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Revolving Loans 2025-03-31 0000017313 Zenfolio Inc., Revolving Loans 2025-09-30 0000017313 Zenfolio Inc., Revolving Loans 2025-03-31 0000017313 us-gaap:RevolvingCreditFacilityMember 2025-09-30 0000017313 us-gaap:RevolvingCreditFacilityMember 2025-03-31 0000017313 AAC New Holdco Inc., Delayed Draw Term Loans 2025-09-30 0000017313 AAC New Holdco Inc., Delayed Draw Term Loans 2025-03-31 0000017313 Air Conditioning Specialist Inc., Delayed Draw Term Loans 2025-09-30 0000017313 Air Conditioning Specialist Inc., Delayed Draw Term Loans 2025-03-31 0000017313 Better Than Home, Inc., Delayed Draw Term Loans 2025-09-30 0000017313 Better Than Home, Inc., Delayed Draw Term Loans 2025-03-31 0000017313 BP Loenbro Holdings Inc., Delayed Draw Term Loans 2025-09-30 0000017313 BP Loenbro Holdings Inc., Delayed Draw Term Loans 2025-03-31 0000017313 Central Medical Supply LLC, Delayed Draw Term Loans 2025-09-30 0000017313 Central Medical Supply LLC, Delayed Draw Term Loans 2025-03-31 0000017313 Crafty Apes, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 Crafty Apes, LLC, Delayed Draw Term Loans 2025-03-31 0000017313 Cumbria Capital MSO, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 Cumbria Capital MSO, LLC, Delayed Draw Term Loans 2025-03-31 0000017313 DWS Buyer LLC, Delayed Draw Term Loans 2025-09-30 0000017313 DWS Buyer LLC, Delayed Draw Term Loans 2025-03-31 0000017313 Enstoa, Inc., Delayed Draw Term Loans 2025-09-30 0000017313 Enstoa, Inc., Delayed Draw Term Loans 2025-03-31 0000017313 Exact Borrower, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 Exact Borrower, LLC, Delayed Draw Term Loans 2025-03-31 0000017313 Ignite Visibility LLC, Delayed Draw Term Loans 2025-09-30 0000017313 Ignite Visibility LLC, Delayed Draw Term Loans 2025-03-31 0000017313 ITA Holdings Group, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 ITA Holdings Group, LLC, Delayed Draw Term Loans 2025-03-31 0000017313 iVueit, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 iVueit, LLC, Delayed 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Partners, Inc., Delayed Draw Term Loans 2025-03-31 0000017313 Superior Health Parent LLC, Delayed Draw Term Loans 2025-09-30 0000017313 Superior Health Parent LLC, Delayed Draw Term Loans 2025-03-31 0000017313 SureKap, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 SureKap, LLC, Delayed Draw Term Loans 2025-03-31 0000017313 TMT BHC Buyer, Inc., Delayed Draw Term Loans 2025-09-30 0000017313 TMT BHC Buyer, Inc., Delayed Draw Term Loans 2025-03-31 0000017313 unWired Broadband, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 unWired Broadband, LLC, Delayed Draw Term Loans 2025-03-31 0000017313 Well Labs Plus, LLC, Delayed Draw Term Loans 2025-09-30 0000017313 Well Labs Plus, LLC, Delayed Draw Term Loans 2025-03-31 0000017313 us-gaap:DelayedDrawTermLoanMember 2025-09-30 0000017313 us-gaap:DelayedDrawTermLoanMember 2025-03-31 0000017313 Broad Sky Networks, LLC 2025-09-30 0000017313 Broad Sky Networks, LLC 2025-03-31 0000017313 Ignite Visibility LLC 2025-09-30 0000017313 Ignite Visibility LLC 2025-03-31 0000017313 Spectrum of Hope, LLC 2025-09-30 0000017313 Spectrum of Hope, LLC 2025-03-31 0000017313 unWired Broadband, LLC 2025-09-30 0000017313 unWired Broadband, LLC 2025-03-31 0000017313 cswc:UnusedCommitmentsToLendOtherMember 2025-09-30 0000017313 cswc:UnusedCommitmentsToLendOtherMember 2025-03-31 0000017313 cswc:DebtCommitmentsMember 2025-09-30 0000017313 cswc:DebtCommitmentsMember 2025-03-31 0000017313 cswc:FinancialCommitmentYearOneMember 2025-09-30 0000017313 cswc:FinancialCommitmentYearOneMember 2025-03-31 0000017313 cswc:FinancialCommitmentYearTwoMember 2025-09-30 0000017313 cswc:FinancialCommitmentYearTwoMember 2025-03-31 0000017313 cswc:FinancialCommitmentYearThreeMember 2025-09-30 0000017313 cswc:FinancialCommitmentYearThreeMember 2025-03-31 0000017313 cswc:FinancialCommitmentYearFourMember 2025-09-30 0000017313 cswc:FinancialCommitmentYearFourMember 2025-03-31 0000017313 cswc:FinancialCommitmentYearFiveMember 2025-09-30 0000017313 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2021-03-31 0000017313 us-gaap:BuildingMember 2024-03-31 0000017313 cswc:October2026NotesMember us-gaap:MediumTermNotesMember us-gaap:SubsequentEventMember 2025-10-13 0000017313 cswc:August2028NotesMember us-gaap:MediumTermNotesMember us-gaap:SubsequentEventMember 2025-10-13 0000017313 cswc:August2028NotesMember us-gaap:MediumTermNotesMember us-gaap:SubsequentEventMember 2025-10-13 2025-10-13 0000017313 cswc:October2026NotesMember us-gaap:MediumTermNotesMember us-gaap:SubsequentEventMember 2025-10-13 2025-10-13 0000017313 srt:ScenarioForecastMember us-gaap:MediumTermNotesMember us-gaap:SubsequentEventMember 2025-10-01 2025-12-31 0000017313 Brandner Design, LLC., Revolving Loan 2025-09-30 0000017313 Brandner Design, LLC., Revolving Loan 2025-04-01 2025-09-30 0000017313 Brandner Design, LLC., Revolving Loan 2025-03-31 0000017313 Brandner Design, LLC., First Lien 2025-09-30 0000017313 Brandner Design, LLC., First Lien 2025-04-01 2025-09-30 0000017313 Brandner Design, LLC., First Lien 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2025-09-30 0000017313 AIR CONDITIONING SPECIALIST, INC., First Lien 2025-03-31 0000017313 AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan 2025-09-30 0000017313 AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan 2025-04-01 2025-09-30 0000017313 AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan 2025-03-31 0000017313 AIR CONDITIONING SPECIALIST, INC., Preferred Units 2025-09-30 0000017313 AIR CONDITIONING SPECIALIST, INC., Preferred Units 2025-04-01 2025-09-30 0000017313 American Nuts Operations LLC, First Lien - Term Loan A 2025-09-30 0000017313 American Nuts Operations LLC, First Lien - Term Loan A 2025-04-01 2025-09-30 0000017313 American Nuts Operations LLC, First Lien - Term Loan A 2025-03-31 0000017313 American Nuts Operations LLC, First Lien - Term Loan B 2025-09-30 0000017313 American Nuts Operations LLC, First Lien - Term Loan B 2025-04-01 2025-09-30 0000017313 American Nuts Operations LLC, First Lien - Term Loan B 2025-03-31 0000017313 American Nuts 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Units 2025-09-30 0000017313 ArborWorks, LLC, Class A-1 Preferred Units 2025-04-01 2025-09-30 0000017313 ArborWorks, LLC, Class A-1 Preferred Units 2025-03-31 0000017313 ArborWorks, LLC, Class B-1 Preferred Units 2025-09-30 0000017313 ArborWorks, LLC, Class B-1 Preferred Units 2025-04-01 2025-09-30 0000017313 ArborWorks, LLC, Class B-1 Preferred Units 2025-03-31 0000017313 ArborWorks, LLC, Class A-1 Common Units 2025-09-30 0000017313 ArborWorks, LLC, Class A-1 Common Units 2025-04-01 2025-09-30 0000017313 ArborWorks, LLC, Class A-1 Common Units 2025-03-31 0000017313 CATBIRD NYC, LLC. Revolving Loan 2025-09-30 0000017313 CATBIRD NYC, LLC. Revolving Loan 2025-04-01 2025-09-30 0000017313 CATBIRD NYC, LLC. Revolving Loan 2025-03-31 0000017313 CATBIRD NYC, LLC, First Lien 2025-04-01 2025-09-30 0000017313 CATBIRD NYC, LLC, Class A Units 2025-04-01 2025-09-30 0000017313 CATBIRD NYC, LLC, Class B Units 2025-04-01 2025-09-30 0000017313 CENTRAL MEDICAL SUPPLY LLC, Revolving Loan 2025-04-01 2025-09-30 0000017313 CENTRAL MEDICAL SUPPLY LLC, First Lien 2025-04-01 2025-09-30 0000017313 CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan 2025-09-30 0000017313 CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan 2025-04-01 2025-09-30 0000017313 CENTRAL MEDICAL SUPPLY LLC, Preferred Units 2025-04-01 2025-09-30 0000017313 Command Group Acquisition, LLC, First Lien 2025-09-30 0000017313 Command Group Acquisition, LLC, First Lien 2025-04-01 2025-09-30 0000017313 Command Group Acquisition, LLC, First Lien 2025-03-31 0000017313 Command Group Acquisition, LLC, Preferred Units 2025-09-30 0000017313 Command Group Acquisition, LLC, Preferred Units 2025-04-01 2025-09-30 0000017313 Command Group Acquisition, LLC, Preferred Units 2025-03-31 0000017313 Crafty Apes, LLC, First Lien 2025-09-30 0000017313 Crafty Apes, LLC, First Lien 2025-04-01 2025-09-30 0000017313 Crafty Apes, LLC, First Lien 2025-03-31 0000017313 Crafty Apes, LLC, Delayed Draw Term Loan 2025-09-30 0000017313 Crafty Apes, LLC, Delayed Draw Term Loan 2025-04-01 2025-09-30 0000017313 Crafty Apes, LLC, Delayed Draw Term Loan 2025-03-31 0000017313 Crafty Apes, LLC, Class A Common Units 2025-09-30 0000017313 Crafty Apes, LLC, Class A Common Units 2025-04-01 2025-09-30 0000017313 Crafty Apes, LLC, Class A Common Units 2025-03-31 0000017313 DYNAMIC COMMUNITIES, LLC, First Lien - 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Term Loan A 2025-09-30 0000017313 Gravitiq LLC, First Lien - Term Loan A 2025-04-01 2025-09-30 0000017313 Gravitiq LLC, First Lien - Term Loan A 2025-03-31 0000017313 Gravitiq LLC, First Lien - Term Loan B 2025-09-30 0000017313 Gravitiq LLC, First Lien - Term Loan B 2025-04-01 2025-09-30 0000017313 Gravitiq LLC, First Lien - Term Loan B 2025-03-31 0000017313 Gravitiq LLC, Warrants 2025-09-30 0000017313 Gravitiq LLC, Warrants 2025-04-01 2025-09-30 0000017313 Gravitiq LLC, Warrants 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, Revolving loan 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Revolving loan 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Revolving loan 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan C 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, First Lien - Term Loan C 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, Warrants - 1 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Warrants - 1 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Warrants - 1 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, Warrants - 2 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Warrants - 2 2025-04-01 2025-09-30 0000017313 ITA HOLDINGS GROUP, LLC, Warrants - 2 2025-03-31 0000017313 ITA HOLDINGS GROUP, LLC, Class A Membership Interest 2025-04-01 2025-09-30 0000017313 iVueit, LLC, Revolving Loan 2025-09-30 0000017313 iVueit, LLC, Revolving Loan 2025-04-01 2025-09-30 0000017313 iVueit, LLC, Revolving Loan 2025-03-31 0000017313 iVueit, LLC, First lien 2025-09-30 0000017313 iVueit, LLC, First lien 2025-04-01 2025-09-30 0000017313 iVueit, LLC, First lien 2025-03-31 0000017313 iVueit, LLC, Delayed Draw Term Loan 2025-09-30 0000017313 iVueit, LLC, Delayed Draw Term Loan 2025-04-01 2025-09-30 0000017313 iVueit, LLC, Delayed Draw Term Loan 2025-03-31 0000017313 iVueit, LLC, Preferred Units 2025-09-30 0000017313 iVueit, LLC, Preferred Units 2025-04-01 2025-09-30 0000017313 iVueit, LLC, Preferred Units 2025-03-31 0000017313 Red Dog Operations Holding Company LLC, Revolving Loan 2025-09-30 0000017313 Red Dog Operations Holding Company LLC, Revolving Loan 2025-04-01 2025-09-30 0000017313 Red Dog Operations Holding Company LLC, Revolving Loan 2025-03-31 0000017313 Red Dog Operations Holding Company LLC, First Lien 2025-09-30 0000017313 Red Dog Operations Holding Company LLC, First Lien 2025-04-01 2025-09-30 0000017313 Red Dog Operations Holding Company LLC, First Lien 2025-03-31 0000017313 Red Dog Operations Holding Company LLC, Class A Preferred units 2025-09-30 0000017313 Red Dog Operations Holding Company LLC, Class A Preferred units 2025-04-01 2025-09-30 0000017313 Red Dog Operations Holding Company LLC, Class A Preferred units 2025-03-31 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan 2025-09-30 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan 2025-04-01 2025-09-30 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan 2025-03-31 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien 2025-09-30 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien 2025-04-01 2025-09-30 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien 2025-03-31 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien 2025-09-30 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien 2025-04-01 2025-09-30 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien 2025-03-31 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units 2025-04-01 2025-09-30 0000017313 LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units 2025-04-01 2025-09-30 0000017313 Local Web Leads, LLC, Revolving Loan 2025-09-30 0000017313 Local Web Leads, LLC, Revolving Loan 2025-04-01 2025-09-30 0000017313 Local Web Leads, LLC, Revolving Loan 2025-03-31 0000017313 Local Web Leads, LLC, First Lien - Term Loan A 2025-09-30 0000017313 Local Web Leads, LLC, First Lien - Term Loan A 2025-04-01 2025-09-30 0000017313 Local Web Leads, LLC, First Lien - Term Loan A 2025-03-31 0000017313 Local Web Leads, LLC, First Lien - Term Loan B 2025-09-30 0000017313 Local Web Leads, LLC, First Lien - Term Loan B 2025-04-01 2025-09-30 0000017313 Local Web Leads, LLC, First Lien - Term Loan B 2025-03-31 0000017313 Local Web Leads, LLC, Common Units 2025-09-30 0000017313 Local Web Leads, LLC, Common Units 2025-04-01 2025-09-30 0000017313 Local Web Leads, LLC, Common Units 2025-03-31 0000017313 Pool Service Partners, Inc., Revolving Loan 2025-09-30 0000017313 Pool Service Partners, Inc., Revolving Loan 2025-04-01 2025-09-30 0000017313 Pool Service Partners, Inc., Revolving Loan 2025-03-31 0000017313 Pool Service Partners, Inc., First Lien 2025-09-30 0000017313 Pool Service Partners, Inc., First Lien 2025-04-01 2025-09-30 0000017313 Pool Service Partners, Inc., First Lien 2025-03-31 0000017313 Pool Service Partners, Inc., Delayed Draw Term Loan 2025-09-30 0000017313 Pool Service Partners, Inc., Delayed Draw Term Loan 2025-04-01 2025-09-30 0000017313 Pool Service Partners, Inc., Delayed Draw Term Loan 2025-03-31 0000017313 Pool Service Partners, Inc., Common Units 2025-09-30 0000017313 Pool Service Partners, Inc., Common Units 2025-04-01 2025-09-30 0000017313 Pool Service Partners, Inc., Common Units 2025-03-31 0000017313 Precision Spray & Coatings, LLC, First Lien 2025-09-30 0000017313 Precision Spray & Coatings, LLC, First Lien 2025-04-01 2025-09-30 0000017313 Precision Spray & Coatings, LLC, First Lien 2025-03-31 0000017313 Precision Spray & Coatings, LLC, Class A -2 Units 2025-09-30 0000017313 Precision Spray & Coatings, LLC, Class A -2 Units 2025-04-01 2025-09-30 0000017313 Precision Spray & Coatings, LLC, Class A -2 Units 2025-03-31 0000017313 ROSELAND MANAGEMENT, LLC, Revolving Loan 2025-04-01 2025-09-30 0000017313 ROSELAND MANAGEMENT, LLC, First Lien 2025-04-01 2025-09-30 0000017313 Roseland Management, LLC, Class A-2 units 2025-09-30 0000017313 ROSELAND MANAGEMENT, LLC, Class A-2 Units 2025-04-01 2025-09-30 0000017313 Roseland Management, LLC, Class A-1 Units 2025-09-30 0000017313 Roseland Management, LLC, Class A-1 Units 2025-04-01 2025-09-30 0000017313 Roseland Management, LLC, Class A-1 Units 2025-03-31 0000017313 ROSELAND MANAGEMENT, LLC, Class A Units 2025-04-01 2025-09-30 0000017313 Sonobi, Inc., Class A Common units 2025-09-30 0000017313 Sonobi, Inc., Class A Common units 2025-04-01 2025-09-30 0000017313 Sonobi, Inc., Class A Common units 2025-03-31 0000017313 STATINMED, LLC, First Lien 2025-09-30 0000017313 STATINMED, LLC, First Lien 2025-04-01 2025-09-30 0000017313 STATINMED, LLC, Class A Preferred Units 2025-04-01 2025-09-30 0000017313 STATINMED, LLC, Class B Preferred Units 2025-04-01 2025-09-30 0000017313 Student Resource Center LLC, First Lien 2025-09-30 0000017313 Student Resource Center LLC, First Lien 2025-04-01 2025-09-30 0000017313 Student Resource Center LLC, First Lien 2025-03-31 0000017313 Student Resource Center LLC, Preferred units 1 2025-09-30 0000017313 Student Resource Center LLC, Preferred units 1 2025-04-01 2025-09-30 0000017313 Student Resource Center LLC, Preferred units 1 2025-03-31 0000017313 Student Resource Center LLC, Preferred units 2 2025-09-30 0000017313 Student Resource Center LLC, Preferred units 2 2025-04-01 2025-09-30 0000017313 Student Resource Center LLC, Preferred units 2 2025-03-31 0000017313 Student Resource Center LLC, Preferred units 3 2025-09-30 0000017313 Student Resource Center LLC, Preferred units 3 2025-04-01 2025-09-30 0000017313 Student Resource Center LLC, Preferred units 3 2025-03-31 0000017313 TalkNY Management Holdings, LLC, First Lien 2025-09-30 0000017313 TalkNY Management Holdings, LLC, First Lien 2025-04-01 2025-09-30 0000017313 TalkNY Management Holdings, LLC, First Lien 2025-03-31 0000017313 TalkNY Management Holdings, LLC, Class A-1 Preferred Units 2025-09-30 0000017313 TalkNY Management Holdings, LLC, Class A-1 Preferred Units 2025-04-01 2025-09-30 0000017313 TalkNY Management Holdings, LLC, Class A-1 Preferred Units 2025-03-31 0000017313 White Plains Linen LLC, Revolving loan 2025-09-30 0000017313 White Plains Linen LLC, Revolving loan 2025-04-01 2025-09-30 0000017313 White Plains Linen LLC, Revolving loan 2025-03-31 0000017313 White Plains Linen LLC, First Lien - Term Loan A 2025-09-30 0000017313 White Plains Linen LLC, First Lien - Term Loan A 2025-04-01 2025-09-30 0000017313 White Plains Linen LLC, First Lien - Term Loan A 2025-03-31 0000017313 White Plains Linen LLC, First Lien - Term Loan B 2025-09-30 0000017313 White Plains Linen LLC, First Lien - Term Loan B 2025-04-01 2025-09-30 0000017313 White Plains Linen LLC, First Lien - Term Loan B 2025-03-31 0000017313 White Plains Linen LLC, LP Interest 2025-09-30 0000017313 White Plains Linen LLC, LP Interest 2025-04-01 2025-09-30 0000017313 White Plains Linen LLC, LP Interest 2025-03-31 0000017313 us-gaap:InvestmentAffiliatedIssuerMember 2025-09-30 0000017313 us-gaap:InvestmentAffiliatedIssuerMember 2025-04-01 2025-09-30 0000017313 us-gaap:InvestmentAffiliatedIssuerMember 2025-03-31 0000017313 cswc:CreditFacilityMember 2025-04-01 2025-09-30 0000017313 cswc:January2026NotesMember 2025-04-01 2025-09-30 0000017313 cswc:October2026NotesMember 2025-04-01 2025-09-30 0000017313 cswc:August2028NotesMember 2025-04-01 2025-09-30 0000017313 cswc:A2029ConvertibleNotesMember 2025-04-01 2025-09-30 0000017313 cswc:SBADebenturesMember 2025-04-01 2025-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ……………..to ……………..
Commission File Number: 814-00061
CAPITAL SOUTHWEST CORPORATION
(Exact name of registrant as specified in its charter)

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

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

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
57,466,998 shares of Common Stock, $0.25 value per share, as of October 30, 2025.

TABLE OF CONTENTS

|  |  |  | Page
PART I |  | FINANCIAL INFORMATION |  |
Item 1. |  | Consolidated Financial Statements |  | 3
|  | Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and March 31, 2025 |  | 3
|  | Consolidated Statements of Operations (Unaudited) for the three and six months ended September 30, 2025 and 2024 |  | 4
|  | Consolidated Statements of Changes in Net Assets (Unaudited) for the six months ended September 30, 2025 and 2024 |  | 5
|  | Consolidated Statements of Cash Flows (Unaudited) for the six months ended September 30, 2025 and 2024 |  | 6
|  | Consolidated Schedule of Investments as of September 30. 2025 (Unaudited) and March 31, 2025 |  | 7
|  | Notes to Consolidated Financial Statements (Unaudited) |  | 54
|  | Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the six months ended September 30, 2025 |  | 93
Item 2. |  | Management's Discussion and Analysis of Financial Condition and Results of Operations |  | 100
Item 3. |  | Quantitative and Qualitative Disclosures About Market Risk |  | 117
Item 4. |  | Controls and Procedures |  | 119
PART II |  | OTHER INFORMATION |  |
Item 1. |  | Legal Proceedings |  | 120
Item1A. |  | Risk Factors |  | 120
Item 2. |  | Unregistered Sales of Equity Securities and Use of Proceeds |  | 120
Item 3. |  | Defaults Upon Senior Securities |  | 120
Item 4. |  | Mine Safety Disclosures |  | 120
Item 5. |  | Other Information |  | 120
Item 6. |  | Exhibits |  | 121
Signatures |  |  |  | 123

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements

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

The accompanying Notes are an integral part of these Consolidated Financial Statements.
3

Table of Contents

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

The accompanying Notes are an integral part of these Consolidated Financial Statements.
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
(In thousands, except shares)
| Common Stock |  | Treasury Stock |  | Additional Paid-In Capital |  | Total Distributable Earnings (Loss) |  | Total Net Asset Value
| Number of Shares | Par Value |  | Number of Shares | Par Value |  |  |
Balances at March 31, 2024 | 45,050,759 | $ | 11,263 |  |  | — | $ | — |  |  | $ | 796,945 |  |  | $ | (52,532) |  |  | $ | 755,676 |
Issuance of common stock | 1,498,981 | 375 |  | — | — |  | 37,403 |  | — |  | 37,778
Share-based compensation | — | — |  | — | — |  | 1,224 |  | — |  | 1,224
Issuance of common stock under restricted stock plan, net of forfeitures | 359,000 | 89 |  | — | — |  | (89) |  | — |  | —
Common stock withheld for payroll taxes upon vesting of restricted stock | (71,229) | (18) |  | — | — |  | (1,844) |  | — |  | (1,862)
Dividends to shareholders | — | — |  | — | — |  | — |  | (29,508) |  | (29,508)
Change in restoration plan liability | — | — |  | — | — |  | (12) |  | — |  | (12)
Net investment income | — | — |  | — | — |  | — |  | 28,859 |  | 28,859
Net realized gain on investments | — | — |  | — | — |  | — |  | 711 |  | 711
Net unrealized depreciation on investments | — | — |  | — | — |  | — |  | (15,535) |  | (15,535)
Balances at June 30, 2024 | 46,837,511 | $ | 11,709 |  |  | — | $ | — |  |  | $ | 833,627 |  |  | $ | (68,005) |  |  | $ | 777,331 |
Issuance of common stock | 839,099 | 210 |  | — | — |  | 20,027 |  | — |  | 20,237
Share-based compensation | — | — |  | — | — |  | 1,538 |  | — |  | 1,538
Issuance of common stock under restricted stock plan, net of forfeitures | 10,075 | 3 |  | — | — |  | (3) |  | — |  | —
Dividends to shareholders | — | — |  | — | — |  | — |  | (30,520) |  | (30,520)
Change in restoration plan liability | — | — |  | — | — |  | (12) |  | — |  | (12)
Net investment income | — | — |  | — | — |  | — |  | 31,165 |  | 31,165
Net realized loss on investments | — | — |  | — | — |  | — |  | (10,289) |  | (10,289)
Net unrealized appreciation on investments | — | — |  | — | — |  | — |  | 1,808 |  | 1,808
Balances at September 30, 2024 | 47,686,685 | $ | 11,922 |  |  | — | $ | — |  |  | $ | 855,177 |  |  | $ | (75,841) |  |  | $ | 791,258 |
Balances at March 31, 2025 | 52,912,796 | $ | 13,228 |  |  | — | $ | — |  |  | $ | 959,123 |  |  | $ | (88,718) |  |  | $ | 883,633 |
Issuance of common stock | 2,034,917 | 509 |  | — | — |  | 40,663 |  | — |  | 41,172
Share-based compensation | — | — |  | — | — |  | 1,143 |  | — |  | 1,143
Issuance of common stock under restricted stock plan, net of forfeitures | 332,250 | 83 |  | — | — |  | (83) |  | — |  | —
Common stock withheld for payroll taxes upon vesting of restricted stock | (52,593) | (13) |  | — | — |  | (1,107) |  | — |  | (1,120)
Dividends to shareholders | — | — |  | — | — |  | — |  | (35,344) |  | (35,344)
Change in restoration plan liability | — | — |  | — | — |  | (11) |  | — |  | (11)
Net investment income | — | — |  | — | — |  | — |  | 31,889 |  | 31,889
Net realized gain on investments | — | — |  | — | — |  | — |  | 15,704 |  | 15,704
Net unrealized depreciation on investments | — | — |  | — | — |  | — |  | (20,592) |  | (20,592)
Balances at June 30, 2025 | 55,227,370 | $ | 13,807 |  |  | — | $ | — |  |  | $ | 999,728 |  |  | $ | (97,061) |  |  | $ | 916,474 |
Issuance of common stock | 1,766,975 | 442 |  |  | — | — |  |  | 39,251 |  |  | — |  |  | 39,693 |
Share-based compensation | — | — |  |  | — | — |  |  | 1,270 |  |  | — |  |  | 1,270 |
Issuance of common stock under restricted stock plan, net of forfeitures | (27,347) | (7) |  |  | — | — |  |  | 7 |  |  | — |  |  | — |
Dividends to shareholders | — | — |  |  | — | — |  |  | — |  |  | (36,040) |  |  | (36,040) |
Change in restoration plan liability | — | — |  |  | — | — |  |  | (12) |  |  | — |  |  | (12) |
Net investment income | — | — |  |  | — | — |  |  | — |  |  | 31,984 |  |  | 31,984 |
Net realized loss on investments and disposal of fixed assets | — | — |  |  | — | — |  |  | — |  |  | (4,928) |  |  | (4,928) |
Net unrealized depreciation on investments | — | — |  |  | — | — |  |  | — |  |  | (1,437) |  |  | (1,437) |
Balances at September 30, 2025 | 56,966,998 | $ | 14,242 |  |  | — | $ | — |  |  | $ | 1,040,244 |  |  | $ | (107,482) |  |  | $ | 947,004 |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| Six Months Ended
| September 30,
| 2025 |  | 2024 |  |
Cash flows from operating activities |  |  |  |  |
Net increase in net assets from operations | $ | 52,620 |  |  | $ | 36,719 |  |  |
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities: |  |  |  |  |
Purchases and originations of investments | (237,711) |  |  | (194,049) |  |  |
Proceeds from sales and repayments of debt investments in portfolio companies | 114,745 |  |  | 153,053 |  |  |
Proceeds from sales and return of capital of equity investments in portfolio companies | 30,918 |  |  | — |  |  |
Payment of accreted original issue discounts | 1,211 |  |  | 1,753 |  |  |
Payment of accrued payment-in-kind interest | 510 |  |  | — |  |  |
Depreciation and amortization | 3,436 |  |  | 2,598 |  |  |
Net pension benefit | (33) |  |  | (33) |  |  |
Realized (gain) loss on investments before income tax | (17,846) |  |  | 9,624 |  |  |
Realized loss on disposal of fixed assets | 2 |  |  | — |  |  |
Net unrealized depreciation on investments before income tax | 24,559 |  |  | 14,016 |  |  |
Accretion of discounts on investments | (4,765) |  |  | (3,091) |  |  |
Payment-in-kind interest | (6,115) |  |  | (6,065) |  |  |
Share-based compensation expense | 2,413 |  |  | 2,762 |  |  |
Deferred income taxes | (1,918) |  |  | 592 |  |  |
Changes in other assets and liabilities: |  |  |  |  |
Increase in dividend and interest receivable | (2,634) |  |  | (7,585) |  |  |
Decrease in escrow receivables | 59 |  |  | 23 |  |  |
Decrease (increase) in tax receivable | 47 |  |  | (148) |  |  |
Decrease (increase) in other receivables | 1,123 |  |  | (863) |  |  |
Decrease in other assets | 604 |  |  | 590 |  |  |
Increase in taxes payable | 309 |  |  | 518 |  |  |
Decrease in other liabilities | (2,265) |  |  | (3,120) |  |  |
Net cash (used in) provided by operating activities | (40,731) |  |  | 7,294 |  |  |
Cash flows from investing activities |  |  |  |  |
Acquisition of fixed assets | (222) |  |  | (522) |  |  |
Net cash used in investing activities | (222) |  |  | (522) |  |  |
Cash flows from financing activities |  |  |  |  |
Proceeds from common stock offering | 80,896 |  |  | 58,036 |  |  |
Borrowings under Credit Facilities | 199,000 |  |  | 144,000 |  |  |
Repayments of Credit Facilities | (465,000) |  |  | (131,000) |  |  |
Debt issuance costs paid | (1,440) |  |  | (954) |  |  |
Proceeds from issuance of September 2030 Notes | 344,208 |  |  | — |  |  |
Dividends to shareholders | (71,383) |  |  | (60,028) |  |  |
Common stock withheld for payroll taxes upon vesting of restricted stock | (1,120) |  |  | (1,862) |  |  |
Net cash provided by financing activities | 85,161 |  |  | 8,192 |  |  |
Net increase in cash, cash equivalents and restricted cash | 44,208 |  |  | 14,964 |  |  |
Cash and cash equivalents at beginning of period | 44,871 |  |  | 32,273 |  |  |
Cash, cash equivalents and restricted cash at end of period | $ | 89,079 |  |  | $ | 47,237 |  |  |
Supplemental cash flow disclosures: |  |  |  |  |
Cash paid for income taxes | $ | 8,952 |  |  | $ | 115 |  |  |
Cash paid for interest | 29,678 |  |  | 22,546 |  |  |

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:

| Six Months Ended September 30,
| 2025 |  | 2024 |  |
Cash and cash equivalents | $ | 87,429 |  |  | $ | 47,237 |  |  |
Restricted cash | 1,650 |  |  | — |  |  |
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows | $ | 89,079 |  |  | $ | 47,237 |  |  |

