Capital Southwest (NASDAQ: CSWC) lifts Q3 net investment income and portfolio

Rhea-AI Filing Summary

Capital Southwest Corporation reported higher profitability for the quarter ended December 31, 2025. Total investment income rose to $61.4 million from $52.0 million a year earlier, driven by interest and fee income across non‑affiliate, affiliate, and control investments.

Net investment income increased to $37.0 million from $30.3 million, while the net increase in net assets from operations more than doubled to $32.9 million from $16.3 million. For the nine‑month period, net investment income reached $100.9 million and the net increase in net assets from operations was $85.5 million, both above the prior year.

The investment portfolio at fair value expanded to $2.01 billion from $1.79 billion at March 31, 2025. Net assets grew to $995.6 million, with net asset value per share essentially steady at $16.75 versus $16.70. Shares outstanding were 60,162,020 as of January 29, 2026.

Positive

• Stronger earnings: Quarterly net investment income increased to $36.985 million from $30.316 million, and the net increase in net assets from operations rose to $32.896 million from $16.268 million.
• Growing portfolio with steady NAV: Investments at fair value expanded to $2.013 billion from $1.785 billion while net asset value per share stayed essentially flat at $16.75 versus $16.70.

Negative

• None.

Insights

BDC and credit strategy analyst

Capital Southwest is showing stronger net investment income with a larger credit portfolio and stable NAV per share.

Capital Southwest generated higher recurring earnings, with quarterly net investment income of $36.985M versus $30.316M a year earlier. Total investment income grew to $61.447M, reflecting a larger portfolio and higher interest yields across non‑affiliate and affiliate loans.

Net assets increased to $995.634M, and net asset value per share edged up to $16.75 from $16.70 at March 31, 2025. The investment portfolio at fair value expanded to $2.013B, suggesting continued deployment into first‑lien and other credit positions.

On the liability side, the company refinanced its debt stack, issuing September 2030 notes of $343.640M and redeeming earlier October 2026 and August 2028 notes, while SBA debentures rose to $190.625M. Future filings may further detail how this funding mix influences interest expense and earnings sustainability.

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Loans2025-03-310000017313Bond Brand Loyalty ULC | Revolving Loans2025-12-310000017313Bond Brand Loyalty ULC | Revolving Loans2025-03-310000017313BP Loenbro Holdings Inc. | Revolving Loans2025-12-310000017313BP Loenbro Holdings Inc. | Revolving Loans2025-03-310000017313Brandner Design, LLC | Revolving Loans2025-12-310000017313Brandner Design, LLC | Revolving Loans2025-03-310000017313Burning Glass Intermediate Holding Company, Inc. | Revolving Loans2025-12-310000017313Burning Glass Intermediate Holding Company, Inc. | Revolving Loans2025-03-310000017313Campany Roof Maintenance, LLC | Revolving Loans2025-12-310000017313Campany Roof Maintenance, LLC | Revolving Loans2025-03-310000017313Catbird NYC, LLC | Revolving Loans2025-12-310000017313Catbird NYC, LLC | Revolving Loans2025-03-310000017313Cavalier Buyer, Inc. | Revolving Loans2025-12-310000017313Cavalier Buyer, Inc. | Revolving Loans2025-03-310000017313CDC Dental Management Co., LLC | Revolving Loans2025-12-310000017313CDC Dental 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Revolving Loans2025-12-310000017313Mid-Florida Endodontics Management Company, LLC | Revolving Loans2025-03-310000017313Mission Critical Group, LLC | Revolving Loans2025-12-310000017313Mission Critical Group, LLC | Revolving Loans2025-03-310000017313Monroe Biomedical Research, LLC | Revolving Loans2025-12-310000017313Monroe Biomedical Research, LLC | Revolving Loans2025-03-310000017313Musiker Discovery Programs, Inc. | Revolving Loans2025-12-310000017313Musiker Discovery Programs, Inc. | Revolving Loans2025-03-310000017313NeuroPsychiatric Hospitals, LLC | Revolving Loans2025-12-310000017313NeuroPsychiatric Hospitals, LLC | Revolving Loans2025-03-310000017313New Skinny Mixes, LLC | Revolving Loans2025-12-310000017313New Skinny Mixes, LLC | Revolving Loans2025-03-310000017313NinjaTrader, Inc. | Revolving Loans2025-12-310000017313NinjaTrader, Inc. | Revolving Loans2025-03-310000017313Pipeline Technique Ltd. | Revolving Loans2025-12-310000017313Pipeline Technique Ltd. | Revolving 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| Delayed Draw Term Loans2025-12-310000017313Better Than Home, Inc. | Delayed Draw Term Loans2025-03-310000017313BP Loenbro Holdings Inc. | Delayed Draw Term Loans2025-12-310000017313BP Loenbro Holdings Inc. | Delayed Draw Term Loans2025-03-310000017313Central Medical Supply LLC | Delayed Draw Term Loans2025-12-310000017313Central Medical Supply LLC | Delayed Draw Term Loans2025-03-310000017313Crafty Apes, LLC | Delayed Draw Term Loans2025-12-310000017313Crafty Apes, LLC | Delayed Draw Term Loans2025-03-310000017313Cumbria Capital MSO, LLC | Delayed Draw Term Loans2025-12-310000017313Cumbria Capital MSO, LLC | Delayed Draw Term Loans2025-03-310000017313DWS Buyer LLC | Delayed Draw Term Loans2025-12-310000017313DWS Buyer LLC | Delayed Draw Term Loans2025-03-310000017313Enstoa, Inc. | Delayed Draw Term Loans2025-12-310000017313Enstoa, Inc. | Delayed Draw Term Loans2025-03-310000017313Exact Borrower, LLC | Delayed Draw Term Loans2025-12-310000017313Exact Borrower, LLC | Delayed Draw Term Loans2025-03-310000017313Ignite Visibility LLC | Delayed Draw Term Loans2025-12-310000017313Ignite Visibility LLC | Delayed Draw Term Loans2025-03-310000017313iVueit, LLC | Delayed Draw Term Loans2025-12-310000017313iVueit, LLC | Delayed Draw Term Loans2025-03-310000017313KMS, LLC | Delayed Draw Term Loans2025-12-310000017313KMS, LLC | Delayed Draw Term Loans2025-03-310000017313LDG Acquisition Company, LLC | Delayed Draw Term Loans2025-12-310000017313LDG Acquisition Company, LLC | Delayed Draw Term Loans2025-03-310000017313LEHR Upfitters, LLC | Delayed Draw Term Loans2025-12-310000017313LEHR Upfitters, LLC | Delayed Draw Term Loans2025-03-310000017313Mid-Florida Endodontics Management Company, LLC | Delayed Draw Term Loans2025-12-310000017313Mid-Florida Endodontics Management Company, LLC | Delayed Draw Term Loans2025-03-310000017313Mission Critical Group, LLC | Delayed Draw Term Loans2025-12-310000017313Mission Critical Group, LLC | Delayed Draw Term Loans2025-03-310000017313Monroe Biomedical Research, LLC | Delayed Draw Term Loans2025-12-310000017313Monroe Biomedical Research, LLC | Delayed Draw Term Loans2025-03-310000017313Muenster Miling Company, LLC | Delayed Draw Term Loans2025-12-310000017313Muenster Miling Company, LLC | Delayed Draw Term Loans2025-03-310000017313Musiker Discovery Programs, Inc. | Delayed Draw Term Loans2025-12-310000017313Musiker Discovery Programs, Inc. | Delayed Draw Term Loans2025-03-310000017313One Group, LLC | Delayed Draw Term Loans2025-12-310000017313One Group, LLC | Delayed Draw Term Loans2025-03-310000017313Pipeline Technique Ltd. | Delayed Draw Term Loans2025-12-310000017313Pipeline Technique Ltd. | Delayed Draw Term Loans2025-03-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loans2025-12-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loans2025-03-310000017313Superior Health Parent LLC | Delayed Draw Term Loans2025-12-310000017313Superior Health Parent LLC | Delayed Draw Term Loans2025-03-310000017313SureKap, LLC | Delayed Draw Term Loans2025-12-310000017313SureKap, LLC | Delayed Draw Term Loans2025-03-310000017313TMT BHC Buyer, Inc. | Delayed Draw Term Loans2025-12-310000017313TMT BHC Buyer, Inc. | Delayed Draw Term Loans2025-03-310000017313unWired Broadband, LLC | Delayed Draw Term Loans2025-12-310000017313unWired Broadband, LLC | Delayed Draw Term Loans2025-03-310000017313Well Labs Plus, LLC | Delayed Draw Term Loans2025-12-310000017313Well Labs Plus, LLC | Delayed Draw Term Loans2025-03-310000017313us-gaap:DelayedDrawTermLoanMember2025-12-310000017313us-gaap:DelayedDrawTermLoanMember2025-03-310000017313Broad Sky Networks, LLC2025-12-310000017313Broad Sky Networks, LLC2025-03-310000017313Spectrum of Hope, LLC 2025-12-310000017313Spectrum of Hope, LLC 2025-03-310000017313cswc:UnusedCommitmentsToLendOtherMember2025-12-310000017313cswc:UnusedCommitmentsToLendOtherMember2025-03-310000017313cswc:DebtCommitmentsMember2025-12-310000017313cswc:DebtCommitmentsMember2025-03-310000017313cswc:FinancialCommitmentYearOneMember2025-12-310000017313cswc:FinancialCommitmentYearOneMember2025-03-310000017313cswc:FinancialCommitmentYearTwoMember2025-12-310000017313cswc:FinancialCommitmentYearTwoMember2025-03-310000017313cswc:FinancialCommitmentYearThreeMember2025-12-310000017313cswc:FinancialCommitmentYearThreeMember2025-03-310000017313cswc:FinancialCommitmentYearFourMember2025-12-310000017313cswc:FinancialCommitmentYearFourMember2025-03-310000017313cswc:FinancialCommitmentYearFiveMember2025-12-310000017313cswc:FinancialCommitmentYearFiveMember2025-03-310000017313cswc:FinancialCommitmentYearSixMember2025-12-310000017313cswc:FinancialCommitmentYearSixMember2025-03-310000017313cswc:FinancialCommitmentYearSevenMember2025-12-310000017313cswc:FinancialCommitmentYearSevenMember2025-03-310000017313Catbird NYC, LLC2025-12-310000017313Catbird NYC, LLC2025-03-310000017313Infolinks Media Buyco, LLC2025-12-310000017313Infolinks Media Buyco, LLC2025-03-310000017313us-gaap:FinancialSupportCapitalContributionsMember2025-12-310000017313us-gaap:FinancialSupportCapitalContributionsMember2025-03-310000017313us-gaap:FinancialStandbyLetterOfCreditMember2025-12-310000017313cswc:ExpirationTrancheOneMemberus-gaap:FinancialStandbyLetterOfCreditMember2025-12-310000017313cswc:ExpirationTrancheTwoMemberus-gaap:FinancialStandbyLetterOfCreditMember2025-12-310000017313cswc:ExpirationTrancheThreeMemberus-gaap:FinancialStandbyLetterOfCreditMember2025-12-3100000173132021-03-310000017313us-gaap:BuildingMember2023-12-310000017313us-gaap:CorporateJointVentureMemberus-gaap:SubsequentEventMember2026-01-220000017313Brandner Design, LLC | Revolving Loan2025-12-310000017313Brandner Design, LLC | Revolving Loan2025-04-012025-12-310000017313Brandner Design, LLC | Revolving Loan2025-03-310000017313Brandner Design, LLC | First Lien 12025-12-310000017313Brandner Design, LLC | First Lien 12025-04-012025-12-310000017313Brandner Design, LLC | First Lien 12025-03-310000017313Brandner Design, LLC | First Lien 22025-12-310000017313Brandner Design, LLC | First Lien 22025-04-012025-12-310000017313Brandner Design, LLC | First Lien 22025-03-310000017313Brandner Design, LLC | Class A Units2025-12-310000017313Brandner Design, LLC | Class A Units2025-04-012025-12-310000017313Brandner Design, LLC | Class A Units2025-03-310000017313Brandner Design, LLC | Warrants2025-12-310000017313Brandner Design, LLC | Warrants2025-04-012025-12-310000017313Brandner Design, LLC | Warrants2025-03-310000017313KMS, LLC | Revolving Loan2025-04-012025-12-310000017313KMS, LLC | Revolving Loan2025-03-310000017313KMS, LLC | First Lien2025-04-012025-12-310000017313KMS, LLC | Delayed Draw Term Loan2025-12-310000017313KMS, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313KMS, LLC | Series A Preferred Units2025-04-012025-12-310000017313National Credit Care, LLC | First Lien - Term Loan A2025-12-310000017313National Credit Care, LLC | First Lien - Term Loan A2025-04-012025-12-310000017313National Credit Care, LLC | First Lien - Term Loan A2025-03-310000017313National Credit Care, LLC | First Lien - Term Loan B2025-12-310000017313National Credit Care, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313National Credit Care, LLC | First Lien - Term Loan B2025-03-310000017313National Credit Care, LLC | Class A-3 Preferred Units2025-12-310000017313National Credit Care, LLC | Class A-3 Preferred Units2025-04-012025-12-310000017313National Credit Care, LLC | Class A-3 Preferred Units2025-03-310000017313National Credit Care, LLC | Warrants2025-12-310000017313National Credit Care, LLC | Warrants2025-04-012025-12-310000017313National Credit Care, LLC | Warrants2025-03-310000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2025-12-310000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2025-04-012025-12-310000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2025-03-310000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2025-04-012025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2025-03-310000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2025-04-012025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2025-03-310000017313Spectrum of Hope, LLC | Common Units2025-12-310000017313Spectrum of Hope, LLC | Common Units2025-04-012025-12-310000017313Spectrum of Hope, LLC | Common Units2025-03-310000017313AAC New Holdco Inc. | First Lien2025-12-310000017313AAC New Holdco Inc. | First Lien2025-04-012025-12-310000017313AAC New Holdco Inc. | First Lien2025-03-310000017313AAC New Holdco Inc. | First Lien - Term Loan A2025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan A2025-04-012025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan A2025-03-310000017313AAC New Holdco Inc. | First Lien - Term Loan B2025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan B2025-04-012025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan B2025-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12025-04-012025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12025-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22025-04-012025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22025-03-310000017313AAC New Holdco Inc. | Preferred Units2025-12-310000017313AAC New Holdco Inc. | Preferred Units2025-04-012025-12-310000017313AAC New Holdco Inc. | Preferred Units2025-03-310000017313AAC New Holdco Inc. | Common Units2025-12-310000017313AAC New Holdco Inc. | Common Units2025-04-012025-12-310000017313AAC New Holdco Inc. | Common Units2025-03-310000017313AAC New Holdco Inc. | Warrants2025-12-310000017313AAC New Holdco Inc. | Warrants2025-04-012025-12-310000017313AAC New Holdco Inc. | Warrants2025-03-310000017313Air Conditioning Specialist, Inc. | Revolving Loan2025-12-310000017313Air Conditioning Specialist, Inc. | Revolving Loan2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | Revolving Loan2025-03-310000017313Air Conditioning Specialist, Inc. | First Lien2025-12-310000017313Air Conditioning Specialist, Inc. | First Lien2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | First Lien2025-03-310000017313Air Conditioning Specialist, Inc. | Delayed Draw Term Loan2025-12-310000017313Air Conditioning Specialist, Inc. | Delayed Draw Term Loan2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | Delayed Draw Term Loan2025-03-310000017313Air Conditioning Specialist, Inc. | Preferred Units2025-12-310000017313Air Conditioning Specialist, Inc. | Preferred Units2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | Preferred Units2025-03-310000017313American Nuts Operations LLC | First Lien - Term Loan A2025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan A2025-04-012025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan A2025-03-310000017313American Nuts Operations LLC | First Lien - Term Loan B2025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan B2025-04-012025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan B2025-03-310000017313American Nuts Operations LLC | Class A Preferred Units2025-12-310000017313American Nuts Operations LLC | Class A Preferred Units2025-04-012025-12-310000017313American Nuts Operations LLC | Class A Preferred Units2025-03-310000017313American Nuts Operations LLC | Class C Common Units2025-12-310000017313American Nuts Operations LLC | Class C Common Units2025-04-012025-12-310000017313American Nuts Operations LLC | Class C Common Units2025-03-310000017313ArborWorks, LLC | Revolving Loan2025-12-310000017313ArborWorks, LLC | Revolving Loan2025-04-012025-12-310000017313ArborWorks, LLC | Revolving Loan2025-03-310000017313ArborWorks, LLC | First Lien2025-12-310000017313ArborWorks, LLC | First Lien2025-04-012025-12-310000017313ArborWorks, LLC | First Lien2025-03-310000017313ArborWorks, LLC | Class A Units2025-12-310000017313ArborWorks, LLC | Class A Units2025-04-012025-12-310000017313ArborWorks, LLC | Class A Units2025-03-310000017313ArborWorks, LLC | Class A-1 Preferred Units2025-12-310000017313ArborWorks, LLC | Class A-1 Preferred Units2025-04-012025-12-310000017313ArborWorks, LLC | Class A-1 Preferred Units2025-03-310000017313ArborWorks, LLC | Class B-1 Preferred Units2025-12-310000017313ArborWorks, LLC | Class B-1 Preferred Units2025-04-012025-12-310000017313ArborWorks, LLC | Class B-1 Preferred Units2025-03-310000017313ArborWorks, LLC | Class A-1 Common Units2025-12-310000017313ArborWorks, LLC | Class A-1 Common Units2025-04-012025-12-310000017313ArborWorks, LLC | Class A-1 Common Units2025-03-310000017313Catbird NYC, LLC | Revolving Loan2025-12-310000017313Catbird NYC, LLC | Revolving Loan2025-04-012025-12-310000017313Catbird NYC, LLC | Revolving Loan2025-03-310000017313Catbird NYC, LLC | First Lien2025-12-310000017313Catbird NYC, LLC | First Lien2025-04-012025-12-310000017313Catbird NYC, LLC | First Lien2025-03-310000017313Catbird NYC, LLC | Class A Units2025-12-310000017313Catbird NYC, LLC | Class A Units2025-04-012025-12-310000017313Catbird NYC, LLC | Class A Units2025-03-310000017313Catbird NYC, LLC | Class B Units2025-12-310000017313Catbird NYC, LLC | Class B Units2025-04-012025-12-310000017313Catbird NYC, LLC | Class B Units2025-03-310000017313Central Medical Supply LLC | Revolving Loan2025-12-310000017313Central Medical Supply LLC | Revolving Loan2025-04-012025-12-310000017313Central Medical Supply LLC | Revolving Loan2025-03-310000017313Central Medical Supply LLC | First Lien2025-12-310000017313Central Medical Supply LLC | First Lien2025-04-012025-12-310000017313Central Medical Supply LLC | First Lien2025-03-310000017313Central Medical Supply LLC | Delayed Draw Term Loan2025-12-310000017313Central Medical Supply LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313Central Medical Supply LLC | Delayed Draw Term Loan2025-03-310000017313Central Medical Supply LLC | Preferred Units2025-12-310000017313Central Medical Supply LLC | Preferred Units2025-04-012025-12-310000017313Central Medical Supply LLC | Preferred Units2025-03-310000017313Command Group Acquisition, LLC | First Lien2025-12-310000017313Command Group Acquisition, LLC | First Lien2025-04-012025-12-310000017313Command Group Acquisition, LLC | First Lien2025-03-310000017313Command Group Acquisition, LLC | Preferred Units2025-12-310000017313Command Group Acquisition, LLC | Preferred Units2025-04-012025-12-310000017313Command Group Acquisition, LLC | Preferred Units2025-03-310000017313Crafty Apes, LLC | First Lien2025-12-310000017313Crafty Apes, LLC | First Lien2025-04-012025-12-310000017313Crafty Apes, LLC | First Lien2025-03-310000017313Crafty Apes, LLC | Delayed Draw Term Loan2025-12-310000017313Crafty Apes, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313Crafty Apes, LLC | Delayed Draw Term Loan2025-03-310000017313Crafty Apes, LLC | Class A Common Units2025-12-310000017313Crafty Apes, LLC | Class A Common Units2025-04-012025-12-310000017313Crafty Apes, LLC | Class A Common Units2025-03-310000017313Dynamic Communities, LLC | First Lien - Term Loan A2025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan A2025-04-012025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan A2025-03-310000017313Dynamic Communities, LLC | First Lien - Term Loan B2025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan B2025-03-310000017313Dynamic Communities, LLC | Class A Preferred units2025-12-310000017313Dynamic Communities, LLC | Class A Preferred units2025-04-012025-12-310000017313Dynamic Communities, LLC | Class A Preferred units2025-03-310000017313Dynamic Communities, LLC | Class B Preferred units2025-12-310000017313Dynamic Communities, LLC | Class B Preferred units2025-04-012025-12-310000017313Dynamic Communities, LLC | Class B Preferred units2025-03-310000017313Dynamic Communities, LLC | Class C Preferred units2025-12-310000017313Dynamic Communities, LLC | Class C Preferred units2025-04-012025-12-310000017313Dynamic Communities, LLC | Class C Preferred units2025-03-310000017313Dynamic Communities, LLC | Common units2025-12-310000017313Dynamic Communities, LLC | Common units2025-04-012025-12-310000017313Dynamic Communities, LLC | Common units2025-03-310000017313GPT Industries, LLC | Revolving Loan2025-12-310000017313GPT Industries, LLC | Revolving Loan2025-04-012025-12-310000017313GPT Industries, LLC | Revolving Loan2025-03-310000017313GPT Industries, LLC | First lien2025-12-310000017313GPT Industries, LLC | First lien2025-04-012025-12-310000017313GPT Industries, LLC | First lien2025-03-310000017313GPT Industries, LLC | Class A Preferred Units2025-12-310000017313GPT Industries, LLC | Class A Preferred Units2025-04-012025-12-310000017313GPT Industries, LLC | Class A Preferred Units2025-03-310000017313GrammaTech, Inc. | Revolving Loan2025-12-310000017313GrammaTech, Inc. | Revolving Loan2025-04-012025-12-310000017313GrammaTech, Inc. | Revolving Loan2025-03-310000017313GrammaTech, Inc. | First Lien2025-12-310000017313GrammaTech, Inc. | First Lien2025-04-012025-12-310000017313GrammaTech, Inc. | First Lien2025-03-310000017313GrammaTech, Inc. | Class A Units2025-12-310000017313GrammaTech, Inc. | Class A Units2025-04-012025-12-310000017313GrammaTech, Inc. | Class A Units2025-03-310000017313GrammaTech, Inc. | Class A-1 Units2025-12-310000017313GrammaTech, Inc. | Class A-1 Units2025-04-012025-12-310000017313GrammaTech, Inc. | Class A-1 Units2025-03-310000017313Gravitiq LLC | Revolving Loan2025-12-310000017313Gravitiq LLC | Revolving Loan2025-04-012025-12-310000017313Gravitiq LLC | Revolving Loan2025-03-310000017313Gravitiq LLC | First Lien - Term Loan A2025-12-310000017313Gravitiq LLC | First Lien - Term Loan A2025-04-012025-12-310000017313Gravitiq LLC | First Lien - Term Loan A2025-03-310000017313Gravitiq LLC | First Lien - Term Loan B2025-12-310000017313Gravitiq LLC | First Lien - Term Loan B2025-04-012025-12-310000017313Gravitiq LLC | First Lien - Term Loan B2025-03-310000017313Gravitiq LLC | Warrants2025-12-310000017313Gravitiq LLC | Warrants2025-04-012025-12-310000017313Gravitiq LLC | Warrants2025-03-310000017313ITA Holdings Group, LLC | Revolving Loan2025-12-310000017313ITA Holdings Group, LLC | Revolving Loan2025-04-012025-12-310000017313ITA Holdings Group, LLC | Revolving Loan2025-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan2025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan2025-04-012025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan2025-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan B2025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan B2025-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan C2025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan C2025-04-012025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan C2025-03-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - A2025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - A2025-04-012025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - A2025-03-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - B2025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - B2025-04-012025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - B2025-03-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan2025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan2025-03-310000017313ITA Holdings Group, LLC | Warrants 12025-12-310000017313ITA Holdings Group, LLC | Warrants 12025-04-012025-12-310000017313ITA Holdings Group, LLC | Warrants 12025-03-310000017313ITA Holdings Group, LLC | Warrants 22025-12-310000017313ITA Holdings Group, LLC | Warrants 22025-04-012025-12-310000017313ITA Holdings Group, LLC | Warrants 22025-03-310000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2025-12-310000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2025-04-012025-12-310000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2025-03-310000017313iVueit, LLC | Revolving Loan2025-12-310000017313iVueit, LLC | Revolving Loan2025-04-012025-12-310000017313iVueit, LLC | Revolving Loan2025-03-310000017313iVueit, LLC | First Lien2025-12-310000017313iVueit, LLC | First Lien2025-04-012025-12-310000017313iVueit, LLC | First Lien2025-03-310000017313iVueit, LLC | Delayed Draw Term Loan2025-12-310000017313iVueit, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313iVueit, LLC | Delayed Draw Term Loan2025-03-310000017313iVueit, LLC | Preferred Units2025-12-310000017313iVueit, LLC | Preferred Units2025-04-012025-12-310000017313iVueit, LLC | Preferred Units2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan2025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan2025-04-012025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | First Lien2025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | First Lien2025-04-012025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | First Lien2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Class A Units2025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Class A Units2025-04-012025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Class A Units2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | First Lien2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | First Lien2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | First Lien2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Second Lien2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Second Lien2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Second Lien2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Series A Preferred units2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Series A Preferred units2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Series A Preferred units2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Common units2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Common units2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Common units2025-03-310000017313Local Web Leads, LLC | Revolving Loan2025-12-310000017313Local Web Leads, LLC | Revolving Loan2025-04-012025-12-310000017313Local Web Leads, LLC | Revolving Loan2025-03-310000017313Local Web Leads, LLC | First Lien - Term Loan A2025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan A2025-04-012025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan A2025-03-310000017313Local Web Leads, LLC | First Lien - Term Loan B2025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan B2025-03-310000017313Local Web Leads, LLC | Common Units2025-12-310000017313Local Web Leads, LLC | Common Units2025-04-012025-12-310000017313Local Web Leads, LLC | Common Units2025-03-310000017313Pool Service Partners, Inc. | Revolving Loan2025-12-310000017313Pool Service Partners, Inc. | Revolving Loan2025-04-012025-12-310000017313Pool Service Partners, Inc. | Revolving Loan2025-03-310000017313Pool Service Partners, Inc. | First Lien2025-12-310000017313Pool Service Partners, Inc. | First Lien2025-04-012025-12-310000017313Pool Service Partners, Inc. | First Lien2025-03-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loan2025-12-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loan2025-04-012025-12-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loan2025-03-310000017313Pool Service Partners, Inc. | Common units2025-12-310000017313Pool Service Partners, Inc. | Common units2025-04-012025-12-310000017313Pool Service Partners, Inc. | Common units2025-03-310000017313Precision Spray & Coatings, LLC | First Lien2025-12-310000017313Precision Spray & Coatings, LLC | First Lien2025-04-012025-12-310000017313Precision Spray & Coatings, LLC | First Lien2025-03-310000017313Precision Spray & Coatings, LLC | Class A-2 Units2025-12-310000017313Precision Spray & Coatings, LLC | Class A-2 Units2025-04-012025-12-310000017313Precision Spray & Coatings, LLC | Class A-2 Units2025-03-310000017313Rodizio Opco LLC | Revolving Loan2025-12-310000017313Rodizio Opco LLC | Revolving Loan2025-04-012025-12-310000017313Rodizio Opco LLC | Revolving Loan2025-03-310000017313Rodizio Opco LLC | First Lien2025-12-310000017313Rodizio Opco LLC | First Lien2025-04-012025-12-310000017313Rodizio Opco LLC | First Lien2025-03-310000017313Rodizio Opco LLC | Common Units2025-12-310000017313Rodizio Opco LLC | Common Units2025-04-012025-12-310000017313Rodizio Opco LLC | Common Units2025-03-310000017313Roseland Management, LLC | Revolving Loan2025-12-310000017313Roseland Management, LLC | Revolving Loan2025-04-012025-12-310000017313Roseland Management, LLC | Revolving Loan2025-03-310000017313Roseland Management, LLC | First Lien2025-12-310000017313Roseland Management, LLC | First Lien2025-04-012025-12-310000017313Roseland Management, LLC | First Lien2025-03-310000017313Roseland Management, LLC | Class A-2 Units2025-12-310000017313Roseland Management, LLC | Class A-2 Units2025-04-012025-12-310000017313Roseland Management, LLC | Class A-2 Units2025-03-310000017313Roseland Management, LLC | Class A-1 Units2025-12-310000017313Roseland Management, LLC | Class A-1 Units2025-04-012025-12-310000017313Roseland Management, LLC | Class A-1 Units2025-03-310000017313Roseland Management, LLC | Class A Units2025-12-310000017313Roseland Management, LLC | Class A Units2025-04-012025-12-310000017313Roseland Management, LLC | Class A Units2025-03-310000017313Sonobi, Inc. | Class A Common Units2025-12-310000017313Sonobi, Inc. | Class A Common Units2025-04-012025-12-310000017313Sonobi, Inc. | Class A Common Units2025-03-310000017313STATinMED, LLC | First Lien2025-12-310000017313STATinMED, LLC | First Lien2025-04-012025-12-310000017313STATinMED, LLC | First Lien2025-03-310000017313STATinMED, LLC | Class A Preferred Units2025-12-310000017313STATinMED, LLC | Class A Preferred Units2025-04-012025-12-310000017313STATinMED, LLC | Class A Preferred Units2025-03-310000017313STATinMED, LLC | Class B Preferred Units2025-12-310000017313STATinMED, LLC | Class B Preferred Units2025-04-012025-12-310000017313STATinMED, LLC | Class B Preferred Units2025-03-310000017313Student Resource Center LLC | First Lien2025-12-310000017313Student Resource Center LLC | First Lien2025-04-012025-12-310000017313Student Resource Center LLC | First Lien2025-03-310000017313Student Resource Center LLC | Senior Preferred units2025-12-310000017313Student Resource Center LLC | Senior Preferred units2025-04-012025-12-310000017313Student Resource Center LLC | Senior Preferred units2025-03-310000017313Student Resource Center LLC | Preferred units 12025-12-310000017313Student Resource Center LLC | Preferred units 12025-04-012025-12-310000017313Student Resource Center LLC | Preferred units 12025-03-310000017313Student Resource Center LLC | Preferred units 22025-12-310000017313Student Resource Center LLC | Preferred units 22025-04-012025-12-310000017313Student Resource Center LLC | Preferred units 22025-03-310000017313TalkNY Management Holdings, LLC | First Lien2025-12-310000017313TalkNY Management Holdings, LLC | First Lien2025-04-012025-12-310000017313TalkNY Management Holdings, LLC | First Lien2025-03-310000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2025-12-310000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2025-04-012025-12-310000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2025-03-310000017313White Plains Linen LLC | Revolving Loan2025-12-310000017313White Plains Linen LLC | Revolving Loan2025-04-012025-12-310000017313White Plains Linen LLC | Revolving Loan2025-03-310000017313White Plains Linen LLC | First Lien - Term Loan A2025-12-310000017313White Plains Linen LLC | First Lien - Term Loan A2025-04-012025-12-310000017313White Plains Linen LLC | First Lien - Term Loan A2025-03-310000017313White Plains Linen LLC | First Lien - Term Loan B2025-12-310000017313White Plains Linen LLC | First Lien - Term Loan B2025-04-012025-12-310000017313White Plains Linen LLC | First Lien - Term Loan B2025-03-310000017313White Plains Linen LLC | 16.75% LP Interest2025-12-310000017313White Plains Linen LLC | 16.75% LP Interest2025-04-012025-12-310000017313White Plains Linen LLC | 16.75% LP Interest2025-03-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-12-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-04-012025-12-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-03-310000017313cswc:CreditFacilityMember2025-04-012025-12-310000017313cswc:A2029ConvertibleNotesMember2025-04-012025-12-310000017313cswc:SBADebenturesMember2025-04-012025-12-31

