  31,165  819  2.6  %
Net realized loss on investments, net of tax
 (4,926) (10,289) 5,363  52.1  %
Net unrealized (depreciation) appreciation on investments, net of tax (1,437) 1,808  (3,245) (179.5) %
Realized loss on disposal of fixed assets 2  —  2  100.0  %
Net increase in net assets from operations $ 25,619  $ 22,684  $ 2,935  12.9  %

Investment Income

Total investment income for the three months ended September 30, 2025 was approximately $56.9 million, a $8.2 million, or 16.9%, increase as compared to the three months ended September 30, 2024. Investment income primarily consists of interest income, dividend income, fee income and other income for each applicable period.

The following table summarizes the components of investment income for the three months ended September 30, 2025 and 2024:
Three Months Ended September 30,
2025 2024
Interest income $ 46,205  $ 42,138 
PIK interest income 2,794  2,398 
Amortization of purchase discounts and fees 2,053  1,560 
Dividend income 2,742  572 
Fee income 2,533  1,547 
Other investment income 618  491 
Total investment income $ 56,945  $ 48,706 

Interest income (including PIK interest income and amortization of purchase discounts and fees) for the three months ended September 30, 2025 totaled $51.1 million as compared to $46.1 million for the three months ended September 30, 2024. The increase was primarily due to a 22.2% increase in the average monthly cost basis of debt investments held by us from $1,405.4 million to $1,717.2 million year-over-year, partially offset by a decrease in the weighted average yield on debt investments from 12.9% to 11.5% year-over-year. Dividend income for the three months ended September 30, 2025 increased $2.2 million as compared to the three months ended September 30, 2024 due to an increase in distributions received from portfolio companies.
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Fee income for the three months ended September 30, 2025 increased $1.0 million as compared to the three months ended September 30, 2024 primarily due to an increase in arranger fees and amendment fees in the current quarter. Other income for the three months ended September 30, 2025 increased $0.1 million as compared to the three months ended September 30, 2024 primarily due to an increase in interest income on cash balances held.

Operating Expenses

Due to the nature of our business, the majority of our operating expenses are related to interest and fees on our borrowings, employee compensation (including both cash and share-based compensation) and general and administrative expenses.

Interest and Fees on our Borrowings

For the three months ended September 30, 2025, our total interest expense was $16.0 million, an increase of $3.4 million, as compared to the total interest expense of $12.6 million for the three months ended September 30, 2024. The increase was primarily attributable to an increase of $239.3 million in average borrowings outstanding, partially offset by a decrease in the weighted average interest rate on our total debt outstanding from 5.61% to 5.49% for the three months ended September 30, 2024 and September 30, 2025, respectively. This decrease in the weighted average interest rate on our total debt was primarily due to a decrease in the weighted average interest rate on our Credit Facilities, partially offset by the issuance of the 2029 Convertible Notes.

Salaries, General and Administrative Expenses

For the three months ended September 30, 2025, our total employee compensation expense (including both cash and share-based compensation) increased by $0.4 million, or 10.6%, as compared to the total employee compensation expense for the three months ended September 30, 2024. The increase was primarily due to an increase in accrued bonus compensation based on the Company's projected performance compared to its plan, partially offset by a decrease in share-based compensation due to a lower fair value on current year restricted stock award grants. For the three months ended September 30, 2025, our total general and administrative expense increase by $0.4 million, or 16.7%, as compared to the total general and administrative expense for the three months ended September 30, 2024. The increase was primarily due to an increase in legal fees, as well as individually immaterial increases across several general operating expenses.

Net Investment Income

For the three months ended September 30, 2025, income before taxes increased by $4.0 million, or 13.3%. Net investment income increased from the prior year period by $0.8 million, or 2.6%, to $32.0 million as a result of a $8.2 million increase in total investment income, partially offset by a $3.4 million increase in interest expense and a $3.2 million increase in income tax provision.