The accompanying Notes are an integral part of these Consolidated Financial Statements.
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Building & Infrastructure Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BRANDNER DESIGN, LLC |  |  | Revolving Loan |  | 16.30% | SOFR (Q) | 12.00% | 2.00% | 2.00% |  | 4/15/2024 |  | 4/13/2029 |  | 135 |  |  | 125 |  |  | 101 |  | (7)(10)(20) |
|  |  | First Lien |  | 16.29% | SOFR (Q) | 12.00% | 2.00% | 2.00% |  | 4/15/2024 |  | 4/13/2029 |  | 8,772 |  |  | 8,669 |  |  | 6,509 |  | (7) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,794 |  |  | 6,610 |  |  |
Subtotal: Building & Infrastructure Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,794 |  |  | 6,610 |  |  | 0.70 | %
Business Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DYNAMIC COMMUNITIES, LLC |  |  | First Lien - Term Loan A |  | 12.26% | SOFR (M) | 8.00% | 2.00% | 12.26% |  | 12/20/2022 |  | 12/31/2026 |  | 5,066 |  |  | 5,054 |  |  | 5,066 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 13.26% | SOFR (M) | 9.00% | 2.00% |  |  | 12/20/2022 |  | 12/31/2026 |  | 4,985 |  |  | 4,963 |  |  | 4,985 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,017 |  |  | 10,051 |  |  |
GAINS INTERMEDIATE, LLC |  |  | Revolving Loan |  |  | SOFR | 8.00% | 2.00% |  |  | 12/15/2022 |  | 12/15/2027 |  | — |  |  | (22) |  |  | — |  |  |
|  |  | First Lien - Term Loan A |  | 11.55% | SOFR (Q) | 7.00% | 2.00% |  |  | 12/15/2022 |  | 12/15/2027 |  | 7,341 |  |  | 7,266 |  |  | 5,579 |  |  |
|  |  | First Lien - Term Loan B |  | 13.55% | SOFR (Q) | 9.00% | 2.00% |  |  | 12/15/2022 |  | 12/15/2027 |  | 7,413 |  |  | 7,330 |  |  | 5,160 |  | (16) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,574 |  |  | 10,739 |  |  |
IVUEIT, LLC |  |  | Revolving Loan |  | 10.29% | SOFR (Q) | 6.00% | 2.00% |  |  | 2/3/2025 |  | 2/1/2030 |  | 250 |  |  | 241 |  |  | 248 |  | (6)(10) |
|  |  | First Lien |  | 10.29% | SOFR (Q) | 6.00% | 2.00% |  |  | 2/3/2025 |  | 2/1/2030 |  | 10,000 |  |  | 9,910 |  |  | 9,910 |  | (6) |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 2.00% |  |  | 2/3/2025 |  | 2/1/2030 |  | — |  |  | — |  |  | — |  | (6)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,151 |  |  | 10,158 |  |  |
SPOTLIGHT AR, LLC |  |  | Revolving Loan |  |  | SOFR | 6.75% | 1.00% |  |  | 12/8/2021 |  | 6/8/2026 |  | — |  |  | (6) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 11.19% | SOFR (Q) | 6.75% | 1.00% |  |  | 12/8/2021 |  | 6/8/2026 |  | 4,275 |  |  | 4,259 |  |  | 4,275 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,253 |  |  | 4,275 |  |  |
US COURTSCRIPT HOLDINGS, INC. |  |  | First Lien |  | 10.80% | SOFR (Q) | 6.25% | 1.00% |  |  | 5/17/2022 |  | 5/17/2027 |  | 14,100 |  |  | 13,946 |  |  | 13,846 |  |  |
WINTER SERVICES OPERATIONS, LLC |  |  | Revolving Loan |  | 11.77% | SOFR (Q) | 7.50% | 1.00% |  |  | 11/19/2021 |  | 11/19/2026 |  | 2,578 |  |  | 2,531 |  |  | 2,570 |  | (10)(20) |
|  |  | First Lien - Term Loan A |  | 11.05% | SOFR (Q) | 6.50% | 1.00% |  |  | 1/16/2024 |  | 11/19/2026 |  | 14,479 |  |  | 14,340 |  |  | 14,436 |  |  |
|  |  | First Lien - Term Loan B |  | 13.05% | SOFR (Q) | 8.50% | 1.00% |  |  | 1/16/2024 |  | 11/19/2026 |  | 14,479 |  |  | 14,344 |  |  | 14,436 |  |  |
|  |  | Delayed Draw Term Loan |  | 12.05% | SOFR (Q) | 7.50% | 1.00% |  |  | 11/19/2021 |  | 11/19/2026 |  | 3,748 |  |  | 3,695 |  |  | 3,737 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,910 |  |  | 35,179 |  |  |
Subtotal: Business Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 87,851 |  |  | 84,248 |  |  | 8.90 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Commerical Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LEHR UPFITTERS, LLC |  |  | Revolving Loan |  | 9.66% | SOFR (Q) | 5.50% | 1.50% |  |  | 9/19/2024 |  | 9/19/2029 |  | 525 |  |  | 483 |  |  | 521 |  | (10) |  |
|  |  | First Lien |  | 9.50% | SOFR (Q) | 5.50% | 1.50% |  |  | 9/19/2024 |  | 9/19/2029 |  | 31,657 |  |  | 31,101 |  |  | 31,436 |  |  |
|  |  | Delayed Draw Term Loan |  | 9.50% | SOFR (Q) | 5.50% | 1.50% |  |  | 4/29/2025 |  | 9/19/2029 |  | 2,791 |  |  | 2,716 |  |  | 2,772 |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,300 |  |  | 34,729 |  |  |
VP MOVE PURCHASER, INC. |  |  | Revolving Loan |  |  | SOFR | 5.75% | 2.00% |  |  | 2/3/2025 |  | 2/4/2030 |  | — |  |  | (27) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.04% | SOFR (Q) | 4.75% | 2.00% |  |  | 2/3/2025 |  | 2/4/2030 |  | 15,000 |  |  | 14,899 |  |  | 14,895 |  |  |
|  |  | First Lien - Term Loan B |  | 11.04% | SOFR (Q) | 6.75% | 2.00% |  |  | 2/3/2025 |  | 2/4/2030 |  | 15,000 |  |  | 14,899 |  |  | 14,895 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,771 |  |  | 29,790 |  |  |
WHITE PLAINS LINEN LLC |  |  | Revolving Loan |  | 11.50% | SOFR (Q) | 7.25% | 2.00% |  |  | 8/1/2025 |  | 5/1/2030 |  | 1,000 |  |  | 971 |  |  | 971 |  | (6)(10) |
|  |  | First Lien - Term Loan A |  | 10.55% | SOFR (Q) | 6.25% | 2.00% |  |  | 8/1/2025 |  | 5/1/2030 |  | 12,200 |  |  | 12,081 |  |  | 12,081 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 12.55% | SOFR (Q) | 8.25% | 2.00% |  |  | 8/1/2025 |  | 5/1/2030 |  | 12,200 |  |  | 12,081 |  |  | 12,081 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,133 |  |  | 25,133 |  |  |
Subtotal: Commerical Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89,204 |  |  | 89,652 |  |  | 9.47 | %
Consumer Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALLIANCE SPORTS GROUP |  |  | Unsecured Convertible Note |  | 6.00% | Fixed |  |  | 6.00% |  | 7/15/2020 |  | 12/31/2026 |  | 173 |  |  | 173 |  |  | 173 |  |  |
GRAVITIQ LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 1/17/2025 |  | 1/16/2030 |  | — |  |  | (43) |  |  | — |  | (6)(10) |
|  |  | First Lien - Term Loan A |  | 10.29% | SOFR (Q) | 6.00% | 2.00% |  |  | 1/17/2025 |  | 1/16/2030 |  | 14,813 |  |  | 13,975 |  |  | 14,516 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 12.29% | SOFR (Q) | 8.00% | 2.00% |  |  | 1/17/2025 |  | 1/16/2030 |  | 14,813 |  |  | 13,970 |  |  | 14,516 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,902 |  |  | 29,032 |  |  |
HEAT TRAK, LLC |  |  | First Lien - Term Loan A |  | 14.44% | SOFR (Q) | 10.00% | 2.00% |  |  | 6/12/2023 |  | 6/9/2028 |  | 11,500 |  |  | 10,649 |  |  | 10,419 |  |  |
|  |  | First Lien - Term Loan E |  | 14.44% | SOFR (Q) | 10.00% | 2.00% |  |  | 3/28/2025 |  | 12/31/2025 |  | 2,500 |  |  | 2,500 |  |  | 2,500 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,149 |  |  | 12,919 |  |  |
HYBRID PROMOTIONS, LLC |  |  | Second Lien |  | 12.54% | SOFR (Q) | 8.25% | 1.00% |  |  | 6/30/2021 |  | 1/3/2028 |  | 15,999 |  |  | 15,867 |  |  | 15,999 |  | (15) |  |
LASH OPCO, LLC |  |  | Revolving Loan |  | 12.01% | SOFR (Q) | 7.75% | 1.00% | 5.10% |  | 12/29/2021 |  | 9/17/2027 |  | 212 |  |  | 204 |  |  | 195 |  | (10) |  |
|  |  | First Lien |  | 12.16% | SOFR (Q) | 7.75% | 1.00% | 5.10% |  | 12/29/2021 |  | 9/17/2027 |  | 18,149 |  |  | 17,983 |  |  | 16,703 |  | (20) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,187 |  |  | 16,898 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
REVO BRANDS, INC. |  |  | Revolving Loan |  | 11.77% | SOFR (Q) | 7.50% | 1.50% |  |  | 2/21/2024 |  | 2/21/2029 |  | 7,300 |  |  | 7,201 |  |  | 7,081 |  | (10)(20) |
|  |  | First Lien - Term Loan A |  | 10.79% | SOFR (Q) | 6.50% | 1.50% |  |  | 2/21/2024 |  | 2/21/2029 |  | 10,580 |  |  | 10,422 |  |  | 10,263 |  |  |
|  |  | First Lien - Term Loan B |  | 11.79% | SOFR (Q) | 7.50% | 1.50% |  |  | 2/21/2024 |  | 2/21/2029 |  | 10,580 |  |  | 10,421 |  |  | 10,263 |  |  |
|  |  | First Lien - Term Loan C |  | 12.79% | SOFR (Q) | 8.50% | 1.50% |  |  | 2/21/2024 |  | 2/21/2029 |  | 10,580 |  |  | 10,420 |  |  | 10,263 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38,464 |  |  | 37,870 |  |  |
TRU FRAGRANCE & BEAUTY LLC |  |  | Revolving Loan |  | 10.53% | SOFR (Q) | 6.25% | 1.50% |  |  | 3/22/2024 |  | 3/21/2029 |  | 5,200 |  |  | 5,137 |  |  | 5,200 |  | (10)(20) |
|  |  | First Lien - Term Loan A |  | 9.54% | SOFR (Q) | 5.25% | 1.50% |  |  | 3/22/2024 |  | 3/21/2029 |  | 15,023 |  |  | 14,796 |  |  | 15,023 |  |  |
|  |  | First Lien - Term Loan B |  | 11.54% | SOFR (Q) | 7.25% | 1.50% |  |  | 3/22/2024 |  | 3/21/2029 |  | 15,023 |  |  | 14,793 |  |  | 15,023 |  |  |
|  |  | First Lien |  | 10.54% | SOFR (Q) | 6.25% | 1.50% |  |  | 1/2/2025 |  | 3/21/2029 |  | 6,000 |  |  | 5,949 |  |  | 6,000 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,675 |  |  | 41,246 |  |  |
Subtotal: Consumer Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 154,417 |  |  | 154,137 |  |  | 16.28 | %
Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AIR CONDITIONING SPECIALIST INC. |  |  | Revolving Loan |  | 9.70% | SOFR (Q) | 5.50% | 1.00% |  |  | 11/9/2021 |  | 11/19/2029 |  | 695 |  |  | 683 |  |  | 689 |  | (10) |  |
|  |  | First Lien |  | 9.69% | SOFR (Q) | 5.50% | 1.00% |  |  | 11/9/2021 |  | 11/19/2029 |  | 20,971 |  |  | 20,760 |  |  | 20,803 |  |  |
|  |  | Delayed Draw Term Loan |  | 9.64% | SOFR (Q) | 5.50% | 1.00% |  |  | 11/19/2024 |  | 11/19/2029 |  | 6,144 |  |  | 6,144 |  |  | 6,094 |  | (20) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,587 |  |  | 27,586 |  |  |
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC) |  |  | Revolving Loan |  |  | SOFR | 8.00% | 1.00% |  |  | 8/27/2021 |  | 8/27/2026 |  | — |  |  | (11) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 11.55% | SOFR (Q) | 7.00% | 1.00% |  |  | 8/27/2021 |  | 8/27/2026 |  | 13,261 |  |  | 13,193 |  |  | 10,609 |  |  |
|  |  | First Lien - Term Loan B |  | 13.55% | SOFR (Q) | 9.00% | 1.00% |  |  | 4/12/2023 |  | 8/27/2026 |  | 13,261 |  |  | 13,193 |  |  | 10,609 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,375 |  |  | 21,218 |  |  |
BETTER THAN HOME, INC. |  |  | Revolving Loan |  |  | SOFR | 5.75% | 1.00% |  |  | 8/8/2025 |  | 8/8/2031 |  | — |  |  | (22) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 9.96% | SOFR (Q) | 5.75% | 1.00% |  |  | 8/8/2025 |  | 8/8/2031 |  | 12,000 |  |  | 11,874 |  |  | 11,874 |  | (20) |  |
|  |  | Delayed Draw Term Loan |  | 9.89% | SOFR (Q) | 5.75% | 1.00% |  |  | 8/8/2025 |  | 8/8/2031 |  | 2,250 |  |  | 2,225 |  |  | 2,225 |  | (10)(20) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,077 |  |  | 14,099 |  |  |
CAMPANY ROOF MAINTENANCE, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 1.50% |  |  | 7/26/2024 |  | 11/27/2028 |  | — |  |  | (17) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 11.26% | SOFR (M) | 7.00% | 1.50% |  |  | 7/26/2024 |  | 11/27/2028 |  | 14,790 |  |  | 14,505 |  |  | 13,311 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,488 |  |  | 13,311 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
KINDRED PET SERVICE, LLC (fka RED DOG OPERATIONS HOLDING COMPANY LLC) |  |  | Revolving Loan |  |  | SOFR | 6.50% | 2.00% |  |  | 11/15/2024 |  | 11/15/2029 |  | — |  |  | (16) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 10.76% | SOFR (Q) | 6.50% | 2.00% |  |  | 11/15/2024 |  | 11/15/2029 |  | 10,800 |  |  | 10,704 |  |  | 10,692 |  | (6)(20) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,688 |  |  | 10,692 |  |  |
LIFT BRANDS, INC. |  |  | Tranche A Term Loan |  | 11.76% | SOFR (M) | 7.50% | 1.00% |  |  | 2/1/2024 |  | 9/30/2026 |  | 2,297 |  |  | 2,297 |  |  | 2,292 |  |  |
|  |  | Tranche B Term Loan |  | 9.50% | Fixed |  |  | 9.50% |  | 2/1/2024 |  | 9/30/2026 |  | 762 |  |  | 762 |  |  | 726 |  |  |
|  |  | Tranche C Loan |  | —% |  |  |  |  |  | 2/1/2024 |  | 9/30/2026 |  | 549 |  |  | 549 |  |  | 524 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,608 |  |  | 3,542 |  |  |
MAIN LINE BRANDS LLC |  |  | Revolving Loan |  |  | SOFR | 5.75% | 2.00% |  |  | 5/15/2025 |  | 5/15/2030 |  | — |  |  | (18) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 10.04% | SOFR (Q) | 5.75% | 2.00% |  |  | 5/15/2025 |  | 5/15/2030 |  | 10,000 |  |  | 9,906 |  |  | 9,900 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,888 |  |  | 9,900 |  |  |
POOL SERVICE PARTNERS, INC. |  |  | Revolving Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 12/20/2023 |  | 12/20/2028 |  | — |  |  | (21) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 11.29% | SOFR (Q) | 7.00% | 2.00% |  |  | 12/20/2023 |  | 12/20/2028 |  | 5,000 |  |  | 4,929 |  |  | 4,945 |  | (6) |  |
|  |  | Delayed Draw Term Loan |  | 11.29% | SOFR (Q) | 7.00% | 2.00% |  |  | 12/20/2023 |  | 12/20/2028 |  | 5,400 |  |  | 5,271 |  |  | 5,341 |  | (6)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,179 |  |  | 10,286 |  |  |
TMT BHC BUYER, INC. |  |  | Revolving Loan |  |  | SOFR | 6.00% | 1.50% |  |  | 3/7/2024 |  | 3/7/2029 |  | — |  |  | (69) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 10.29% | SOFR (Q) | 6.00% | 1.50% |  |  | 3/7/2024 |  | 3/7/2029 |  | 16,500 |  |  | 16,254 |  |  | 16,500 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,185 |  |  | 16,500 |  |  |
WASH & WAX SYSTEMS LLC |  |  | Revolving Loan |  | 9.81% | SOFR (Q) | 5.50% | 1.00% |  |  | 4/30/2025 |  | 4/30/2028 |  | 9 |  |  | 1 |  |  | 9 |  | (10) |  |
|  |  | First Lien |  | 9.81% | SOFR (Q) | 5.50% | 1.00% | 9.81% |  | 4/30/2025 |  | 4/30/2028 |  | 6,866 |  |  | 6,750 |  |  | 6,866 |  |  |
|  |  | First Lien |  | 12.00% | Fixed |  |  | 12.00% |  | 4/30/2025 |  | 7/30/2028 |  | 4,616 |  |  | 4,616 |  |  | 3,924 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,367 |  |  | 10,799 |  |  |
Subtotal: Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 144,442 |  |  | 137,933 |  |  | 14.57 | %
Data Processing & Outsourced Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC. |  |  | Revolving Loan |  | 9.43% | SOFR (S) | 5.00% | 1.00% |  |  | 2/22/2024 |  | 6/10/2028 |  | 217 |  |  | 215 |  |  | 217 |  | (10) |  |
|  |  | First Lien |  | 9.15% | SOFR (Q) | 5.00% | 1.00% |  |  | 2/22/2024 |  | 6/10/2028 |  | 2,093 |  |  | 2,076 |  |  | 2,093 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,291 |  |  | 2,310 |  |  |
Subtotal: Data Processing & Outsourced Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,291 |  |  | 2,310 |  |  | 0.24 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Distribution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
KMS, LLC |  |  | First Lien |  | 12.50% | Fixed |  |  |  |  | 2/10/2025 |  | 9/29/2028 |  | 2,121 |  |  | 2,121 |  |  | 2,121 |  | (7)(15) |
|  |  | Delayed Draw Term Loan |  | 12.50% | Fixed |  |  |  |  | 2/10/2025 |  | 9/29/2028 |  | 2,464 |  |  | 2,403 |  |  | 2,464 |  | (7)(10)(15) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,524 |  |  | 4,585 |  |  |
Subtotal: Distribution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,524 |  |  | 4,585 |  |  | 0.48 | %
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MUSIKER DISCOVERY PROGRAMS, INC. |  |  | Revolving Loan |  | 11.30% | SOFR (Q) | 7.00% | 2.00% |  |  | 10/29/2024 |  | 10/29/2029 |  | 3,000 |  |  | 2,959 |  |  | 3,000 |  | (10)(20) |
|  |  | First Lien - Term Loan A |  | 10.29% | SOFR (Q) | 6.00% | 2.00% |  |  | 10/29/2024 |  | 10/29/2029 |  | 11,500 |  |  | 11,401 |  |  | 11,500 |  |  |
|  |  | First Lien - Term Loan B |  | 12.29% | SOFR (Q) | 8.00% | 2.00% |  |  | 10/29/2024 |  | 10/29/2029 |  | 11,500 |  |  | 11,401 |  |  | 11,489 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 10/29/2024 |  | 10/29/2029 |  | — |  |  | — |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,761 |  |  | 25,989 |  |  |
STUDENT RESOURCE CENTER LLC |  |  | First Lien |  | 8.50% | Fixed |  |  | 8.50% |  | 12/31/2022 |  | 12/30/2027 |  | 9,644 |  |  | 9,503 |  |  | 3,761 |  | (6)(16) |
Subtotal: Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,264 |  |  | 29,750 |  |  | 3.14 | %
Energy Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACE GATHERING, INC. |  |  | First Lien |  | 11.05% | SOFR (Q) | 6.50% | 2.00% |  |  | 12/13/2018 |  | 12/14/2026 |  | 3,533 |  |  | 3,514 |  |  | 3,533 |  | (15) |  |
PIPELINE TECHNIQUE LTD. |  |  | Revolving Loan |  | 11.75% | SOFR (Q) | 7.25% | 1.00% |  |  | 8/23/2022 |  | 8/19/2027 |  | 2,389 |  |  | 2,364 |  |  | 2,389 |  | (9)(10)(20)(22) |
|  |  | First Lien |  | 11.71% | SOFR (Q) | 7.25% | 1.00% |  |  | 8/23/2022 |  | 8/19/2027 |  | 5,472 |  |  | 5,414 |  |  | 5,472 |  | (9)(22) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,778 |  |  | 7,861 |  |  |
WELL-FOAM, INC. |  |  | Revolving Loan |  |  | SOFR | 8.00% | 1.00% |  |  | 9/9/2021 |  | 9/9/2026 |  | — |  |  | (17) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 12.44% | SOFR (Q) | 8.00% | 1.00% |  |  | 9/9/2021 |  | 9/9/2026 |  | 10,671 |  |  | 10,620 |  |  | 10,671 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,603 |  |  | 10,671 |  |  |
Subtotal: Energy Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,895 |  |  | 22,065 |  |  | 2.33 | %
Environmental Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARBORWORKS, LLC |  |  | Revolving Loan |  | 15.00% | Fixed |  |  | 15.00% |  | 11/6/2023 |  | 11/6/2028 |  | 1,220 |  |  | 1,220 |  |  | 1,220 |  | (6)(10) |
|  |  | First Lien |  | 10.75% | SOFR (M) | 6.50% | 1.00% | 10.75% |  | 11/6/2023 |  | 11/6/2028 |  | 3,722 |  |  | 3,722 |  |  | 3,722 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,942 |  |  | 4,942 |  |  |
ISLAND PUMP AND TANK, LLC |  |  | Revolving Loan |  | 11.41% | SOFR (Q) | 7.00% | 2.00% |  |  | 3/2/2023 |  | 5/17/2029 |  | 3,479 |  |  | 3,440 |  |  | 3,479 |  | (20) |  |
|  |  | First Lien - Term Loan A |  | 10.55% | SOFR (Q) | 6.00% | 2.00% |  |  | 2/23/2024 |  | 5/17/2029 |  | 12,218 |  |  | 12,068 |  |  | 12,218 |  |  |
|  |  | First Lien - Term Loan B |  | 11.55% | SOFR (Q) | 7.00% | 2.00% |  |  | 2/23/2024 |  | 5/17/2029 |  | 12,218 |  |  | 12,068 |  |  | 12,218 |  |  |
|  |  | First Lien - Term Loan C |  | 12.55% | SOFR (Q) | 8.00% | 2.00% |  |  | 2/23/2024 |  | 5/17/2029 |  | 12,218 |  |  | 12,062 |  |  | 12,218 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,638 |  |  | 40,133 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
LIGHTING RETROFIT INTERNATIONAL, LLC |  |  | Revolving Loan |  | 7.50% | Fixed |  |  |  |  | 12/31/2021 |  | 12/31/2026 |  | — |  |  | — |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 7.50% | Fixed |  |  |  |  | 12/31/2021 |  | 12/31/2026 |  | 5,013 |  |  | 5,013 |  |  | 4,922 |  | (6) |  |
|  |  | Second Lien |  | 10.00% | Fixed |  |  | 10.00% |  | 12/31/2021 |  | 12/31/2027 |  | 5,208 |  |  | 5,208 |  |  | — |  | (6)(16) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,221 |  |  | 4,922 |  |  |
Subtotal: Environmental Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,801 |  |  | 49,997 |  |  | 5.28 | %
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
INSURE HOMES CORPORATION |  |  | Tranche B Term Loan |  | 11.78% | SOFR (M) | 7.50% | 2.00% |  |  | 8/6/2024 |  | 8/6/2029 |  | 24,000 |  |  | 23,700 |  |  | 24,000 |  |  |
JACKSON HEWITT TAX SERVICE INC. |  |  | First Lien |  | 12.79% | SOFR (Q) | 8.50% | 2.50% |  |  | 9/14/2023 |  | 9/14/2028 |  | 10,000 |  |  | 9,899 |  |  | 10,000 |  |  |
NATIONAL CREDIT CARE, LLC |  |  | First Lien - Term Loan A |  | 4.50% | Fixed |  |  |  |  | 12/23/2021 |  | 2/25/2030 |  | 11,625 |  |  | 11,451 |  |  | 10,520 |  | (7) |  |
|  |  | First Lien - Term Loan B |  | 4.50% | Fixed |  |  |  |  | 12/23/2021 |  | 2/25/2030 |  | 11,625 |  |  | 11,449 |  |  | 10,520 |  | (7) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,900 |  |  | 21,040 |  |  |
NINJATRADER, LLC |  |  | First Lien |  | 10.94% | SOFR (Q) | 6.50% | 1.00% |  |  | 12/18/2019 |  | 12/18/2026 |  | 46,282 |  |  | 46,245 |  |  | 46,282 |  |  |
Subtotal: Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 102,744 |  |  | 101,322 |  |  | 10.70 | %
Food, Agriculture & Beverage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AMERICAN NUTS OPERATIONS LLC |  |  | First Lien - Term Loan A |  | 12.94% | SOFR (Q) | 8.50% | 1.00% | 12.94% |  | 3/28/2025 |  | 3/28/2028 |  | 6,051 |  |  | 6,051 |  |  | 6,051 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 12.94% | SOFR (Q) | 8.50% | 1.00% | 12.94% |  | 3/28/2025 |  | 3/28/2028 |  | 6,051 |  |  | 6,051 |  |  | 4,931 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,102 |  |  | 10,982 |  |  |
FOODPHARMA SUBSIDIARY HOLDINGS, LLC |  |  | First Lien - Term Loan A |  | 10.80% | SOFR (M) | 6.50% | 2.00% |  |  | 6/21/2024 |  | 12/31/2026 |  | 14,197 |  |  | 14,083 |  |  | 14,197 |  | (20) |  |
|  |  | First Lien - Term Loan B |  | 11.80% | SOFR (M) | 7.50% | 2.00% |  |  | 6/21/2024 |  | 12/31/2026 |  | 14,197 |  |  | 14,055 |  |  | 14,197 |  | (20) |  |
|  |  | First Lien - Term Loan C |  | 12.80% | SOFR (M) | 8.50% | 2.00% |  |  | 6/21/2024 |  | 12/31/2026 |  | 14,197 |  |  | 14,055 |  |  | 14,197 |  | (20) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,193 |  |  | 42,591 |  |  |
GULF PACIFIC ACQUISITION, LLC |  |  | Revolving Loan |  | 11.26% | SOFR (M) | 7.00% | 1.00% |  |  | 9/30/2022 |  | 9/29/2028 |  | 454 |  |  | 444 |  |  | 409 |  | (10)(20) |
|  |  | First Lien |  | 11.26% | SOFR (M) | 7.00% | 1.00% |  |  | 9/30/2022 |  | 9/29/2028 |  | 3,846 |  |  | 3,792 |  |  | 3,462 |  | (20) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,236 |  |  | 3,871 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
MAMMOTH BORROWCO, INC. |  |  | Revolving Loan |  | 10.47% | SOFR (Q) | 6.25% | 1.50% |  |  | 11/30/2023 |  | 11/30/2028 |  | 1,850 |  |  | 1,791 |  |  | 1,758 |  | (10)(20) |
|  |  | First Lien - Term Loan A |  | 9.45% | SOFR (Q) | 5.25% | 1.50% |  |  | 11/30/2023 |  | 11/30/2028 |  | 10,514 |  |  | 10,330 |  |  | 9,988 |  |  |
|  |  | First Lien - Term Loan B |  | 11.45% | SOFR (Q) | 7.25% | 1.50% |  |  | 11/30/2023 |  | 11/30/2028 |  | 10,514 |  |  | 10,327 |  |  | 9,988 |  |  |
|  |  | Delayed Draw Term Loan |  | 10.43% | SOFR (Q) | 6.25% | 1.50% |  |  | 11/30/2023 |  | 11/30/2028 |  | 2,839 |  |  | 2,780 |  |  | 2,697 |  | (20) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,228 |  |  | 24,431 |  |  |
MUENSTER MILLING COMPANY |  |  | Revolving Loan |  |  | SOFR | 9.00% | 1.00% |  |  | 8/10/2021 |  | 2/10/2027 |  | — |  |  | (25) |  |  | — |  |  |
|  |  | First Lien |  | 13.44% | SOFR (Q) | 9.00% | 1.00% | 13.44% |  | 8/10/2021 |  | 2/10/2027 |  | 24,118 |  |  | 23,949 |  |  | 21,513 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,924 |  |  | 21,513 |  |  |
NEW SKINNY MIXES, LLC |  |  | Revolving Loan |  | 12.52% | SOFR (Q) | 8.00% | 2.00% |  |  | 12/21/2022 |  | 12/21/2027 |  | 1,250 |  |  | 1,214 |  |  | 1,250 |  | (10)(20) |
|  |  | First Lien |  | 12.49% | SOFR (Q) | 8.00% | 2.00% |  |  | 12/21/2022 |  | 12/21/2027 |  | 13,000 |  |  | 12,863 |  |  | 13,000 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,077 |  |  | 14,250 |  |  |
Subtotal: Food, Agriculture & Beverage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 121,760 |  |  | 117,638 |  |  | 12.42 | %
Healthcare Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CENTRAL MEDICAL SUPPLY LLC |  |  | Revolving Loan |  | 11.29% | SOFR (Q) | 7.00% | 1.00% |  |  | 5/22/2020 |  | 5/22/2028 |  | 1,975 |  |  | 1,951 |  |  | 1,975 |  | (6)(10)(20) |
|  |  | First Lien |  | 11.29% | SOFR (Q) | 7.00% | 1.00% |  |  | 5/22/2020 |  | 5/22/2028 |  | 18,641 |  |  | 18,482 |  |  | 18,641 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,433 |  |  | 20,616 |  |  |
COMMAND GROUP ACQUISITION, LLC |  |  | First Lien |  | 11.79% | SOFR (Q) | 7.50% | 2.00% |  |  | 2/15/2024 |  | 2/15/2029 |  | 6,000 |  |  | 5,910 |  |  | 6,000 |  | (6) |  |
LKC TECHNOLOGIES, INC. |  |  | Revolving Loan |  |  | SOFR | 6.50% | 2.00% |  |  | 6/7/2023 |  | 6/7/2028 |  | — |  |  | (21) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 11.05% | SOFR (Q) | 6.50% | 2.00% |  |  | 6/7/2023 |  | 6/7/2028 |  | 15,441 |  |  | 15,308 |  |  | 15,441 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,287 |  |  | 15,441 |  |  |
SCRIP, INC. |  |  | First Lien |  | 12.14% | SOFR (M) | 8.00% | 2.00% |  |  | 3/21/2019 |  | 3/19/2027 |  | 17,837 |  |  | 17,796 |  |  | 15,696 |  |  |
Subtotal: Healthcare Equipment & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59,426 |  |  | 57,753 |  |  | 6.10 | %
Healthcare Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DWS BUYER LLC |  |  | Revolving Loan |  |  | SOFR | 5.50% | 0.75% |  |  | 7/29/2025 |  | 7/29/2031 |  | — |  |  | (19) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 9.70% | SOFR (Q) | 5.50% | 0.75% |  |  | 7/29/2025 |  | 7/29/2031 |  | 6,552 |  |  | 6,456 |  |  | 6,456 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 5.50% | 0.75% |  |  | 7/29/2025 |  | 7/29/2031 |  | — |  |  | (16) |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,421 |  |  | 6,456 |  |  |

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC |  |  | Revolving Loan |  | 10.51% | SOFR (Q) | 6.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | 100 |  |  | 75 |  |  | 99 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.79% | SOFR (Q) | 5.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | 8,050 |  |  | 7,980 |  |  | 7,977 |  |  |
|  |  | First Lien - Term Loan B |  | 11.79% | SOFR (Q) | 7.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | 8,050 |  |  | 7,979 |  |  | 7,977 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | — |  |  | — |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,034 |  |  | 16,053 |  |  |
NEUROPSYCHIATRIC HOSPITALS, LLC |  |  | Revolving Loan |  | 11.94% | SOFR (Q) | 7.50% | 1.00% |  |  | 5/14/2021 |  | 5/14/2026 |  | 1,000 |  |  | 982 |  |  | 1,000 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.94% | SOFR (Q) | 6.50% | 1.00% |  |  | 3/21/2023 |  | 5/14/2026 |  | 7,374 |  |  | 7,353 |  |  | 7,359 |  |  |
|  |  | First Lien - Term Loan B |  | 12.94% | SOFR (Q) | 8.50% | 1.00% |  |  | 3/21/2023 |  | 5/14/2026 |  | 7,374 |  |  | 7,353 |  |  | 7,388 |  |  |
|  |  | First Lien - Term Loan C |  | 14.44% | SOFR (Q) | 10.00% | 1.00% |  |  | 3/21/2023 |  | 5/14/2026 |  | 5,112 |  |  | 5,081 |  |  | 5,112 |  |  |
|  |  | First Lien - Term Loan D |  | 11.94% | SOFR (Q) | 7.50% | 1.00% |  |  | 10/27/2023 |  | 5/14/2026 |  | 12,884 |  |  | 12,794 |  |  | 12,884 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,563 |  |  | 33,743 |  |  |
ROSELAND MANAGEMENT, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 11/9/2018 |  | 11/10/2025 |  | — |  |  | (1) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 11.44% | SOFR (Q) | 7.00% | 2.00% |  |  | 11/9/2018 |  | 11/10/2025 |  | 14,473 |  |  | 14,473 |  |  | 14,473 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,472 |  |  | 14,473 |  |  |
SPECTRUM OF HOPE, LLC |  |  | First Lien - Superpriority Term Loan |  | 7.00% | Fixed |  |  | 7.00% |  | 12/23/2024 |  | 12/31/2029 |  | 3,592 |  |  | 3,592 |  |  | 3,592 |  | (7) |  |
|  |  | First Lien - Tranche A Term Loan |  | 6.00% | Fixed |  |  | 6.00% |  | 3/31/2025 |  | 12/31/2029 |  | 11,120 |  |  | 11,104 |  |  | 7,217 |  | (7)(16) |
|  |  | First Lien - Tranche B Term Loan |  | 8.00% | Fixed |  |  | 8.00% |  | 3/31/2025 |  | 12/31/2029 |  | 11,120 |  |  | 11,120 |  |  | — |  | (7)(16) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,816 |  |  | 10,809 |  |  |
SUPERIOR HEALTH PARENT LLC |  |  | Revolving Loan |  | 10.00% | SOFR (Q) | 6.00% | 1.50% |  |  | 12/26/2024 |  | 12/26/2030 |  | 1,000 |  |  | 980 |  |  | 988 |  | (10) |  |
|  |  | First Lien |  | 10.00% | SOFR (Q) | 6.00% | 1.50% |  |  | 12/26/2024 |  | 12/26/2030 |  | 17,500 |  |  | 17,381 |  |  | 17,290 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 1.50% |  |  | 12/26/2024 |  | 12/26/2030 |  | — |  |  | (76) |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,285 |  |  | 18,278 |  |  |
TALKNY MANAGEMENT HOLDINGS, LLC |  |  | First Lien |  | 11.54% | SOFR (Q) | 7.25% | 3.00% |  |  | 6/14/2024 |  | 6/14/2029 |  | 7,500 |  |  | 7,410 |  |  | 7,200 |  | (6) |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
WELL LABS PLUS, LLC |  |  | Revolving Loan |  |  | SOFR | 6.50% | 1.00% |  |  | 9/5/2025 |  | 9/5/2030 |  | — |  |  | (22) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 10.61% | SOFR (Q) | 6.50% | 1.00% |  |  | 9/5/2025 |  | 9/5/2030 |  | 15,250 |  |  | 15,136 |  |  | 15,136 |  | (20) |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.50% | 1.00% |  |  | 9/5/2025 |  | 9/5/2030 |  | — |  |  | — |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,114 |  |  | 15,136 |  |  |
Subtotal: Healthcare Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 223,272 |  |  | 206,904 |  |  | 21.85 | %
Industrial Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&M CONVEYOR, INC. |  |  | First Lien - Term Loan A |  | 10.90% | SOFR (M) | 6.50% | 1.50% |  |  | 1/3/2023 |  | 9/30/2026 |  | 6,500 |  |  | 6,459 |  |  | 6,500 |  | (15) |  |
|  |  | First Lien - Term Loan B |  | 12.90% | SOFR (M) | 8.50% | 1.50% |  |  | 1/3/2023 |  | 9/30/2026 |  | 6,500 |  |  | 6,460 |  |  | 6,500 |  | (15) |  |
|  |  | First Lien - Term Loan C |  | 10.90% | SOFR (M) | 6.50% | 1.50% |  |  | 10/2/2024 |  | 9/30/2026 |  | 7,810 |  |  | 7,768 |  |  | 7,810 |  | (15) |  |
|  |  | First Lien - Term Loan D |  | 12.90% | SOFR (M) | 8.50% | 1.50% |  |  | 10/2/2024 |  | 9/30/2026 |  | 7,810 |  |  | 7,768 |  |  | 7,810 |  | (15) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,455 |  |  | 28,620 |  |  |
DRIVE LINE SERVICE OF PORTLAND, LLC |  |  | Revolving Loan |  |  | SOFR | 8.00% | 2.00% |  |  | 12/16/2024 |  | 12/14/2029 |  | — |  |  | (17) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 12.29% | SOFR (Q) | 8.00% | 2.00% |  |  | 12/16/2024 |  | 12/14/2029 |  | 6,790 |  |  | 6,729 |  |  | 6,722 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,712 |  |  | 6,722 |  |  |
SUREKAP, LLC |  |  | First Lien - Term Loan A |  | 9.30% | SOFR (Q) | 5.00% | 1.50% |  |  | 6/24/2024 |  | 6/25/2029 |  | 19,089 |  |  | 18,947 |  |  | 18,001 |  |  |
|  |  | First Lien - Term Loan B |  | 11.30% | SOFR (Q) | 7.00% | 1.50% |  |  | 6/24/2024 |  | 6/25/2029 |  | 19,089 |  |  | 18,946 |  |  | 18,001 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 1.50% |  |  | 6/24/2024 |  | 6/25/2029 |  | — |  |  | — |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,893 |  |  | 36,002 |  |  |
Subtotal: Industrial Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 73,060 |  |  | 71,343 |  |  | 7.53 | %
Industrial Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GPT INDUSTRIES, LLC |  |  | Revolving Loan |  |  | SOFR | 9.00% | 2.00% |  |  | 1/30/2023 |  | 1/31/2028 |  | — |  |  | (28) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 11.55% | SOFR (Q) | 7.00% | 2.00% |  |  | 1/30/2023 |  | 1/31/2028 |  | 5,796 |  |  | 5,729 |  |  | 5,785 |  | (6)(19) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,701 |  |  | 5,785 |  |  |
LLFLEX, LLC |  |  | First Lien |  | 12.44% | SOFR (Q) | 8.00% | 1.00% | 3.00% |  | 8/16/2021 |  | 8/14/2026 |  | 10,201 |  |  | 10,153 |  |  | 7,651 |  | (15) |  |
SERVERLIFT, LLC |  |  | Revolving Loan |  | 9.54% | SOFR (Q) | 5.25% | 2.00% |  |  | 12/31/2024 |  | 12/31/2029 |  | 1,000 |  |  | 963 |  |  | 1,000 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 8.54% | SOFR (Q) | 4.25% | 2.00% |  |  | 12/31/2024 |  | 12/31/2029 |  | 16,000 |  |  | 15,877 |  |  | 16,000 |  |  |
|  |  | First Lien - Term Loan B |  | 10.54% | SOFR (Q) | 6.25% | 2.00% |  |  | 12/31/2024 |  | 12/31/2029 |  | 16,000 |  |  | 15,876 |  |  | 16,000 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,716 |  |  | 33,000 |  |  |
Subtotal: Industrial Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,570 |  |  | 46,436 |  |  | 4.90 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Industrial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP LOENBRO HOLDINGS INC. |  |  | Revolving Loan |  | 10.01% | SOFR (M) | 5.75% | 1.50% |  |  | 2/9/2024 |  | 2/1/2029 |  | 330 |  |  | 316 |  |  | 330 |  | (10) |  |
|  |  | First Lien |  | 10.16% | SOFR (Q) | 5.75% | 1.50% |  |  | 2/9/2024 |  | 2/1/2029 |  | 17,132 |  |  | 16,973 |  |  | 17,132 |  | (20) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,289 |  |  | 17,462 |  |  |
MISSION CRITICAL GROUP, LLC |  |  | Revolving Loan |  |  | SOFR | 6.00% | 1.00% |  |  | 6/18/2025 |  | 4/17/2030 |  | — |  |  | (36) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 10.14% | SOFR (M) | 6.00% | 1.00% |  |  | 6/18/2025 |  | 4/17/2030 |  | 10,977 |  |  | 10,767 |  |  | 10,901 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 1.00% |  |  | 6/18/2025 |  | 4/17/2030 |  | — |  |  | (43) |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,688 |  |  | 10,901 |  |  |
PRECISION SPRAY & COATINGS, LLC |  |  | First Lien |  | 11.80% | SOFR (Q) | 7.50% | 2.00% |  |  | 8/1/2025 |  | 8/1/2030 |  | 4,000 |  |  | 3,961 |  |  | 3,961 |  | (6) |  |
UPS INTERMEDIATE, LLC |  |  | First Lien |  | 10.41% | SOFR (M) | 6.25% | 1.00% |  |  | 7/31/2024 |  | 7/27/2029 |  | 9,875 |  |  | 9,713 |  |  | 9,678 |  | (15) |  |
Subtotal: Industrial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41,651 |  |  | 42,002 |  |  | 4.44 | %
Media & Marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
360 QUOTE TOPCO, LLC |  |  | Revolving Loan |  | 10.65% | SOFR (Q) | 6.50% | 1.00% |  |  | 6/16/2022 |  | 6/16/2027 |  | 846 |  |  | 801 |  |  | 846 |  | (10) |  |
|  |  | First Lien |  | 10.65% | SOFR (Q) | 6.50% | 1.00% |  |  | 6/16/2022 |  | 6/16/2027 |  | 26,198 |  |  | 26,059 |  |  | 26,198 |  | (19) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,860 |  |  | 27,044 |  |  |
ACCELERATION PARTNERS |  |  | First Lien |  | 12.33% | SOFR (Q) | 7.89% | 1.00% |  |  | 12/1/2020 |  | 12/31/2026 |  | 19,749 |  |  | 19,607 |  |  | 19,749 |  | (8)(20) |
BOND BRAND LOYALTY ULC |  |  | Revolving Loan |  | 11.44% | SOFR (Q) | 7.00% | 2.00% |  |  | 5/1/2023 |  | 5/1/2028 |  | 800 |  |  | 779 |  |  | 800 |  | (9)(10)(22) |
|  |  | First Lien - Term Loan A |  | 10.44% | SOFR (Q) | 6.00% | 2.00% |  |  | 5/1/2023 |  | 5/1/2028 |  | 8,820 |  |  | 8,715 |  |  | 8,820 |  | (9)(22) |
|  |  | First Lien - Term Loan B |  | 12.44% | SOFR (Q) | 8.00% | 2.00% |  |  | 5/1/2023 |  | 5/1/2028 |  | 8,820 |  |  | 8,713 |  |  | 8,820 |  | (9)(22) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,207 |  |  | 18,440 |  |  |
EXACT BORROWER, LLC |  |  | Revolving Loan |  |  | SOFR | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | — |  |  | (20) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.44% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | 6,753 |  |  | 6,689 |  |  | 6,658 |  |  |
|  |  | First Lien - Term Loan B |  | 10.44% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | 6,753 |  |  | 6,689 |  |  | 6,658 |  |  |
|  |  | First Lien - Term Loan C |  | 10.44% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/31/2024 |  | 8/6/2027 |  | 11,443 |  |  | 11,358 |  |  | 11,282 |  |  |
|  |  | Delayed Draw Term Loan |  | 10.44% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | 3,591 |  |  | 3,539 |  |  | 3,541 |  | (10) |  |
|  |  | Promissory Note |  | 13.57% | Fixed |  |  |  |  | 12/7/2022 |  | 12/6/2028 |  | 385 |  |  | 385 |  |  | 385 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,640 |  |  | 28,524 |  |  |
FMT SOLUTIONS, LLC |  |  | First Lien |  | 11.79% | SOFR (Q) | 7.50% | 2.00% |  |  | 11/19/2024 |  | 11/19/2029 |  | 6,750 |  |  | 6,691 |  |  | 6,750 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
IGNITE VISIBILITY LLC |  |  | Revolving Loan |  |  | SOFR | 6.00% | 1.00% |  |  | 12/1/2023 |  | 12/1/2028 |  | — |  |  | (19) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.29% | SOFR (Q) | 5.00% | 1.00% |  |  | 12/1/2023 |  | 12/1/2028 |  | 7,500 |  |  | 7,437 |  |  | 7,500 |  | (10) |  |
|  |  | First Lien - Term Loan B |  | 11.29% | SOFR (Q) | 7.00% | 1.00% |  |  | 12/1/2023 |  | 12/1/2028 |  | 7,500 |  |  | 7,436 |  |  | 7,500 |  | (10) |  |
|  |  | Delayed Draw Term Loan |  | 10.27% | SOFR (Q) | 6.00% | 1.00% |  |  | 4/3/2025 |  | 12/1/2028 |  | 5,500 |  |  | 5,404 |  |  | 5,500 |  | (10)(20) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,258 |  |  | 20,500 |  |  |
LOCAL WEB LEADS, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 7/3/2025 |  | 7/3/2030 |  | — |  |  | (9) |  |  | — |  | (6)(10) |
|  |  | First Lien - Term Loan A |  | 10.30% | SOFR (Q) | 6.00% | 2.00% |  |  | 7/3/2025 |  | 7/3/2030 |  | 6,750 |  |  | 6,686 |  |  | 6,686 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 12.30% | SOFR (Q) | 8.00% | 2.00% |  |  | 7/3/2025 |  | 7/3/2030 |  | 6,750 |  |  | 6,686 |  |  | 6,686 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,363 |  |  | 13,372 |  |  |
SOCIALSEO, LLC |  |  | Revolving Loan |  | 11.28% | SOFR (M) | 7.00% | 2.00% |  |  | 3/6/2025 |  | 6/24/2027 |  | 1,200 |  |  | 1,177 |  |  | 1,189 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.28% | SOFR (M) | 6.00% | 2.00% |  |  | 3/6/2025 |  | 6/24/2027 |  | 10,125 |  |  | 10,047 |  |  | 10,034 |  |  |
|  |  | First Lien - Term Loan B |  | 12.28% | SOFR (M) | 8.00% | 2.00% |  |  | 3/6/2025 |  | 6/24/2027 |  | 10,125 |  |  | 10,046 |  |  | 10,034 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,270 |  |  | 21,257 |  |  |
Subtotal: Media & Marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 154,896 |  |  | 155,636 |  |  | 16.43 | %
Movies & Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRAFTY APES, LLC |  |  | First Lien |  | 10.75% | SOFR (M) | 6.50% | 1.00% | 10.75% |  | 11/20/2024 |  | 6/1/2027 |  | 4,053 |  |  | 3,926 |  |  | 3,863 |  | (6)(8) |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.50% | 1.00% |  |  | 11/20/2024 |  | 6/1/2027 |  | — |  |  | — |  |  | — |  | (6)(8)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,926 |  |  | 3,863 |  |  |
Subtotal: Movies & Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,926 |  |  | 3,863 |  |  | 0.41 | %
Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LGM PHARMA LLC |  |  | Revolving Loan |  |  | SOFR | 8.50% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | — |  |  | (11) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 11.78% | SOFR (M) | 7.50% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | 4,799 |  |  | 4,781 |  |  | 4,799 |  |  |
|  |  | First Lien - Term Loan B |  | 13.78% | SOFR (M) | 9.50% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | 4,799 |  |  | 4,781 |  |  | 4,799 |  |  |
|  |  | First Lien |  | 12.69% | SOFR (M) | 8.50% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | 19,913 |  |  | 19,720 |  |  | 19,913 |  | (20) |  |
|  |  | Delayed Draw Term Loan |  | 12.78% | SOFR (M) | 8.50% | 1.00% |  |  | 3/16/2018 |  | 11/20/2026 |  | 4,204 |  |  | 4,173 |  |  | 4,204 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,444 |  |  | 33,715 |  |  |
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,444 |  |  | 33,715 |  |  | 3.56 | %