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 December 31, 2025

OR

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

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

Commission File Number: 814-00061

CAPITAL SOUTHWEST CORPORATION

(Exact name of registrant as specified in its charter)

Texas						75-1072796
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

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

Registrant's telephone number, including area code: (214) 238-5700

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common Stock, $0.25 par value per share			CSWC			The Nasdaq Global Select Market

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

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

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

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

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

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

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

60,162,020 shares of Common Stock, $0.25 value per share, as of January 29, 2026.

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

3

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

3

Consolidated Statements of Operations (Unaudited) for the three and nine months ended December 31, 2025 and 2024

4

Consolidated Statements of Changes in Net Assets (Unaudited) for the nine months ended December 31, 2025 and 2024

5

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2025 and 2024

6

Consolidated Schedule of Investments as of December 31, 2025 (Unaudited) and March 31, 2025

7

Notes to Consolidated Financial Statements (Unaudited)

56

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months ended December 31, 2025

95

Item 2.

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

102

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

119

Item 4.

Controls and Procedures

120

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

121

Item1A.

Risk Factors

121

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

121

Item 3.

Defaults Upon Senior Securities

121

Item 4.

Mine Safety Disclosures

121

Item 5.

Other Information

121

Item 6.

Exhibits

122

Signatures

124

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)
			December 31,						March 31,
			2025						2025
			(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $1,608,987 and $1,403,623, respectively)			$	1,607,833					$	1,436,316
Affiliate investments (Cost: $349,820 and $304,824, respectively)			350,001						292,891
Control investments (Cost: $72,359 and $70,913, respectively)			55,371						56,092
Total investments (Cost: $2,031,166 and $1,779,360, respectively)			2,013,205						1,785,299
Cash and cash equivalents			42,559						43,221
Restricted cash			1,650						1,650
Receivables:
Dividends and interest			36,801						30,303
Escrow			1,988						1,926
Other			2,630						2,018
Income tax receivable			440						94
Debt issuance costs (net of accumulated amortization of $12,468 and $10,357, respectively)			7,573						9,266
Other assets			9,075						9,063
Total assets			$	2,115,921					$	1,882,840
Liabilities
SBA Debentures (net of $4,375 and $4,082, respectively, of unamortized debt issuance costs)			$	190,625					$	170,918
October 2026 Notes (net of $0 and $1,154, respectively, of unamortized debt issuance costs)			—						148,846
August 2028 Notes (net of $0 and $1,681, respectively, of unamortized debt issuance costs)			—						70,194
2029 Convertible Notes (net of $5,783 and $6,893, respectively, of unamortized debt issuance costs)			224,217						223,107
September 2030 Notes (net of $6,360 and $0, respectively, of unamortized debt issuance costs)			343,640						—
Credit Facilities			314,000						343,000
Other liabilities			29,950						23,038
Accrued restoration plan liability			540						555
Income tax payable			2,289						2,769
Deferred tax liability			15,026						16,780
Total liabilities			1,120,287						999,207
Commitments and contingencies (Note 11)
Net Assets
Common stock, $0.25 par value: authorized, 75,000,000 shares at December 31, 2025 and March 31, 2025; issued, 59,456,961 shares at December 31, 2025 and 52,912,796 shares at March 31, 2025			14,864						13,228
Additional paid-in capital			1,057,225						959,123
Total distributable (loss) earnings			(76,455)						(88,718)
Total net assets			995,634						883,633
Total liabilities and net assets			$	2,115,921					$	1,882,840
Net asset value per share (59,456,961 shares outstanding at December 31, 2025 and 52,912,796 shares outstanding at March 31, 2025)			$	16.75					$	16.70

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except shares and per share data)
			Three Months Ended												Nine Months Ended
			December 31,												December 31,
			2025						2024						2025						2024
Investment income:
Interest income:
Non-control/Non-affiliate investments			$	40,987					$	37,789					$	122,971					$	114,346
Affiliate investments			7,326						4,767						19,413						14,253
Control investments			500						333						1,801						975
Payment-in-kind interest income:
Non-control/Non-affiliate investments			3,513						2,717						7,262						7,025
Affiliate investments			999						529						2,864						1,670
Control investments			73						—						513						—
Dividend income:
Non-control/Non-affiliate investments			199						586						1,860						3,525
Affiliate investments			3,549						—						8,283						51
Control investments			—						—						24						—
Fee income:
Non-control/Non-affiliate investments			2,841						3,671						5,977						6,589
Affiliate investments			690						525						1,649						1,443
Control investments			27						8						74						75
Other income			743						1,048						1,648						2,081
Total investment income			61,447						51,973						174,339						152,033
Operating expenses:
Compensation			4,571						2,388						11,158						7,844
Share-based compensation			1,290						1,544						3,703						4,306
Interest			18,052						14,717						49,336						39,751
Professional fees			1,200						998						3,751						3,450
General and administrative			1,703						1,643						5,026						4,699
Total operating expenses			26,816						21,290						72,974						60,050
Income before taxes			34,631						30,683						101,365						91,983
Federal income, excise and other taxes			2						474						2,249						1,016
Deferred taxes			(2,356)						(107)						(1,743)						627
Total income tax (benefit) provision			(2,354)						367						506						1,643
Net investment income			$	36,985					$	30,316					$	100,859					$	90,340
Realized gain (loss)
Non-control/Non-affiliate investments			$	(168)					$	(12,889)					$	21,163					$	(22,374)
Affiliate investments			1						84						(3,564)						251
Control investments			—						—						—						(260)
Income tax benefit (provision)			392						—						(6,596)						—
Total net realized gain (loss) on investments, net of tax			225						(12,805)						11,003						(22,383)
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments			489						(5,229)						(33,719)						(19,455)
Affiliate investments			170						7,745						11,984						7,193
Control investments			—						(354)						(2,166)						408
Income tax provision			(2,817)						(3,009)						(287)						(2,720)
Total net unrealized (depreciation) appreciation on investments, net of tax			(2,158)						(847)						(24,188)						(14,574)
Net realized and unrealized (losses) gains on investments			(1,933)						(13,652)						(13,185)						(36,957)
Realized loss on extinguishment of debt			(2,156)						(387)						(2,156)						(387)
Realized loss on disposal of fixed assets			—						(9)						(2)						(9)
Net increase in net assets from operations			$	32,896					$	16,268					$	85,516					$	52,987
Pre-tax net investment income per share - basic			$	0.60					$	0.64					$	1.81					$	1.95
Net investment income per share – basic			$	0.64					$	0.63					$	1.80					$	1.92
Net increase in net assets from operations – basic			$	0.57					$	0.34					$	1.52					$	1.13
Net increase in net assets from operations - diluted			$	0.54					$	0.34					$	1.46					$	1.12
Weighted average common shares outstanding – basic			57,530,942						48,315,228						55,538,000						47,079,617
Weighted average common shares outstanding – diluted			66,842,796						54,121,844						64,824,145						49,022,194

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
(In thousands, except shares)
0			Common Stock						0			Treasury Stock						0			Additional Paid-In Capital			0			Total Distributable Earnings (Loss)			0			Total Net Asset Value
0			Number of Shares			Par Value			0			Number of Shares			Par Value			0						0						0
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, net of tax			—			—						—			—						—						711						711
Net unrealized depreciation on investments, net of tax			—			—						—			—						—						(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, net of tax, and extinguishment of debt			—			—						—			—						—						(10,289)						(10,289)
Net unrealized appreciation on investments, net of tax			—			—						—			—						—						1,808						1,808
Balances at September 30, 2024			47,686,685			$	11,922					—			$	—					$	855,177					$	(75,841)					$	791,258
Issuance of common stock			2,364,147			$	591					—			$	—					$	52,324					$	—					$	52,915
Share-based compensation			—			—						—			—						1,544						—						1,544
Issuance of common stock under restricted stock plan, net of forfeitures			500			—						—			—						—						—						—
Dividends to shareholders			—			—						—			—						—						(31,532)						(31,532)
Change in restoration plan liability			—			—						—			—						(11)						—						(11)
Reclassification for certain permanent book-to-tax differences			—			—						—			—						(5,521)						5,521						—
Net investment income			—			—						—			—						—						30,316						30,316
Net realized loss on investments, net of tax, and extinguishment of debt			—			—						—			—						—						(13,201)						(13,201)
Net unrealized depreciation on investments, net of tax			—			—						—			—						—						(847)						(847)
Balances at December 31, 2024			50,051,332			$	12,513					—			$	—					$	903,513					$	(85,584)					$	830,442
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, net of tax			—			—						—			—						—						15,704						15,704
Net unrealized depreciation on investments, net of tax			—			—						—			—						—						(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, net of tax, and disposal of fixed assets			—			—						—			—						—						(4,928)						(4,928)
Net unrealized depreciation on investments, net of tax			—			—						—			—						—						(1,437)						(1,437)
Balances at September 30, 2025			56,966,998			$	14,242					—			$	—					$	1,040,244					$	(107,482)					$	947,004
Issuance of common stock			2,490,000			$	622					—			$	—					$	51,134					$	—					$	51,756
Share-based compensation			—			—						—			—						1,290						—						1,290
Common stock withheld for payroll taxes upon vesting of restricted stock			(37)			—						—			—						(1)						—						(1)
Dividends to shareholders			—			—						—			—						—						(37,299)						(37,299)
Change in restoration plan liability			—			—						—			—						(12)						—						(12)
Reclassification for certain permanent book-to-tax differences			—			—						—			—						(35,430)						35,430						—
Net investment income			—			—						—			—						—						36,985						36,985
Net realized loss on investments, net of tax, and extinguishment of debt			—			—						—			—						—						(1,931)						(1,931)
Net unrealized depreciation on investments, net of tax			—			—						—			—						—						(2,158)						(2,158)
Balances at December 31, 2025			59,456,961			$	14,864					—			$	—					$	1,057,225					$	(76,455)					$	995,634

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
			Nine Months Ended
			December 31,
			2025						2024
Cash flows from operating activities
Net increase in net assets from operations			$	85,516					$	52,987
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:
Purchases and originations of investments			(524,681)						(466,893)
Proceeds from sales and repayments of debt investments in portfolio companies			273,602						226,909
Proceeds from sales and return of capital of equity investments in portfolio companies			31,520						—
Payment of accreted original issue discounts			2,141						1,839
Payment of accrued payment-in-kind interest			510						23
Depreciation and amortization			5,211						4,193
Net pension benefit			(50)						(49)
Realized (gain) loss on investments before income tax			(17,550)						22,431
Realized loss on extinguishment of debt			2,154						387
Realized loss on disposal of fixed assets			2						9
Net unrealized depreciation on investments before income tax			23,901						11,854
Accretion of discounts on investments			(7,333)						(4,731)
Payment-in-kind interest			(10,137)						(8,804)
Share-based compensation expense			3,703						4,306
Deferred income taxes			(1,753)						3,631
Changes in other assets and liabilities:
Increase in dividend and interest receivable			(6,402)						(5,994)
(Increase) decrease in escrow receivables			(75)						23
Increase in tax receivable			(345)						(332)
Increase in other receivables			(575)						(3,455)
Increase in other assets			(154)						(1,447)
(Decrease) increase in taxes payable			(480)						969
Increase in other liabilities			6,910						3,614
Net cash (used in) provided by operating activities			(134,365)						(158,530)
Cash flows from investing activities
Acquisition of fixed assets			(237)						(1,270)
Net cash used in investing activities			(237)						(1,270)
Cash flows from financing activities
Proceeds from common stock offering			132,661						110,951
Borrowings under Credit Facilities			523,000						274,000
Repayments of Credit Facilities			(552,000)						(231,000)
Debt issuance costs paid			(1,763)						(1,553)
Proceeds from issuance of SBA Debentures			19,513						21,464
Proceeds from issuance of September 2030 Notes			344,208						—
Proceeds from issuance of 2029 Convertible Notes			—						223,100
Redemption of January 2026 Notes			—						(140,000)
Redemption of October 2026 Notes			(150,000)						—
Redemption of August 2028 Notes			(71,875)						—
Dividends to shareholders			(108,683)						(91,560)
Common stock withheld for payroll taxes upon vesting of restricted stock			(1,121)						(1,862)
Net cash provided by financing activities			133,940						163,540
Net (decrease) increase in cash, cash equivalents and restricted cash			(662)						3,740
Cash and cash equivalents at beginning of period			44,871						32,273
Cash, cash equivalents and restricted cash at end of period			$	44,209					$	36,013
Supplemental cash flow disclosures:
Cash paid for income taxes			$	10,046					$	184
Cash paid for interest			41,053						32,494

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:

			Nine Months Ended December 31,
			2025						2024
Cash and cash equivalents			$	42,559					$	36,013
Restricted cash			1,650						—
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows			$	44,209					$	36,013

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

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Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
Building & Infrastructure Products
BRANDNER DESIGN, LLC						Revolving Loan						15.99%			SOFR (Q)			12.00%			2.00%			15.99%						4/15/2024						4/13/2029						$	140		$	130		$	99		(7)(10)(16)
						Revolving Loan						18.00%			Fixed															4/15/2024						4/13/2029						300			300			229			(7)(10)(16)
						First Lien						15.99%			SOFR (Q)			12.00%			2.00%			15.99%						4/15/2024						4/13/2029						9,138			9,035			6,780			(7)(16)
						First Lien						8.00%			Fixed									8.00%						11/28/2025						4/13/2029						136			136			136			(7)(16)
																																													9,601			7,244
Subtotal: Building & Infrastructure Products																																													9,601			7,244						0.73		%
Business Services
DYNAMIC COMMUNITIES, LLC						First Lien - Term Loan A						11.82%			SOFR (M)			8.00%			2.00%			11.82%						12/20/2022						12/31/2026						5,223			5,212			4,961			(6)
						First Lien - Term Loan B						12.82%			SOFR (M)			9.00%			2.00%									12/20/2022						12/31/2026						4,985			4,963			4,736			(6)
																																													10,175			9,697
GAINS INTERMEDIATE, LLC						Revolving Loan									SOFR			8.00%			2.00%									12/15/2022						12/15/2027						—			(20)			—
						First Lien - Term Loan A						11.25%			SOFR (Q)			7.00%			2.00%			11.25%						12/15/2022						12/15/2027						7,558			7,486			5,744
						First Lien - Term Loan B						9.25%			SOFR (Q)			5.00%			2.00%			9.25%						12/15/2022						12/15/2027						7,413			7,330			5,160			(16)
																																													14,796			10,904
IVUEIT, LLC						Revolving Loan									SOFR			6.00%			2.00%									2/3/2025						2/1/2030						—			(8)			—			(6)(10)
						First Lien						9.99%			SOFR (Q)			6.00%			2.00%									2/3/2025						2/1/2030						10,000			9,915			10,000			(6)
						Delayed Draw Term Loan									SOFR			6.00%			2.00%									2/3/2025						2/1/2030						—			—			—			(6)(10)
																																													9,907			10,000
SPOTLIGHT AR, LLC						Revolving Loan									SOFR			6.75%			1.00%									12/8/2021						6/8/2026						—			(4)			—			(10)
						First Lien						10.89%			SOFR (Q)			6.75%			1.00%									12/8/2021						6/8/2026						4,256			4,246			4,256
																																													4,242			4,256
US COURTSCRIPT HOLDINGS, INC.						First Lien						10.50%			SOFR (Q)			6.25%			1.00%									5/17/2022						5/17/2027						13,400			13,257			13,159

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
WINTER SERVICES OPERATIONS, LLC						Revolving Loan						11.57%			SOFR (Q)			7.50%			1.00%									11/19/2021						11/19/2027						8,089			7,946			8,089			(10)(20)
						First Lien - Term Loan A						10.75%			SOFR (Q)			6.50%			1.00%									1/16/2024						11/19/2027						14,479			14,313			14,479
						First Lien - Term Loan B						12.75%			SOFR (Q)			8.50%			1.00%									1/16/2024						11/19/2027						14,479			14,317			14,479
						Delayed Draw Term Loan						11.75%			SOFR (Q)			7.50%			1.00%									11/19/2021						11/19/2027						3,748			3,690			3,748
																																													40,266			40,795
Subtotal: Business Services																																													92,643			88,811						8.92		%
Commercial Services & Supplies
VP MOVE PURCHASER, INC.						Revolving Loan									SOFR			5.75%			2.00%									2/3/2025						2/4/2030						—			(26)			—			(10)
						First Lien - Term Loan A						8.74%			SOFR (Q)			4.75%			2.00%									2/3/2025						2/4/2030						14,250			14,159			14,107
						First Lien - Term Loan B						10.74%			SOFR (Q)			6.75%			2.00%									2/3/2025						2/4/2030						14,250			14,159			14,107
																																													28,292			28,214
WHITE PLAINS LINEN LLC						Revolving Loan									SOFR			7.25%			2.00%									8/1/2025						5/1/2030						—			(27)			—			(6)(10)
						First Lien - Term Loan A						10.24%			SOFR (Q)			6.25%			2.00%									8/1/2025						5/1/2030						12,200			12,086			12,078			(6)
						First Lien - Term Loan B						12.24%			SOFR (Q)			8.25%			2.00%									8/1/2025						5/1/2030						12,200			12,086			12,078			(6)
																																													24,145			24,156
Subtotal: Commercial Services & Supplies																																													52,437			52,370						5.26		%
Consumer Products
ALLIANCE SPORTS GROUP						Unsecured Convertible Note						6.00%			Fixed									6.00%						7/15/2020						12/31/2026						173			173			173
CLUTCH, INC.						Revolving Loan									SOFR			5.50%			2.00%									11/13/2025						11/13/2030						—			(49)			—			(10)
						First Lien - Term Loan A						8.34%			SOFR (Q)			4.50%			2.00%									11/13/2025						11/13/2030						14,000			13,863			13,863
						First Lien - Term Loan B						9.34%			SOFR (Q)			5.50%			2.00%									11/13/2025						11/13/2030						14,000			13,863			13,863
						First Lien - Term Loan C						10.34%			SOFR (Q)			6.50%			2.00%									11/13/2025						11/13/2030						14,000			13,863			13,863
																																													41,540			41,589
GRAVITIQ LLC						Revolving Loan									SOFR			7.00%			2.00%									1/17/2025						1/16/2030						—			(40)			—			(6)(10)
						First Lien - Term Loan A						9.99%			SOFR (Q)			6.00%			2.00%									1/17/2025						1/16/2030						14,292			13,519			14,292			(6)
						First Lien - Term Loan B						11.99%			SOFR (Q)			8.00%			2.00%									1/17/2025						1/16/2030						14,292			13,513			14,292			(6)
																																													26,992			28,584

