v3.25.4

SHAREHOLDERS' EQUITY | 9 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Equity ATM Program On March 4, 2019, the Company established the Equity ATM Program, pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock having an aggregate offering price of up to $50.0 million. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100.0 million from $50.0 million and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250.0 million from $100.0 million and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650.0 million from $250.0 million. On May 21, 2024, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $1.0 billion from $650.0 million and (ii) amended the term "Settlement Date" to reflect that, on or after May 28, 2024, the settlement of shares will occur on the first trading day following the date on which such sales were made. The following table summarizes certain information relating to shares sold under the Equity ATM Program (dollars in thousands):
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Number of shares sold | 2,490,000 |  |  | 2,364,147 |  |  | 6,291,892 |  |  | 4,702,227 |
Gross proceeds received (in thousands) | $ | 52,553 |  |  | $ | 53,620 |  |  | $ | 134,582 |  |  | $ | 112,540 |
Net proceeds received (in thousands) (1) | $ | 51,765 |  |  | $ | 52,915 |  |  | $ | 132,661 |  |  | $ | 110,951 |
Weighted average price per share | $ | 21.11 |  |  | $ | 22.68 |  |  | $ | 21.39 |  |  | $ | 23.93 |
(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both December 31, 2025 and December 31, 2024, no proceeds remained receivable. Cumulative to December 31, 2025, the Company has sold 39,333,069 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.47, raising $844.6 million of gross proceeds. Net proceeds were $831.7 million after commissions to the sales agents on shares sold. As of December 31, 2025, the Company has $155.4 million available under the Equity ATM Program. Share Repurchases Restricted Stock Awards The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan, which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan. In addition, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors. The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards:
| Three Months Ended December 31, |  | Nine Months Ended December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Number of shares repurchased | 37 |  |  | — |  |  | 52,630 |  |  | 71,229 |
Aggregate cost of shares repurchased (in thousands) | $ | 1 |  |  | $ | — |  |  | $ | 1,120 |  |  | $ | 1,861 |
Weighted average price per share | $ | 20.37 |  |  | $ | — |  |  | $ | 21.28 |  |  | $ | 26.13 |
Share Repurchase Program On July 28, 2021, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate price for all shares purchased under the share repurchase program equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the three and nine months ended December 31, 2025 and 2024, the Company did not repurchase any shares under the share repurchase program.

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