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
ZENFOLIO INC. |  |  | Revolving Loan |  | 11.95% | SOFR (Q) | 7.50% | 1.00% |  |  | 7/17/2017 |  | 12/30/2027 |  | 2,500 |  |  | 2,460 |  |  | 2,500 |  | (10) |  |
|  |  | First Lien |  | 11.95% | SOFR (Q) | 7.50% | 1.00% |  |  | 7/17/2017 |  | 12/30/2027 |  | 19,687 |  |  | 19,564 |  |  | 19,687 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,024 |  |  | 22,187 |  |  |
Subtotal: Software & IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,095 |  |  | 47,320 |  |  | 5.00 | %
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ATS OPERATING, LLC |  |  | Revolving Loan |  | 10.53% | SOFR (Q) | 6.00% | 1.00% |  |  | 1/18/2022 |  | 1/18/2028 |  | 2,250 |  |  | 2,224 |  |  | 2,250 |  | (10)(20) |
|  |  | First Lien - Term Loan A |  | 9.55% | SOFR (Q) | 5.00% | 1.00% |  |  | 1/18/2022 |  | 1/18/2028 |  | 9,250 |  |  | 9,170 |  |  | 9,250 |  |  |
|  |  | First Lien - Term Loan B |  | 11.55% | SOFR (Q) | 7.00% | 1.00% |  |  | 1/18/2022 |  | 1/18/2028 |  | 9,250 |  |  | 9,171 |  |  | 9,250 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,565 |  |  | 20,750 |  |  |
CATBIRD NYC, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 1.00% |  |  | 10/15/2021 |  | 10/16/2028 |  | — |  |  | (34) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 11.44% | SOFR (Q) | 7.00% | 1.00% |  |  | 10/15/2021 |  | 10/16/2028 |  | 14,377 |  |  | 14,287 |  |  | 14,377 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,253 |  |  | 14,377 |  |  |
Subtotal: Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,818 |  |  | 35,127 |  |  | 3.71 | %
Technology Products & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC. |  |  | First Lien - Term B Loan |  | 10.60% | SOFR (Q) | 6.25% | 1.00% |  |  | 3/12/2024 |  | 12/29/2027 |  | 3,358 |  |  | 3,334 |  |  | 2,350 |  |  |
TRAFERA, LLC |  |  | First Lien |  | 11.44% | SOFR (Q) | 7.00% | 1.00% |  |  | 9/30/2020 |  | 9/30/2027 |  | 5,525 |  |  | 5,511 |  |  | 5,249 |  | (15) |  |
Subtotal: Technology Products & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,845 |  |  | 7,599 |  |  | 0.80 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LOGIX HOLDING COMPANY, LLC |  |  | First Lien |  | 11.83% | SOFR (Q) | 7.50% | 2.00% | 2.75% |  | 3/11/2024 |  | 12/31/2028 |  | 2,323 |  |  | 2,323 |  |  | 1,858 |  |  |
|  |  | First Lien |  | —% |  |  |  |  |  | 3/11/2024 |  | 12/31/2028 |  | 314 |  |  | 314 |  |  | 314 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,637 |  |  | 2,172 |  |  |
MERCURY ACQUISITION 2021, LLC |  |  | First Lien |  | 12.55% | SOFR (Q) | 8.00% | 1.00% |  |  | 12/6/2021 |  | 12/7/2026 |  | 12,957 |  |  | 12,890 |  |  | 10,858 |  |  |
|  |  | Second Lien |  | 15.55% | SOFR (Q) | 11.00% | 1.00% |  |  | 12/6/2021 |  | 12/7/2026 |  | 2,927 |  |  | 2,905 |  |  | 1,171 |  | (16) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,795 |  |  | 12,029 |  |  |
U.S. TELEPACIFIC CORP. |  |  | First Lien |  | 12.32% | SOFR(Q) | 8.00% | 1.00% | 7.00% |  | 3/19/2024 |  | 5/2/2026 |  | 2,630 |  |  | 2,630 |  |  | 1,063 |  |  |
|  |  | Third Lien |  | —% |  |  |  |  |  | 3/18/2024 |  | 5/2/2027 |  | 230 |  |  | 230 |  |  | 58 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,860 |  |  | 1,121 |  |  |
UNWIRED BROADBAND, LLC |  |  | First Lien |  | 10.40% | SOFR (M) | 6.25% | 1.00% |  |  | 9/30/2025 |  | 9/30/2027 |  | 6,975 |  |  | 6,836 |  |  | 6,836 |  | (10) |  |
|  |  | Delayed Draw Term Loan A |  |  | SOFR | 6.25% | 1.00% |  |  | 9/30/2025 |  | 9/30/2027 |  | — |  |  | (158) |  |  | — |  | (10) |  |
|  |  | Delayed Draw Term Loan B |  |  | SOFR | 8.75% | 1.00% | 2.50% |  | 9/30/2025 |  | 9/30/2027 |  | — |  |  | (134) |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,544 |  |  | 6,836 |  |  |
Subtotal: Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,836 |  |  | 22,158 |  |  | 2.34 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 |  | Current Interest Rate 3 |  | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Transportation & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EVEREST TRANSPORTATION SYSTEMS, LLC |  |  | First Lien |  | 12.26% | SOFR (M) | 8.00% | 1.00% |  |  | 11/9/2021 |  | 8/26/2026 |  | 6,104 |  |  | 6,091 |  |  | 3,968 |  |  |
GUARDIAN FLEET SERVICES, INC. |  |  | First Lien |  | 13.44% | SOFR (Q) | 9.00% | 2.50% | 1.75% |  | 2/10/2023 |  | 2/10/2028 |  | 20,449 |  |  | 19,999 |  |  | 20,449 |  |  |
ITA HOLDINGS GROUP, LLC |  |  | Revolving Loan |  | 11.44% | SOFR (Q) | 7.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 3,525 |  |  | 3,482 |  |  | 3,525 |  | (6) |  |
|  |  | First Lien - Term Loan A |  | 11.44% | SOFR (Q) | 7.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 14,840 |  |  | 13,692 |  |  | 14,840 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 11.44% | SOFR (Q) | 7.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 14,840 |  |  | 13,669 |  |  | 14,840 |  | (6) |  |
|  |  | First Lien - Term Loan C |  | 11.44% | SOFR (Q) | 7.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 12,338 |  |  | 12,338 |  |  | 12,338 |  | (6) |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | — |  |  | — |  |  | — |  | (6)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,181 |  |  | 45,543 |  |  |
Subtotal: Transportation & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 69,271 |  |  | 69,960 |  |  | 7.39 | %
Total: Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,760,668 |  |  | $ | 1,706,251 |  |  | 180.17 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Building & Infrastructure Products |  |  |  |  |  |  |  |  |  |  |  |  |
BRANDNER DESIGN, LLC |  |  | 27,000 |  | Class A Units |  | 4/15/2024 |  | $ | 105 |  |  | $ | — |  | (7)(9)(13) |
Subtotal: Building & Infrastructure Products |  |  |  |  |  |  |  |  | 105 |  |  | — |  |  | — | %
Business Services |  |  |  |  |  |  |  |  |  |  |  |  |
DYNAMIC COMMUNITIES, LLC |  |  | 250,000 |  | Class A Preferred Units |  | 12/20/2022 |  | 250 |  |  | 317 |  | (6)(9)(13) |
|  |  | 5,435,211.03 |  | Class B Preferred Units |  | 12/20/2022 |  | 2,218 |  |  | — |  | (6)(9)(13) |
|  |  | 255,984.22 |  | Class C Preferred Units |  | 12/20/2022 |  | — |  |  | — |  | (6)(9)(13) |
|  |  | 2,500,000 |  | Common Units |  | 12/20/2022 |  | — |  |  | — |  | (6)(9)(13) |
|  |  |  |  |  |  |  |  | 2,468 |  |  | 317 |  |  |
IVUEIT, LLC |  |  | 2,000 |  | Preferred Units |  | 2/3/2025 |  | 2,000 |  |  | 2,232 |  | (6)(9)(13) |
SPOTLIGHT AR, LLC |  |  | 750 |  | Common Units |  | 12/8/2021 |  | 750 |  |  | 1,366 |  | (9)(11)(13) |
US COURTSCRIPT HOLDINGS, INC. |  |  | 1,000,000 |  | Class D-3 Units |  | 5/17/2022 |  | 1,000 |  |  | 1,311 |  | (9)(13) |
|  |  | 211,862.61 |  | Class D-4 Units |  | 10/31/2022 |  | 212 |  |  | 268 |  | (9)(13) |
|  |  | 211,465.87 |  | Class D-5 Units |  | 1/10/2023 |  | 211 |  |  | 263 |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,423 |  |  | 1,842 |  |  |
Subtotal: Business Services |  |  |  |  |  |  |  |  | 6,641 |  |  | 5,757 |  |  | 0.61 | %
Commercial Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |
LEHR UPFITTERS, LLC |  |  | 7,250 |  | Class A Preferred Units |  | 9/19/2024 |  | 725 |  |  | 1,733 |  | (9)(13) |
VP MOVE PURCHASER, INC. |  |  | 900,000 |  | Class A Preferred Units |  | 2/3/2025 |  | 900 |  |  | 900 |  | (9)(13) |
WHITE PLAINS LINEN LLC |  |  | 16.75 | % |  | LP Interest |  | 8/1/2025 |  | 335 |  |  | 335 |  | (6)(9)(13) |
Subtotal: Commercial Services & Supplies |  |  |  |  |  |  |  |  | 1,960 |  |  | 2,968 |  |  | 0.31 | %
Consumer Products |  |  |  |  |  |  |  |  |  |  |  |  |
ALLIANCE SPORTS GROUP, L.P |  |  | 3.88 | % |  | membership preferred interest |  | 8/1/2017 |  | 2,500 |  |  | 2,530 |  |  |
GRAVITIQ LLC |  |  |  |  | Warrants (Expiration - January 17, 2032) |  | 1/17/2025 |  | 1,597 |  |  | 2,192 |  | (6)(9)(13) |
HEAT TRAK, LLC |  |  |  |  | Warrants (Expiration- March 28, 2035) |  | 6/12/2023 |  | 1,268 |  |  | — |  | (9)(13) |
SHEARWATER RESEARCH, INC. |  |  | 1,200,000 |  | Class A Preferred Units |  | 4/30/2021 |  | 603 |  |  | 730 |  | (9)(13)(22) |
|  |  | 40,000 |  | Class A Common Units |  | 4/30/2021 |  | 33 |  |  | 1,673 |  | (9)(13)(22) |
|  |  |  |  |  |  |  |  | 636 |  |  | 2,403 |  |  |
TRU FRAGRANCE & BEAUTY LLC |  |  | 1,000,000 |  | Preferred Units |  | 3/22/2024 |  | 1,019 |  |  | 1,276 |  | (9)(11)(13) |
Subtotal: Consumer Products |  |  |  |  |  |  |  |  | 7,020 |  |  | 8,401 |  |  | 0.89 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC) |  |  | 535,714.29 |  | Class A Units |  | 9/23/2022 |  | 750 |  |  | — |  | (9)(13) |
|  |  | 250,000 |  | Class B Units |  | 4/13/2023 |  | 250 |  |  | — |  | (9)(13) |
|  |  | 496,674.92 |  | Class A-1 Units |  | 5/30/2024 |  | 196 |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,196 |  |  | — |  |  |
CAMPANY ROOF MAINTENANCE, LLC |  |  | 2,951.56 |  | Class A Units |  | 7/26/2024 |  | 295 |  |  | 188 |  | (9)(13) |
KINDRED PET SERVICE, LLC (FKA RED DOG OPERATIONS HOLDING COMPANY LLC) |  |  | 1,244 |  | Class A Units |  | 11/15/2024 |  | 1,244 |  |  | 1,025 |  | (6)(9)(13) |
LIFT BRANDS, INC. |  |  | 1,051 |  | Shares of Class A Common Stock |  | 4/2/2024 |  | 749 |  |  | 263 |  |  |
POOL SERVICE PARTNERS, INC. |  |  | 10,667 |  | Common Units |  | 12/20/2023 |  | 1,150 |  |  | 946 |  | (6)(9)(13) |
TMT BHC BUYER, INC. |  |  | 500,000 |  | Class A Units |  | 3/7/2024 |  | 500 |  |  | 879 |  | (9)(13) |
WASH & WAX SYSTEMS LLC |  |  | 2,926 |  | Class A Common Units |  | 4/30/2025 |  | 3,951 |  |  | 3,432 |  |  |
Subtotal: Consumer Services |  |  |  |  |  |  |  |  | 9,085 |  |  | 6,733 |  |  | 0.71 | %
Data Processing & Outsourced Services |  |  |  |  |  |  |  |  |  |  |  |  |
RESEARCH NOW GROUP, LLC |  |  |  |  | Warrants (Expiration - July 15, 2029) |  | 7/15/2024 |  | — |  |  | — |  |  |
Subtotal: Data Processing & Outsourced Services |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — | %
Distribution |  |  |  |  |  |  |  |  |  |  |  |  |
BINSWANGER HOLDING CORP. |  |  | 900,000 |  | Shares of Common Stock |  | 3/9/2017 |  | 900 |  |  | 618 |  |  |
KMS, LLC |  |  | 19,395.96 |  | Series A Preferred Units |  | 2/10/2025 |  | 6,305 |  |  | 8,457 |  | (7) |  |
Subtotal: Distribution |  |  |  |  |  |  |  |  | 7,205 |  |  | 9,075 |  |  | 0.96 | %
Education |  |  |  |  |  |  |  |  |  |  |  |  |
STUDENT RESOURCE CENTER LLC |  |  | 355,555.56 |  | Senior Preferred Units |  | 9/11/2024 |  | 356 |  |  | — |  | (6) |  |
|  |  | 10,502,487.46 |  | Preferred Units |  | 12/31/2022 |  | 5,845 |  |  | — |  | (6) |  |
|  |  | 2,000,000 |  | Preferred Units |  | 12/31/2022 |  | — |  |  | — |  | (6)(9)(13) |
|  |  |  |  |  |  |  |  | 6,201 |  |  | — |  |  |
Subtotal: Education |  |  |  |  |  |  |  |  | 6,201 |  |  | — |  |  | — | %

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Healthcare Products |  |  |  |  |  |  |  |  |  |  |  |  |
DWS BUYER LLC |  |  | 250 |  | Series A Units |  | 7/29/2025 |  | 250 |  |  | 250 |  | (9)(13) |
LIGHTNING INTERMEDIATE II, LLC |  |  | 0.42 | % |  | LLC interest |  | 6/6/2022 |  | 600 |  |  | 263 |  | (9)(13) |
Subtotal: Healthcare Products |  |  |  |  |  |  |  |  | 850 |  |  | 513 |  |  | 0.05 | %
Healthcare Services |  |  |  |  |  |  |  |  |  |  |  |  |
AAC NEW HOLDCO INC. |  |  | 11,909,273.85 |  | Preferred Units |  | 3/31/2025 |  | 5,702 |  |  | — |  | (6) |  |
|  |  | 617,803 |  | Common Units |  | 12/11/2020 |  | 2,944 |  |  | — |  | (6) |  |
|  |  |  |  | Warrants (Expiration - December 11, 2025) |  | 12/11/2020 |  | 2,584 |  |  | — |  | (6) |  |
|  |  |  |  |  |  |  |  | 11,230 |  |  | — |  |  |
ASC ORTHO MANAGEMENT COMPANY, LLC |  |  | 2,572 |  | Common Units |  | 8/31/2018 |  | 1,026 |  |  | — |  | (9)(13) |
CAVALIER BUYER, INC. |  |  | 871,972.67 |  | Preferred Units |  | 2/10/2023 |  | 930 |  |  | 837 |  | (9)(13) |
|  |  | 871,972.67 |  | Class A-1 Units |  | 2/10/2023 |  | — |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 930 |  |  | 837 |  |  |
CDC DENTAL MANAGEMENT CO., LLC |  |  | 1,568.70 |  | Class Y Units |  | 10/31/2023 |  | 1,000 |  |  | 2,069 |  | (9)(13) |
DELPHI LENDER HOLDCO LLC |  |  | 254 |  | Common Units |  | 6/9/2023 |  | — |  |  | — |  |  |
HH-INSPIRE ACQUISITION, INC |  |  | 146,065.51 |  | Preferred Units |  | 4/3/2023 |  | 381 |  |  | 124 |  | (9)(13) |
INSTITUTES OF HEALTH, LLC |  |  | 100,000 |  | Class A Units |  | 9/29/2023 |  | 1,000 |  |  | 966 |  | (9)(13) |
OPCO BORROWER, LLC |  |  | 1,111.11 |  | Common Shares |  | 4/26/2024 |  | 207 |  |  | 1,006 |  | (11) |  |
ROSELAND MANAGEMENT, LLC |  |  | 3,364 |  | Class A-2 Units |  | 3/31/2023 |  | 202 |  |  | 774 |  | (6) |  |
|  |  | 1,100 |  | Class A-1 Units |  | 9/26/2022 |  | 66 |  |  | 187 |  | (6) |  |
|  |  | 16,084 |  | Class A Units |  | 11/9/2018 |  | 1,517 |  |  | 806 |  | (6) |  |
|  |  |  |  |  |  |  |  | 1,785 |  |  | 1,767 |  |  |
SPECTRUM OF HOPE, LLC |  |  | 402,350 |  | Common Units |  | 2/17/2023 |  | 1,145 |  |  | — |  | (7) |  |
TALKNY MANAGEMENT HOLDINGS, LLC |  |  | 1,625,472 |  | Class A-1 Preferred Units |  | 6/14/2024 |  | 1,590 |  |  | 849 |  | (6)(9)(13) |
Subtotal: Healthcare Services |  |  |  |  |  |  |  |  | 20,294 |  |  | 7,618 |  |  | 0.80 | %
Industrial Machinery |  |  |  |  |  |  |  |  |  |  |  |  |
DRIVE LINE SERVICE OF PORTLAND, LLC |  |  | 1,000,000 |  | Class A Units |  | 12/16/2024 |  | 1,000 |  |  | 1,000 |  | (9)(13) |
SUREKAP, LLC |  |  | 430,144.53 |  | Common Units |  | 6/24/2024 |  | 500 |  |  | 260 |  | (9)(13) |
Subtotal: Industrial Machinery |  |  |  |  |  |  |  |  | 1,500 |  |  | 1,260 |  |  | 0.13 | %
Industrial Products |  |  |  |  |  |  |  |  |  |  |  |  |
GPT INDUSTRIES, LLC |  |  | 1,000,000 |  | Class A Units |  | 1/30/2023 |  | 1,000 |  |  | 3,305 |  | (6)(9)(11)(13) |
SERVERLIFT, LLC |  |  | 500,000 |  | Class A Units |  | 12/31/2024 |  | 500 |  |  | 1,750 |  | (9)(13) |
THE PRODUCTO GROUP, LLC |  |  | 1,988,469 |  | Class A Units |  | 12/31/2021 |  | 1,988 |  |  | 7,853 |  | (9)(13) |
Subtotal: Industrial Products |  |  |  |  |  |  |  |  | 3,488 |  |  | 12,908 |  |  | 1.36 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Industrial Services |  |  |  |  |  |  |  |  |  |  |  |  |
PRECISION SPRAY & COATINGS, LLC |  |  | 2,000 |  | Class A-2 Units |  | 8/1/2025 |  | 2,000 |  |  | 2,000 |  | (6)(9)(13) |
Subtotal: Industrial Services |  |  |  |  |  |  |  |  | 2,000 |  |  | 2,000 |  |  | 0.21 | %
Media & Marketing |  |  |  |  |  |  |  |  |  |  |  |  |
ACCELERATION, LLC |  |  | 13,451.22 |  | Preferred Units |  | 6/13/2022 |  | 893 |  |  | 990 |  | (9)(13) |
|  |  | 1,611.22 |  | Common Units |  | 6/13/2022 |  | 107 |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,000 |  |  | 990 |  |  |
ACCELERATION PARTNERS, LLC |  |  | 1,019 |  | Preferred Units |  | 12/1/2020 |  | 1,019 |  |  | 1,281 |  | (9)(13) |
|  |  | 1,019 |  | Class A Common Units |  | 12/1/2020 |  | 14 |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,033 |  |  | 1,281 |  |  |
BOND BRAND LOYALTY ULC |  |  | 1,000 |  | Preferred Units |  | 5/1/2023 |  | 1,000 |  |  | 799 |  | (9)(13)(22) |
|  |  | 1,000 |  | Class A Common Units |  | 5/1/2023 |  | — |  |  | — |  | (9)(13)(22) |
|  |  |  |  |  |  |  |  | 1,000 |  |  | 799 |  |  |
EXACT BORROWER, LLC |  |  | 615.156 |  | Common Units |  | 12/7/2022 |  | 615 |  |  | 945 |  |  |
IGNITE VISIBILITY LLC |  |  | 1,263 |  | Preferred Units |  | 12/1/2023 |  | 1,135 |  |  | 1,004 |  | (9)(13) |
|  |  | 1,263 |  | Class A Common Units |  | 12/1/2023 |  | 167 |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,302 |  |  | 1,004 |  |  |
INFOLINKS MEDIA BUYCO, LLC |  |  | 1.67 | % |  | LP interest |  | 10/29/2021 |  | 589 |  |  | 723 |  | (9)(10)(11)(13) |
LOCAL WEB LEADS, LLC |  |  | 750,000 |  | Common Units |  | 7/3/2025 |  | 750 |  |  | 750 |  | (6)(9)(13) |
OUTERBOX, LLC |  |  | 11,008.6744 |  | Class A Common Units |  | 6/8/2022 |  | 1,313 |  |  | 1,464 |  | (9)(13) |
SONOBI, INC. |  |  | 500,000 |  | Class A Common Units |  | 9/17/2020 |  | 500 |  |  | — |  | (6)(9)(13) |
Subtotal: Media & Marketing |  |  |  |  |  |  |  |  | 8,102 |  |  | 7,956 |  |  | 0.84 | %
Movies & Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |
CRAFTY APES, LLC |  |  | 1,519.07 |  | Class A Common Units |  | 11/20/2024 |  | 4,730 |  |  | 5,224 |  | (6) |  |
Subtotal: Movies & Entertainment |  |  |  |  |  |  |  |  | 4,730 |  |  | 5,224 |  |  | 0.55 | %
Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |
LGM PHARMA, LLC |  |  | 161,825.84 |  | Units of Class A Common Stock |  | 11/15/2017 |  | 1,753 |  |  | 4,766 |  | (9)(11)(13) |
STATINMED, LLC |  |  | 4,718.62 |  | Class A Preferred Units |  | 7/1/2022 |  | 4,838 |  |  | — |  | (6) |  |
|  |  | 39,097.96 |  | Class B Preferred Units |  | 7/1/2022 |  | 1,400 |  |  | — |  | (6) |  |
|  |  |  |  |  |  |  |  | 6,238 |  |  | — |  |  |
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  | 7,991 |  |  | 4,766 |  |  | 0.50 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Research & Consulting Services |  |  |  |  |  |  |  |  |  |  |  |  |
ENSTOA, INC. |  |  | 103,054 |  | Class A Units |  | 5/1/2025 |  | 1,031 |  |  | 774 |  | (9)(13) |
FS VECTOR LLC |  |  | 1,280.58 |  | Common Units |  | 4/26/2023 |  | 1,333 |  |  | 1,857 |  | (9)(11)(13) |
THE GOBEL GROUP, LLC |  |  | 500,000 |  | Class A-1 Preferred Units |  | 10/29/2024 |  | 500 |  |  | 500 |  | (9)(13) |
|  |  | 500,000 |  | Class A Common Units |  | 10/29/2024 |  | — |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 500 |  |  | 500 |  |  |
Subtotal: Research & Consulting Services |  |  |  |  |  |  |  |  | 2,864 |  |  | 3,131 |  |  | 0.33 | %
Software & IT Services |  |  |  |  |  |  |  |  |  |  |  |  |
ACACIA BUYERCO V LLC |  |  | 1,000,000 |  | Class B-2 Units |  | 11/25/2022 |  | 1,000 |  |  | 552 |  | (9)(13) |
GRAMMATECH, INC. |  |  | 1,000 |  | Class A Units |  | 11/1/2019 |  | 1,000 |  |  | 201 |  | (6) |  |
|  |  | 360.06 |  | Class A-1 Units |  | 1/10/2022 |  | 360 |  |  | 73 |  | (6) |  |
|  |  |  |  |  |  |  |  | 1,360 |  |  | 274 |  |  |
ISI ENTERPRISES, LLC |  |  | 1,000,000 |  | Series A Preferred Units |  | 10/1/2021 |  | 1,000 |  |  | 1,389 |  |  |
|  |  | 166,667 |  | Series A-1 Preferred Units |  | 6/7/2023 |  | 167 |  |  | 299 |  |  |
|  |  | 275,238 |  | Series A-2 Preferred Units |  | 9/30/2025 |  | 319 |  |  | 426 |  |  |
|  |  |  |  |  |  |  |  | 1,486 |  |  | 2,114 |  |  |
VTX HOLDINGS, INC. |  |  | 1,597,707 |  | Series A Preferred Units |  | 7/23/2019 |  | 1,598 |  |  | 2,360 |  | (9)(13) |
Subtotal: Software & IT Services |  |  |  |  |  |  |  |  | 5,444 |  |  | 5,300 |  |  | 0.56 | %
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |
ATS OPERATING, LLC |  |  | 1,000,000 |  | Preferred Units |  | 1/18/2022 |  | 1,000 |  |  | 1,391 |  | (9)(13) |
CATBIRD NYC, LLC |  |  | 1,000,000 |  | Class A Units |  | 10/15/2021 |  | 1,000 |  |  | 1,997 |  | (6)(9)(13) |
|  |  | 500,000 |  | Class B Units |  | 10/15/2021 |  | 500 |  |  | 864 |  | (6)(9)(10)(13) |
|  |  |  |  |  |  |  |  | 1,500 |  |  | 2,861 |  |  |
Subtotal: Specialty Retail |  |  |  |  |  |  |  |  | 2,500 |  |  | 4,252 |  |  | 0.45 | %
Technology Products & Components |  |  |  |  |  |  |  |  |  |  |  |  |
FLIP ELECTRONICS, LLC |  |  | 2,446,170 |  | Common Units |  | 1/4/2021 |  | 2,892 |  |  | 837 |  | (9)(13) |
TRAFERA, LLC (FKA TRINITY 3, LLC) |  |  | 896.43 |  | Class A Units |  | 11/15/2019 |  | 1,205 |  |  | 539 |  | (9)(13) |
Subtotal: Technology Products & Components |  |  |  |  |  |  |  |  | 4,097 |  |  | 1,376 |  |  | 0.15 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |
BROAD SKY NETWORKS LLC |  |  | 1,131,579 |  | Series A Preferred Units |  | 12/11/2020 |  | 1,132 |  |  | 1,342 |  | (9)(13) |
|  |  | 89,335 |  | Series C Preferred Units |  | 10/21/2022 |  | 89 |  |  | 153 |  | (9)(13) |
|  |  | 93,790 |  | Series D Preferred Units |  | 4/19/2024 |  | 119 |  |  | 238 |  | (9)(13) |
|  |  | 182,082 |  | Series F Preferred Units |  | 8/5/2025 |  | 282 |  |  | 564 |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,622 |  |  | 2,297 |  |  |
MERCURY ACQUISITION 2021, LLC |  |  | 12,059,033 |  | Series A Units |  | 12/6/2021 |  | — |  |  | — |  | (9)(13) |
Subtotal: Telecommunications |  |  |  |  |  |  |  |  | 1,622 |  |  | 2,297 |  |  | 0.24 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Transportation & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |
GUARDIAN FLEET SERVICES, INC. |  |  | 2,000,000 |  | Class A Units |  | 2/10/2023 |  | 2,000 |  |  | 2,877 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - February 10, 2033) |  | 2/10/2023 |  | 80 |  |  | 59 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - November 30, 2033) |  | 11/30/2023 |  | 20 |  |  | 32 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - January 24, 2034) |  | 1/24/2024 |  | 24 |  |  | 32 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - December 18, 2034) |  | 12/18/2024 |  | 22 |  |  | 13 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - April 2, 2035) |  | 4/2/2025 |  | 145 |  |  | 71 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - July 30, 2035) |  | 7/30/2025 |  | 52 |  |  | 52 |  | (9)(13) |
|  |  |  |  |  |  |  |  | 2,343 |  |  | 3,136 |  |  |
ITA HOLDINGS GROUP, LLC |  |  |  |  | Warrants (Expiration - March 29, 2029) |  | 3/29/2019 |  | 538 |  |  | 12,631 |  | (6)(9)(11)(13) |
|  |  |  |  | Warrants (Expiration - June 21, 2033) |  | 6/21/2023 |  | 3,791 |  |  | 15,488 |  | (6)(9)(11)(13) |
|  |  | 9.25 | % |  | Class A Membership Interest |  | 2/14/2018 |  | 1,500 |  |  | 12,645 |  | (6)(9)(11)(13) |
|  |  |  |  |  |  |  |  | 5,829 |  |  | 40,764 |  |  |
Subtotal: Transportation & Logistics |  |  |  |  |  |  |  |  | 8,172 |  |  | 43,900 |  |  | 4.64 | %
Total: Equity Investments |  |  |  |  |  |  |  |  | $ | 132,401 |  |  | $ | 167,914 |  |  | 17.73 | %
Other Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |
NINJATRADER, INC. |  |  |  |  | Earnout |  | 5/1/2025 |  | $ | 3,457 |  |  | $ | 3,742 |  | (9)(13) |
Subtotal: Financial Services |  |  |  |  |  |  |  |  | 3,457 |  |  | 3,742 |  |  | 0.40 | %
Total: Other Financial Instruments |  |  |  |  |  |  |  |  | $ | 3,457 |  |  | $ | 3,742 |  |  | 0.40 | %
Total Investments |  |  |  |  |  |  |  |  | $ | 1,896,526 |  |  | $ | 1,877,907 |  |  | 198.30 | %

