Capital Southwest Corporation - 10-Q quarterly report FY2027 Q1

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Lien2026-03-310000017313WELL LABS PLUS, LLC | Delayed Draw Term Loan2026-03-310000017313cswc:WELLLABSPLUSLLCMember2026-03-310000017313cswc:HealthcareServicesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan A2026-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan B2026-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan C2026-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan D2026-03-310000017313cswc:CMCONVEYORINCMember2026-03-310000017313DRIVE LINE SERVICE OF PORTLAND, LLC | Revolving Loan2026-03-310000017313DRIVE LINE SERVICE OF PORTLAND, LLC | First Lien2026-03-310000017313cswc:DRIVELINESERVICEOFPORTLANDLLCMember2026-03-310000017313SUREKAP, LLC | First Lien - Term Loan A2026-03-310000017313SUREKAP, LLC | First Lien - Term Loan B2026-03-310000017313SUREKAP, LLC | Delayed Draw Term 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Loan2026-03-310000017313IGNITE VISIBILITY LLC | First Lien - Term Loan A2026-03-310000017313IGNITE VISIBILITY LLC | First Lien - Term Loan B2026-03-310000017313IGNITE VISIBILITY LLC | Delayed Draw Term Loan2026-03-310000017313cswc:IGNITEVISIBILITYLLCMember2026-03-310000017313LOCAL WEB LEADS, LLC | Revolving Loan2026-03-310000017313LOCAL WEB LEADS, LLC | First Lien - Term Loan A2026-03-310000017313LOCAL WEB LEADS, LLC | First Lien - Term Loan B2026-03-310000017313cswc:LOCALWEBLEADSLLCMember2026-03-310000017313SOCIALSEO, LLC | Revolving Loan2026-03-310000017313SOCIALSEO, LLC | First Lien - Term Loan A2026-03-310000017313SOCIALSEO, LLC | First Lien - Term Loan B2026-03-310000017313cswc:SOCIALSEOLLCMember2026-03-310000017313cswc:MediaAndMarketingSectorMemberus-gaap:DebtSecuritiesMember2026-03-310000017313CRAFTY APES, LLC | First Lien2026-03-310000017313CRAFTY APES, LLC | Delayed Draw Term Loan2026-03-310000017313cswc:CRAFTYAPESLLCMember2026-03-310000017313LDG ACQUISITION COMPANY, LLC | 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Loans2026-03-310000017313Armko, LLC | Revolving Loans2026-06-300000017313Armko, LLC | Revolving Loans2026-03-310000017313ATS Operating, LLC | Revolving Loans2026-06-300000017313ATS Operating, LLC | Revolving Loans2026-03-310000017313Better Than Home, Inc. | Revolving Loans2026-06-300000017313Better Than Home, Inc. | Revolving Loans2026-03-310000017313Bond Brand Loyalty ULC | Revolving Loans2026-06-300000017313Bond Brand Loyalty ULC | Revolving Loans2026-03-310000017313Brandner Design, LLC | Revolving Loans2026-06-300000017313Brandner Design, LLC | Revolving Loans2026-03-310000017313Catbird NYC, LLC | Revolving Loans2026-06-300000017313Catbird NYC, LLC | Revolving Loans2026-03-310000017313CDC Dental Management Co., LLC | Revolving Loans2026-06-300000017313CDC Dental Management Co., LLC | Revolving Loans2026-03-310000017313Central Medical Supply LLC | Revolving Loans2026-06-300000017313Central Medical Supply LLC | Revolving Loans2026-03-310000017313Clearwater Group, LLC | Revolving 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Loans2026-03-310000017313Ignite Visibility LLC | Revolving Loans2026-06-300000017313Ignite Visibility LLC | Revolving Loans2026-03-310000017313InDinero Group, Inc. | Revolving Loans2026-06-300000017313InDinero Group, Inc. | Revolving Loans2026-03-310000017313Institutes of Health, LLC | Revolving Loans2026-06-300000017313Institutes of Health, LLC | Revolving Loans2026-03-310000017313ISI Enterprises, LLC | Revolving Loans2026-06-300000017313ISI Enterprises, LLC | Revolving Loans2026-03-310000017313iVueit, LLC | Revolving Loans2026-06-300000017313iVueit, LLC | Revolving Loans2026-03-310000017313Kindred Pet Service, LLC2026-06-300000017313Kindred Pet Service, LLC2026-03-310000017313KMS, LLC | Revolving Loans2026-06-300000017313KMS, LLC | Revolving Loans2026-03-310000017313Lash OpCo, LLC | Revolving Loans2026-06-300000017313Lash OpCo, LLC | Revolving Loans2026-03-310000017313LDG Acquisition Company, LLC | Revolving Loans2026-06-300000017313LDG Acquisition Company, LLC | Revolving Loans2026-03-310000017313LGM Pharma LLC | Revolving Loans2026-06-300000017313LGM Pharma LLC | Revolving Loans2026-03-310000017313Lightning Intermediate II, LLC | Revolving Loans2026-06-300000017313Lightning Intermediate II, LLC | Revolving Loans2026-03-310000017313Local Web Leads, LLC | Revolving Loans2026-06-300000017313Local Web Leads, LLC | Revolving Loans2026-03-310000017313Main Line Brands LLC | Revolving Loans2026-06-300000017313Main Line Brands LLC | Revolving Loans2026-03-310000017313Mammoth BorrowCo, Inc. | Revolving Loans2026-06-300000017313Mammoth BorrowCo, Inc. | Revolving Loans2026-03-310000017313Microbe Formulas LLC | Revolving Loans2026-06-300000017313Microbe Formulas LLC | Revolving Loans2026-03-310000017313Mid-Florida Endodontics Management Company, LLC | Revolving Loans2026-06-300000017313Mid-Florida Endodontics Management Company, LLC | Revolving Loans2026-03-310000017313Mission Critical Group, LLC | Revolving Loans2026-06-300000017313Mission Critical Group, LLC | Revolving Loans2026-03-310000017313Monroe Biomedical Research, LLC | Revolving Loans2026-06-300000017313Monroe Biomedical Research, LLC | Revolving Loans2026-03-310000017313Musiker Discovery Programs, Inc. | Revolving Loans2026-06-300000017313Musiker Discovery Programs, Inc. | Revolving Loans2026-03-310000017313MYNTS Holdings, LLC | Revolving Loans2026-06-300000017313MYNTS Holdings, LLC | Revolving Loans2026-03-310000017313NeuLife Rehabilitation of Florida, Inc. | Revolving Loans2026-06-300000017313NeuLife Rehabilitation of Florida, Inc. | Revolving Loans2026-03-310000017313NeuroPsychiatric Hospitals, LLC | Revolving Loans2026-06-300000017313NeuroPsychiatric Hospitals, LLC | Revolving Loans2026-03-310000017313New Skinny Mixes, LLC | Revolving Loans2026-06-300000017313New Skinny Mixes, LLC | Revolving Loans2026-03-310000017313NGP Robo OpCo, LLC | Revolving Loans2026-06-300000017313NGP Robo OpCo, LLC | Revolving Loans2026-03-310000017313Patriot Intermediate Holdco, LLC | Revolving Loans2026-06-300000017313Patriot Intermediate Holdco, LLC | Revolving Loans2026-03-310000017313Persado Inc. | Revolving Loans2026-06-300000017313Persado Inc. | Revolving Loans2026-03-310000017313Pipeline Technique Ltd. | Revolving Loans2026-06-300000017313Pipeline Technique Ltd. | Revolving Loans2026-03-310000017313Pool Service Partners, Inc. | Revolving Loans2026-06-300000017313Pool Service Partners, Inc. | Revolving Loans2026-03-310000017313Precision Spray & Coatings, LLC | Revolving Loans2026-06-300000017313Precision Spray & Coatings, LLC | Revolving Loans2026-03-310000017313Proactive Technology Management, LLC | Revolving Loans2026-06-300000017313Proactive Technology Management, LLC | Revolving Loans2026-03-310000017313Pyramids Acquisition, LLC | Revolving Loans2026-06-300000017313Pyramids Acquisition, LLC | Revolving Loans2026-03-310000017313Renew Fitness Operations, LLC | Revolving Loans2026-06-300000017313Renew Fitness Operations, LLC | Revolving Loans2026-03-310000017313Revo Brands, Inc. | Revolving Loans2026-06-300000017313Revo Brands, Inc. | Revolving Loans2026-03-310000017313Rodizio Opco LLC | Revolving Loans2026-06-300000017313Rodizio Opco LLC | Revolving Loans2026-03-310000017313Roseland Management, LLC | Revolving Loans2026-06-300000017313Roseland Management, LLC | Revolving Loans2026-03-310000017313SaaS Consulting Group, LLC | Revolving Loans2026-06-300000017313SaaS Consulting Group, LLC | Revolving Loans2026-03-310000017313ServerLIFT, LLC | Revolving Loans2026-06-300000017313ServerLIFT, LLC | Revolving Loans2026-03-310000017313SocialSEO, LLC | Revolving Loans2026-06-300000017313SocialSEO, LLC | Revolving Loans2026-03-310000017313Spherix Global Insights US, Inc. | Revolving Loans2026-06-300000017313Spherix Global Insights US, Inc. | Revolving Loans2026-03-310000017313Spotlight AR, LLC | Revolving Loans2026-06-300000017313Spotlight AR, LLC | Revolving Loans2026-03-310000017313Sunline Group LLC | Revolving Loans2026-06-300000017313Sunline Group LLC | Revolving Loans2026-03-310000017313Superior Health Parent LLC | Revolving Loans2026-06-300000017313Superior Health Parent LLC | Revolving Loans2026-03-310000017313Swensons Drive-In Restaurants, LLC | Revolving Loans2026-06-300000017313Swensons Drive-In Restaurants, LLC | Revolving Loans2026-03-310000017313The Gobel Group, LLC | Revolving Loans2026-06-300000017313The Gobel Group, LLC | Revolving Loans2026-03-310000017313TMT BHC Buyer, Inc. | Revolving Loans2026-06-300000017313TMT BHC Buyer, Inc. | Revolving Loans2026-03-310000017313Tru Fragrance & Beauty LLC | Revolving Loans2026-06-300000017313Tru Fragrance & Beauty LLC | Revolving Loans2026-03-310000017313VP Move Purchaser, Inc. | Revolving Loans2026-06-300000017313VP Move Purchaser, Inc. | Revolving Loans2026-03-310000017313Wash & Wax Systems LLC | Revolving Loans2026-06-300000017313Wash & Wax Systems LLC | Revolving Loans2026-03-310000017313Well Labs Plus, LLC | Revolving Loans2026-06-300000017313Well Labs Plus, LLC | Revolving Loans2026-03-310000017313Well-Foam, Inc. | Revolving Loans2026-06-300000017313Well-Foam, Inc. | Revolving Loans2026-03-310000017313White Plains Linen LLC | Revolving Loans2026-06-300000017313White Plains Linen LLC | Revolving Loans2026-03-310000017313Winter Services Operations, LLC | Revolving Loans2026-06-300000017313Winter Services Operations, LLC | Revolving Loans2026-03-310000017313Zenfolio Inc. | Revolving Loans2026-06-300000017313Zenfolio Inc. | Revolving Loans2026-03-310000017313us-gaap:RevolvingCreditFacilityMember2026-06-300000017313us-gaap:RevolvingCreditFacilityMember2026-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loans2026-06-300000017313AAC New Holdco Inc. | Delayed Draw Term Loans2026-03-310000017313American Pet Resort, LLC | Delayed Draw Term Loans2026-06-300000017313American Pet Resort, LLC | Delayed Draw Term Loans2026-03-310000017313Better Than Home, Inc. | Delayed Draw Term Loans2026-06-300000017313Better Than Home, Inc. | Delayed Draw Term Loans2026-03-310000017313Clearwater Group, LLC | Delayed Draw Term Loans2026-06-300000017313Clearwater Group, LLC | Delayed Draw Term Loans2026-03-310000017313Crafty Apes, LLC | Delayed Draw Term Loans2026-06-300000017313Crafty Apes, LLC | Delayed Draw Term Loans2026-03-310000017313Cumbria Capital MSO, LLC | Delayed Draw Term Loans2026-06-300000017313Cumbria Capital MSO, LLC | Delayed Draw Term Loans2026-03-310000017313DWS Buyer LLC | Delayed Draw Term Loans2026-06-300000017313DWS Buyer LLC | Delayed Draw Term Loans2026-03-310000017313Enstoa, Inc. | Delayed Draw Term Loans2026-06-300000017313Enstoa, Inc. | Delayed Draw Term Loans2026-03-310000017313Exact Borrower, LLC | Delayed Draw Term Loans2026-06-300000017313Exact Borrower, LLC | Delayed Draw Term Loans2026-03-310000017313Ignite Visibility LLC | Delayed Draw Term Loans2026-06-300000017313Ignite Visibility LLC | Delayed Draw Term Loans2026-03-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loans2026-06-300000017313ITA 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Draw Term Loans2026-06-300000017313Pipeline Technique Ltd. | Delayed Draw Term Loans2026-03-310000017313Sunline Group LLC | Delayed Draw Term Loans2026-06-300000017313Sunline Group LLC | Delayed Draw Term Loans2026-03-310000017313Superior Health Parent LLC | Delayed Draw Term Loans2026-06-300000017313Superior Health Parent LLC | Delayed Draw Term Loans2026-03-310000017313SureKap, LLC | Delayed Draw Term Loans2026-06-300000017313SureKap, LLC | Delayed Draw Term Loans2026-03-310000017313unWired Broadband, LLC | Delayed Draw Term Loans2026-06-300000017313unWired Broadband, LLC | Delayed Draw Term Loans2026-03-310000017313Well Labs Plus, LLC | Delayed Draw Term Loans2026-06-300000017313Well Labs Plus, LLC | Delayed Draw Term Loans2026-03-310000017313us-gaap:DelayedDrawTermLoanMember2026-06-300000017313us-gaap:DelayedDrawTermLoanMember2026-03-310000017313cswc:DebtCommitmentsMember2026-06-300000017313cswc:DebtCommitmentsMember2026-03-310000017313cswc:FinancialCommitmentRemainderOfFiscalYearMember2026-06-300000017313cswc:FinancialCommitmentRemainderOfFiscalYearMember2026-03-310000017313cswc:FinancialCommitmentYearOneMember2026-06-300000017313cswc:FinancialCommitmentYearOneMember2026-03-310000017313cswc:FinancialCommitmentYearTwoMember2026-06-300000017313cswc:FinancialCommitmentYearTwoMember2026-03-310000017313cswc:FinancialCommitmentYearThreeMember2026-06-300000017313cswc:FinancialCommitmentYearThreeMember2026-03-310000017313cswc:FinancialCommitmentYearFourMember2026-06-300000017313cswc:FinancialCommitmentYearFourMember2026-03-310000017313cswc:FinancialCommitmentYearFiveMember2026-06-300000017313cswc:FinancialCommitmentYearFiveMember2026-03-310000017313cswc:FinancialCommitmentYearSixMember2026-06-300000017313cswc:FinancialCommitmentYearSixMember2026-03-310000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)2026-06-300000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)2026-03-310000017313CapTrin Partners LLC2026-06-300000017313CapTrin Partners LLC2026-03-310000017313Catbird NYC, LLC2026-06-300000017313Catbird NYC, LLC2026-03-310000017313Infolinks Media Buyco, LLC2026-06-300000017313Infolinks Media Buyco, LLC2026-03-310000017313Outerbox, LLC2026-06-300000017313Outerbox, LLC2026-03-310000017313us-gaap:FinancialSupportCapitalContributionsMember2026-06-300000017313us-gaap:FinancialSupportCapitalContributionsMember2026-03-310000017313us-gaap:FinancialStandbyLetterOfCreditMember2026-06-300000017313cswc:ExpirationTrancheOneMemberus-gaap:FinancialStandbyLetterOfCreditMember2026-06-300000017313cswc:ExpirationTrancheTwoMemberus-gaap:FinancialStandbyLetterOfCreditMember2026-06-300000017313cswc:ExpirationTrancheThreeMemberus-gaap:FinancialStandbyLetterOfCreditMember2026-06-3000000173132021-03-310000017313us-gaap:BuildingMember2023-12-310000017313cswc:CapitalSouthwestCorporationAndTrinityCapitalInc.Memberus-gaap:CorporateJointVentureMember2026-01-222026-01-220000017313us-gaap:CorporateJointVentureMember2026-05-012026-05-310000017313us-gaap:CorporateJointVentureMember2026-06-300000017313cswc:A2021EmployeePlanMemberus-gaap:SubsequentEventMember2026-07-270000017313cswc:A2021EmployeePlanMemberus-gaap:SubsequentEventMember2026-07-280000017313us-gaap:SubsequentEventMemberus-gaap:ScenarioPlanMembercswc:A2021EmployeePlanMember2026-07-270000017313us-gaap:SubsequentEventMemberus-gaap:ScenarioPlanMembercswc:A2021EmployeePlanMember2026-07-280000017313us-gaap:SubsequentEventMemberus-gaap:ScenarioPlanMember2026-07-270000017313us-gaap:SubsequentEventMemberus-gaap:ScenarioPlanMember2026-07-280000017313Brandner Design, LLC | Revolving Loan 12026-06-300000017313Brandner Design, LLC | Revolving Loan 12026-04-012026-06-300000017313Brandner Design, LLC | Revolving Loan 12026-03-310000017313Brandner Design, LLC | Revolving Loan 22026-06-300000017313Brandner Design, LLC | Revolving Loan 22026-04-012026-06-300000017313Brandner Design, LLC | Revolving Loan 22026-03-310000017313Brandner Design, LLC | First Lien 12026-06-300000017313Brandner Design, LLC | First Lien 12026-04-012026-06-300000017313Brandner Design, LLC | First Lien 12026-03-310000017313Brandner Design, LLC | First Lien 22026-06-300000017313Brandner Design, LLC | First Lien 22026-04-012026-06-300000017313Brandner Design, LLC | First Lien 22026-03-310000017313Brandner Design, LLC | Class A Units2026-06-300000017313Brandner Design, LLC | Class A Units2026-04-012026-06-300000017313Brandner Design, LLC | Class A Units2026-03-310000017313Brandner Design, LLC | Warrants2026-06-300000017313Brandner Design, LLC | Warrants2026-04-012026-06-300000017313Brandner Design, LLC | Warrants2026-03-310000017313CapTrin Partners, LLC | Equity Interest2026-06-300000017313CapTrin Partners, LLC | Equity Interest2026-04-012026-06-300000017313CapTrin Partners, LLC | Equity Interest2026-03-310000017313KMS, LLC | Revolving Loan2026-04-012026-06-300000017313KMS, LLC | First Lien2026-04-012026-06-300000017313KMS, LLC | Series A Preferred Units2026-04-012026-06-300000017313Mercury Acquisition 2021, LLC | First lien - Term Loan A2026-06-300000017313Mercury Acquisition 2021, LLC | First lien - Term Loan A2026-04-012026-06-300000017313Mercury Acquisition 2021, LLC | First lien - Term Loan A2026-03-310000017313Mercury Acquisition 2021, LLC | First lien - Term Loan B2026-06-300000017313Mercury Acquisition 2021, LLC | First lien - Term Loan B2026-04-012026-06-300000017313Mercury Acquisition 2021, LLC | First lien - Term Loan B2026-03-310000017313Mercury Acquisition 2021, LLC | Series A Units2026-06-300000017313Mercury Acquisition 2021, LLC | Series A Units2026-04-012026-06-300000017313Mercury Acquisition 2021, LLC | Series A Units2026-03-310000017313Mercury Acquisition 2021, LLC | Series A Preferred Units2026-06-300000017313Mercury Acquisition 2021, LLC | Series A Preferred Units2026-04-012026-06-300000017313Mercury Acquisition 2021, LLC | Series A Preferred Units2026-03-310000017313Mercury Acquisition 2021, LLC | Series B Preferred Units2026-06-300000017313Mercury Acquisition 2021, LLC | Series B Preferred Units2026-04-012026-06-300000017313Mercury Acquisition 2021, LLC | Series B Preferred Units2026-03-310000017313Mercury Acquisition 2021, LLC | Series C Preferred Units2026-06-300000017313Mercury Acquisition 2021, LLC | Series C Preferred Units2026-04-012026-06-300000017313Mercury Acquisition 2021, LLC | Series C Preferred Units2026-03-310000017313National Credit Care, LLC | First Lien - Term Loan A2026-06-300000017313National Credit Care, LLC | First Lien - Term Loan A2026-04-012026-06-300000017313National Credit Care, LLC | First Lien - Term Loan A2026-03-310000017313National Credit Care, LLC | First Lien - Term Loan B2026-06-300000017313National Credit Care, LLC | First Lien - Term Loan B2026-04-012026-06-300000017313National Credit Care, LLC | First Lien - Term Loan B2026-03-310000017313National Credit Care, LLC | Class A-3 Preferred Units2026-06-300000017313National Credit Care, LLC | Class A-3 Preferred Units2026-04-012026-06-300000017313National Credit Care, LLC | Class A-3 Preferred Units2026-03-310000017313National Credit Care, LLC | Warrants2026-06-300000017313National Credit Care, LLC | Warrants2026-04-012026-06-300000017313National Credit Care, LLC | Warrants2026-03-310000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2026-06-300000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2026-04-012026-06-300000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2026-03-310000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2026-06-300000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2026-04-012026-06-300000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2026-03-310000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2026-06-300000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2026-04-012026-06-300000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2026-03-310000017313Spectrum of Hope, LLC | Common Units2026-06-300000017313Spectrum