CSWC 10-Q Quarterly Report Sept. 30, 2025

CAPITAL SOUTHWEST CORP

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cswc-20250930

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

☐ 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

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and March 31, 2025

Consolidated Statements of Operations (Unaudited) for the three and six months ended September 30, 2025 and 2024

Consolidated Statements of Changes in Net Assets (Unaudited) for the six months ended September 30, 2025 and 2024

Consolidated Statements of Cash Flows (Unaudited) for the six months ended September 30, 2025 and 2024

Consolidated Schedule of Investments as of September 30. 2025 (Unaudited) and March 31, 2025

Notes to Consolidated Financial Statements (Unaudited)

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the six months ended September 30, 2025

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

100

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

117

Item 4.

Controls and Procedures

119

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

120

Item1A.

Risk Factors

120

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

120

Item 3.

Defaults Upon Senior Securities

120

Item 4.

Mine Safety Disclosures

120

Item 5.

Other Information

120

Item 6.

Exhibits

121

Signatures

123

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.

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.

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

Table of Contents


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.

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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)

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17		Fair Value 4			% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12		Fair Value 4			% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21	Type of Investment 2		Acquisition Date 14	Cost 12	Fair Value 4		% 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	—		—	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21	Type of Investment 2		Acquisition Date 14	Cost 12	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21	Type of Investment 2		Acquisition Date 14	Cost 12	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12		Fair Value 4			% 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 Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal		Cost 12,17		Fair Value 4			% 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 Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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 Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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 Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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)

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21	Type of Investment 2	Current Interest Rate 3					Acquisition Date 14	Maturity	Principal	Cost 12,17		Fair Value 4			% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12,17		Fair Value 4			% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,18,21	Type of Investment 2		Acquisition Date 14	Cost 12,17	Fair Value 4		% 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	—		—	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,18,21	Type of Investment 2		Acquisition Date 14	Cost 12,17	Fair Value 4		% 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	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12,17	Fair Value 4		% 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 Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12,17	Fair Value 4		% 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 Company 1,5,18,21	Type of Investment 2		Acquisition Date 14	Cost 12,17	Fair Value 4		% 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 Company 1,5,18,21	Type of Investment 2			Acquisition Date 14	Cost 12,17		Fair Value 4			% 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

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and Chief Financial Officer together allocate resources and assesses performance and thus together serve as the Company's Chief Operating Decision Maker ("CODM"). 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

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defined by the Code, each year. 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

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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.

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

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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. 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	9.0 x - 9.5 x	9.3 x
				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	3.0 x - 3.0 x	0.0 x
				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	6.2 x - 7.9 x	6.7 x
				Discount Rate	14.5 % - 17.5 %	15.4 %
Preferred equity	Enterprise Value Waterfall Approach	64,474		EBITDA Multiple	3.0 x - 16.7 x	7.9 x
				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	3.0 x - 16.7 x	8.8 x
				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	3.0 x - 9.0 x	3.0 x
				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	3.0 x - 3.0 x	0.0 x
				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	6.1 x - 7.6 x	6.6 x
				Discount Rate	13.3 % - 17.6 %	14.7 %
Preferred equity	Enterprise Value Waterfall Approach	100,018		EBITDA Multiple	3.0 x - 16.9 x	8.8 x
				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	3.0 x - 16.0 x	8.4 x
				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

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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 %.

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

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increase the maximum commitments up to $ 750 million; (3) extended the end of the Corporate Credit Facility's revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. As of September 30, 2025, the total commitments under the Corporate Credit Facility were $ 510 million provided by 11 lenders.

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. federal excise tax, pertaining to a given fiscal year may be

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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.

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

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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.

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.

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. I n 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,

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and we have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.

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

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$2.2 million as compared to the three months ended September 30, 2024 due to an increase in distributions received from portfolio companies. 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)		4,499 1		285		(5,473)
Total net unrealized (depreciation) appreciation on investments	$	(2,929)	$	1,207	$	285	$	(1,437)

1 Includes 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

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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)		19,861 1		285		3,255
Total net unrealized (depreciation) appreciation on investments	$	(7,207)	$	(15,107)	$	285	$	(22,029)

1 Includes 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
3.1						Articles of Incorporation, dated April 19, 1961, including amendments dated June 30, 1969, July 20, 1987, April 23, 2007 and July 15, 2013 (incorporated by reference to Exhibit (a) to Registration Statement on Form N-2 (Reg. No. 333-220385) filed on September 8, 2017).
3.2						Certificate of Amendment to the Articles of Incorporation, dated August 1, 2019 (incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 814-00061) filed on August 1, 2019).
3.3						Certificate of Amendment to the Articles of Incorporation, dated October 11, 2023 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on October 16, 2023).
3.4						Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Form 10-Q (File No. 814-00061) filed on November 7, 2017).
3.5						Amendment to Second Amended and Restated Bylaws of Capital Southwest Corporation (Incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 814-00061) filed April 25, 2019).
4.1						Specimen of Common Stock certificate (incorporated by reference to Exhibit 4.1 to Form 10-K (File No. 811-01056) filed on June 14, 2002).
4.2						Indenture, dated October 23, 2017, between the Company and U.S. Bank National Association, Trustee (incorporated by reference to Exhibit (d)(2) to Registration Statement on Form N-2 (Reg. No. 333-220385) filed on October 23, 2017).
4.3						Third Supplemental Indenture, dated as of December 29, 2020, relating to the 4.50% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on December 29, 2020).
4.4						Form of Global Note with respect to the 4.50% Notes due 2026 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on December 29, 2020).
4.5						Fourth Supplemental Indenture, dated as of August 27, 2021, relating to the 3.375% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on August 27, 2021).
4.6						Form of Global Note with respect to the 3.375% Notes due 2026 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on August 27, 2021).
4.7						Fifth Supplemental Indenture dated as of June 14, 2023, relating to the 7.75% Notes due 2028, by and between the Company and U.S. Bank Trust Company National Association (as successor in interest for U.S. Bank National Association), as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on June 14, 2023).
4.8						Form of Global Note with respect to the 7.75% Notes due 2028 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on June 14, 2023).
4.9						Sixth Supplemental Indenture, dated November 8, 2024, by and between Capital Southwest Corporation and U.S. Bank Trust Company, National Association (as successor in interest for U.S. Bank National Association), as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on November 8, 2024).
4.10						Form of 5.125% Convertible Notes due 2029 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on November 8, 2024.
4.11						Seventh Supplemental Indenture, dated as of September 18, 2025, relating to the 5.950% Notes due 2030, by and between Capital Southwest Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on September 18, 2025).
4.12						Form of Global Note with respect to the 5.950% Notes due 2030 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on September 18, 2025).
4.13						Form of Capital Southwest SBIC I, LP SBIC debentures guaranteed by the Small Business Administration (incorporated by reference to Exhibit (f) to Registration Statement on Form N-2 (File No. 333-259455) filed on September 10, 2021).
4.14						Dividend Reinvestment Plan (incorporated by reference Exhibit (e) to Registration Statement on Form N-2 (File No. 333-220385) filed on September 8, 2017).
31.1*						Certification of President and Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act.
31.2*						Certification of Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act.
32.1*^						Certification of President and Chief Executive Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code.
32.2*^						Certification of Chief Financial Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code.
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.

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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

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Part I Financial Information Item 1. Consolidated Financial Statements Item 2. Management's Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II. Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

CSWC 10-Q Quarter ended Sept. 30, 2025

Exhibits