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
HEAT TRAK, LLC						First Lien - Term Loan A						14.14%			SOFR (Q)			10.00%			2.00%									6/12/2023						6/9/2028						11,500			10,734			10,925
HYBRID PROMOTIONS, LLC						Second Lien						12.24%			SOFR (Q)			8.25%			1.00%									6/30/2021						1/3/2028						15,999			15,880			15,679			(15)
LASH OPCO, LLC						Revolving Loan									SOFR			7.00%			1.00%			2.00%						12/29/2021						9/17/2027						—			(7)			—			(10)
						First Lien						10.94%			SOFR (Q)			7.00%			1.00%			2.00%						12/29/2021						9/17/2027						18,387			18,231			16,916			(20)
																																													18,224			16,916
REVO BRANDS, INC.						Revolving Loan						11.48%			SOFR (Q)			7.50%			1.50%									2/21/2024						2/21/2029						2,200			2,107			2,067			(10)(20)
						First Lien - Term Loan A						10.49%			SOFR (Q)			6.50%			1.50%									2/21/2024						2/21/2029						10,483			10,335			9,854
						First Lien - Term Loan B						11.49%			SOFR (Q)			7.50%			1.50%									2/21/2024						2/21/2029						10,483			10,334			9,854
						First Lien - Term Loan C						12.49%			SOFR (Q)			8.50%			1.50%									2/21/2024						2/21/2029						10,483			10,333			9,854
																																													33,109			31,629
TRU FRAGRANCE & BEAUTY LLC						Revolving Loan									SOFR			6.00%			1.50%									3/22/2024						3/21/2029						—			(58)			—			(10)
						First Lien - Term Loan A						8.99%			SOFR (Q)			5.00%			1.50%									3/22/2024						3/21/2029						14,985			14,771			14,985
						First Lien - Term Loan B						10.99%			SOFR (Q)			7.00%			1.50%									3/22/2024						3/21/2029						14,985			14,768			14,985
						First Lien						9.99%			SOFR (Q)			6.00%			1.50%									1/2/2025						3/21/2029						6,000			5,952			6,000
																																													35,433			35,970
Subtotal: Consumer Products																																													182,085			181,465						18.23		%
Consumer Services
AIR CONDITIONING SPECIALIST INC.						Revolving Loan						9.26%			SOFR (Q)			5.50%			1.00%									11/9/2021						11/19/2029						1,389			1,378			1,378			(10)(20)
						First Lien						9.38%			SOFR (Q)			5.50%			1.00%									11/9/2021						11/19/2029						20,918			20,717			20,751
						Delayed Draw Term Loan						9.29%			SOFR (Q)			5.50%			1.00%									11/19/2024						11/19/2029						6,128			6,128			6,079			(20)
																																													28,223			28,208
AMERICAN PET RESORT, LLC						Revolving Loan						9.67%			SOFR (Q)			6.00%			2.00%									12/17/2025						12/17/2030						1,500			1,435			1,435			(10)
						First Lien - Term Loan A						8.67%			SOFR (Q)			5.00%			2.00%									12/17/2025						12/17/2030						13,250			13,135			13,135
						First Lien - Term Loan B						10.67%			SOFR (Q)			7.00%			2.00%									12/17/2025						12/17/2030						13,250			13,135			13,135
						Delayed Draw Term Loan						9.67%			SOFR (Q)			6.00%			2.00%									12/17/2025						12/17/2030						300			280			280			(10)
																																													27,985			27,985

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)						Revolving Loan									Fixed									10.00%						8/27/2021						8/31/2029						—			(28)			—			(10)
						First Lien - Term Loan A						10.00%			Fixed									10.00%						8/27/2021						8/31/2029						13,653			13,506			11,891
						First Lien - Term Loan B						10.00%			Fixed									10.00%						4/12/2023						8/31/2029						13,720			13,574			9,247
																																													27,052			21,138
BETTER THAN HOME, INC.						Revolving Loan									SOFR			5.75%			1.00%									8/8/2025						8/8/2031						—			(21)			—			(10)
						First Lien						9.74%			SOFR (Q)			5.75%			1.00%									8/8/2025						8/8/2031						12,000			11,877			11,916
						Delayed Draw Term Loan						9.61%			SOFR (Q)			5.75%			1.00%									8/8/2025						8/8/2031						8,000			7,912			7,944			(10)(20)
																																													19,768			19,860
CAMPANY ROOF MAINTENANCE, LLC						Revolving Loan									SOFR			9.00%			1.50%									7/26/2024						11/27/2028						—			(16)			—			(10)
						First Lien						12.82%			SOFR (M)			9.00%			1.50%									7/26/2024						11/27/2028						14,582			14,314			13,124
																																													14,298			13,124
KINDRED PET SERVICE, LLC (fka RED DOG OPERATIONS HOLDING COMPANY LLC)						Revolving Loan									SOFR			6.50%			2.00%									11/15/2024						11/15/2029						—			(15)			—			(6)(10)
						First Lien						10.49%			SOFR (Q)			6.50%			2.00%									11/15/2024						11/15/2029						10,800			10,708			10,692			(6)
																																													10,693			10,692
LIFT BRANDS, INC.						Tranche A Term Loan						11.32%			SOFR (M)			7.50%			1.00%									2/1/2024						9/30/2026						2,281			2,281			2,276
						Tranche B Term Loan						9.50%			Fixed									9.50%						2/1/2024						9/30/2026						781			781			744
						Tranche C Loan						—%																		2/1/2024						9/30/2026						549			549			523
																																													3,611			3,543
MAIN LINE BRANDS LLC						Revolving Loan									SOFR			6.00%			2.00%									5/15/2025						5/15/2030						—			(17)			—			(10)
						First Lien						9.99%			SOFR (Q)			6.00%			2.00%									5/15/2025						5/15/2030						10,000			9,910			9,900
																																													9,893			9,900
POOL SERVICE PARTNERS, INC.						Revolving Loan						10.75%			SOFR (Q)			7.00%			2.00%									12/20/2023						12/20/2028						1,300			1,281			1,286			(6)(10)(20)
						First Lien						10.99%			SOFR (Q)			7.00%			2.00%									12/20/2023						12/20/2028						10,400			10,208			10,286			(6)
																																													11,489			11,572
TMT BHC BUYER, INC.						Revolving Loan									SOFR			6.00%			1.50%									3/7/2024						3/7/2029						—			(64)			—			(10)
						First Lien						9.99%			SOFR (Q)			6.00%			1.50%									3/7/2024						3/7/2029						16,500			16,266			16,500
																																													16,202			16,500

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
WASH & WAX SYSTEMS LLC						Revolving Loan						9.28%			SOFR (Q)			5.50%			1.00%									4/30/2025						4/30/2028						293			286			293			(10)(20)
						First Lien						9.34%			SOFR (Q)			5.50%			1.00%									4/30/2025						4/30/2028						6,849			6,744			6,849
						First Lien						12.00%			Fixed									12.00%						4/30/2025						7/30/2028						4,758			4,758			4,758
																																													11,788			11,900
Subtotal: Consumer Services																																													181,002			174,422						17.52		%
Distribution
KMS, LLC						Revolving Loan									SOFR			5.50%			1.00%									12/23/2025						9/29/2028						—			(85)			—			(7)(10)(15)
						First Lien						12.50%			Fixed															2/10/2025						9/29/2028						4,590			4,533			4,590			(7)(15)
																																													4,448			4,590
Subtotal: Distribution																																													4,448			4,590						0.46		%
Education
MUSIKER DISCOVERY PROGRAMS, INC.						Revolving Loan						11.43%			SOFR (Q)			7.50%			2.00%									10/29/2024						10/29/2029						3,750			3,712			3,713			(10)(20)
						First Lien - Term Loan A						10.49%			SOFR (Q)			6.50%			2.00%									10/29/2024						10/29/2029						11,500			11,405			11,385
						First Lien - Term Loan B						12.49%			SOFR (Q)			8.50%			2.00%									10/29/2024						10/29/2029						11,500			11,406			11,385
																																													26,523			26,483
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																																													36,026			30,244						3.04		%
Energy Services
ACE GATHERING, INC.						First Lien						10.75%			SOFR (Q)			6.50%			2.00%									12/13/2018						12/14/2026						3,323			3,308			3,323			(15)
PIPELINE TECHNIQUE LTD.						Revolving Loan									SOFR			6.75%			1.00%									8/23/2022						6/29/2029						—			(34)			—			(9)(10)(22)
						First Lien						10.78%			SOFR (Q)			6.75%			1.00%									8/23/2022						6/29/2029						8,556			8,439			8,556			(9)(20)(22)
						Delayed Draw Term Loan									SOFR			6.75%			1.00%									12/30/2025						6/29/2029						—			(100)			—			(9)(10)(22)
																																													8,305			8,556
WELL-FOAM, INC.						Revolving Loan									SOFR			8.00%			1.00%									9/9/2021						9/9/2026						—			(13)			—			(10)
						First Lien						12.14%			SOFR (Q)			8.00%			1.00%									9/9/2021						9/9/2026						10,626			10,589			10,626
																																													10,576			10,626
Subtotal: Energy Services																																													22,189			22,505						2.26		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
Environmental Services
ARBORWORKS, LLC						Revolving Loan						15.00%			Fixed									15.00%						11/6/2023						11/6/2028						1,784			1,784			1,823			(6)(10)
						First Lien						10.34%			SOFR (M)			6.50%			1.00%			10.34%						11/6/2023						11/6/2028						3,825			3,825			3,787			(6)
																																													5,609			5,610
ISLAND PUMP AND TANK, LLC						Revolving Loan						11.25%			SOFR (Q)			7.00%			2.00%									3/2/2023						5/17/2029						3,479			3,443			3,270
						First Lien - Term Loan A						10.25%			SOFR (Q)			6.00%			2.00%									2/23/2024						5/17/2029						12,218			12,078			11,485
						First Lien - Term Loan B						11.25%			SOFR (Q)			7.00%			2.00%									2/23/2024						5/17/2029						12,218			12,078			11,485
						First Lien - Term Loan C						12.25%			SOFR (Q)			8.00%			2.00%									2/23/2024						5/17/2029						12,218			12,072			11,485
																																													39,671			37,725
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						5,000			5,000			4,909			(6)
						Second Lien						10.00%			Fixed									10.00%						12/31/2021						12/31/2027						5,208			5,208			—			(6)(16)
																																													10,208			4,909
Subtotal: Environmental Services																																													55,488			48,244						4.85		%
Financial Services
INDINERO GROUP, INC.						Revolving Loan						13.50%			Fixed									1.00%						11/12/2025						11/12/2030						451			441			441			(10)
						First Lien						13.50%			Fixed									1.00%						11/12/2025						11/12/2030						9,500			9,399			9,399
																																													9,840			9,840
INSURE HOMES CORPORATION						Tranche B Term Loan						11.37%			SOFR (M)			7.50%			2.00%									8/6/2024						8/6/2029						23,750			23,467			23,750
JACKSON HEWITT TAX SERVICE INC.						First Lien						12.49%			SOFR (Q)			8.50%			2.50%									9/14/2023						9/14/2028						10,000			9,906			9,950
NATIONAL CREDIT CARE, LLC						First Lien - Term Loan A						4.50%			Fixed															12/23/2021						2/25/2030						11,250			11,086			10,181			(7)
						First Lien - Term Loan B						4.50%			Fixed															12/23/2021						2/25/2030						11,250			11,084			10,181			(7)
																																													22,170			20,362
Subtotal: Financial Services																																													65,383			63,902						6.42		%
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC						First Lien - Term Loan A						12.64%			SOFR (Q)			8.50%			1.00%			12.64%						3/28/2025						3/28/2028						6,251			6,251			6,251			(6)
						First Lien - Term Loan B						12.64%			SOFR (Q)			8.50%			1.00%			12.64%						3/28/2025						3/28/2028						6,251			6,251			5,095			(6)
																																													12,502			11,346

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
FOODPHARMA SUBSIDIARY HOLDINGS, LLC						First Lien - Term Loan A						9.89%			SOFR (M)			6.00%			2.00%									6/21/2024						12/31/2026						14,197			14,106			14,197			(20)
						First Lien - Term Loan B						10.89%			SOFR (M)			7.00%			2.00%									6/21/2024						12/31/2026						14,197			14,084			14,197			(20)
						First Lien - Term Loan C						11.89%			SOFR (M)			8.00%			2.00%									6/21/2024						12/31/2026						14,197			14,084			14,197			(20)
																																													42,274			42,591
GULF PACIFIC ACQUISITION, LLC						Revolving Loan						10.82%			SOFR (M)			7.00%			1.00%									9/30/2022						9/29/2028						454			444			414			(10)(20)
						First Lien						10.82%			SOFR (M)			7.00%			1.00%									9/30/2022						9/29/2028						3,836			3,786			3,495			(20)
																																													4,230			3,909
MAMMOTH BORROWCO, INC.						Revolving Loan						10.06%			SOFR (Q)			6.25%			1.50%									11/30/2023						11/30/2028						3,100			3,045			2,892			(10)(20)
						First Lien - Term Loan A						9.07%			SOFR (Q)			5.25%			1.50%									11/30/2023						11/30/2028						10,487			10,316			9,785
						First Lien - Term Loan B						11.07%			SOFR (Q)			7.25%			1.50%									11/30/2023						11/30/2028						10,487			10,313			9,795
						Delayed Draw Term Loan						10.05%			SOFR (Q)			6.25%			1.50%									11/30/2023						11/30/2028						2,832			2,775			2,642			(20)
																																													26,449			25,114
MUENSTER MILLING COMPANY						Revolving Loan									SOFR			9.00%			1.00%									8/10/2021						2/10/2027						—			(20)			—
						First Lien						12.99%			SOFR (Q)			9.00%			1.00%			12.99%						8/10/2021						2/10/2027						24,946			24,798			22,252
						Delayed Draw Term Loan									Fixed									7.00%						10/2/2025						2/10/2027						—			—			—			(10)
																																													24,778			22,252
NEW SKINNY MIXES, LLC						Revolving Loan									SOFR			8.00%			2.00%									12/21/2022						12/21/2027						—			(32)			—			(10)
						First Lien						12.19%			SOFR (Q)			8.00%			2.00%									12/21/2022						12/21/2027						13,000			12,877			13,000
																																													12,845			13,000
Subtotal: Food, Agriculture & Beverage																																													123,078			118,212						11.87		%
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC						Revolving Loan						10.90%			SOFR (Q)			7.00%			1.00%									5/22/2020						5/22/2028						1,000			978			1,000			(6)(10)
						First Lien						10.99%			SOFR (Q)			7.00%			1.00%									5/22/2020						5/22/2028						20,616			20,469			20,616			(6)
																																													21,447			21,616
COMMAND GROUP ACQUISITION, LLC						First Lien						10.99%			SOFR (Q)			7.00%			2.00%									2/15/2024						2/15/2029						6,000			5,916			6,000			(6)

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
LKC TECHNOLOGIES, INC.						Revolving Loan									SOFR			6.50%			2.00%									6/7/2023						6/7/2028						—			(19)			—			(10)
						First Lien						10.75%			SOFR (Q)			6.50%			2.00%									6/7/2023						6/7/2028						15,441			15,319			15,441
																																													15,300			15,441
SCRIP, INC.						First Lien						11.81%			SOFR (M)			8.00%			2.00%									3/21/2019						3/19/2027						17,792			17,757			15,230
Subtotal: Healthcare Equipment & Supplies																																													60,420			58,287						5.85		%
Healthcare Products
DWS BUYER LLC						Revolving Loan									SOFR			5.50%			0.75%									7/29/2025						7/29/2031						—			(18)			—			(10)
						First Lien						9.70%			SOFR (Q)			5.50%			0.75%									7/29/2025						7/29/2031						6,552			6,459			6,453
						Delayed Draw Term Loan									SOFR			5.50%			0.75%									7/29/2025						7/29/2031						—			(15)			—			(10)
																																													6,426			6,453
LIGHTNING INTERMEDIATE II, LLC						Revolving Loan									SOFR			6.00%			1.00%									6/6/2022						6/5/2028						—			(15)			—			(10)
						First Lien						9.60%			SOFR (S)			6.00%			1.00%									6/6/2022						6/5/2028						18,866			18,721			18,489
																																													18,706			18,489
MICROBE FORMULAS LLC						Revolving Loan									SOFR			5.50%			1.00%									4/4/2022						4/3/2028						—			(12)			—			(10)
						First Lien						9.32%			SOFR (M)			5.50%			1.00%									4/4/2022						4/3/2028						11,254			11,161			11,254
																																													11,149			11,254
Subtotal: Healthcare Products																																													36,281			36,196						3.64		%
Healthcare Services
AAC NEW HOLDCO INC.						First Lien						20.00%			Fixed									20.00%						12/11/2020						11/24/2032						208			208			208			(6)
						First Lien - Term Loan A						20.00%			Fixed									20.00%						3/31/2025						11/24/2032						3,198			3,198			3,198			(6)
						First Lien - Term Loan B						20.00%			Fixed									20.00%						3/31/2025						11/24/2032						3,023			3,023			1,375			(6)(16)
						Delayed Draw Term Loan						20.00%			Fixed									20.00%						4/1/2025						11/24/2032						844			844			844			(6)
						Delayed Draw Term Loan						21.00%			Fixed									21.00%						11/24/2025						11/24/2032						484			484			484			(6)(10)
																																													7,757			6,109
CAVALIER BUYER, INC.						First Lien						9.50%			SOFR (Q)			5.75%			2.00%									2/10/2023						2/10/2028						14,333			14,218			14,333			(20)
CDC DENTAL MANAGEMENT CO., LLC						Revolving Loan									SOFR			7.50%			2.00%									10/31/2023						10/31/2028						—			(23)			—			(10)
						First Lien - Term Loan A						10.49%			SOFR (Q)			6.50%			2.00%									10/31/2023						10/31/2028						4,500			4,441			4,500
						First Lien - Term Loan B						12.49%			SOFR (Q)			8.50%			2.00%									10/31/2023						10/31/2028						4,500			4,442			4,500
																																													8,860			9,000
CITYVET INC.						First Lien						10.96%			SOFR (Q)			7.00%			2.00%									9/6/2023						9/6/2028						45,000			44,308			45,000			(20)

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
CUMBRIA CAPITAL MSO, LLC						Revolving Loan						10.37%			SOFR (Q)			6.50%			2.00%									10/28/2024						10/29/2029						750			739			750			(10)
						First Lien						10.49%			SOFR (Q)			6.50%			2.00%									10/28/2024						10/29/2029						5,400			5,356			5,400
						Delayed Draw Term Loan						10.49%			SOFR (Q)			6.50%			2.00%									10/28/2024						10/29/2029						759			750			759			(10)
																																													6,845			6,909
HH-INSPIRE ACQUISITION, INC.						Revolving Loan						13.97%			SOFR (M)			10.00%			2.00%			2.00%						4/3/2023						4/3/2028						779			776			709
						First Lien						13.97%			SOFR (M)			10.00%			2.00%			2.00%						4/3/2023						4/3/2028						8,301			8,184			7,554
																																													8,960			8,263
INSTITUTES OF HEALTH, LLC						Revolving Loan									SOFR			7.50%			2.00%									9/29/2023						9/29/2028						—			(11)			—			(10)
						First Lien - Term Loan A						10.49%			SOFR (Q)			6.50%			2.00%									9/29/2023						9/29/2028						7,500			7,406			7,387
						First Lien - Term Loan B						12.49%			SOFR (Q)			8.50%			2.00%									9/29/2023						9/29/2028						7,500			7,405			7,387
																																													14,800			14,774
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC						Revolving Loan									SOFR			6.50%			2.00%									12/11/2024						12/11/2029						—			(24)			—			(10)
						First Lien - Term Loan A						9.49%			SOFR (Q)			5.50%			2.00%									12/11/2024						12/11/2029						8,050			7,983			7,977
						First Lien - Term Loan B						11.49%			SOFR (Q)			7.50%			2.00%									12/11/2024						12/11/2029						8,050			7,983			7,977
						Delayed Draw Term Loan						10.34%			SOFR (Q)			6.50%			2.00%									12/11/2024						12/11/2029						600			594			595			(10)
																																													16,536			16,549
NEUROPSYCHIATRIC HOSPITALS, LLC						Revolving Loan						11.64%			SOFR (Q)			7.50%			1.00%									5/14/2021						5/14/2026						1,000			986			1,000			(10)
						First Lien - Term Loan A						10.64%			SOFR (Q)			6.50%			1.00%									3/21/2023						5/14/2026						7,365			7,352			7,365
						First Lien - Term Loan B						12.64%			SOFR (Q)			8.50%			1.00%									3/21/2023						5/14/2026						7,365			7,352			7,365
						First Lien - Term Loan C						14.14%			SOFR (Q)			10.00%			1.00%									3/21/2023						5/14/2026						5,107			5,088			5,107
						First Lien - Term Loan D						11.64%			SOFR (Q)			7.50%			1.00%									10/27/2023						5/14/2026						12,870			12,815			12,870
																																													33,593			33,707
PYRAMIDS ACQUISITION, LLC						Revolving Loan									SOFR			5.75%			2.00%									12/23/2025						12/23/2030						—			—			—			(10)
						First Lien						9.44%			SOFR (Q)			5.75%			2.00%									12/23/2025						12/23/2030						18,338			18,181			18,181
																																													18,181			18,181

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
ROSELAND MANAGEMENT, LLC						Revolving Loan									SOFR			7.00%			2.00%									11/9/2018						11/9/2026						—			(4)			—			(6)(10)
						First Lien						11.14%			SOFR (Q)			7.00%			2.00%									11/9/2018						11/9/2026						14,473			14,473			14,473			(6)
																																													14,469			14,473
SPECTRUM OF HOPE, LLC						First Lien - Superpriority Term Loan						7.00%			Fixed									7.00%						12/23/2024						12/31/2029						4,269			4,269			4,269			(7)
						First Lien - Tranche A Term Loan						6.00%			Fixed									6.00%						3/31/2025						12/31/2029						11,120			11,104			6,672			(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)
																																													26,493			10,941
SUPERIOR HEALTH PARENT LLC						Revolving Loan									SOFR			6.00%			1.50%									12/26/2024						12/26/2030						—			(19)			—			(10)
						First Lien						9.69%			SOFR (Q)			6.00%			1.50%									12/26/2024						12/26/2030						17,500			17,386			17,290
						Delayed Draw Term Loan						9.85%			SOFR (Q)			6.00%			1.50%									12/26/2024						12/26/2030						3,700			3,595			3,656			(10)
																																													20,962			20,946
TALKNY MANAGEMENT HOLDINGS, LLC						First Lien						11.24%			SOFR (Q)			7.25%			3.00%									6/14/2024						6/14/2029						7,500			7,415			7,388			(6)
WELL LABS PLUS, LLC						Revolving Loan									SOFR			6.50%			1.00%									9/5/2025						9/5/2030						—			(21)			—			(10)
						First Lien						10.49%			SOFR (Q)			6.50%			1.00%									9/5/2025						9/5/2030						15,250			15,142			15,143
						Delayed Draw Term Loan						10.39%			SOFR (Q)			6.50%			1.00%									9/5/2025						9/5/2030						4,350			4,318			4,320			(10)(20)
																																													19,439			19,463
Subtotal: Healthcare Services																																													262,836			246,036						24.71		%
Industrial Machinery
C&M CONVEYOR, INC.						First Lien - Term Loan A						10.49%			SOFR (M)			6.50%			1.50%									1/3/2023						9/30/2026						6,500			6,469			6,389			(15)
						First Lien - Term Loan B						12.49%			SOFR (M)			8.50%			1.50%									1/3/2023						9/30/2026						6,500			6,469			6,390			(15)
						First Lien - Term Loan C						10.49%			SOFR (M)			6.50%			1.50%									10/2/2024						9/30/2026						7,810			7,778			7,677			(15)
						First Lien - Term Loan D						12.49%			SOFR (M)			8.50%			1.50%									10/2/2024						9/30/2026						7,810			7,778			7,677			(15)
																																													28,494			28,133
DRIVE LINE SERVICE OF PORTLAND, LLC						Revolving Loan									SOFR			8.00%			2.00%									12/16/2024						12/14/2029						—			(16)			—			(10)
						First Lien						11.99%			SOFR (Q)			8.00%			2.00%									12/16/2024						12/14/2029						6,690			6,632			6,636
																																													6,616			6,636