of Hope, LLC | Common Units2026-04-012026-06-300000017313Spectrum of Hope, LLC | Common Units2026-03-310000017313AAC New Holdco Inc. | First Lien2026-06-300000017313AAC New Holdco Inc. | First Lien2026-04-012026-06-300000017313AAC New Holdco Inc. | First Lien2026-03-310000017313AAC New Holdco Inc. | First Lien - Term Loan A2026-06-300000017313AAC New Holdco Inc. | First Lien - Term Loan A2026-04-012026-06-300000017313AAC New Holdco Inc. | First Lien - Term Loan A2026-03-310000017313AAC New Holdco Inc. | First Lien - Term Loan B2026-06-300000017313AAC New Holdco Inc. | First Lien - Term Loan B2026-04-012026-06-300000017313AAC New Holdco Inc. | First Lien - Term Loan B2026-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12026-06-300000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12026-04-012026-06-300000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12026-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22026-06-300000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22026-04-012026-06-300000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22026-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 32026-06-300000017313AAC New Holdco Inc. | Delayed Draw Term Loan 32026-04-012026-06-300000017313AAC New Holdco Inc. | Delayed Draw Term Loan 32026-03-310000017313AAC New Holdco Inc. | Preferred Units2026-06-300000017313AAC New Holdco Inc. | Preferred Units2026-04-012026-06-300000017313AAC New Holdco Inc. | Preferred Units2026-03-310000017313AAC New Holdco Inc. | Common Units2026-06-300000017313AAC New Holdco Inc. | Common Units2026-04-012026-06-300000017313AAC New Holdco Inc. | Common Units2026-03-310000017313AAC New Holdco Inc. | Warrants2026-06-300000017313AAC New Holdco Inc. | Warrants2026-04-012026-06-300000017313AAC New Holdco Inc. | Warrants2026-03-310000017313American Nuts Operations LLC | First Lien - Term Loan A2026-06-300000017313American Nuts Operations LLC | First Lien - Term Loan A2026-04-012026-06-300000017313American Nuts Operations LLC | First Lien - Term Loan A2026-03-310000017313American Nuts Operations LLC | First Lien - Term Loan B2026-06-300000017313American Nuts Operations LLC | First Lien - Term Loan B2026-04-012026-06-300000017313American Nuts Operations LLC | First Lien - Term Loan B2026-03-310000017313American Nuts Operations LLC | First Lien - Term Loan C2026-06-300000017313American Nuts Operations LLC | First Lien - Term Loan C2026-04-012026-06-300000017313American Nuts Operations LLC | First Lien - Term Loan C2026-03-310000017313American Nuts Operations LLC | Class A Preferred Units2026-06-300000017313American Nuts Operations LLC | Class A Preferred Units2026-04-012026-06-300000017313American Nuts Operations LLC | Class A Preferred Units2026-03-310000017313American Nuts Operations LLC | Class C Common Units2026-06-300000017313American Nuts Operations LLC | Class C Common Units2026-04-012026-06-300000017313American Nuts Operations LLC | Class C Common Units2026-03-310000017313ArborWorks, LLC | Revolving Loan2026-06-300000017313ArborWorks, LLC | Revolving Loan2026-04-012026-06-300000017313ArborWorks, LLC | Revolving Loan2026-03-310000017313ArborWorks, LLC | First Lien2026-06-300000017313ArborWorks, LLC | First Lien2026-04-012026-06-300000017313ArborWorks, LLC | First Lien2026-03-310000017313ArborWorks, LLC | Class A Units2026-06-300000017313ArborWorks, LLC | Class A Units2026-04-012026-06-300000017313ArborWorks, LLC | Class A Units2026-03-310000017313ArborWorks, LLC | Class A-1 Preferred Units2026-06-300000017313ArborWorks, LLC | Class A-1 Preferred Units2026-04-012026-06-300000017313ArborWorks, LLC | Class A-1 Preferred Units2026-03-310000017313ArborWorks, LLC | Class B-1 Preferred Units2026-06-300000017313ArborWorks, LLC | Class B-1 Preferred Units2026-04-012026-06-300000017313ArborWorks, LLC | Class B-1 Preferred Units2026-03-310000017313ArborWorks, LLC | Class A-1 Common Units2026-06-300000017313ArborWorks, LLC | Class A-1 Common Units2026-04-012026-06-300000017313ArborWorks, LLC | Class A-1 Common Units2026-03-310000017313Catbird NYC, LLC | Revolving Loan2026-06-300000017313Catbird NYC, LLC | Revolving Loan2026-04-012026-06-300000017313Catbird NYC, LLC | Revolving Loan2026-03-310000017313Catbird NYC, LLC | First Lien2026-06-300000017313Catbird NYC, LLC | First Lien2026-04-012026-06-300000017313Catbird NYC, LLC | First Lien2026-03-310000017313Catbird NYC, LLC | Class A Units2026-06-300000017313Catbird NYC, LLC | Class A Units2026-04-012026-06-300000017313Catbird NYC, LLC | Class A Units2026-03-310000017313Catbird NYC, LLC | Class B Units2026-06-300000017313Catbird NYC, LLC | Class B Units2026-04-012026-06-300000017313Catbird NYC, LLC | Class B Units2026-03-310000017313Central Medical Supply LLC | Revolving Loan2026-06-300000017313Central Medical Supply LLC | Revolving Loan2026-04-012026-06-300000017313Central Medical Supply LLC | Revolving Loan2026-03-310000017313Central Medical Supply LLC | First Lien2026-06-300000017313Central Medical Supply LLC | First Lien2026-04-012026-06-300000017313Central Medical Supply LLC | First Lien2026-03-310000017313Central Medical Supply LLC | Preferred Units2026-06-300000017313Central Medical Supply LLC | Preferred Units2026-04-012026-06-300000017313Central Medical Supply LLC | Preferred Units2026-03-310000017313Command Group Acquisition, LLC | First Lien2026-06-300000017313Command Group Acquisition, LLC | First Lien2026-04-012026-06-300000017313Command Group Acquisition, LLC | First Lien2026-03-310000017313Command Group Acquisition, LLC | Preferred Units2026-06-300000017313Command Group Acquisition, LLC | Preferred Units2026-04-012026-06-300000017313Command Group Acquisition, LLC | Preferred Units2026-03-310000017313Crafty Apes, LLC | First Lien2026-06-300000017313Crafty Apes, LLC | First Lien2026-04-012026-06-300000017313Crafty Apes, LLC | First Lien2026-03-310000017313Crafty Apes, LLC | Delayed Draw Term Loan2026-06-300000017313Crafty Apes, LLC | Delayed Draw Term Loan2026-04-012026-06-300000017313Crafty Apes, LLC | Delayed Draw Term Loan2026-03-310000017313Crafty Apes, LLC | Class A Common Units2026-06-300000017313Crafty Apes, LLC | Class A Common Units2026-04-012026-06-300000017313Crafty Apes, LLC | Class A Common Units2026-03-310000017313Dynamic Communities, LLC | First Lien - Term Loan A2026-06-300000017313Dynamic Communities, LLC | First Lien - Term Loan A2026-04-012026-06-300000017313Dynamic Communities, LLC | First Lien - Term Loan A2026-03-310000017313Dynamic Communities, LLC | First Lien - Term Loan B2026-06-300000017313Dynamic Communities, LLC | First Lien - Term Loan B2026-04-012026-06-300000017313Dynamic Communities, LLC | First Lien - Term Loan B2026-03-310000017313Dynamic Communities, LLC | Class A Preferred units2026-06-300000017313Dynamic Communities, LLC | Class A Preferred units2026-04-012026-06-300000017313Dynamic Communities, LLC | Class A Preferred units2026-03-310000017313Dynamic Communities, LLC | Class B Preferred units2026-06-300000017313Dynamic Communities, LLC | Class B Preferred units2026-04-012026-06-300000017313Dynamic Communities, LLC | Class B Preferred units2026-03-310000017313Dynamic Communities, LLC | Class C Preferred units2026-06-300000017313Dynamic Communities, LLC | Class C Preferred units2026-04-012026-06-300000017313Dynamic Communities, LLC | Class C Preferred units2026-03-310000017313Dynamic Communities, LLC | Common units2026-06-300000017313Dynamic Communities, LLC | Common units2026-04-012026-06-300000017313Dynamic Communities, LLC | Common units2026-03-310000017313GPT Industries, LLC | Class A Preferred Units2026-06-300000017313GPT Industries, LLC | Class A Preferred Units2026-04-012026-06-300000017313GPT Industries, LLC | Class A Preferred Units2026-03-310000017313GrammaTech, Inc. | Class A Units2026-06-300000017313GrammaTech, Inc. | Class A Units2026-04-012026-06-300000017313GrammaTech, Inc. | Class A Units2026-03-310000017313GrammaTech, Inc. | Class A-1 Units2026-06-300000017313GrammaTech, Inc. | Class A-1 Units2026-04-012026-06-300000017313GrammaTech, Inc. | Class A-1 Units2026-03-310000017313Gravitiq LLC | Revolving Loan2026-06-300000017313Gravitiq LLC | Revolving Loan2026-04-012026-06-300000017313Gravitiq LLC | Revolving Loan2026-03-310000017313Gravitiq LLC | First Lien - Term Loan A2026-06-300000017313Gravitiq LLC | First Lien - Term Loan A2026-04-012026-06-300000017313Gravitiq LLC | First Lien - Term Loan A2026-03-310000017313Gravitiq LLC | First Lien - Term Loan B2026-06-300000017313Gravitiq LLC | First Lien - Term Loan B2026-04-012026-06-300000017313Gravitiq LLC | First Lien - Term Loan B2026-03-310000017313Gravitiq LLC | Warrants2026-06-300000017313Gravitiq LLC | Warrants2026-04-012026-06-300000017313Gravitiq LLC | Warrants2026-03-310000017313ITA Holdings Group, LLC | Revolving Loan2026-06-300000017313ITA Holdings Group, LLC | Revolving Loan2026-04-012026-06-300000017313ITA Holdings Group, LLC | Revolving Loan2026-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan A2026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan A2026-04-012026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan A2026-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan B2026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan B2026-04-012026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan B2026-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan C2026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan C2026-04-012026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan C2026-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan D2026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan D2026-04-012026-06-300000017313ITA Holdings Group, LLC | First Lien - Term Loan D2026-03-310000017313ITA Holdings Group, LLC | Warrants 12026-06-300000017313ITA Holdings Group, LLC | Warrants 12026-04-012026-06-300000017313ITA Holdings Group, LLC | Warrants 12026-03-310000017313ITA Holdings Group, LLC | Warrants 22026-06-300000017313ITA Holdings Group, LLC | Warrants 22026-04-012026-06-300000017313ITA Holdings Group, LLC | Warrants 22026-03-310000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2026-06-300000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2026-04-012026-06-300000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2026-03-310000017313iVueit, LLC | Revolving Loan2026-06-300000017313iVueit, LLC | Revolving Loan2026-04-012026-06-300000017313iVueit, LLC | Revolving Loan2026-03-310000017313iVueit, LLC | First Lien2026-06-300000017313iVueit, LLC | First Lien2026-04-012026-06-300000017313iVueit, LLC | First Lien2026-03-310000017313iVueit, LLC | Delayed Draw Term Loan2026-06-300000017313iVueit, LLC | Delayed Draw Term Loan2026-04-012026-06-300000017313iVueit, LLC | Delayed Draw Term Loan2026-03-310000017313iVueit, LLC | Preferred Units2026-06-300000017313iVueit, LLC | Preferred Units2026-04-012026-06-300000017313iVueit, LLC | Preferred Units2026-03-310000017313Kindred Pet Service, LLC | Revolving Loan2026-06-300000017313Kindred Pet Service, LLC | Revolving Loan2026-04-012026-06-300000017313Kindred Pet Service, LLC | Revolving Loan2026-03-310000017313Kindred Pet Service, LLC | First Lien2026-06-300000017313Kindred Pet Service, LLC | First Lien2026-04-012026-06-300000017313Kindred Pet Service, LLC | First Lien2026-03-310000017313Kindred Pet Service, LLC | Class A Units2026-06-300000017313Kindred Pet Service, LLC | Class A Units2026-04-012026-06-300000017313Kindred Pet Service, LLC | Class A Units2026-03-310000017313Local Web Leads, LLC | Revolving Loan2026-06-300000017313Local Web Leads, LLC | Revolving Loan2026-04-012026-06-300000017313Local Web Leads, LLC | Revolving Loan2026-03-310000017313Local Web Leads, LLC | First Lien - Term Loan A2026-06-300000017313Local Web Leads, LLC | First Lien - Term Loan A2026-04-012026-06-300000017313Local Web Leads, LLC | First Lien - Term Loan A2026-03-310000017313Local Web Leads, LLC | First Lien - Term Loan B2026-06-300000017313Local Web Leads, LLC | First Lien - Term Loan B2026-04-012026-06-300000017313Local Web Leads, LLC | First Lien - Term Loan B2026-03-310000017313Local Web Leads, LLC | Common Units2026-06-300000017313Local Web Leads, LLC | Common Units2026-04-012026-06-300000017313Local Web Leads, LLC | Common Units2026-03-310000017313Pool Service Partners, Inc. | Revolving Loan2026-06-300000017313Pool Service Partners, Inc. | Revolving Loan2026-04-012026-06-300000017313Pool Service Partners, Inc. | Revolving Loan2026-03-310000017313Pool Service Partners, Inc. | First Lien2026-06-300000017313Pool Service Partners, Inc. | First Lien2026-04-012026-06-300000017313Pool Service Partners, Inc. | First Lien2026-03-310000017313Pool Service Partners, Inc. | Common units2026-06-300000017313Pool Service Partners, Inc. | Common Units2026-06-300000017313Pool Service Partners, Inc. | Common Units2026-04-012026-06-300000017313Pool Service Partners, Inc. | Common Units2026-03-310000017313Precision Spray & Coatings, LLC | Revolving Loan2026-06-300000017313Precision Spray & Coatings, LLC | Revolving Loan2026-04-012026-06-300000017313Precision Spray & Coatings, LLC | Revolving Loan2026-03-310000017313Precision Spray & Coatings, LLC | First Lien2026-06-300000017313Precision Spray & Coatings, LLC | First Lien2026-04-012026-06-300000017313Precision Spray & Coatings, LLC | First Lien2026-03-310000017313Precision Spray & Coatings, LLC | Class A-2 Units2026-06-300000017313Precision Spray & Coatings, LLC | Class A-2 Units2026-04-012026-06-300000017313Precision Spray & Coatings, LLC | Class A-2 Units2026-03-310000017313Rodizio Opco LLC | Common Units2026-06-300000017313Rodizio Opco LLC | Common Units2026-04-012026-06-300000017313Rodizio Opco LLC | Common Units2026-03-310000017313Roseland Management, LLC | Revolving Loan2026-06-300000017313Roseland Management, LLC | Revolving Loan2026-04-012026-06-300000017313Roseland Management, LLC | Revolving Loan2026-03-310000017313Roseland Management, LLC | First Lien2026-06-300000017313Roseland Management, LLC | First Lien2026-04-012026-06-300000017313Roseland Management, LLC | First Lien2026-03-310000017313Roseland Management, LLC | Class A-2 Units2026-06-300000017313Roseland Management, LLC | Class A-2 Units2026-04-012026-06-300000017313Roseland Management, LLC | Class A-2 Units2026-03-310000017313Roseland Management, LLC | Class A-1 Units2026-06-300000017313Roseland Management, LLC | Class A-1 Units2026-04-012026-06-300000017313Roseland Management, LLC | Class A-1 Units2026-03-310000017313Roseland Management, LLC | Class A Units2026-06-300000017313Roseland Management, LLC | Class A Units2026-04-012026-06-300000017313Roseland Management, LLC | Class A Units2026-03-310000017313SaaS Consulting Group, LLC | Revolving Loan2026-06-300000017313SaaS Consulting Group, LLC | Revolving Loan2026-04-012026-06-300000017313SaaS Consulting Group, LLC | Revolving Loan2026-03-310000017313SaaS Consulting Group, LLC | First Lien2026-06-300000017313SaaS Consulting Group, LLC | First Lien2026-04-012026-06-300000017313SaaS Consulting Group, LLC | First Lien2026-03-310000017313SaaS Consulting Group, LLC | Class A Units2026-06-300000017313SaaS Consulting Group, LLC | Class A Units2026-04-012026-06-300000017313SaaS Consulting Group, LLC | Class A Units2026-03-310000017313STATinMED, LLC | Class A Preferred Units2026-06-300000017313STATinMED, LLC | Class A Preferred Units2026-04-012026-06-300000017313STATinMED, LLC | Class A Preferred Units2026-03-310000017313STATinMED, LLC | Class B Preferred Units2026-06-300000017313STATinMED, LLC | Class B Preferred Units2026-04-012026-06-300000017313STATinMED, LLC | Class B Preferred Units2026-03-310000017313Student Resource Center LLC | First Lien2026-06-300000017313Student Resource Center LLC | First Lien2026-04-012026-06-300000017313Student Resource Center LLC | First Lien2026-03-310000017313Student Resource Center LLC | Senior Preferred units2026-06-300000017313Student Resource Center LLC | Senior Preferred units2026-04-012026-06-300000017313Student Resource Center LLC | Senior Preferred units2026-03-310000017313Student Resource Center LLC | Preferred units 12026-06-300000017313Student Resource Center LLC | Preferred units 12026-04-012026-06-300000017313Student Resource Center LLC | Preferred units 12026-03-310000017313Student Resource Center LLC | Preferred units 22026-06-300000017313Student Resource Center LLC | Preferred units 22026-04-012026-06-300000017313Student Resource Center LLC | Preferred units 22026-03-310000017313Sunline Group LLC | Revolving Loan2026-06-300000017313Sunline Group LLC | Revolving Loan2026-04-012026-06-300000017313Sunline Group LLC | Revolving Loan2026-03-310000017313Sunline Group LLC | First Lien2026-06-300000017313Sunline Group LLC | First Lien2026-04-012026-06-300000017313Sunline Group LLC | First Lien2026-03-310000017313Sunline Group LLC | Delayed Draw Term Loan2026-06-300000017313Sunline Group LLC | Delayed Draw Term Loan2026-04-012026-06-300000017313Sunline Group LLC | Delayed Draw Term Loan2026-03-310000017313Sunline Group LLC | Class A Common Units2026-06-300000017313Sunline Group LLC | Class A Common Units2026-04-012026-06-300000017313Sunline Group LLC | Class A Common Units2026-03-310000017313TalkNY Management Holdings, LLC | First Lien2026-06-300000017313TalkNY Management Holdings, LLC | First Lien2026-04-012026-06-300000017313TalkNY Management Holdings, LLC | First Lien2026-03-310000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2026-06-300000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2026-04-012026-06-300000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2026-03-310000017313White Plains Linen LLC | Revolving Loan2026-06-300000017313White Plains Linen LLC | Revolving Loan2026-04-012026-06-300000017313White Plains Linen LLC | Revolving Loan2026-03-310000017313White Plains Linen LLC | First Lien - Term Loan A2026-06-300000017313White Plains Linen LLC | First Lien - Term Loan A2026-04-012026-06-300000017313White Plains Linen LLC | First Lien - Term Loan A2026-03-310000017313White Plains Linen LLC | First Lien - Term Loan B2026-06-300000017313White Plains Linen LLC | First Lien - Term Loan B2026-04-012026-06-300000017313White Plains Linen LLC | First Lien - Term Loan B2026-03-310000017313White Plains Linen LLC | 16.75% LP Interest2026-06-300000017313White Plains Linen LLC | 16.75% LP Interest2026-04-012026-06-300000017313White Plains Linen LLC | 16.75% LP Interest2026-03-310000017313us-gaap:InvestmentAffiliatedIssuerMember2026-06-300000017313us-gaap:InvestmentAffiliatedIssuerMember2026-04-012026-06-300000017313us-gaap:InvestmentAffiliatedIssuerMember2026-03-310000017313cswc:CreditFacilityMember2026-04-012026-06-300000017313cswc:January2026NotesMember2026-04-012026-06-300000017313cswc:October2026NotesMember2026-04-012026-06-300000017313cswc:August2028NotesMember2026-04-012026-06-300000017313cswc:A2029ConvertibleNotesMember2026-04-012026-06-300000017313cswc:September2030NotesMember2026-04-012026-06-300000017313cswc:SBADebenturesMember2026-04-012026-06-30