(1)All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
(2)All of the Company’s investments, the investments of Capital Southwest SPV LLC ("SPV"), the investments of SBIC I (as defined below) and the investments of SBIC II (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP ("SBIC I") and Capital Southwest SBIC II, LP ("SBIC II"), the Company's wholly-owned subsidiaries that operate as small business investment companies, respectively.
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(3)The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at September 30, 2025. Certain investments are subject to an interest rate floor. As noted, certain investments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.
(4)The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
(5)Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At September 30, 2025, the Company held $1,488.4 million of non-control/non-affiliate investments, which represented approximately 79.3% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 157.1%.
(6)Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At September 30, 2025, the Company held $334.8 million of affiliate investments, which represented approximately 17.8% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 35.4%.
(7)Control investments are generally defined by the 1940 Act as investments in which the Company owns more than 25% of the voting securities or has greater than 50% representation on its board. At September 30, 2025, the Company held $54.7 million of control investments, which represented approximately 2.9% of the Company's investment assets. The fair value of these investments as a percent of net assets is 5.8%. In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if its unconsolidated subsidiaries are considered "significant subsidiaries." As of September 30, 2025, there were no unconsolidated subsidiaries that are considered "significant subsidiaries."
(8)The investment is structured as a first lien last out term loan.
(9)Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2025, approximately 8.3% of the Company's total assets (at fair value) were non-qualifying assets.
(10)The investment has an unfunded commitment as of September 30, 2025. Refer to Note 11 - Commitments and Contingencies for further discussion.
(11)Income producing through dividends or distributions.
(12)As of September 30, 2025, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $112.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $127.1 million. Cumulative net unrealized depreciation was $14.8 million, based on a tax cost of $1,885.0 million.
(13)Investment is held through a wholly-owned taxable subsidiary that has elected to be treated as a corporation for U.S. federal income tax purposes. Refer to Note 1 - Organization and Basis for Presentation for further discussion.
(14)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which, as of September 30, 2025, represented 198.3% of the Company's net assets or 92.9% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.
(15)The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
(16)Investment is on non-accrual status as of September 30, 2025, meaning the Company has ceased to recognize interest income on the investment.
(17)Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
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(18)Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
(19)The investment is structured as a first lien first out term loan.
(20)The rate presented represents a weighted average rate for borrowings under the facility as of September 30, 2025.
(21)Unless otherwise noted, all portfolio company headquarters are based in the United States.
(22)Portfolio company headquarters are located outside of the United States.
As of September 30, 2025, there were no investments that represented greater than 5% of our total assets.
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EDGE AUTONOMY HOLDINGS, LLC |  |  | Revolving Loan |  |  | SOFR | 7.50% | 2.00% |  |  | 4/21/2023 |  | 4/21/2028 |  | $ | — |  |  | $ | (73) |  |  | $ | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.98% | SOFR (Q) | 6.50% | 2.00% |  |  | 4/21/2023 |  | 4/21/2028 |  | 17,500 |  |  | 17,182 |  |  | 17,500 |  |  |
|  |  | First Lien - Term Loan B |  | 12.98% | SOFR (Q) | 8.50% | 2.00% |  |  | 4/21/2023 |  | 4/21/2028 |  | 17,500 |  |  | 17,184 |  |  | 17,500 |  |  |
|  |  | First Lien |  | 11.94% | SOFR (Q) | 7.50% | 2.00% |  |  | 10/31/2024 |  | 4/21/2028 |  | 17,500 |  |  | 17,263 |  |  | 17,500 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51,556 |  |  | 52,500 |  |  |
STELLANT MIDCO, LLC |  |  | First Lien |  | 9.92% | SOFR (M) | 5.50% | 0.75% |  |  | 3/7/2024 |  | 10/2/2028 |  | 1,776 |  |  | 1,765 |  |  | 1,767 |  |  |
|  |  | First Lien |  | 10.17% | SOFR (M) | 5.75% | 0.75% |  |  | 3/7/2024 |  | 10/2/2028 |  | 788 |  |  | 776 |  |  | 784 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,541 |  |  | 2,551 |  |  |
Subtotal: Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,097 |  |  | 55,051 |  |  | 6.23 | %
Building & Infrastructure Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BRANDNER DESIGN, LLC |  |  | Revolving Loan |  | 14.30% | SOFR (Q) | 10.00% | 2.00% |  |  | 4/15/2024 |  | 4/13/2029 |  | 100 |  |  | 88 |  |  | 85 |  | (7)(10) |
|  |  | First Lien |  | 14.31% | SOFR (Q) | 10.00% | 2.00% |  |  | 4/15/2024 |  | 4/13/2029 |  | 8,750 |  |  | 8,637 |  |  | 7,437 |  | (7) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,725 |  |  | 7,522 |  |  |
Subtotal: Building & Infrastructure Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,725 |  |  | 7,522 |  |  | 0.85 | %
Business Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DYNAMIC COMMUNITIES, LLC |  |  | First Lien - Term Loan A |  | 11.92% | SOFR (M) | 7.50% | 2.00% | 11.92% |  | 12/20/2022 |  | 12/31/2026 |  | 4,766 |  |  | 4,753 |  |  | 4,766 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 13.92% | SOFR (M) | 9.50% | 2.00% | 13.92% |  | 12/20/2022 |  | 12/31/2026 |  | 4,985 |  |  | 4,963 |  |  | 4,985 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,716 |  |  | 9,751 |  |  |
GAINS INTERMEDIATE, LLC |  |  | Revolving Loan |  |  | SOFR | 8.00% | 2.00% |  |  | 12/15/2022 |  | 12/15/2027 |  | — |  |  | (27) |  |  | — |  |  |
|  |  | First Lien - Term Loan A |  | 11.57% | SOFR (Q) | 7.00% | 2.00% | 7.00% |  | 12/15/2022 |  | 12/15/2027 |  | 7,099 |  |  | 7,012 |  |  | 6,105 |  |  |
|  |  | First Lien - Term Loan B |  | 13.57% | SOFR (Q) | 9.00% | 2.00% | 9.00% |  | 12/15/2022 |  | 12/15/2027 |  | 7,099 |  |  | 7,010 |  |  | 6,105 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,995 |  |  | 12,210 |  |  |
IVUEIT, LLC |  |  | Revolving Loan |  |  | SOFR | 6.00% | 2.00% |  |  | 2/3/2025 |  | 2/1/2030 |  | — |  |  | (10) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 10.29% | SOFR (Q) | 6.00% | 2.00% |  |  | 2/3/2025 |  | 2/1/2030 |  | 10,000 |  |  | 9,902 |  |  | 9,902 |  | (6) |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 2.00% |  |  | 2/3/2025 |  | 2/1/2030 |  | — |  |  | — |  |  | — |  | (6)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,892 |  |  | 9,902 |  |  |
SPOTLIGHT AR, LLC |  |  | Revolving Loan |  |  | SOFR | 6.75% | 1.00% |  |  | 12/8/2021 |  | 6/8/2026 |  | — |  |  | (11) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 11.21% | SOFR (Q) | 6.75% | 1.00% |  |  | 12/8/2021 |  | 6/8/2026 |  | 4,312 |  |  | 4,286 |  |  | 4,312 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,275 |  |  | 4,312 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
US COURTSCRIPT HOLDINGS, INC. |  |  | First Lien |  | 10.57% | SOFR (Q) | 6.00% | 1.00% |  |  | 5/17/2022 |  | 5/17/2027 |  | 14,800 |  |  | 14,625 |  |  | 14,800 |  |  |
WINTER SERVICES OPERATIONS, LLC |  |  | Revolving Loan |  | 12.56% | SOFR (Q) | 8.00% | 1.00% |  |  | 11/19/2021 |  | 11/19/2026 |  | 5,333 |  |  | 5,266 |  |  | 5,205 |  | (10)(20) |
|  |  | First Lien - Term Loan A |  | 11.57% | SOFR (Q) | 7.00% | 1.00% |  |  | 1/16/2024 |  | 11/19/2026 |  | 14,479 |  |  | 14,290 |  |  | 14,132 |  |  |
|  |  | First Lien - Term Loan B |  | 13.57% | SOFR (Q) | 9.00% | 1.00% |  |  | 1/16/2024 |  | 11/19/2026 |  | 14,479 |  |  | 14,294 |  |  | 14,132 |  |  |
|  |  | Delayed Draw Term Loan |  | 12.57% | SOFR (Q) | 8.00% | 1.00% |  |  | 11/19/2021 |  | 11/19/2026 |  | 3,748 |  |  | 3,691 |  |  | 3,659 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,541 |  |  | 37,128 |  |  |
Subtotal: Business Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90,044 |  |  | 88,103 |  |  | 9.97 | %
Commerical Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LEHR UPFITTERS, LLC |  |  | Revolving Loan |  |  | SOFR | 6.00% | 1.50% |  |  | 9/19/2024 |  | 9/19/2029 |  | — |  |  | (47) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 10.30% | SOFR (Q) | 6.00% | 1.50% |  |  | 9/19/2024 |  | 9/19/2029 |  | 26,557 |  |  | 26,054 |  |  | 26,348 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 1.50% |  |  | 10/31/2024 |  | 9/19/2029 |  | — |  |  | (48) |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,959 |  |  | 26,348 |  |  |
VP MOVE PURCHASER, INC. |  |  | Revolving Loan |  | 10.08% | SOFR (Q) | 5.75% | 2.00% |  |  | 2/3/2025 |  | 2/4/2030 |  | 300 |  |  | 269 |  |  | 269 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.04% | SOFR (Q) | 4.75% | 2.00% |  |  | 2/3/2025 |  | 2/4/2030 |  | 15,000 |  |  | 14,890 |  |  | 14,890 |  |  |
|  |  | First Lien - Term Loan B |  | 11.04% | SOFR (Q) | 6.75% | 2.00% |  |  | 2/3/2025 |  | 2/4/2030 |  | 15,000 |  |  | 14,890 |  |  | 14,890 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,049 |  |  | 30,049 |  |  |
Subtotal: Commerical Services & Supplies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,008 |  |  | 56,397 |  |  | 6.38 | %
Consumer Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALLIANCE SPORTS GROUP |  |  | Unsecured Convertible Note |  | 6.00% | Fixed |  |  | 6.00% |  | 7/15/2020 |  | 12/31/2026 |  | 173 |  |  | 173 |  |  | 173 |  |  |
GRAVITIQ LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 1/17/2025 |  | 1/16/2030 |  | — |  |  | (48) |  |  | — |  | (6)(10) |
|  |  | First Lien - Term Loan A |  | 10.30% | SOFR (Q) | 6.00% | 2.00% |  |  | 1/17/2025 |  | 1/16/2030 |  | 15,000 |  |  | 14,082 |  |  | 14,082 |  | (6) |  |
|  |  | First Lien - Term Loan B |  | 12.30% | SOFR (Q) | 8.00% | 2.00% |  |  | 1/17/2025 |  | 1/16/2030 |  | 15,000 |  |  | 14,082 |  |  | 14,082 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,116 |  |  | 28,164 |  |  |
HEAT TRAK, LLC |  |  | First Lien - Term Loan A |  | 14.46% | SOFR (Q) | 10.00% | 2.00% |  |  | 6/12/2023 |  | 6/9/2028 |  | 11,500 |  |  | 10,480 |  |  | 9,775 |  |  |
|  |  | First Lien - Term Loan E |  | 14.45% | SOFR (Q) | 10.00% | 2.00% |  |  | 3/28/2025 |  | 12/31/2025 |  | 2,500 |  |  | 2,500 |  |  | 2,500 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,980 |  |  | 12,275 |  |  |
HYBRID PROMOTIONS, LLC |  |  | Second Lien |  | 12.56% | SOFR (Q) | 8.25% | 1.00% |  |  | 6/30/2021 |  | 1/3/2028 |  | 15,999 |  |  | 15,841 |  |  | 15,871 |  | (15) |  |

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

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

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

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

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
CDC DENTAL MANAGEMENT CO., LLC |  |  | Revolving Loan |  | 12.31% | SOFR (Q) | 8.00% | 2.00% |  |  | 10/31/2023 |  | 10/31/2028 |  | 500 |  |  | 471 |  |  | 490 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 11.31% | SOFR (Q) | 7.00% | 2.00% |  |  | 10/31/2023 |  | 10/31/2028 |  | 5,500 |  |  | 5,414 |  |  | 5,390 |  |  |
|  |  | First Lien - Term Loan B |  | 13.31% | SOFR (Q) | 9.00% | 2.00% |  |  | 10/31/2023 |  | 10/31/2028 |  | 5,500 |  |  | 5,414 |  |  | 5,390 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,299 |  |  | 11,270 |  |  |
CITYVET INC. |  |  | First Lien |  | 11.41% | SOFR (Q) | 7.00% | 2.00% |  |  | 9/6/2023 |  | 9/6/2028 |  | 35,000 |  |  | 34,419 |  |  | 34,965 |  |  |
CUMBRIA CAPITAL MSO, LLC |  |  | Revolving Loan |  | 10.81% | SOFR (Q) | 6.50% | 2.00% |  |  | 10/28/2024 |  | 10/29/2029 |  | 400 |  |  | 386 |  |  | 397 |  | (10) |  |
|  |  | First Lien |  | 10.81% | SOFR (Q) | 6.50% | 2.00% |  |  | 10/28/2024 |  | 10/29/2029 |  | 5,400 |  |  | 5,350 |  |  | 5,362 |  |  |
|  |  | Delayed Draw Term Loan |  | 10.81% | SOFR (Q) | 6.50% | 2.00% |  |  | 10/28/2024 |  | 10/29/2029 |  | 1,050 |  |  | 1,040 |  |  | 1,043 |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,776 |  |  | 6,802 |  |  |
HH-INSPIRE ACQUISITION, INC. |  |  | Revolving Loan |  | 14.42% | SOFR (M) | 10.00% | 2.00% | 2.00% |  | 4/3/2023 |  | 4/3/2028 |  | 768 |  |  | 761 |  |  | 689 |  |  |
|  |  | First Lien |  | 14.42% | SOFR (M) | 10.00% | 2.00% | 2.00% |  | 4/3/2023 |  | 4/3/2028 |  | 8,259 |  |  | 8,111 |  |  | 7,408 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,872 |  |  | 8,097 |  |  |
INSTITUTES OF HEALTH, LLC |  |  | Revolving Loan |  |  | SOFR | 7.50% | 2.00% |  |  | 9/29/2023 |  | 9/29/2028 |  | — |  |  | (14) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.81% | SOFR (Q) | 6.50% | 2.00% |  |  | 9/29/2023 |  | 9/29/2028 |  | 7,500 |  |  | 7,386 |  |  | 7,447 |  |  |
|  |  | First Lien - Term Loan B |  | 12.81% | SOFR (Q) | 8.50% | 2.00% |  |  | 9/29/2023 |  | 9/29/2028 |  | 7,500 |  |  | 7,384 |  |  | 7,440 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,756 |  |  | 14,887 |  |  |
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC |  |  | Revolving Loan |  |  | SOFR | 6.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | — |  |  | (28) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.81% | SOFR (Q) | 5.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | 8,050 |  |  | 7,973 |  |  | 7,970 |  |  |
|  |  | First Lien - Term Loan B |  | 11.81% | SOFR (Q) | 7.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | 8,050 |  |  | 7,973 |  |  | 7,970 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.50% | 2.00% |  |  | 12/11/2024 |  | 12/11/2029 |  | — |  |  | — |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,918 |  |  | 15,940 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
NEUROPSYCHIATRIC HOSPITALS, LLC |  |  | Revolving Loan |  | 11.96% | SOFR (Q) | 7.50% | 1.00% |  |  | 5/14/2021 |  | 5/14/2026 |  | 3,000 |  |  | 2,973 |  |  | 3,000 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.96% | SOFR (Q) | 6.50% | 1.00% |  |  | 3/21/2023 |  | 5/14/2026 |  | 7,390 |  |  | 7,353 |  |  | 7,390 |  |  |
|  |  | First Lien - Term Loan B |  | 12.96% | SOFR (Q) | 8.50% | 1.00% |  |  | 3/21/2023 |  | 5/14/2026 |  | 7,390 |  |  | 7,353 |  |  | 7,390 |  |  |
|  |  | First Lien - Term Loan C |  | 14.46% | SOFR (Q) | 10.00% | 1.00% |  |  | 3/21/2023 |  | 5/14/2026 |  | 5,124 |  |  | 5,069 |  |  | 5,124 |  |  |
|  |  | First Lien - Term Loan D |  | 11.96% | SOFR (Q) | 7.50% | 1.00% |  |  | 10/27/2023 |  | 5/14/2026 |  | 12,914 |  |  | 12,757 |  |  | 12,914 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,505 |  |  | 35,818 |  |  |
ROSELAND MANAGEMENT, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 11/9/2018 |  | 11/10/2025 |  | — |  |  | (2) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 11.46% | SOFR (Q) | 7.00% | 2.00% |  |  | 11/9/2018 |  | 11/10/2025 |  | 14,598 |  |  | 14,598 |  |  | 14,598 |  | — |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,596 |  |  | 14,598 |  |  |
SPECTRUM OF HOPE, LLC |  |  | First Lien - Superpriority Term Loan |  | 12.96% | SOFR (Q) | 8.50% | 1.00% | 12.96% |  | 12/23/2024 |  | 12/31/2029 |  | 2,284 |  |  | 2,284 |  |  | 2,284 |  | (7) |  |
|  |  | First Lien - Tranche A |  | 12.96% | SOFR (Q) | 8.50% | 1.00% | 12.96% |  | 3/31/2025 |  | 12/31/2029 |  | 11,120 |  |  | 11,104 |  |  | 9,318 |  | (7)(16) |
|  |  | First Lien - Tranche B |  | 12.96% | SOFR (Q) | 8.50% | 1.00% | 12.96% |  | 3/31/2025 |  | 12/31/2029 |  | 11,120 |  |  | 11,120 |  |  | 3,114 |  | (7)(16) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,508 |  |  | 14,716 |  |  |
SUPERIOR HEALTH PARENT LLC |  |  | Revolving Loan |  | 10.30% | SOFR (Q) | 6.00% | 1.50% |  |  | 12/26/2024 |  | 12/26/2030 |  | 1,000 |  |  | 979 |  |  | 978 |  | (10) |  |
|  |  | First Lien |  | 10.30% | SOFR (Q) | 6.00% | 1.50% |  |  | 12/26/2024 |  | 12/26/2030 |  | 17,500 |  |  | 17,373 |  |  | 17,378 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 1.50% |  |  | 12/26/2024 |  | 12/26/2030 |  | — |  |  | (84) |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,268 |  |  | 18,356 |  |  |
TALKNY MANAGEMENT HOLDINGS, LLC |  |  | First Lien |  | 11.56% | SOFR (Q) | 7.25% | 3.00% |  |  | 6/14/2024 |  | 6/14/2029 |  | 7,500 |  |  | 7,401 |  |  | 7,312 |  | (6) |  |
Subtotal: Healthcare Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 208,731 |  |  | 199,308 |  |  | 22.56 | %
Industrial Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&M CONVEYOR, INC. |  |  | First Lien - Term Loan A |  | 10.44% | SOFR (M) | 6.00% | 1.50% |  |  | 1/3/2023 |  | 9/30/2026 |  | 6,500 |  |  | 6,440 |  |  | 6,500 |  | (15) |  |
|  |  | First Lien - Term Loan B |  | 12.44% | SOFR (M) | 8.00% | 1.50% |  |  | 1/3/2023 |  | 9/30/2026 |  | 6,500 |  |  | 6,441 |  |  | 6,500 |  | (15) |  |
|  |  | First Lien - Term Loan C |  | 10.44% | SOFR (M) | 6.00% | 1.50% |  |  | 10/2/2024 |  | 9/30/2026 |  | 7,810 |  |  | 7,749 |  |  | 7,810 |  | (15) |  |
|  |  | First Lien - Term Loan D |  | 12.44% | SOFR (M) | 8.00% | 1.50% |  |  | 10/2/2024 |  | 9/30/2026 |  | 7,810 |  |  | 7,749 |  |  | 7,810 |  | (15) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,379 |  |  | 28,620 |  |  |
DRIVE LINE SERVICE OF PORTLAND, LLC |  |  | Revolving Loan |  |  | SOFR | 8.00% | 2.00% |  |  | 12/16/2024 |  | 12/14/2029 |  | — |  |  | (18) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 12.31% | SOFR (Q) | 8.00% | 2.00% |  |  | 12/16/2024 |  | 12/14/2029 |  | 8,000 |  |  | 7,923 |  |  | 7,919 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,905 |  |  | 7,919 |  |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
SUREKAP, LLC |  |  | First Lien - Term Loan A |  | 9.30% | SOFR (Q) | 5.00% | 1.50% |  |  | 6/24/2024 |  | 6/25/2029 |  | 19,089 |  |  | 18,932 |  |  | 19,089 |  |  |
|  |  | First Lien - Term Loan B |  | 11.30% | SOFR (Q) | 7.00% | 1.50% |  |  | 6/24/2024 |  | 6/25/2029 |  | 19,089 |  |  | 18,931 |  |  | 19,089 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.00% | 1.50% |  |  | 6/24/2024 |  | 6/25/2029 |  | — |  |  | — |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,863 |  |  | 38,178 |  |  |
Subtotal: Industrial Machinery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74,147 |  |  | 74,717 |  |  | 8.46 | %
Industrial Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DAMOTECH INC. |  |  | Revolving Loan |  |  | SOFR | 5.50% | 2.00% |  |  | 7/7/2023 |  | 7/7/2028 |  | — |  |  | (39) |  |  | — |  | (9)(22)(10) |
|  |  | First Lien - Term Loan A |  | 8.96% | SOFR (Q) | 4.50% | 2.00% |  |  | 7/7/2023 |  | 7/7/2028 |  | 5,100 |  |  | 5,027 |  |  | 5,100 |  | (9)(22) |
|  |  | First Lien - Term Loan B |  | 10.96% | SOFR (Q) | 6.50% | 2.00% |  |  | 7/7/2023 |  | 7/7/2028 |  | 5,100 |  |  | 5,026 |  |  | 5,100 |  | (9)(22) |
|  |  | Delayed Draw Term Loan |  | 9.96% | SOFR (Q) | 5.50% | 2.00% |  |  | 7/7/2023 |  | 7/7/2028 |  | 3,000 |  |  | 2,950 |  |  | 3,000 |  | (9)(22) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,964 |  |  | 13,200 |  |  |
GPT INDUSTRIES, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 2.00% |  |  | 1/30/2023 |  | 1/31/2028 |  | — |  |  | (34) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 11.57% | SOFR (Q) | 7.00% | 2.00% |  |  | 1/30/2023 |  | 1/31/2028 |  | 5,866 |  |  | 5,786 |  |  | 5,866 |  | (6)(19) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,752 |  |  | 5,866 |  |  |
LLFLEX, LLC |  |  | First Lien |  | 12.46% | SOFR (Q) | 8.00% | 1.00% | 3.00% |  | 8/16/2021 |  | 8/14/2026 |  | 10,103 |  |  | 10,030 |  |  | 7,577 |  | (15) |  |
SERVERLIFT, LLC |  |  | Revolving Loan |  | 10.30% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/31/2024 |  | 12/31/2029 |  | 1,000 |  |  | 958 |  |  | 991 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.33% | SOFR (Q) | 5.00% | 2.00% |  |  | 12/31/2024 |  | 12/31/2029 |  | 16,000 |  |  | 15,866 |  |  | 15,856 |  |  |
|  |  | First Lien - Term Loan B |  | 11.33% | SOFR (Q) | 7.00% | 2.00% |  |  | 12/31/2024 |  | 12/31/2029 |  | 16,000 |  |  | 15,865 |  |  | 15,856 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,689 |  |  | 32,703 |  |  |
Subtotal: Industrial Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 61,435 |  |  | 59,346 |  |  | 6.72 | %
Industrial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP LOENBRO HOLDINGS INC. |  |  | Revolving Loan |  | 10.17% | SOFR (M) | 5.75% | 1.50% |  |  | 2/9/2024 |  | 2/1/2029 |  | 330 |  |  | 313 |  |  | 330 |  | (10) |  |
|  |  | First Lien |  | 10.14% | SOFR (Q) | 5.75% | 1.50% |  |  | 2/9/2024 |  | 2/1/2029 |  | 9,553 |  |  | 9,395 |  |  | 9,553 |  |  |
|  |  | First Lien |  | 10.16% | SOFR (Q) | 5.75% | 1.50% |  |  | 1/2/2025 |  | 2/1/2029 |  | 2,188 |  |  | 2,188 |  |  | 2,188 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 5.75% | 1.50% |  |  | 2/9/2024 |  | 2/1/2029 |  | — |  |  | (8) |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,888 |  |  | 12,071 |  |  |
UPS INTERMEDIATE, LLC |  |  | First Lien |  | 10.57% | SOFR (Q) | 6.25% | 1.00% |  |  | 7/31/2024 |  | 7/27/2029 |  | 9,925 |  |  | 9,746 |  |  | 9,528 |  | (15) |  |
Subtotal: Industrial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,634 |  |  | 21,599 |  |  | 2.44 | %
Media & Marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
360 QUOTE TOPCO, LLC |  |  | Revolving Loan |  | 10.95% | SOFR (Q) | 6.50% | 1.00% |  |  | 6/16/2022 |  | 6/16/2027 |  | 3,346 |  |  | 3,295 |  |  | 3,279 |  |  |
|  |  | First Lien |  | 10.95% | SOFR (Q) | 6.50% | 1.00% |  |  | 6/16/2022 |  | 6/16/2027 |  | 23,677 |  |  | 23,500 |  |  | 23,203 |  | (19) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,795 |  |  | 26,482 |  |  |
ACCELERATION PARTNERS |  |  | First Lien |  | 12.47% | SOFR (Q) | 8.01% | 1.00% |  |  | 12/1/2020 |  | 12/31/2026 |  | 19,749 |  |  | 19,570 |  |  | 19,749 |  | (8) |  |

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
BOND BRAND LOYALTY ULC |  |  | Revolving Loan |  | 11.46% | SOFR (Q) | 7.00% | 2.00% |  |  | 5/1/2023 |  | 5/1/2028 |  | 800 |  |  | 775 |  |  | 800 |  | (9)(10)(22) |
|  |  | First Lien - Term Loan A |  | 10.46% | SOFR (Q) | 6.00% | 2.00% |  |  | 5/1/2023 |  | 5/1/2028 |  | 8,865 |  |  | 8,743 |  |  | 8,865 |  |  |
|  |  | First Lien - Term Loan B |  | 12.46% | SOFR (Q) | 8.00% | 2.00% |  |  | 5/1/2023 |  | 5/1/2028 |  | 8,865 |  |  | 8,741 |  |  | 8,865 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,259 |  |  | 18,530 |  |  |
EXACT BORROWER, LLC |  |  | Revolving Loan |  |  | SOFR | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | — |  |  | (25) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.46% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | 6,800 |  |  | 6,721 |  |  | 6,726 |  |  |
|  |  | First Lien - Term Loan B |  | 10.46% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | 6,800 |  |  | 6,721 |  |  | 6,726 |  |  |
|  |  | First Lien - Term Loan C |  | 10.48% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/31/2024 |  | 8/6/2027 |  | 11,500 |  |  | 11,395 |  |  | 11,374 |  |  |
|  |  | Delayed Draw Term Loan |  | 10.46% | SOFR (Q) | 6.00% | 2.00% |  |  | 12/7/2022 |  | 8/6/2027 |  | 3,608 |  |  | 3,552 |  |  | 3,568 |  | (10) |  |
|  |  | Promissory Note |  | 13.57% | Fixed |  |  |  |  | 12/7/2022 |  | 12/6/2028 |  | 385 |  |  | 385 |  |  | 385 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,749 |  |  | 28,779 |  |  |
FMT SOLUTIONS, LLC |  |  | First Lien |  | 11.81% | SOFR (Q) | 7.50% | 2.00% |  |  | 11/19/2024 |  | 11/19/2029 |  | 6,750 |  |  | 6,686 |  |  | 6,682 |  |  |
IGNITE VISIBILITY LLC |  |  | Revolving Loan |  | 10.79% | SOFR (Q) | 6.50% | 1.50% |  |  | 12/1/2023 |  | 12/1/2028 |  | 500 |  |  | 478 |  |  | 490 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.81% | SOFR (Q) | 5.50% | 1.50% |  |  | 12/1/2023 |  | 12/1/2028 |  | 5,000 |  |  | 4,941 |  |  | 4,900 |  |  |
|  |  | First Lien - Term Loan B |  | 11.81% | SOFR (Q) | 7.50% | 1.50% |  |  | 12/1/2023 |  | 12/1/2028 |  | 5,000 |  |  | 4,940 |  |  | 4,900 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,359 |  |  | 10,290 |  |  |
SOCIALSEO, LLC |  |  | Revolving Loan |  | 11.31% | SOFR (Q) | 7.00% | 2.00% |  |  | 3/6/2025 |  | 6/24/2027 |  | 800 |  |  | 771 |  |  | 771 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.31% | SOFR (Q) | 6.00% | 2.00% |  |  | 3/6/2025 |  | 6/24/2027 |  | 10,125 |  |  | 10,027 |  |  | 10,027 |  |  |
|  |  | First Lien - Term Loan B |  | 12.31% | SOFR (Q) | 8.00% | 2.00% |  |  | 3/6/2025 |  | 6/24/2027 |  | 10,125 |  |  | 10,026 |  |  | 10,026 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,824 |  |  | 20,824 |  |  |
Subtotal: Media & Marketing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 131,242 |  |  | 131,336 |  |  | 14.86 | %
Movies & Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRAFTY APES, LLC |  |  | First Lien |  | 10.88% | SOFR (M) | 6.50% | 1.00% | 10.88% |  | 11/20/2024 |  | 6/1/2027 |  | 3,833 |  |  | 3,673 |  |  | 3,653 |  | (6)(8) |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 6.50% | 1.00% |  |  | 11/20/2024 |  | 6/1/2027 |  | — |  |  | — |  |  | — |  | (6)(8)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,673 |  |  | 3,653 |  |  |
Subtotal: Movies & Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,673 |  |  | 3,653 |  |  | 0.41 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LGM PHARMA LLC |  |  | Revolving Loan |  |  | SOFR | 8.00% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | — |  |  | (16) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 11.42% | SOFR (M) | 7.00% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | 4,823 |  |  | 4,798 |  |  | 4,770 |  |  |
|  |  | First Lien - Term Loan B |  | 13.42% | SOFR (M) | 9.00% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | 4,823 |  |  | 4,798 |  |  | 4,876 |  |  |
|  |  | First Lien |  | 12.42% | SOFR (M) | 8.00% | 1.00% |  |  | 11/28/2023 |  | 11/20/2026 |  | 4,938 |  |  | 4,878 |  |  | 4,938 |  |  |
|  |  | Delayed Draw Term Loan |  | 12.42% | SOFR (M) | 8.00% | 1.00% |  |  | 3/16/2018 |  | 11/20/2026 |  | 4,226 |  |  | 4,190 |  |  | 4,226 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,648 |  |  | 18,810 |  |  |
STATINMED, LLC |  |  | First Lien |  | 13.94% | SOFR (M) | 9.50% | 2.00% | 13.94% |  | 7/1/2022 |  | 7/1/2027 |  | 7,560 |  |  | 7,560 |  |  | — |  | (6)(16) |
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,208 |  |  | 18,810 |  |  | 2.13 | %
Research & Consulting Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FS VECTOR LLC |  |  | Revolving Loan |  |  | SOFR | 5.75% | 1.00% |  |  | 4/26/2023 |  | 4/26/2028 |  | — |  |  | (61) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.21% | SOFR (Q) | 4.75% | 1.00% |  |  | 4/26/2023 |  | 4/26/2028 |  | 15,000 |  |  | 14,791 |  |  | 15,000 |  |  |
|  |  | First Lien - Term Loan B |  | 11.21% | SOFR (Q) | 6.75% | 1.00% |  |  | 4/26/2023 |  | 4/26/2028 |  | 15,000 |  |  | 14,793 |  |  | 15,000 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,523 |  |  | 30,000 |  |  |
THE GOBEL GROUP, LLC |  |  | Revolving Loan |  |  | SOFR | 6.50% | 2.00% |  |  | 10/29/2024 |  | 10/29/2029 |  | — |  |  | (9) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 10.81% | SOFR (Q) | 6.50% | 2.00% |  |  | 10/29/2024 |  | 10/29/2029 |  | 4,000 |  |  | 3,962 |  |  | 3,960 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,953 |  |  | 3,960 |  |  |
Subtotal: Research & Consulting Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,476 |  |  | 33,960 |  |  | 3.84 | %
Restaurants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ONE GROUP, LLC |  |  | First Lien |  | 12.69% | SOFR (M) | 8.25% | 1.00% |  |  | 2/22/2024 |  | 10/29/2026 |  | 9,656 |  |  | 9,595 |  |  | 9,656 |  |  |
|  |  | Delayed Draw Term Loan |  |  | SOFR | 8.25% | 1.00% |  |  | 2/22/2024 |  | 10/29/2026 |  | — |  |  | — |  |  | — |  | (10) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,595 |  |  | 9,656 |  |  |
SWENSONS DRIVE-IN RESTAURANTS, LLC |  |  | Revolving Loan |  |  | SOFR | 7.50% | 2.00% |  |  | 9/27/2023 |  | 9/27/2028 |  | — |  |  | (21) |  |  | — |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 10.81% | SOFR (Q) | 6.50% | 2.00% |  |  | 9/27/2023 |  | 9/27/2028 |  | 8,000 |  |  | 7,878 |  |  | 8,000 |  |  |
|  |  | First Lien - Term Loan B |  | 12.81% | SOFR (Q) | 8.50% | 2.00% |  |  | 9/27/2023 |  | 9/27/2028 |  | 8,000 |  |  | 7,877 |  |  | 8,000 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,734 |  |  | 16,000 |  |  |
Subtotal: Restaurants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,329 |  |  | 25,656 |  |  | 2.90 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Software & IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACACIA BUYERCO V LLC |  |  | Revolver Loan |  |  | SOFR | 8.00% | 1.00% |  |  | 11/25/2022 |  | 11/26/2027 |  | — |  |  | (21) |  |  | — |  |  |
|  |  | First Lien - Term Loan A |  | 12.57% | SOFR (Q) | 8.00% | 1.00% |  |  | 11/25/2022 |  | 11/26/2027 |  | 10,000 |  |  | 9,816 |  |  | 9,550 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,795 |  |  | 9,550 |  |  |
CADMIUM, LLC |  |  | Revolving Loan |  | 12.56% | SOFR (Q) | 8.00% | 1.00% |  |  | 1/7/2022 |  | 12/22/2026 |  | 615 |  |  | 613 |  |  | 601 |  |  |
|  |  | First Lien |  | 12.56% | SOFR (Q) | 8.00% | 1.00% | 4.00% |  | 1/7/2022 |  | 12/22/2026 |  | 7,994 |  |  | 7,962 |  |  | 7,802 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,575 |  |  | 8,403 |  |  |
GRAMMATECH, INC. |  |  | Revolving Loan |  |  | SOFR | 9.50% | 2.00% |  |  | 11/1/2019 |  | 12/31/2025 |  | — |  |  | (6) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 13.95% | SOFR (Q) | 9.50% | 2.00% |  |  | 11/1/2019 |  | 12/31/2025 |  | 563 |  |  | 563 |  |  | 563 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 557 |  |  | 563 |  |  |
INFOGAIN CORPORATION |  |  | First Lien |  | 10.17% | SOFR (M) | 5.75% | 1.00% |  |  | 5/24/2024 |  | 7/28/2028 |  | 3,692 |  |  | 3,661 |  |  | 3,692 |  |  |
ISI ENTERPRISES, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 1.00% |  |  | 10/1/2021 |  | 10/1/2026 |  | — |  |  | (12) |  |  | — |  | (10) |  |
|  |  | First Lien |  | 11.57% | SOFR (Q) | 7.00% | 1.00% |  |  | 10/1/2021 |  | 10/1/2026 |  | 3,816 |  |  | 3,789 |  |  | 3,816 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,777 |  |  | 3,816 |  |  |
ZENFOLIO INC. |  |  | Revolving Loan |  | 12.21% | SOFR (Q) | 7.75% | 1.00% |  |  | 7/17/2017 |  | 12/31/2026 |  | 1,500 |  |  | 1,485 |  |  | 1,500 |  | (10) |  |
|  |  | First Lien |  | 12.21% | SOFR (Q) | 7.75% | 1.00% |  |  | 7/17/2017 |  | 12/31/2026 |  | 19,695 |  |  | 19,578 |  |  | 19,695 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,063 |  |  | 21,195 |  |  |
Subtotal: Software & IT Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,428 |  |  | 47,219 |  |  | 5.34 | %
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ATS OPERATING, LLC |  |  | Revolving Loan |  | 10.56% | SOFR (Q) | 6.00% | 1.00% |  |  | 1/18/2022 |  | 1/18/2027 |  | 1,250 |  |  | 1,232 |  |  | 1,250 |  | (10) |  |
|  |  | First Lien - Term Loan A |  | 9.57% | SOFR (Q) | 5.00% | 1.00% |  |  | 1/18/2022 |  | 1/18/2027 |  | 9,250 |  |  | 9,176 |  |  | 9,250 |  |  |
|  |  | First Lien - Term Loan B |  | 11.57% | SOFR (Q) | 7.00% | 1.00% |  |  | 1/18/2022 |  | 1/18/2027 |  | 9,250 |  |  | 9,173 |  |  | 9,250 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,581 |  |  | 19,750 |  |  |
CATBIRD NYC, LLC |  |  | Revolving Loan |  |  | SOFR | 7.00% | 1.00% |  |  | 10/15/2021 |  | 10/15/2026 |  | — |  |  | (25) |  |  | — |  | (6)(10) |
|  |  | First Lien |  | 11.46% | SOFR (Q) | 7.00% | 1.00% |  |  | 10/15/2021 |  | 10/15/2026 |  | 14,700 |  |  | 14,591 |  |  | 14,700 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,566 |  |  | 14,700 |  |  |
Subtotal: Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,147 |  |  | 34,450 |  |  | 3.90 | %
Technology Products & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC. |  |  | First Lien |  | 10.67% | SOFR (M) | 6.25% | 1.00% |  |  | 3/12/2024 |  | 12/29/2027 |  | 3,404 |  |  | 3,376 |  |  | 2,553 |  |  |
TRAFERA, LLC |  |  | First Lien |  | 11.46% | SOFR (Q) | 7.00% | 1.00% |  |  | 9/30/2020 |  | 9/30/2027 |  | 5,575 |  |  | 5,558 |  |  | 5,525 |  | (15) |  |
Subtotal: Technology Products & Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,934 |  |  | 8,078 |  |  | 0.91 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,21 |  |  | Type of Investment 2 | Current Interest Rate 3 | Acquisition Date 14 |  | Maturity |  | Principal |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Debt Investments |  |  |  |  | Coupon | Reference | Spread | Floor | PIK |  |  |  |  |  |  |  |  |  |  |  |
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BROAD SKY NETWORKS LLC |  |  |  |  | 20.00% | Fixed |  |  | 20.00% |  | 4/19/2024 |  | 12/13/2028 |  | 65 |  |  | 65 |  |  | 65 |  | (9)(10)(13) |
LOGIX HOLDING COMPANY, LLC |  |  | First Lien |  | 10.05% | SOFR (Q) | 5.75% | 2.00% |  |  | 3/11/2024 |  | 12/22/2024 |  | 3,555 |  |  | 3,555 |  |  | 2,829 |  | (23) |  |
MERCURY ACQUISITION 2021, LLC |  |  | First Lien |  | 12.57% | SOFR (Q) | 8.00% | 1.00% |  |  | 12/6/2021 |  | 12/7/2026 |  | 12,957 |  |  | 12,862 |  |  | 11,338 |  |  |
|  |  | Second Lien |  | 15.57% | SOFR (Q) | 11.00% | 1.00% |  |  | 12/6/2021 |  | 12/7/2026 |  | 2,927 |  |  | 2,905 |  |  | 2,195 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,767 |  |  | 13,533 |  |  |
U.S. TELEPACIFIC CORP. |  |  | First Lien |  | 11.72% | SOFR(Q) | 7.25% | 1.00% | 6.25% |  | 3/19/2024 |  | 5/2/2026 |  | 2,547 |  |  | 2,547 |  |  | 1,019 |  |  |
|  |  | Third Lien |  | —% |  |  |  |  |  | 3/18/2024 |  | 5/2/2027 |  | 230 |  |  | 230 |  |  | 58 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,777 |  |  | 1,077 |  |  |
Subtotal: Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,164 |  |  | 17,504 |  |  | 1.98 | %
Transportation & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EVEREST TRANSPORTATION SYSTEMS, LLC |  |  | First Lien |  | 12.42% | SOFR (M) | 8.00% | 1.00% |  |  | 11/9/2021 |  | 8/26/2026 |  | 6,159 |  |  | 6,138 |  |  | 4,312 |  |  |
GUARDIAN FLEET SERVICES, INC. |  |  | First Lien |  | 13.46% | SOFR (Q) | 9.00% | 2.50% | 1.75% |  | 2/10/2023 |  | 2/10/2028 |  | 10,792 |  |  | 10,590 |  |  | 10,630 |  |  |
ITA HOLDINGS GROUP, LLC |  |  | Revolving Loan |  | 13.46% | SOFR (Q) | 9.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 3,525 |  |  | 3,473 |  |  | 3,525 |  | (6) |  |
|  |  | First Lien - Term Loan |  | 12.46% | SOFR (Q) | 8.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 13,356 |  |  | 11,962 |  |  | 13,356 |  | (6) |  |
|  |  | First Lien - Term B Loan |  | 14.46% | SOFR (Q) | 10.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 13,356 |  |  | 11,940 |  |  | 13,356 |  | (6) |  |
|  |  | Delayed Draw Term Loan - A |  | 12.46% | SOFR (Q) | 8.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 1,484 |  |  | 1,467 |  |  | 1,484 |  | (6) |  |
|  |  | Delayed Draw Term Loan - B |  | 14.46% | SOFR (Q) | 10.00% | 2.00% |  |  | 6/21/2023 |  | 6/21/2027 |  | 1,484 |  |  | 1,456 |  |  | 1,484 |  | (6) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,298 |  |  | 33,205 |  |  |
LAB LOGISTICS, LLC |  |  | Revolving Loan |  | 11.67% | SOFR (M) | 7.25% | 1.00% |  |  | 9/17/2024 |  | 12/31/2025 |  | 279 |  |  | 279 |  |  | 276 |  |  |
|  |  | First Lien |  | 11.67% | SOFR (M) | 7.25% | 1.00% |  |  | 2/22/2024 |  | 12/31/2025 |  | 7,876 |  |  | 7,875 |  |  | 7,798 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,154 |  |  | 8,074 |  |  |
Subtotal: Transportation & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55,180 |  |  | 56,221 |  |  | 6.36 | %
Total: Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,653,118 |  |  | $ | 1,605,906 |  |  | 181.74 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
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
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |
AIR CONDITIONING SPECIALIST, INC. |  |  | 1,006,045.85 |  | Preferred Units |  | 11/9/2021 |  | 1,344 |  |  | 2,941 |  | (6)(9)(13) |
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC) |  |  | 535,714.29 |  | Class A Units |  | 9/23/2022 |  | 750 |  |  | 664 |  | (9)(13) |
|  |  | 250,000 |  | Class B Units |  | 4/13/2023 |  | 250 |  |  | — |  | (9)(13) |
|  |  | 496,674.92 |  | Class A-1 Units |  | 5/30/2024 |  | 196 |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,196 |  |  | 664 |  |  |
CAMPANY ROOF MAINTENANCE, LLC |  |  | 2,951.56 |  | Class A Units |  | 7/26/2024 |  | 295 |  |  | 441 |  | (9)(13) |
LIFT BRANDS, INC. |  |  | 1,051 |  | shares of common stock |  | 4/2/2024 |  | 749 |  |  | 263 |  |  |
POOL SERVICE PARTNERS, INC. |  |  | 10,667 |  | Common Units |  | 12/20/2023 |  | 1,150 |  |  | 610 |  | (6)(9)(13) |
RED DOG OPERATIONS HOLDING COMPANY LLC |  |  | 1,000 |  | Class A Units |  | 11/15/2024 |  | 1,000 |  |  | 1,000 |  | (6)(9)(13) |
TMT BHC BUYER, INC. |  |  | 500,000 |  | Class A Units |  | 3/7/2024 |  | 500 |  |  | 682 |  | (9)(13) |
Subtotal: Consumer Services |  |  |  |  |  |  |  |  | 6,234 |  |  | 6,601 |  |  | 0.75 | %
Data Processing & Outsourced Services |  |  |  |  |  |  |  |  |  |  |  |  |
RESEARCH NOW GROUP, LLC |  |  |  |  | Warrants (Expiration - July 15, 2029) |  | 7/15/2024 |  | — |  |  | — |  |  |
Subtotal: Data Processing & Outsourced Services |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — | %
Distribution |  |  |  |  |  |  |  |  |  |  |  |  |
BINSWANGER HOLDING CORP. |  |  | 900,000 |  | shares of common stock |  | 3/9/2017 |  | 900 |  |  | 800 |  |  |
KMS, LLC |  |  | 19,395.96 |  | Series A Preferred Units |  | 2/10/2025 |  | 6,305 |  |  | 6,305 |  | (7) |  |
Subtotal: Distribution |  |  |  |  |  |  |  |  | 7,205 |  |  | 7,105 |  |  | 0.80 | %
Education |  |  |  |  |  |  |  |  |  |  |  |  |
STUDENT RESOURCE CENTER LLC |  |  | 355,555.56 |  | Senior Preferred Units |  | 9/11/2024 |  | 356 |  |  | — |  | (6) |  |
|  |  | 10,502,487.46 |  | Preferred Units |  | 12/31/2022 |  | 5,845 |  |  | — |  | (6) |  |
|  |  | 2,000,000 |  | Preferred Units |  | 12/31/2022 |  | — |  |  | — |  | (6)(9)(13) |
|  |  |  |  |  |  |  |  | 6,201 |  |  | — |  |  |
Subtotal: Education |  |  |  |  |  |  |  |  | 6,201 |  |  | — |  |  | — | %