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
SUREKAP, LLC						First Lien - Term Loan A						8.96%			SOFR (Q)			5.00%			1.50%									6/24/2024						6/25/2029						19,089			18,955			17,180
						First Lien - Term Loan B						10.96%			SOFR (Q)			7.00%			1.50%									6/24/2024						6/25/2029						19,089			18,954			17,180
						Delayed Draw Term Loan									SOFR			6.00%			1.50%									6/24/2024						6/25/2029						—			—			—			(10)
																																													37,909			34,360
Subtotal: Industrial Machinery																																													73,019			69,129						6.94		%
Industrial Products
LLFLEX, LLC						First Lien						12.14%			SOFR (Q)			8.00%			1.00%			3.00%						8/16/2021						8/14/2026						10,252			10,218			7,996			(15)
SERVERLIFT, LLC						Revolving Loan									SOFR			5.25%			2.00%									12/31/2024						12/31/2029						—			(35)			—			(10)
						First Lien - Term Loan A						8.24%			SOFR (Q)			4.25%			2.00%									12/31/2024						12/31/2029						15,250			15,138			15,250
						First Lien - Term Loan B						10.24%			SOFR (Q)			6.25%			2.00%									12/31/2024						12/31/2029						15,250			15,138			15,250
																																													30,241			30,500
Subtotal: Industrial Products																																													40,459			38,496						3.87		%
Industrial Services
BP LOENBRO HOLDINGS INC.						Revolving Loan						9.75%			SOFR (M)			5.75%			1.50%									2/9/2024						2/1/2029						1,211			1,197			1,211			(10)(20)
						First Lien						9.79%			SOFR (Q)			5.75%			1.50%									2/9/2024						2/1/2029						17,132			16,983			17,132			(20)
																																													18,180			18,343
MISSION CRITICAL GROUP, LLC						Revolving Loan									SOFR			5.50%			1.00%									6/18/2025						4/17/2030						—			(34)			—			(10)
						First Lien						9.23%			SOFR (M)			5.50%			1.00%									6/18/2025						4/17/2030						10,950			10,749			10,950
						Delayed Draw Term Loan						9.33%			SOFR (M)			5.50%			1.00%									6/18/2025						4/17/2030						2,435			2,370			2,435			(10)
																																													13,085			13,385
PRECISION SPRAY & COATINGS, LLC						First Lien						11.49%			SOFR (Q)			7.50%			2.00%									8/1/2025						8/1/2030						4,000			3,963			4,000			(6)
UPS INTERMEDIATE, LLC						First Lien						9.97%			SOFR (M)			6.25%			1.00%									7/31/2024						7/27/2029						9,850			9,696			9,633			(15)
Subtotal: Industrial Services																																													44,924			45,361						4.56		%
Media & Marketing
360 QUOTE TOPCO, LLC						Revolving Loan						10.32%			SOFR (Q)			6.50%			1.00%									6/16/2022						6/16/2027						2,346			2,304			2,346			(10)
						First Lien						10.32%			SOFR (Q)			6.50%			1.00%									6/16/2022						6/16/2027						26,209			26,089			26,209			(19)
																																													28,393			28,555
ACCELERATION PARTNERS						First Lien						11.93%			SOFR (Q)			7.80%			1.00%									12/1/2020						12/31/2026						20,134			20,011			19,932			(8)(20)

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
BOND BRAND LOYALTY ULC						Revolving Loan						9.89%			SOFR (Q)			5.75%			2.00%									5/1/2023						5/1/2028						800			781			800			(9)(10)(22)
						First Lien - Term Loan A						8.89%			SOFR (Q)			4.75%			2.00%									5/1/2023						5/1/2028						8,798			8,702			8,780			(9)(22)
						First Lien - Term Loan B						10.89%			SOFR (Q)			6.75%			2.00%									5/1/2023						5/1/2028						8,798			8,700			8,780			(9)(22)
						First Lien						9.74%			SOFR (Q)			5.75%			2.00%									10/31/2025						5/1/2028						1,956			1,920			1,992			(9)(22)
																																													20,103			20,352
EXACT BORROWER, LLC						Revolving Loan									SOFR			6.50%			2.00%									12/7/2022						8/6/2027						—			(17)			—			(10)
						First Lien - Term Loan A						10.64%			SOFR (Q)			6.50%			2.00%									12/7/2022						8/6/2027						6,729			6,673			6,528
						First Lien - Term Loan B						10.64%			SOFR (Q)			6.50%			2.00%									12/7/2022						8/6/2027						6,729			6,673			6,528
						First Lien - Term Loan C						10.64%			SOFR (Q)			6.50%			2.00%									12/31/2024						8/6/2027						11,414			11,340			11,071
						Delayed Draw Term Loan						10.64%			SOFR (Q)			6.50%			2.00%									12/7/2022						8/6/2027						3,580			3,531			3,473			(10)
						Promissory Note						13.57%			Fixed															12/7/2022						12/6/2028						385			385			385
																																													28,585			27,985
FMT SOLUTIONS, LLC						First Lien						11.49%			SOFR (Q)			7.50%			2.00%									11/19/2024						11/19/2029						6,750			6,694			6,750
IGNITE VISIBILITY LLC						Revolving Loan									SOFR			6.00%			1.00%									12/1/2023						12/1/2028						—			(17)			—			(10)
						First Lien - Term Loan A						8.90%			SOFR (Q)			5.00%			1.00%									12/1/2023						12/1/2028						18,224			18,114			18,224			(20)
						First Lien - Term Loan B						10.90%			SOFR (Q)			7.00%			1.00%									12/1/2023						12/1/2028						18,224			18,113			18,205			(20)
						Delayed Draw Term Loan						9.99%			SOFR (Q)			6.00%			1.00%									4/3/2025						12/1/2028						5,500			5,408			5,500			(10)
																																													41,618			41,929
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						9.99%			SOFR (Q)			6.00%			2.00%									7/3/2025						7/3/2030						6,666			6,604			6,599			(6)
						First Lien - Term Loan B						11.99%			SOFR (Q)			8.00%			2.00%									7/3/2025						7/3/2030						6,666			6,604			6,599			(6)
																																													13,199			13,198
SOCIALSEO, LLC						Revolving Loan						11.37%			SOFR (M)			7.50%			2.00%									3/6/2025						6/24/2027						1,200			1,181			1,183			(10)
						First Lien - Term Loan A						10.37%			SOFR (M)			6.50%			2.00%									3/6/2025						6/24/2027						10,125			10,057			9,983
						First Lien - Term Loan B						12.37%			SOFR (M)			8.50%			2.00%									3/6/2025						6/24/2027						10,125			10,057			9,983
																																													21,295			21,149
Subtotal: Media & Marketing																																													179,898			179,850						18.06		%

18

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
Movies & Entertainment
CRAFTY APES, LLC						First Lien						10.44%			SOFR (M)			6.50%			1.00%			10.44%						11/20/2024						6/1/2027						4,163			4,054			3,909			(6)(8)
						Delayed Draw Term Loan									SOFR			6.50%			1.00%									11/20/2024						6/1/2027						—			—			—			(6)(8)(10)
																																													4,054			3,909
LDG ACQUISITION COMPANY, LLC						Revolving Loan									SOFR			7.00%			2.00%									12/12/2025						12/12/2030						—			(30)			—			(10)
						First Lien - Term Loan A						9.73%			SOFR (Q)			6.00%			2.00%									12/12/2025						12/12/2030						8,350			8,267			8,267
						First Lien - Term Loan B						11.73%			SOFR (Q)			8.00%			2.00%									12/12/2025						12/12/2030						8,350			8,267			8,267
						Delayed Draw Term Loan									SOFR			7.00%			2.00%									12/12/2025						12/12/2030						—			—			—			(10)
																																													16,504			16,534
Subtotal: Movies & Entertainment																																													20,558			20,443						2.05		%
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA LLC						Revolving Loan									SOFR			8.50%			1.00%									11/28/2023						11/20/2026						—			(9)			—			(10)
						First Lien - Term Loan A						11.37%			SOFR (M)			7.50%			1.00%									11/28/2023						11/20/2026						4,787			4,773			4,777
						First Lien - Term Loan B						13.37%			SOFR (M)			9.50%			1.00%									11/28/2023						11/20/2026						4,787			4,772			4,796
						First Lien						12.37%			SOFR (M)			8.50%			1.00%									11/28/2023						11/20/2026						19,900			19,748			19,900
						Delayed Draw Term Loan						12.37%			SOFR (M)			8.50%			1.00%									3/16/2018						11/20/2026						4,193			4,165			4,193
																																													33,449			33,666
MONROE BIOMEDICAL RESEARCH, LLC						Revolving Loan						9.87%			SOFR (Q)			6.00%			2.00%									11/10/2025						11/8/2030						250			228			228			(10)
						First Lien						9.86%			SOFR (Q)			6.00%			2.00%									11/10/2025						11/8/2030						11,500			11,416			11,416
						Delayed Draw Term Loan									SOFR			6.00%			2.00%									11/10/2025						11/8/2030						—			—			—			(10)
																																													11,644			11,644
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences																																													45,093			45,310						4.55		%
Research & Consulting Services
ARMKO, LLC						Revolving Loan									SOFR			5.50%			1.00%									12/15/2025						12/16/2030						—			(22)			—			(10)
						First Lien						9.25%			SOFR (M)			5.50%			1.00%									12/15/2025						12/16/2030						16,250			16,129			16,129
																																													16,107			16,129
ENSTOA, INC.						First Lien						9.84%			SOFR (M)			6.00%			1.00%									5/1/2025						5/1/2030						9,282			9,137			9,060
						Delayed Draw Term Loan									SOFR			6.00%			1.00%									5/1/2025						5/1/2030						—			(81)			—			(10)
																																													9,056			9,060

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
FS VECTOR LLC						Revolving Loan									SOFR			5.75%			1.00%									4/26/2023						4/26/2028						—			(46)			—			(10)
						First Lien - Term Loan A						8.89%			SOFR (Q)			4.75%			1.00%									4/26/2023						4/26/2028						15,000			14,835			15,000
						First Lien - Term Loan B						10.89%			SOFR (Q)			6.75%			1.00%									4/26/2023						4/26/2028						15,000			14,837			15,000
																																													29,626			30,000
THE GOBEL GROUP, LLC						Revolving Loan									SOFR			6.75%			2.00%									10/29/2024						10/29/2029						—			(8)			—			(10)
						First Lien						10.74%			SOFR (Q)			6.75%			2.00%									10/29/2024						10/29/2029						4,000			3,967			3,960
																																													3,959			3,960
Subtotal: Research & Consulting Services																																													58,748			59,149						5.94		%
Restaurants
ONE GROUP, LLC						First Lien						10.33%			SOFR (M)			6.50%			1.00%									2/22/2024						10/29/2026						9,467			9,433			9,467
RODIZIO OPCO LLC						Revolving Loan									SOFR			6.50%			2.00%									11/20/2025						11/20/2030						—			(15)			—			(6)(10)
						First Lien						10.39%			SOFR (Q)			6.50%			2.00%									11/20/2025						11/20/2030						9,168			9,101			9,101			(6)
																																													9,086			9,101
SWENSONS DRIVE-IN RESTAURANTS, LLC						Revolving Loan									SOFR			7.50%			2.00%									9/27/2023						9/27/2028						—			(16)			—			(10)
						First Lien - Term Loan A						10.49%			SOFR (Q)			6.50%			2.00%									9/27/2023						9/27/2028						8,000			7,900			8,000
						First Lien - Term Loan B						12.49%			SOFR (Q)			8.50%			2.00%									9/27/2023						9/27/2028						8,000			7,899			8,000
																																													15,783			16,000
Subtotal: Restaurants																																													34,302			34,568						3.47		%
Software & IT Services
ACACIA BUYERCO V LLC						Revolver Loan									SOFR			8.00%			1.00%									11/25/2022						11/26/2027						—			(15)			—
						First Lien - Term Loan A						12.25%			SOFR (Q)			8.00%			1.00%									11/25/2022						11/26/2027						9,000			8,841			8,100
																																													8,826			8,100
CADMIUM, LLC						Revolving Loan						10.93%			SOFR (Q)			7.00%			1.00%									1/7/2022						12/22/2026						615			614			605
						First Lien						10.93%			SOFR (Q)			7.00%			1.00%									1/7/2022						12/22/2026						8,007			7,987			7,870
																																													8,601			8,475
INFOGAIN CORPORATION						First Lien						9.57%			SOFR (M)			5.75%			1.00%									5/24/2024						7/28/2028						3,683			3,658			3,683
ISI ENTERPRISES, LLC						Revolving Loan						11.11%			SOFR (Q)			7.00%			1.00%									10/1/2021						10/1/2026						500			494			500			(10)
						First Lien						11.25%			SOFR (Q)			7.00%			1.00%									10/1/2021						10/1/2026						3,816			3,802			3,816
																																													4,296			4,316
ZENFOLIO INC.						Revolving Loan						11.61%			SOFR (Q)			7.50%			1.00%									7/17/2017						12/30/2027						3,000			2,965			3,000			(10)
						First Lien						11.61%			SOFR (Q)			7.50%			1.00%									7/17/2017						12/30/2027						19,637			19,526			19,637
																																													22,491			22,637
Subtotal: Software & IT Services																																													47,872			47,211						4.74		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
Specialty Retail
ATS OPERATING, LLC						Revolving Loan						10.22%			SOFR (Q)			6.00%			1.00%									1/18/2022						1/18/2028						2,500			2,477			2,500			(10)(20)
						First Lien - Term Loan A						9.25%			SOFR (Q)			5.00%			1.00%									1/18/2022						1/18/2028						9,250			9,178			9,250
						First Lien - Term Loan B						11.25%			SOFR (Q)			7.00%			1.00%									1/18/2022						1/18/2028						9,250			9,179			9,250
																																													20,834			21,000
CATBIRD NYC, LLC						Revolving Loan									SOFR			7.00%			1.00%									10/15/2021						10/16/2028						—			(32)			—			(6)(10)
						First Lien						11.14%			SOFR (Q)			7.00%			1.00%									10/15/2021						10/16/2028						14,277			14,194			14,277			(6)
																																													14,162			14,277
Subtotal: Specialty Retail																																													34,996			35,277						3.54		%
Technology Products & Components
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC.						First Lien - Term B Loan						10.22%			SOFR (Q)			6.25%			1.00%									3/12/2024						12/29/2027						3,335			3,314			2,334
TRAFERA, LLC						First Lien						11.89%			SOFR (Q)			7.75%			1.00%									9/30/2020						9/30/2027						5,500			5,488			5,132			(15)
Subtotal: Technology Products & Components																																													8,802			7,466						0.75		%
Telecommunications
LOGIX HOLDING COMPANY, LLC						First Lien						11.41%			SOFR (Q)			7.50%			2.00%			2.75%						3/11/2024						12/31/2028						2,340			2,340			1,872
						First Lien						—%																		3/11/2024						12/31/2028						314			314			314
																																													2,654			2,186
MERCURY ACQUISITION 2021, LLC						First Lien						12.25%			SOFR (Q)			8.00%			1.00%									12/6/2021						12/7/2026						12,957			12,904			10,858
						Second Lien						15.25%			SOFR (Q)			11.00%			1.00%									12/6/2021						12/7/2026						2,927			2,905			1,171			(16)
						Second Lien - Term B Loan						17.00%			Fixed									17.00%						11/13/2025						6/30/2027						91			—			—			(16)
																																													15,809			12,029
U.S. TELEPACIFIC CORP.						First Lien						11.94%			SOFR (Q)			8.00%			1.00%			7.00%						3/19/2024						5/2/2026						2,677			2,677			1,082
						Third Lien						—%																		3/18/2024						5/2/2027						230			230			58
																																													2,907			1,140
UNWIRED BROADBAND, LLC						First Lien						10.07%			SOFR (M)			6.25%			1.00%									9/30/2025						9/30/2027						18,928			18,592			18,587
						Delayed Draw Term Loan A						10.07%			SOFR (M)			6.25%			1.00%									9/30/2025						9/30/2027						1,189			1,051			1,168			(10)
						Delayed Draw Term Loan B						12.57%			SOFR (M)			8.75%			1.00%			2.50%						9/30/2025						9/30/2027						1,860			1,743			1,826			(10)
																																													21,386			21,581
Subtotal: Telecommunications																																													42,756			36,936						3.71		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21						Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal			Cost12,17			Fair Value4						% of Net Assets
Debt Investments												Coupon			Reference			Spread			Floor			PIK
Transportation & Logistics
EVEREST TRANSPORTATION SYSTEMS, LLC						First Lien						11.82%			SOFR (M)			8.00%			1.00%									11/9/2021						8/26/2026						5,905			5,891			3,839			(16)
GUARDIAN FLEET SERVICES, INC.						First Lien						13.14%			SOFR (Q)			9.00%			2.50%			1.75%						2/10/2023						2/10/2028						20,540			20,132			20,540
ITA HOLDINGS GROUP, LLC						Revolving Loan						11.14%			SOFR (Q)			7.00%			2.00%									6/21/2023						6/21/2027						3,525			3,487			3,525			(6)
						First Lien - Term Loan A						11.14%			SOFR (Q)			7.00%			2.00%									6/21/2023						6/21/2027						14,840			13,835			14,840			(6)
						First Lien - Term Loan B						11.14%			SOFR (Q)			7.00%			2.00%									6/21/2023						6/21/2027						14,840			13,813			14,840			(6)
						First Lien - Term Loan C						11.14%			SOFR (Q)			7.00%			2.00%									6/21/2023						6/21/2027						21,150			21,150			21,150			(6)
																																													52,285			54,355
Subtotal: Transportation & Logistics																																													78,308			78,734						7.91		%
Total: Debt Investments																																													$	1,893,652		$	1,830,458					183.85		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Building & Infrastructure Products
BRANDNER DESIGN, LLC									27,000						Class A Units						4/15/2024						$	105					$	—		(7)(9)(13)
															Warrants (Expiration - December 18, 2030)						12/18/2025						—						—			(7)(9)(13)
																											105						—
Subtotal: Building & Infrastructure Products																											105						—						—		%
Business Services
DYNAMIC COMMUNITIES, LLC									250,000						Class A Preferred Units						12/20/2022						250						166			(6)(9)(13)
									5,435,211						Class B Preferred Units						12/20/2022						2,218						—			(6)(9)(13)
									255,984						Class C Preferred Units						12/20/2022						—						—			(6)(9)(13)
									2,500,000						Common Units						12/20/2022						—						—			(6)(9)(13)
																											2,468						166
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						1,529			(9)(11)(13)
US COURTSCRIPT HOLDINGS, INC.									1,000,000						Class D-3 Units						5/17/2022						1,000						1,311			(9)(13)
									211,863						Class D-4 Units						10/31/2022						212						268			(9)(13)
									211,466						Class D-5 Units						1/10/2023						211						263			(9)(13)
																											1,423						1,842
Subtotal: Business Services																											6,641						5,769						0.58		%
Commercial Services & Supplies
LEHR UPFITTERS, LLC									7,773.36						Class A Preferred Units						9/19/2024						830						1,928			(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																											2,065						3,163						0.32		%
Consumer Products
ALLIANCE SPORTS GROUP, L.P									3.88		%				membership preferred interest						8/1/2017						2,500						1,429
GRAVITIQ LLC															Warrants (Expiration - January 17, 2032)						1/17/2025						1,597						4,203			(6)(9)(13)
HEAT TRAK, LLC															Warrants (Expiration- March 28, 2035)						6/12/2023						1,268						1,128			(9)(13)
SHEARWATER RESEARCH, INC.									1,200,000						Class A Preferred Units						4/30/2021						603						757			(9)(13)(22)
									40,000						Class A Common Units						4/30/2021						33						1,332			(9)(13)(22)
																											636						2,089
TRU FRAGRANCE & BEAUTY LLC									1,000,000						Preferred Units						3/22/2024						1,019						1,674			(9)(11)(13)
Subtotal: Consumer Products																											7,020						10,523						1.06		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Consumer Services
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)									535,714.29						Class A Units						9/23/2022						750						—			(9)(13)
									250,000						Class B Units						4/13/2023						250						—			(9)(13)
									496,674.92						Class A-1 Units						5/30/2024						196						—			(9)(13)
																											1,196						—
CAMPANY ROOF MAINTENANCE, LLC									2,951.56						Class A Units						7/26/2024						295						188			(9)(13)
KINDRED PET SERVICE, LLC (FKA RED DOG OPERATIONS HOLDING COMPANY LLC)									1,244						Class A Units						11/15/2024						1,244						674			(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						2,728
Subtotal: Consumer Services																											9,085						5,678						0.57		%
Data Processing & Outsourced Services
RESEARCH NOW GROUP, LLC															Warrants (Expiration - July 15, 2029)						7/15/2024						—						—
Subtotal: Data Processing & Outsourced Services																											—						—						—		%
Distribution
KMS, LLC									19,395.96						Series A Preferred Units						2/10/2025						6,305						9,042			(7)
Subtotal: Distribution																											6,305						9,042						0.91		%
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						—						—		%
Environmental Services
ARBORWORKS, LLC									100						Class A Units						11/17/2021						100						10			(6)(9)(13)
									13,898.32						Class A-1 Preferred Units						11/6/2023						3,170						5,881			(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						5,891
ISLAND PUMP AND TANK, LLC									1,468,391.99						Preferred Units						3/2/2023						1,641						1,772			(9)(13)

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Equity Investments									Units						Type
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						7,663						0.77		%
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						1.43		%
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						1,917			(9)(11)(13)
MAMMOTH BORROWCO, INC.									1,141,913.27						Class A Preferred Units						11/30/2023						1,142						430			(9)(13)
MUENSTER MILLING COMPANY, LLC									130,444						Class A-2 Units						12/18/2024						130						—			(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						Class E Unit						10/2/2025						—						—			(9)(13)
																											1,630						—
Subtotal: Food, Agriculture & Beverage																											8,365						2,347						0.24		%
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						1,731			(6)(9)(13)
LKC TECHNOLOGIES, INC.									1,000,000						Class A Units						6/7/2023						1,000						7,937			(9)(13)
SCRIP INC.									100						Shares of Common Stock						3/21/2019						1,000						—
Subtotal: Healthcare Equipment & Supplies																											4,474						12,831						1.29		%
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		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Healthcare Services
AAC NEW HOLDCO INC.									11,909,274						Preferred Units						3/31/2025						5,702						—			(6)
									617,803						Common Units						12/11/2020						2,944						—			(6)
															Warrants (Expiration - November 24, 2032)						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.									871,973						Preferred Units						2/10/2023						930						1,148			(9)(13)
									871,973						Class A-1 Units						2/10/2023						—						—			(9)(13)
																											930						1,148
CDC DENTAL MANAGEMENT CO., LLC									1,569						Class Y Units						10/31/2023						1,000						2,386			(9)(13)
DELPHI LENDER HOLDCO LLC									254						Common Units						6/9/2023						—						—
HH-INSPIRE ACQUISITION, INC									146,066						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						Common Shares						4/26/2024						207						1,006			(11)
PYRAMIDS ACQUISITION, LLC									90,909.09						Preferred Units						12/23/2025						500						500			(9)(13)
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																											20,794						8,746						0.88		%
Industrial Machinery
DRIVE LINE SERVICE OF PORTLAND, LLC									1,000,000						Class A Units						12/16/2024						1,000						726			(9)(13)
SUREKAP, LLC									430,145						Common Units						6/24/2024						500						—			(9)(13)
Subtotal: Industrial Machinery																											1,500						726						0.07		%
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						2,460			(9)(11)(13)
THE PRODUCTO GROUP, LLC									1,988,469						Class A Units						12/31/2021						1,988						10,781			(9)(11)(13)
Subtotal: Industrial Products																											3,488						16,546						1.66		%
Industrial Services
PRECISION SPRAY & COATINGS, LLC									2,000						Class A-2 Units						8/1/2025						2,000						2,817			(6)(9)(13)
Subtotal: Industrial Services																											2,000						2,817						0.28		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Media & Marketing
ACCELERATION, LLC									13,451.22						Preferred Units						6/13/2022						893						1,171			(9)(13)
									1,611.22						Common Units						6/13/2022						107						—			(9)(13)
																											1,000						1,171
ACCELERATION PARTNERS, LLC									1,019						Preferred Units						12/1/2020						1,019						1,017			(9)(13)
									1,019						Class A Common Units						12/1/2020						14						—			(9)(13)
																											1,033						1,017
BOND BRAND LOYALTY ULC									1,000						Preferred Units						5/1/2023						1,000						949			(9)(13)(22)
									1,000						Class A Common Units						5/1/2023						—						—			(9)(13)(22)
																											1,000						949
EXACT BORROWER, LLC									615.156						Common Units						12/7/2022						615						945
IGNITE VISIBILITY LLC									1,263						Preferred Units						12/1/2023						1,135						1,441			(9)(13)
									1,263						Class A Common Units						12/1/2023						167						668			(9)(13)
																											1,302						2,109
INFOLINKS MEDIA BUYCO, LLC									1.67		%				LP interest						10/29/2021						590						538			(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						1,657			(9)(13)
SONOBI, INC.									500,000						Class A Common Units						9/17/2020						500						—			(6)(9)(13)
Subtotal: Media & Marketing																											8,103						9,136						0.92		%
Movies & Entertainment
CRAFTY APES, LLC									1,519.07						Class A Common Units						11/20/2024						4,730						1,555			(6)
Subtotal: Movies & Entertainment																											4,730						1,555						0.16		%
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC									161,825.84						Units of Class A Common Stock						11/15/2017						1,753						5,026			(9)(11)(13)
MONROE BIOMEDICAL RESEARCH, LLC									50,000						Class A Common Units						11/10/2025						500						500			(9)(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																											8,491						5,526						0.56		%
Research & Consulting Services
ARMKO, LLC									400						Class A Common Units						12/15/2025						400						400			(9)(13)
ENSTOA, INC.									130,009.20						Class A Units						5/1/2025						1,300						935			(9)(13)
FS VECTOR LLC									1,281						Common Units						4/26/2023						1,333						1,857			(9)(11)(13)

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Equity Investments									Units						Type
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																											3,533						3,692						0.37		%
Restaurants
RODIZIO OPCO LLC									537.97						Common Units						11/20/2025						750						750			(6)(9)(13)
Subtotal: Restaurants																											750						750						0.08		%
Software & IT Services
ACACIA BUYERCO V LLC									13,773						Class A-1 Units						10/3/2025						14						8			(9)(13)
									1,000,000						Class B-2 Units						11/25/2022						1,000						587			(9)(13)
																											1,014						595
GRAMMATECH, INC.									1,000						Class A Units						11/1/2019						1,000						201			(6)
									360						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						1,168
									166,667						Series A-1 Preferred Units						6/7/2023						167						271
									275,238						Series A-2 Preferred Units						9/30/2025						319						366
																											1,486						1,805
VTX HOLDINGS, INC.									1,597,707						Series A Preferred Units						7/23/2019						1,598						3,061			(9)(13)
									9,812						Series E Preferred Units						12/11/2025						17						16
																											1,615						3,077
Subtotal: Software & IT Services																											5,475						5,751						0.58		%
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						2,157			(6)(9)(13)
									500,000						Class B Units						10/15/2021						500						919			(6)(9)(10)(13)
																											1,500						3,076
Subtotal: Specialty Retail																											2,500						4,467						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						Class A Units						11/15/2019						1,205						363			(9)(13)
Subtotal: Technology Products & Components																											4,097						1,200						0.12		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Telecommunications
BROAD SKY NETWORKS LLC									1,131,579						Series A Preferred Units						12/11/2020						1,132						1,505			(9)(13)
									89,335						Series C Preferred Units						10/21/2022						89						160			(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						2,467
MERCURY ACQUISITION 2021, LLC									12,059,033						Series A Units						12/6/2021						—						—			(9)(13)
Subtotal: Telecommunications																											1,622						2,467						0.25		%
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						4.41		%
Total: Equity Investments																											$	134,057					$	179,005					17.98		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12						Fair Value4						% of Net Assets
Other Financial Instruments									Units						Type
Financial Services
NINJATRADER, INC.															Earnout						5/1/2025						$	3,457					$	3,742		(9)(13)
Subtotal: Financial Services																											3,457						3,742						0.38		%
Total: Other Financial Instruments																											$	3,457					$	3,742					0.38		%
Total Investments																											$	2,031,166					$	2,013,205					202.20		%

(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 and the investments of Capital Southwest SPV LLC ("SPV"), SBIC I (as defined below) and 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.