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 June 30, 2026

☐ 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.

63,733,867 shares of Common Stock, $0.25 value per share, as of July 30, 2026.

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and March 31, 202 6

Consolidated Statements of Operations (Unaudited) for the three months ended June 30, 2026 and 202 5

Consolidated Statements of Changes in Net Assets (Unaudited) for the three months ended June 30, 2026 and 2 025

Consolidated Statements of Cash Flows (Unaudited) for the three months ended June 30, 2026 and 2025

Consolidated Schedule of Investments as of June 30, 2026 (Unaudited) and March 31, 202 6

Notes to Consolidated Financial Statements (Unaudited)

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the three months ended June 30, 2026

100

Item 2.

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

107

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

121

Item 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

123

Item 3.

Defaults Upon Senior Securities

123

Item 4.

Mine Safety Disclosures

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)

	June 30,		March 31,
	2026		2026
	(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $1,765,264 and $1,689,152, respectively)	$	1,762,554	$	1,682,425
Affiliate investments (Cost: $357,928 and $338,124, respectively)	349,118		340,760
Control investments (Cost: $111,388 and $92,208, respectively)	90,610		74,261
Total investments (Cost: $2,234,580 and $2,119,485, respectively)	2,202,282		2,097,446
Cash and cash equivalents	58,457		29,045
Restricted cash	400		400
Receivables:
Dividends and interest	37,214		31,678
Escrow	575		612
Other	1,929		2,190
Income tax receivable	48		717
Debt issuance costs (net of accumulated amortization of $13,875 and $13,172, respectively)	6,166		6,870
Other assets	8,448		8,560
Total assets	$	2,315,519	$	2,177,518
Liabilities
SBA Debentures (net of $6,092 and $5,333, respectively, of unamortized debt issuance costs)	$	258,908	$	217,667



2029 Convertible Notes (net of $5,044 and $5,413, respectively, of unamortized debt issuance costs)	224,956		224,587
September 2030 Notes (net of $5,692 and $6,029, respectively, of unamortized debt issuance costs)	344,308		343,971
Credit Facilities	393,000		345,000
Other liabilities	22,444		21,629
Accrued restoration plan liability	524		529
Income tax payable	1,334		636
Deferred tax liability	11,589		12,507
Total liabilities	1,257,063		1,166,526

Commitments and contingencies (Note 11)

Net Assets
Common stock, $0.25 par value: authorized, 75,000,000 shares at June 30, 2026 and March 31, 2026; issued, 63,733,867 shares at June 30, 2026 and 60,577,181 shares at March 31, 2026	15,933		15,144
Additional paid-in capital	1,136,438		1,074,854
Total distributable (loss) earnings	(93,915)		(79,006)
Total net assets	1,058,456		1,010,992
Total liabilities and net assets	$	2,315,519	$	2,177,518
Net asset value per share (63,733,867 shares outstanding at June 30, 2026 and 60,577,181 shares outstanding at March 31, 2026)	$	16.61	$	16.69

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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except shares and per share data)

	Three Months Ended
	June 30,
	2026		2025
Investment income:
Interest income:
Non-control/Non-affiliate investments	$	42,397	$	41,238
Affiliate investments	7,195		5,256
Control investments	874		621
Payment-in-kind interest income:
Non-control/Non-affiliate investments	3,957		2,076
Affiliate investments	872		953
Control investments	83		231
Dividend income:
Non-control/Non-affiliate investments	167		1,608
Affiliate investments	1,211		2,045
Control investments	258		24
Fee income:
Non-control/Non-affiliate investments	3,307		1,396
Affiliate investments	397		189
Control investments	28		23
Other income	302		287
Total investment income	61,048		55,947
Operating expenses:
Compensation	2,699		3,956
Share-based compensation	1,448		1,143
Interest	18,499		15,264
Professional fees	1,463		1,210
General and administrative	1,970		1,657
Total operating expenses	26,079		23,230
Income before taxes	34,969		32,717
Federal income, excise and other taxes	443		1,099
Deferred taxes	(1,154)		(271)
Total income tax (benefit) provision	(711)		828
Net investment income	$	35,680	$	31,889
Realized (loss) gain
Non-control/Non-affiliate investments	$	334	$	17,846
Affiliate investments	67		4,087

Income tax provision	(959)		(6,229)
Total net realized (loss) gain on investments, net of tax	(558)		15,704
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments	4,019		(22,062)
Affiliate investments	(11,447)		1,058
Control investments	(2,831)		(3,176)
Income tax (provision) benefit	(131)		3,588
Total net unrealized (depreciation) appreciation on investments, net of tax	(10,390)		(20,592)
Net realized and unrealized (losses) gains on investments	(10,948)		(4,888)


Net increase in net assets from operations	$	24,732	$	27,001

Pre-tax net investment income per share - basic	$	0.57	$	0.61
Net investment income per share – basic	$	0.58	$	0.59
Net increase in net assets from operations – basic	$	0.40	$	0.50
Net increase in net assets from operations - diluted	$	0.39	$	0.48
Weighted average common shares outstanding – basic	61,141,741		53,516,995
Weighted average common shares outstanding – diluted	70,505,458		62,777,430

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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
(In thousands, except shares)

0	Common Stock			Treasury Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Asset Value
0	Number of Shares	Par Value		Number of Shares	Par Value
Balances at March 31, 2025	52,912,796	$	13,228	—	$	—	$	959,123	$	(88,718)	$	883,633
Issuance of common stock	2,034,917	509		—	—		40,663		—		41,172

Share-based compensation	—	—		—	—		1,143		—		1,143
Issuance of common stock under restricted stock plan, net of forfeitures	332,250	83		—	—		(83)		—		—
Common stock withheld for payroll taxes upon vesting of restricted stock	(52,593)	(13)		—	—		(1,107)		—		(1,120)
Dividends to shareholders	—	—		—	—		—		(35,344)		(35,344)
Change in restoration plan liability	—	—		—	—		(11)		—		(11)

Net investment income	—	—		—	—		—		31,889		31,889
Net realized gain on investments, net of tax	—	—		—	—		—		15,704		15,704
Net unrealized depreciation on investments, net of tax	—	—		—	—		—		(20,592)		(20,592)
Balances at June 30, 2025	55,227,370	$	13,807	—	$	—	$	999,728	$	(97,061)	$	916,474

























Balances at March 31, 2026	60,577,181	$	15,144	—	$	—	$	1,074,854	$	(79,006)	$	1,010,992
Issuance of common stock	2,708,438	677		—	—		61,957		—		62,634

Share-based compensation	—	—		—	—		1,448		—		1,448
Issuance of common stock under restricted stock plan, net of forfeitures	520,750	130		—	—		(130)		—		—
Common stock withheld for payroll taxes upon vesting of restricted stock	(72,502)	(18)		—	—		(1,679)		—		(1,697)
Dividends to shareholders	—	—		—	—		—		(39,641)		(39,641)
Change in restoration plan liability	—	—		—	—		(12)		—		(12)

Net investment income	—	—		—	—		—		35,680		35,680
Net realized loss on investments, net of tax,	—	—		—	—		—		(558)		(558)
Net unrealized depreciation on investments, net of tax	—	—		—	—		—		(10,390)		(10,390)
Balances at June 30, 2026	63,733,867	$	15,933	—	$	—	$	1,136,438	$	(93,915)	$	1,058,456

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	Three Months Ended
	June 30,
	2026		2025
Cash flows from operating activities
Net increase in net assets from operations	$	24,732	$	27,001
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:
Purchases and originations of investments	(234,242)		(94,866)
Proceeds from sales and repayments of debt investments in portfolio companies	126,613		73,799
Proceeds from sales and return of capital of equity investments in portfolio companies	—		26,303

Payment of accreted original issue discounts	550		940
Payment of accrued payment-in-kind interest	33		510
Depreciation and amortization	1,798		1,684
Net pension benefit	(17)		(17)
Realized gain on investments before income tax	(253)		(21,826)



Net unrealized depreciation on investments before income tax	10,259		24,180
Accretion of discounts on investments	(2,624)		(2,711)
Payment-in-kind interest	(5,173)		(3,005)
Share-based compensation expense	1,448		1,143
Deferred income taxes	(918)		(3,860)
Changes in other assets and liabilities:
(Increase) decrease in dividend and interest receivable	(5,536)		160
Decrease (increase) in escrow receivables	37		(88)
Decrease in tax receivable	671		—
Decrease in other receivables	263		102
(Increase) decrease in other assets	(22)		333
Increase in taxes payable	697		4,615

Increase (decrease) in other liabilities	814		(3,904)
Net cash (used in) provided by operating activities	(80,870)		30,493
Cash flows from investing activities
Acquisition of fixed assets	—		(141)
Net cash used in investing activities	—		(141)
Cash flows from financing activities
Proceeds from common stock offering	62,643		41,197

Borrowings under Credit Facilities	192,000		49,000
Repayments of Credit Facilities	(144,000)		(80,000)
Debt issuance costs paid	—		(417)
Proceeds from issuance of SBA Debentures	40,977		—










Dividends to shareholders	(39,641)		(35,344)

Common stock withheld for payroll taxes upon vesting of restricted stock	(1,697)		(1,120)
Net cash provided by (used in) by financing activities	110,282		(26,684)
Net increase in cash, cash equivalents and restricted cash	29,412		3,668
Cash, cash equivalents and restricted cash at beginning of period	29,445		44,871
Cash, cash equivalents and restricted cash at end of period	$	58,857	$	48,539
Supplemental cash flow disclosures:
Cash paid for income taxes	$	1,962	$	2,717
Cash paid for interest	8,649		14,846

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:


	Three Months Ended June 30,
	2026		2025
Cash and cash equivalents	$	58,457	$	46,889
Restricted cash	400		1,650
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	$	58,857	$	48,539

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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4			% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK


Building & Infrastructure Products



BRANDNER DESIGN, LLC	Revolving Loan	15.69%	SOFR (Q)	12.00%	2.00%	15.69%	4/15/2024	4/13/2029	$	140	$	130	$	132	(7)(10)(16)
	Revolving Loan	18.00%	Fixed				4/15/2024	4/13/2029	487		487		496		(7)(16)
	First Lien	15.69%	SOFR (Q)	12.00%	2.00%	15.69%	4/15/2024	4/13/2029	9,138		9,035		4,413		(7)(16)
	First Lien	8.00%	Fixed			8.00%	11/28/2025	4/13/2029	136		136		—		(7)(16)
											9,788		5,041
Subtotal: Building & Infrastructure Products											9,788		5,041			0.48	%
Business Services
DYNAMIC COMMUNITIES, LLC	First Lien - Term Loan A	11.74%	SOFR (M)	8.00%	2.00%	11.74%	12/20/2022	12/31/2026	5,536		5,527		5,259		(6)
	First Lien - Term Loan B	12.74%	SOFR (M)	9.00%	2.00%		12/20/2022	12/31/2026	4,985		4,963		4,737		(6)
											10,490		9,996
GAINS INTERMEDIATE, LLC	Revolving Loan		SOFR	8.00%	2.00%		12/15/2022	12/15/2027	—		(15)		—
	First Lien - Term Loan A	10.95%	SOFR (Q)	7.00%	2.00%	10.95%	12/15/2022	12/15/2027	7,987		7,929		7,987
	First Lien - Term Loan B	8.95%	SOFR (Q)	5.00%	2.00%	8.95%	12/15/2022	12/15/2027	7,413		7,330		3,180		(16)
											15,244		11,167
IVUEIT, LLC	Revolving Loan		SOFR	6.00%	2.00%		2/3/2025	2/1/2030	—		(6)		—		(6)(10)
	First Lien	9.69%	SOFR (Q)	6.00%	2.00%		2/3/2025	2/1/2030	10,000		9,923		10,000		(6)
	Delayed Draw Term Loan		SOFR	6.00%	2.00%		2/3/2025	2/1/2030	—		—		—		(6)(10)
											9,917		10,000
SPOTLIGHT AR, LLC	Revolving Loan		SOFR	6.75%	1.00%		12/8/2021	12/8/2026	—		(4)		—		(10)
	First Lien	10.59%	SOFR (Q)	6.75%	1.00%		12/8/2021	12/8/2026	4,218		4,210		4,218
											4,206		4,218
US COURTSCRIPT HOLDINGS, INC.	First Lien	9.95%	SOFR (Q)	6.00%	1.00%		5/17/2022	5/17/2027	13,400		13,275		13,400

WINTER SERVICES OPERATIONS, LLC	Revolving Loan		SOFR	8.00%	1.00%		11/19/2021	11/19/2027	—		(106)		—		(10)
	First Lien - Term Loan A	10.95%	SOFR (Q)	7.00%	1.00%		1/16/2024	11/19/2027	14,479		14,350		14,450
	First Lien - Term Loan B	12.95%	SOFR (Q)	9.00%	1.00%		1/16/2024	11/19/2027	14,479		14,354		14,450
	Delayed Draw Term Loan	11.95%	SOFR (Q)	8.00%	1.00%		11/19/2021	11/19/2027	3,748		3,694		3,741
											32,292		32,641
Subtotal: Business Services											85,424		81,422			7.69	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
Commercial Services & Supplies
MYNTS HOLDINGS, LLC	Revolving Loan	9.39%	SOFR (Q)	5.75%	1.50%		5/5/2026	5/5/2031	1,800	1,764	1,764	(10)(20)
	First Lien - Term Loan B	10.16%	SOFR (Q)	6.50%	1.50%		5/5/2026	5/5/2031	14,500	14,394	14,394	(8)
	First Lien - Term Loan C	10.16%	SOFR (Q)	6.50%	1.50%		5/5/2026	5/5/2031	14,500	14,394	14,394	(8)
										30,552	30,552
VP MOVE PURCHASER, INC.	Revolving Loan		SOFR	5.75%	2.00%		2/3/2025	2/4/2030	—	(23)	—	(10)
	First Lien - Term Loan A	8.44%	SOFR (Q)	4.75%	2.00%		2/3/2025	2/4/2030	9,250	9,197	9,185
	First Lien - Term Loan B	10.44%	SOFR (Q)	6.75%	2.00%		2/3/2025	2/4/2030	14,250	14,167	14,150
										23,341	23,335
WHITE PLAINS LINEN LLC	Revolving Loan	11.41%	SOFR (Q)	7.75%	2.00%		8/1/2025	5/1/2030	1,000	976	980	(6)(10)
	First Lien - Term Loan A	10.44%	SOFR (Q)	6.75%	2.00%		8/1/2025	5/1/2030	12,200	12,097	11,956	(6)
	First Lien - Term Loan B	12.44%	SOFR (Q)	8.75%	2.00%		8/1/2025	5/1/2030	12,200	12,096	11,956	(6)
										25,169	24,892
Subtotal: Commercial Services & Supplies										79,062	78,779		7.44	%
Consumer Products
ALLIANCE SPORTS GROUP	Unsecured Convertible Note	6.00%	Fixed			6.00%	7/15/2020	12/31/2026	173	173	173