Net Realized Gains (Losses) on Investments

The following table provides a summary of the primary components of the total net realized loss on investments of $4.9 million for the three months ended September 30, 2025:

Three Months Ended September 30, 2025
Exits Restructuring Other (1) Total
Net Gain (Loss) Net Gain (Loss) Net Gain (Loss) Net Gain (Loss)
Debt $ (7,656) $ —  $ —  $ (7,656)
Equity 3,488  —  (758) 2,730 
Total net realized (loss) gain $ (4,168) $ —  $ (758) $ (4,926)
(1)Included in "Other" is a $0.8 million income tax provision related to realized gains on equity investments, as well as realized gains and losses from transactions, which are not considered to be significant individually or in the aggregate.


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The following table provides a summary of the primary components of the total net realized loss on investments of $10.3 million for the three months ended September 30, 2024:

Three Months Ended September 30, 2024
Exits Restructuring Other (1) Total
Net Gain (Loss) Net Gain (Loss) Net Gain (Loss) Net Gain (Loss)
Debt $ 707  $ (11,010) $ 8  $ (10,295)
Equity —  —  6  6 
Total net realized (loss) gain $ 707  $ (11,010) $ 14  $ (10,289)


Net Unrealized Gains (Losses) on Investments

The following table provides a summary of the total net unrealized depreciation on investments of $1.4 million for the three months ended September 30, 2025 (amounts in thousands):

Three Months Ended September 30, 2025
Debt Equity Financial Instruments Total
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to exit, sale or restructuring during the current period $ 7,328  $ (3,292) $ —  $ 4,036 
Net unrealized (depreciation) appreciation relating to portfolio investments (10,257)
4,4991
 285  (5,473)
Total net unrealized (depreciation) appreciation on investments $ (2,929) $ 1,207  $ 285  $ (1,437)
1Includes a deferred tax provision of $1.1 million associated with the Taxable Subsidiary.

The following table provides a summary of the total net unrealized appreciation on investments of $1.8 million for the three months ended September 30, 2024 (amounts in thousands):
Three Months Ended September 30, 2024
Debt Equity Total
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to exit, sale or restructuring during the current period $ 11,071  $ —  $ 11,071 
Net unrealized (depreciation) appreciation relating to portfolio investments (8,018)
(1,245)1
 (9,263)
Total net unrealized appreciation (depreciation) on investments $ 3,053  $ (1,245) $ 1,808 
1 Includes a deferred tax benefit of $13.0 thousand associated with the Taxable Subsidiary.



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Comparison of six months ended September 30, 2025 and September 30, 2024

Six Months Ended
September 30, Net Change
2025 2024 Amount %
(in thousands)
Total investment income $ 112,892  $ 100,060  $ 12,832  12.8  %
Interest expense 31,284  25,034  6,250  25.0  %
Other operating expenses 14,874  13,726  1,148  8.4  %
Income before taxes 66,734  61,300  5,434  8.9  %
Income tax provision 2,861  1,276  1,585  124.2  %
Net investment income 63,873  60,024  3,849  6.4  %
Net realized gain (loss) on investments, net of tax 10,778  (9,578) 20,356  (212.5) %
Net unrealized depreciation on investments, net of tax (22,029) (13,727) (8,302) 60.5  %
Realized loss on disposal of fixed assets 2  —  2  100.0  %
Net increase in net assets from operations $ 52,620  $ 36,719  $ 15,901  43.3  %

Investment Income

Total investment income for the six months ended September 30, 2025 was approximately $112.9 million, a $12.8 million, or 12.8%, increase as compared to the six months ended September 30, 2024. Investment income primarily consists of interest income, dividend income, fee income and other income for each applicable period.

The following table summarizes the components of investment income for the six months ended September 30, 2025 and 2024:

Six Months Ended September 30,
2025 2024
Interest income $ 90,609  $ 83,594 
PIK interest income 6,054  5,449 
Amortization of purchase discounts and fees 4,764  3,091 
Dividend income 6,419  2,990 
Fee income 4,141  3,903 
Other investment income 905  1,033 
Total investment income $ 112,892  $ 100,060 

Interest income, PIK interest income, and amortization of purchase discounts and fees on an aggregate basis for the six months ended September 30, 2025 totaled $101.4 million as compared to $92.1 million for the six months ended September 30, 2024. The increase was primarily due to a 22.2% increase in the average monthly cost basis of debt investments held by us from $1,391.3 million to $1,699.8 million year-over-year, partially offset by a decrease in weighted average yield on debt investments from 12.9% to 11.5% year-over-year. Dividend income for the six months ended September 30, 2025 increased $3.4 million as compared to the six months ended September 30, 2024 due to an increase in distributions received from portfolio companies. Fee income for the six months ended September 30, 2025 increased $0.2 million as compared to the six months ended September 30, 2024 primarily due to an increase in arranger fees and administrative fees, partially offset by a decrease in amendment fees.

