[Form 4] Capital Southwest Corp Insider Trading Activity

Rhea-AI Filing Summary

William R. Thomas III, a director of Capital Southwest Corporation (CSWC), acquired restricted shares under a director award plan on 08/12/2025. The Form 4 reports the issuance of 2,193 common shares under the Capital Southwest 2021 Non-Employee Director Restricted Stock Award Plan at a reported price of $0, increasing the reporting person’s direct beneficial ownership to 18,344 shares.

The filing also discloses two indirect holdings of 6,000 shares each held by the reporting person’s son and a substantial indirect position of 571,939 shares owned by Thomas Heritage Partners, Ltd., for which Mr. Thomas, as president and sole manager of Thomas Heritage Company, L.L.C., has sole voting and dispositive power.

Positive

• Director alignment via compensation: 2,193 shares were issued under the Capital Southwest 2021 Non-Employee Director Restricted Stock Award Plan at a reported price of $0.
• Transparent disclosure of indirect holdings: The Form 4 specifies family-held shares (two entries of 6,000 shares) and describes the partnership ownership structure for the large block of 571,939 shares.

Negative

• Concentrated indirect control: The reporting person has sole voting and dispositive power over 571,939 shares owned by Thomas Heritage Partners, Ltd.
• Potential complexity in ownership mapping: Multiple indirect holdings (family and partnership) increase the complexity of insider ownership and voting influence disclosure.

Insights

Financial Analyst

TL;DR: Director received restricted stock; direct ownership modest, while a large indirect stake (571,939 shares) is controlled via an affiliated partnership.

The reported 2,193-share issuance appears to be a standard restricted stock award to a non-employee director, recorded at a $0 price consistent with compensation grants. The director’s disclosed direct stake is 18,344 shares after the grant. Material to investors is the reported 571,939-share indirect position over which Mr. Thomas has sole voting and dispositive authority through an affiliated entity, a fact that affects insider ownership tables and voting dynamics. No derivative transactions were reported.

Corporate Governance Expert

TL;DR: The filing documents a compensation-related equity grant and highlights concentrated indirect control via a partnership where the director holds sole voting/dispositive power.

This Form 4 shows a routine director award under the 2021 Non-Employee Director Restricted Stock Award Plan and discloses related-party and partnership holdings. The disclosure that Mr. Thomas has sole voting and dispositive power over 571,939 shares owned by Thomas Heritage Partners, Ltd. is governance-relevant because it clarifies which insider exercises control over a large block of shares. The filing does not indicate open-market purchases or option exercises.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Thomas William R III

(Last) (First) (Middle)

C/O CAPITAL SOUTHWEST CORPORATION

8333 DOUGLAS AVE, SUITE 1100

(Street)

DALLAS TX 75225

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CAPITAL SOUTHWEST CORP [ CSWC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/12/2025		A(1)		2,193	A	$0	18,344	D
Common Stock								6,000	I	Held by reporting person's son
Common Stock								6,000	I	Held by the reporting person's son
Common Stock								571,939	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares issued under the Capital Southwest 2021 Non-Employee Director Restricted Stock Award Plan

2. Mr. Thomas is President and sole manager of Thomas Heritage Company, L.L.C., the sole general partner of Thomas Heritage Partners, Ltd. (the "Partnership"). In such capacity, Mr. Thomas has sole voting and dispositive power with respect to 571,939 shares owned by the Partnership.

Remarks:

	/s/ William R. Thomas	08/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for Capital Southwest (CSWC)?

Thomas William R. III (reported as a director of Capital Southwest Corporation) filed the Form 4.

What transaction is reported on the CSWC Form 4?

The Form 4 reports a director award issuance of 2,193 common shares under the Capital Southwest 2021 Non-Employee Director Restricted Stock Award Plan on 08/12/2025 at a reported price of $0.

How many shares does the reporting person beneficially own after the transaction?

The filing reports 18,344 shares as the reporting person’s direct beneficial ownership following the reported transaction.

Are there indirect or related-party holdings disclosed in the Form 4?

Yes. The form lists two indirect holdings of 6,000 shares each held by the reporting person’s son and a partnership-owned block of 571,939 shares over which the reporting person has sole voting and dispositive power.

Does the Form 4 report any derivative transactions (options, puts, calls)?

No derivative securities are reported in Table II; the filing lists only non-derivative common stock transactions and holdings.