(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 December 31, 2025. Certain investments are subject to an interest rate floor. As noted above, 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 December 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 December 31, 2025, the Company held $1,607.8 million of non-control/non-affiliate investments, which represented approximately 79.9% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 161.4%.

(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 December 31, 2025, the Company held $350.0 million of affiliate investments, which represented approximately 17.4% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 35.2%.

(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 December 31, 2025, the Company held $55.4 million of control investments, which represented approximately 2.7% of the Company's investment assets. The fair value of these investments as a percent of net assets is 5.6%. 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 December 31, 2025, there were no unconsolidated subsidiaries that are considered "significant subsidiaries."

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(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 December 31, 2025, approximately 8.8% of the Company's total assets (at fair value) were non-qualifying assets.

(10)The investment has an unfunded commitment as of December 31, 2025. Refer to Note 11 - Commitments and Contingencies for further discussion.

(11)Income producing through dividends or distributions.

(12)As of December 31, 2025, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $117.6 million; cumulative gross unrealized depreciation for federal income tax purposes was $139.7 million. Cumulative net unrealized depreciation was $22.1 million, based on a tax cost of $2,024.2 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 of 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 December 31, 2025, represented 202.2% of the Company's net assets or 95.1% 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 December 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 December 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.

As of December 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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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
Aerospace & Defense
EDGE AUTONOMY HOLDINGS, LLC									Revolving Loan									SOFR			7.50%			2.00%									4/21/2023						4/21/2028						$	—					$	(73)					$	—		(10)
									First Lien - Term Loan A						10.98%			SOFR (Q)			6.50%			2.00%									4/21/2023						4/21/2028						17,500						17,182						17,500
									First Lien - Term Loan B						12.98%			SOFR (Q)			8.50%			2.00%									4/21/2023						4/21/2028						17,500						17,184						17,500
									First Lien						11.94%			SOFR (Q)			7.50%			2.00%									10/31/2024						4/21/2028						17,500						17,263						17,500
																																																			51,556						52,500
STELLANT MIDCO, LLC									First Lien						9.92%			SOFR (M)			5.50%			0.75%									3/7/2024						10/2/2028						1,776						1,765						1,767
									First Lien						10.17%			SOFR (M)			5.75%			0.75%									3/7/2024						10/2/2028						788						776						784
																																																			2,541						2,551
Subtotal: Aerospace & Defense																																																			54,097						55,051						6.23		%
Building & Infrastructure Products
BRANDNER DESIGN, LLC									Revolving Loan						14.30%			SOFR (Q)			10.00%			2.00%									4/15/2024						4/13/2029						100						88						85			(7)(10)
									First Lien						14.31%			SOFR (Q)			10.00%			2.00%									4/15/2024						4/13/2029						8,750						8,637						7,437			(7)
																																																			8,725						7,522
Subtotal: Building & Infrastructure Products																																																			8,725						7,522						0.85		%
Business Services
DYNAMIC COMMUNITIES, LLC									First Lien - Term Loan A						11.92%			SOFR (M)			7.50%			2.00%			11.92%						12/20/2022						12/31/2026						4,766						4,753						4,766			(6)
									First Lien - Term Loan B						13.92%			SOFR (M)			9.50%			2.00%			13.92%						12/20/2022						12/31/2026						4,985						4,963						4,985			(6)
																																																			9,716						9,751
GAINS INTERMEDIATE, LLC									Revolving Loan									SOFR			8.00%			2.00%									12/15/2022						12/15/2027						—						(27)						—
									First Lien - Term Loan A						11.57%			SOFR (Q)			7.00%			2.00%			7.00%						12/15/2022						12/15/2027						7,099						7,012						6,105
									First Lien - Term Loan B						13.57%			SOFR (Q)			9.00%			2.00%			9.00%						12/15/2022						12/15/2027						7,099						7,010						6,105
																																																			13,995						12,210
IVUEIT, LLC									Revolving Loan									SOFR			6.00%			2.00%									2/3/2025						2/1/2030						—						(10)						—			(6)(10)
									First Lien						10.29%			SOFR (Q)			6.00%			2.00%									2/3/2025						2/1/2030						10,000						9,902						9,902			(6)
									Delayed Draw Term Loan									SOFR			6.00%			2.00%									2/3/2025						2/1/2030						—						—						—			(6)(10)
																																																			9,892						9,902
SPOTLIGHT AR, LLC									Revolving Loan									SOFR			6.75%			1.00%									12/8/2021						6/8/2026						—						(11)						—			(10)
									First Lien						11.21%			SOFR (Q)			6.75%			1.00%									12/8/2021						6/8/2026						4,312						4,286						4,312
																																																			4,275						4,312

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
US COURTSCRIPT HOLDINGS, INC.									First Lien						10.57%			SOFR (Q)			6.00%			1.00%									5/17/2022						5/17/2027						14,800						14,625						14,800
WINTER SERVICES OPERATIONS, LLC									Revolving Loan						12.56%			SOFR (Q)			8.00%			1.00%									11/19/2021						11/19/2026						5,333						5,266						5,205			(10)(20)
									First Lien - Term Loan A						11.57%			SOFR (Q)			7.00%			1.00%									1/16/2024						11/19/2026						14,479						14,290						14,132
									First Lien - Term Loan B						13.57%			SOFR (Q)			9.00%			1.00%									1/16/2024						11/19/2026						14,479						14,294						14,132
									Delayed Draw Term Loan						12.57%			SOFR (Q)			8.00%			1.00%									11/19/2021						11/19/2026						3,748						3,691						3,659
																																																			37,541						37,128
Subtotal: Business Services																																																			90,044						88,103						9.97		%
Commercial 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: Commercial 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 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
LASH OPCO, LLC									Revolving Loan						11.39%			SOFR (Q)			7.00%			1.00%									12/29/2021						3/18/2026						866						863						823
									First Lien						11.39%			SOFR (Q)			7.00%			1.00%									12/29/2021						3/18/2026						17,618						17,448						16,737
																																																			18,311						17,560
REVO BRANDS, INC.									Revolving Loan						11.81%			SOFR (Q)			7.50%			1.50%									2/21/2024						2/21/2029						2,700						2,590						2,697			(10)(20)
									First Lien - Term Loan A						10.81%			SOFR (Q)			6.50%			1.50%									2/21/2024						2/21/2029						10,776						10,596						10,593
									First Lien - Term Loan B						11.81%			SOFR (Q)			7.50%			1.50%									2/21/2024						2/21/2029						10,776						10,596						10,593
									First Lien - Term Loan C						12.81%			SOFR (Q)			8.50%			1.50%									2/21/2024						2/21/2029						10,776						10,595						10,581
																																																			34,377						34,464
TRU FRAGRANCE & BEAUTY LLC									Revolving Loan									SOFR			6.00%			1.50%									3/22/2024						3/21/2029						—						(64)						—			(10)
									First Lien - Term Loan A						9.31%			SOFR (Q)			5.00%			1.50%									3/22/2024						3/21/2029						15,099						14,845						15,099
									First Lien - Term Loan B						11.31%			SOFR (Q)			7.00%			1.50%									3/22/2024						3/21/2029						15,099						14,843						15,099
									First Lien						10.31%			SOFR (Q)			6.00%			1.50%									1/2/2025						3/21/2029						6,000						5,943						5,943
																																																			35,567						36,141
Subtotal: Consumer Products																																																			145,365						144,648						16.37		%
Consumer Services
AIR CONDITIONING SPECIALIST INC.									Revolving Loan						9.82%			SOFR (Q)			5.50%			1.00%									11/9/2021						11/19/2029						695						682						685			(6)(10)
									First Lien						9.82%			SOFR (Q)			5.50%			1.00%									11/9/2021						11/19/2029						21,077						20,849						20,761			(6)
									Delayed Draw Term Loan						9.81%			SOFR (Q)			5.50%			1.00%									11/19/2024						11/19/2029						2,937						2,937						2,893			(6)(10)
																																																			24,468						24,339
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC									Revolving Loan									SOFR			8.00%			1.00%									8/27/2021						8/27/2026						—						(17)						—			(10)
									First Lien - Term Loan A						11.57%			SOFR (Q)			7.00%			1.00%									8/27/2021						8/27/2026						13,261						13,155						11,802
									First Lien - Term Loan B						13.57%			SOFR (Q)			9.00%			1.00%									4/12/2023						8/27/2026						13,261						13,155						11,802
																																																			26,293						23,604
CAMPANY ROOF MAINTENANCE, LLC									Revolving Loan									SOFR			6.75%			1.50%									7/26/2024						11/27/2028						—						(20)						—			(10)
									First Lien						11.17%			SOFR (M)			6.75%			1.50%									7/26/2024						11/27/2028						15,353						15,034						14,739
																																																			15,014						14,739
LIFT BRANDS, INC.									Tranche A Term Loan						11.92%			SOFR (M)			7.50%			1.00%									2/1/2024						6/29/2025						2,426						2,426						2,422
									Tranche B Term Loan						9.50%			Fixed									9.50%						2/1/2024						6/29/2025						727						727						693
									Tranche C Loan						—%																		2/1/2024						6/29/2025						565						565						538
																																																			3,718						3,653

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
POOL SERVICE PARTNERS, INC.									Revolving Loan									SOFR			7.00%			2.00%									12/20/2023						12/20/2028						—						(24)						—			(6)(10)
									First Lien						11.31%			SOFR (Q)			7.00%			2.00%									12/20/2023						12/20/2028						5,000						4,920						4,765			(6)
									Delayed Draw Term Loan						11.30%			SOFR (Q)			7.00%			2.00%									12/20/2023						12/20/2028						5,400						5,322						5,146			(6)
																																																			10,218						9,911
RED DOG OPERATIONS HOLDING COMPANY LLC									Revolving Loan									SOFR			6.50%			2.00%									11/15/2024						11/15/2029						—						(18)						—			(6)(10)
									First Lien						10.81%			SOFR (Q)			6.50%			2.00%									11/15/2024						11/15/2029						7,500						7,429						7,425			(6)
																																																			7,411						7,425
TMT BHC BUYER, INC.									Revolving Loan									SOFR			6.00%			1.50%									3/7/2024						3/7/2029						—						(79)						—			(10)
									First Lien						10.31%			SOFR (Q)			6.00%			1.50%									3/7/2024						3/7/2029						10,000						9,833						10,000
									Delayed Draw Term Loan									SOFR			6.00%			1.50%									3/7/2024						3/7/2029						—						(39)						—			(10)
																																																			9,715						10,000
ZIPS CAR WASH, LLC									Delayed Draw Term Loan - A						—%																		2/11/2022						1/16/2025						14,072						14,072						11,539			(16)(23)
									Delayed Draw Term Loan - B						—%																		2/11/2022						1/16/2025						3,527						3,527						2,892			(16)(23)
									DIP Term Loan						11.70%			SOFR (Q)			7.25%			1.00%			11.70%						2/10/2025						10/10/2025						878						878						878			(20)
									Roll Up Term Loan						11.70%			SOFR (Q)			7.25%			1.00%			11.70%						3/18/2025						10/10/2025						1,536						1,536						1,536
																																																			20,013						16,845
Subtotal: Consumer Services																																																			116,850						110,516						12.51		%
Data Processing & Outsourced Services
BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC.									Revolving Loan									SOFR			5.00%			1.00%									2/22/2024						6/10/2028						—						(2)						—			(10)
									First Lien						9.45%			SOFR (M)			5.00%			1.00%									2/22/2024						6/10/2028						2,093						2,073						2,093
																																																			2,071						2,093
Subtotal: Data Processing & Outsourced Services																																																			2,071						2,093						0.24		%
Distribution
KMS, LLC									First Lien						12.50%			Fixed									12.50%						2/10/2025						9/29/2028						2,407						2,407						2,407			(7)(15)
									Delayed Draw Term Loan						12.50%			Fixed									12.50%						2/10/2025						9/29/2028						2,328						2,261						2,261			(7)(10)(15)
																																																			4,668						4,668
Subtotal: Distribution																																																			4,668						4,668						0.53		%

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
LIGHTING RETROFIT INTERNATIONAL, LLC									Revolving Loan						7.50%			Fixed															12/31/2021						12/31/2026						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		%
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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
MAMMOTH BORROWCO, INC.									Revolving Loan						10.56%			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
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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
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
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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC									Revolving Loan									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
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		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
Industrial 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
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		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
Industrial Services
BP LOENBRO HOLDINGS INC.									Revolving Loan						10.17%			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)
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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
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		%
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		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
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		%
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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
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		%
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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,21									Type of Investment2						Current Interest Rate3																		Acquisition Date14						Maturity						Principal						Cost12,17						Fair Value4						% of Net Assets
Debt Investments															Coupon			Reference			Spread			Floor			PIK
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		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12,17						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Building & Infrastructure Products
BRANDNER DESIGN, LLC									27,000						Class A Units						4/15/2024						$	105					$	—		(7)(9)(13)
Subtotal: Building & Infrastructure Products																											105						—						—		%
Business Services
DYNAMIC COMMUNITIES, LLC									250,000						Class A Preferred Units						12/20/2022						250						317			(6)(9)(13)
									5,435,211.03						Class B Preferred Units						12/20/2022						2,218						—			(6)(9)(13)
									255,984.22						Class C Preferred Units						12/20/2022						—						—			(6)(9)(13)
									2,500,000						Common Units						12/20/2022						—						—			(6)(9)(13)
																											2,468						317
IVUEIT, LLC									2,000						Preferred Units						2/3/2025						2,000						2,000			(6)(9)(13)
SPOTLIGHT AR, LLC									750						Common Units						12/8/2021						750						1,366			(9)(11)(13)
US COURTSCRIPT HOLDINGS, INC.									1,000,000						Class D-3 LP Units						5/17/2022						1,000						1,592			(9)(13)
									211,862.61						Class D-4 LP Units						10/31/2022						212						319			(9)(13)
									211,465.87						Class D-5 LP Units						1/10/2023						211						311			(9)(13)
																											1,423						2,222
Subtotal: Business Services																											6,641						5,905						0.67		%
Commercial Services & Supplies
LEHR UPFITTERS, LLC									7,250						Class A Units						9/19/2024						725						1,043			(9)(13)
VP MOVE PURCHASER, INC.									900,000						Class A Preferred Units						2/3/2025						900						900			(9)(13)
Subtotal: Commercial Services & Supplies																											1,625						1,943						0.22		%
Consumer Products
ALLIANCE SPORTS GROUP, L.P									3.88		%				membership preferred interest						8/1/2017						2,500						2,840
GRAVITIQ LLC															Warrants (Expiration - January 17, 2032)						1/17/2025						1,597						1,597			(6)(9)(13)
HEAT TRAK, LLC															Warrants (Expiration- March 28, 2035)						6/12/2023						1,268						—			(9)(13)
SHEARWATER RESEARCH, INC.									1,200,000						Class A Preferred Units						4/30/2021						603						675			(9)(13)(22)
									40,000						Class A Common Units						4/30/2021						33						1,349			(9)(13)(22)
																											636						2,024
TRU FRAGRANCE & BEAUTY LLC									1,000,000						Preferred Units						3/22/2024						1,019						1,276			(9)(13)
Subtotal: Consumer Products																											7,020						7,737						0.88		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12,17						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Consumer Services
AIR CONDITIONING SPECIALIST, INC.									1,006,045.85						Preferred Units						11/9/2021						1,344						2,941			(6)(9)(13)
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)									535,714.29						Class A Units						9/23/2022						750						664			(9)(13)
									250,000						Class B Units						4/13/2023						250						—			(9)(13)
									496,674.92						Class A-1 Units						5/30/2024						196						—			(9)(13)
																											1,196						664
CAMPANY ROOF MAINTENANCE, LLC									2,951.56						Class A Units						7/26/2024						295						441			(9)(13)
LIFT BRANDS, INC.									1,051						shares of common stock						4/2/2024						749						263
POOL SERVICE PARTNERS, INC.									10,667						Common Units						12/20/2023						1,150						610			(6)(9)(13)
RED DOG OPERATIONS HOLDING COMPANY LLC									1,000						Class A Units						11/15/2024						1,000						1,000			(6)(9)(13)
TMT BHC BUYER, INC.									500,000						Class A Units						3/7/2024						500						682			(9)(13)
Subtotal: Consumer Services																											6,234						6,601						0.75		%
Data Processing & Outsourced Services
RESEARCH NOW GROUP, LLC															Warrants (Expiration - July 15, 2029)						7/15/2024						—						—
Subtotal: Data Processing & Outsourced Services																											—						—						—		%
Distribution
BINSWANGER HOLDING CORP.									900,000						shares of common stock						3/9/2017						900						800
KMS, LLC									19,395.96						Series A Preferred Units						2/10/2025						6,305						6,305			(7)
Subtotal: Distribution																											7,205						7,105						0.80		%
Education
STUDENT RESOURCE CENTER LLC									355,555.56						Senior Preferred Units						9/11/2024						356						—			(6)
									10,502,487.46						Preferred Units						12/31/2022						5,845						—			(6)
									2,000,000						Preferred Units						12/31/2022						—						—			(6)(9)(13)
																											6,201						—
Subtotal: Education																											6,201						—						—		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12,17						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Environmental Services
ARBORWORKS, LLC									100						Class A Units						11/17/2021						100						5			(6)(9)(13)
									13,898.32						Class A-1 Preferred Units						11/6/2023						3,170						3,032			(6)
									13,898.32						Class B-1 Preferred Units						11/6/2023						—						—			(6)
									1,666.67						Class A-1 Common Units						11/6/2023						—						—			(6)
																											3,270						3,037
ISLAND PUMP AND TANK, LLC									1,326,389.30						Preferred Units						3/2/2023						1,451						2,702			(9)(13)
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE)									208,333.33						Series A Preferred units						12/31/2021						—						—			(6)(9)(13)
									203,124.99						Common units						12/31/2021						—						—			(6)(9)(13)
																											—						—
Subtotal: Environmental Services																											4,721						5,739						0.65		%
Financial Services
NATIONAL CREDIT CARE, LLC									191,049.33						Class A-3 Preferred Units						3/17/2022						2,000						2,007			(7)(9)(13)
															Warrants (Expiration - February 25, 2035)						2/25/2025						92						92			(7)(9)(13)
																											2,092						2,099
NINJATRADER, INC.									2,000,000						Preferred Units						12/18/2019						2,000						32,079			(9)(11)(13)
Subtotal: Financial Services																											4,092						34,178						3.87		%
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC									21,062.03						Class A Preferred Units						3/28/2025						1,843						1,843			(6)
									28.16						Class C Common Units						4/10/2018						3,000						—			(6)(9)(13)
																											4,843						1,843
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC									75,000						Class A Units						6/1/2021						750						1,708			(9)(11)(13)
MAMMOTH BORROWCO, INC.									1,141,913.27						Class A Preferred Units						11/30/2023						1,142						692			(9)(13)
MUENSTER MILLING COMPANY, LLC									1,000,000						Class A Units						12/15/2022						1,000						147			(9)(13)
									1,130,387.32						Class A-1 Units						12/20/2023						500						73			(9)(13)
									130,444						Class A-2 Units						12/18/2024						130						19			(9)(13)
																											1,630						239
Subtotal: Food, Agriculture & Beverage																											8,365						4,482						0.51		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12,17						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC									2,620,670						Preferred Units						5/22/2020						1,224						3,163			(6)(9)(13)
COMMAND GROUP ACQUISITION, LLC									1,250,000						Preferred Units						2/15/2024						1,250						1,038			(6)(9)(13)
LKC TECHNOLOGIES, INC.									1,000,000						Class A Units						6/7/2023						1,000						2,097			(9)(11)(13)
SCRIP INC.									100						shares of common stock						3/21/2019						1,000						439
Subtotal: Healthcare Equipment & Supplies																											4,474						6,737						0.76		%
Healthcare Products
LIGHTNING INTERMEDIATE II, LLC									0.42		%				LLC interest						6/6/2022						600						263			(9)(13)
Subtotal: Healthcare Products																											600						263						0.03		%
Healthcare Services
AAC NEW HOLDCO INC.									6,257,941						shares of preferred stock						3/31/2025						5,702						5,702			(6)
									617,803						shares of common stock						12/11/2020						2,944						—			(6)
															Warrants (Expiration - December 11, 2025)						12/11/2020						2,584						—			(6)
																											11,230						5,702
ASC ORTHO MANAGEMENT COMPANY, LLC									2,572						Common Units						8/31/2018						1,026						234			(9)(13)
CAVALIER BUYER, INC.									871,972.67						Preferred Units						2/10/2023						930						1,017			(9)(13)
									871,972.67						Class A-1 Units						2/10/2023						—						—			(9)(13)
																											930						1,017
CDC DENTAL MANAGEMENT CO., LLC									1,569						Class Y Units						10/31/2023						1,000						1,065			(9)(13)
DELPHI LENDER HOLDCO LLC									254						Common Units						6/9/2023						—						—
HH-INSPIRE ACQUISITION, INC									146,065.51						Preferred Units						4/3/2023						381						124			(9)(13)
INSTITUTES OF HEALTH, LLC									100,000						Class A Preferred Units						9/29/2023						1,000						1,163			(9)(13)
OPCO BORROWER, LLC									1,111.11						shares of common stock						4/26/2024						207						1,006			(11)
ROSELAND MANAGEMENT, LLC									3,364						Class A-2 Units						3/31/2023						202						802			(6)
									1,100						Class A-1 Units						9/26/2022						66						196			(6)
									16,084						Class A Units						11/9/2018						1,517						941			(6)
																											1,785						1,939
SPECTRUM OF HOPE, LLC									402,350						Common Units						2/17/2023						1,145						—			(7)
TALKNY MANAGEMENT HOLDINGS, LLC									1,500,000						Class A-1 Preferred Units						6/14/2024						1,500						1,082			(6)(9)(13)
Subtotal: Healthcare Services																											20,204						13,332						1.51		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12,17						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Industrial Machinery
DRIVE LINE SERVICE OF PORTLAND, LLC									1,000,000						Class A Units						12/16/2024						1,000						1,000			(9)(13)
SUREKAP, LLC									430,144.53						Common Units						6/24/2024						500						1,157			(9)(13)
Subtotal: Industrial Machinery																											1,500						2,157						0.24		%
Industrial Products
DAMOTECH INC.									1,127						Preferred Units						7/7/2023						1,127						1,376			(9)(13)
									1,127						Class A Common Units						7/7/2023						—						2,738			(9)(13)
																											1,127						4,114
GPT INDUSTRIES, LLC									1,000,000						Class A Preferred Units						1/30/2023						1,000						2,747			(6)(9)(13)
SERVERLIFT, LLC									500,000						Class A Units						12/31/2024						500						500			(9)(13)
THE PRODUCTO GROUP, LLC									1,988,468.70						Class A Units						12/31/2021						1,988						8,841			(9)(11)(13)
Subtotal: Industrial Products																											4,615						16,202						1.83		%
Media & Marketing
ACCELERATION, LLC									13,451.22						Preferred Units						6/13/2022						893						1,363			(9)(13)
									1,611.22						Common Units						6/13/2022						107						—			(9)(13)
																											1,000						1,363
ACCELERATION PARTNERS, LLC									1,019						Preferred Units						12/1/2020						1,019						1,281			(9)(13)
									1,019						Class A Common Units						12/1/2020						14						—			(9)(13)
																											1,033						1,281
BOND BRAND LOYALTY ULC									1,000						Preferred Units						5/1/2023						1,000						799			(9)(13)(22)
									1,000						Class A Common Units						5/1/2023						—						—			(9)(13)(22)
																											1,000						799
EXACT BORROWER, LLC									615						Common Units						12/7/2022						615						945
IGNITE VISIBILITY LLC									833						Preferred Units						12/1/2023						833						620			(9)(13)
									833						Class A Common Units						12/1/2023						167						—			(9)(13)
																											1,000						620
INFOLINKS MEDIA BUYCO, LLC									1.67		%				LP interest						10/29/2021						588						960			(9)(10)(11)(13)
OUTERBOX, LLC									11,008.67						Class A Common Units						6/8/2022						1,313						1,464			(9)(13)
SONOBI, INC.									500,000						Class A Common Units						9/17/2020						500						—			(6)(9)(13)
Subtotal: Media & Marketing																											7,049						7,432						0.84		%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12,17						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Movies & Entertainment
CRAFTY APES, LLC									1,519.07						Class A Units						11/20/2024						4,730						5,037			(6)
Subtotal: Movies & Entertainment																											4,730						5,037						0.57		%
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC									161,825.84						Units of Class A Common Stock						11/15/2017						1,753						6,067			(9)(11)(13)
STATINMED, LLC									4,718.62						Class A Preferred Units						7/1/2022						4,838						—			(6)
									39,097.96						Class B Preferred Units						7/1/2022						1,400						—			(6)
																											6,238						—
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences																											7,991						6,067						0.69		%
Research & Consulting Services
FS VECTOR LLC									1,280.58						Common Units						4/26/2023						1,333						1,585			(9)(11)(13)
THE GOBEL GROUP, LLC									500,000						Class A-1 Preferred Units						10/29/2024						500						500			(9)(13)
									500,000						Class A Common Units						10/29/2024						—						—			(9)(13)
																											500						500
Subtotal: Research & Consulting Services																											1,833						2,085						0.24		%
Software & IT Services
ACACIA BUYERCO V LLC									1,000,000						Class B-2 Units						11/25/2022						1,000						552			(9)(13)
GRAMMATECH, INC.									1,000						Class A Units						11/1/2019						1,000						336			(6)
									360						Class A-1 Units						1/10/2022						360						121			(6)
																											1,360						457
ISI ENTERPRISES, LLC									1,000,000						Series A Preferred Units						10/1/2021						1,000						1,296
									166,667						Series A-1 Preferred Units						6/7/2023						167						706
																											1,167						2,002
VTX HOLDINGS, INC.									1,597,707						Series A Preferred Units						7/23/2019						1,598						2,192			(9)(13)
Subtotal: Software & IT Services																											5,125						5,203						0.59		%
Specialty Retail
ATS OPERATING, LLC									1,000,000						Preferred Units						1/18/2022						1,000						1,220			(9)(13)
CATBIRD NYC, LLC									1,000,000						Class A Units						10/15/2021						1,000						1,805			(6)(9)(11)(13)
									500,000						Class B Units						10/15/2021						500						797			(6)(9)(10)(11)(13)
																											1,500						2,602