CLUTCH, INC.	Revolving Loan		SOFR	5.25%	2.00%		11/13/2025	11/13/2030	—	(44)	—	(10)
	First Lien - Term Loan B	10.08%	SOFR (Q)	6.37%	2.00%		11/13/2025	11/13/2030	21,250	21,052	21,250	(8)(20)
	First Lien - Term Loan C	10.08%	SOFR (Q)	6.37%	2.00%		11/13/2025	11/13/2030	21,250	21,052	21,250	(8)(20)

										42,060	42,500
GRAVITIQ LLC	Revolving Loan	10.66%	SOFR (Q)	7.00%	2.00%		1/17/2025	1/16/2030	4,500	4,465	4,500	(6)(10)(20)
	First Lien - Term Loan A	9.69%	SOFR (Q)	6.00%	2.00%		1/17/2025	1/16/2030	10,632	10,111	10,632	(6)
	First Lien - Term Loan B	11.69%	SOFR (Q)	8.00%	2.00%		1/17/2025	1/16/2030	10,632	10,105	10,632	(6)
										24,681	25,764
HEAT TRAK, LLC	Revolving Loan	13.83%	SOFR (Q)	10.00%	2.00%		4/6/2026	6/9/2028	4,000	3,929	3,924
	First Lien - Term Loan A	13.84%	SOFR (Q)	10.00%	2.00%		6/12/2023	6/9/2028	11,500	10,900	11,178
	First Lien - Term Loan F	13.83%	SOFR (Q)	10.00%	2.00%		4/6/2026	12/31/2026	1,500	1,500	1,500
	First Lien - Term Loan G	13.89%	SOFR (Q)	10.00%	2.00%		6/29/2026	12/31/2026	1,000	1,000	1,000
										17,329	17,602

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
HYBRID PROMOTIONS, LLC	Second Lien	11.94%	SOFR (Q)	8.25%	1.00%		6/30/2021	1/3/2028	15,999	15,908	15,967	(15)
LASH OPCO, LLC	Revolving Loan		SOFR	7.00%	1.00%	2.00%	12/29/2021	9/17/2027	—	(5)	—	(10)
	First Lien	10.76%	SOFR (Q)	7.00%	1.00%	2.00%	12/29/2021	9/17/2027	18,490	18,356	17,196	(20)
										18,351	17,196
REVO BRANDS, INC.	Revolving Loan		SOFR	7.50%	1.50%		2/21/2024	2/21/2029	—	(84)	—	(10)
	First Lien - Term Loan A	10.19%	SOFR (Q)	6.50%	1.50%		2/21/2024	2/21/2029	10,245	10,119	10,143
	First Lien - Term Loan B	11.19%	SOFR (Q)	7.50%	1.50%		2/21/2024	2/21/2029	10,245	10,118	10,143
	First Lien - Term Loan C	12.19%	SOFR (Q)	8.50%	1.50%		2/21/2024	2/21/2029	10,245	10,117	10,143
										30,270	30,429
TRU FRAGRANCE & BEAUTY LLC	Revolving Loan	9.68%	SOFR (Q)	6.00%	1.50%		3/22/2024	3/21/2029	4,000	3,942	4,000	(10)(20)
	First Lien - Term Loan A	8.69%	SOFR (Q)	5.00%	1.50%		3/22/2024	3/21/2029	9,908	9,786	9,908
	First Lien - Term Loan B	10.69%	SOFR (Q)	7.00%	1.50%		3/22/2024	3/21/2029	14,908	14,720	14,908
	First Lien	9.69%	SOFR (Q)	6.00%	1.50%		1/2/2025	3/21/2029	6,000	5,958	6,000
										34,406	34,816

Subtotal: Consumer Products										183,178	184,447		17.43	%
Consumer Services
AIR CONDITIONING SPECIALIST INC.	Revolving Loan	9.19%	SOFR (Q)	5.50%	1.00%		11/9/2021	11/19/2029	1,389	1,380	1,378	(10)(20)
	First Lien	9.14%	SOFR (Q)	5.50%	1.00%		11/9/2021	11/19/2029	22,280	22,072	22,102	(20)
	Delayed Draw Term Loan	9.18%	SOFR (Q)	5.50%	1.00%		11/19/2024	11/19/2029	6,097	6,097	6,049	(20)
										29,549	29,529
AMERICAN PET RESORT, LLC	Revolving Loan	9.66%	SOFR (Q)	6.00%	2.00%		12/17/2025	12/17/2030	4,000	3,941	3,968	(10)(20)
	First Lien - Term Loan B	11.52%	SOFR (Q)	7.79%	2.00%		12/17/2025	12/17/2030	14,000	13,887	13,888	(8)

	Delayed Draw Term Loan	9.67%	SOFR (Q)	6.00%	2.00%		12/17/2025	12/17/2030	1,900	1,868	1,885	(10)(20)
										19,696	19,741
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC	Revolving Loan		Fixed			10.00%	8/27/2021	8/31/2029	—	(26)	—	(10)
	First Lien - Term Loan A	10.00%	Fixed			10.00%	8/27/2021	8/31/2029	14,427	14,300	14,427
	First Lien - Term Loan B	10.00%	Fixed			10.00%	4/12/2023	8/31/2029	14,568	14,442	9,936
										28,716	24,363

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
BETTER THAN HOME, INC.	Revolving Loan		SOFR	5.75%	1.00%		8/8/2025	8/8/2031	—	(19)	—	(10)
	First Lien	9.44%	SOFR (Q)	5.75%	1.00%		8/8/2025	8/8/2031	12,000	11,883	11,916
	Delayed Draw Term Loan	9.42%	SOFR (Q)	5.75%	1.00%		8/8/2025	8/8/2031	14,900	14,742	14,796	(10)(20)
										26,606	26,712

CAMPANY ROOF MAINTENANCE, LLC	First Lien	11.74%	SOFR (M)	8.00%	1.50%	1.50%	7/26/2024	11/27/2028	13,212	12,985	9,763

CLEARWATER GROUP, LLC	Revolving Loan		SOFR	6.00%	2.00%		2/27/2026	2/27/2031	—	(12)	—	(10)
	First Lien	9.69%	SOFR (Q)	6.00%	2.00%		2/27/2026	2/27/2031	8,000	7,934	7,934
	Delayed Draw Term Loan	9.69%	SOFR (Q)	6.00%	2.00%		2/27/2026	2/27/2031	1,500	1,487	1,487	(10)
										9,409	9,421
KINDRED PET SERVICE, LLC	Revolving Loan	10.19%	SOFR (Q)	6.50%	2.00%		11/15/2024	11/15/2029	500	487	495	(6)(10)
	First Lien	10.19%	SOFR (Q)	6.50%	2.00%		11/15/2024	11/15/2029	10,800	10,718	10,693	(6)
										11,205	11,188
LIFT BRANDS, INC.	Tranche A Term Loan	11.24%	SOFR (M)	7.50%	1.00%		2/1/2024	9/30/2026	2,228	2,228	2,228
	Tranche B Term Loan	9.50%	Fixed				2/1/2024	9/30/2026	793	793	793
	Tranche C Loan	—%					2/1/2024	9/30/2026	549	549	549
										3,570	3,570
MAIN LINE BRANDS LLC	Revolving Loan		SOFR	6.25%	2.00%		5/15/2025	5/15/2030	—	(16)	—	(10)
	First Lien	9.94%	SOFR (Q)	6.25%	2.00%		5/15/2025	5/15/2030	9,346	9,270	9,271
										9,254	9,271
POOL SERVICE PARTNERS, INC.	Revolving Loan	10.69%	SOFR (Q)	7.00%	2.00%		12/20/2023	12/20/2028	550	534	541	(6)(10)
	First Lien	10.69%	SOFR (Q)	7.00%	2.00%		12/20/2023	12/20/2028	11,850	11,674	11,649	(6)

										12,208	12,190
RENEW FITNESS OPERATIONS, LLC	Revolving Loan		SOFR	6.25%	1.50%		5/29/2026	5/28/2032	—	(44)	—	(10)
	First Lien	9.92%	SOFR (Q)	6.25%	1.50%		5/29/2026	5/28/2032	13,500	13,383	13,383
										13,339	13,383
SUNLINE GROUP LLC	Revolving Loan		SOFR	6.75%	2.00%		6/17/2026	6/17/2031	—	(7)	—	(6)(10)
	First Lien	10.42%	SOFR (Q)	6.75%	2.00%		6/17/2026	6/17/2031	2,500	2,481	2,481	(6)
	Delayed Draw Term Loan		SOFR	6.75%	2.00%		6/17/2026	6/17/2031	—	(65)	—	(6)(10)
										2,409	2,481
TMT BHC BUYER, INC.	Revolving Loan		SOFR	6.00%	1.50%		3/7/2024	3/7/2029	—	(54)	—	(10)
	First Lien	9.69%	SOFR (Q)	6.00%	1.50%		3/7/2024	3/7/2029	16,500	16,292	16,500

										16,238	16,500

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
WASH & WAX SYSTEMS LLC	Revolving Loan	9.20%	SOFR (Q)	5.50%	1.00%		4/30/2025	4/30/2028	293	287	292	(10)(20)
	First Lien	9.16%	SOFR (Q)	5.50%	1.00%		4/30/2025	4/30/2028	7,139	7,052	7,131
	First Lien	12.00%	Fixed			12.00%	4/30/2025	7/30/2028	5,049	5,049	5,039

										12,388	12,462
Subtotal: Consumer Services										207,572	200,574		18.95	%



Distribution
KMS, LLC	Revolving Loan	9.23%	SOFR (Q)	5.50%	1.00%		12/23/2025	9/29/2028	1,143	1,073	1,143	(7)(10)(15)
	First Lien	12.50%	Fixed				2/10/2025	9/29/2028	4,270	4,216	4,270	(7)(15)

										5,289	5,413
Subtotal: Distribution										5,289	5,413		0.51	%
Education
MUSIKER DISCOVERY PROGRAMS, INC.	Revolving Loan	11.18%	SOFR (Q)	7.50%	2.00%		10/29/2024	10/29/2029	5,000	4,967	5,000	(20)
	First Lien - Term Loan A	10.19%	SOFR (Q)	6.50%	2.00%		10/29/2024	10/29/2029	11,500	11,416	11,500
	First Lien - Term Loan B	12.19%	SOFR (Q)	8.50%	2.00%		10/29/2024	10/29/2029	11,500	11,415	11,500

										27,798	28,000
STUDENT RESOURCE CENTER LLC	First Lien	8.50%	Fixed			8.50%	12/31/2022	12/30/2027	9,644	9,503	482	(6)(16)
Subtotal: Education										37,301	28,482		2.69	%
Energy Services
ACE GATHERING, INC.	First Lien	10.45%	SOFR (Q)	6.50%	2.00%		12/13/2018	12/14/2026	2,932	2,925	2,932	(15)
PIPELINE TECHNIQUE LTD.	Revolving Loan		SOFR	6.75%	1.00%		8/23/2022	6/29/2029	—	(29)	—	(9)(10)(22)
	First Lien	10.74%	SOFR (Q)	6.75%	1.00%		8/23/2022	6/29/2029	8,335	8,234	8,335	(9)(22)
	Delayed Draw Term Loan		SOFR	6.75%	1.00%		12/30/2025	6/29/2029	—	(86)	—	(9)(10)(22)
										8,119	8,335

WELL-FOAM, INC.	Revolving Loan	11.82%	SOFR (Q)	8.00%	1.00%		9/9/2021	9/9/2026	1,000	997	1,000	(10)
	First Lien	11.84%	SOFR (Q)	8.00%	1.00%		9/9/2021	9/9/2026	10,536	10,525	10,536
										11,522	11,536
Subtotal: Energy Services										22,566	22,803		2.15	%
Environmental Services
ARBORWORKS, LLC	Revolving Loan	15.00%	Fixed			15.00%	11/6/2023	11/6/2028	1,923	1,923	1,963	(6)(10)
	First Lien	10.24%	SOFR (M)	6.50%	1.00%	10.24%	11/6/2023	11/6/2028	4,034	4,034	3,994	(6)
										5,957	5,957

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
ISLAND PUMP AND TANK, LLC	Revolving Loan	10.95%	SOFR (Q)	7.00%	2.00%	10.95%	3/2/2023	5/17/2029	3,573	3,542	3,573
	First Lien - Term Loan A	10.95%	SOFR (Q)	7.00%	2.00%	10.95%	2/23/2024	5/17/2029	12,517	12,398	12,517
	First Lien - Term Loan B	10.95%	SOFR (Q)	7.00%	2.00%	10.95%	2/23/2024	5/17/2029	12,548	12,429	12,548
	First Lien - Term Loan C	10.95%	SOFR (Q)	7.00%	2.00%	10.95%	2/23/2024	5/17/2029	12,578	12,451	6,615
										40,820	35,253

Subtotal: Environmental Services										46,777	41,210		3.89	%
Financial Services
INDINERO GROUP, INC.	Revolving Loan	13.50%	Fixed			1.00%	11/12/2025	11/12/2030	451	442	446	(10)
	First Lien	13.50%	Fixed			1.00%	11/12/2025	11/12/2030	9,538	9,445	9,433
										9,887	9,879
INSURE HOMES CORPORATION	Tranche B Term Loan	11.12%	SOFR (M)	7.50%	2.00%		8/6/2024	8/6/2029	23,250	23,002	23,250
JACKSON HEWITT TAX SERVICE INC.	First Lien	12.19%	SOFR (Q)	8.50%	2.50%		9/14/2023	9/14/2028	10,000	9,920	10,000
NATIONAL CREDIT CARE, LLC	First Lien - Term Loan A	4.50%	Fixed				12/23/2021	2/25/2030	11,000	10,850	9,790	(7)
	First Lien - Term Loan B	4.50%	Fixed				12/23/2021	2/25/2030	11,000	10,849	9,790	(7)
										21,699	19,580

Subtotal: Financial Services										64,508	62,709		5.92	%
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC	First Lien - Term Loan A	12.34%	SOFR (Q)	8.50%	1.00%	12.34%	3/28/2025	3/28/2028	6,651	6,651	6,651	(6)
	First Lien - Term Loan B	12.34%	SOFR (Q)	8.50%	1.00%	12.34%	3/28/2025	3/28/2028	6,651	6,651	4,750	(6)(16)
	First Lien - Term Loan C	12.34%	SOFR (Q)	8.50%	1.00%	12.34%	3/27/2026	3/28/2028	246	246	246	(6)
										13,548	11,647
CHALET DESSERTS, LLC	Revolving Loan		SOFR	7.00%	2.00%		3/13/2026	3/13/2031	—	(37)	—
	First Lien	10.69%	SOFR (Q)	7.00%	2.00%		3/13/2026	3/13/2031	12,750	12,628	12,750
										12,591	12,750
FOODPHARMA SUBSIDIARY HOLDINGS, LLC	First Lien - Term Loan A	10.14%	SOFR (M)	6.50%	2.00%		6/21/2024	12/31/2026	14,197	14,152	14,197	(20)
	First Lien - Term Loan B	11.14%	SOFR (M)	7.50%	2.00%		6/21/2024	12/31/2026	14,197	14,140	14,197	(20)
	First Lien - Term Loan C	12.14%	SOFR (M)	8.50%	2.00%		6/21/2024	12/31/2026	14,197	14,140	14,197	(20)
										42,432	42,591

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
GULF PACIFIC ACQUISITION, LLC	Revolving Loan	10.74%	SOFR (M)	7.00%	1.00%		9/30/2022	9/29/2028	353	344	343	(10)(20)
	First Lien	10.74%	SOFR (M)	7.00%	1.00%		9/30/2022	9/29/2028	3,817	3,772	3,710	(20)
										4,116	4,053

MAMMOTH BORROWCO, INC.	Revolving Loan	9.91%	SOFR (Q)	6.25%	1.50%		11/30/2023	11/30/2028	3,750	3,705	3,499	(20)
	First Lien - Term Loan A	8.92%	SOFR (Q)	5.25%	1.50%		11/30/2023	11/30/2028	9,935	9,797	9,270
	First Lien - Term Loan B	10.92%	SOFR (Q)	7.25%	1.50%		11/30/2023	11/30/2028	9,935	9,794	9,279
	Delayed Draw Term Loan	9.91%	SOFR (Q)	6.25%	1.50%		11/30/2023	11/30/2028	2,818	2,764	2,629	(20)
										26,060	24,677
MUENSTER MILLING COMPANY	Revolving Loan		SOFR	8.00%	1.00%		8/10/2021	2/10/2027	—	(11)	—
	First Lien	11.84%	SOFR (Q)	8.00%	1.00%		8/10/2021	2/10/2027	28,200	28,093	25,154
	Delayed Draw Term Loan	7.00%	Fixed			7.00%	10/2/2025	2/10/2027	1,250	1,250	1,115	(10)
										29,332	26,269
NEW SKINNY MIXES, LLC	Revolving Loan		SOFR	6.50%	2.00%		12/21/2022	12/21/2029	—	(54)	—	(10)
	First Lien	10.39%	SOFR (Q)	6.50%	2.00%		12/21/2022	12/21/2029	12,562	12,462	12,562
										12,408	12,562
Subtotal: Food, Agriculture & Beverage										140,487	134,549		12.71	%
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC	Revolving Loan	10.69%	SOFR (Q)	7.00%	1.00%		5/22/2020	5/22/2028	1,000	983	1,000	(6)(10)
	First Lien	10.69%	SOFR (Q)	7.00%	1.00%		5/22/2020	5/22/2028	20,616	20,494	20,616	(6)

										21,477	21,616
COMMAND GROUP ACQUISITION, LLC	First Lien	10.69%	SOFR (Q)	7.00%	2.00%		2/15/2024	2/15/2029	6,000	5,927	6,000	(6)



SCRIP, INC.	First Lien	11.88%	SOFR (M)	8.00%	2.00%		3/21/2019	3/19/2027	17,792	17,771	14,945
Subtotal: Healthcare Equipment & Supplies										45,175	42,561		4.02	%
Healthcare Products
DWS BUYER LLC	Revolving Loan		SOFR	5.25%	0.75%		7/29/2025	7/29/2031	—	(16)	—	(10)
	First Lien	8.89%	SOFR (Q)	5.25%	0.75%		7/29/2025	7/29/2031	6,519	6,433	6,519	(20)
	Delayed Draw Term Loan		SOFR	5.25%	0.75%		7/29/2025	7/29/2031	—	(14)	—	(10)
										6,403	6,519

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
LIGHTNING INTERMEDIATE II, LLC	Revolving Loan		SOFR	6.00%	1.00%		6/6/2022	6/5/2028	—	(12)	—	(10)
	First Lien	9.85%	SOFR (S)	6.00%	1.00%		6/6/2022	6/5/2028	17,385	17,276	17,020
										17,264	17,020
MICROBE FORMULAS LLC	Revolving Loan		SOFR	5.50%	1.00%		4/4/2022	4/3/2028	—	(10)	—	(10)
	First Lien	9.24%	SOFR (M)	5.50%	1.00%		4/4/2022	4/3/2028	6,100	6,057	6,100