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

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

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Movies & Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |
CRAFTY APES, LLC |  |  | 1,519.07 |  | Class A Units |  | 11/20/2024 |  | 4,730 |  |  | 5,037 |  | (6) |  |
Subtotal: Movies & Entertainment |  |  |  |  |  |  |  |  | 4,730 |  |  | 5,037 |  |  | 0.57 | %
Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |
LGM PHARMA, LLC |  |  | 161,825.84 |  | Units of Class A Common Stock |  | 11/15/2017 |  | 1,753 |  |  | 6,067 |  | (9)(11)(13) |
STATINMED, LLC |  |  | 4,718.62 |  | Class A Preferred Units |  | 7/1/2022 |  | 4,838 |  |  | — |  | (6) |  |
|  |  | 39,097.96 |  | Class B Preferred Units |  | 7/1/2022 |  | 1,400 |  |  | — |  | (6) |  |
|  |  |  |  |  |  |  |  | 6,238 |  |  | — |  |  |
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences |  |  |  |  |  |  |  |  | 7,991 |  |  | 6,067 |  |  | 0.69 | %
Research & Consulting Services |  |  |  |  |  |  |  |  |  |  |  |  |
FS VECTOR LLC |  |  | 1,280.58 |  | Common Units |  | 4/26/2023 |  | 1,333 |  |  | 1,585 |  | (9)(11)(13) |
THE GOBEL GROUP, LLC |  |  | 500,000 |  | Class A-1 Preferred Units |  | 10/29/2024 |  | 500 |  |  | 500 |  | (9)(13) |
|  |  | 500,000 |  | Class A Common Units |  | 10/29/2024 |  | — |  |  | — |  | (9)(13) |
|  |  |  |  |  |  |  |  | 500 |  |  | 500 |  |  |
Subtotal: Research & Consulting Services |  |  |  |  |  |  |  |  | 1,833 |  |  | 2,085 |  |  | 0.24 | %
Software & IT Services |  |  |  |  |  |  |  |  |  |  |  |  |
ACACIA BUYERCO V LLC |  |  | 1,000,000 |  | Class B-2 Units |  | 11/25/2022 |  | 1,000 |  |  | 552 |  | (9)(13) |
GRAMMATECH, INC. |  |  | 1,000 |  | Class A Units |  | 11/1/2019 |  | 1,000 |  |  | 336 |  | (6) |  |
|  |  | 360 |  | Class A-1 Units |  | 1/10/2022 |  | 360 |  |  | 121 |  | (6) |  |
|  |  |  |  |  |  |  |  | 1,360 |  |  | 457 |  |  |
ISI ENTERPRISES, LLC |  |  | 1,000,000 |  | Series A Preferred Units |  | 10/1/2021 |  | 1,000 |  |  | 1,296 |  |  |
|  |  | 166,667 |  | Series A-1 Preferred Units |  | 6/7/2023 |  | 167 |  |  | 706 |  |  |
|  |  |  |  |  |  |  |  | 1,167 |  |  | 2,002 |  |  |
VTX HOLDINGS, INC. |  |  | 1,597,707 |  | Series A Preferred Units |  | 7/23/2019 |  | 1,598 |  |  | 2,192 |  | (9)(13) |
Subtotal: Software & IT Services |  |  |  |  |  |  |  |  | 5,125 |  |  | 5,203 |  |  | 0.59 | %
Specialty Retail |  |  |  |  |  |  |  |  |  |  |  |  |
ATS OPERATING, LLC |  |  | 1,000,000 |  | Preferred Units |  | 1/18/2022 |  | 1,000 |  |  | 1,220 |  | (9)(13) |
CATBIRD NYC, LLC |  |  | 1,000,000 |  | Class A Units |  | 10/15/2021 |  | 1,000 |  |  | 1,805 |  | (6)(9)(11)(13) |
|  |  | 500,000 |  | Class B Units |  | 10/15/2021 |  | 500 |  |  | 797 |  | (6)(9)(10)(11)(13) |
|  |  |  |  |  |  |  |  | 1,500 |  |  | 2,602 |  |  |
Subtotal: Specialty Retail |  |  |  |  |  |  |  |  | 2,500 |  |  | 3,822 |  |  | 0.43 | %

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2025
Portfolio Company 1,5,18,21 |  |  | Type of Investment 2 |  | Acquisition Date 14 |  | Cost 12,17 |  | Fair Value 4 |  | % of Net Assets
Equity Investments |  |  | Units |  | Type |  |  |  |  |  |  |  |
Technology Products & Components |  |  |  |  |  |  |  |  |  |  |  |  |
FLIP ELECTRONICS, LLC |  |  | 2,446,170 |  | Common Units |  | 1/4/2021 |  | 2,892 |  |  | 1,761 |  | (9)(13) |
TRAFERA, LLC (FKA TRINITY 3, LLC) |  |  | 896.43 |  | Class A Units |  | 11/15/2019 |  | 1,205 |  |  | 539 |  | (9)(13) |
Subtotal: Technology Products & Components |  |  |  |  |  |  |  |  | 4,097 |  |  | 2,300 |  |  | 0.26 | %
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |  |
BROAD SKY NETWORKS LLC |  |  | 1,131,579 |  | Series A Preferred Units |  | 12/11/2020 |  | 1,132 |  |  | 1,704 |  | (9)(13) |
|  |  | 89,335 |  | Series C Preferred Units |  | 10/21/2022 |  | 89 |  |  | 232 |  | (9)(13) |
|  |  | 93,790 |  | Series D Preferred Units |  | 4/19/2024 |  | 119 |  |  | 247 |  | (9)(13) |
|  |  |  |  |  |  |  |  | 1,340 |  |  | 2,183 |  |  |
MERCURY ACQUISITION 2021, LLC |  |  | 12,059,033 |  | Series A Units |  | 12/6/2021 |  | — |  |  | 233 |  | (9)(13) |
Subtotal: Telecommunications |  |  |  |  |  |  |  |  | 1,340 |  |  | 2,416 |  |  | 0.27 | %
Transportation & Logistics |  |  |  |  |  |  |  |  |  |  |  |  |
GUARDIAN FLEET SERVICES, INC. |  |  | 2,000,000 |  | Class A Units |  | 2/10/2023 |  | 2,000 |  |  | 2,466 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - February 10, 2033) |  | 2/10/2023 |  | 80 |  |  | 122 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - November 30, 2033) |  | 11/30/2023 |  | 20 |  |  | 68 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - January 24, 2034) |  | 1/24/2024 |  | 24 |  |  | 68 |  | (9)(13) |
|  |  |  |  | Warrants (Expiration - December 18, 2034) |  | 12/18/2024 |  | 22 |  |  | 26 |  | (9)(13) |
|  |  |  |  |  |  |  |  | 2,146 |  |  | 2,750 |  |  |
ITA HOLDINGS GROUP, LLC |  |  |  |  | Warrants (Expiration - March 29, 2029) |  | 3/29/2019 |  | 538 |  |  | 9,755 |  | (6)(9)(13) |
|  |  |  |  | Warrants (Expiration - June 21, 2033) |  | 6/21/2023 |  | 3,791 |  |  | 11,369 |  | (6)(9)(13) |
|  |  | 9.25 | % |  | Class A Membership Interest |  | 2/14/2018 |  | 1,500 |  |  | 8,776 |  | (6)(9)(11)(13) |
|  |  |  |  |  |  |  |  | 5,829 |  |  | 29,900 |  |  |
Subtotal: Transportation & Logistics |  |  |  |  |  |  |  |  | 7,975 |  |  | 32,650 |  |  | 3.69 | %
Total: Equity Investments |  |  |  |  |  |  |  |  | $ | 126,242 |  |  | $ | 179,393 |  |  | 20.30 | %
Total Investments |  |  |  |  |  |  |  |  | $ | 1,779,360 |  |  | $ | 1,785,299 |  |  | 202.04 | %

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1.All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
2.All of the Company’s investments, the investments of Capital Southwest SPV LLC ("SPV") and the investments of SBIC I (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, the Company's wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.
3.The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at March 31, 2025. Certain investments are subject to an interest rate floor. As noted, certain investments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.
4.The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
5.Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At March 31, 2025, the Company held $1,436.3 million of non-control/non-affiliate investments, which represented approximately 80.5% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 162.6%.
6.Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2025, the Company held $292.9 million of affiliate investments, which represented approximately 16.4% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 33.1%.
7.Control investments are generally defined by the 1940 Act as investments in which the Company owns more than 25% of the voting securities or has greater than 50% representation on its board. At March 31, 2025, the Company held $56.1 million of control investments, which represented approximately 3.1% of the Company's investment assets. The fair value of these investments as a percent of net assets is 6.3%. In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if its unconsolidated subsidiaries are considered "significant subsidiaries." As of March 31, 2025, there were no unconsolidated subsidiaries that are considered "significant subsidiaries."
8.The investment is structured as a first lien last out term loan.
9.Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2025, approximately 10.0% of the Company's total assets (at fair value) were non-qualifying assets.
10.The investment has an unfunded commitment as of March 31, 2025. Refer to Note 11 - Commitments and Contingencies for further discussion.
11.Income producing through dividends or distributions.
12.As of March 31, 2025, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $117.4 million; cumulative gross unrealized depreciation for federal income tax purposes was $108.2 million. Cumulative net unrealized depreciation was $9.2 million, based on a tax cost of $1,776.1 million.
13.Investment is held through a wholly-owned taxable subsidiary that has elected to be treated as a corporation for U.S. federal income tax purposes. Refer to Note 1 - Organization and Basis for Presentation for further discussion.
14.The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which, as of March 31, 2025, represented 202.0% of the Company's net assets or 94.8% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.
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15.The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
16.Investment is on non-accrual status as of March 31, 2025, meaning the Company has ceased to recognize interest income on the investment.
17.Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
18.Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
19.The investment is structured as a first lien first out term loan.
20.The rate presented represents a weighted average rate for borrowings under the facility as of March 31, 2025.
21.Unless otherwise noted, all portfolio company headquarters are based in the United States.
22.Portfolio company headquarters are located outside of the United States.
23.Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.
As of March 31, 2025, there were no investments that represented greater than 5% of our total assets.
The accompanying Notes are an integral part of these Consolidated Financial Statements.
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Notes to Consolidated Financial Statements
1. ORGANIZATION AND BASIS OF PRESENTATION
References in this Quarterly Report on Form 10-Q to “we,” “our,” “us,” “CSWC,” or the “Company” refer to Capital Southwest Corporation, unless the context requires otherwise.
Organization
Capital Southwest Corporation is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. CSWC has elected to be regulated as a business development company under the 1940 Act. Our common stock currently trades on The Nasdaq Global Select Market under the ticker symbol “CSWC.”
We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). As such, we generally will not have to pay U.S. federal income tax at corporate rates on any ordinary income or capital gains that we distribute to our shareholders as dividends. To continue to maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and timely distribute annually at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. We may be subject to U.S. federal income tax and a 4% U.S. federal excise tax on any income that we do not timely distribute to our shareholders. Our U.S. federal income tax liability may be reduced to the extent that we make certain distributions during the following calendar year and satisfy other procedural requirements.
We focus on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Our core business is to target senior debt investments and equity investments in lower middle market (“LMM”) companies. Our target companies typically have annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) generally between $3.0 million and $25.0 million, and our investments generally range in size from $5.0 million to $50.0 million. We make available significant managerial assistance to the companies in which we invest as we believe that providing managerial assistance to an investee company is critical to its business development activities.
Capital Southwest Equity Investments, Inc. (the “Taxable Subsidiary”), Capital Southwest SPV LLC (“SPV”), Capital Southwest SBIC I, LP (“SBIC I”) and Capital Southwest SBIC II, LP ("SBIC II" and together with SBIC I, the "SBIC Subsidiaries") are wholly owned subsidiaries of the Company and are consolidated in its financial statements. The Taxable Subsidiary was formed to permit us to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities) and still allow us to satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. The Taxable Subsidiary has elected to be treated as a corporation for U.S. federal income tax purposes and is subject to U.S. federal income tax at corporate rates based on its taxable income. SPV is a special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities.
SBIC I and SBIC II each received a license from the U.S. Small Business Administration (the “SBA”) to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended, on April 20, 2021 and April 17, 2025, respectively. The SBIC Subsidiaries have an investment strategy substantially similar to the Company and make similar types of investments in accordance with SBA regulations. The SBIC Subsidiaries and their general partner are consolidated for financial reporting purposes under generally accepted accounting principles in the United States ("U.S. GAAP"), and the portfolio investments held by the SBIC Subsidiaries are included in the consolidated financial statements.
Basis of Presentation
The consolidated financial statements have been prepared in accordance with U.S. GAAP. We meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”). Under rules and regulations applicable to investment companies, we are generally precluded from consolidating any entity other than another investment company, subject to certain exceptions. One of the exceptions to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Accordingly, the consolidated financial statements include the Taxable Subsidiary, SPV, SBIC I and SBIC II.
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The consolidated financial statements are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of our management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of consolidated financial statements for the interim periods included herein. The results of operations for the three and six months ended September 30, 2025 are not necessarily indicative of the operating results to be expected for the full fiscal year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal years ended March 31, 2025 and 2024. Consolidated financial statements prepared in accordance with U.S. GAAP require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Portfolio Investment Classification
We classify our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are generally defined as investments in which we own more than 25% of the voting securities or have greater than 50% representation on its board; “Affiliate Investments” are generally defined as investments in which we own between 5% and 25% of the voting securities, and the investments are not classified as “Control Investments”; and “Non-Control/Non-Affiliate Investments” are generally defined as investments that are neither “Control Investments” nor “Affiliate Investments.”
Under the 1940 Act, a BDC must meet certain requirements, including investing at least 70% of its total assets in qualifying assets. As of September 30, 2025, the Company had 91.7% of its total assets (at fair value) in qualifying assets. The principal categories of qualifying assets relevant to our business are:
(1)securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an "eligible portfolio company," or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the Securities and Exchange Commission (the "SEC");
(2)securities of any eligible portfolio company that we control;
(3)securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements;
(4)securities of an eligible portfolio company purchased from any person in a private transaction if there is no readily available market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company;
(5)securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities; and
(6)cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.
Additionally, in order to qualify for RIC tax treatment for U.S. federal income tax purposes, we must, among other things meet the following requirements:
(1) continue to maintain our election as a BDC under the 1940 Act at all times during each taxable year;
(2) derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to our business of investing in such stock or securities; and
(3) diversify our holdings in accordance with two diversification requirements: (a) diversify our holdings such that at the end of each quarter of the taxable year at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and such other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (b)
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diversify our holdings such that no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, (i) of one issuer, (ii) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of certain "qualified publicly traded partnerships" (collectively, the "Diversification Requirements");
The two Diversification Requirements must be satisfied quarterly. If a RIC satisfies the Diversification Requirements for one quarter, and then, due solely to fluctuations in market value, fails to meet one of the Diversification Requirements in the next quarter, it retains RIC tax treatment. A RIC that fails to meet the Diversification Requirements as a result of a non-qualified acquisition may be subject to excess taxes unless the non-qualified acquisition is disposed of and the Diversification Requirements are satisfied within 30 days of the close of the quarter in which the Diversification Requirements are failed.
For the quarter ended September 30, 2025, the Company satisfied all RIC requirements and had 13.6% of its total assets in nonqualified assets according to measurement criteria established in Section 851(d) of the Code.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements of CSWC.
Fair Value Measurements We account for substantially all of our financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. We believe that the carrying amounts of our financial instruments such as cash, receivables and payables approximate the fair value of these items due to the short maturity of these instruments. This is considered a Level 1 valuation technique. The carrying value of our credit facilities approximates fair value (Level 3 input). See Note 4 - Fair Value Measurements below for further discussion regarding the fair value measurements and hierarchy.
Investments Investments are stated at fair value and are determined by the Valuation Committee as the Valuation Designee pursuant to Rule 2a-5 under the 1940 Act, subject to the oversight of our Board of Directors, as described in the Notes to the Consolidated Schedule of Investments, Note 3 - Investments and Note 4 - Fair Value Measurements below. Investments are recorded on a trade date basis.
Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.
Cash and Cash Equivalents Cash and cash equivalents, which consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase, are carried at cost, which approximates fair value. Cash may be held in a money market fund from time to time, which is a Level 1 security. At September 30, 2025 and March 31, 2025, cash held in money market funds amounted to $76.6 million and $28.1 million, respectively. Cash and cash equivalents includes deposits at financial institutions. We deposit our cash balances in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. At September 30, 2025 and March 31, 2025, cash balances totaling $87.1 million and $43.1 million, respectively, exceeded FDIC insurance limits, subjecting us to risk related to the uninsured balance. All of our cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. Restricted cash includes cash that may be restricted due to legal or contractual obligations and is not readily available for general business operations.
Escrow Receivable Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year. Escrow balances are measured for collectability on at least a quarterly basis.
Segment Reporting The Company has determined that it has a single operating segment in accordance with ASC Topic 280, Segment Reporting ("ASC 280"), which derives income from its portfolio investments. Our Chief Executive Officer
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and Chief Financial Officer together allocate resources and assesses performance and thus together serve as the Company's Chief Operating Decision Maker ("CODM"). As an investment company, we derive income primarily from debt investments in portfolio companies as discussed in Note 3 - Investments. While the Company lends to and separately evaluates the performance of each portfolio company in which it invests, the CODM evaluates and monitors performance of the business on a consolidated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan servicing in addition to the administrative functions of human resources, legal, finance and information technology. The accounting policies of the segment align with those outlined in Note 2 - Summary of Significant Accounting Policies.
The CODM uses net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company's performance and when allocating resources. These performance metrics are considered the key segment measure of profit or loss received by the CODM. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as total assets and investments held on the Consolidated Schedules of Investments. The significant segment expenses are listed on the accompanying Consolidated Statements of Operations.
Consolidation As permitted under Regulation S-X and ASC 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to CSWC. Accordingly, we consolidate the results of the Taxable Subsidiary, SPV, SBIC I and SBIC II. All intercompany balances have been eliminated upon consolidation.
Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have identified investment valuation and revenue recognition as our most critical accounting estimates.
Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. Upon the prepayment of a loan, any unamortized discount or premium is accelerated into interest income. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we generally will establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio at fair value and approximately 2.6% at cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio at fair value and approximately 3.5% at cost.
Payment-in-Kind Interest The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain PIK interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to shareholders to maintain its qualification as a RIC for U.S. federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the investment on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of September 30, 2025, we had four investments for which we stopped accruing PIK interest. As of March 31, 2025, we had five investments for which we stopped accruing PIK interest. For the three and six months ended September 30, 2025, approximately 4.9% and 5.4%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. For the three and six months ended September 30, 2024, approximately 4.9% and 5.5%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income.
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Fee Income Recurring fee income, generally collected in advance, includes fees for administrative services rendered by the Company. These fees are typically charged annually and are amortized into income over the year. The Company recognizes nonrecurring fees, including prepayment penalties, waiver fees, arranger fees and amendment fees, as fee income when earned. In addition, the Company also may be entitled to an exit fee that is amortized into income over the life of the loan. Loan exit fees to be paid at the termination of the loan are accreted into fee income over the contractual life of the loan.
Warrants In connection with the Company's debt investments, the Company may receive warrants or other equity-related securities from the borrower. The Company determines the cost basis of warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon prepayment of a debt investment, any unaccreted OID is accelerated into interest income.
Debt Issuance Costs Debt issuance costs include commitment fees and other costs related to the Corporate Credit Facility (as defined below), the SPV Credit Facility (as defined below), the Company's unsecured notes (as discussed further in Note 5 - Borrowings) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the Credit Facilities (as defined below) have been capitalized and are amortized into interest expense over the term of the respective credit facility. The costs in connection with the unsecured notes and the SBA Debentures are a direct deduction from the related debt liability and amortized into interest expense over the term of the January 2026 Notes (as defined below), the October 2026 Notes (as defined below), the August 2028 Notes (as defined below), the 2029 Convertible Notes (as defined below), the September 2030 Notes (as defined below) and the SBA Debentures.
Equity Offering Costs Offering costs include SEC registration fees, legal fees and accounting fees incurred. The Company’s offering costs are charged against the proceeds from equity offerings when proceeds are received.
Earnings Per Share The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period under the two-class method. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations applicable to common shareholders by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed using the if-converted method for convertible debt, which reflects the potential dilution that would occur if all of the notes were converted as of the beginning of the reporting period (or the date of issuance, if later). The if-converted method is computed by dividing the net increase (decrease) in net assets resulting from operations (adjusted to reverse any recognized interest expense), by the weighted average number of shares of common stock assuming all potential shares had been converted, and the additional shares of common stock were dilutive. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS. The unvested shares of restricted stock awarded pursuant to CSWC’s equity compensation plans are considered participating securities for the purpose of calculating basic and diluted earnings per share.
Realized Losses on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the acceleration of any unamortized debt issuance costs and any "make-whole" premium payment is recognized as a loss upon extinguishment of the underlying debt obligation.
Leases The Company is obligated under an operating lease pursuant to which it is leasing an office facility from a third party with a remaining term of approximately 10.0 years. The operating lease is included as an operating lease right-of-use ("ROU") asset, included in other assets, and operating lease liability, included in other liabilities, in the accompanying Consolidated Statements of Assets and Liabilities. The Company does not have any financing leases.
The ROU asset represents the Company’s right to use an underlying asset for the lease term and the operating lease liability represents the Company’s obligation to make lease payments arising from such lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company’s lease does not provide an implicit discount rate, and as such the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the remaining lease payments. Lease expense is recognized on a straight-line basis over the remaining lease term.
Federal Income Taxes CSWC has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subsection M of the Code. By meeting these requirements, we will not be subject to U.S. federal income taxes at corporate rates on ordinary income or capital gains timely distributed to shareholders. In order to qualify as a RIC, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as
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defined by the Code, each year. Investment company taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Investment company taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in investment company taxable income until they are realized.
Depending on the level of taxable income or capital gains earned in a tax year, we may choose to carry forward taxable income or capital gains in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income or capital gains must be distributed through a dividend declared on or prior to the later of (1) the filing of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
In lieu of distributing our net capital gains for a year, we may decide to retain some or all of our net capital gains. We will be required to pay a 21% corporate rate U.S. federal income tax on any such retained net capital gains. We may elect to treat such retained capital gain as a deemed distribution to shareholders. Under such circumstances, shareholders will be required to include their share of such retained capital gain in income, but will receive a credit for the amount of U.S. federal income tax paid at corporate rates with respect to their shares. As an investment company that qualifies as a RIC, federal income taxes payable on security gains that we elect to retain are accrued only on the last day of our tax year, December 31. Any net capital gains actually distributed to shareholders and properly reported by us as capital gain dividends are generally taxable to the shareholders as long-term capital gains. See Note 6 - Income Taxes for further discussion.
The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is subject to U.S. federal income tax at the corporate rate of 21%. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on taxable income and, as a result of its activities, may generate an income tax provision or benefit. The taxable income, or loss, of the Taxable Subsidiary may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements.
Management evaluates tax positions taken or expected to be taken in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the CSWC level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current year. Management’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company has concluded that it does not have any uncertain tax positions that meet the recognition of measurement criteria of ASC Topic 740, Income Taxes, ("ASC 740") for the current period. Also, we account for interest and, if applicable, penalties for any uncertain tax positions as a component of income tax provision. No interest or penalties expense was recorded during the three and six months ended September 30, 2025 and 2024.
Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at the Taxable Subsidiary using statutory tax rates. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation was enacted. See Note 6 - Income Taxes for further discussion.
Stock-Based Compensation We account for our share-based compensation using the fair value method, as prescribed by ASC Topic 718, Compensation – Stock Compensation. Accordingly, we recognize share-based compensation cost on a straight-line basis for all share-based payments awards granted to employees. For restricted stock awards, we measure the fair value based upon the market price of our common stock on the date of the grant. For restricted stock awards, we amortize this fair value to share-based compensation expense over the vesting term. We recognize forfeitures as they occur.
The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Restricted Stock Award Plan (the “2010 Plan”) was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Employee Restricted Stock Award Plan (as amended and restated, the "2021 Employee Plan"), which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of
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restricted stock pursuant to the 2021 Employee Plan. In addition, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors.
Shareholder Distributions Distributions to common shareholders are recorded on the ex-dividend date. The amount of distributions, if any, is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, generally are distributed, although the Company may decide to retain such capital gains for investment.
Presentation Presentation of certain amounts in the consolidated financial statements and notes to the consolidated financial statements for the prior year comparative consolidated financial statements and notes to the consolidated financial statements are updated to conform to the current period presentation.
Recently Issued or Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which was issued to enhance the transparency and decision usefulness of income tax disclosures, including an annual requirement to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The new guidance is effective for annual periods beginning after December 15, 2024. The Company has evaluated the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.
In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity's expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.
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3. INVESTMENTS
The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2025 and March 31, 2025:

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

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

| Fair Value |  | Percentage of Total Portfolio at Fair Value |  | Percentage of Net Assets at Fair Value |  | Cost |  | Percentage of Total Portfolio at Cost
| (dollars in thousands)
September 30, 2025: |  |  |  |  |  |  |  |  |
Healthcare Services | $ | 214,522 |  |  | 11.4 | % |  | 22.7 | % |  | $ | 243,566 |  |  | 12.8 | %
Media & Marketing | 163,592 |  |  | 8.7 |  |  | 17.3 |  |  | 162,998 |  |  | 8.6 |
Consumer Products | 162,538 |  |  | 8.7 |  |  | 17.2 |  |  | 161,437 |  |  | 8.5 |
Consumer Services | 144,666 |  |  | 7.7 |  |  | 15.3 |  |  | 153,527 |  |  | 8.1 |
Food, Agriculture & Beverage | 120,282 |  |  | 6.4 |  |  | 12.7 |  |  | 130,125 |  |  | 6.9 |
Financial Services | 119,261 |  |  | 6.4 |  |  | 12.6 |  |  | 108,981 |  |  | 5.7 |
Transportation & Logistics | 113,860 |  |  | 6.0 |  |  | 12.0 |  |  | 77,443 |  |  | 4.1 |
Commercial Services & Supplies | 92,620 |  |  | 4.9 |  |  | 9.8 |  |  | 91,164 |  |  | 4.8 |
Business Services | 90,005 |  |  | 4.8 |  |  | 9.5 |  |  | 94,492 |  |  | 5.0 |
Industrial Machinery | 72,603 |  |  | 3.9 |  |  | 7.7 |  |  | 74,560 |  |  | 3.9 |
Healthcare Equipment & Supplies | 65,790 |  |  | 3.5 |  |  | 6.9 |  |  | 63,900 |  |  | 3.4 |
Industrial Products | 59,344 |  |  | 3.1 |  |  | 6.3 |  |  | 52,058 |  |  | 2.7 |
Environmental Services | 57,598 |  |  | 3.1 |  |  | 6.1 |  |  | 59,712 |  |  | 3.1 |
Software & IT Services | 52,620 |  |  | 2.8 |  |  | 5.6 |  |  | 53,539 |  |  | 2.8 |
Research & Consulting Services | 46,138 |  |  | 2.5 |  |  | 4.9 |  |  | 45,480 |  |  | 2.4 |
Industrial Services | 44,002 |  |  | 2.3 |  |  | 4.6 |  |  | 43,651 |  |  | 2.3 |
Specialty Retail | 39,379 |  |  | 2.1 |  |  | 4.2 |  |  | 37,318 |  |  | 2.0 |
Pharmaceuticals, Biotechnology & Life Sciences | 38,481 |  |  | 2.0 |  |  | 4.1 |  |  | 41,435 |  |  | 2.2 |
Healthcare Products | 38,164 |  |  | 2.0 |  |  | 4.0 |  |  | 38,552 |  |  | 2.0 |
Education | 29,750 |  |  | 1.6 |  |  | 3.1 |  |  | 41,465 |  |  | 2.3 |
Restaurants | 25,530 |  |  | 1.4 |  |  | 2.7 |  |  | 25,253 |  |  | 1.3 |
Telecommunications | 24,455 |  |  | 1.3 |  |  | 2.6 |  |  | 29,458 |  |  | 1.6 |
Energy Services | 22,065 |  |  | 1.2 |  |  | 2.3 |  |  | 21,895 |  |  | 1.2 |
Distribution | 13,660 |  |  | 0.7 |  |  | 1.4 |  |  | 11,729 |  |  | 0.6 |
Movies & Entertainment | 9,087 |  |  | 0.5 |  |  | 0.9 |  |  | 8,656 |  |  | 0.5 |
Technology Products & Components | 8,975 |  |  | 0.5 |  |  | 0.9 |  |  | 12,942 |  |  | 0.7 |
Building & Infrastructure Products | 6,610 |  |  | 0.4 |  |  | 0.7 |  |  | 8,899 |  |  | 0.4 |
Data Processing & Outsourced Services | 2,310 |  |  | 0.1 |  |  | 0.2 |  |  | 2,291 |  |  | 0.1 |
| $ | 1,877,907 |  |  | 100.0 | % |  | 198.3 | % |  | $ | 1,896,526 |  |  | 100.0 | %