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025 (dollars in thousands)
Portfolio Company1,5,18,21									Type of Investment2												Acquisition Date14						Cost12,17						Fair Value4						% of Net Assets
Equity Investments									Units						Type
Subtotal: Specialty Retail																											2,500						3,822						0.43		%
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 of 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 nine months ended December 31, 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 December 31, 2025, the Company had 91.2% 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 December 31, 2025, the Company satisfied all RIC requirements and had 13.7% 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 December 31, 2025 and March 31, 2025, cash held in money market funds amounted to $16.6 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 December 31, 2025 and March 31, 2025, cash balances totaling $42.4 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 assess 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 December 31, 2025, investments on non-accrual status represented approximately 1.5% of our total investment portfolio at fair value and approximately 3.2% 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. For the three and nine months ended December 31, 2025, approximately 7.5% and 6.1%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. For the three and nine months ended December 31, 2024, approximately 6.2% and 5.7%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income.

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

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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 9.8 years. The operating lease is included as an operating lease right-of-use ("ROU") asset, included in other assets, and operating lease liability, included in other liabilities, in the accompanying Consolidated Statements of Assets and Liabilities. The Company does not have any financing leases.

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

Federal Income Taxes CSWC has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subsection M of the Code. By meeting these requirements, we will not be subject to U.S. federal income taxes at corporate rates on ordinary income or capital gains timely distributed to shareholders. In order to qualify as a RIC, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, each year. 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

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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 nine months ended December 31, 2025 and 2024.

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

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

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

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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.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements," which clarifies the form and content of interim financial statements, adds a comprehensive list of required interim disclosures, and provides a disclosure principle for condensed interim financial statements. The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and, on adoption, can be applied either prospectively or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related 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 December 31, 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)
December 31, 2025:
First lien loans (1)(2)			$	1,812,469					90.0		%				182.0		%				$	1,868,322					92.0		%
Second lien loans (2)			16,850						0.8						1.7						23,993						1.2
Subordinated debt (3)			1,139						0.1						0.1						1,337						0.1
Preferred equity			69,048						3.4						6.9						77,030						3.7
Common equity & warrants			109,957						5.5						11.1						57,027						2.8
Earnout			3,742						0.2						0.4						3,457						0.2
			$	2,013,205					100.0		%				202.2		%				$	2,031,166					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 December 31, 2025 and March 31, 2025, the fair value of the first lien last out loans was $23.8 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 December 31, 2025 and March 31, 2025, the fair value of the split lien term loans included in first lien loans was $58.8 million and $59.9 million, respectively. As of December 31, 2025 and March 31, 2025, the fair value of the split lien term loans included in second lien loans was $15.7 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 December 31, 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 December 31, 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)
December 31, 2025:
Healthcare Services			$	254,782					12.7		%				25.6		%				$	283,630					14.0		%
Consumer Products			191,988						9.5						19.3						189,105						9.3
Media & Marketing			188,986						9.4						19.0						188,001						9.3
Consumer Services			180,100						8.9						18.1						190,087						9.4
Transportation & Logistics			122,634						6.1						12.3						86,480						4.3
Food, Agriculture & Beverage			120,559						6.0						12.1						131,443						6.5
Business Services			94,580						4.7						9.5						99,284						4.9
Financial Services			81,841						4.1						8.2						71,620						3.5
Healthcare Equipment & Supplies			71,118						3.5						7.1						64,894						3.2
Industrial Machinery			69,855						3.5						7.0						74,519						3.7
Research & Consulting Services			62,841						3.1						6.3						62,281						3.1
Environmental Services			55,907						2.8						5.6						60,399						3.0
Commercial Services & Supplies			55,533						2.8						5.6						54,502						2.7
Industrial Products			55,042						2.7						5.5						43,947						2.2
Software & IT Services			52,962						2.6						5.3						53,347						2.6
Pharmaceuticals, Biotechnology & Life Sciences			50,836						2.5						5.1						53,584						2.6
Industrial Services			48,178						2.4						4.8						46,924						2.3
Specialty Retail			39,744						2.0						4.0						37,496						1.8
Telecommunications			39,403						2.0						4.0						44,378						2.2
Healthcare Products			36,709						1.8						3.7						37,131						1.8
Restaurants			35,318						1.8						3.6						35,052						1.7
Education			30,244						1.5						3.0						42,227						2.1
Energy Services			22,505						1.1						2.3						22,189						1.1
Movies & Entertainment			21,998						1.1						2.2						25,288						1.2
Distribution			13,632						0.7						1.4						10,753						0.5
Technology Products & Components			8,666						0.4						0.9						12,899						0.6
Building & Infrastructure Products			7,244						0.3						0.7						9,706						0.4
			$	2,013,205					100.0		%				202.2		%				$	2,031,166					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 December 31, 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)
December 31, 2025:
Northeast			$	557,141					27.7		%				56.0		%				$	559,729					27.6		%
Southwest			415,680						20.6						41.8						396,430						19.5
Southeast			394,013						19.6						39.6						433,060						21.3
West			349,268						17.3						35.0						341,668						16.8
Midwest			265,158						13.2						26.6						270,236						13.3
International			31,945						1.6						3.2						30,043						1.5
			$	2,013,205					100.0		%				202.2		%				$	2,031,166					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 December 31, 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 December 31, 2025 and March 31, 2025 (in thousands):

									Fair Value Measurements
									at December 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			$	1,812,469					$	—					$	—					$	1,812,469
Second lien loans			16,850						—						—						16,850
Subordinated debt			1,139						—						—						1,139
Preferred equity			69,048						—						—						69,048
Common equity & warrants			109,957						—						—						109,957
Earnout			3,742						—						—						3,742
Total Investments			$	2,013,205					$	—					$	—					$	2,013,205

									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 December 31, 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						December 31, 2025						Unobservable												Weighted
Type			Technique						(in thousands)						Inputs						Range						Average
First lien loans			Income Approach						$	1,631,437					Discount Rate						4.3% - 68.6%						11.9%
									1,081						Third Party Broker Quote						40.4 - 40.4						40.4
			Market Approach						151,002						Cost						91.3 - 99.3						99.1
			Enterprise Value Waterfall Approach						28,949						EBITDA Multiple						9.0x - 11.0x						10.0x
															Discount Rate						12.7% - 22.6%						18.1%
Second lien loans			Income Approach						16,850						Discount Rate						13.8% - 171.8%						24.8%
			Enterprise Value Waterfall Approach						—						EBITDA Multiple						2.0x - 2.0x						0.0x
															Discount Rate						28.2% - 28.2%						0.0%
Subordinated debt			Income Approach						524						Discount Rate						16.4% - 16.4%						16.4%
									58						Third Party Broker Quote						25.4 - 25.4						25.4
			Enterprise Value Waterfall Approach						557						EBITDA Multiple						6.2x - 7.8x						6.7x
															Discount Rate						14.5% - 17.4%						15.4%
Preferred equity			Enterprise Value Waterfall Approach						68,548						EBITDA Multiple						2.0x - 17.2x						7.7x
															Discount Rate						11.5% - 47.7%						16.8%
			Market Approach						500						Cost						100.0 - 100.0						100.0
Common equity & warrants			Enterprise Value Waterfall Approach						108,307						EBITDA Multiple						2.0x - 16.5x						9.0x
															Discount Rate						10.6% - 30.4%						13.9%
			Market Approach						1,650						Cost						100.0 - 100.0						100.0
Earnout			Income Approach						3,742						Discount Rate						33.3% - 33.3%						33.3%
Total Level 3 Investments									$	2,013,205

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

Changes in Fair Value Levels

We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value level to another. During the three and nine months ended December 31, 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 nine months ended December 31, 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 December 31, 2025						YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans			$	1,586,622					$	(27,555)					$	523,371					$	(245,785)					$	10,129					$	(30,362)					$	(3,951)					$	1,812,469					$	(23,636)
Second lien loans			18,066						(1,255)						39						—						—						—						—						16,850						(1,256)
Subordinated debt			1,218						2						57						(146)						8						—						—						1,139						2
Preferred equity			102,918						(5,908)						4,049						—						—						(31,323)						(688)						69,048						(1,523)
Common equity & warrants			76,475						28,185						4,498						—						—						(3,840)						4,639						109,957						27,883
Earnout			—						285						3,457						—						—						—						—						3,742						285
Total Investments			$	1,785,299					$	(6,246)					$	535,471					$	(245,931)					$	10,137					$	(65,525)					$	—					$	2,013,205					$	1,755
			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 December 31, 2024						YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans			$	1,309,449					$	(39,763)					$	466,533					$	(197,759)					$	8,720					$	(27,308)					$	(4,730)					$	1,515,142					$	(28,533)
Second lien loans			33,774						(3,011)						18						(3,629)						70						—						(1,062)						26,160						(1,130)
Subordinated debt			1,336						43						57						(75)						14						—						(153)						1,222						34
Preferred equity			71,127						7,359						6,730						—						—						—						—						85,216						7,359
Common equity & warrants			60,875						2,031						4,695						—						—						—						5,945						73,546						2,830
Total Investments			$	1,476,561					$	(33,341)					$	478,033					$	(201,463)					$	8,804					$	(27,308)					$	—					$	1,701,286					$	(19,440)

(1)Includes purchases of new investments, as well as discount accretion on existing investments.

(2)Included are distributions-in-kind of investments received in connection with the dissolution and liquidation of I-45 SLF LLC, the joint venture between the Company and Main Street Capital Corporation.

5.    BORROWINGS

In accordance with the 1940 Act, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act. As of December 31, 2025, the Company’s asset coverage was 211%.

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The Company had the following borrowings outstanding as of December 31, 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)
December 31, 2025
SBA Debentures			$	195,000					$	(4,375)					$	190,625					$	188,029
Corporate Credit Facility			210,000						—						210,000						210,000
SPV Credit Facility			104,000						—						104,000						104,000
2029 Convertible Notes			230,000						(5,783)						224,217						220,594
September 2030 Notes			350,000						(6,360)						343,640						346,856
			$	1,089,000					$	(16,518)					$	1,072,482					$	1,069,479
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 October 2026 Notes, 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 was 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.

Credit Facilities

As of December 31, 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 nine months ended December 31, 2025, the weighted average interest rate on the Credit Facilities was 6.44% and 6.63%, respectively, and the average debt outstanding under the Credit Facilities was $315.0 million and $316.7 million, respectively.

Corporate Credit Facility

In August 2016, CSWC entered into a senior secured revolving credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. On August 2, 2023, the Company entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, including the Amendment (as defined below), the "Credit Agreement"). Borrowings under the Corporate Credit Facility accrue interest at a rate equal to the applicable Adjusted Term SOFR plus 2.15% per annum. The Credit Agreement (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million from a diversified group of lenders; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility's revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. 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.

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As of December 31, 2025, the total commitments under the Corporate Credit Facility were $510 million provided by 11 lenders.

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 December 31, 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 December 31, 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 December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense			$	3,299					$	3,225					$	10,159					$	10,145
Unused commitment fees			446						469						1,345						1,325
Amortization of deferred financing costs			609						577						1,827						1,684
Total interest and amortization of deferred financing costs			$	4,354					$	4,271					$	13,331					$	13,154
Weighted average interest rate			6.39		%				7.19		%				6.56		%				7.53		%
Average borrowings			$	206,522					$	179,511					$	205,727					$	134,665

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 available under the SPV Credit Facility 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.

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 December 31, 2025 and 2024, SPV was in compliance with all financial covenants under the Loan Agreement.

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

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense			$	1,769					$	1,889					$	5,639					$	4,195
Unused commitment and other fees			326						258						931						872
Amortization of deferred financing costs			114						114						342						318
Total interest and amortization of deferred financing costs			$	2,209					$	2,261					$	6,912					$	5,385
Weighted average interest rate			6.53		%				7.23		%				6.75		%				7.54		%
Average borrowings			$	108,435					$	104,435					$	110,942					$	55,664

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.

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

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense			$	—					$	1,208					$	—					$	4,358
Amortization of deferred financing costs			—						56						—						224
Total interest and amortization of deferred financing costs			$	—					$	1,264					$	—					$	4,582
Weighted average interest rate			—		%				4.46		%				—		%				4.46		%
Average borrowings (1)			$	—					$	140,000					$	—					$	140,000

(1)Average borrowings for the three and nine months ended December 31, 2024 were calculated from October 1, 2024 and April 1, 2024, respectively, through December 9, 2024 (the redemption date of the January 2026 Notes).

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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 were treated as a single series with the Existing October 2026 Notes under the indenture and had the same terms as the Existing October 2026 Notes. The maturity date of the October 2026 Notes was October 1, 2026. The October 2026 Notes bore interest at a rate of 3.375% per year, payable semi-annually in arrears on April 1 and October 1 of each year.

On October 13, 2025, the Company redeemed $150.0 million in aggregate principal amount of the issued and outstanding October 2026 Notes in full. The October 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 $0.8 million during the quarter ended December 31, 2025. There was no "make-whole" premium required to be paid in connection with the redemption.

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

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense			$	183					$	1,266					$	2,714					$	3,797
Amortization of deferred financing costs			27						192						412						577
Total interest and amortization of deferred financing costs			$	210					$	1,458					$	3,126					$	4,374
Weighted average interest rate			3.50		%				3.50		%				3.50		%				3.50		%
Average borrowings			$	20,893					$	150,000					$	77,545					$	150,000

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 maturity date of the August 2028 Notes was August 1, 2028, and the August 2028 Notes bore interest at a rate of 7.75% per year, payable quarterly on February 1, May 1, August 1 and November 1 of each year.

On October 13, 2025, the Company redeemed $71.9 million in aggregate principal amount of the issued and outstanding August 2028 Notes in full. 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. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $1.4 million during the quarter ended December 31, 2025. There was no "make-whole" premium required to be paid in connection with the redemption.

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The summary information regarding the August 2028 Notes is as follows (dollars in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense			$	201					$	1,393					$	2,986					$	4,178
Amortization of deferred financing costs			18						127						270						382
Total interest and amortization of deferred financing costs			$	219					$	1,520					$	3,256					$	4,560
Weighted average interest rate			7.75		%				7.75		%				7.75		%				7.75		%
Average borrowings			$	10,382					$	71,875					$	38,533					$	71,875

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.

Certain key terms related to the convertible features of the 2029 Convertible Notes as of December 31, 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)			$	24.67
Conversion rate (shares per $1,000 principal amount) (1)			40.54
Last conversion price calculation date			December 15, 2025

(1)Represents conversion price and conversion rate, as applicable, as of December 31, 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.

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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 December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense			$	2,947					$	1,703					$	8,841					$	1,703
Amortization of deferred financing costs			370						243						1,109						243
Total interest and amortization of deferred financing costs			$	3,317					$	1,946					$	9,950					$	1,946
Weighted average interest rate			5.13		%				5.13		%				5.13		%				5.13		%
Average borrowings (1)			$	230,000					$	230,000					$	230,000					$	230,000

(1)Average borrowings for the three and nine months ended December 31, 2024 were calculated from November 4, 2024 (the issuance date of the 2029 Convertible Notes) through December 31, 2024.

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.

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

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense			$	5,206					$	—					$	5,900					$	—
Amortization of deferred financing costs			336						—						378						—
Total interest and amortization of deferred financing costs			$	5,542					$	—					$	6,278					$	—
Weighted average interest rate			5.95		%				—		%				5.95		%				—		%
Average borrowings			$	350,000					$	—					$	99,167					$	—

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.

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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 December 31, 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 leverageable capital of $46.0 million. As of December 31, 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 December 31, 2025, SBIC II had a total leverage commitment from the SBA in the amount of $40.0 million, of which $20.0 million was drawn.

The summary information regarding the SBA Debentures is as follows (dollars in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Interest expense and fees			$	1,994					$	1,798					$	5,869					$	5,170
Amortization of deferred financing costs			201						193						594						561
Total interest and amortization of deferred financing costs			$	2,195					$	1,991					$	6,463					$	5,731
Weighted average interest rate			4.46		%				4.40		%				4.42		%				4.39		%
Average borrowings			$	179,000					$	163,293					$	176,338					$	156,444

As of December 31, 2025, SBA Debentures issued and outstanding 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
(2)						(2)						(2)						20,000
																		$	195,000

(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.

(2)The Company issued $20.0 million in SBA Debentures that will pool in March 2026. Until the pooling date, the SBA debentures bear interest at a fixed rate with a weighted average interim interest rate of 4.54%

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Contractual Payment Obligations

A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at December 31, 2025 is as follows (amounts in thousands):

			Years Ending March 31,
			2026						2027						2028						2029						2030						Thereafter						Total
SBA Debentures			$	—					$	—					$	—					$	—					$	—					$	195,000					$	195,000
Corporate Credit Facility			—						—						—						210,000						—						—						210,000
SPV Credit Facility			—						—						—						104,000						—						—						104,000
2029 Convertible Notes			—						—						—						—						230,000						—						230,000
September 2030 Notes			—						—						—						—						—						350,000						350,000
Total			$	—					$	—					$	—					$	314,000					$	230,000					$	545,000					$	1,089,000

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 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 year ended December 31, 2025, 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. Our distributions for the tax years ended December 31, 2025, 2024 and 2023 were as follows:

Payment Date			Cash Dividend per Share
Tax Year Ended December 31, 2025
March 31, 20251			$	0.64
June 30, 20251			0.64
July 31, 2025			0.1934
August 31, 2025			0.1934
September 30, 20251			0.2534
October 31, 2025			0.1934
November 30, 2025			0.1934
December 31, 20251			0.2534
			$	2.56

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Tax Year Ended December 31, 2024
March 31, 20241			$	0.63
June 30, 20241			0.63
September 30, 20241			0.64
December 31, 20242			0.63
			$	2.53
Tax Year Ended December 31, 2023
March 31, 20232			$	0.58
June 30, 20232			0.59
September 30, 20231			0.62
December 31, 20231			0.63
			$	2.42

1On each of these dates, the dividend paid included a supplemental dividend of $0.06 per share.

2On each of these dates, the dividend paid included a supplemental dividend of $0.05 per share.

Additionally, on November 19, 2025, the Board of Directors declared monthly regular dividends of $0.1934 per share to holders of record as of the close of business on each of January 15, 2026, February 13, 2026 and March 13, 2026 payable on January 30, 2026, February 27, 2026 and March 31, 2026, respectively, and a supplemental dividend of $0.06 per share to holders of record as of the close of business on March 13, 2026 payable on March 31, 2026.

Book and tax basis differences relating to dividends and distributions to our shareholders and other permanent book and tax differences are typically reclassified among the CSWC’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP; accordingly, for the nine months ended December 31, 2025 and 2024, CSWC reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital and/or deemed distributions, tax treatment of investments upon disposition, and non-deductible expenses, as follows (amounts in thousands):

			Nine Months Ended December 31,
			2025						2024
Additional capital			$	(35,430)					$	(5,521)
Total distributable earnings			35,430						5,521

The determination of the tax attributes for CSWC’s distributions is made after tax year end, based upon its taxable income for the full year and distributions paid for the full tax year. Therefore, any determination made on an interim basis for fiscal year end 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 tax character of distributions paid for the tax years ended December 31, 2025 and 2024 was as follows (amounts in thousands):

			Twelve Months Ended December 31,
			2025						2024
Ordinary income			$	140,809					$	118,216
Distributions of long term capital gains			—						—
Distributions on tax basis1			$	140,809					$	118,216

1Includes only those distributions which reduce estimated taxable income.

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As of December 31, 2025, CSWC estimates that it has cumulative undistributed taxable income of approximately $60.6 million, or $1.02 per share, that will be carried forward toward distributions to be paid in future periods. We intend to meet the applicable qualifications to be treated as a RIC in future periods.