										6,047	6,100
Subtotal: Healthcare Products										29,714	29,639		2.80	%
Healthcare Services
AAC NEW HOLDCO INC.	First Lien	20.00%	Fixed			20.00%	12/11/2020	11/24/2032	229	229	229	(6)
	First Lien - Term Loan A	20.00%	Fixed			20.00%	3/31/2025	11/24/2032	3,533	3,533	3,428	(6)
	First Lien - Term Loan B	20.00%	Fixed			20.00%	3/31/2025	11/24/2032	3,023	3,023	—	(6)(16)
	Delayed Draw Term Loan	20.00%	Fixed			20.00%	4/1/2025	11/24/2032	932	932	932	(6)
	Delayed Draw Term Loan	21.00%	Fixed			21.00%	11/24/2025	11/24/2032	1,076	1,076	1,076	(6)
	Delayed Draw Term Loan	21.00%	Fixed			21.00%	4/16/2026	11/24/2032	1,286	1,168	1,286	(6)(10)
										9,961	6,951
ARKSTONE MEDICAL SOLUTIONS LLC	Revolving Loan		SOFR	7.00%	1.50%		3/31/2026	3/31/2031	—	(33)	—	(10)
	First Lien - Term Loan A	10.70%	SOFR (Q)	7.00%	1.50%		3/31/2026	3/31/2031	15,000	14,856	14,775
	First Lien - Term Loan B	10.70%	SOFR (Q)	7.00%	1.50%		3/31/2026	3/31/2031	2,222	2,205	2,189
										17,028	16,964
CAVALIER BUYER, INC.	First Lien	9.44%	SOFR (Q)	5.75%	2.00%		2/10/2023	2/10/2028	15,433	15,335	15,433	(20)

CDC DENTAL MANAGEMENT CO., LLC	Revolving Loan		SOFR	7.50%	2.00%		10/31/2023	10/31/2028	—	(18)	—	(10)
	First Lien - Term Loan A	10.19%	SOFR (Q)	6.50%	2.00%		10/31/2023	10/31/2028	4,175	4,128	4,175
	First Lien - Term Loan B	12.19%	SOFR (Q)	8.50%	2.00%		10/31/2023	10/31/2028	4,175	4,129	4,175
										8,239	8,350
CITYVET INC.	First Lien	10.69%	SOFR (Q)	7.00%	2.00%		9/6/2023	9/6/2028	45,000	44,396	45,000


HH-INSPIRE ACQUISITION, INC.	Revolving Loan	13.22%	SOFR (M)	9.50%	2.00%	1.50%	4/3/2023	4/3/2028	786	785	739
	First Lien	13.22%	SOFR (M)	9.50%	2.00%	1.50%	4/3/2023	4/3/2028	8,317	8,224	7,810
										9,009	8,549

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
INSTITUTES OF HEALTH, LLC	Revolving Loan		SOFR	7.50%	2.00%		9/29/2023	9/29/2028	—	(9)	—	(10)
	First Lien - Term Loan A	10.19%	SOFR (Q)	6.50%	2.00%		9/29/2023	9/29/2028	7,500	7,421	7,418
	First Lien - Term Loan B	12.19%	SOFR (Q)	8.50%	2.00%		9/29/2023	9/29/2028	7,500	7,419	7,418
										14,831	14,836
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC	Revolving Loan		SOFR	6.50%	2.00%		12/11/2024	12/11/2029	—	(21)	—	(10)
	First Lien - Term Loan A	9.19%	SOFR (Q)	5.50%	2.00%		12/11/2024	12/11/2029	8,050	7,990	8,050
	First Lien - Term Loan B	11.19%	SOFR (Q)	7.50%	2.00%		12/11/2024	12/11/2029	8,050	7,990	8,050
	Delayed Draw Term Loan	10.19%	SOFR (Q)	6.50%	2.00%		12/11/2024	12/11/2029	600	595	600	(10)
										16,554	16,700
NEULIFE REHABILITATION OF FLORIDA, INC.	Revolving Loan		SOFR	4.50%	2.00%		4/20/2026	4/18/2031	—	(22)	—	(10)
NEUROPSYCHIATRIC HOSPITALS, LLC	Revolving Loan		SOFR	6.00%	1.00%		5/14/2021	5/14/2027	—	(21)	—	(10)
	First Lien - Term Loan A	8.84%	SOFR (Q)	5.00%	1.00%		3/21/2023	5/14/2027	7,348	7,326	7,348
	First Lien - Term Loan B	10.84%	SOFR (Q)	7.00%	1.00%		3/21/2023	5/14/2027	7,348	7,326	7,348
	First Lien - Term Loan C	9.84%	SOFR (Q)	6.00%	1.00%		3/21/2023	5/14/2027	5,095	5,066	5,095
	First Lien - Term Loan D	9.84%	SOFR (Q)	6.00%	1.00%		10/27/2023	5/14/2027	12,840	12,745	12,840
										32,442	32,631
PYRAMIDS ACQUISITION, LLC	Revolving Loan		SOFR	5.75%	2.00%		12/23/2025	12/23/2030	—	(30)	—	(10)
	First Lien	9.44%	SOFR (Q)	5.75%	2.00%		12/23/2025	12/23/2030	18,338	18,193	18,193
										18,163	18,193
ROSELAND MANAGEMENT, LLC	Revolving Loan		SOFR	7.00%	2.00%		11/9/2018	11/9/2026	—	(2)	—	(6)(10)
	First Lien	10.84%	SOFR (Q)	7.00%	2.00%		11/9/2018	11/9/2026	14,473	14,473	14,473	(6)
										14,471	14,473

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
SPECTRUM OF HOPE, LLC	First Lien - Superpriority Term Loan	7.00%	Fixed			7.00%	12/23/2024	12/31/2029	4,926	4,926	4,926	(7)
	First Lien - Tranche A Term Loan	6.00%	Fixed			6.00%	3/31/2025	12/31/2029	11,120	11,104	6,115	(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)
										27,150	11,041
SUPERIOR HEALTH PARENT LLC	Revolving Loan		SOFR	6.25%	1.50%		12/26/2024	12/26/2030	—	(17)	—	(10)
	First Lien - Term Loan A	8.92%	SOFR (Q)	5.25%	1.50%		4/27/2026	12/26/2030	17,600	17,445	17,445
	First Lien - Term Loan B	10.92%	SOFR (Q)	7.25%	1.50%		4/27/2026	12/26/2030	17,600	17,445	17,445
										34,873	34,890
TALKNY MANAGEMENT HOLDINGS, LLC	First Lien	10.94%	SOFR (Q)	7.25%	3.00%		6/14/2024	6/14/2029	5,500	5,445	5,434	(6)
WELL LABS PLUS, LLC	Revolving Loan		SOFR	6.50%	1.00%		9/5/2025	9/5/2030	—	(18)	—	(10)
	First Lien - Term Loan A	10.19%	SOFR (Q)	6.50%	1.00%		4/20/2026	9/5/2030	15,800	15,695	15,689
	First Lien - Term Loan B	10.19%	SOFR (Q)	6.50%	1.00%		4/20/2026	9/5/2030	15,800	15,695	15,689
	Delayed Draw Term Loan	10.16%	SOFR (Q)	6.50%	1.00%		9/5/2025	9/5/2030	3,400	3,375	3,376	(20)
	Delayed Draw Term Loan	10.18%	SOFR (Q)	6.50%	1.00%		4/20/2026	9/5/2030	3,050	3,027	3,029	(10)
										37,774	37,783
Subtotal: Healthcare Services										305,649	287,228		27.14	%
Industrial Machinery
C&M CONVEYOR, INC.	First Lien - Term Loan A	10.24%	SOFR (M)	6.50%	1.50%		1/3/2023	9/30/2026	6,500	6,489	6,435	(15)
	First Lien - Term Loan B	12.24%	SOFR (M)	8.50%	1.50%		1/3/2023	9/30/2026	6,500	6,489	6,435	(15)
	First Lien - Term Loan C	10.24%	SOFR (M)	6.50%	1.50%		10/2/2024	9/30/2026	7,810	7,799	7,732	(15)
	First Lien - Term Loan D	12.24%	SOFR (M)	8.50%	1.50%		10/2/2024	9/30/2026	7,810	7,799	7,731	(15)
										28,576	28,333
DRIVE LINE SERVICE OF PORTLAND, LLC	Revolving Loan	11.74%	SOFR (Q)	8.00%	2.00%		12/16/2024	12/14/2029	400	386	400	(10)
	First Lien	11.69%	SOFR (Q)	8.00%	2.00%		12/16/2024	12/14/2029	6,490	6,439	6,490
										6,825	6,890

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
SUREKAP, LLC	First Lien - Term Loan A	9.68%	SOFR (Q)	6.00%	1.50%		6/24/2024	6/25/2029	19,089	18,971	17,562
	First Lien - Term Loan B	11.68%	SOFR (Q)	8.00%	1.50%		6/24/2024	6/25/2029	19,089	18,970	17,562

										37,941	35,124
Subtotal: Industrial Machinery										73,342	70,347		6.65	%
Industrial Products
AIR PRODUCTS AND CONTROLS, INC.	Revolving Loan		SOFR	5.25%	2.00%		6/2/2026	6/2/2031	—	(35)	—	(10)
	First Lien - Term Loan B	10.16%	SOFR (Q)	6.50%	2.00%		6/2/2026	6/2/2031	5,000	4,957	4,957	(8)
										4,922	4,957
LLFLEX, LLC	Second Lien	11.84%	SOFR (Q)	8.00%	1.00%	3.00%	8/16/2021	12/31/2029	10,354	10,229	9,008	(15)
SERVERLIFT, LLC	Revolving Loan		SOFR	5.00%	2.00%		12/31/2024	12/31/2029	—	(31)	—	(10)
	First Lien - Term Loan A	7.69%	SOFR (Q)	4.00%	2.00%		12/31/2024	12/31/2029	10,250	10,183	10,250
	First Lien - Term Loan B	9.69%	SOFR (Q)	6.00%	2.00%		12/31/2024	12/31/2029	15,250	15,149	15,250
										25,301	25,500
Subtotal: Industrial Products										40,452	39,465		3.73	%
Industrial Services
ADF ENGINEERING LLC	Revolving Loan		SOFR	6.00%	2.00%		4/14/2026	4/14/2031	—	(14)	—	(10)
	First Lien	9.67%	SOFR (Q)	6.00%	2.00%		4/14/2026	4/14/2031	6,500	6,453	6,453
										6,439	6,453

PATRIOT INTERMEDIATE HOLDCO, LLC	Revolving Loan	10.14%	SOFR (Q)	6.50%	2.00%		1/9/2026	1/9/2031	1,000	909	1,000	(10)
	First Lien - Term Loan A	9.19%	SOFR (Q)	5.50%	2.00%		1/9/2026	1/9/2031	10,303	10,208	10,303
	First Lien - Term Loan B	11.19%	SOFR (Q)	7.50%	2.00%		1/9/2026	1/9/2031	10,303	10,208	10,303
										21,325	21,606
PRECISION SPRAY & COATINGS, LLC	Revolving Loan	11.17%	SOFR (Q)	7.50%	2.00%		2/24/2026	8/1/2030	850	841	850	(6)(10)(20)
	First Lien	11.19%	SOFR (Q)	7.50%	2.00%		8/1/2025	8/1/2030	4,000	3,966	4,000	(6)
										4,807	4,850
UPS INTERMEDIATE, LLC	First Lien	10.22%	SOFR (Q)	6.50%	1.00%		7/31/2024	7/27/2029	12,520	12,332	12,219	(15)(20)
Subtotal: Industrial Services										44,903	45,128		4.26	%
IT Services
ACACIA BUYERCO V LLC	Revolver Loan		SOFR	8.00%	1.00%		11/25/2022	11/26/2027	—	(11)	—
	First Lien - Term Loan A	11.95%	SOFR (Q)	8.00%	1.00%		11/25/2022	11/26/2027	9,000	8,854	8,640
										8,843	8,640

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
INFOGAIN CORPORATION	First Lien	9.49%	SOFR (M)	5.75%	1.00%		5/24/2024	7/28/2028	3,663	3,643	3,663
ISI ENTERPRISES, LLC	Revolving Loan		SOFR	7.00%	1.00%		10/1/2021	10/1/2029	—	(16)	—	(10)
	First Lien	10.95%	SOFR (Q)	7.00%	1.00%		10/1/2021	10/1/2029	5,816	5,752	5,816
										5,736	5,816
NGP ROBO OPCO, LLC	Revolving Loan	9.23%	SOFR (Q)	5.50%	2.00%		6/30/2026	6/30/2031	57	40	40	(10)
	First Lien - Term Loan B	10.46%	SOFR (Q)	6.73%	2.00%		6/30/2026	6/30/2031	7,305	7,250	7,250	(8)
										7,290	7,290
PROACTIVE TECHNOLOGY MANAGEMENT, LLC	Revolving Loan		SOFR	5.75%	2.00%		5/20/2026	5/20/2031	—	(18)	—	(10)
	First Lien	9.39%	SOFR (Q)	5.75%	2.00%		5/20/2026	5/20/2031	8,000	7,941	7,941
										7,923	7,941



SAAS CONSULTING GROUP, LLC.	Revolving Loan		SOFR	6.00%	2.00%		5/29/2026	5/29/2031	—	(20)	—	(6)(10)
	First Lien	9.67%	SOFR (Q)	6.00%	2.00%		5/29/2026	5/29/2031	10,000	9,901	9,901	(6)
										9,881	9,901
Subtotal: IT Services										43,316	43,251		4.09	%
Media & Marketing
360 QUOTE TOPCO, LLC	Revolving Loan	12.38%	SOFR (Q)	8.50%	1.00%		6/16/2022	6/16/2027	2,346	2,311	2,301	(10)
	First Lien	13.38%	SOFR (Q)	9.50%	1.00%	1.00%	6/16/2022	6/16/2027	26,252	26,171	25,753	(19)
										28,482	28,054
ACCELERATION PARTNERS	First Lien	11.39%	SOFR (Q)	7.55%	1.00%		12/1/2020	1/2/2029	21,120	20,961	20,656	(8)(20)

BOND BRAND LOYALTY ULC	Revolving Loan	9.59%	SOFR (Q)	5.75%	2.00%		5/1/2023	5/1/2028	400	385	400	(9)(10)(22)
	First Lien - Term Loan A	8.59%	SOFR (Q)	4.75%	2.00%		5/1/2023	5/1/2028	3,753	3,720	3,752	(9)(22)
	First Lien - Term Loan B	10.59%	SOFR (Q)	6.75%	2.00%		5/1/2023	5/1/2028	8,753	8,673	8,753	(9)(22)
	First Lien	9.59%	SOFR (Q)	5.75%	2.00%		10/31/2025	5/1/2028	1,947	1,917	1,947	(9)(22)
										14,695	14,852
EXACT BORROWER, LLC	Revolving Loan		SOFR	6.50%	2.00%		12/7/2022	8/6/2027	—	(12)	—	(10)
	First Lien - Term Loan A	10.34%	SOFR (Q)	6.50%	2.00%		12/7/2022	8/6/2027	6,545	6,505	6,545
	First Lien - Term Loan B	10.34%	SOFR (Q)	6.50%	2.00%		12/7/2022	8/6/2027	6,545	6,505	6,545
	First Lien - Term Loan C	10.34%	SOFR (Q)	6.50%	2.00%		12/31/2024	8/6/2027	11,168	11,116	11,168
	First Lien - Term Loan D	10.34%	SOFR (Q)	6.50%	2.00%		3/11/2026	8/6/2027	11,554	11,485	11,554
	Delayed Draw Term Loan	10.34%	SOFR (Q)	6.50%	2.00%		12/7/2022	8/6/2027	3,493	3,448	3,493	(10)
	Promissory Note	13.57%	Fixed				12/7/2022	12/6/2028	385	385	385
										39,432	39,690

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
FMT SOLUTIONS, LLC	First Lien	11.19%	SOFR (Q)	7.50%	2.00%		11/19/2024	11/19/2029	9,750	9,671	9,750	(20)
IGNITE VISIBILITY LLC	Revolving Loan		SOFR	6.00%	1.00%		12/1/2023	12/1/2028	—	(15)	—	(10)
	First Lien - Term Loan A	8.69%	SOFR (Q)	5.00%	1.00%		12/1/2023	12/1/2028	14,224	14,164	14,224
	First Lien - Term Loan B	10.69%	SOFR (Q)	7.00%	1.00%		12/1/2023	12/1/2028	18,224	18,131	18,224
	Delayed Draw Term Loan	9.69%	SOFR (Q)	6.00%	1.00%		4/3/2025	12/1/2028	7,500	7,402	7,500	(20)
										39,682	39,948
LOCAL WEB LEADS, LLC	Revolving Loan		SOFR	7.00%	2.00%		7/3/2025	7/3/2030	—	(8)	—	(6)(10)
	First Lien - Term Loan A	9.69%	SOFR (Q)	6.00%	2.00%		7/3/2025	7/3/2030	6,497	6,442	6,302	(6)
	First Lien - Term Loan B	11.69%	SOFR (Q)	8.00%	2.00%		7/3/2025	7/3/2030	6,497	6,442	6,302	(6)
										12,876	12,604
PERSADO INC.	Revolving Loan		SOFR	7.50%	2.00%		5/21/2026	5/21/2029	—	(24)	—	(10)
	First Lien - Term Loan A	10.14%	SOFR (Q)	6.50%	2.00%		5/21/2026	5/21/2029	10,625	10,523	10,523
	First Lien - Term Loan B	12.14%	SOFR (Q)	8.50%	2.00%		5/21/2026	5/21/2029	10,625	10,523	10,523
										21,022	21,046
SOCIALSEO, LLC	Revolving Loan	11.12%	SOFR (M)	7.50%	2.00%		3/6/2025	6/24/2027	1,200	1,187	1,115	(10)
	First Lien - Term Loan A	10.12%	SOFR (M)	6.50%	2.00%		3/6/2025	6/24/2027	10,125	10,079	9,315
	First Lien - Term Loan B	12.12%	SOFR (M)	8.50%	2.00%		3/6/2025	6/24/2027	10,125	10,078	9,314
										21,344	19,744
Subtotal: Media & Marketing										208,165	206,344		19.49	%
Movies & Entertainment
CRAFTY APES, LLC	First Lien	10.19%	SOFR (M)	6.50%	1.00%	10.19%	11/20/2024	6/1/2027	4,284	4,192	2,707	(6)(8)(16)
	Delayed Draw Term Loan		SOFR	6.50%	1.00%		11/20/2024	6/1/2027	—	—	—	(6)(8)(10)(16)
										4,192	2,707
LDG ACQUISITION COMPANY, LLC	Revolving Loan		SOFR	7.00%	2.00%		12/12/2025	12/12/2030	—	(27)	—	(10)
	First Lien - Term Loan A	9.69%	SOFR (Q)	6.00%	2.00%		12/12/2025	12/12/2030	8,350	7,915	8,267
	First Lien - Term Loan B	11.69%	SOFR (Q)	8.00%	2.00%		12/12/2025	12/12/2030	8,350	7,913	8,266
	Delayed Draw Term Loan		SOFR	7.00%	2.00%		12/12/2025	12/12/2030	—	—	—	(10)
										15,801	16,533
Subtotal: Movies & Entertainment										19,993	19,240		1.82	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA LLC	Revolving Loan		SOFR	8.50%	1.00%		11/28/2023	11/20/2026	—	(4)	—	(10)
	First Lien - Term Loan A	11.12%	SOFR (M)	7.50%	1.00%		11/28/2023	11/20/2026	4,762	4,756	4,762
	First Lien - Term Loan B	13.12%	SOFR (M)	9.50%	1.00%		11/28/2023	11/20/2026	4,762	4,756	4,762
	First Lien	12.12%	SOFR (M)	8.50%	1.00%		11/28/2023	11/20/2026	19,800	19,731	19,800
	Delayed Draw Term Loan	12.12%	SOFR (M)	8.50%	1.00%		3/16/2018	11/20/2026	4,172	4,148	4,172
										33,387	33,496
MONROE BIOMEDICAL RESEARCH, LLC	Revolving Loan	9.69%	SOFR (Q)	6.00%	2.00%		11/10/2025	11/8/2030	1,750	1,730	1,689	(10)
	First Lien	9.69%	SOFR (Q)	6.00%	2.00%		11/10/2025	11/8/2030	11,500	11,423	11,098
	Delayed Draw Term Loan		SOFR	6.00%	2.00%		11/10/2025	11/8/2030	—	—	—	(10)
										13,153	12,787
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences										46,540	46,283		4.37	%
Research & Consulting Services