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| Fair Value |  | Percentage of Total Portfolio at Fair Value |  | Percentage of Net Assets at Fair Value |  | Cost |  | Percentage of Total Portfolio at Cost
| (dollars in thousands)
March 31, 2025: |  |  |  |  |  |  |  |  |
Healthcare Services | $ | 212,640 |  |  | 11.9 | % |  | 24.1 | % |  | $ | 228,935 |  |  | 12.9 | %
Consumer Products | 152,385 |  |  | 8.5 |  |  | 17.3 |  |  | 152,385 |  |  | 8.6 |
Media & Marketing | 138,768 |  |  | 7.8 |  |  | 15.7 |  |  | 138,291 |  |  | 7.8 |
Food, Agriculture & Beverage | 125,740 |  |  | 7.1 |  |  | 14.2 |  |  | 131,815 |  |  | 7.4 |
Financial Services | 123,280 |  |  | 6.9 |  |  | 14.0 |  |  | 95,060 |  |  | 5.3 |
Consumer Services | 117,117 |  |  | 6.6 |  |  | 13.3 |  |  | 123,084 |  |  | 6.9 |
Business Services | 94,008 |  |  | 5.3 |  |  | 10.6 |  |  | 96,685 |  |  | 5.4 |
Transportation & Logistics | 88,871 |  |  | 5.0 |  |  | 10.1 |  |  | 63,155 |  |  | 3.5 |
Industrial Machinery | 76,874 |  |  | 4.3 |  |  | 8.7 |  |  | 75,647 |  |  | 4.3 |
Industrial Products | 75,548 |  |  | 4.2 |  |  | 8.5 |  |  | 66,050 |  |  | 3.7 |
Healthcare Equipment & Supplies | 66,144 |  |  | 3.7 |  |  | 7.5 |  |  | 65,057 |  |  | 3.7 |
Commercial Services & Supplies | 58,340 |  |  | 3.3 |  |  | 6.6 |  |  | 57,633 |  |  | 3.2 |
Aerospace & Defense | 55,051 |  |  | 3.1 |  |  | 6.2 |  |  | 54,097 |  |  | 3.0 |
Software & IT Services | 52,422 |  |  | 2.9 |  |  | 5.9 |  |  | 52,553 |  |  | 3.0 |
Environmental Services | 52,295 |  |  | 2.9 |  |  | 5.9 |  |  | 56,191 |  |  | 3.2 |
Specialty Retail | 38,272 |  |  | 2.1 |  |  | 4.3 |  |  | 36,647 |  |  | 2.1 |
Research & Consulting Services | 36,045 |  |  | 2.0 |  |  | 4.1 |  |  | 35,309 |  |  | 2.0 |
Healthcare Products | 34,474 |  |  | 1.9 |  |  | 3.9 |  |  | 35,087 |  |  | 2.0 |
Education | 29,495 |  |  | 1.7 |  |  | 3.3 |  |  | 41,443 |  |  | 2.3 |
Restaurants | 25,656 |  |  | 1.4 |  |  | 2.9 |  |  | 25,329 |  |  | 1.4 |
Energy Services | 25,022 |  |  | 1.4 |  |  | 2.8 |  |  | 25,362 |  |  | 1.4 |
Pharmaceuticals, Biotechnology & Life Sciences | 24,877 |  |  | 1.4 |  |  | 2.8 |  |  | 34,199 |  |  | 1.9 |
Industrial Services | 21,599 |  |  | 1.2 |  |  | 2.4 |  |  | 21,634 |  |  | 1.2 |
Telecommunications | 19,920 |  |  | 1.1 |  |  | 2.3 |  |  | 23,504 |  |  | 1.3 |
Distribution | 11,773 |  |  | 0.7 |  |  | 1.3 |  |  | 11,873 |  |  | 0.7 |
Technology Products & Components | 10,378 |  |  | 0.6 |  |  | 1.2 |  |  | 13,031 |  |  | 0.7 |
Movies & Entertainment | 8,690 |  |  | 0.5 |  |  | 1.0 |  |  | 8,403 |  |  | 0.5 |
Building & Infrastructure Products | 7,522 |  |  | 0.4 |  |  | 0.9 |  |  | 8,830 |  |  | 0.5 |
Data Processing & Outsourced Services | 2,093 |  |  | 0.1 |  |  | 0.2 |  |  | 2,071 |  |  | 0.1 |
| $ | 1,785,299 |  |  | 100.0 | % |  | 202.0 | % |  | $ | 1,779,360 |  |  | 100.0 | %

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The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of September 30, 2025 and March 31, 2025:

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

4. FAIR VALUE MEASUREMENTS
Investment Valuation Process
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Valuation Committee comprised of certain officers of the Company as the Valuation Designee to determine the fair value of the Company's investments that do not have readily available market quotations, subject to the oversight of the Board of Directors. The valuation process is led by the valuation team and the Valuation Committee in conjunction with the investment team. The process includes a quarterly review of each investment by our valuation team and the Valuation Committee. Valuations of each portfolio security are prepared quarterly by the valuation team using updated financial and other operational information collected from the investment team. In conjunction with the internal valuation process, the Valuation Committee also has engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews and an independent range of values for selected investments, which is presented to the Valuation Committee.
CSWC also uses a standard internal investment rating system in connection with its investment oversight, portfolio management, and investment valuation procedures for its debt portfolio. This system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. While management believes our valuation methodologies are appropriate and consistent with market participants, the recorded fair values of our investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
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Fair Value Hierarchy
CSWC has established and documented processes for determining the fair values of portfolio company investments on a recurring basis in accordance with the 1940 Act and ASC 820. As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). CSWC conducts reviews of fair value hierarchy classifications on a quarterly basis. We also use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement.
The three levels of valuation inputs established by ASC 820 are as follows:
•Level 1: Investments whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2: Investments whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•Level 3: Investments whose values are based on unobservable inputs that are significant to the overall fair value measurement.
As of September 30, 2025 and March 31, 2025, 100% of CSWC's investment portfolio consisted of privately held debt and equity instruments for which inputs falling within the categories of Level 1 and Level 2 are generally not readily available. Therefore, the Valuation Committee determines the fair value of our investments in good faith using Level 3 inputs, pursuant to CSWC's valuation policy and procedures subject to the oversight of the Board of Directors.
Investment Valuation Inputs
ASC 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date excluding transaction costs. Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to the market as of the measurement date.
The Level 3 inputs to CSWC’s valuation process reflect our best estimate of the assumptions that would be used by market participants in pricing the investment in a transaction in the principal or most advantageous market for the asset.
The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:
•financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;
•current and projected financial condition of the portfolio company;
•current and projected ability of the portfolio company to service its debt obligations;
•type and amount of collateral, if any, underlying the investment;
•current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;
•current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);
•indicative dealer quotations from brokers, banks, and other market participants;
•market yields on other securities of similar risk;
•pending debt or capital restructuring of the portfolio company;
•projected operating results of the portfolio company;
•current information regarding any offers to purchase the investment;
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•current ability of the portfolio company to raise any additional financing as needed;
•changes in the economic environment which may have a material impact on the operating results of the portfolio company;
•internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;
•qualitative assessment of key management;
•contractual rights, obligations or restrictions associated with the investment; and
•other factors deemed relevant.
CSWC uses several different valuation approaches depending on the security type including the Market Approach, the Income Approach, and the Enterprise Value Waterfall Approach.
Market Approach
Market Approach is a qualitative and quantitative analysis of the aforementioned unobservable inputs. It is a combination of the Enterprise Value Waterfall Approach and Income Approach as described in detail below. For investments recently originated (within a quarterly reporting period) or where the value has not departed significantly from its cost, we generally rely on our cost basis or recent transaction price to determine the fair value, unless a material event has occurred since origination.
Income Approach
In valuing debt securities, CSWC typically uses an Income Approach model, which considers some or all of the factors listed above. Under the Income Approach, CSWC develops an expectation of the yield that a hypothetical market participant would require when purchasing each debt investment (the “Required Market Yield”). The Required Market Yield is calculated in a two-step process. First, using quarterly market data we estimate the current market yield of similar debt securities. Next, based on the factors described above, we modify the current market yield for each security to produce a unique Required Market Yield for each of our investments. The resulting Required Market Yield is the significant Level 3 input to the Income Approach model. If, with respect to an investment, the unobservable inputs have not fluctuated significantly from the date the investment was made or have not fluctuated significantly from CSWC’s expectations on the date the investment was made, and there have been no significant fluctuations in the market pricing for such investments, we may conclude that the Required Market Yield for that investment is equal to the stated rate on the investment. In instances where CSWC determines that the Required Market Yield is different from the stated rate on the investment, we discount the contractual cash flows on the debt instrument using the Required Market Yield in order to estimate the fair value of the debt security.
In addition, under the Income Approach, CSWC also determines the appropriateness of the use of third-party broker quotes, if any, as a significant Level 3 input in determining fair value. In determining the appropriateness of the use of third-party broker quotes, CSWC evaluates the level of actual transactions used by the broker to develop the quote, whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes, the source of the broker quotes, and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. To the extent sufficient observable inputs are available to determine fair value, CSWC may use third-party broker quotes or other independent pricing to determine the fair value of certain debt investments.
Fair value measurements using the Income Approach model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in the Required Market Yield for a particular debt security may result in a lower (higher) fair value for that security. A significant increase (decrease) in a third-party broker quote for a particular debt security may result in a higher (lower) value for that security.
Enterprise Value Waterfall Approach
In valuing equity securities (including warrants), CSWC estimates fair value using an Enterprise Value Waterfall valuation model. CSWC estimates the enterprise value of a portfolio company and then allocates the enterprise value to the portfolio company’s securities in order of their relative liquidation preference. In addition, CSWC assumes that any outstanding debt or other securities that are senior to CSWC’s equity securities are required to be repaid at par. Additionally, we may estimate the fair value of non-performing debt securities using the Enterprise Value Waterfall approach as needed.
To estimate the enterprise value of the portfolio company, CSWC uses a weighted valuation model based on public comparable companies, observable transactions and discounted cash flow analyses. A main input into the valuation model is a
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measure of the portfolio company’s financial performance, which generally is either earnings before interest, taxes, depreciation and amortization, as adjusted (“Adjusted EBITDA”) or revenues. In addition, we consider other factors, including, but not limited to: (1) offers from third parties to purchase the portfolio company; and (2) the implied value of recent investments in the equity securities of the portfolio company. For certain non-performing assets, we may utilize the liquidation or collateral value of the portfolio company's assets in our estimation of its enterprise value.
The significant Level 3 inputs to the Enterprise Value Waterfall model are (1) an appropriate multiple derived from the comparable public companies and transactions, (2) discount rate assumptions used in the discounted cash flow model and (3) a measure of the portfolio company’s financial performance, which generally is either Adjusted EBITDA or revenues. Inputs can be based on historical operating results, projections of future operating results or a combination thereof. The operating results of a portfolio company may be unaudited, projected or pro forma financial information and may require adjustments for certain non-recurring items. CSWC also may consult with the portfolio company’s senior management to obtain updates on the portfolio company’s performance, including information such as industry trends, new product development, loss of customers and other operational issues. Fair value measurements using the Enterprise Value Waterfall model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in either the multiple, Adjusted EBITDA or revenues for a particular equity security would result in a higher (lower) fair value for that security.
The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2025 and March 31, 2025 (in thousands):

|  |  | Fair Value Measurements
|  |  | at September 30, 2025 Using
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
First lien loans | $ | 1,687,942 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,687,942 |
Second lien loans | 17,170 |  |  | — |  |  | — |  |  | 17,170 |
Subordinated debt | 1,139 |  |  | — |  |  | — |  |  | 1,139 |
Preferred equity | 66,474 |  |  | — |  |  | — |  |  | 66,474 |
Common equity & warrants | 101,440 |  |  | — |  |  | — |  |  | 101,440 |
Earnout | 3,742 |  |  | — |  |  | — |  |  | 3,742 |
Total Investments | $ | 1,877,907 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,877,907 |

|  |  | Fair Value Measurements
|  |  | at March 31, 2025 Using
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
First lien loans | $ | 1,586,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,586,622 |
Second lien loans | 18,066 |  |  | — |  |  | — |  |  | 18,066 |
Subordinated debt | 1,218 |  |  | — |  |  | — |  |  | 1,218 |
Preferred equity | 102,918 |  |  | — |  |  | — |  |  | 102,918 |
Common equity & warrants | 76,475 |  |  | — |  |  | — |  |  | 76,475 |
Total Investments | $ | 1,785,299 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,785,299 |

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The tables below present the Valuation Techniques and Significant Level 3 Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at September 30, 2025 and March 31, 2025. Significant Level 3 Inputs were weighted by the relative fair value of the investments. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to our determination of fair value.

|  |  | Fair Value at |  | Significant |  |  |  |
| Valuation |  | September 30, 2025 |  | Unobservable |  |  |  | Weighted
Type | Technique |  | (in thousands) |  | Inputs |  | Range |  | Average
First lien loans | Income Approach |  | $ | 1,575,199 |  |  | Discount Rate |  | 5.0% - 88.2% |  | 12.1%
|  |  | 3,413 |  |  | Third Party Broker Quote |  | 40.4 - 70.0 |  | 60.8
| Market Approach |  | 93,094 |  |  | Cost |  | 97.1 - 100.0 |  | 97.4
| Enterprise Value Waterfall Approach |  | 16,236 |  |  | EBITDA Multiple |  | 9.0x - 9.5x |  | 9.3x
|  |  |  |  | Discount Rate |  | 12.6% - 19.3% |  | 14.8%
Second lien loans | Income Approach |  | 17,170 |  |  | Discount Rate |  | 9.8% - 117.2% |  | 17.2%
| Enterprise Value Waterfall Approach |  | — |  |  | EBITDA Multiple |  | 3.0x - 3.0x |  | 0.0x
|  |  |  |  | Discount Rate |  | 22.8% - 22.8% |  | 0.0%
Subordinated debt | Income Approach |  | 524 |  |  | Discount Rate |  | 12.3% - 12.3% |  | 12.3%
|  |  | 58 |  |  | Third Party Broker Quote |  | 25.4 - 25.4 |  | 25.4
| Enterprise Value Waterfall Approach |  | 557 |  |  | EBITDA Multiple |  | 6.2x - 7.9x |  | 6.7x
|  |  |  |  | Discount Rate |  | 14.5% - 17.5% |  | 15.4%
Preferred equity | Enterprise Value Waterfall Approach |  | 64,474 |  |  | EBITDA Multiple |  | 3.0x - 16.7x |  | 7.9x
|  |  |  |  | Discount Rate |  | 11.8% - 48.0% |  | 16.6%
| Market Approach |  | 2,000 |  |  | Cost |  | 100.0 - 100.0 |  | 100.0
Common equity & warrants | Enterprise Value Waterfall Approach |  | 100,105 |  |  | EBITDA Multiple |  | 3.0x - 16.7x |  | 8.8x
|  |  |  |  | Discount Rate |  | 11.1% - 24.9% |  | 14.9%
| Market Approach |  | 1,335 |  |  | Cost |  | 100.0 - 100.0 |  | 100.0
Earnout | Income Approach |  | 3,742 |  |  | Discount Rate |  | 33.7% - 33.7% |  | 33.7%
Total Level 3 Investments |  |  | $ | 1,877,907 |  |  |  |  |  |  |

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

Changes in Fair Value Levels
We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value level to another. During the three and six months ended September 30, 2025 and 2024, we had no transfers between fair value levels.
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The following tables provide a summary of changes in the fair value of investments measured using Level 3 inputs during the six months ended September 30, 2025 and 2024 (in thousands):

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

(1)Includes purchases of new investments, as well as discount accretion on existing investments.
(2)Included are distributions-in-kind of investments received in connection with the dissolution and liquidation of I-45 SLF LLC, the joint venture between the Company and Main Street Capital Corporation.
5. BORROWINGS
In accordance with the 1940 Act, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the definition of
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senior securities in the asset coverage requirement applicable to the Company under the 1940 Act. As of September 30, 2025, the Company’s asset coverage was 208%.
The Company had the following borrowings outstanding as of September 30, 2025 and March 31, 2025 (amounts in thousands):

| Outstanding Balance |  | Unamortized Debt Issuance Costs and Debt Discount/Premium (1) |  | Recorded Value |  | Estimated Fair Value (2)
September 30, 2025 |  |  |  |  |  |  |
SBA Debentures | $ | 175,000 |  |  | $ | (4,088) |  |  | $ | 170,912 |  |  | $ | 168,628 |
Corporate Credit Facility | — |  |  | — |  |  | — |  |  | — |
SPV Credit Facility | 77,000 |  |  | — |  |  | 77,000 |  |  | 77,000 |
October 2026 Notes | 150,000 |  |  | (769) |  |  | 149,231 |  |  | 150,000 |
August 2028 Notes | 71,875 |  |  | (1,429) |  |  | 70,446 |  |  | 72,860 |
2029 Convertible Notes | 230,000 |  |  | (6,153) |  |  | 223,847 |  |  | 221,944 |
September 2030 Notes | 350,000 |  |  | (6,678) |  |  | 343,322 |  |  | 347,566 |
| $ | 1,053,875 |  |  | $ | (19,117) |  |  | $ | 1,034,758 |  |  | $ | 1,037,998 |
March 31, 2025 |  |  |  |  |  |  |
SBA Debentures | $ | 175,000 |  |  | $ | (4,082) |  |  | $ | 170,918 |  |  | $ | 166,460 |
Corporate Credit Facility | 235,000 |  |  | — |  |  | 235,000 |  |  | 235,000 |
SPV Credit Facility | 108,000 |  |  | — |  |  | 108,000 |  |  | 108,000 |
October 2026 Notes | 150,000 |  |  | (1,154) |  |  | 148,846 |  |  | 130,899 |
August 2028 Notes | 71,875 |  |  | (1,681) |  |  | 70,194 |  |  | 73,571 |
2029 Convertible Notes | 230,000 |  |  | (6,893) |  |  | 223,107 |  |  | 225,780 |
| $ | 969,875 |  |  | $ | (13,810) |  |  | $ | 956,065 |  |  | $ | 939,710 |

(1)The unamortized debt issuance costs for the Corporate Credit Facility and the SPV Credit Facility are reflected as "Debt issuance costs" on the Consolidated Statements of Assets and Liabilities.
(2)Each estimated fair value for the SBA Debentures, the 2029 Convertible Notes and the September 2030 Notes is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The estimated fair value of the August 2028 Notes is based on the closing price of the security on the Nasdaq Global Select Market, which is a Level 1 input under ASC 820. The estimated fair value of the Corporate Credit Facility and the SPV Credit Facility approximates its recorded value due to its variable interest rate. The estimated fair value for the October 2026 Notes is based on a redemption price of 100% of the aggregate principal amount outstanding, as discussed below.
Credit Facilities
As of September 30, 2025, the Company had in place one revolving credit facility and one special purpose vehicle financing facility, the Corporate Credit Facility and the SPV Facility, respectively (each defined below and together, the "Credit Facilities"). For the three and six months ended September 30, 2025, the weighted average interest rate on the Credit Facilities was 6.79% and 6.76%, respectively, and the average debt outstanding under the Credit Facilities was $315.4 million and $317.5 million, respectively.
Corporate Credit Facility
In August 2016, CSWC entered into a senior secured revolving credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities.
On August 2, 2023, the Company entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, including the Amendment (as defined below), the "Credit Agreement"). Borrowings under the Corporate Credit Facility accrue interest at a rate equal to the applicable Adjusted Term SOFR plus 2.15% per annum. The Credit Agreement (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million from a diversified group of lenders; (2) added an uncommitted accordion feature that could
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increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility's revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. As of September 30, 2025, the total commitments under the Corporate Credit Facility were $510 million provided by 11 lenders.
On March 1, 2024, the Company entered into Amendment No. 1 to the Credit Agreement (the "Amendment"). The Amendment amends the Credit Agreement and other related loan documents to, among other things, permit the Company to enter into special purpose vehicle financings and exclude assets held by any such special purpose vehicle from the assets pledged as collateral securing the Corporate Credit Facility.
CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Corporate Credit Facility. The Corporate Credit Facility contains certain affirmative and negative covenants, including but not limited to: (1) certain reporting requirements; (2) maintaining RIC and BDC status; (3) maintaining a minimum senior coverage ratio of 2.00 to 1; (4) maintaining a minimum shareholders’ equity; (5) maintaining a minimum consolidated net worth; (6) maintaining a regulatory asset coverage of not less than 150%; and (7) maintaining an interest coverage ratio of at least 2.00 to 1.
The Credit Agreement also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions. If the Company defaults on its obligations under the Credit Agreement, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests.
The Corporate Credit Facility is secured by (1) all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in certain of the Company’s wholly-owned subsidiaries (except for the assets held by the SBIC Subsidiaries and SPV). As of September 30, 2025, all of the Company’s assets were pledged as collateral for the Corporate Credit Facility, except for assets held by the SBIC Subsidiaries and SPV. As of September 30, 2025 and 2024, CSWC was in compliance with all financial covenants under the Credit Agreement.
The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):

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

SPV Credit Facility
On March 20, 2024, SPV entered into a Loan Financing and Servicing Agreement (the “Loan Agreement”) for a special purpose vehicle financing credit facility (the “SPV Credit Facility”) to provide additional liquidity to support its investment and operational activities. The SPV Credit Facility included an initial commitment of $150.0 million. Pursuant to the terms of the Loan Agreement, on June 20, 2024, total commitments automatically increased from $150.0 million to $200.0 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.
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The Loan Agreement contains customary terms and conditions, including affirmative and negative covenants. The Loan Agreement also contains customary events of default including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions.
The SPV Credit Facility is secured by all of the assets of SPV. As of September 30, 2025, SPV was in compliance with all financial covenants under the Loan Agreement.
The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

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

Unsecured Notes
The unsecured notes described below are the direct unsecured obligations of the Company, rank pari passu with the Company's other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of the Company's existing and future secured indebtedness, including borrowings under the Credit Facilities and the SBA Debentures.
January 2026 Notes
In December 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% Notes due 2026 (the "Existing January 2026 Notes"). The Existing January 2026 Notes were issued at par. In February 2021, the Company issued an additional $65.0 million in aggregate principal amount of the January 2026 Notes (the "Additional January 2026 Notes" together with the Existing January 2026 Notes, the "January 2026 Notes"). The Additional January 2026 Notes were issued at a price of 102.11% of the aggregate principal amount of the Additional January 2026 Notes, resulting in a yield-to-maturity of approximately 4.0% at issuance. The Additional January 2026 Notes were treated as a single series with the Existing January 2026 Notes under the indenture and had the same terms as the Existing January 2026 Notes. The maturity date of the January 2026 Notes was January 31, 2026, and the January 2026 Notes bore interest at a rate of 4.50% per year, payable semi-annually on January 31 and July 31 of each year.
On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding January 2026 Notes in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the quarter ended December 31, 2024. There was no "make-whole" premium required to be paid in connection with the redemption.
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The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

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

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

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

The indenture governing the October 2026 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the October 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the fourth supplemental indenture relating to the October 2026 Notes.
In addition, holders of the October 2026 Notes can require the Company to repurchase some or all of the October 2026 Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the fourth supplemental indenture relating to the October 2026 Notes.
Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the October 2026 Notes. See Note 14 - Subsequent Events for more information.
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August 2028 Notes
In June 2023, the Company issued approximately $71.9 million in aggregate principal amount, including the underwriters' full exercise of their option to purchase an additional $9.4 million in aggregate principal amount to cover over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes"). The August 2028 Notes mature on August 1, 2028 and may be redeemed in whole or in part at any time, or from time to time, at the Company’s option on or after August 1, 2025. The August 2028 Notes bear interest at a rate of 7.75% per year, payable quarterly on February 1, May 1, August 1 and November 1 of each year. The August 2028 Notes are listed on the Nasdaq Global Select Market under the trading symbol "CSWCZ."
The summary information regarding the August 2028 Notes is as follows (dollars in thousands):

| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | 1,393 |  |  | $ | 1,393 |  |  | $ | 2,785 |  |  | $ | 2,785 |  |  |
Amortization of deferred financing costs | 126 |  |  | 127 |  |  | 252 |  |  | 255 |  |  |
Total interest and amortization of deferred financing costs | $ | 1,519 |  |  | $ | 1,520 |  |  | $ | 3,037 |  |  | $ | 3,040 |  |  |
Weighted average interest rate | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  |
Average borrowings | $ | 71,875 |  |  | $ | 71,875 |  |  | $ | 71,875 |  |  | $ | 71,875 |  |  |

The indenture governing the August 2028 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the August 2028 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the fifth supplemental indenture relating to the August 2028 Notes.
Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the August 2028 Notes. See Note 14 - Subsequent Events for more information.
2029 Convertible Notes
On November 4, 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the "2029 Convertible Notes"), including the underwriters' full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The 2029 Convertible Notes bear interest at a rate of 5.125% per year, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The 2029 Convertible Notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased.
At any time prior to the close of business on the business day immediately preceding November 15, 2029, holders may convert all or any portion of their 2029 Convertible Notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The conversion rate was initially 40.0000 shares of common stock per $1,000 principal amount of 2029 Convertible Notes (equivalent to an initial conversion price of $25.00 per share of common stock). The conversion rate is subject to adjustment upon certain events, such as share splits and combinations, mergers, tender or exchange offers, increases in dividends in excess of $0.58 per share per quarter for the 2029 Convertible Notes and certain changes in control. In no event will the total number of shares of common stock issuable upon conversion exceed 44.7828 per $1,000 principal amount of the 2029 Convertible Notes. The Company has determined that the embedded conversion option in the 2029 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.
In addition, following certain corporate events that occur prior to the maturity date of the 2029 Convertible Notes or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Convertible Notes in connection with such a corporate event or notice of redemption, as the case may be.
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Certain key terms related to the convertible features of the 2029 Convertible Notes as of September 30, 2025 are as follows:

| 2029 Convertible Notes
Conversion premium | 12.0 | %
Closing stock price at issuance | $ | 22.33 |
Closing stock price date | November 4, 2024
Conversion price (1) | $ | 24.73 |
Conversion rate (shares per $1,000 principal amount) (1) | 40.43 |
Last conversion price calculation date | September 15, 2025

(1)Represents conversion price and conversion rate, as applicable, as of September 30, 2025, taking into account any applicable de minimis adjustments that will be made on the conversion date.
The Company may redeem for cash all or any portion of the 2029 Convertible Notes (subject to the partial redemption limitation), at its option, on a redemption date on or after November 20, 2027 and on or before the 45th scheduled trading day immediately prior to the maturity date of the 2029 Convertible Notes if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which it provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
As reflected in Note 8 - Earnings Per Share, the issuance of the 2029 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share.
The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):

| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense | $ | 2,947 |  |  | $ | — |  |  | $ | 5,894 |  |  | $ | — |  |  |
Amortization of deferred financing costs | 370 |  |  | — |  |  | 740 |  |  | — |  |  |
Total interest and amortization of deferred financing costs | $ | 3,317 |  |  | $ | — |  |  | $ | 6,634 |  |  | $ | — |  |  |
Weighted average interest rate | 5.13 | % |  | — | % |  | 5.13 | % |  | — | % |  |
Average borrowings | $ | 230,000 |  |  | $ | — |  |  | $ | 230,000 |  |  | $ | — |  |  |

September 2030 Notes
In September 2025, the Company issued $350.0 million in aggregate principal amount of 5.950% Notes due 2030 (the "September 2030 Notes"). The September 2030 Notes were issued at a price of 99.345% of the aggregate principal amount of the September 2030 Notes, resulting in a yield-to-maturity of 6.104%. The September 2030 Notes mature on September 18, 2030 and may be redeemed in whole or in part at any time prior to August 18, 2030, at par plus a "make-whole" premium, and thereafter at par. The September 2030 Notes bear interest at a rate of 5.950% per year, payable semi-annually in arrears on March 18 and September 18 of each year, beginning on March 18, 2026.
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The summary information regarding the September 2030 Notes is as follows (dollars in thousands):

| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense | $ | 694 |  |  | $ | — |  |  | $ | 694 |  |  | $ | — |
Amortization of deferred financing costs | 42 |  |  | — |  |  | 42 |  |  | — |
Total interest and amortization of deferred financing costs | $ | 736 |  |  | $ | — |  |  | $ | 736 |  |  | $ | — |
Weighted average interest rate | 5.95 | % |  | — | % |  | 5.95 | % |  | — | %
Average borrowings (1) | $ | 350,000 |  |  | $ | — |  |  | $ | 350,000 |  |  | $ | — |

(1)Average borrowings for the three and six months ended September 30, 2025 were calculated from September 18, 2025 (the issuance date of the September 2030 Notes) through September 30, 2025.
The indenture governing the September 2030 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the September 2030 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the seventh supplemental indenture relating to the September 2030 Notes.
In addition, holders of the September 2030 Notes can require the Company to repurchase some or all of the September 2030 Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the seventh supplemental indenture relating to the September 2030 Notes.
SBA Debentures
On April 20, 2021 and April 17, 2025, SBIC I and SBIC II, respectively, received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. The licenses allow each of SBIC I and SBIC II to obtain leverage by issuing SBA Debentures, subject to the issuance of a leverage commitment by the SBA. SBA Debentures are loans issued to an SBIC that have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. Interest on SBA Debentures is payable semi-annually on March 1 and September 1. Current statutes and regulations permit SBIC I and SBIC II to each borrow up to $175 million in SBA Debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations).
The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on SBIC I and SBIC II's full compliance, as determined by the SBA, with the terms and conditions set forth in the SBA regulations. As of September 30, 2025, SBIC I had regulatory capital of $87.5 million and leverageable capital of $87.5 million, and SBIC II had regulatory capital of $87.5 million and leveragable capital of $26.0 million. As of September 30, 2025, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn. As of September 30, 2025, SBIC II had a total leverage commitment from the SBA in the amount of $40.0 million, none of which was drawn.
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The summary information regarding the SBA Debentures is as follows (dollars in thousands):

| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest expense and fees | $ | 1,948 |  |  | $ | 1,695 |  |  | $ | 3,875 |  |  | $ | 3,372 |  |  |
Amortization of deferred financing costs | 197 |  |  | 184 |  |  | 394 |  |  | 368 |  |  |
Total interest and amortization of deferred financing costs | $ | 2,145 |  |  | $ | 1,879 |  |  | $ | 4,269 |  |  | $ | 3,740 |  |  |
Weighted average interest rate | 4.45 | % |  | 4.43 | % |  | 4.43 | % |  | 4.41 | % |  |
Average borrowings | $ | 175,000 |  |  | $ | 153,000 |  |  | $ | 175,000 |  |  | $ | 153,000 |  |  |

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

Pooling Date (1) |  | Maturity Date |  | Fixed Interest Rate |  | Debenture Amount
9/22/2021 |  | 9/1/2031 |  | 1.575% |  | $ | 15,000 |
3/23/2022 |  | 3/1/2032 |  | 3.209% |  | 25,000 |
9/21/2022 |  | 9/1/2032 |  | 4.435% |  | 40,000 |
3/22/2023 |  | 3/1/2033 |  | 5.215% |  | 40,000 |
9/20/2023 |  | 9/1/2033 |  | 5.735% |  | 10,000 |
3/20/2024 |  | 3/1/2034 |  | 5.164% |  | 15,000 |
9/25/2024 |  | 9/1/2034 |  | 4.509% |  | 8,000 |
3/26/2025 |  | 3/1/2035 |  | 5.092% |  | 22,000 |
|  |  |  |  |  | $ | 175,000 |

(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
Contractual Payment Obligations
A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2025 is as follows:

| Years Ending March 31, |  |  |  |
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
SBA Debentures | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 175,000 |  |  | $ | 175,000 |
SPV Credit Facility | — |  |  | — |  |  | — |  |  | 77,000 |  |  | — |  |  | — |  |  | 77,000 |
October 2026 Notes (1) | 150,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
August 2028 Notes (1) | 71,875 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71,875 |
2029 Convertible Notes | — |  |  | — |  |  | — |  |  | — |  |  | 230,000 |  |  | — |  |  | 230,000 |
September 2030 Notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | 350,000 |
Total | $ | 221,875 |  |  | $ | — |  |  | $ | — |  |  | $ | 77,000 |  |  | $ | 230,000 |  |  | $ | 525,000 |  |  | $ | 1,053,875 |

(1)Subsequent to the fiscal quarter ended September 30, 2025, the Company redeemed, in full, the October 2026 Notes and the August 2028 Notes. See Note 14 - Subsequent Events for more information.
6. INCOME TAXES
We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code and have a tax year end of December 31. In order to qualify as a RIC, we must annually distribute at least 90% of our investment company taxable income, as defined by the Code, to our shareholders in a timely manner. Investment company income generally includes net short-term capital gains but excludes net long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and capital gains that is distributed to its shareholders, including “deemed distributions” as discussed below. As part of maintaining RIC tax treatment, undistributed taxable income and capital gain, which is subject to a 4% non-deductible U.S. federal excise tax, pertaining to a given fiscal year may be
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distributed up to 12 months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (1) the extended due date of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.
For the tax years ended December 31, 2024, 2023 and 2022, CSWC qualified for RIC tax treatment. We intend to meet the applicable qualifications to be taxed as a RIC in future periods. However, the Company’s ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by the Company.
We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in that year on all of our taxable income, regardless of whether we made any distributions to our shareholders. During the quarter ended March 31, 2025, CSWC declared and paid a quarterly dividend in the amount of $33.7 million, or $0.64 per share ($0.58 per share in regular dividends and $0.06 per share in supplemental dividends). During the quarter ended June 30, 2025, CSWC declared and paid a quarterly dividend in the amount of $35.3 million, or $0.64 per share ($0.58 per share in regular dividends and $0.06 per share in supplemental dividends). During the quarter ended September 30, 2025, CSWC paid monthly regular dividends of $0.1934 per share for each of July, August, and September 2025 and a quarterly supplemental dividend of $0.06 per share in September 2025, totaling $36.0 million.
The determination of the tax attributes for CSWC’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, any determination made on an interim basis is forward-looking based on currently available facts, rules and assumptions and may not be representative of the actual tax attributes of distributions determined at tax year end.
Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital.
The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the six months ended September 30, 2025 and 2024:

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

(1)The calculation of taxable income for each period is an estimate and will not be finally determined until the Company files its tax return each year. Final taxable income may be different than this estimate.
(2)At September 30, 2025, the Company had long-term capital loss carryforwards of $144.3 million to offset future capital gains. These capital loss carryforwards are not subject to expiration.
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A RIC may elect to retain all or a portion of its net capital gains by designating them as a “deemed distribution” to its shareholders and paying a federal tax on the net capital gains for the benefit of its shareholders. Shareholders then report their share of the retained capital gains on their income tax returns as if it had been received and report a tax credit for tax paid on their behalf by the RIC. Shareholders then add the amount of the “deemed distribution” net of such tax to the basis of their shares.
In addition, the Taxable Subsidiary holds a portion of one or more of our portfolio investments that are listed on the Consolidated Schedule of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes in accordance with U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit us to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of a partnership or LLC (or other pass-through entity) portfolio investment would flow through directly to us. To the extent that our income did not consist of investment income, it could jeopardize our ability to qualify as a RIC and therefore cause us to incur significant amounts of U.S. federal income taxes at corporate rates. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, however, the income from those interests is taxed to the Taxable Subsidiary and does not flow through to us, thereby helping us preserve our RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for U.S. federal income tax purposes and may generate an income tax provision as a result of their ownership of the portfolio companies. The income tax provision, or benefit, and the related tax assets and liabilities, if any, are reflected in our Consolidated Statement of Operations.
As of September 30, 2025, the cost of investments held by the RIC for U.S. federal income tax purposes was $1,833.0 million, with such investments having gross unrealized appreciation of $18.9 million and gross unrealized depreciation of $114.1 million, resulting in net unrealized depreciation of $95.2 million. As of September 30, 2025, the cost of investments held by the Taxable Subsidiary for U.S. federal income tax purposes was $52.0 million, with such investments having gross unrealized appreciation of $93.4 million and gross unrealized depreciation of $13.0 million, resulting in net unrealized appreciation of $80.4 million. On a consolidated basis, the total investment portfolio has net unrealized depreciation of $14.8 million for U.S. federal income tax purposes.
The Taxable Subsidiary is not a RIC and is subject to U.S. federal income tax at the current corporate rate. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate an income tax provision or benefit.
The taxable income, or loss, of the Taxable Subsidiary may differ from book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements. The Taxable Subsidiary records valuation adjustments related to its investments on a quarterly basis. Deferred taxes related to the unrealized gain/loss on investments are also recorded on a quarterly basis. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Establishing a valuation allowance of a deferred tax asset requires management to make estimates related to expectations of future taxable income. As of September 30, 2025 and March 31, 2025, the Taxable Subsidiary had a deferred tax liability of $14.9 million and $16.8 million, respectively.
Based on our assessment of our unrecognized tax benefits, management believes that all benefits will be realized and they do not contain any uncertain tax positions.
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The following table sets forth the significant components of the deferred tax assets and liabilities as of September 30, 2025 and March 31, 2025 (amounts in thousands):

| September 30, 2025 |  | March 31, 2025
Deferred tax asset: |  |  |
Net operating loss carryforwards | $ | 253 |  |  | $ | 253 |
Interest | 1,811 |  |  | 1,811 |
Total deferred tax asset | 2,064 |  |  | 2,064 |
Deferred tax liabilities: |  |  |
Net unrealized appreciation on investments | (12,524) |  |  | (15,054) |
Net basis differences in portfolio investments | (4,401) |  |  | (3,790) |
Total deferred tax liabilities | (16,925) |  |  | (18,844) |
Total net deferred tax (liabilities) assets | $ | (14,861) |  |  | $ | (16,780) |

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

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

Although we believe our tax returns are correct, the final determination of tax examinations could be different from what was reported on the returns. In our opinion, we have made adequate tax provisions for years subject to examination. Generally, we are currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2021 through December 31, 2023.
7. SHAREHOLDERS' EQUITY
Equity ATM Program
On March 4, 2019, the Company established the Equity ATM Program, pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock having an aggregate offering price of up to $50.0 million. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100.0 million from $50.0 million and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250.0 million from $100.0 million and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650.0 million from $250.0 million. On May 21, 2024, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $1.0 billion from $650.0 million and (ii) amended the term "Settlement Date" to reflect that, on or after May 28, 2024, the settlement of shares will occur on the first trading day following the date on which such sales were made.
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The following table summarizes certain information relating to shares sold under the Equity ATM Program:

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

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both September 30, 2025 and September 30, 2024, no proceeds remained receivable.
Cumulative to date, the Company has sold 36,843,069 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.50, raising $792.0 million of gross proceeds. Net proceeds were $779.9 million after commissions to the sales agents on shares sold. As of September 30, 2025, the Company has $208.0 million available under the Equity ATM Program.
Share Repurchases
Restricted Stock Awards
The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan, which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan.
In addition, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors.
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The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards:

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

Share Repurchase Program
On July 28, 2021, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate price for all shares purchased under the share repurchase program equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the three and six months ended September 30, 2025 and 2024, the Company did not repurchase any shares under the share repurchase program.
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8. EARNINGS PER SHARE
The following information sets forth the computation of the Company's basic and diluted net increase in net assets per share resulting from operations for the three and six months ended September 30, 2025 and 2024 (dollars and shares in thousands):

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

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended September 30, 2025 and 2024, there was no anti-dilution.
9. STOCK BASED COMPENSATION PLANS
Under the 2010 Plan and the 2021 Employee Plan, a restricted stock award is an award of shares of our common stock, which have full voting and dividend rights but are restricted with regard to sale or transfer. Restricted stock awards are independent of stock grants and are generally subject to forfeiture if employment terminates prior to these restrictions lapsing. Unless otherwise specified in the award agreement, these shares vest in equal annual installments over a four-year period from the grant date and are expensed over the vesting period starting on the grant date.
The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms.
In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan as part of the compensation packages for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. The 2021 Employee Plan initially made available for issuance 1,200,000 shares of common stock. On July 24, 2025, our shareholders approved an amendment to the 2021 Employee Plan to increase the total number of shares available for issuance thereunder by 1,850,000 (from 1,200,000 to 3,050,000), which became effective on the same date. As of September 30, 2025, there were 2,014,204 shares of common stock available for issuance under the 2021 Employee Plan.
In addition, the Board of Directors and shareholders approved the Non-Employee Director Plan as part of the compensation package for non-employee directors of the Board of Directors. Under the Non-Employee Director Plan, at the beginning of each one-year term of service on our Board, each non-employee director will receive a number of shares equivalent to $50,000 based on the market value at the close of the Nasdaq Global Select Market on the date of grant. These shares will vest one year from the date of the grant and are expensed over the one-year term of non-employee directors. The Non-Employee Director Plan makes available for issuance 120,000 shares of common stock. As of September 30, 2025, there were 75,280 shares of common stock available for issuance under the Non-Employee Director Plan.
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We expense the cost of the restricted stock awards, which is determined to equal the fair value of the restricted stock award at the date of grant on a straight-line basis over the requisite service period. For these purposes, the fair value of the restricted stock award is determined based upon the closing price of our common stock on the date of the grant.
For the three months ended September 30, 2025 and 2024, we recognized total share based compensation expense of $1.3 million (of which $0.1 million was related to restricted stock issued to non-employee directors) and $1.5 million (of which $0.1 million was related to restricted stock issued to non-employee directors), respectively, related to the restricted stock issued. For the six months ended September 30, 2025 and 2024, we recognized total share based compensation expense of $2.4 million (of which $0.1 million was related to restricted stock issued to non-employee directors) and $2.8 million (of which $0.1 million was related to restricted stock issued to non-employee directors), respectively, related to the restricted stock issued.
As of September 30, 2025, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $12.8 million, which will be amortized over the weighted-average vesting period of approximately 2.9 years.
The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of September 30, 2025:

|  |  | Weighted Average |  | Weighted Average
|  |  | Fair Value Per |  | Remaining Vesting
Restricted Stock Awards | Number of Shares |  | Share at grant date |  | Term (in Years)
Unvested at March 31, 2025 | 506,352 |  |  | $ | 23.78 |  |  | 2.5
Granted | 337,000 |  |  | 21.35 |  |  | — |
Vested | (175,311) |  |  | 23.73 |  |  | — |
Forfeited | (43,062) |  |  | 22.71 |  |  | — |
Unvested at September 30, 2025 | 624,979 |  |  | $ | 22.56 |  |  | 3.0

The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of September 30, 2025:

|  |  | Weighted Average |  | Weighted Average
|  |  | Fair Value Per |  | Remaining Vesting
Restricted Stock Awards | Number of Shares |  | Share at grant date |  | Term (in Years)
Unvested at March 31, 2025 | 10,450 |  |  | $ | 23.93 |  |  | 0.4
Granted | 10,965 |  |  | 22.80 |  |  | — |
Vested | (10,450) |  |  | 23.93 |  |  | — |
Forfeited | — |  |  | — |  |  | — |
Unvested at September 30, 2025 | 10,965 |  |  | $ | 22.80 |  |  | 0.9

10. OTHER EMPLOYEE COMPENSATION
We established a 401(k) plan (the “401K Plan”) effective October 1, 2015. All full-time employees of CSWC are eligible to participate in the 401K Plan. The 401K Plan permits employees to defer a portion of their total annual compensation up to the Internal Revenue Service annual maximum based on age and eligibility. We made contributions to the 401K Plan of up to 4.5% of the Internal Revenue Service’s annual maximum eligible compensation, all of which is fully vested immediately. During the three months ended September 30, 2025 and 2024, we made matching contributions of approximately $48.8 thousand and $45.9 thousand, respectively. During the six months ended September 30, 2025 and 2024, we made matching contributions of approximately $174.5 thousand and $163.0 thousand, respectively.
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11. COMMITMENTS AND CONTINGENCIES
Commitments
In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Because commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Additionally, our commitment to fund delayed draw term loans generally is triggered upon the satisfaction of certain pre-negotiated terms and conditions, such as meeting certain financial performance hurdles or financial covenants, which may limit a borrower's ability to draw on such delayed draw term loans.
The balances of unfunded debt commitments as of September 30, 2025 and March 31, 2025 were as follows (amounts in thousands):

|  | September 30, |  | March 31,
Portfolio Company |  | 2025 |  | 2025
Revolving Loans |  |  |  |
360 Quote TopCo, LLC |  | $ | 2,404 |  |  | $ | — |
Air Conditioning Specialist, Inc. |  | 1,910 |  |  | 1,910 |
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC) |  | 3,056 |  |  | 3,056 |
ArborWorks, LLC |  | 781 |  |  | 1,116 |
ATS Operating, LLC |  | 640 |  |  | 890 |
Better Than Home, Inc. |  | 3,000 |  |  | — |
Bond Brand Loyalty ULC |  | 1,200 |  |  | 1,200 |
BP Loenbro Holdings Inc. |  | 2,422 |  |  | 1,321 |
Brandner Design, LLC |  | 865 |  |  | 900 |
Burning Glass Intermediate Holding Company, Inc. |  | 79 |  |  | 296 |
Campany Roof Maintenance, LLC |  | 1,064 |  |  | 1,064 |
Catbird NYC, LLC |  | 4,000 |  |  | 4,000 |
Cavalier Buyer, Inc. |  | — |  |  | 2,000 |
CDC Dental Management Co., LLC |  | 2,000 |  |  | 1,500 |
Central Medical Supply LLC |  | 525 |  |  | 1,050 |
Cumbria Capital MSO, LLC |  | 1,500 |  |  | 1,100 |
Damotech Inc. |  | — |  |  | 3,000 |
Drive Line Service of Portland, LLC |  | 2,000 |  |  | 2,000 |
DWS Buyer LLC |  | 1,293 |  |  | — |
Edge Autonomy Holdings, LLC |  | — |  |  | 4,000 |
Exact Borrower, LLC |  | 2,500 |  |  | 2,500 |
FS Vector LLC |  | 4,000 |  |  | 4,000 |
GPT Industries, LLC |  | 3,000 |  |  | 3,000 |
GrammaTech, Inc. |  | 1,000 |  |  | 1,000 |
Gravitiq LLC |  | 5,000 |  |  | 5,000 |
Gulf Pacific Acquisition, LLC |  | 151 |  |  | 303 |
Ignite Visibility LLC |  | 3,000 |  |  | 1,500 |
Institutes of Health, LLC |  | 1,000 |  |  | 1,000 |
ISI Enterprises, LLC |  | 2,000 |  |  | 2,000 |
Island Pump and Tank, LLC |  | — |  |  | 3,479 |
iVueit, LLC |  | 750 |  |  | 1,000 |
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) |  | 2,000 |  |  | 2,000 |
Lash OpCo, LLC |  | 612 |  |  | — |

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|  | September 30, |  | March 31,
Portfolio Company |  | 2025 |  | 2025
LEHR Upfitters, LLC |  | 2,099 |  |  | 2,623 |
LGM Pharma LLC |  | 1,500 |  |  | 1,500 |
Lighting Retrofit International, LLC |  | 2,083 |  |  | 1,354 |
Lightning Intermediate II, LLC |  | 1,852 |  |  | 1,852 |
LKC Technologies, Inc. |  | 2,000 |  |  | 2,000 |
Local Web Leads, LLC |  | 1,000 |  |  | — |
Main Line Brands LLC |  | 2,000 |  |  | — |
Mammoth BorrowCo, Inc. |  | 1,900 |  |  | 200 |
Microbe Formulas LLC |  | 1,627 |  |  | 1,627 |
Mid-Florida Endodontics Management Company, LLC |  | 2,900 |  |  | 3,000 |
Mission Critical Group, LLC |  | 1,902 |  |  | — |
Musiker Discovery Programs, Inc. |  | 2,000 |  |  | 2,000 |
NeuroPsychiatric Hospitals, LLC |  | 4,000 |  |  | 2,000 |
New Skinny Mixes, LLC |  | 2,750 |  |  | 3,000 |
NinjaTrader, Inc. |  | — |  |  | 2,500 |
Pipeline Technique Ltd. |  | 944 |  |  | 944 |
Pool Service Partners, Inc. |  | 2,000 |  |  | 2,000 |
Revo Brands, Inc. |  | 1,700 |  |  | 4,300 |
Roseland Management, LLC |  | 2,000 |  |  | 2,000 |
ServerLIFT, LLC |  | 4,000 |  |  | 4,000 |
SocialSEO, LLC |  | 1,800 |  |  | 2,200 |
Spotlight AR, LLC |  | 2,000 |  |  | 2,000 |
Superior Health Parent LLC |  | 2,000 |  |  | 2,000 |
Swensons Drive-In Restaurants, LLC |  | 1,500 |  |  | 1,500 |
The Gobel Group, LLC |  | 1,000 |  |  | 1,000 |
TMT BHC Buyer, Inc. |  | 4,717 |  |  | 4,717 |
Tru Fragrance & Beauty LLC |  | 1,800 |  |  | 4,000 |
VP Move Purchaser, Inc. |  | 4,200 |  |  | 3,900 |
Wash & Wax Systems LLC |  | 430 |  |  | — |
Well Labs Plus, LLC |  | 3,000 |  |  | — |
Well-Foam, Inc. |  | 4,500 |  |  | 4,500 |
White Plains Linen LLC |  | 2,000 |  |  | — |
Winter Services Operations, LLC |  | 4,089 |  |  | 1,333 |
Zenfolio Inc. |  | 3,500 |  |  | 1,500 |
Total Revolving Loans |  | 130,545 |  |  | 122,735 |
Delayed Draw Term Loans |  |  |  |
AAC New Holdco Inc. |  | 47 |  |  | — |
Air Conditioning Specialist Inc. |  | — |  |  | 3,229 |
Better Than Home, Inc. |  | 17,750 |  |  | — |
BP Loenbro Holdings Inc. |  | — |  |  | 1,101 |
Central Medical Supply LLC |  | — |  |  | 1,400 |
Crafty Apes, LLC |  | 924 |  |  | 924 |
Cumbria Capital MSO, LLC |  | 950 |  |  | 950 |
DWS Buyer LLC |  | 2,155 |  |  | — |
Enstoa, Inc. |  | 10,671 |  |  | — |

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|  | September 30, |  | March 31,
Portfolio Company |  | 2025 |  | 2025
Exact Borrower, LLC |  | 2,200 |  |  | 2,200 |
Ignite Visibility LLC |  | 3,000 |  |  | — |
ITA Holdings Group, LLC |  | 8,813 |  |  | — |
iVueit, LLC |  | 10,000 |  |  | 10,000 |
KMS, LLC |  | 2,286 |  |  | 2,286 |
LEHR Upfitters, LLC |  | 2,449 |  |  | 5,247 |
Mid-Florida Endodontics Management Company, LLC |  | 10,000 |  |  | 10,000 |
Mission Critical Group, LLC |  | 4,565 |  |  | — |
Musiker Discovery Programs, Inc. |  | 7,500 |  |  | 7,500 |
One Group, LLC |  | — |  |  | 545 |
Pool Service Partners, Inc. |  | 6,100 |  |  | 6,100 |
Superior Health Parent LLC |  | 10,000 |  |  | 10,000 |
SureKap, LLC |  | 7,222 |  |  | 7,222 |
TMT BHC Buyer, Inc. |  | — |  |  | 5,000 |
unWired Broadband, LLC |  | 14,600 |  |  | — |
Well Labs Plus, LLC |  | 19,750 |  |  | — |
Total Delayed Draw Term Loans |  | 140,982 |  |  | 73,704 |
Other |  |  |  |
Broad Sky Networks, LLC |  | — |  |  | 57 |
Ignite Visibility LLC (1) |  | 50,000 |  |  | — |
Spectrum of Hope, LLC |  | — |  |  | 411 |
unWired Broadband, LLC (2) |  | 12,000 |  |  | — |
Total Other |  | 62,000 |  |  | 468 |
Total Unfunded Debt Commitments |  | $ | 333,527 |  |  | $ | 196,907 |

(1)Unfunded commitment to Ignite Visibility LLC represents an unfunded term loan commitment with an expiration date of October 31, 2025.
(2)Unfunded commitment to unWired Broadband, LLC represents an unfunded term loan commitment that was subsequently funded on October 1, 2025 in accordance with the credit agreement.
The following table provides additional information regarding the expiration year of the Company’s unfunded debt commitments (amounts in thousands):

|  | September 30, 2025 |  | March 31, 2025
Unfunded Debt Commitments |  |  |  |
Expiring during fiscal year ending: |  |  |  |
2026 |  | $ | 90,913 |  |  | $ | 31,354 |
2027 |  | 137,384 |  |  | 70,235 |
2028 |  | 20,277 |  |  | 16,420 |
2029 |  | 38,534 |  |  | 42,986 |
2030 |  | 30,224 |  |  | 33,912 |
2031 |  | 11,902 |  |  | 2,000 |
2032 |  | 4,293 |  |  | — |
Total Unfunded Debt Commitments |  | $ | 333,527 |  |  | $ | 196,907 |

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

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

As of September 30, 2025, total revolving and delayed draw loan commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2025, the Company had $0.9 million in letters of credit issued and outstanding under these commitments on behalf of portfolio companies. For all of these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $0.4 million expire in February 2026, $0.3 million expire in March 2026, and $0.2 million expire in April 2026. As of September 30, 2025, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's balance sheet.
In March 2021, the Company executed an agreement to lease office space that commenced on February 1, 2022 and expires September 30, 2035, including the three-year extension pursuant to the amendment described below. The Company identified the foregoing as an operating lease. ASC 842 indicates that an ROU asset and lease liability should be recorded based on the effective date. As such, CSWC recorded an ROU asset, which is included in "Other assets" on the Consolidated Statements of Assets and Liabilities, and a lease liability, which is included in "Other liabilities" on the Consolidated Statements of Assets and Liabilities, as of February 1, 2022. The Company has recorded lease expense on a straight-line basis.
In December 2023, the Company executed an agreement to lease additional office space, which commenced on October 1, 2024 and expires on September 30, 2035. The additional office space is approximately 7,100 square feet. This is an amendment of the Company's current lease, which is classified as an operating lease.
Total lease expense incurred for each of the three months ended September 30, 2025 and 2024 was $0.1 million. Total lease expense incurred for the six months ended September 30, 2025 and 2024 was $0.3 million and $0.2 million, respectively. As of September 30, 2025 and March 31, 2025, the asset related to the operating lease was $3.6 million and $3.9 million, respectively, and as of September 30, 2025 and March 31, 2025, the lease liability was $5.0 million and $5.4 million, respectively. As of September 30, 2025, the remaining lease term was 10.0 years and the weighted average discount rate was 7.37%.
The following table shows future minimum payments under the Company's operating leases as of September 30, 2025 (in thousands):

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

Contingencies
We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. To our knowledge, we have no currently pending material legal proceedings to which we are party or to which any of our assets are subject.
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12. RELATED PARTY TRANSACTIONS
As a BDC, we are obligated under the 1940 Act to make available to our portfolio companies significant managerial assistance. “Making available significant managerial assistance” refers to any arrangement whereby we offer to provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We also are deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us will vary according to the particular needs of each portfolio company. During each of the three and six months ended September 30, 2025 and 2024, we did not receive any management fees from our portfolio companies.
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13. SUMMARY OF PER SHARE INFORMATION
The following presents a summary of per share data for the six months ended September 30, 2025 and 2024 (share amounts presented in thousands).

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

(1)Based on weighted average of common shares outstanding for the period.
(2)Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period.
(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. The balance increases with the increase in variability of shares outstanding throughout the year due to share issuance and repurchase activity.
(4)The ratios reflect an annualized amount.
(5)Total investment return based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by CSWC’s dividend reinvestment plan during the period. As such, the total investment return is not annualized. The return does not reflect any sales load that may be paid by an investor.
(6)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to shareholders and other non-operating changes during the period, as divided by the beginning NAV, and has not been annualized.
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14. SUBSEQUENT EVENTS
On October 13, 2025, the Company redeemed, in full, $150.0 million in aggregate principal amount of the issued and outstanding October 2026 Notes and redeemed, in full, $71.9 million in aggregate principal amount of the issued and outstanding August 2028 Notes. Each of the October 2026 Notes and the August 2028 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. There was no "make-whole" premium required to be paid in connection therewith. The Company will recognize a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of approximately $2.2 million during the quarter ending December 31, 2025.
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SCHEDULE 12-14
Schedule of Investments in and Advances to Affiliates
(In thousands)

Portfolio Company | Type of Investment (1) | Industry | September 30, 2025 Principal Amount - Debt Investments |  | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2025 |  | Gross Additions (3) |  | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2025
Control Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brandner Design, LLC | Revolving Loan | Building & Infrastructure Products | $ | 135 |  |  | $ | 13 |  |  | $ | 85 |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | 101 |
| First Lien |  | 8,772 |  |  | 714 |  |  | 7,437 |  |  | 33 |  |  | — |  |  | — |  |  | (961) |  |  | 6,509 |
| 27,000 Class A Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
KMS, LLC | First Lien | Distribution | 2,121 |  |  | 152 |  |  | 2,407 |  |  | 125 |  |  | (411) |  |  | — |  |  | — |  |  | 2,121 |
| Delayed Draw Term Loan |  | 2,464 |  |  | 170 |  |  | 2,261 |  |  | 142 |  |  | — |  |  | — |  |  | 61 |  |  | 2,464 |
| 19,395.96 Series A Preferred Units |  | — |  |  | — |  |  | 6,305 |  |  | — |  |  | — |  |  | — |  |  | 2,152 |  |  | 8,457 |
National Credit Care, LLC | First Lien - Term Loan A | Financial Services | 11,625 |  |  | 290 |  |  | 11,282 |  |  | 262 |  |  | (496) |  |  | — |  |  | (528) |  |  | 10,520 |
| First Lien - Term Loan B |  | 11,625 |  |  | 290 |  |  | 9,500 |  |  | 281 |  |  | (514) |  |  | — |  |  | 1,253 |  |  | 10,520 |
| 191,049.33 Class A-3 Preferred Units |  | — |  |  | 24 |  |  | 2,007 |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | 2,000 |
| Warrants |  | — |  |  | — |  |  | 92 |  |  | — |  |  | — |  |  | — |  |  | 1,100 |  |  | 1,192 |
Spectrum of Hope, LLC | First Lien - Superpriority Term Loan | Healthcare Services | 3,592 |  |  | 113 |  |  | 2,284 |  |  | 1,308 |  |  | — |  |  | — |  |  | — |  |  | 3,592 |
| First Lien - Tranche A Term Loan |  | 11,120 |  |  | — |  |  | 9,318 |  |  | — |  |  | — |  |  | — |  |  | (2,101) |  |  | 7,217 |
| First Lien - Tranche B Term Loan |  | 11,120 |  |  | — |  |  | 3,114 |  |  | — |  |  | — |  |  | — |  |  | (3,114) |  |  | — |
| 402,350 Common Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Control Investments |  |  | $ | 62,574 |  |  | $ | 1,766 |  |  | $ | 56,092 |  |  | $ | 2,188 |  |  | $ | (1,421) |  |  | $ | — |  |  | $ | (2,166) |  |  | $ | 54,693 |

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Portfolio Company | Type of Investment (1) | Industry | September 30, 2025 Principal Amount - Debt Investments |  | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2025 |  | Gross Additions (3) |  | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2025
Affiliate Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAC New Holdco Inc. | First Lien | Healthcare Services | $ | 198 |  |  | $ | 17 |  |  | $ | 181 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 198 |
| First Lien - Term Loan A |  | 3,086 |  |  | 152 |  |  | 2,933 |  |  | 153 |  |  | — |  |  | — |  |  | — |  |  | 3,086 |
| First Lien - Term Loan B |  | 3,023 |  |  | 90 |  |  | 2,933 |  |  | 90 |  |  | — |  |  | — |  |  | (1,648) |  |  | 1,375 |
| Delayed Draw Term Loan |  | 768 |  |  | 33 |  |  | — |  |  | 768 |  |  | — |  |  | — |  |  | — |  |  | 768 |
| 11,909,273.85 Preferred Units |  | — |  |  | — |  |  | 5,702 |  |  | — |  |  | — |  |  | — |  |  | (5,702) |  |  | — |
| 617,803 Common Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Warrants |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Air Conditioning Specialist, Inc. | Revolving Loan | Consumer Services | — |  |  | — |  |  | 685 |  |  | — |  |  | (685) |  |  | — |  |  | — |  |  | — |
| First Lien |  | — |  |  | — |  |  | 20,761 |  |  | — |  |  | (20,761) |  |  | — |  |  | — |  |  | — |
| Delayed Draw Term Loan |  | — |  |  | — |  |  | 2,893 |  |  | — |  |  | (2,893) |  |  | — |  |  | — |  |  | — |
| 1,006,045.85 Preferred Units |  | — |  |  | — |  |  | 2,941 |  |  | — |  |  | (5,431) |  |  | 4,087 |  |  | (1,597) |  |  | — |
American Nuts Operations LLC | First Lien - Term Loan A | Food, Agriculture & Beverage | 6,051 |  |  | 392 |  |  | 5,851 |  |  | 200 |  |  | — |  |  | — |  |  | — |  |  | 6,051 |
| First Lien - Term Loan B |  | 6,051 |  |  | 392 |  |  | 4,973 |  |  | 200 |  |  | — |  |  | — |  |  | (242) |  |  | 4,931 |
| 21,062.03 Class A Preferred Units |  | — |  |  | — |  |  | 1,843 |  |  | — |  |  | — |  |  | — |  |  | (1,843) |  |  | — |
| 28.16 Class C Common Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
ArborWorks, LLC | Revolving Loan | Environmental Services | 1,220 |  |  | 72 |  |  | 886 |  |  | 371 |  |  | (37) |  |  | — |  |  | — |  |  | 1,220 |
| First Lien |  | 3,722 |  |  | 201 |  |  | 3,473 |  |  | 207 |  |  | — |  |  | — |  |  | 42 |  |  | 3,722 |
| 100 Class A Units |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |
| 13,898.32 Class A-1 Preferred Units |  | — |  |  | — |  |  | 3,032 |  |  | — |  |  | — |  |  | — |  |  | 1,655 |  |  | 4,687 |
| 13,898.32 Class B-1 Preferred Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 1,666.67 Class A-1 Common Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |

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Portfolio Company | Type of Investment (1) | Industry | September 30, 2025 Principal Amount - Debt Investments |  | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2025 |  | Gross Additions (3) |  | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2025
Catbird NYC, LLC | Revolving Loan | Specialty Retail | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | — |  |  | 10 |  |  | — |
| First Lien |  | 14,377 |  |  | 860 |  |  | 14,700 |  |  | 19 |  |  | (323) |  |  | — |  |  | (19) |  |  | 14,377 |
| 1,000,000 Class A Units |  | — |  |  | — |  |  | 1,805 |  |  | — |  |  | — |  |  | — |  |  | 192 |  |  | 1,997 |
| 500,000 Class B Units |  | — |  |  | — |  |  | 797 |  |  | — |  |  | — |  |  | — |  |  | 67 |  |  | 864 |
Central Medical Supply LLC | Revolving Loan | Healthcare Equipment & Supplies | 1,975 |  |  | 82 |  |  | 1,450 |  |  | 506 |  |  | — |  |  | — |  |  | 19 |  |  | 1,975 |
| First Lien |  | 18,641 |  |  | 951 |  |  | 18,525 |  |  | (13) |  |  | — |  |  | — |  |  | 129 |  |  | 18,641 |
| Delayed Draw Term Loan |  | — |  |  | (4) |  |  | 101 |  |  | (11) |  |  | (101) |  |  | — |  |  | 11 |  |  | — |
| 2,620,670 Preferred Units |  | — |  |  | — |  |  | 3,163 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,163 |
Command Group Acquisition, LLC | First Lien | Healthcare Equipment & Supplies | 6,000 |  |  | 372 |  |  | 5,880 |  |  | 10 |  |  | — |  |  | — |  |  | 110 |  |  | 6,000 |
| 1,250,000 Preferred Units |  | — |  |  | — |  |  | 1,038 |  |  | — |  |  | — |  |  | — |  |  | 313 |  |  | 1,351 |
Crafty Apes, LLC | First Lien | Movies & Entertainment | 4,053 |  |  | 250 |  |  | 3,653 |  |  | 253 |  |  | — |  |  | — |  |  | (43) |  |  | 3,863 |
| Delayed Draw Term Loan |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 1,519.07 Class A Common Units |  | — |  |  | — |  |  | 5,037 |  |  | — |  |  | — |  |  | — |  |  | 187 |  |  | 5,224 |
Dynamic Communities, LLC | First Lien - Term Loan A | Business Services | 5,066 |  |  | 301 |  |  | 4,766 |  |  | 302 |  |  | — |  |  | — |  |  | (2) |  |  | 5,066 |
| First Lien - Term Loan B |  | 4,985 |  |  | 334 |  |  | 4,985 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,985 |
| 250,000 Class A Preferred units |  | — |  |  | — |  |  | 317 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 317 |
| 5,435,211.03 Class B Preferred units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 255,984.22 Class C Preferred units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2,500,000 Common units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
GPT Industries, LLC | Revolving Loan | Industrial Products | — |  |  | 14 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | (6) |  |  | — |
| First lien |  | 5,796 |  |  | 354 |  |  | 5,866 |  |  | 12 |  |  | (69) |  |  | — |  |  | (24) |  |  | 5,785 |
| 1,000,000 Class A Preferred Units |  | — |  |  | 100 |  |  | 2,747 |  |  | — |  |  | — |  |  | — |  |  | 558 |  |  | 3,305 |

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Portfolio Company | Type of Investment (1) | Industry | September 30, 2025 Principal Amount - Debt Investments |  | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2025 |  | Gross Additions (3) |  | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2025
GrammaTech, Inc. | Revolving Loan | Software & IT Services | — |  |  | 4 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | (1) |  |  | — |
| First Lien |  | 188 |  |  | 33 |  |  | 563 |  |  | — |  |  | (375) |  |  | — |  |  | — |  |  | 188 |
| 1,000 Class A Units |  | — |  |  | — |  |  | 336 |  |  | — |  |  | — |  |  | — |  |  | (135) |  |  | 201 |
| 360.06 Class A-1 Units |  | — |  |  | — |  |  | 121 |  |  | — |  |  | — |  |  | — |  |  | (48) |  |  | 73 |
Gravitiq LLC | Revolving Loan | Consumer Products | — |  |  | 71 |  |  | — |  |  | 2,905 |  |  | (2,900) |  |  | — |  |  | (5) |  |  | — |
| First Lien - Term Loan A |  | 14,813 |  |  | 857 |  |  | 14,082 |  |  | 81 |  |  | (188) |  |  | — |  |  | 541 |  |  | 14,516 |
| First Lien - Term Loan B |  | 14,813 |  |  | 1,005 |  |  | 14,082 |  |  | 76 |  |  | (188) |  |  | — |  |  | 546 |  |  | 14,516 |
| Warrants |  | — |  |  | — |  |  | 1,597 |  |  | — |  |  | — |  |  | — |  |  | 595 |  |  | 2,192 |
ITA Holdings Group, LLC | Revolving Loan | Transportation & Logistics | 3,525 |  |  | 227 |  |  | 3,525 |  |  | 9 |  |  | — |  |  | — |  |  | (9) |  |  | 3,525 |
| First Lien - Term Loan |  | 14,840 |  |  | 1,066 |  |  | 13,356 |  |  | 1,747 |  |  | — |  |  | — |  |  | (263) |  |  | 14,840 |
| First Lien - Term Loan B |  | 14,840 |  |  | 1,220 |  |  | 13,356 |  |  | 1,756 |  |  | — |  |  | — |  |  | (272) |  |  | 14,840 |
| First Lien - Term Loan C |  | 12,338 |  |  | 362 |  |  | — |  |  | 12,338 |  |  | — |  |  | — |  |  | — |  |  | 12,338 |
| Delayed Draw Term Loan - A |  | — |  |  | — |  |  | 1,484 |  |  | (1,484) |  |  | — |  |  | — |  |  | — |  |  | — |
| Delayed Draw Term Loan - B |  | — |  |  | — |  |  | 1,484 |  |  | (1,484) |  |  | — |  |  | — |  |  | — |  |  | — |
| Delayed Draw Term Loan |  | — |  |  | 92 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Warrants |  | — |  |  | 1,753 |  |  | 9,755 |  |  | — |  |  | — |  |  | — |  |  | 2,876 |  |  | 12,631 |
| Warrants |  | — |  |  | 1,384 |  |  | 11,369 |  |  | — |  |  | — |  |  | — |  |  | 4,119 |  |  | 15,488 |
| 9.25% Class A Membership Interest |  | — |  |  | 1,497 |  |  | 8,776 |  |  | — |  |  | — |  |  | — |  |  | 3,869 |  |  | 12,645 |
iVueit, LLC | Revolving Loan | Business Services | 250 |  |  | 14 |  |  | — |  |  | 251 |  |  | — |  |  | — |  |  | (3) |  |  | 248 |
| First Lien |  | 10,000 |  |  | 531 |  |  | 9,902 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 9,910 |
| Delayed Draw Term Loan |  | — |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2,000 Preferred Units |  | — |  |  |  |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | 232 |  |  | 2,232 |

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Portfolio Company | Type of Investment (1) | Industry | September 30, 2025 Principal Amount - Debt Investments |  | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2025 |  | Gross Additions (3) |  | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2025
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan | Consumer Services | — |  |  | 7 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |  | — |
| First Lien |  | 10,800 |  |  | 509 |  |  | 7,425 |  |  | 3,274 |  |  | — |  |  | — |  |  | (7) |  |  | 10,692 |
| 1,244 Class A Units |  | — |  |  | — |  |  | 1,000 |  |  | 244 |  |  | — |  |  | — |  |  | (219) |  |  | 1,025 |
Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan | Environmental Services | — |  |  | 16 |  |  | 701 |  |  | 521 |  |  | (1,250) |  |  | — |  |  | 28 |  |  | — |
| First Lien |  | 5,013 |  |  | 192 |  |  | 4,842 |  |  | — |  |  | (26) |  |  | — |  |  | 106 |  |  | 4,922 |
| Second Lien |  | 5,208 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 208,333.33 Series A Preferred units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 203,124.99 Common units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Local Web Leads, LLC | Revolving Loan | Media & Marketing | — |  |  | 2 |  |  | — |  |  | (10) |  |  | — |  |  | — |  |  | 10 |  |  | — |
| First Lien - Term Loan A |  | 6,750 |  |  | 177 |  |  | — |  |  | 6,686 |  |  | — |  |  | — |  |  | — |  |  | 6,686 |
| First Lien - Term Loan B |  | 6,750 |  |  | 210 |  |  | — |  |  | 6,686 |  |  | — |  |  | — |  |  | — |  |  | 6,686 |
| 750,000 Common Units |  | — |  |  | — |  |  | — |  |  | 750 |  |  | — |  |  | — |  |  | — |  |  | 750 |
Pool Service Partners, Inc. | Revolving Loan | Consumer Services | — |  |  | 8 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | (3) |  |  | — |
| First Lien |  | 5,000 |  |  | 296 |  |  | 4,765 |  |  | 9 |  |  | — |  |  | — |  |  | 171 |  |  | 4,945 |
| Delayed Draw Term Loan |  | 5,400 |  |  | 275 |  |  | 5,146 |  |  | (50) |  |  | — |  |  | — |  |  | 245 |  |  | 5,341 |
| 10,667 Common units |  | — |  |  | — |  |  | 610 |  |  | — |  |  | — |  |  | — |  |  | 336 |  |  | 946 |
Precision Spray & Coatings, LLC | First Lien | Industrial Services | 4,000 |  |  | 81 |  |  | — |  |  | 3,961 |  |  | — |  |  | — |  |  | — |  |  | 3,961 |
| 2,000 Class A-2 Units |  | — |  |  | — |  |  | — |  |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | 2,000 |

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Portfolio Company | Type of Investment (1) | Industry | September 30, 2025 Principal Amount - Debt Investments |  | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2025 |  | Gross Additions (3) |  | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2025
Roseland Management, LLC | Revolving Loan | Healthcare Services | — |  |  | 8 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | (3) |  |  | — |
| First Lien |  | 14,473 |  |  | 848 |  |  | 14,598 |  |  | (1) |  |  | (125) |  |  | — |  |  | 1 |  |  | 14,473 |
| 3,364 Class A-2 Units |  | — |  |  | — |  |  | 802 |  |  | — |  |  | — |  |  | — |  |  | (28) |  |  | 774 |
| 1,100 Class A-1 Units |  | — |  |  | — |  |  | 196 |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | 187 |
| 16,084 Class A Units |  | — |  |  | — |  |  | 941 |  |  | — |  |  | — |  |  | — |  |  | (135) |  |  | 806 |
Sonobi, Inc. | 500,000 Class A Common Units | Media & Marketing | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
STATinMED, LLC | First Lien | Pharmaceuticals, Biotechnology & Life Sciences | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,560) |  |  | 7,560 |  |  | — |
| 4,718.62 Class A Preferred Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 39,097.96 Class B Preferred Units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Student Resource Center LLC | First Lien | Education | 9,644 |  |  | — |  |  | 3,761 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,761 |
| 355,555.56 Senior Preferred units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 10,502,487.46 Preferred units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2,000,000 Preferred units |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
TalkNY Management Holdings, LLC | First Lien | Healthcare Services | 7,500 |  |  | 449 |  |  | 7,312 |  |  | 10 |  |  | — |  |  | — |  |  | (122) |  |  | 7,200 |
| 1,625,472 Class A-1 Preferred Units |  | — |  |  | — |  |  | 1,082 |  |  | 90 |  |  | — |  |  | — |  |  | (323) |  |  | 849 |

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Portfolio Company | Type of Investment (1) | Industry | September 30, 2025 Principal Amount - Debt Investments |  | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2025 |  | Gross Additions (3) |  | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2025
White Plains Linen LLC | Revolving Loan | Commercial Services & Supplies | 1,000 |  |  | 21 |  |  | — |  |  | 971 |  |  | — |  |  | — |  |  | — |  |  | 971 |
| First Lien - Term Loan A |  | 12,200 |  |  | 221 |  |  | — |  |  | 12,081 |  |  | — |  |  | — |  |  | — |  |  | 12,081 |
| First Lien - Term Loan B |  | 12,200 |  |  | 263 |  |  | — |  |  | 12,081 |  |  | — |  |  | — |  |  | — |  |  | 12,081 |
| 16.75% LP Interest |  | — |  |  | — |  |  | — |  |  | 335 |  |  | — |  |  | — |  |  | — |  |  | 335 |
Total Affiliate Investments |  |  | $ | 276,557 |  |  | $ | 18,687 |  |  | $ | 292,891 |  |  | $ | 68,930 |  |  | $ | (35,352) |  |  | $ | (3,473) |  |  | $ | 11,815 |  |  | $ | 334,811 |
Total Control & Affiliate Investments |  |  | $ | 339,131 |  |  | $ | 20,453 |  |  | $ | 348,983 |  |  | $ | 71,118 |  |  | $ | (36,773) |  |  | $ | (3,473) |  |  | $ | 9,649 |  |  | $ | 389,504 |