Operating Expenses

Due to the nature of our business, the majority of our operating expenses are related to interest and fees on our borrowings, employee compensation (including both cash and share-based compensation) and general and administrative expenses.


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Interest and Fees on our Borrowings

For the six months ended September 30, 2025, our total interest expense was $31.3 million, an increase of $6.3 million, as compared to the total interest expense of $25.0 million for the six months ended September 30, 2024. The increase was primarily attributable to an increase of $217.2 million in average borrowings outstanding, partially offset by a decrease in the weighted average interest rate on our total debt from 5.60% to 5.47% for the six months ended September 30, 2024 and September 30, 2025, respectively. The decrease in the weighted average interest rate was primarily due to a decrease in the weighted average interest rate on our Credit Facilities.

Salaries, General and Administrative Expenses

For the six months ended September 30, 2025, our total employee compensation expense (including both cash and share-based compensation) increased by $0.8 million as compared to the total employee compensation expense for the six months ended September 30, 2024. The increase was primarily due to an increase in accrued bonus compensation based on the Company's projected performance compared to its plan, partially offset by a decrease in share-based compensation due to a lower fair value on current year restricted stock award grants. For the six months ended September 30, 2025, our total general and administrative expense, including professional fees, was $5.9 million, an increase of $0.4 million, or 6.6%, as compared to $5.5 million for the six months ended September 30, 2024. The increase was primarily attributable to a variety of factors including an increase in legal fees, as well as an increase in rent expense and depreciation expense due to additional office space, in addition to individually immaterial increases across several general operating expenses.

Net Investment Income

For the six months ended September 30, 2025, income before taxes increased by $5.4 million, or 8.9%. Net investment income increased from the prior year period by $3.8 million, or 6.4%, to $63.9 million as a result of a $12.8 million increase in total investment income, partially offset by a $6.3 million increase in interest expense and a $1.6 million increase in income tax provision.

Net Realized Gains (Losses) on Investments

The following table provides a summary of the primary components of the total net realized gain on investments of $10.8 million for the six months ended September 30, 2025:

Six months ended September 30, 2025
Exits Restructuring Other (1) Total
Net Gain (Loss) Net Gain (Loss) Net Gain (Loss) Net Gain (Loss)
Debt $ (7,793) $ (5,130) $ —  $ (12,923)
Equity 30,700  —  (6,999) 23,701 
Total net realized gain (loss) $ 22,907  $ (5,130) $ (6,999) $ 10,778 
(1)Included in "Other" is a $7.0 million income tax provision related to realized gains on equity investments, as well as realized gains and losses from transactions, which are not considered to be significant individually or in the aggregate.

The following table provides a summary of the primary components of the total net realized loss on investments of $9.6 million for the six months ended September 30, 2024:

Six months ended September 30, 2024
Exits Restructuring Other Total
Net Gain (Loss) Net Gain (Loss) Net Gain (Loss) Net Gain (Loss)
Debt $ 1,753  $ (11,010) $ (57) $ (9,314)
Equity —  —  (264) (264)
Total net realized (loss) gain $ 1,753  $ (11,010) $ (321) $ (9,578)



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Net Unrealized Gains (Losses) on Investments

The following table provides a summary of the total net unrealized depreciation on investments of $22.0 million for the six months ended September 30, 2025 (amounts in thousands):

Six months ended September 30, 2025
Debt Equity Financial Instruments Total
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to exit, sale or restructuring during the current period $ 9,684  $ (34,968) $ —  $ (25,284)
Net unrealized (depreciation) appreciation relating to portfolio investments (16,891)
19,8611
 285  3,255 
Total net unrealized (depreciation) appreciation on investments $ (7,207) $ (15,107) $ 285  $ (22,029)
1Includes a deferred tax benefit of $2.5 million associated with the Taxable Subsidiary.