ARMKO, LLC	Revolving Loan		SOFR	5.50%	1.00%		12/15/2025	12/16/2030	—	(20)	—	(10)
	First Lien	9.14%	SOFR (M)	5.50%	1.00%		12/15/2025	12/16/2030	17,250	17,124	17,078
										17,104	17,078
ENSTOA, INC.	First Lien	9.66%	SOFR (Q)	6.00%	1.00%		5/1/2025	5/1/2030	14,065	13,818	14,065	(20)


FS VECTOR LLC	Revolving Loan		SOFR	5.50%	1.00%		4/26/2023	4/26/2028	—	(36)	—	(10)
	First Lien - Term Loan A	8.34%	SOFR (Q)	4.50%	1.00%		4/26/2023	4/26/2028	10,000	9,911	10,000
	First Lien - Term Loan B	10.34%	SOFR (Q)	6.50%	1.00%		4/26/2023	4/26/2028	15,000	14,868	15,000
										24,743	25,000
SPHERIX GLOBAL INSIGHTS US, INC.	Revolving Loan		SOFR	6.50%	2.00%		3/10/2026	3/10/2031	—	(21)	—	(10)
	First Lien - Term Loan A	9.19%	SOFR (Q)	5.50%	2.00%		3/10/2026	3/10/2031	9,500	9,432	9,405
	First Lien - Term Loan B	11.19%	SOFR (Q)	7.50%	2.00%		3/10/2026	3/10/2031	9,500	9,432	9,405
										18,843	18,810

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
THE GOBEL GROUP, LLC	Revolving Loan		SOFR	6.75%	2.00%		10/29/2024	10/29/2029	—	(7)	—	(10)
	First Lien	10.44%	SOFR (Q)	6.75%	2.00%		10/29/2024	10/29/2029	4,000	3,971	3,960
										3,964	3,960



Subtotal: Research & Consulting Services										78,472	78,913		7.46	%
Restaurants



RODIZIO OPCO LLC	Revolving Loan		SOFR	6.50%	2.00%		11/20/2025	11/20/2030	—	(13)	—	(10)
	First Lien	10.19%	SOFR (Q)	6.50%	2.00%		11/20/2025	11/20/2030	9,168	9,106	9,106
										9,093	9,106
SWENSONS DRIVE-IN RESTAURANTS, LLC	Revolving Loan		SOFR	7.50%	2.00%		9/27/2023	9/27/2028	—	(13)	—	(10)
	First Lien - Term Loan A	10.19%	SOFR (Q)	6.50%	2.00%		9/27/2023	9/27/2028	8,000	7,916	7,760
	First Lien - Term Loan B	12.19%	SOFR (Q)	8.50%	2.00%		9/27/2023	9/27/2028	8,000	7,914	7,760
										15,817	15,520
Subtotal: Restaurants										24,910	24,626		2.33	%
Software



CADMIUM, LLC	Revolving Loan	10.99%	SOFR (Q)	7.00%	1.00%		1/7/2022	12/22/2026	615	615	605
	First Lien	10.99%	SOFR (Q)	7.00%	1.00%		1/7/2022	12/22/2026	7,960	7,948	7,824
										8,563	8,429
TICKETURE LLC	First Lien	9.98%	SOFR (Q)	6.25%	1.00%		6/30/2026	7/25/2030	17,500	17,238	17,238
ZENFOLIO INC.	Revolving Loan	11.33%	SOFR (Q)	7.50%	1.00%		7/17/2017	12/30/2027	3,500	3,473	3,500	(10)
	First Lien	11.33%	SOFR (Q)	7.50%	1.00%		7/17/2017	12/30/2027	19,539	19,450	19,539
										22,923	23,039
Subtotal: Software										48,724	48,706		4.60	%





Specialty Retail
ATS OPERATING, LLC	Revolving Loan	9.95%	SOFR (Q)	6.00%	1.00%		1/18/2022	1/18/2028	2,000	1,982	2,000	(10)
	First Lien - Term Loan A	8.95%	SOFR (Q)	5.00%	1.00%		1/18/2022	1/18/2028	5,250	5,218	5,250
	First Lien - Term Loan B	10.95%	SOFR (Q)	7.00%	1.00%		1/18/2022	1/18/2028	9,250	9,195	9,250
										16,395	16,500
CATBIRD NYC, LLC	Revolving Loan	10.84%	SOFR (Q)	7.00%	1.00%		10/15/2021	10/16/2028	1,000	974	1,000	(6)(10)
	First Lien	10.84%	SOFR (Q)	7.00%	1.00%		10/15/2021	10/16/2028	14,077	14,008	14,077	(6)
										14,982	15,077
Subtotal: Specialty Retail										31,377	31,577		2.98	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
Technology Products & Components
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC.	First Lien - Term B Loan	10.13%	SOFR (Q)	6.25%	1.00%	5.25%	3/12/2024	12/31/2029	3,440	3,415	2,236
TRAFERA, LLC	First Lien	11.59%	SOFR (Q)	7.75%	1.00%		9/30/2020	9/30/2027	5,850	5,833	5,411	(15)(20)
	Unsecured convertible note	32.00%	Fixed				6/11/2026	6/12/2029	49	49	49	(9)(13)
										5,882	5,460
Subtotal: Technology Products & Components										9,297	7,696		0.73	%
Telecommunications

LOGIX HOLDING COMPANY, LLC	First Lien	10.67%	SOFR (Q)	7.00%	2.00%	1.25%	3/11/2024	12/31/2028	2,358	2,358	1,886
	First Lien	—%					3/11/2024	12/31/2028	314	314	314
										2,672	2,200
MERCURY ACQUISITION 2021, LLC	First Lien - Term Loan A	11.95%	SOFR (Q)	8.00%	1.00%		3/25/2026	1/3/2028	6,495	6,478	5,976	(7)
	First Lien - Term Loan B	11.95%	SOFR (Q)	8.00%	1.00%		3/25/2026	1/3/2028	6,495	6,478	5,976	(7)

										12,956	11,952
U.S. TELEPACIFIC CORP.	First Lien	13.75%	P (M)	7.00%	1.00%	7.00%	3/19/2024	5/4/2026	2,738	2,738	1,106	(16)(23)
	Third Lien	—%					3/18/2024	5/3/2027	230	230	58	(16)
										2,968	1,164
UNWIRED BROADBAND, LLC	First Lien	10.13%	SOFR (M)	6.25%	1.00%		9/30/2025	9/30/2027	18,833	18,587	18,494
	Delayed Draw Term Loan A	10.13%	SOFR (M)	6.25%	1.00%		9/30/2025	9/30/2027	1,183	1,084	1,162	(10)
	Delayed Draw Term Loan B	12.63%	SOFR (M)	8.75%	1.00%	2.50%	9/30/2025	9/30/2027	4,884	4,801	4,797	(10)
										24,472	24,453
Subtotal: Telecommunications										43,068	39,769		3.76	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4			% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
Transportation & Logistics

GUARDIAN FLEET SERVICES, INC.	First Lien	12.84%	SOFR (Q)	9.00%	2.50%	1.75%	2/10/2023	2/10/2028	28,764		28,110		28,764
ITA HOLDINGS GROUP, LLC	Revolving Loan	10.84%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	3,525		3,496		3,525		(6)
	First Lien - Term Loan A	10.84%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	14,840		14,138		14,840		(6)
	First Lien - Term Loan B	10.84%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	14,840		14,119		14,840		(6)
	First Lien - Term Loan C	10.84%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	21,150		21,150		21,150		(6)
	First Lien - Term Loan D	10.84%	SOFR (Q)	7.00%	2.00%		3/4/2026	6/21/2027	10,575		10,575		10,575		(6)

											63,478		64,930
Subtotal: Transportation & Logistics											91,588		93,694			8.85	%
Total: Debt Investments									$	2,088,614	$	2,066,637	$	1,999,896		188.94	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12		Fair Value4			% of Net Assets
Equity Investments	Units		Type




Building & Infrastructure Products
BRANDNER DESIGN, LLC	27,000		Class A Units	4/15/2024	$	105	$	—	(7)(9)(13)
			Warrants (Expiration - December 18, 2030)	12/18/2025	—		—		(7)(9)(13)
					105		—
Subtotal: Building & Infrastructure Products					105		—			—	%
Business Services
DYNAMIC COMMUNITIES, LLC	250,000		Class A Preferred Units	12/20/2022	250		166		(6)(9)(13)
	5,435,211		Class B Preferred Units	12/20/2022	2,218		—		(6)(9)(13)
	255,984		Class C Preferred Units	12/20/2022	—		—		(6)(9)(13)
	2,500,000		Common Units	12/20/2022	—		—		(6)(9)(13)
					2,468		166
IVUEIT, LLC	2,000		Preferred Units	2/3/2025	2,000		2,524		(6)(9)(13)
SPOTLIGHT AR, LLC	750		Common Units	12/8/2021	750		1,529		(9)(11)(13)
US COURTSCRIPT HOLDINGS, INC.	1,000,000		Class D-3 Units	5/17/2022	1,000		1,311		(9)(13)
	211,863		Class D-4 Units	10/31/2022	212		268		(9)(13)
	211,466		Class D-5 Units	1/10/2023	211		263		(9)(13)
					1,423		1,842
Subtotal: Business Services					6,641		6,061			0.57	%
Commercial Services & Supplies
LEHR UPFITTERS, LLC	7,773.36		Class A Preferred Units	9/19/2024	830		1,928		(9)(13)
MYNTS HOLDINGS, LLC	1,000,000		Class A-2 Units	5/5/2026	1,000		1,000		(9)(13)
	1,000,000		Class C Units	5/5/2026	—		—		(9)(13)
					1,000		1,000
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		153		(6)(9)(13)
Subtotal: Commercial Services & Supplies					3,065		3,981			0.38	%
Consumer Products
ALLIANCE SPORTS GROUP, L.P	3.88	%	membership preferred interest	8/1/2017	2,500		1,004
GRAVITIQ LLC			Warrants (Expiration - January 17, 2032)	1/17/2025	1,597		9,873		(6)(9)(13)
HEAT TRAK, LLC			Warrants (Expiration - June 29, 2036)	6/12/2023	1,268		2,092		(9)(13)

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units	Type
SHEARWATER RESEARCH, INC.	1,200,000	Class A Preferred Units	4/30/2021	603	791	(9)(13)(22)
	40,000	Class A Common Units	4/30/2021	33	808	(9)(13)(22)
				636	1,599
TRU FRAGRANCE & BEAUTY LLC	1,018,821	Preferred Units	3/22/2024	1,019	1,401	(9)(11)(13)
Subtotal: Consumer Products				7,020	15,969		1.51	%
Consumer Services

APPLE ROOFING ADMINISTRATIVE SERVICES, 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)
	1,265,393.03	Class A-2 Units	4/16/2026	190	—	(9)(13)
				1,386	—
CAMPANY ROOF MAINTENANCE, LLC	2,951.56	Class A Units	7/26/2024	295	—	(9)(13)
CLEARWATER GROUP, LLC	1,000,000	Class A Units	2/27/2026	1,000	1,229	(9)(13)
KINDRED PET SERVICE, LLC	1,244	Class A Units	11/15/2024	1,244	674	(6)(9)(13)
LIFT BRANDS, INC.	1,051	Shares of Class A Common Stock	4/2/2024	749	457
POOL SERVICE PARTNERS, INC.	10,667	Common Units	12/20/2023	1,150	769	(6)(9)(13)
RENEW FITNESS OPERATIONS, LLC	1,500,000	Class A Common Units	5/29/2026	1,500	1,500	(9)(13)
SUNLINE GROUP LLC	750,000	Class A Units	6/17/2026	750	750	(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	—
Subtotal: Consumer Services				12,525	6,258		0.59	%
Data Processing & Outsourced Services

RESEARCH NOW GROUP, LLC		Warrants (Expiration - July 15, 2029)	7/15/2024	—	—
Subtotal: Data Processing & Outsourced Services				—	—		—	%
Distribution
KMS, LLC	19,395.96	Series A Preferred Units	2/10/2025	6,305	10,310	(7)
Subtotal: Distribution				6,305	10,310		0.97	%
Education
STUDENT RESOURCE CENTER LLC	355,555.56	Senior Preferred Units	9/11/2024	356	1,778	(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	1,778

Subtotal: Education				6,201	1,778		0.17	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units	Type
Environmental Services
ARBORWORKS, LLC	100	Class A Units	11/17/2021	100	13	(6)(9)(13)
	13,898.32	Class A-1 Preferred Units	11/6/2023	3,170	7,857	(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	7,870
ISLAND PUMP AND TANK, LLC	1,468,391.99	Preferred Units	3/2/2023	1,641	—	(9)(13)



Subtotal: Environmental Services				4,911	7,870		0.74	%
Financial Services
NATIONAL CREDIT CARE, LLC	191,049.33	Class A-3 Preferred Units	3/17/2022	2,000	2,000	(7)(9)(13)
		Warrants (Expiration - February 25, 2035)	2/25/2025	92	787	(7)(9)(13)
				2,092	2,787
PAYWARD, INC.	687,380.75	Rollover Units	5/1/2025	688	11,005	(9)(13)
Subtotal: Financial Services				2,780	13,792		1.30	%
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	—
CHALET DESSERTS, LLC	750,000	Class A Units	3/13/2026	750	750	(9)(13)
FOODPHARMA SUBSIDIARY HOLDINGS, LLC	75,000	Class A Units	6/1/2021	750	1,715	(9)(13)
MAMMOTH BORROWCO, INC.	1,141,913.27	Class A Preferred Units	11/30/2023	1,142	442	(9)(13)
	50,825.73	Class AA Preferred Units	5/20/2026	51	53	(9)(13)
				1,193	495
MUENSTER MILLING COMPANY, LLC	130,444	Class A-2 Units	12/18/2024	130	—	(9)(13)
	1,130,387.32	Class A-1 Units	12/20/2023	500	—	(9)(13)
	1,000,000	Class A Units	12/15/2022	1,000	—	(9)(13)
	1	Class E Unit	10/2/2025	—	—	(9)(13)
				1,630	—
Subtotal: Food, Agriculture & Beverage				9,166	2,960		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	1,510	(6)(9)(13)

SCRIP INC.	100	Shares of Common Stock	3/21/2019	1,000	—
Subtotal: Healthcare Equipment & Supplies				3,474	4,673		0.44	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units		Type
Healthcare 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.	11,909,274		Preferred Units	3/31/2025	5,702	—	(6)
	617,803		Common Units	12/11/2020	2,944	—	(6)
			Warrants (Expiration - November 24, 2032)	12/11/2020	2,584	—	(6)
					11,230	—
ASC ORTHO MANAGEMENT COMPANY, LLC	2,572		Common Units	8/31/2018	1,026	—	(9)(13)
CAVALIER BUYER, INC.	871,973		Preferred Units	2/10/2023	930	1,148	(9)(13)
	871,973		Class A-1 Units	2/10/2023	—	—	(9)(13)
					930	1,148
CDC DENTAL MANAGEMENT CO., LLC	1,569		Class Y Units	10/31/2023	1,000	2,899	(9)(13)
DELPHI LENDER HOLDCO LLC	254		Common Units	6/9/2023	—	—
HH-INSPIRE ACQUISITION, INC	146,066		Preferred Units	4/3/2023	381	124	(9)(13)
INSTITUTES OF HEALTH, LLC	110,942.5		Class A Units	9/29/2023	1,131	736	(9)(13)
NEULIFE REHABILITATION OF FLORIDA, INC.	500		Series A Preferred Shares	4/20/2026	500	500	(9)(13)
OPCO BORROWER, LLC	1,111		Common Shares	4/26/2024	207	1,006
PYRAMIDS ACQUISITION, LLC	90,909.09		Preferred Units	12/23/2025	500	500	(9)(13)
ROSELAND MANAGEMENT, LLC	3,364		Class A-2 Units	3/31/2023	202	774	(6)
	1,100		Class A-1 Units	9/26/2022	66	187	(6)
	16,084		Class A Units	11/9/2018	1,517	806	(6)
					1,785	1,767
SPECTRUM OF HOPE, LLC	402,350		Common Units	2/17/2023	1,145	—	(7)
TALKNY MANAGEMENT HOLDINGS, LLC	1,625,472		Class A-1 Preferred Units	6/14/2024	1,590	849	(6)(9)(13)
Subtotal: Healthcare Services					21,425	9,529		0.90	%
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	492,263.53		Common Units	6/24/2024	545	93	(9)(13)
Subtotal: Industrial Machinery					1,545	1,093		0.10	%
Industrial Products
GPT INDUSTRIES, LLC	1,000,000		Class A Units	1/30/2023	1,000	2,906	(6)(9)(13)
SERVERLIFT, LLC	500,000		Class A Units	12/31/2024	500	4,730	(9)(11)(13)
THE PRODUCTO GROUP, LLC	1,988,469		Class A Units	12/31/2021	1,988	12,000	(9)(13)
Subtotal: Industrial Products					3,488	19,636		1.86	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units		Type
Industrial Services
ADF ENGINEERING LLC	500		Class A Units	4/14/2026	500	500	(9)(13)
PRECISION SPRAY & COATINGS, LLC	2,000		Class A-2 Units	8/1/2025	2,000	2,486	(6)(9)(13)
Subtotal: Industrial Services					2,500	2,986		0.28	%
IT Services
ACACIA BUYERCO V LLC	13,773		Class A-1 Units	10/3/2025	14	8	(9)(13)
	1,000,000		Class B-2 Units	11/25/2022	1,000	587	(9)(13)
					1,014	595
ISI ENTERPRISES, LLC	1,000,000		Series A Preferred Units	10/1/2021	1,000	1,174
	166,667		Series A-1 Preferred Units	6/7/2023	167	289
	275,238		Series A-2 Preferred Units	9/30/2025	319	367
					1,486	1,830
PROACTIVE TECHNOLOGY MANAGEMENT, LLC	400,000		Class A Units	5/20/2026	400	400	(9)(13)
SAAS CONSULTING GROUP, LLC.	1,000,000		Class A Units	5/29/2026	1,000	1,000	(6)(9)(13)
Subtotal: IT Services					3,900	3,825		0.36	%
Media & Marketing
ACCELERATION, LLC	13,451.22		Preferred Units	6/13/2022	893	1,970	(9)(13)
	1,611.22		Common Units	6/13/2022	107	15	(9)(13)
					1,000	1,985
ACCELERATION PARTNERS, LLC	1,019		Preferred Units	12/1/2020	1,019	746	(9)(13)
	1,019		Class A Common Units	12/1/2020	14	—	(9)(13)
					1,033	746
BOND BRAND LOYALTY ULC	1,000		Preferred Units	5/1/2023	1,000	949	(9)(13)(22)
	1,000		Class A Common Units	5/1/2023	—	—	(9)(13)(22)
					1,000	949
EXACT BORROWER, LLC	629.465		Common Units	12/7/2022	629	977
IGNITE VISIBILITY LLC	1,263		Preferred Units	12/1/2023	1,135	1,485	(9)(13)
	1,263		Class A Common Units	12/1/2023	167	464	(9)(13)
					1,302	1,949
INFOLINKS MEDIA BUYCO, LLC	1.67	%	LP interest	10/29/2021	657	—	(9)(10)(13)
LOCAL WEB LEADS, LLC	750,000		Common Units	7/3/2025	750	204	(6)(9)(13)
OUTERBOX, LLC	11,008.6744		Class A Common Units	6/8/2022	1,313	2,156	(9)(13)
	793.67		Class G Guarantee Units	2/26/2026	—	—	(9)(13)
					1,313	2,156
Subtotal: Media & Marketing					7,684	8,966		0.85	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units	Type
Movies & Entertainment
CRAFTY APES, LLC	1,519	Class A Common Units	11/20/2024	4,730	—	(6)
LDG ACQUISITION COMPANY, LLC		Warrants (Expiration - December 13, 2032)	12/12/2025	782	782	(9)(13)
Subtotal: Movies & Entertainment				5,512	782		0.07	%
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC	161,826	Units of Class A Common Stock	11/15/2017	1,753	4,358	(9)(11)(13)
MONROE BIOMEDICAL RESEARCH, LLC	50,000	Class A Common Units	11/10/2025	500	219	(9)(13)
STATINMED, LLC	4,718.62	Class A Preferred Units	7/1/2022	4,838	—	(6)
	39,097.96	Class B Preferred Units	7/1/2022	1,400	—	(6)
				6,238	—
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences				8,491	4,577		0.43	%
Research & Consulting Services