The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the nine months ended December 31, 2025 and 2024 (amounts in thousands):

			Nine Months Ended December 31,
Reconciliation of RIC Distributable Income (1)			2025						2024
Net increase in net assets from operations			$	85,516					$	52,987
Net unrealized depreciation on investments			24,188						14,574
Expense/loss recognized for tax on pass-through entities			—						(80)
Realized (gain) loss book/tax differences			(1,185)						8,580
Capital loss carryover (2)			14,242						12,987
Net operating income - wholly-owned subsidiary			(31,380)						(2,705)
Dividend income from wholly-owned subsidiary			26,770						(962)
Non-deductible tax expense			1,922						1,016
Loss on extinguishment of debt			(4,089)						(2,045)
Non-deductible compensation			4,252						5,164
Compensation related book/tax differences			1,946						(3,887)
Interest on non-accrual loans			4,828						10,513
Other book/tax differences			(15)						(237)
Estimated distributable income before deductions for distributions			$	126,995					$	95,905

(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 December 31, 2025, the Company had long-term capital loss carryforwards of $145.1 million to offset future capital gains. These capital loss carryforwards are not subject to expiration.

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.

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As of December 31, 2025, the cost of investments held by the RIC for U.S. federal income tax purposes was $1,965.0 million, with such investments having gross unrealized appreciation of $18.6 million and gross unrealized depreciation of $126.5 million, resulting in net unrealized depreciation of $107.9 million. As of December 31, 2025, the cost of investments held by the Taxable Subsidiary for U.S. federal income tax purposes was $59.2 million, with such investments having gross unrealized appreciation of $99.0 million and gross unrealized depreciation of $13.2 million, resulting in net unrealized appreciation of $85.8 million. On a consolidated basis, the total investment portfolio has net unrealized depreciation of $22.1 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 December 31, 2025 and March 31, 2025, the Taxable Subsidiary had a deferred tax liability of $15.0 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.

The following table sets forth the significant components of the deferred tax assets and liabilities as of December 31, 2025 and March 31, 2025 (amounts in thousands):

			December 31, 2025						March 31, 2025
Deferred tax asset:
Net operating loss carryforwards			$	443					$	253
Interest			2,542						1,811
Total deferred tax asset			2,985						2,064
Deferred tax liabilities:
Net unrealized appreciation on investments			(15,341)						(15,054)
Net basis differences in portfolio investments			(2,670)						(3,790)
Total deferred tax liabilities			(18,011)						(18,844)
Total net deferred tax (liabilities) assets			$	(15,026)					$	(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 December 31, 2025 and 2024 (amounts in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
Components of Income Tax Provision			2025						2024						2025						2024
Excise tax			$	447					$	451					$	1,860					$	943
Tax provision related to Taxable Subsidiary			(2,789)						(107)						(1,416)						627
Other			(12)						23						62						73
Total income tax provision			$	(2,354)					$	367					$	506					$	1,643

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, 2022 through December 31, 2024.

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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.

The following table summarizes certain information relating to shares sold under the Equity ATM Program (dollars in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Number of shares sold			2,490,000						2,364,147						6,291,892						4,702,227
Gross proceeds received (in thousands)			$	52,553					$	53,620					$	134,582					$	112,540
Net proceeds received (in thousands) (1)			$	51,765					$	52,915					$	132,661					$	110,951
Weighted average price per share			$	21.11					$	22.68					$	21.39					$	23.93

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both December 31, 2025 and December 31, 2024, no proceeds remained receivable.

Cumulative to December 31, 2025, the Company has sold 39,333,069 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.47, raising $844.6 million of gross proceeds. Net proceeds were $831.7 million after commissions to the sales agents on shares sold. As of December 31, 2025, the Company has $155.4 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.

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

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			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Number of shares repurchased			37						—						52,630						71,229
Aggregate cost of shares repurchased (in thousands)			$	1					$	—					$	1,120					$	1,861
Weighted average price per share			$	20.37					$	—					$	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 nine months ended December 31, 2025 and 2024, the Company did not repurchase any shares under the share repurchase program.

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 nine months ended December 31, 2025 and 2024 (dollars and shares in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Earnings per share - basic
Numerator for basic earnings per share			$	32,896					$	16,268					$	85,516					$	52,987
Adjustment for income allocated to participating securities			(352)						—						(914)						—
Numerator for basic earnings per common share			32,544						16,268						84,602						52,987
Denominator for basic earnings per common share			57,531						48,315						55,538						47,080
Basic earnings per common share			$	0.57					$	0.34					$	1.52					$	1.13
Earnings per share - diluted (1)
Numerator for increase in net assets per share			$	32,544					$	16,268					$	84,602					$	52,987
Adjustment for interest and amortization on 2029 Convertible Notes			3,317						1,946						9,950						1,946
Numerator for diluted earnings per common share			$	35,861					$	18,214					$	94,552					$	54,933
Denominator for basic weighted average common share			57,531						48,315						55,538						47,080
Adjustment for dilutive effect of 2029 Convertible Notes			9,312						5,807						9,286						1,943
Denominator for diluted weighted average common shares			66,843						54,122						64,824						49,022
Diluted earnings per common share			$	0.54					$	0.34					$	1.46					$	1.12

(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 nine months ended December 31, 2025 and 2024, there was no anti-dilution.

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9.    STOCK BASED COMPENSATION PLANS

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

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

In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan as part of the compensation packages for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. The 2021 Employee Plan initially made available for issuance 1,200,000 shares of common stock. On July 24, 2025, our shareholders approved an amendment to the 2021 Employee Plan to increase the total number of shares available for issuance thereunder by 1,850,000 (from 1,200,000 to 3,050,000), which became effective on the same date. As of December 31, 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 December 31, 2025, there were 75,280 shares of common stock available for issuance under the Non-Employee Director Plan.

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 December 31, 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 nine months ended December 31, 2025 and 2024, we recognized total share based compensation expense of $3.7 million (of which $0.2 million was related to restricted stock issued to non-employee directors) and $4.3 million (of which $0.2 million was related to restricted stock issued to non-employee directors), respectively, related to the restricted stock issued.

As of December 31, 2025, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $11.5 million, which will be amortized over the weighted-average vesting period of approximately 2.7 years.

The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of December 31, 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			(175,436)						23.73						—
Forfeited			(43,062)						22.71						—
Unvested at December 31, 2025			624,854						$	22.56					2.7

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The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of December 31, 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 December 31, 2025			10,965						$	22.80					0.6

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. During the period from October 1, 2015 through December 31, 2025, 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. Effective January 1, 2026, we will make matching contributions of up to 5% of the Internal Revenue Service's annual maximum eligible compensation, all of which will be fully vested immediately.

During the three months ended December 31, 2025 and 2024, we made matching contributions of approximately $39.4 thousand and $33.3 thousand, respectively. During the nine months ended December 31, 2025 and 2024, we made matching contributions of approximately $213.8 thousand and $196.3 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 December 31, 2025 and March 31, 2025 were as follows (amounts in thousands):

						December 31,						March 31,
Portfolio Company						2025						2025
Revolving Loans
360 Quote TopCo, LLC						$	904					$	—
Air Conditioning Specialist, Inc.						1,216						1,910
American Pet Resort, LLC						6,000						—
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)						1,222						3,056
ArborWorks, LLC						217						1,116
Armko, LLC						3,000						—
ATS Operating, LLC						390						890
Better Than Home, Inc.						3,000						—
Bond Brand Loyalty ULC						1,200						1,200
BP Loenbro Holdings Inc.						1,541						1,321
Brandner Design, LLC						560						900
Burning Glass Intermediate Holding Company, Inc.						—						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						1,500						1,050
Clutch, Inc.						5,000						—
Cumbria Capital MSO, LLC						750						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
GrammaTech, Inc.						—						1,000
Gravitiq LLC						5,000						5,000
Gulf Pacific Acquisition, LLC						152						303
Ignite Visibility LLC						3,000						1,500
InDinero Group, Inc.						549						—
Institutes of Health, LLC						1,000						1,000
ISI Enterprises, LLC						1,500						2,000
Island Pump and Tank, LLC						—						3,479

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						December 31,						March 31,
Portfolio Company						2025						2025
iVueit, LLC						1,000						1,000
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC)						2,000						2,000
KMS, LLC						5,715						—
Lash OpCo, LLC						824						—
LDG Acquisition Company, LLC						3,000						—
LEHR Upfitters, LLC						—						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.						650						200
Microbe Formulas LLC						1,627						1,627
Mid-Florida Endodontics Management Company, LLC						3,000						3,000
Mission Critical Group, LLC						1,902						—
Monroe Biomedical Research, LLC						2,750						—
Musiker Discovery Programs, Inc.						1,250						2,000
NeuroPsychiatric Hospitals, LLC						4,000						2,000
New Skinny Mixes, LLC						4,000						3,000
NinjaTrader, Inc.						—						2,500
Pipeline Technique Ltd.						3,333						944
Pool Service Partners, Inc.						700						2,000
Pyramids Acquisition, LLC						3,000						—
Revo Brands, Inc.						6,800						4,300
Rodizio Opco LLC						2,000						—
Roseland Management, LLC						2,000						2,000
ServerLIFT, LLC						5,000						4,000
SocialSEO, LLC						1,800						2,200
Spotlight AR, LLC						2,000						2,000
Superior Health Parent LLC						3,000						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						4,000						4,000
VP Move Purchaser, Inc.						4,200						3,900
Wash & Wax Systems LLC						146						—
Well Labs Plus, LLC						3,000						—
Well-Foam, Inc.						4,500						4,500
White Plains Linen LLC						3,000						—
Winter Services Operations, LLC						3,022						1,333
Zenfolio Inc.						3,000						1,500
Total Revolving Loans						158,429						122,735

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						December 31,						March 31,
Portfolio Company						2025						2025
Delayed Draw Term Loans
AAC New Holdco Inc.						497						—
Air Conditioning Specialist Inc.						—						3,229
American Pet Resort, LLC						1,700						—
Better Than Home, Inc.						12,000						—
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						—
Exact Borrower, LLC						2,200						2,200
Ignite Visibility LLC						3,000						—
iVueit, LLC						10,000						10,000
KMS, LLC						—						2,286
LDG Acquisition Company, LLC						12,000						—
LEHR Upfitters, LLC						—						5,247
Mid-Florida Endodontics Management Company, LLC						9,400						10,000
Mission Critical Group, LLC						2,130						—
Monroe Biomedical Research, LLC						5,000						—
Muenster Miling Company, LLC						2,500						—
Musiker Discovery Programs, Inc.						—						7,500
One Group, LLC						—						545
Pipeline Technique Ltd.						10,000						—
Pool Service Partners, Inc.						—						6,100
Superior Health Parent LLC						6,300						10,000
SureKap, LLC						7,222						7,222
TMT BHC Buyer, Inc.						—						5,000
unWired Broadband, LLC						11,544						—
Well Labs Plus, LLC						15,400						—
Total Delayed Draw Term Loans						125,593						73,704
Other
Broad Sky Networks, LLC						—						57
Spectrum of Hope, LLC						—						411
Total Other						—						468
Total Unfunded Debt Commitments						$	284,022					$	196,907

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The following table provides additional information regarding the expiration year of the Company’s unfunded debt commitments (amounts in thousands):

						December 31, 2025						March 31, 2025
Unfunded Debt Commitments
Expiring during fiscal year ending:
2026						$	—					$	31,354
2027						123,901						70,235
2028						35,717						16,420
2029						49,381						42,986
2030						31,530						33,912
2031						39,201						2,000
2032						4,293						—
Total Unfunded Debt Commitments						$	284,022					$	196,907

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

						December 31, 2025						March 31, 2025
Unfunded Equity Commitments
Catbird NYC, LLC						$	125					$	125
Infolinks Media Buyco, LLC						410						411
Total Unfunded Equity Commitments						$	535					$	536

As of December 31, 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 December 31, 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 December 31, 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 December 31, 2025 and 2024 was $0.1 million. Total lease expense incurred for the nine months ended December 31, 2025 and 2024 was $0.4 million and $0.3 million, respectively. As of December 31, 2025 and March 31, 2025, the asset related to the operating lease was $3.7 million and $3.9 million, respectively, and as of December 31, 2025 and March 31, 2025, the lease liability was $5.1 million and $5.4 million, respectively. As of December 31, 2025, the remaining lease term was 9.8 years and the weighted average discount rate was 7.36%.

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The following table shows future minimum payments under the Company's operating leases as of December 31, 2025 (in thousands):

Year ending March 31,			Rent Commitment
2026			$	177
2027			715
2028			733
2029			752
2030			771
Thereafter			4,988
Total			$	8,136

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.

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 nine months ended December 31, 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 nine months ended December 31, 2025 and 2024 (share amounts presented in thousands).

						Nine Months Ended
						December 31,
Per Share Data:						2025						2024
Investment income (1)						$	3.11					$	3.23
Operating expenses (1)						(1.30)						(1.27)
Income taxes (1)						(0.01)						(0.04)
Net investment income (1)						1.80						1.92
Net realized gain (loss), net of tax (1)						0.20						(0.47)
Net unrealized (depreciation) appreciation on investments, net of tax (1)						(0.43)						(0.31)
Realized loss on extinguishment of debt (1)						(0.04)						(0.01)
Total increase from investment operations						1.52						1.13
Accretive effect of share issuances and repurchases						0.47						0.64
Dividends to shareholders						(1.92)						(1.90)
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						0.06						0.09
Other (3)						0.06						0.07
Increase (decrease) in net asset value						0.05						(0.18)
Net asset value
Beginning of period						16.70						16.77
End of period						$	16.75					$	16.59
Ratios and Supplemental Data
Ratio of operating expenses to average net assets (4)						10.30		%				10.09		%
Ratio of operating expenses (excluding interest expense) to average net assets (4)						3.34		%				3.41		%
Ratio of net investment income to average net assets (4)						14.24		%				15.17		%
Portfolio turnover						16.41		%				14.97		%
Total investment return (5)						7.92		%				(5.73)		%
Total return based on change in NAV (6)						11.80		%				10.26		%
Per share market value at the end of the period						$	22.15					$	21.82
Weighted-average basic shares outstanding						55,538						47,080
Weighted-average diluted shares outstanding						64,824						49,022
Common shares outstanding at end of period						59,457						50,051

(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 January 22, 2026, the Company formed a joint venture with another private credit asset manager. The joint venture will be an off-balance sheet private fund that will invest primarily in first out senior secured debt opportunities in the lower middle market. The joint venture will be owned equally by the Company and its joint venture partner, with each holding a 50% equity interest. All investment and operational decisions for the fund will be made by the joint venture’s board of managers, which will consist of equal representation from both joint venture partners.

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SCHEDULE 12-14

Schedule of Investments in and Advances to Affiliates

(In thousands)

Portfolio Company			Type of Investment (1)			Industry			December 31, 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 December 31, 2025
Control Investments
Brandner Design, LLC			Revolving Loan			Building & Infrastructure Products			$	140					$	13					$	85					$	343					$	—					$	—					$	(100)					$	328
			First Lien						9,138						714						7,437						398						—						—						(1,055)						6,780
			First Lien						136						—						—						300						(164)						—						—						136
			27,000 Class A Units						—						—						—						—						—						—						—						—
			Warrants						—						—						—						—						—						—						—						—
KMS, LLC			Revolving Loan			Distribution			—						1						—						(85)						—						—						85						—
			First Lien						4,590						477						2,407						2,537						(411)						—						57						4,590
			Delayed Draw Term Loan						—						—						2,261						(2,261)						—						—						—						—
			19,395.96 Series A Preferred Units						—						—						6,305						—						—						—						2,737						9,042
National Credit Care, LLC			First Lien - Term Loan A			Financial Services			11,250						463						11,282						273						(872)						—						(502)						10,181
			First Lien - Term Loan B						11,250						466						9,500						291						(889)						—						1,279						10,181
			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			4,269						180						2,284						1,985						—						—						—						4,269
			First Lien - Tranche A Term Loan						11,120						—						9,318						—						—						—						(2,646)						6,672
			First Lien - Tranche B Term Loan						11,120						—						3,114						—						—						—						(3,114)						—
			402,350 Common Units						—						—						—						—						—						—						—						—
Total Control Investments									$	63,013					$	2,338					$	56,092					$	3,781					$	(2,336)					$	—					$	(2,166)					$	55,371

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Portfolio Company			Type of Investment (1)			Industry			December 31, 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 December 31, 2025
Affiliate Investments
AAC New Holdco Inc.			First Lien			Healthcare Services			$	208					$	27					$	181					$	27					$	—					$	—					$	—					$	208
			First Lien - Term Loan A						3,198						265						2,933						265						—						—						—						3,198
			First Lien - Term Loan B						3,023						90						2,933						89						—						—						(1,647)						1,375
			Delayed Draw Term Loan						844						62						—						844						—						—						—						844
			Delayed Draw Term Loan						484						9						—						484						—						—						—						484
			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			6,251						593						5,851						400						—						—						—						6,251
			First Lien - Term Loan B						6,251						593						4,973						401						—						—						(279)						5,095
			21,062.03 Class A Preferred Units						—						—						1,843						—						—						—						(1,843)						—
			28.16 Class C Common Units						—						—						—						—						—						—						—						—

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Portfolio Company			Type of Investment (1)			Industry			December 31, 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 December 31, 2025
ArborWorks, LLC			Revolving Loan			Environmental Services			1,784						136						886						935						(37)						—						39						1,823
			First Lien						3,825						303						3,473						310						—						—						4						3,787
			100 Class A Units						—						—						5						—						—						—						5						10
			13,898.32 Class A-1 Preferred Units						—						—						3,032						—						—						—						2,849						5,881
			13,898.32 Class B-1 Preferred Units						—						—						—						—						—						—						—						—
			1,666.67 Class A-1 Common Units						—						—						—						—						—						—						—						—
Catbird NYC, LLC			Revolving Loan			Specialty Retail			—						24						—						993						(1,000)						—						7						—
			First Lien						14,277						1,273						14,700						26						(423)						—						(26)						14,277
			1,000,000 Class A Units						—						—						1,805						—						—						—						352						2,157
			500,000 Class B Units						—						—						797						—						—						—						122						919
Central Medical Supply LLC			Revolving Loan			Healthcare Equipment & Supplies			1,000						115						1,450						1,508						(1,975)						—						17						1,000
			First Lien						20,616						1,533						18,525						1,964						—						—						127						20,616
			Delayed Draw Term Loan						—						—						101						(101)						—						—						—						—
			2,620,670 Preferred Units						—						—						3,163						—						—						—						—						3,163
Command Group Acquisition, LLC			First Lien			Healthcare Equipment & Supplies			6,000						549						5,880						15						—						—						105						6,000
			1,250,000 Preferred Units						—						—						1,038						—						—						—						693						1,731
Crafty Apes, LLC			First Lien			Movies & Entertainment			4,163						379						3,653						380						—						—						(124)						3,909
			Delayed Draw Term Loan						—						—						—						—						—						—						—						—
			1,519.07 Class A Common Units						—						—						5,037						—						—						—						(3,482)						1,555

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Portfolio Company			Type of Investment (1)			Industry			December 31, 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 December 31, 2025
Dynamic Communities, LLC			First Lien - Term Loan A			Business Services			5,223						459						4,766						459						—						—						(264)						4,961
			First Lien - Term Loan B						4,985						501						4,985						—						—						—						(249)						4,736
			250,000 Class A Preferred units						—						—						317						—						—						—						(151)						166
			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			—						42						—						34						—						—						(34)						—
			First lien						—						457						5,866						79						(5,866)						—						(79)						—
			1,000,000 Class A Preferred Units						—						622						2,747						—						—						—						558						3,305
GrammaTech, Inc.			Revolving Loan			Software & IT Services			—						11						—						7						—						—						(7)						—
			First Lien						—						39						563						—						(563)						—						—						—
			1,000 Class A Units						—						—						336						—						—						—						(135)						201
			360.06 Class A-1 Units						—						—						121						—						—						—						(48)						73
Gravitiq LLC			Revolving Loan			Consumer Products			—						86						—						4,158						(4,150)						—						(8)						—
			First Lien - Term Loan A						14,292						1,293						14,082						145						(708)						—						773						14,292
			First Lien - Term Loan B						14,292						1,513						14,082						139						(708)						—						779						14,292
			Warrants						—						—						1,597						—						—						—						2,606						4,203

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Portfolio Company			Type of Investment (1)			Industry			December 31, 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 December 31, 2025
ITA Holdings Group, LLC			Revolving Loan			Transportation & Logistics			3,525						332						3,525						14						—						—						(14)						3,525
			First Lien - Term Loan						14,840						1,712						13,356						1,890						—						—						(406)						14,840
			First Lien - Term Loan B						14,840						1,786						13,356						1,901						—						—						(417)						14,840
			First Lien - Term Loan C						21,150						975						—						21,150						—						—						—						21,150
			Delayed Draw Term Loan - A						—						—						1,484						(1,484)						—						—						—						—
			Delayed Draw Term Loan - B						—						—						1,484						(1,484)						—						—						—						—
			Delayed Draw Term Loan						—						—						—						—						—						—						—						—
			Warrants						—						3,005						9,755						—						—						—						2,876						12,631
			Warrants						—						2,373						11,369						—						—						—						4,119						15,488
			9.25% Class A Membership Interest						—						2,283						8,776						—						—						—						3,869						12,645
iVueit, LLC			Revolving Loan			Business Services			—						18						—						252						(250)						—						(2)						—
			First Lien						10,000						791						9,902						12												—						86						10,000
			Delayed Draw Term Loan						—						38						—						—						—						—						—						—
			2,000 Preferred Units						—						—						2,000						—						—						—						232						2,232
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC)			Revolving Loan			Consumer Services			—						11						—						3						—						—						(3)						—
			First Lien						10,800						803						7,425						3,279						—						—						(12)						10,692
			1,244 Class A Units						—						—						1,000						244						—						—						(570)						674
Lighting Retrofit International, LLC (DBA Envocore)			Revolving Loan			Environmental Services			—						18						701						521						(1,250)						—						28						—
			First Lien						5,000						288						4,842						—						(39)						—						106						4,909
			Second Lien						5,208						—						—						—						—						—						—						—
			208,333.33 Series A Preferred units						—						—						—						—						—						—						—						—
			203,124.99 Common units						—						—						—						—						—						—						—						—

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Portfolio Company			Type of Investment (1)			Industry			December 31, 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 December 31, 2025
Local Web Leads, LLC			Revolving Loan			Media & Marketing			—						4						—						(9)						—						—						9						—
			First Lien - Term Loan A						6,666						350						—						6,689						(84)						—						(6)						6,599
			First Lien - Term Loan B						6,666						418						—						6,689						(84)						—						(6)						6,599
			750,000 Common Units						—						—						—						750						—						—						—						750
Pool Service Partners, Inc.			Revolving Loan			Consumer Services			1,300						19						—						1,305						—						—						(19)						1,286
			First Lien						10,400						872						4,765						5,112						—						—						409						10,286
			Delayed Draw Term Loan						—						—						5,146						(5,146)						—						—						—						—
			10,667 Common units						—						—						610						—						—						—						336						946
Precision Spray & Coatings, LLC			First Lien			Industrial Services			4,000						200						—						3,963						—						—						37						4,000
			2,000 Class A-2 Units						—						—						—						2,000						—						—						817						2,817
Rodizio Opco LLC			Revolving Loan			Restaurants			—						2						—						(15)						—						—						15						—
			First Lien						9,168						112						—						9,101						—						—						—						9,101
			537.97 Common Units						—						—						—						750						—						—						—						750
Roseland Management, LLC			Revolving Loan			Healthcare Services			—						7						—						(1)						—						—						1						—
			First Lien						14,473						1,260						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			—						—						—						—						—						—						—						—

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Portfolio Company			Type of Investment (1)			Industry			December 31, 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 December 31, 2025
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						670						7,312						15						—						—						61						7,388
			1,625,472 Class A-1 Preferred Units						—						—						1,082						90						—						—						(323)						849
White Plains Linen LLC			Revolving Loan			Commercial Services & Supplies			—						45						—						973						(1,000)						—						27						—
			First Lien - Term Loan A						12,200						545						—						12,086						—						—						(8)						12,078
			First Lien - Term Loan B						12,200						649						—						12,086						—						—						(8)						12,078
			16.75% LP Interest						—						—						—						335						—						—						—						335
Total Affiliate Investments									$	290,296					$	30,560					$	292,891					$	96,631					$	(48,032)					$	(3,473)					$	11,984					$	350,001
Total Control & Affiliate Investments									$	353,309					$	32,898					$	348,983					$	100,412					$	(50,368)					$	(3,473)					$	9,818					$	405,372

(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 December 31, 2025 and 2024, the ratio

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of our last twelve months ("LTM") operating expenses, excluding interest expense, as a percentage of our LTM average total assets was 1.67% and 1.61%, 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 December 31, 2025 and March 31, 2025, our investment portfolio at fair value represented approximately 95.1% 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 December 31, 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 December 31, 2025, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 3.2% 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 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 disclosure.

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

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements," which clarifies the form and content of interim financial statements, adds a comprehensive list of required interim disclosures, and provides a disclosure principle for condensed interim financial statements. The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and, on adoption, can be applied either prospectively or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures.