The following table provides a summary of the total net unrealized depreciation on investments of $13.7 million for the six months ended September 30, 2024 (amounts in thousands):
Six months ended September 30, 2024
Debt Equity Total
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to exit, sale or restructuring during the current period $ 10,574  $ —  $ 10,574 
Net unrealized (depreciation) appreciation relating to portfolio investments (18,597)
(5,704)1
 (24,301)
Total net unrealized appreciation (depreciation) on investments $ (8,023) $ (5,704) $ (13,727)
1 Includes a deferred tax provision of $0.3 million associated with the Taxable Subsidiary.



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FINANCIAL LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are generated primarily from cash flows from operations, the net proceeds of public offerings of equity securities and debt securities, including debt securities convertible into common stock, advances from our credit facilities and our continued access to the debentures guaranteed by the Small Business Administration (the "SBA Debentures"). Management believes that the Company’s cash and cash equivalents, cash available from investments, and commitments under our credit facilities are adequate to meet its needs for the next twelve months. We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, utilization of available borrowings under our credit facilities and future issuances of debt and equity on terms we believe are favorable to the Company and our shareholders (including our Equity ATM Program, as described below). Our primary uses of funds will be investments in portfolio companies and operating expenses. Due to the diverse capital sources available to us at this time, we believe we have adequate liquidity to support our near-term capital requirements. We continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This "Financial Liquidity and Capital Resources" section should be read in conjunction with the notes of our consolidated financial statements.

In accordance with the 1940 Act, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act. As of September 30, 2025, the Company’s asset coverage was 208%.

Cash Flows

For the six months ended September 30, 2025, we experienced a net increase in cash and cash equivalents in the amount of $44.2 million. During the foregoing period, our operating activities used $40.7 million in cash, consisting primarily of new portfolio investments made by the Company of $237.7 million, partially offset by $114.7 million from sales and repayments received from debt investments in portfolio companies and $30.9 million from sales of equity investments in portfolio companies. In addition, our financing activities provided cash of $85.2 million, consisting primarily of net proceeds from the issuance of the September 2030 Notes of $344.2 million and net proceeds from the Equity ATM Program of $80.9 million partially offset by net repayments on our Credit Facilities of $266.0 million and cash dividends paid in the amount of $71.4 million. At September 30, 2025, the Company had cash and cash equivalents of approximately $87.4 million and restricted cash of approximately $1.7 million.

For the six months ended September 30, 2024, we experienced a net increase in cash and cash equivalents in the amount of $15.0 million. During that period, our operating activities provided $7.3 million in cash, consisting primarily of $153.1 million from sales and repayments received from debt investments in portfolio companies, partially offset by new portfolio investments made by the Company of $194.0 million. In addition, our financing activities used cash of $8.2 million, consisting primarily of cash dividends paid in the amount of $60.0 million, partially offset by net proceeds from the Equity ATM Program of $58.0 million and net borrowings on our Credit Facilities of $13.0 million. At September 30, 2024, the Company had cash and cash equivalents of approximately $47.2 million.

Capital Resources

As of September 30, 2025, we had $87.4 million in unrestricted cash and cash equivalents and $632.2 million of unused capacity under the Credit Facilities that we maintain to support our investment and operating activities.

Credit Facilities

As of September 30, 2025, we had no borrowings outstanding and $509.2 million of undrawn commitments under the Corporate Credit Facility, and $77.0 million outstanding and $123.0 million of undrawn commitments under the SPV Credit Facility. Availability under the Credit Facilities is subject to certain leverage and borrowing base limitations, various covenants, reporting requirements and other customary requirements for similar credit facilities. For more information on our Credit Facilities, including material terms and financial covenants, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.
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Unsecured Notes

In December 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% notes due 2026 (the "January 2026 Notes"). In February 2021, the Company issued an additional $65.0 million in aggregate principal amount of the January 2026 Notes. On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding January 2026 Notes in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the year ended March 31, 2025.