ARMKO, LLC	400	Class A Common Units	12/15/2025	400	400	(9)(13)
ENSTOA, INC.	181,823.83	Class A Units	5/1/2025	1,818	1,065	(9)(13)
FS VECTOR LLC	1,281	Common Units	4/26/2023	1,333	2,098	(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				4,051	4,063		0.38	%
Restaurants
RODIZIO OPCO LLC	495.87	Common Units	11/20/2025	750	1,131	(9)(13)
Subtotal: Restaurants				750	1,131		0.11	%
Software



GRAMMATECH, INC.	1,000	Class A Units	11/1/2019	1,000	201	(6)
	360	Class A-1 Units	1/10/2022	360	73	(6)
				1,360	274




VTX HOLDINGS, INC.	1,597,707	Series A Preferred Units	7/23/2019	1,598	3,061	(9)(13)
	9,812	Series E Preferred Units	12/11/2025	17	17
				1,615	3,078
Subtotal: Software				2,975	3,352		0.32	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units	Type
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	1,801	(6)(9)(13)
	500,000	Class B Units	10/15/2021	500	812	(6)(9)(10)(13)
				1,500	2,613
Subtotal: Specialty Retail				2,500	4,004		0.38	%
Technology Products & Components
FLIP ELECTRONICS, LLC	2,446,170	Common Units	1/4/2021	2,892	2,945	(9)(13)
TRAFERA, LLC	896	Class A Units	11/15/2019	1,205	229	(9)(13)
Subtotal: Technology Products & Components				4,097	3,174		0.30	%
Telecommunications
BROAD SKY NETWORKS LLC	1,131,579	Series A Preferred Units	12/11/2020	1,132	1,505	(9)(13)
	89,335	Series C Preferred Units	10/21/2022	89	160	(9)(13)
	93,790	Series D Preferred Units	4/19/2024	119	238	(9)(13)
	182,082	Series F Preferred Units	8/5/2025	282	564	(9)(13)
				1,622	2,467
MERCURY ACQUISITION 2021, LLC	12,059,033	Series A Units	12/6/2021	—	—	(7)(9)(13)
	3,761,173	Series A Preferred Units	3/25/2026	3,859	3,656	(7)
	3,975,574	Series B Preferred Units	3/25/2026	—	—	(7)
	98,265	Series C Preferred Units	3/25/2026	—	—	(7)
				3,859	3,656
Subtotal: Telecommunications				5,481	6,123		0.58	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12		Fair Value4			% of Net Assets
Equity Investments	Units		Type
Transportation & Logistics
GUARDIAN FLEET SERVICES, INC.	2,000,000		Class A Units	2/10/2023	2,000		3,077		(9)(13)
			Warrants (Expiration - February 10, 2033)	2/10/2023	80		57		(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		70		(9)(13)
			Warrants (Expiration - July 30, 2035)	7/30/2025	52		51		(9)(13)
			Warrants (Expiration - February 25, 2036)	2/24/2026	67		76		(9)(13)
			Warrants (Expiration - May 11, 2036)	5/11/2026	177		177		(9)(13)
			Warrants (Expiration - May 12, 2036)	5/12/2026	25		25		(9)(13)
					2,612		3,610
ITA HOLDINGS GROUP, LLC			Warrants (Expiration - March 29, 2029)	3/29/2019	538		9,712		(6)(9)(11)(13)
			Warrants (Expiration - June 21, 2033)	6/21/2023	3,791		10,777		(6)(9)(11)(13)
	9.25	%	Class A Membership Interest	2/14/2018	1,500		8,160		(6)(9)(11)(13)
					5,829		28,649
Subtotal: Transportation & Logistics					8,441		32,259			3.05	%
Total: Equity Investments					$	145,883	$	179,665		16.97	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2026 (Unaudited) (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12		Fair Value4			% of Net Assets

Other Financial Instruments
Financial Services
NINJATRADER, INC.			Earnout	5/1/2025	$	1,060	$	1,891	(9)(13)
Subtotal: Financial Services					1,060		1,891			0.18	%
Total: Other Financial Instruments					1,060		1,891			0.18	%

Multi-Sector Holdings
CAPTRIN PARTNERS, LLC	50	%	LLC Equity Interest	4/22/2026	21,000		20,830		(7)(9)(10)(11)
Total: Multi-Sector Holdings					21,000		20,830			1.97	%



Total Investments					$	2,234,580	$	2,202,282		208.07	%

(1)All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

(2)All of the Company’s investments and the investments of Capital Southwest SPV LLC ("SPV"), SBIC I (as defined below) and SBIC II (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP ("SBIC I") and Capital Southwest SBIC II, LP ("SBIC II"), the Company's wholly-owned subsidiaries that operate as small business investment companies, respectively.

(3)The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at June 30, 2026. Certain investments are subject to an interest rate floor. As noted above, certain investments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of June 30, 2026, 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, along with other financial instruments, 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 June 30, 2026, the Company held $1,762.6 million of non-control/non-affiliate investments (at fair value), which represented approximately 80.0% of the Company’s total investments. The fair value of these investments as a percent of net assets is 166.5%.

(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 June 30, 2026, the Company held $349.1 million of affiliate investments (at fair value), which represented approximately 15.9% of the Company’s total investments. The fair value of these investments as a percent of net assets is 33.0%.

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(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 June 30, 2026, the Company held $90.6 million of control investments (at fair value), which represented approximately 4.1% of the Company's total investments. The fair value of these investments as a percent of net assets is 8.6%. In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if its unconsolidated subsidiaries are considered "significant subsidiaries." As of June 30, 2026, 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 June 30, 2026, approximately 8.5% of the Company's total assets (at fair value) were non-qualifying assets.

(10)The investment has an unfunded commitment as of June 30, 2026. Refer to Note 11 - Commitments and Contingencies for further discussion.

(11)Income producing through dividends or distributions.

(12)As of June 30, 2026, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $105.2 million; cumulative gross unrealized depreciation for federal income tax purposes was $147.8 million. Cumulative net unrealized depreciation was $42.6 million, based on a tax cost of $2,244.9 million.

(13)Investment is held through a wholly-owned taxable subsidiary that has elected to be treated as a corporation for U.S. federal income tax purposes. Refer to Note 1 - Organization and Basis of Presentation for further discussion.

(14)The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which, as of June 30, 2026, represented 208.1% of the Company's net assets or 95.1% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.

(15)The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.

(16)Investment is on non-accrual status as of June 30, 2026, 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 June 30, 2026.

(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 June 30, 2026, 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, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4			% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK






Building & Infrastructure Products
BRANDNER DESIGN, LLC	Revolving Loan	15.66%	SOFR (Q)	12.00%	2.00%	15.66%	4/15/2024	4/13/2029	$	140	$	130	$	92	(7)(10)(16)
	Revolving Loan	18.00%	Fixed				4/15/2024	4/13/2029	541		541		385		(7)(16)
	First Lien	15.66%	SOFR (Q)	12.00%	2.00%	15.66%	4/15/2024	4/13/2029	9,138		9,035		6,396		(7)(16)
	First Lien	8.00%	Fixed			8.00%	11/28/2025	4/13/2029	136		136		96		(7)(16)
											9,842		6,969
Subtotal: Building & Infrastructure Products											9,842		6,969			0.69	%
Business Services
DYNAMIC COMMUNITIES, LLC	First Lien - Term Loan A	11.77%	SOFR (M)	8.00%	2.00%	11.77%	12/20/2022	12/31/2026	5,376		5,367		5,107		(6)
	First Lien - Term Loan B	12.77%	SOFR (M)	9.00%	2.00%		12/20/2022	12/31/2026	4,985		4,963		4,737		(6)
											10,330		9,844




GAINS INTERMEDIATE, LLC	Revolving Loan		SOFR	8.00%	2.00%		12/15/2022	12/15/2027	—		(17)		—
	First Lien - Term Loan A	10.92%	SOFR (Q)	7.00%	2.00%	10.92%	12/15/2022	12/15/2027	7,777		7,712		5,911
	First Lien - Term Loan B	8.92%	SOFR (Q)	5.00%	2.00%	8.92%	12/15/2022	12/15/2027	7,413		7,330		5,152		(16)
											15,025		11,063
IVUEIT, LLC	Revolving Loan		SOFR	6.00%	2.00%		2/3/2025	2/1/2030	—		(8)		—		(6)(10)
	First Lien	9.66%	SOFR (Q)	6.00%	2.00%		2/3/2025	2/1/2030	10,000		9,919		10,000		(6)
	Delayed Draw Term Loan		SOFR	6.00%	2.00%		2/3/2025	2/1/2030	—		—		—		(6)(10)
											9,911		10,000
SPOTLIGHT AR, LLC	Revolving Loan		SOFR	6.75%	1.00%		12/8/2021	6/8/2026	—		(2)		—		(10)
	First Lien	10.56%	SOFR (Q)	6.75%	1.00%		12/8/2021	6/8/2026	4,237		4,233		4,237
											4,231		4,237
US COURTSCRIPT HOLDINGS, INC.	First Lien	9.92%	SOFR (Q)	6.00%	1.00%		5/17/2022	5/17/2027	13,400		13,266		13,226

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
WINTER SERVICES OPERATIONS, LLC	Revolving Loan	11.43%	SOFR (Q)	7.50%	1.00%		11/19/2021	11/19/2027	5,867	5,742	5,855	(10)(20)
	First Lien - Term Loan A	10.42%	SOFR (Q)	6.50%	1.00%		1/16/2024	11/19/2027	14,479	14,331	14,450
	First Lien - Term Loan B	12.42%	SOFR (Q)	8.50%	1.00%		1/16/2024	11/19/2027	14,479	14,335	14,450
	Delayed Draw Term Loan	11.42%	SOFR (Q)	7.50%	1.00%		11/19/2021	11/19/2027	3,748	3,692	3,741
										38,100	38,496
Subtotal: Business Services										90,863	86,866		8.59	%
Commercial Services & Supplies
VP MOVE PURCHASER, INC.	Revolving Loan		SOFR	5.75%	2.00%		2/3/2025	2/4/2030	—	(24)	—	(10)
	First Lien - Term Loan A	8.41%	SOFR (Q)	4.75%	2.00%		2/3/2025	2/4/2030	14,250	14,163	14,107
	First Lien - Term Loan B	10.41%	SOFR (Q)	6.75%	2.00%		2/3/2025	2/4/2030	14,250	14,163	14,107
										28,302	28,214
WHITE PLAINS LINEN LLC	Revolving Loan		SOFR	7.75%	2.00%		8/1/2025	5/1/2030	—	(26)	—	(6)(10)
	First Lien - Term Loan A	10.41%	SOFR (Q)	6.75%	2.00%		8/1/2025	5/1/2030	12,200	12,092	11,956	(6)
	First Lien - Term Loan B	12.41%	SOFR (Q)	8.75%	2.00%		8/1/2025	5/1/2030	12,200	12,091	11,956	(6)
										24,157	23,912
Subtotal: Commercial Services & Supplies										52,459	52,126		5.16	%
Consumer Products
ALLIANCE SPORTS GROUP	Unsecured Convertible Note	6.00%	Fixed			6.00%	7/15/2020	12/31/2026	173	173	173

CLUTCH, INC.	Revolving Loan		SOFR	5.25%	2.00%		11/13/2025	11/13/2030	—	(46)	—	(10)
	First Lien - Term Loan A	7.91%	SOFR (Q)	4.25%	2.00%		11/13/2025	11/13/2030	14,000	13,868	13,869
	First Lien - Term Loan B	8.91%	SOFR (Q)	5.25%	2.00%		11/13/2025	11/13/2030	14,000	13,868	13,869
	First Lien - Term Loan C	9.91%	SOFR (Q)	6.25%	2.00%		11/13/2025	11/13/2030	14,000	13,868	13,869
										41,558	41,607
GRAVITIQ LLC	Revolving Loan		SOFR	7.00%	2.00%		1/17/2025	1/16/2030	—	(38)	—	(6)(10)
	First Lien - Term Loan A	9.66%	SOFR (Q)	6.00%	2.00%		1/17/2025	1/16/2030	12,248	11,616	12,248	(6)
	First Lien - Term Loan B	11.66%	SOFR (Q)	8.00%	2.00%		1/17/2025	1/16/2030	12,248	11,610	12,248	(6)
										23,188	24,496
HEAT TRAK, LLC	First Lien - Term Loan A	13.81%	SOFR (Q)	10.00%	2.00%		6/12/2023	6/9/2028	11,500	10,817	11,247

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
HYBRID PROMOTIONS, LLC	Second Lien	11.91%	SOFR (Q)	8.25%	1.00%		6/30/2021	1/3/2028	15,999	15,894	15,967	(15)
LASH OPCO, LLC	Revolving Loan		SOFR	7.00%	1.00%	2.00%	12/29/2021	9/17/2027	—	(6)	—	(10)
	First Lien	10.77%	SOFR (Q)	7.00%	1.00%	2.00%	12/29/2021	9/17/2027	18,440	18,294	17,149	(20)
										18,288	17,149
REVO BRANDS, INC.	Revolving Loan		SOFR	7.50%	1.50%		2/21/2024	2/21/2029	—	(88)	—	(10)
	First Lien - Term Loan A	10.16%	SOFR (Q)	6.50%	1.50%		2/21/2024	2/21/2029	10,385	10,248	10,022
	First Lien - Term Loan B	11.16%	SOFR (Q)	7.50%	1.50%		2/21/2024	2/21/2029	10,385	10,247	10,022
	First Lien - Term Loan C	12.16%	SOFR (Q)	8.50%	1.50%		2/21/2024	2/21/2029	10,385	10,246	10,022
										30,653	30,066
TRU FRAGRANCE & BEAUTY LLC	Revolving Loan	9.67%	SOFR (Q)	6.00%	1.50%		3/22/2024	3/21/2029	2,000	1,944	2,000	(10)
	First Lien - Term Loan A	8.66%	SOFR (Q)	5.00%	1.50%		3/22/2024	3/21/2029	14,946	14,748	14,946
	First Lien - Term Loan B	10.66%	SOFR (Q)	7.00%	1.50%		3/22/2024	3/21/2029	14,946	14,744	14,946
	First Lien	9.66%	SOFR (Q)	6.00%	1.50%		1/2/2025	3/21/2029	6,000	5,955	6,000
										37,391	37,892

Subtotal: Consumer Products										177,962	178,597		17.67	%
Consumer Services
AIR CONDITIONING SPECIALIST INC.	Revolving Loan	9.19%	SOFR (Q)	5.50%	1.00%		11/9/2021	11/19/2029	1,389	1,379	1,378	(10)(20)
	First Lien	9.15%	SOFR (Q)	5.50%	1.00%		11/9/2021	11/19/2029	22,337	22,117	22,158	(20)
	Delayed Draw Term Loan	9.18%	SOFR (Q)	5.50%	1.00%		11/19/2024	11/19/2029	6,113	6,113	6,064	(20)
										29,609	29,600
AMERICAN PET RESORT, LLC	Revolving Loan	9.67%	SOFR (Q)	6.00%	2.00%		12/17/2025	12/17/2030	6,000	5,938	5,950	(10)(20)
	First Lien - Term Loan A	8.70%	SOFR (Q)	5.00%	2.00%		12/17/2025	12/17/2030	13,250	13,139	13,139
	First Lien - Term Loan B	10.70%	SOFR (Q)	7.00%	2.00%		12/17/2025	12/17/2030	13,250	13,139	13,139
	Delayed Draw Term Loan	9.67%	SOFR (Q)	6.00%	2.00%		12/17/2025	12/17/2030	1,900	1,867	1,884	(10)(20)
										34,083	34,112

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)	Revolving Loan		Fixed			10.00%	8/27/2021	8/31/2029	—	(27)	—	(10)
	First Lien - Term Loan A	10.00%	Fixed			10.00%	8/27/2021	8/31/2029	14,079	13,942	12,263
	First Lien - Term Loan B	10.00%	Fixed			10.00%	4/12/2023	8/31/2029	14,217	14,080	9,582
										27,995	21,845
BETTER THAN HOME, INC.	Revolving Loan		SOFR	6.00%	1.00%		8/8/2025	8/8/2031	—	(20)	—	(10)
	First Lien	9.66%	SOFR (Q)	6.00%	1.00%		8/8/2025	8/8/2031	12,000	11,880	11,916
	Delayed Draw Term Loan	9.66%	SOFR (Q)	6.00%	1.00%		8/8/2025	8/8/2031	8,300	8,212	8,242	(10)(20)
										20,072	20,158