INVESTMENT PORTFOLIO COMPOSITION

The total fair value of our investment portfolio was $2,013.2 million as of December 31, 2025, as compared to $1,785.3 million as of March 31, 2025. As of December 31, 2025, we had investments in 132 portfolio companies with an aggregate cost of $2,031.2 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 December 31, 2025 and March 31, 2025 (dollars in millions):

			December 31, 2025						March 31, 2025
Debt investments, at fair value, bearing a floating rate			$	1,739.7					$	1,562.3
Percentage of debt bearing a floating rate			95.0		%				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			$	90.8					$	43.6
Percentage of debt bearing a fixed rate			5.0		%				2.7		%
Weighted average contractual minimum interest rate			1.5		%				1.5		%

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The following tables provide a summary of our investments in portfolio companies as of December 31, 2025 and March 31, 2025:

			December 31, 2025						March 31, 2025
			(dollars in thousands)
Number of portfolio companies (a)			132						121
Fair value			$	2,013,205					$	1,785,299
Cost			$	2,031,166					$	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			90.0		%				88.9		%
Weighted average annual effective yield on debt investments (b)			11.3		%				11.7		%
Weighted average annual effective yield on total investments (c)			11.9		%				11.5		%
Weighted average EBITDA (d)			$	16,065					$	18,499
Weighted average leverage through CSWC security (e)			3.6x						3.5x

(a)At December 31, 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. The weighted average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of December 31, 2025 and March 31, 2025, respectively, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of December 31, 2025, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 3.2% 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 December 31, 2025, 14 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 December 31, 2025, 14 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.

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•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 certain macro-economic risks and uncertainties, including those relating to commodity inflation and elements of geopolitical instability (including the conflicts in Europe and the Middle East and U.S. and China relations). Changes to trade policies, including the imposition of new tariffs, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macro-economic environment. In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities, and we have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.

The following table shows the distribution of our debt portfolio investments on the 1 to 5 investment rating scale at fair value as of December 31, 2025 and March 31, 2025:

			As of December 31, 2025
Investment Rating			Debt Investments at Fair Value						Percentage of Debt Portfolio
			(dollars in thousands)
1			$	328,413					17.9		%
2			1,314,219						71.8
3			158,268						8.7
4			25,797						1.4
5			3,761						0.2
Total			$	1,830,458					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.

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As of December 31, 2025, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 3.2% 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 nine months ended December 31, 2025, we made debt investments totaling $461.5 million and equity investments totaling $8.5 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 $30.9 million and full prepayments of approximately $170.8 million. We funded $54.6 million on revolving loans and received $44.2 million in repayments on revolving loans. In addition, we received proceeds from sales of debt and equity investments totaling $65.5 million.

During the nine months ended December 31, 2024, we made debt investments totaling $420.3 million and equity investments totaling $9.1 million. We received contractual principal repayments totaling approximately $40.8 million and full prepayments of approximately $131.1 million. We funded $37.5 million on revolving loans and received $29.6 million in repayments on revolving loans. In addition, we received proceeds from sales of debt investments totaling $27.3 million.

Total portfolio investment activity for the nine months ended December 31, 2025 and 2024 was as follows (dollars in thousands):

Nine months ended December 31, 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			516,077						—						57						8,547						3,457						528,138
Proceeds from sales of investments			(30,362)						—						—						(35,163)						—						(65,525)
Principal repayments received			(245,785)						—						(146)						—						—						(245,931)
Conversion/exchange of security			(3,951)						—						—						3,951						—						—
PIK interest earned			10,129						—						8						—						—						10,137
Accretion of loan discounts			7,294						39						—						—						—						7,333
Realized gain (loss)			(12,826)						—						—						30,481						—						17,655
Unrealized (loss) gain			(14,729)						(1,255)						2						(8,204)						285						(23,901)
Fair value, end of period			$	1,812,469					$	16,850					$	1,139					$	179,005					$	3,742					$	2,013,205

Nine months ended December 31, 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			457,705						—						57						9,131												466,893
Proceeds from sales of investments			(27,308)						—						—						—												(27,308)
Principal repayments received			(197,759)						(3,629)						(75)						—												(201,463)
Distributions-in-kind (1)			4,115						—						—						2,294												6,409
Conversion/exchange of security			(4,730)						(1,062)						(153)						5,945												—
PIK interest earned			8,720						70						14						—												8,804
Accretion of loan discounts			4,713						18						—						—												4,731
Realized gain (loss)			(12,509)						(8,978)						—						—												(21,487)
Unrealized (loss) gain			(27,254)						5,967						43						9,390												(11,854)
Fair value, end of period			$	1,515,142					$	26,160					$	1,222					$	158,762											$	1,701,286

(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 four 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. The fourth element is the “Realized loss on extinguishment of debt”, which, with respect to the full redemption of the January 2026 Notes, the October 2026 Notes and the August 2028 Notes, is the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs.

Comparison of three months ended December 31, 2025 and December 31, 2024

			Three Months Ended
			December 31,												Net Change
			2025						2024						Amount						%
			(in thousands)
Total investment income			$	61,447					$	51,973					$	9,474					18.2		%
Interest expense			18,052						14,717						3,335						22.7		%
Other operating expenses			8,764						6,573						2,191						33.3		%
Income before taxes			34,631						30,683						3,948						12.9		%
Income tax provision (benefit)			(2,354)						367						(2,721)						(741.4)		%
Net investment income			36,985						30,316						6,669						22.0		%
Net realized gain on investments, net of tax			225						(12,805)						13,030						101.8		%
Net unrealized (depreciation) appreciation on investments, net of tax			(2,158)						(847)						(1,311)						154.8		%
Realized loss on extinguishment of debt			2,156						387						1,769						100.0		%
Realized loss on disposal of fixed assets			—						9						(9)						100.0		%
Net increase in net assets from operations			$	32,896					$	16,268					$	16,628					102.2		%

Investment Income

Total investment income for the three months ended December 31, 2025 was approximately $61.4 million, a $9.5 million, or 18.2%, increase as compared to the three months ended December 31, 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 December 31, 2025 and 2024 (amounts in thousands):

						Three Months Ended December 31,
						2025						2024
Interest income						$	46,244					$	41,248
PIK interest income						4,585						3,246
Amortization of purchase discounts and fees						2,569						1,641
Dividend income						3,748						586
Fee income						3,558						4,204
Other investment income						743						1,048
Total investment income						$	61,447					$	51,973

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Interest income (including PIK interest income and amortization of purchase discounts and fees) for the three months ended December 31, 2025 totaled $53.4 million as compared to $46.1 million for the three months ended December 31, 2024. The increase was primarily due to a 22.5% increase in the average monthly cost basis of debt investments held by us from $1,508.0 million to $1,848.0 million year-over-year, partially offset by a decrease in the weighted average yield on debt investments from 12.1% to 11.3% year-over-year. Dividend income for the three months ended December 31, 2025 increased $3.2 million as compared to the three months ended December 31, 2024 due to an increase in distributions received from portfolio companies. Fee income for the three months ended December 31, 2025 decreased $0.6 million as compared to the three months ended December 31, 2024 primarily due to a decrease in arranger fees and prepayment fees received in the current period. Other income for the three months ended December 31, 2025 decreased $0.3 million as compared to the three months ended December 31, 2024 primarily due to a decrease 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 December 31, 2025, our total interest expense was $18.0 million, an increase of $3.3 million, as compared to the total interest expense of $14.7 million for the three months ended December 31, 2024. The increase was primarily attributable to an increase of $196.2 million in average borrowings outstanding and an increase in the weighted average interest rate on our total debt outstanding from 5.49% to 5.65% for the three months ended December 31, 2024 and December 31, 2025, respectively. This increase in the weighted average interest rate on our total debt was primarily due to the issuance of the September 2030 Notes, partially offset by the decrease in the weighted average interest rate on our Credit Facilities and the redemption of the October 2026 Notes.

Salaries, General and Administrative Expenses

For the three months ended December 31, 2025, our total employee compensation expense (including both cash and share-based compensation) increased by $1.9 million, or 49.1%, as compared to the total employee compensation expense for the three months ended December 31, 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 December 31, 2025, our total general and administrative expense increased by $0.3 million, or 9.9%, as compared to the total general and administrative expense for the three months ended December 31, 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 December 31, 2025, income before taxes increased by $3.9 million, or 12.9%. Net investment income increased from the prior year period by $6.7 million, or 22.0%, to $37.0 million as a result of a $9.5 million increase in total investment income and a $2.7 million decrease in income tax provision, partially offset by a $3.3 million increase in interest expense.

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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 $0.2 million for the three months ended December 31, 2025 (amounts in thousands):

						Three Months Ended December 31, 2025
						Exits						Restructuring						Other (1)						Total
						Net Gain (Loss)						Net Gain (Loss)						Net Gain (Loss)						Net Gain (Loss)
Debt						$	1					$	—					$	—					$	1
Equity						(168)						—						392						224
Total net realized (loss) gain						$	(167)					$	—					$	392					$	225

(1)Included in "Other" is a $0.4 million income tax benefit 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 $12.8 million for the three months ended December 31, 2024 (amounts in thousands):

						Three Months Ended December 31, 2024
						Exits						Restructuring						Other						Total
						Net Gain (Loss)						Net Gain (Loss)						Net Gain (Loss)						Net Gain (Loss)
Debt						$	(68)					$	(12,737)					$	—					$	(12,805)
Equity						—						—						—						—
Total net realized (loss) gain						$	(68)					$	12,737					$	—					$	(12,805)

Net Unrealized Gains (Losses) on Investments

The following table provides a summary of the total net unrealized depreciation on investments of $2.2 million for the three months ended December 31, 2025 (amounts in thousands):

						Three Months Ended December 31, 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						$	(573)					$	282					$	—					$	(291)
Net unrealized (depreciation) appreciation relating to portfolio investments						(8,202)						6,3351						—						(1,867)
Total net unrealized (depreciation) appreciation on investments						$	(8,775)					$	6,617					$	—					$	(2,158)

1Includes a deferred tax provision of $2.8 million associated with the Taxable Subsidiary.

The following table provides a summary of the total net unrealized depreciation on investments of $0.8 million for the three months ended December 31, 2024 (amounts in thousands):

						Three Months Ended December 31, 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						$	5,797					$	—											$	5,797
Net unrealized (depreciation) appreciation relating to portfolio investments						(19,018)						12,3741												(6,644)
Total net unrealized appreciation (depreciation) on investments						$	(13,221)					$	12,374											$	(847)

1 Includes a deferred tax provision of $3.0 million associated with the Taxable Subsidiary.

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Realized Losses on Extinguishment of Debt

During the three months ended December 31, 2025, we recognized a loss on extinguishment of debt of $2.2 million due to the full redemption of the October 2026 Notes and the August 2028 Notes. During the three months ended December 31, 2024, the Company recognized a loss on extinguishment of debt of $0.4 million due to the full redemption of the January 2026 Notes.

Comparison of nine months ended December 31, 2025 and December 31, 2024

			Nine Months Ended
			December 31,												Net Change
			2025						2024						Amount						%
			(in thousands)
Total investment income			$	174,339					$	152,033					$	22,306					14.7		%
Interest expense			49,336						39,751						9,585						24.1		%
Other operating expenses			23,638						20,299						3,339						16.4		%
Income before taxes			101,365						91,983						9,382						10.2		%
Income tax provision			506						1,643						(1,137)						(69.2)		%
Net investment income			100,859						90,340						10,519						11.6		%
Net realized gain (loss) on investments, net of tax			11,003						(22,383)						33,386						(149.2)		%
Net unrealized depreciation on investments, net of tax			(24,188)						(14,574)						(9,614)						66.0		%
Realized loss on extinguishment of debt			2,156						387						1,769						457.1		%
Realized loss on disposal of fixed assets			2						9						(7)						100.0		%
Net increase in net assets from operations			$	85,516					$	52,987					$	32,529					61.4		%

Investment Income

Total investment income for the nine months ended December 31, 2025 was approximately $174.3 million, a $22.3 million, or 14.7%, increase as compared to the nine months ended December 31, 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 nine months ended December 31, 2025 and 2024 (amounts in thousands):

						Nine Months Ended December 31,
						2025						2024
Interest income						$	136,852					$	124,842
PIK interest income						10,639						8,695
Amortization of purchase discounts and fees						7,333						4,732
Dividend income						10,167						3,576
Fee income						7,700						8,107
Other investment income						1,648						2,081
Total investment income						$	174,339					$	152,033

Interest income, PIK interest income, and amortization of purchase discounts and fees on an aggregate basis for the nine months ended December 31, 2025 totaled $154.8 million as compared to $138.3 million for the nine months ended December 31, 2024. The increase was primarily due to a 22.2% increase in the average monthly cost basis of debt investments held by us from $1,435.1 million to $1,753.0 million year-over-year, partially offset by a decrease in weighted average yield on debt investments from 12.1% to 11.3% year-over-year. Dividend income for the nine months ended December 31, 2025 increased $6.6 million as compared to the nine months ended December 31, 2024 due to an increase in distributions received from portfolio companies. Fee income for the nine months ended December 31, 2025 decreased $0.4 million as compared to the nine months ended December 31, 2024 primarily due to a decrease in prepayment fees and arranger fees, partially offset by an

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increase in administrative fees. Other income for the nine months ended December 31, 2025 decreased $0.5 million as compared to the three months ended December 31, 2024 primarily due to a decrease 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 nine months ended December 31, 2025, our total interest expense was $49.3 million, an increase of $9.6 million, as compared to the total interest expense of $39.7 million for the nine months ended December 31, 2024. The increase was primarily attributable to an increase of $210.2 million in average borrowings outstanding, partially offset by a decrease in the weighted average interest rate on our total debt from 5.54% to 5.51% for the nine months ended December 31, 2024 and December 31, 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 nine months ended December 31, 2025, our total employee compensation expense (including both cash and share-based compensation) increased by $2.7 million as compared to the total employee compensation expense for the nine months ended December 31, 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 nine months ended December 31, 2025, our total general and administrative expense, including professional fees, was $8.8 million, an increase of $0.7 million, or 7.7%, as compared to $8.1 million for the nine months ended December 31, 2024. The increase was primarily attributable to a variety of factors including an increase in legal fees, as well as an increase in building expenses associated with our additional office space, in addition to individually immaterial increases across several general operating expenses.

Net Investment Income

For the nine months ended December 31, 2025, income before taxes increased by $9.4 million, or 10.2%. Net investment income increased from the prior year period by $10.5 million, or 11.6%, to $100.9 million as a result of a $22.3 million increase in total investment income and a $1.1 million decrease in income tax provision, partially offset by a $9.6 million increase in interest expense.

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 $11.0 million for the nine months ended December 31, 2025 (amounts in thousands):

						Nine months ended December 31, 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						30,533						—						(6,607)						23,926
Total net realized gain (loss)						$	22,740					$	(5,130)					$	(6,607)					$	11,003

(1)Included in "Other" is a $6.6 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 $22.4 million for the nine months ended December 31, 2024 (amounts in thousands):

						Nine months ended December 31, 2024
						Exits						Restructuring						Other						Total
						Net Gain (Loss)						Net Gain (Loss)						Net Gain (Loss)						Net Gain (Loss)
Debt						$	1,686					$	(23,748)					$	(57)					$	(22,119)
Equity						—						—						(264)						(264)
Total net realized (loss) gain						$	1,686					$	(23,748)					$	(321)					$	(22,383)

Net Unrealized Gains (Losses) on Investments

The following table provides a summary of the total net unrealized depreciation on investments of $24.2 million for the nine months ended December 31, 2025 (amounts in thousands):

						Nine months ended December 31, 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						$	9,110					$	(34,686)					$	—					$	(25,576)
Net unrealized (depreciation) appreciation relating to portfolio investments						(25,093)						26,1961						285						1,388
Total net unrealized (depreciation) appreciation on investments						$	(15,983)					$	(8,490)					$	285					$	(24,188)

1Includes a deferred tax provision of $0.3 million associated with the Taxable Subsidiary.

The following table provides a summary of the total net unrealized depreciation on investments of $14.6 million for the nine months ended December 31, 2024 (amounts in thousands):

						Nine months ended December 31, 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						$	16,372					$	—					$	16,372
Net unrealized (depreciation) appreciation relating to portfolio investments						(37,616)						6,6701						(30,946)
Total net unrealized appreciation (depreciation) on investments						$	(21,244)					$	6,670					$	(14,574)

1 Includes a deferred tax provision of $2.7 million associated with the Taxable Subsidiary.

Realized Losses on Extinguishment of Debt

During the nine months ended December 31, 2025, we recognized a loss on extinguishment of debt of $2.2 million due to the full redemption of the October 2026 Notes and the August 2028 Notes. During the three months ended December 31, 2024, the Company recognized a loss on extinguishment of debt of $0.4 million due to the full redemption of the January 2026 Notes.

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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 December 31, 2025, the Company’s asset coverage was 211%.

Cash Flows

For the nine months ended December 31, 2025, we experienced a net decrease in cash and cash equivalents in the amount of $0.7 million. During the foregoing period, our operating activities used $134.4 million in cash, consisting primarily of new portfolio investments made by the Company of $524.7 million, partially offset by $273.6 million from sales and repayments received from debt investments in portfolio companies and $31.5 million from sales of equity investments in portfolio companies. In addition, our financing activities provided cash of $133.9 million, consisting primarily of net proceeds from the issuance of the September 2030 Notes of $344.2 million, net proceeds from the Equity ATM Program of $132.7 million and net proceeds from the issuance of SBA Debentures of $19.5 million, partially offset by the full redemption of $150.0 million in aggregate principal amount of the October 2026 Notes, cash dividends paid in the amount of $108.7 million, the full redemption of $71.9 million in aggregate principal amount of the August 2028 Notes, and net repayments on our Credit Facilities of $29.0 million. At December 31, 2025, the Company had cash and cash equivalents of approximately $42.6 million and restricted cash of approximately $1.7 million.

For the nine months ended December 31, 2024, we experienced a net increase in cash and cash equivalents in the amount of $3.7 million. During that period, our operating activities used $158.5 million in cash, consisting primarily of new portfolio investments made by the Company of $466.9 million, partially offset by $226.9 million from sales and repayments received from debt investments in portfolio companies. In addition, our financing activities provided cash of $163.5 million, consisting primarily of net proceeds from the issuance of the 2029 Convertible Notes of $223.1 million, net proceeds from the Equity ATM Program of $111.0 million, net borrowings on our Credit Facilities of $43.0 million and net proceeds from the issuance of SBA Debentures of $21.5 million, partially offset by the full redemption of $140.0 million in aggregate principal amount of the January 2026 Notes and cash dividends paid in the amount of $91.6 million. At December 31, 2024, the Company had cash and cash equivalents of approximately $36.0 million.

Capital Resources

As of December 31, 2025, we had $42.6 million in unrestricted cash and cash equivalents and $395.2 million of unused capacity under the Credit Facilities that we maintain to support our investment and operating activities.

Credit Facilities

As of December 31, 2025, we had $210.0 million borrowings outstanding and $299.2 million of undrawn commitments under the Corporate Credit Facility, and $104.0 million outstanding and $96.0 million of undrawn commitments

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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.

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. On October 13, 2025, the Company redeemed $150.0 million in aggregate principal amount of the issued and outstanding October 2026 Notes in full. The October 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 $0.8 million during the quarter ended December 31, 2025.

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"). On October 13, 2025, the Company redeemed $71.9 million in aggregate principal amount of the issued and outstanding August 2028 Notes in full. 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. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $1.4 million during the quarter ended December 31, 2025.

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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025, SBIC II had a total leverage commitment from the SBA in the amount of $40.0 million, of which $20.0 million 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.

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

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 (dollars in thousands):

			Three Months Ended December 31,												Nine Months Ended December 31,
			2025						2024						2025						2024
Number of shares sold			2,490,000						2,364,147						6,291,892						4,702,227
Gross proceeds received (in thousands)			$	52,553					$	53,620					$	134,582					$	112,540
Net proceeds received (in thousands) (1)			$	51,765					$	52,915					$	132,661					$	110,951
Weighted average price per share			$	21.11					$	22.68					$	21.39					$	23.93

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both December 31, 2025 and December 31, 2024, no amounts remained receivable.

Cumulative to December 31, 2025, the Company has sold 39,333,069 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.47, raising $844.6 million of gross proceeds. Net proceeds were $831.7 million after commissions to the sales agents on shares sold. As of December 31, 2025, the Company had $155.4 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 nine months ended December 31, 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 December 31, 2025 and March 31, 2025, we had a total of approximately $284.6 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 December 31, 2025, the total unfunded commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 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 December 31, 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 December 31, 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			$	8,136					$	711					$	1,476					$	1,551					$	4,398
Corporate Credit Facility			210,000						—						210,000						—						—
Interest due on Corporate Credit Facility (1)			35,187						13,605						21,582						—						—
SPV Credit Facility			104,000						—						—						104,000						—
Interest due on SPV Credit Facility (2)			22,135						6,882						13,783						1,470						—
2029 Convertible Notes			230,000						—						—						230,000						—
Interest due on 2029 Convertible Notes			47,150						11,788						23,575						11,787						—
September 2030 Notes			350,000						—						—						350,000						—
Interest due on September 2030 Notes			104,125						20,825						41,650						41,650						—
SBA Debentures			195,000						—						—						—						195,000
Interest due on SBA Debentures (3)			59,778						7,728						15,476						15,455						21,119
			$	1,365,511					$	61,539					$	327,542					$	755,913					$	220,517

(1)Amounts include interest payments calculated at an average rate of 6.39% of outstanding borrowings under the Corporate Credit Facility, which were $210.0 million as of December 31, 2025.

(2)Amounts include interest payments calculated at an average rate of 6.53% of outstanding borrowings under the SPV Credit Facility, which were $104.0 million as of December 31, 2025.

(3)Includes only fixed interest on pooled debt.

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RECENT DEVELOPMENTS

On January 22, 2026, the Company formed a joint venture with another private credit asset manager. The joint venture will be an off-balance sheet private fund that will invest primarily in first out senior secured debt opportunities in the lower middle market. The joint venture will be owned equally by the Company and its joint venture partner, with each holding a 50% equity interest. All investment and operational decisions for the fund will be made by the joint venture’s board of managers, which will consist of equal representation from both joint venture partners.

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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 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, October and December of 2025, lowering their benchmark lending rate to a range between 3.50% and 3.75%. In considering the extent and timing of any additional future adjustments, the Federal Reserve has indicated it will carefully assess incoming data, the evolving outlook and the balance of risks. 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 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 December 31, 2025, we were not a party to any hedging arrangements.

As of December 31, 2025, approximately 95.0% 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. 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 December 31, 2025.

Basis Point Change			Increase (decrease) in net investment income (in thousands)			Increase (decrease) net investment income per share
(75 bps)			$	(11,072)		$	(0.19)
(50 bps)			(7,382)			(0.12)
(25 bps)			(3,691)			(0.06)
25 bps			3,691			0.06
50 bps			7,382			0.12
75 bps			11,072			0.19

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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.

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 December 31, 2025.

During the three months ended December 31, 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 December 31, 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						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).
4.6						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.
4.7						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).
4.8						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).
4.9						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).
4.10						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.
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

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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
February 2, 2026						By:			/s/ Michael S. Sarner
Date									Michael S. Sarner
									President and Chief Executive Officer
February 2, 2026						By:			/s/ Chris T. Rehberger
Date									Chris T. Rehberger
									Chief Financial Officer, Treasurer and Secretary

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FAQ

How did Capital Southwest (CSWC) perform in the quarter ended December 31, 2025?

Capital Southwest reported higher profitability, with net investment income of $36.985 million versus $30.316 million a year earlier. Total investment income rose to $61.447 million, reflecting a larger portfolio and strong interest income across its investments.

What was Capital Southwest’s net asset value per share at December 31, 2025?

Net asset value per share was $16.75 at December 31, 2025, slightly above $16.70 at March 31, 2025. Total net assets reached $995.634 million, supported by portfolio growth and positive net investment income during the nine‑month period.

How large is Capital Southwest’s investment portfolio as of December 31, 2025?

The investment portfolio totaled $2.013 billion at fair value as of December 31, 2025, up from $1.785 billion at March 31, 2025. This reflects continued originations across first‑lien loans, revolvers, and other debt positions in multiple portfolio companies.

What were Capital Southwest’s nine-month results through December 31, 2025?

For the nine months ended December 31, 2025, Capital Southwest generated net investment income of $100.859 million, up from $90.340 million. The net increase in net assets from operations was $85.516 million, compared with $52.987 million in the prior‑year period.

How did Capital Southwest’s capital structure change during the period?

Capital Southwest issued September 2030 Notes totaling $343.640 million and increased SBA debentures to $190.625 million, while redeeming earlier October 2026 and August 2028 notes. Credit facility borrowings stood at $314.000 million at December 31, 2025.

How many Capital Southwest shares were outstanding around the quarter end?

Shares outstanding were 59,456,961 at December 31, 2025, based on the balance sheet. The company reported 60,162,020 common shares outstanding as of January 29, 2026, reflecting additional issuances after quarter end.