In August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% notes due 2026 (the "October 2026 Notes"). In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes. The outstanding aggregate principal amount of the October 2026 Notes was $150.0 million as of both September 30, 2025 and March 31, 2025. Subsequent to the fiscal quarter ended September 30, 2025, we redeemed, in full, the October 2026 Notes. See "Recent Developments" for more information.

In June 2023, the Company issued approximately $71.9 million in aggregate principal amount, including the underwriters' full exercise of their option to purchase an additional $9.4 million in aggregate principal amount to cover over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes"). The outstanding aggregate principal amount of the August 2028 Notes was $71.9 million as of both September 30, 2025 and March 31, 2025. Subsequent to the fiscal quarter ended September 30, 2025, we redeemed, in full, the August 2028 Notes. See "Recent Developments" for more information.

In November 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the "2029 Convertible Notes"), including the underwriters' full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The outstanding aggregate principal amount of the 2029 Convertible Notes as of both September 30, 2025 and March 31, 2025 was $230.0 million.

In September 2025, the Company issued $350.0 million in aggregate principal amount of 5.950% notes due 2030 ("the September 2030 Notes"). The outstanding aggregate principal amount of the September 2030 Notes as of September 30, 2025 was $350.0 million.

For more information on each of the January 2026 Notes, the October 2026 Notes, the August 2028 Notes, the 2029 Convertible Notes, and the September 2030 Notes, including material terms governing the unsecured notes, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.

SBA Debentures

On April 20, 2021 and April 17, 2025, SBIC I and SBIC II, respectively, received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. The licenses allow each of SBIC I and SBIC II to obtain leverage by issuing SBA Debentures, subject to the issuance of a leverage commitment by the SBA. Current SBA regulations permit SBIC I and SBIC II to each borrow up to $175 million in SBA Debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations). 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. As of September 30, 2025, SBIC II had a total leverage commitment from the SBA in the amount of $40.0 million, none of which was drawn. SBA Debentures 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. Interest on SBA Debentures is payable semi-annually on March 1 and September 1. The first maturity date related to the SBA Debentures occurs in September 2031.

For more information on the SBA Debentures, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.


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Equity Capital Activities

Equity ATM Program

On March 4, 2019, the Company established 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, shares of its common stock having an aggregate offering price of up to $50.0 million. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100.0 million from $50.0 million and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250.0 million from $100.0 million and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650.0 million from $250.0 million. On May 21, 2024, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $1.0 billion from $650.0 million and (ii) amended the term "Settlement Date" to reflect that, on or after May 28, 2024, the settlement of shares will occur on the first trading day following the date on which such sales were made.

The following table summarizes certain information relating to shares sold under the Equity ATM Program:

Three Months Ended September 30,
2025 2024
Number of shares sold 1,766,975  839,099 
Gross proceeds received (in thousands) $ 40,304  $ 20,552 
Net proceeds received (in thousands) (1) $ 39,699  $ 20,244 
Weighted average price per share $ 22.81  $ 24.49 
Six Months Ended September 30,
2025 2024
Number of shares sold 3,801,892  2,338,080 
Gross proceeds received (in thousands) $ 82,028  $ 58,920 
Net proceeds received (in thousands) (1) $ 80,896  $ 58,036 
Weighted average price per share $ 21.58  $ 25.20 

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both September 30, 2025 and September 30, 2024, no amounts remained receivable.

Cumulative to date, the Company has sold 36,843,069 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.50, raising $792.0 million of gross proceeds. Net proceeds were $779.9 million after commissions to the sales agents on shares sold. As of September 30, 2025, the Company had $208.0 million available under the Equity ATM Program.

Share Repurchases

On July 28, 2021, the Board of Directors 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 Exchange Act. 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 price for all shares purchased under the share repurchase program 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 three and six months ended September 30, 2025 and 2024, the Company did not repurchase any shares under the share repurchase program.

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OFF-BALANCE SHEET ARRANGEMENTS

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. Because commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Additionally, our commitment to fund delayed draw term loans generally is triggered upon the satisfaction of certain pre-negotiated terms and conditions, such as meeting certain financial performance hurdles or financial covenants, which may limit a borrower's ability to draw on such delayed draw term loans.