(1)The principal amount and ownership detail as shown in the Consolidated Schedules of Investments.
(2)Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category.
(5)The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
The information contained herein may contain “forward-looking statements” based on our current expectations, assumptions and estimates about us and our industry. These forward-looking statements involve risks and uncertainties. Words such as “may,” “predict,” “will,” “continue,” “likely,” “would,” “could,” “should,” “expect,” “anticipate,” “potential,” “estimate,” “indicate,” “seek,” “believe,” “target,” “intend,” “plan,” or “project” and other similar expressions identify forward-looking statements. These risks include risks related to changes in the markets in which the Company invests; changes in the financial and lending markets; interest rate volatility; the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy; the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest; the impact of geopolitical conditions and its impact on financial market volatility, global economic markets and various sectors and industries; regulatory changes; changes in tax treatment; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; and our ability to operate our wholly owned subsidiaries, Capital Southwest SBIC I, LP and Capital Southwest SBIC II, LP, as small business investment companies. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results could differ materially from those we express in the forward-looking statements as a result of several factors more fully described in “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and in this Quarterly Report on Form 10-Q. The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. You should read the following discussion in conjunction with the consolidated financial statements and related footnotes and other financial information included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. We undertake no obligation to update publicly any forward-looking statements for any reason, whether as a result of new information, future events or otherwise, except as required by law.
OVERVIEW
We are an internally managed closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We specialize in providing customized debt and equity financing to LMM companies in a broad range of investment segments located primarily in the United States. Our investment objective is to produce attractive risk-adjusted returns by generating current income from our debt investments and capital appreciation from our equity and equity related investments. Our investment strategy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. We invest primarily in first lien debt securities, secured by security interests in portfolio company assets. We also may invest in equity interests in our portfolio companies alongside our debt securities.
We focus on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. We primarily target senior debt and equity investments in LMM companies. Our target companies typically have annual EBITDA between $3.0 million and $25.0 million, and our investments generally range in size from $5.0 million to $50.0 million.
We seek to fill the financing gap for LMM companies, which, historically, have had more limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participations. Our ability to invest across a LMM company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options. Providing customized financing solutions is important to LMM companies. We generally seek to partner directly with financial sponsors, entrepreneurs, management teams and business owners in making our investments. Our LMM debt investments typically include senior loans with a first lien on the assets of the portfolio company. Our LMM debt investments typically have a term of up to five years from the original investment date. We also often seek to invest in the equity securities of our LMM portfolio companies.
Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a beneficial operating expense structure when compared to other publicly traded and privately held investment firms that are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our investment portfolio. As of September 30, 2025 and 2024, the
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ratio of our last twelve months ("LTM") operating expenses, excluding interest expense, as a percentage of our LTM average total assets was 1.64% and 1.74%, respectively.
CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES
The preparation of our consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods covered by the consolidated financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an on-going basis, we evaluate our estimates, including those related to the matters below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Valuation of Investments
The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our investment portfolio and the related amounts of unrealized appreciation and depreciation. As of September 30, 2025 and March 31, 2025, our investment portfolio at fair value represented approximately 92.9% and 94.8% of our total assets, respectively. We are required to report our investments at fair value. We follow the provisions of ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. See Note 4 - Fair Value Measurements in the Notes to the Consolidated Financial Statements for a detailed discussion of our investment portfolio valuation process and procedures.
Due to the inherent uncertainty in the valuation process, our determination of fair value for our investment portfolio may differ materially from the values that would have been determined had a ready market for the securities actually existed. In addition, changes in the market environment, portfolio company performance, and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors designated a valuation committee (the "Valuation Committee") comprised of certain officers of the Company as its valuation designee to determine the fair value of the Company's investments that do not have readily available market quotations, subject to the oversight of the Board of Directors. Our Valuation Committee believes that our investment portfolio as of September 30, 2025 and March 31, 2025 reflects the fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.
Revenue Recognition
Interest and Dividend Income
Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. Upon the prepayment of a loan, any unamortized discount or premium is accelerated into interest income. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the portfolio company's ability to service debt or other obligations, it will be restored to accrual basis. As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio's fair value and approximately 2.6% of its cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio's fair value and approximately 3.5% of its cost.
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Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which was issued to enhance the transparency and decision usefulness of income tax disclosures, including an annual requirement to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The new guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosure.
In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity's expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.
INVESTMENT PORTFOLIO COMPOSITION
The total fair value of our investment portfolio was $1,877.9 million as of September 30, 2025, as compared to $1,785.3 million as of March 31, 2025. As of September 30, 2025, we had investments in 126 portfolio companies with an aggregate cost of $1,896.5 million. As of March 31, 2025, we had investments in 121 portfolio companies with an aggregate cost of $1,779.4 million. The following table presents certain additional selected information regarding our debt investments as of September 30, 2025 and March 31, 2025 (dollars in millions):

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

The following tables provide a summary of our investments in portfolio companies as of September 30, 2025 and March 31, 2025:

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

(a)At September 30, 2025 and March 31, 2025, we had equity ownership in approximately 65.9% and 65.3%, respectively, of our portfolio companies.
(b)The weighted average annual effective yield of debt investments is not the same as a return on investment for CSWC's shareholders, but rather relates to CSWC's investment portfolio and is calculated before the payment of all of CSWC's and subsidiaries' fees and expenses.
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The weighted average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of September 30, 2025 and March 31, 2025, respectively, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio's fair value and approximately 2.6% of its cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio's fair value and approximately 3.5% of its cost. Weighted average annual effective yield is not a return to shareholders and is higher than what an investor in shares in our common stock will realize on its investment because it does not reflect our expenses or any sales load paid by an investor.
(c)The weighted average annual effective yield of total investments is not the same as a return on investment for CSWC's shareholders, but rather relates to CSWC's investment portfolio and is calculated before the payment of all of CSWC's and subsidiaries' fees and expenses. The weighted average annual effective yields on total investments were calculated by dividing total investment income, exclusive of non-recurring fees, by average total investments at fair value.
(d)Includes CSWC debt investments only. Weighted average EBITDA metric is calculated using investment cost basis weighting. As of September 30, 2025, 13 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. As of March 31, 2025, 12 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful.
(e)Includes CSWC debt investments only. Calculated as the amount of each portfolio company’s debt (including CSWC’s position and debt senior or pari passu to CSWC’s position, but excluding debt subordinated to CSWC’s position) in the capital structure divided by each portfolio company’s adjusted EBITDA. Weighted average leverage is calculated using investment cost basis weighting. Management uses this metric as a guide to evaluate relative risk of its position in each portfolio debt investment. As of September 30, 2025, 13 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. As of March 31, 2025, 12 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful.
Portfolio Asset Quality
We utilize an internally developed investment rating system to rate the performance and monitor the expected level of returns for each debt investment in our portfolio. The investment rating system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein, including each investment's expected level of returns and the collectability of our debt investments, comparisons to competitors and other industry participants and the portfolio company's future outlook. The ratings are not intended to reflect the performance or expected level of returns of our equity investments.
•Investment Rating 1 represents the least amount of risk in our portfolio. The investment is performing materially above underwriting expectations and the trends and risk factors are generally favorable. The investment generally has a higher probability of being prepaid in part or in full.
•Investment Rating 2 indicates the investment is performing as expected at the time of underwriting and the trends and risk factors are generally favorable to neutral. All new loans are initially rated 2.
•Investment Rating 3 involves an investment performing below underwriting expectations and the trends and risk factors are generally neutral to negative. The investment may be out of compliance with financial covenants, however interest payments are generally not past due and the investment is typically on accrual.
•Investment Rating 4 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are generally negative and the risk of the investment has increased. Interest payments on our investment are likely to be impaired and the investment is typically on non-accrual, however there is not an expectation of significant principal loss.
•Investment Rating 5 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are negative and the risk of the investment has increased substantially. Interest payments on our investment are impaired, the investment is on non-accrual, and there is an expectation of significant principal loss.
We continue to observe commodity inflation, elements of financial market instability (including elevated interest rates), supply chain disruptions, changes to U.S. tariff and import/export regulations, and elements of geopolitical instability (including the ongoing war in Ukraine, conflict in the Middle East, and U.S. and China relations). Changes to trade policies, including the imposition of new tariffs, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macro-economic environment. I n the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities,
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and we have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.
The following table shows the distribution of our debt portfolio investments on the 1 to 5 investment rating scale at fair value as of September 30, 2025 and March 31, 2025:

| As of September 30, 2025
Investment Rating | Debt Investments at Fair Value |  | Percentage of Debt Portfolio
| (dollars in thousands)
1 | $ | 340,902 |  |  | 20.0 | %
2 | 1,214,233 |  |  | 71.2 |
3 | 126,197 |  |  | 7.4 |
4 | 21,158 |  |  | 1.2 |
5 | 3,761 |  |  | 0.2 |
Total | $ | 1,706,251 |  |  | 100.0 | %

| As of March 31, 2025
Investment Rating | Debt Investments at Fair Value |  | Percentage of Debt Portfolio
| (dollars in thousands)
1 | $ | 400,989 |  |  | 25.0 | %
2 | 1,035,968 |  |  | 64.5 |
3 | 144,929 |  |  | 9.0 |
4 | 20,259 |  |  | 1.3 |
5 | 3,761 |  |  | 0.2 |
Total | $ | 1,605,906 |  |  | 100.0 | %

Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due.
As of September 30, 2025, investments on non-accrual status represented approximately 1.0% of our total investment portfolio's fair value and approximately 2.6% of its cost. As of March 31, 2025, investments on non-accrual status represented approximately 1.7% of our total investment portfolio's fair value and approximately 3.5% of its cost.
Investment Activity
During the six months ended September 30, 2025, we made debt investments totaling $201.6 million and equity investments totaling $6.0 million. We also received, in connection with the sale of a preferred equity investment, an earnout with a cost basis of $3.5 million, which is included in financial instruments. We received contractual principal repayments totaling approximately $17.5 million and full prepayments of approximately $78.0 million. We funded $30.1 million on revolving loans and received $21.0 million in repayments on revolving loans. In addition, we received proceeds from sales of debt and equity investments totaling $36.3 million.
During the six months ended September 30, 2024, we made debt investments totaling $165.5 million and equity investments totaling $4.9 million. We received contractual principal repayments totaling approximately $16.2 million and full prepayments of approximately $103.0 million. We funded $23.6 million on revolving loans and received $13.0 million in repayments on revolving loans. In addition, we received proceeds from sales of debt investments totaling $22.6 million.
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Total portfolio investment activity for the six months ended September 30, 2025 and 2024 was as follows (dollars in thousands):

Six months ended September 30, 2025 | First Lien Loans |  | Second Lien Loans |  | Subordinated Debt |  | Preferred & Common Equity |  | Financial Instruments |  | Total
Fair value, beginning of period | $ | 1,586,622 |  |  | $ | 18,066 |  |  | $ | 1,218 |  |  | $ | 179,393 |  |  | $ | — |  |  | $ | 1,785,299 |
New investments | 231,664 |  |  | — |  |  | 57 |  |  | 5,990 |  |  | 3,457 |  |  | 241,168 |
Proceeds from sales of investments | (1,789) |  |  | — |  |  | — |  |  | (34,482) |  |  | — |  |  | (36,271) |
Principal repayments received | (116,337) |  |  | — |  |  | (146) |  |  | — |  |  | — |  |  | (116,483) |
Conversion/exchange of security | (3,951) |  |  | — |  |  | — |  |  | 3,951 |  |  | — |  |  | — |
PIK interest earned | 6,107 |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | 6,115 |
Accretion of loan discounts | 4,739 |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 4,765 |
Realized gain (loss) | (12,827) |  |  | — |  |  | — |  |  | 30,700 |  |  | — |  |  | 17,873 |
Unrealized (loss) gain | (6,286) |  |  | (922) |  |  | 2 |  |  | (17,638) |  |  | 285 |  |  | (24,559) |
Fair value, end of period | $ | 1,687,942 |  |  | $ | 17,170 |  |  | $ | 1,139 |  |  | $ | 167,914 |  |  | $ | 3,742 |  |  | $ | 1,877,907 |

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

(1)In connection with the dissolution and liquidation of I-45 SLF LLC, the joint venture between CSWC and Main Street Capital Corporation, the Company received distributions-in-kind of investments.
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RESULTS OF OPERATIONS
The composite measure of our financial performance in the Consolidated Statements of Operations is captioned “Net increase in net assets from operations” and consists of three elements. The first is “Net investment income,” which is the difference between income from interest, dividends and fees and our combined operating and interest expenses, net of applicable income taxes. The second element is “Net realized (loss) gain on investments, net of tax,” which is the difference between the proceeds received from the disposition of portfolio securities and their stated cost. The third element is the “Net unrealized (depreciation) appreciation on investments, net of tax,” which is the net change in the market or fair value of our investment portfolio, compared with the stated cost. The “Net realized (loss) gain on investments before income tax” and “Net unrealized (depreciation) appreciation on investments, net of tax” are directly related in that when an appreciated portfolio security is sold to realize a gain, a corresponding decrease in net unrealized appreciation occurs by transferring the gain associated with the transaction from being “unrealized” to being “realized.” Conversely, when a loss is realized on a depreciated portfolio security, an increase in net unrealized appreciation occurs.
Comparison of three months ended September 30, 2025 and September 30, 2024

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

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

|  | Three Months Ended September 30,
|  | 2025 |  | 2024
Interest income |  | $ | 46,205 |  |  | $ | 42,138 |
PIK interest income |  | 2,794 |  |  | 2,398 |
Amortization of purchase discounts and fees |  | 2,053 |  |  | 1,560 |
Dividend income |  | 2,742 |  |  | 572 |
Fee income |  | 2,533 |  |  | 1,547 |
Other investment income |  | 618 |  |  | 491 |
Total investment income |  | $ | 56,945 |  |  | $ | 48,706 |

Interest income (including PIK interest income and amortization of purchase discounts and fees) for the three months ended September 30, 2025 totaled $51.1 million as compared to $46.1 million for the three months ended September 30, 2024. The increase was primarily due to a 22.2% increase in the average monthly cost basis of debt investments held by us from $1,405.4 million to $1,717.2 million year-over-year, partially offset by a decrease in the weighted average yield on debt investments from 12.9% to 11.5% year-over-year. Dividend income for the three months ended September 30, 2025 increased
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$2.2 million as compared to the three months ended September 30, 2024 due to an increase in distributions received from portfolio companies. Fee income for the three months ended September 30, 2025 increased $1.0 million as compared to the three months ended September 30, 2024 primarily due to an increase in arranger fees and amendment fees in the current quarter. Other income for the three months ended September 30, 2025 increased $0.1 million as compared to the three months ended September 30, 2024 primarily due to an increase in interest income on cash balances held.
Operating Expenses
Due to the nature of our business, the majority of our operating expenses are related to interest and fees on our borrowings, employee compensation (including both cash and share-based compensation) and general and administrative expenses.
Interest and Fees on our Borrowings
For the three months ended September 30, 2025, our total interest expense was $16.0 million, an increase of $3.4 million, as compared to the total interest expense of $12.6 million for the three months ended September 30, 2024. The increase was primarily attributable to an increase of $239.3 million in average borrowings outstanding, partially offset by a decrease in the weighted average interest rate on our total debt outstanding from 5.61% to 5.49% for the three months ended September 30, 2024 and September 30, 2025, respectively. This decrease in the weighted average interest rate on our total debt was primarily due to a decrease in the weighted average interest rate on our Credit Facilities, partially offset by the issuance of the 2029 Convertible Notes.
Salaries, General and Administrative Expenses
For the three months ended September 30, 2025, our total employee compensation expense (including both cash and share-based compensation) increased by $0.4 million, or 10.6%, as compared to the total employee compensation expense for the three months ended September 30, 2024. The increase was primarily due to an increase in accrued bonus compensation based on the Company's projected performance compared to its plan, partially offset by a decrease in share-based compensation due to a lower fair value on current year restricted stock award grants. For the three months ended September 30, 2025, our total general and administrative expense increase by $0.4 million, or 16.7%, as compared to the total general and administrative expense for the three months ended September 30, 2024. The increase was primarily due to an increase in legal fees, as well as individually immaterial increases across several general operating expenses.
Net Investment Income
For the three months ended September 30, 2025, income before taxes increased by $4.0 million, or 13.3%. Net investment income increased from the prior year period by $0.8 million, or 2.6%, to $32.0 million as a result of a $8.2 million increase in total investment income, partially offset by a $3.4 million increase in interest expense and a $3.2 million increase in income tax provision.
Net Realized Gains (Losses) on Investments
The following table provides a summary of the primary components of the total net realized loss on investments of $4.9 million for the three months ended September 30, 2025:

|  | Three Months Ended September 30, 2025
|  | Exits |  | Restructuring |  | Other (1) |  | Total
|  | Net Gain (Loss) |  | Net Gain (Loss) |  | Net Gain (Loss) |  | Net Gain (Loss)
Debt |  | $ | (7,656) |  |  | $ | — |  |  | $ | — |  |  | $ | (7,656) |
Equity |  | 3,488 |  |  | — |  |  | (758) |  |  | 2,730 |
Total net realized (loss) gain |  | $ | (4,168) |  |  | $ | — |  |  | $ | (758) |  |  | $ | (4,926) |

(1)Included in "Other" is a $0.8 million income tax provision related to realized gains on equity investments, as well as realized gains and losses from transactions, which are not considered to be significant individually or in the aggregate.
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The following table provides a summary of the primary components of the total net realized loss on investments of $10.3 million for the three months ended September 30, 2024:

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

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

|  | Three Months Ended September 30, 2025
|  | Debt |  | Equity |  | Financial Instruments |  | Total
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to exit, sale or restructuring during the current period |  | $ | 7,328 |  |  | $ | (3,292) |  |  | $ | — |  |  | $ | 4,036 |
Net unrealized (depreciation) appreciation relating to portfolio investments |  | (10,257) |  |  | 4,499 1 |  | 285 |  |  | (5,473) |
Total net unrealized (depreciation) appreciation on investments |  | $ | (2,929) |  |  | $ | 1,207 |  |  | $ | 285 |  |  | $ | (1,437) |

1 Includes a deferred tax provision of $1.1 million associated with the Taxable Subsidiary.
The following table provides a summary of the total net unrealized appreciation on investments of $1.8 million for the three months ended September 30, 2024 (amounts in thousands):

|  | Three Months Ended September 30, 2024
|  | Debt |  | Equity |  |  |  | Total
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to exit, sale or restructuring during the current period |  | $ | 11,071 |  |  | $ | — |  |  |  |  | $ | 11,071 |
Net unrealized (depreciation) appreciation relating to portfolio investments |  | (8,018) |  |  | (1,245)1 |  |  |  | (9,263) |
Total net unrealized appreciation (depreciation) on investments |  | $ | 3,053 |  |  | $ | (1,245) |  |  |  |  | $ | 1,808 |

1 Includes a deferred tax benefit of $13.0 thousand associated with the Taxable Subsidiary.
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Comparison of six months ended September 30, 2025 and September 30, 2024

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

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

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

Interest income, PIK interest income, and amortization of purchase discounts and fees on an aggregate basis for the six months ended September 30, 2025 totaled $101.4 million as compared to $92.1 million for the six months ended September 30, 2024. The increase was primarily due to a 22.2% increase in the average monthly cost basis of debt investments held by us from $1,391.3 million to $1,699.8 million year-over-year, partially offset by a decrease in weighted average yield on debt investments from 12.9% to 11.5% year-over-year. Dividend income for the six months ended September 30, 2025 increased $3.4 million as compared to the six months ended September 30, 2024 due to an increase in distributions received from portfolio companies. Fee income for the six months ended September 30, 2025 increased $0.2 million as compared to the six months ended September 30, 2024 primarily due to an increase in arranger fees and administrative fees, partially offset by a decrease in amendment fees.
Operating Expenses
Due to the nature of our business, the majority of our operating expenses are related to interest and fees on our borrowings, employee compensation (including both cash and share-based compensation) and general and administrative expenses.
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Interest and Fees on our Borrowings
For the six months ended September 30, 2025, our total interest expense was $31.3 million, an increase of $6.3 million, as compared to the total interest expense of $25.0 million for the six months ended September 30, 2024. The increase was primarily attributable to an increase of $217.2 million in average borrowings outstanding, partially offset by a decrease in the weighted average interest rate on our total debt from 5.60% to 5.47% for the six months ended September 30, 2024 and September 30, 2025, respectively. The decrease in the weighted average interest rate was primarily due to a decrease in the weighted average interest rate on our Credit Facilities.
Salaries, General and Administrative Expenses
For the six months ended September 30, 2025, our total employee compensation expense (including both cash and share-based compensation) increased by $0.8 million as compared to the total employee compensation expense for the six months ended September 30, 2024. The increase was primarily due to an increase in accrued bonus compensation based on the Company's projected performance compared to its plan, partially offset by a decrease in share-based compensation due to a lower fair value on current year restricted stock award grants. For the six months ended September 30, 2025, our total general and administrative expense, including professional fees, was $5.9 million, an increase of $0.4 million, or 6.6%, as compared to $5.5 million for the six months ended September 30, 2024. The increase was primarily attributable to a variety of factors including an increase in legal fees, as well as an increase in rent expense and depreciation expense due to additional office space, in addition to individually immaterial increases across several general operating expenses.
Net Investment Income
For the six months ended September 30, 2025, income before taxes increased by $5.4 million, or 8.9%. Net investment income increased from the prior year period by $3.8 million, or 6.4%, to $63.9 million as a result of a $12.8 million increase in total investment income, partially offset by a $6.3 million increase in interest expense and a $1.6 million increase in income tax provision.
Net Realized Gains (Losses) on Investments
The following table provides a summary of the primary components of the total net realized gain on investments of $10.8 million for the six months ended September 30, 2025:

|  | Six months ended September 30, 2025
|  | Exits |  | Restructuring |  | Other (1) |  | Total
|  | Net Gain (Loss) |  | Net Gain (Loss) |  | Net Gain (Loss) |  | Net Gain (Loss)
Debt |  | $ | (7,793) |  |  | $ | (5,130) |  |  | $ | — |  |  | $ | (12,923) |
Equity |  | 30,700 |  |  | — |  |  | (6,999) |  |  | 23,701 |
Total net realized gain (loss) |  | $ | 22,907 |  |  | $ | (5,130) |  |  | $ | (6,999) |  |  | $ | 10,778 |

(1)Included in "Other" is a $7.0 million income tax provision related to realized gains on equity investments, as well as realized gains and losses from transactions, which are not considered to be significant individually or in the aggregate.
The following table provides a summary of the primary components of the total net realized loss on investments of $9.6 million for the six months ended September 30, 2024:

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

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

|  | Six months ended September 30, 2025
|  | Debt |  | Equity |  | Financial Instruments |  | Total
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to exit, sale or restructuring during the current period |  | $ | 9,684 |  |  | $ | (34,968) |  |  | $ | — |  |  | $ | (25,284) |
Net unrealized (depreciation) appreciation relating to portfolio investments |  | (16,891) |  |  | 19,861 1 |  | 285 |  |  | 3,255 |
Total net unrealized (depreciation) appreciation on investments |  | $ | (7,207) |  |  | $ | (15,107) |  |  | $ | 285 |  |  | $ | (22,029) |

1 Includes a deferred tax benefit of $2.5 million associated with the Taxable Subsidiary.
The following table provides a summary of the total net unrealized depreciation on investments of $13.7 million for the six months ended September 30, 2024 (amounts in thousands):

|  | Six months ended September 30, 2024
|  | Debt |  | Equity |  | Total
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to exit, sale or restructuring during the current period |  | $ | 10,574 |  |  | $ | — |  |  | $ | 10,574 |
Net unrealized (depreciation) appreciation relating to portfolio investments |  | (18,597) |  |  | (5,704)1 |  | (24,301) |
Total net unrealized appreciation (depreciation) on investments |  | $ | (8,023) |  |  | $ | (5,704) |  |  | $ | (13,727) |

1 Includes a deferred tax provision of $0.3 million associated with the Taxable Subsidiary.
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FINANCIAL LIQUIDITY AND CAPITAL RESOURCES
Our liquidity and capital resources are generated primarily from cash flows from operations, the net proceeds of public offerings of equity securities and debt securities, including debt securities convertible into common stock, advances from our credit facilities and our continued access to the debentures guaranteed by the Small Business Administration (the "SBA Debentures"). Management believes that the Company’s cash and cash equivalents, cash available from investments, and commitments under our credit facilities are adequate to meet its needs for the next twelve months. We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, utilization of available borrowings under our credit facilities and future issuances of debt and equity on terms we believe are favorable to the Company and our shareholders (including our Equity ATM Program, as described below). Our primary uses of funds will be investments in portfolio companies and operating expenses. Due to the diverse capital sources available to us at this time, we believe we have adequate liquidity to support our near-term capital requirements. We continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This "Financial Liquidity and Capital Resources" section should be read in conjunction with the notes of our consolidated financial statements.
In accordance with the 1940 Act, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by the SBIC Subsidiaries from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act. As of September 30, 2025, the Company’s asset coverage was 208%.
Cash Flows
For the six months ended September 30, 2025, we experienced a net increase in cash and cash equivalents in the amount of $44.2 million. During the foregoing period, our operating activities used $40.7 million in cash, consisting primarily of new portfolio investments made by the Company of $237.7 million, partially offset by $114.7 million from sales and repayments received from debt investments in portfolio companies and $30.9 million from sales of equity investments in portfolio companies. In addition, our financing activities provided cash of $85.2 million, consisting primarily of net proceeds from the issuance of the September 2030 Notes of $344.2 million and net proceeds from the Equity ATM Program of $80.9 million partially offset by net repayments on our Credit Facilities of $266.0 million and cash dividends paid in the amount of $71.4 million. At September 30, 2025, the Company had cash and cash equivalents of approximately $87.4 million and restricted cash of approximately $1.7 million.
For the six months ended September 30, 2024, we experienced a net increase in cash and cash equivalents in the amount of $15.0 million. During that period, our operating activities provided $7.3 million in cash, consisting primarily of $153.1 million from sales and repayments received from debt investments in portfolio companies, partially offset by new portfolio investments made by the Company of $194.0 million. In addition, our financing activities used cash of $8.2 million, consisting primarily of cash dividends paid in the amount of $60.0 million, partially offset by net proceeds from the Equity ATM Program of $58.0 million and net borrowings on our Credit Facilities of $13.0 million. At September 30, 2024, the Company had cash and cash equivalents of approximately $47.2 million.
Capital Resources
As of September 30, 2025, we had $87.4 million in unrestricted cash and cash equivalents and $632.2 million of unused capacity under the Credit Facilities that we maintain to support our investment and operating activities.
Credit Facilities
As of September 30, 2025, we had no borrowings outstanding and $509.2 million of undrawn commitments under the Corporate Credit Facility, and $77.0 million outstanding and $123.0 million of undrawn commitments under the SPV Credit Facility. Availability under the Credit Facilities is subject to certain leverage and borrowing base limitations, various covenants, reporting requirements and other customary requirements for similar credit facilities. For more information on our Credit Facilities, including material terms and financial covenants, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.
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Unsecured Notes
In December 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% notes due 2026 (the "January 2026 Notes"). In February 2021, the Company issued an additional $65.0 million in aggregate principal amount of the January 2026 Notes. On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding January 2026 Notes in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the year ended March 31, 2025.
In August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% notes due 2026 (the "October 2026 Notes"). In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes. The outstanding aggregate principal amount of the October 2026 Notes was $150.0 million as of both September 30, 2025 and March 31, 2025. Subsequent to the fiscal quarter ended September 30, 2025, we redeemed, in full, the October 2026 Notes. See "Recent Developments" for more information.
In June 2023, the Company issued approximately $71.9 million in aggregate principal amount, including the underwriters' full exercise of their option to purchase an additional $9.4 million in aggregate principal amount to cover over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes"). The outstanding aggregate principal amount of the August 2028 Notes was $71.9 million as of both September 30, 2025 and March 31, 2025. Subsequent to the fiscal quarter ended September 30, 2025, we redeemed, in full, the August 2028 Notes. See "Recent Developments" for more information.
In November 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the "2029 Convertible Notes"), including the underwriters' full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The outstanding aggregate principal amount of the 2029 Convertible Notes as of both September 30, 2025 and March 31, 2025 was $230.0 million.
In September 2025, the Company issued $350.0 million in aggregate principal amount of 5.950% notes due 2030 ("the September 2030 Notes"). The outstanding aggregate principal amount of the September 2030 Notes as of September 30, 2025 was $350.0 million.
For more information on each of the January 2026 Notes, the October 2026 Notes, the August 2028 Notes, the 2029 Convertible Notes, and the September 2030 Notes, including material terms governing the unsecured notes, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.
SBA Debentures
On April 20, 2021 and April 17, 2025, SBIC I and SBIC II, respectively, received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. The licenses allow each of SBIC I and SBIC II to obtain leverage by issuing SBA Debentures, subject to the issuance of a leverage commitment by the SBA. Current SBA regulations permit SBIC I and SBIC II to each borrow up to $175 million in SBA Debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations). As of September 30, 2025, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn. As of September 30, 2025, SBIC II had a total leverage commitment from the SBA in the amount of $40.0 million, none of which was drawn. SBA Debentures have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. Interest on SBA Debentures is payable semi-annually on March 1 and September 1. The first maturity date related to the SBA Debentures occurs in September 2031.
For more information on the SBA Debentures, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.
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Equity Capital Activities
Equity ATM Program
On March 4, 2019, the Company established an at-the-market offering (the "Equity ATM Program") pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock having an aggregate offering price of up to $50.0 million. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100.0 million from $50.0 million and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250.0 million from $100.0 million and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650.0 million from $250.0 million. On May 21, 2024, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $1.0 billion from $650.0 million and (ii) amended the term "Settlement Date" to reflect that, on or after May 28, 2024, the settlement of shares will occur on the first trading day following the date on which such sales were made.
The following table summarizes certain information relating to shares sold under the Equity ATM Program:

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

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both September 30, 2025 and September 30, 2024, no amounts remained receivable.
Cumulative to date, the Company has sold 36,843,069 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.50, raising $792.0 million of gross proceeds. Net proceeds were $779.9 million after commissions to the sales agents on shares sold. As of September 30, 2025, the Company had $208.0 million available under the Equity ATM Program.
Share Repurchases
On July 28, 2021, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate price for all shares purchased under the share repurchase program equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the three and six months ended September 30, 2025 and 2024, the Company did not repurchase any shares under the share repurchase program.
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OFF-BALANCE SHEET ARRANGEMENTS
We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. Because commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Additionally, our commitment to fund delayed draw term loans generally is triggered upon the satisfaction of certain pre-negotiated terms and conditions, such as meeting certain financial performance hurdles or financial covenants, which may limit a borrower's ability to draw on such delayed draw term loans.
At September 30, 2025 and March 31, 2025, we had a total of approximately $334.1 million and $197.4 million, respectively, in currently unfunded commitments (as discussed in Note 11 - Commitments and Contingencies to the Consolidated Financial Statements). As of September 30, 2025, the total unfunded commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2025, we had $0.9 million in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For the letters of credit issued and outstanding, we would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $0.4 million expire in February 2026, $0.3 million expire in March 2026, and $0.2 million expire in April 2026. As of September 30, 2025, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's balance sheet.
Contractual Obligations
As shown below, we had the following contractual obligations as of September 30, 2025. For information on our unfunded investment commitments, see Note 11 - Commitments and Contingencies in the Notes to Consolidated Financial Statements.

| Payments Due By Period
| (in thousands)
| Total |  | Less than 1 Year |  | 1-3 Years |  | 3-5 Years |  | More than 5 Years
Contractual Obligations |  |  |  |
Operating lease obligations | $ | 8,312 |  |  | $ | 706 |  |  | $ | 1,466 |  |  | $ | 1,542 |  |  | $ | 4,598 |
SPV Credit Facility | 77,000 |  |  | — |  |  | — |  |  | 77,000 |  |  | — |
Interest due on SPV Credit Facility (1) | 18,207 |  |  | 5,249 |  |  | 10,513 |  |  | 2,445 |  |  | — |
October 2026 Notes (2) | 150,000 |  |  | 150,000 |  |  | — |  |  | — |  |  | — |
Interest due on October 2026 Notes | 2,700 |  |  | 2,700 |  |  | — |  |  | — |  |  | — |
August 2028 Notes (2) | 71,875 |  |  | 71,875 |  |  | — |  |  | — |  |  | — |
Interest due on August 2028 Notes | 1,114 |  |  | 1,114 |  |  | — |  |  | — |  |  | — |
2029 Convertible Notes | 230,000 |  |  | — |  |  | — |  |  | 230,000 |  |  | — |
Interest due on 2029 Convertible Notes | 50,097 |  |  | 11,788 |  |  | 23,575 |  |  | 14,734 |  |  | — |
September 2030 Notes | 350,000 |  |  | — |  |  | — |  |  | 350,000 |  |  | — |
Interest due on September 2030 Notes | 104,125 |  |  | 20,825 |  |  | 41,650 |  |  | 41,650 |  |  | — |
SBA Debentures | 175,000 |  |  | — |  |  | — |  |  | — |  |  | 175,000 |
Interest due on SBA Debentures (3) | 59,778 |  |  | 7,728 |  |  | 15,476 |  |  | 15,455 |  |  | 21,119 |
| $ | 1,298,208 |  |  | $ | 271,985 |  |  | $ | 92,680 |  |  | $ | 732,826 |  |  | $ | 200,717 |

(1)Amounts include interest payments calculated at an average rate of 6.92% of outstanding borrowings under the SPV Credit Facility, which were $77.0 million as of September 30, 2025.
(2)Subsequent to the fiscal quarter ended September 30, 2025, we redeemed, in full, the October 2026 Notes and August 2028 Notes. See "Recent Developments" for more information.
(3)Includes only fixed interest on pooled debt.
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RECENT DEVELOPMENTS
On October 13, 2025, the Company redeemed, in full, $150.0 million in aggregate principal amount of the issued and outstanding October 2026 Notes and redeemed, in full, $71.9 million in aggregate principal amount of the issued and outstanding August 2028 Notes. Each of the October 2026 Notes and the August 2028 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. There was no "make-whole" premium required to be paid in connection therewith. The Company will recognize a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of approximately $2.2 million during the quarter ending December 31, 2025.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest; conditions affecting the general economy (including the uncertainty with respect to new tariffs and trade policies); market volatility; interest rate volatility, including elevated interest rates; inflationary pressures; legislative reform; and geopolitical, social or economic instability.
Interest Rate Risk
We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we currently borrow, and plan to borrow in the future, to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in interest rates will not have a material adverse effect on our net investment income. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rate indices, including SOFR and Prime rates, to the extent our debt investments include floating interest rates. Our interest expenses also will be affected by changes in the published SOFR rate in connection with our Credit Facilities. The interest rates on the October 2026 Notes, the August 2028 Notes, the 2029 Convertible Notes, the September 2030 Notes and the SBA Debentures are fixed for the life of such debt.
The Federal Reserve decreased interest rates by 0.25% in each of September and October of 2025, lowering their benchmark lending rate to a range between 3.75% and 4.00%. While the Federal Reserve has indicated potential for additional rate reductions in the fourth quarter of 2025, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income. Such decreases in our gross investment income may not be fully offset by a corresponding decrease in the interest rate of our debt liabilities due to the fixed interest rates on the October 2026 Notes, the August 2028 Notes, the 2029 Convertible Notes, the September 2030 Notes and the SBA Debentures. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly assess our interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of September 30, 2025, we were not a party to any hedging arrangements.
As of September 30, 2025, approximately 96.6% of our debt investment portfolio (at fair value) bore interest at floating rates, 100.0% of which were subject to contractual minimum interest rates. Our Corporate Credit Facility bears interest on a per annum basis equal to the applicable Adjusted Term SOFR rate plus 2.15%. We pay unused commitment fees of 0.50% to 1.00% per annum, based on utilization. The SPV Credit Facility bears interest at a three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility. Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the approximate annualized increase or decrease in net investment income due to hypothetical base rate changes in interest rates (considering interest rate floors for variable rate instruments), assuming no changes in our investments or borrowings as of September 30, 2025.

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

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Although we believe that the foregoing analysis is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio. It also does not adjust for other business developments, including future borrowings that could affect the net increase in net assets resulting from operations, or net income. It also does not assume any repayments or fees from borrowers. Accordingly, no assurances can be given that actual results would not differ materially from the table above.
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Item 4. Controls and Procedures
As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the President and Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934). Based upon this evaluation, management, including our President and Chief Executive Officer and our Chief Financial Officer, concluded that our current disclosure controls and procedures are effective as of September 30, 2025.
During the three months ended September 30, 2025, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. – OTHER INFORMATION
Item 1. Legal Proceedings
We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. We have no currently pending material legal proceedings to which we are party or to which any of our assets is subject.
Item 1A. Risk Factors
Investing in our common stock involves a number of significant risks. There have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 that we filed with the SEC on May 20, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
On July 28, 2021, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021 the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate price for all shares purchased under the share repurchase program equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the three months ended September 30, 2025, the Company did not repurchase any shares under the share repurchase program.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
(a) None.
(b) None.
(c) For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.
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Item 6. Exhibits

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

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101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith.
^ The certifications, attached as Exhibits 32.1 and 32.2 accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed “filed” by the registrant for purposes of Section 18 of the Exchange Act, and are not to be incorporated by reference into any of the registrant’s filings under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in any such filing.
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SIGNATURES
Pursuant to the requirements the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | CAPITAL SOUTHWEST CORPORATION
November 3, 2025 |  | By: | /s/ Michael S. Sarner
Date |  |  | Michael S. Sarner
|  |  | President and Chief Executive Officer
November 3, 2025 |  | By: | /s/ Chris T. Rehberger
Date |  |  | Chris T. Rehberger
|  |  | Chief Financial Officer, Treasurer and Secretary

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