At September 30, 2025 and March 31, 2025, we had a total of approximately $334.1 million and $197.4 million, respectively, in currently unfunded commitments (as discussed in Note 11 - Commitments and Contingencies to the Consolidated Financial Statements). As of September 30, 2025, the total unfunded commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2025, we had $0.9 million in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For the letters of credit issued and outstanding, we would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $0.4 million expire in February 2026, $0.3 million expire in March 2026, and $0.2 million expire in April 2026. As of September 30, 2025, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's balance sheet.

Contractual Obligations

As shown below, we had the following contractual obligations as of September 30, 2025. For information on our unfunded investment commitments, see Note 11 - Commitments and Contingencies in the Notes to Consolidated Financial Statements.
Payments Due By Period
(in thousands)
Total Less than 1 Year 1-3 Years 3-5 Years More than 5 Years
Contractual Obligations
Operating lease obligations $ 8,312  $ 706  $ 1,466  $ 1,542  $ 4,598 
SPV Credit Facility 77,000  —  —  77,000  — 
Interest due on SPV Credit Facility (1) 18,207  5,249  10,513  2,445  — 
October 2026 Notes (2) 150,000  150,000  —  —  — 
Interest due on October 2026 Notes 2,700  2,700  —  —  — 
August 2028 Notes (2) 71,875  71,875  —  —  — 
Interest due on August 2028 Notes 1,114  1,114  —  —  — 
2029 Convertible Notes 230,000  —  —  230,000  — 
Interest due on 2029 Convertible Notes 50,097  11,788  23,575  14,734  — 
September 2030 Notes 350,000  —  —  350,000  — 
Interest due on September 2030 Notes 104,125  20,825  41,650  41,650  — 
SBA Debentures 175,000  —  —  —  175,000 
Interest due on SBA Debentures (3) 59,778  7,728  15,476  15,455  21,119 
$ 1,298,208  $ 271,985  $ 92,680  $ 732,826  $ 200,717 

(1)Amounts include interest payments calculated at an average rate of 6.92% of outstanding borrowings under the SPV Credit Facility, which were $77.0 million as of September 30, 2025.
(2)Subsequent to the fiscal quarter ended September 30, 2025, we redeemed, in full, the October 2026 Notes and August 2028 Notes. See "Recent Developments" for more information.
(3)Includes only fixed interest on pooled debt.

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RECENT DEVELOPMENTS

On October 13, 2025, the Company redeemed, in full, $150.0 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.





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Item 3.    Quantitative and Qualitative Disclosures about Market Risk

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest; conditions affecting the general economy (including the uncertainty with respect to new tariffs and trade policies); market volatility; interest rate volatility, including elevated interest rates; inflationary pressures; legislative reform; and geopolitical, social or economic instability.

Interest Rate Risk

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we currently borrow, and plan to borrow in the future, to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in interest rates will not have a material adverse effect on our net investment income. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rate indices, including SOFR and Prime rates, to the extent our debt investments include floating interest rates. Our interest expenses also will be affected by changes in the published SOFR rate in connection with our Credit Facilities. The interest rates on the October 2026 Notes, the August 2028 Notes, the 2029 Convertible Notes, the September 2030 Notes and the SBA Debentures are fixed for the life of such debt.

The Federal Reserve decreased interest rates by 0.25% in each of September and October of 2025, lowering their benchmark lending rate to a range between 3.75% and 4.00%. While the Federal Reserve has indicated potential for additional rate reductions in the fourth quarter of 2025, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income. Such decreases in our gross investment income may not be fully offset by a corresponding decrease in the interest rate of our debt liabilities due to the fixed interest rates on the October 2026 Notes, the August 2028 Notes, the 2029 Convertible Notes, the September 2030 Notes and the SBA Debentures. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly assess our interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of September 30, 2025, we were not a party to any hedging arrangements.

As of September 30, 2025, approximately 96.6% of our debt investment portfolio (at fair value) bore interest at floating rates, 100.0% of which were subject to contractual minimum interest rates. Our Corporate Credit Facility bears interest on a per annum basis equal to the applicable Adjusted Term SOFR rate plus 2.15%. We pay unused commitment fees of 0.50% to 1.00% per annum, based on utilization. The SPV Credit Facility bears interest at a 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. Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the approximate annualized increase or decrease in net investment income due to hypothetical base rate changes in interest rates (considering interest rate floors for variable rate instruments), assuming no changes in our investments or borrowings as of September 30, 2025.

Basis Point Change Increase (decrease) in net investment income (in thousands) Increase (decrease) net investment income per share
(200 bps) $ (31,892) $ (0.56)
(150 bps) (24,152) (0.42)
(100 bps) (16,110) (0.28)
(50 bps) (8,055) (0.14)
50 bps 8,055  0.14 

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Although we believe that the foregoing analysis is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio. It also does not adjust for other business developments, including future borrowings that could affect the net increase in net assets resulting from operations, or net income. It also does not assume any repayments or fees from borrowers. Accordingly, no assurances can be given that actual results would not differ materially from the table above.


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Item 4.    Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the President and Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934). Based upon this evaluation, management, including our President and Chief Executive Officer and our Chief Financial Officer, concluded that our current disclosure controls and procedures are effective as of September 30, 2025.

During the three months ended September 30, 2025, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. – OTHER INFORMATION

Item 1.    Legal Proceedings

We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. We have no currently pending material legal proceedings to which we are party or to which any of our assets is subject.

Item 1A.    Risk Factors

Investing in our common stock involves a number of significant risks. There have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 that we filed with the SEC on May 20, 2025.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

On July 28, 2021, the Board of Directors 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 Exchange Act. 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 price for all shares purchased under the share repurchase program 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 three months ended September 30, 2025, the Company did not repurchase any shares under the share repurchase program.
Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not applicable.

Item 5.    Other Information.

(a)     None.

(b)    None.

(c)    For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.



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Item 6.     Exhibits
Exhibit No. Description
101.INS Inline XBRL Instance Document.
101.SCH Inline XBRL Taxonomy Extension Schema Document.
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101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*    Filed herewith.
^    The certifications, attached as Exhibits 32.1 and 32.2 accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed “filed” by the registrant for purposes of Section 18 of the Exchange Act, and are not to be incorporated by reference into any of the registrant’s filings under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in any such filing.
122
Table of Contents

SIGNATURES

Pursuant to the requirements the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CAPITAL SOUTHWEST CORPORATION
November 3, 2025 By: /s/ Michael S. Sarner
Date Michael S. Sarner
President and Chief Executive Officer
November 3, 2025 By: /s/ Chris T. Rehberger
Date Chris T. Rehberger
Chief Financial Officer, Treasurer and Secretary


123
EX-31.1 2 cswc93025ex311.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATIONS
 
 
I, Michael S. Sarner, certify that:
1I have reviewed this quarterly report on Form 10-Q of Capital Southwest Corporation (the “registrant”);
2Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
     
Date:  November 3, 2025
 By: /s/ Michael S. Sarner
    Michael S. Sarner
    President and Chief Executive Officer


EX-31.2 3 cswc93025ex312.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATIONS
 
I, Chris T. Rehberger, certify that:
1I have reviewed this quarterly report on Form 10-Q of Capital Southwest Corporation (the “registrant”);
2Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.   
     
Date:  November 3, 2025
 By: /s/ Chris T. Rehberger
    Chris T. Rehberger
    Chief Financial Officer

EX-32.1 4 cswc93025ex321.htm EX-32.1 Document

Exhibit 32.1
 
Certification of the President and Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
 
I, Michael S. Sarner, President and Chief Executive Officer of Capital Southwest Corporation, certify that, to my knowledge:
1.The Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission on November 3, 2025 (“accompanied report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation.
     
Date: November 3, 2025
 By: /s/ Michael S. Sarner
    Michael S. Sarner
    President and Chief Executive Officer

EX-32.2 5 cswc93025ex322.htm EX-32.2 Document

Exhibit 32.2
 
Certification of the Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
 
 
I, Chris T. Rehberger, Chief Financial Officer of Capital Southwest Corporation, certify that, to my knowledge:
1.The Form 10-Q for the quarter ended September 30, 2025, filed with the Securities and Exchange Commission on November 3, 2025 (“accompanied report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation. 
     
Date:  November 3, 2025
 By: /s/ Chris T. Rehberger
    Chris T. Rehberger
    Chief Financial Officer