CAMPANY ROOF MAINTENANCE, LLC	First Lien	11.77%	SOFR (M)	8.00%	1.50%	1.50%	7/26/2024	11/27/2028	13,162	12,920	10,859

CLEARWATER GROUP, LLC	Revolving Loan		SOFR	6.00%	2.00%		2/27/2026	2/27/2031	—	(13)	—	(10)
	First Lien	9.67%	SOFR (Q)	6.00%	2.00%		2/27/2026	2/27/2031	8,000	7,931	7,931
	Delayed Draw Term Loan	9.70%	SOFR (Q)	6.00%	2.00%		2/27/2026	2/27/2031	1,500	1,487	1,487	(10)(20)
										9,405	9,418
KINDRED PET SERVICE, LLC (fka RED DOG OPERATIONS HOLDING COMPANY LLC)	Revolving Loan	10.14%	SOFR (Q)	6.50%	2.00%		11/15/2024	11/15/2029	500	486	495	(6)(10)
	First Lien	10.16%	SOFR (Q)	6.50%	2.00%		11/15/2024	11/15/2029	10,800	10,713	10,692	(6)
										11,199	11,187
LIFT BRANDS, INC.	Tranche A Term Loan	11.27%	SOFR (M)	7.50%	1.00%		2/1/2024	9/30/2026	2,254	2,254	2,254
	Tranche B Term Loan	9.50%	Fixed				2/1/2024	9/30/2026	793	793	782
	Tranche C Loan	—%					2/1/2024	9/30/2026	549	549	542
										3,596	3,578
MAIN LINE BRANDS LLC	Revolving Loan		SOFR	6.25%	2.00%		5/15/2025	5/15/2030	—	(16)	—	(10)
	First Lien	9.91%	SOFR (Q)	6.25%	2.00%		5/15/2025	5/15/2030	10,000	9,914	9,850
										9,898	9,850
POOL SERVICE PARTNERS, INC.	Revolving Loan	10.66%	SOFR (Q)	7.00%	2.00%		12/20/2023	12/20/2028	1,500	1,483	1,470	(6)(10)(20)
	First Lien	10.67%	SOFR (Q)	7.00%	2.00%		12/20/2023	12/20/2028	11,850	11,665	11,613	(6)(20)

										13,148	13,083

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
TMT BHC BUYER, INC.	Revolving Loan		SOFR	6.00%	1.50%		3/7/2024	3/7/2029	—	(59)	—	(10)
	First Lien	9.66%	SOFR (Q)	6.00%	1.50%		3/7/2024	3/7/2029	16,500	16,279	16,500

										16,220	16,500
WASH & WAX SYSTEMS LLC	Revolving Loan	9.19%	SOFR (Q)	5.50%	1.00%		4/30/2025	4/30/2028	293	287	293	(10)(20)
	First Lien	9.17%	SOFR (Q)	5.50%	1.00%	9.17%	4/30/2025	4/30/2028	6,996	6,901	6,996
	First Lien	12.00%	Fixed			12.00%	4/30/2025	7/30/2028	4,900	4,900	4,900

										12,088	12,189
Subtotal: Consumer Services										200,233	192,379		19.03	%






Distribution
KMS, LLC	Revolving Loan	9.20%	SOFR (Q)	5.50%	1.00%		12/23/2025	9/29/2028	2,743	2,665	2,743	(7)(10)(15)
	First Lien	12.50%	Fixed				2/10/2025	9/29/2028	4,590	4,535	4,590	(7)(15)

										7,200	7,333
Subtotal: Distribution										7,200	7,333		0.73	%
Education
MUSIKER DISCOVERY PROGRAMS, INC.	Revolving Loan	10.66%	SOFR (Q)	7.00%	2.00%		10/29/2024	10/29/2029	3,750	3,714	3,750	(10)
	First Lien - Term Loan A	9.66%	SOFR (Q)	6.00%	2.00%		10/29/2024	10/29/2029	11,500	11,411	11,500
	First Lien - Term Loan B	11.66%	SOFR (Q)	8.00%	2.00%		10/29/2024	10/29/2029	11,500	11,411	11,500

										26,536	26,750
STUDENT RESOURCE CENTER LLC	First Lien	8.50%	Fixed			8.50%	12/31/2022	12/30/2027	9,644	9,503	2,315	(6)(16)
Subtotal: Education										36,039	29,065		2.87	%
Energy Services
ACE GATHERING, INC.	First Lien	10.42%	SOFR (Q)	6.50%	2.00%		12/13/2018	12/14/2026	3,146	3,135	3,147	(15)
PIPELINE TECHNIQUE LTD.	Revolving Loan		SOFR	6.75%	1.00%		8/23/2022	6/29/2029	—	(32)	—	(9)(10)(22)
	First Lien	10.71%	SOFR (Q)	6.75%	1.00%		8/23/2022	6/29/2029	8,445	8,337	8,445	(9)(22)
	Delayed Draw Term Loan		SOFR	6.75%	1.00%		12/30/2025	6/29/2029	—	(93)	—	(9)(10)(22)
										8,212	8,445

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
WELL-FOAM, INC.	Revolving Loan		SOFR	8.00%	1.00%		9/9/2021	9/9/2026	—	(8)	—	(10)
	First Lien	11.81%	SOFR (Q)	8.00%	1.00%		9/9/2021	9/9/2026	10,581	10,557	10,581
										10,549	10,581
Subtotal: Energy Services										21,896	22,173		2.19	%
Environmental Services
ARBORWORKS, LLC	Revolving Loan	15.00%	Fixed			15.00%	11/6/2023	11/6/2028	1,852	1,852	1,852	(6)(10)
	First Lien	10.28%	SOFR (M)	6.50%	1.00%	10.28%	11/6/2023	11/6/2028	3,928	3,928	3,928	(6)
										5,780	5,780
ISLAND PUMP AND TANK, LLC	Revolving Loan	10.92%	SOFR (Q)	7.00%	2.00%		3/2/2023	5/17/2029	3,479	3,445	2,957
	First Lien - Term Loan A	9.92%	SOFR (Q)	6.00%	2.00%		2/23/2024	5/17/2029	12,218	12,088	10,385
	First Lien - Term Loan B	10.92%	SOFR (Q)	7.00%	2.00%		2/23/2024	5/17/2029	12,218	12,088	10,385
	First Lien - Term Loan C	11.92%	SOFR (Q)	8.00%	2.00%		2/23/2024	5/17/2029	12,218	12,082	10,385
										39,703	34,112




Subtotal: Environmental Services										45,483	39,892		3.95	%
Financial Services
INDINERO GROUP, INC.	Revolving Loan	13.50%	Fixed			1.00%	11/12/2025	11/12/2030	450	440	439	(10)
	First Lien	13.50%	Fixed			1.00%	11/12/2025	11/12/2030	9,514	9,418	9,410
										9,858	9,849
INSURE HOMES CORPORATION	Tranche B Term Loan	11.17%	SOFR (M)	7.50%	2.00%		8/6/2024	8/6/2029	23,500	23,234	23,500
JACKSON HEWITT TAX SERVICE INC.	First Lien	12.16%	SOFR (Q)	8.50%	2.50%		9/14/2023	9/14/2028	10,000	9,913	10,000
NATIONAL CREDIT CARE, LLC	First Lien - Term Loan A	4.50%	Fixed				12/23/2021	2/25/2030	11,250	11,092	10,012	(7)
	First Lien - Term Loan B	4.50%	Fixed				12/23/2021	2/25/2030	11,250	11,090	10,012	(7)
										22,182	20,024



Subtotal: Financial Services										65,187	63,373		6.27	%
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC	First Lien - Term Loan A	12.31%	SOFR (Q)	8.50%	1.00%	12.31%	3/28/2025	3/28/2028	6,455	6,455	6,455	(6)
	First Lien - Term Loan B	12.31%	SOFR (Q)	8.50%	1.00%	12.31%	3/28/2025	3/28/2028	6,455	6,455	5,241	(6)
	First Lien - Term Loan C	12.36%	SOFR (Q)	8.50%	1.00%	12.36%	3/27/2026	3/28/2028	246	246	246	(6)
										13,156	11,942

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
CHALET DESSERTS, LLC	Revolving Loan		SOFR	7.00%	2.00%		3/13/2026	3/13/2031	—	(40)	—
	First Lien	10.67%	SOFR (Q)	7.00%	2.00%		3/13/2026	3/13/2031	12,750	12,624	12,624
										12,584	12,624
FOODPHARMA SUBSIDIARY HOLDINGS, LLC	First Lien - Term Loan A	9.68%	SOFR (M)	6.00%	2.00%		6/21/2024	12/31/2026	14,197	14,129	14,197	(20)
	First Lien - Term Loan B	10.68%	SOFR (M)	7.00%	2.00%		6/21/2024	12/31/2026	14,197	14,112	14,197	(20)
	First Lien - Term Loan C	11.68%	SOFR (M)	8.00%	2.00%		6/21/2024	12/31/2026	14,197	14,112	14,197	(20)
										42,353	42,591
GULF PACIFIC ACQUISITION, LLC	Revolving Loan	10.77%	SOFR (M)	7.00%	1.00%		9/30/2022	9/29/2028	353	344	325	(10)(20)
	First Lien	10.77%	SOFR (M)	7.00%	1.00%		9/30/2022	9/29/2028	3,826	3,779	3,520	(20)
										4,123	3,845

MAMMOTH BORROWCO, INC.	Revolving Loan	9.92%	SOFR (Q)	6.25%	1.50%		11/30/2023	11/30/2028	3,350	3,300	3,126	(10)(20)
	First Lien - Term Loan A	8.92%	SOFR (Q)	5.25%	1.50%		11/30/2023	11/30/2028	10,461	10,302	9,760
	First Lien - Term Loan B	10.92%	SOFR (Q)	7.25%	1.50%		11/30/2023	11/30/2028	10,461	10,299	9,770
	Delayed Draw Term Loan	9.92%	SOFR (Q)	6.25%	1.50%		11/30/2023	11/30/2028	2,825	2,770	2,635	(20)
										26,671	25,291
MUENSTER MILLING COMPANY	Revolving Loan		SOFR	9.00%	1.00%		8/10/2021	2/10/2027	—	(16)	—
	First Lien	12.81%	SOFR (Q)	9.00%	1.00%	12.81%	8/10/2021	2/10/2027	25,783	25,655	22,999
	Delayed Draw Term Loan		Fixed			7.00%	10/2/2025	2/10/2027	—	—	—	(10)
										25,639	22,999
NEW SKINNY MIXES, LLC	Revolving Loan		SOFR	8.00%	2.00%		12/21/2022	12/21/2027	—	(28)	—	(10)
	First Lien	11.86%	SOFR (Q)	8.00%	2.00%		12/21/2022	12/21/2027	13,000	12,890	13,000
										12,862	13,000
Subtotal: Food, Agriculture & Beverage										137,388	132,292		13.09	%
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC	Revolving Loan	10.66%	SOFR (Q)	7.00%	1.00%		5/22/2020	5/22/2028	1,000	980	1,000	(6)(10)
	First Lien	10.66%	SOFR (Q)	7.00%	1.00%		5/22/2020	5/22/2028	20,616	20,482	20,616	(6)

										21,462	21,616

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
COMMAND GROUP ACQUISITION, LLC	First Lien	10.66%	SOFR (Q)	7.00%	2.00%		2/15/2024	2/15/2029	6,000	5,921	6,000	(6)



SCRIP, INC.	First Lien	11.84%	SOFR (M)	8.00%	2.00%		3/21/2019	3/19/2027	17,792	17,764	15,230
Subtotal: Healthcare Equipment & Supplies										45,147	42,846		4.24	%
Healthcare Products
DWS BUYER LLC	Revolving Loan		SOFR	5.50%	0.75%		7/29/2025	7/29/2031	—	(17)	—	(10)
	First Lien	9.13%	SOFR (Q)	5.50%	0.75%		7/29/2025	7/29/2031	6,535	6,446	6,437	(20)
	Delayed Draw Term Loan		SOFR	5.50%	0.75%		7/29/2025	7/29/2031	—	(14)	—	(10)
										6,415	6,437
LIGHTNING INTERMEDIATE II, LLC	Revolving Loan		SOFR	6.25%	1.00%		6/6/2022	6/5/2028	—	(13)	—	(10)
	First Lien	9.85%	SOFR (S)	6.25%	1.00%		6/6/2022	6/5/2028	18,866	18,734	18,300
										18,721	18,300
MICROBE FORMULAS LLC	Revolving Loan		SOFR	5.50%	1.00%		4/4/2022	4/3/2028	—	(11)	—	(10)
	First Lien	9.27%	SOFR (M)	5.50%	1.00%		4/4/2022	4/3/2028	10,998	10,916	10,998

										10,905	10,998
Subtotal: Healthcare Products										36,041	35,735		3.53	%
Healthcare Services
AAC NEW HOLDCO INC.	First Lien	20.00%	Fixed			20.00%	12/11/2020	11/24/2032	218	218	218	(6)
	First Lien - Term Loan A	20.00%	Fixed			20.00%	3/31/2025	11/24/2032	3,360	3,360	3,360	(6)
	First Lien - Term Loan B	20.00%	Fixed			20.00%	3/31/2025	11/24/2032	3,023	3,023	1,342	(6)(16)
	Delayed Draw Term Loan	20.00%	Fixed			20.00%	4/1/2025	11/24/2032	887	887	887	(6)
	Delayed Draw Term Loan	21.00%	Fixed			21.00%	11/24/2025	11/24/2032	1,021	1,021	1,021	(6)
										8,509	6,828
ARKSTONE MEDICAL SOLUTIONS LLC	Revolving Loan		SOFR	7.00%	1.50%		3/31/2026	3/31/2031	—	(35)	—	(10)
	First Lien - Term Loan A	10.70%	SOFR (Q)	7.00%	1.50%		3/31/2026	3/31/2031	15,000	14,850	14,850
	First Lien - Term Loan B	10.70%	SOFR (Q)	7.00%	1.50%		3/31/2026	3/31/2031	2,500	2,475	2,475
										17,290	17,325
CAVALIER BUYER, INC.	First Lien	9.42%	SOFR (Q)	5.75%	2.00%		2/10/2023	2/10/2028	15,433	15,322	15,432	(20)

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
CDC DENTAL MANAGEMENT CO., LLC	Revolving Loan		SOFR	7.50%	2.00%		10/31/2023	10/31/2028	—	(21)	—	(10)
	First Lien - Term Loan A	10.16%	SOFR (Q)	6.50%	2.00%		10/31/2023	10/31/2028	4,175	4,125	4,175
	First Lien - Term Loan B	12.16%	SOFR (Q)	8.50%	2.00%		10/31/2023	10/31/2028	4,175	4,125	4,175
										8,229	8,350
CITYVET INC.	First Lien	10.66%	SOFR (Q)	7.00%	2.00%		9/6/2023	9/6/2028	45,000	44,351	44,190

CUMBRIA CAPITAL MSO, LLC	Revolving Loan	10.16%	SOFR (Q)	6.50%	2.00%		10/28/2024	10/29/2029	1,250	1,239	1,250	(10)(20)
	First Lien	10.16%	SOFR (Q)	6.50%	2.00%		10/28/2024	10/29/2029	5,400	5,358	5,400
	Delayed Draw Term Loan	10.16%	SOFR (Q)	6.50%	2.00%		10/28/2024	10/29/2029	759	750	759	(10)
										7,347	7,409
HH-INSPIRE ACQUISITION, INC.	Revolving Loan	13.27%	SOFR (M)	9.50%	2.00%	1.50%	4/3/2023	4/3/2028	783	781	721
	First Lien	13.27%	SOFR (M)	9.50%	2.00%	1.50%	4/3/2023	4/3/2028	8,313	8,208	7,648
										8,989	8,369
INSTITUTES OF HEALTH, LLC	Revolving Loan		SOFR	7.50%	2.00%		9/29/2023	9/29/2028	—	(10)	—	(10)
	First Lien - Term Loan A	10.16%	SOFR (Q)	6.50%	2.00%		9/29/2023	9/29/2028	7,500	7,414	7,418
	First Lien - Term Loan B	12.16%	SOFR (Q)	8.50%	2.00%		9/29/2023	9/29/2028	7,500	7,412	7,417
										14,816	14,835
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC	Revolving Loan		SOFR	6.50%	2.00%		12/11/2024	12/11/2029	—	(22)	—	(10)
	First Lien - Term Loan A	9.16%	SOFR (Q)	5.50%	2.00%		12/11/2024	12/11/2029	8,050	7,987	8,050
	First Lien - Term Loan B	11.16%	SOFR (Q)	7.50%	2.00%		12/11/2024	12/11/2029	8,050	7,986	8,050
	Delayed Draw Term Loan	10.16%	SOFR (Q)	6.50%	2.00%		12/11/2024	12/11/2029	600	595	600	(10)
										16,546	16,700

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
NEUROPSYCHIATRIC HOSPITALS, LLC	Revolving Loan	9.81%	SOFR (Q)	6.00%	1.00%		5/14/2021	5/14/2027	1,000	975	1,000	(10)
	First Lien - Term Loan A	8.81%	SOFR (Q)	5.00%	1.00%		3/21/2023	5/14/2027	7,357	7,328	7,357
	First Lien - Term Loan B	10.81%	SOFR (Q)	7.00%	1.00%		3/21/2023	5/14/2027	7,357	7,328	7,357
	First Lien - Term Loan C	9.81%	SOFR (Q)	6.00%	1.00%		3/21/2023	5/14/2027	5,101	5,065	5,101
	First Lien - Term Loan D	9.81%	SOFR (Q)	6.00%	1.00%		10/27/2023	5/14/2027	12,855	12,735	12,855
										33,431	33,670
PYRAMIDS ACQUISITION, LLC	Revolving Loan		SOFR	5.75%	2.00%		12/23/2025	12/23/2030	—	—	—	(10)
	First Lien	9.44%	SOFR (Q)	5.75%	2.00%		12/23/2025	12/23/2030	18,338	18,187	18,172
										18,187	18,172
ROSELAND MANAGEMENT, LLC	Revolving Loan		SOFR	7.00%	2.00%		11/9/2018	11/9/2026	—	(3)	—	(6)(10)
	First Lien	10.81%	SOFR (Q)	7.00%	2.00%		11/9/2018	11/9/2026	14,473	14,473	14,473	(6)
										14,470	14,473
SPECTRUM OF HOPE, LLC	First Lien - Superpriority Term Loan	7.00%	Fixed			7.00%	12/23/2024	12/31/2029	4,336	4,336	4,336	(7)
	First Lien - Tranche A Term Loan	6.00%	Fixed			6.00%	3/31/2025	12/31/2029	11,120	11,104	5,238	(7)(16)
	First Lien - Tranche B Term Loan	8.00%	Fixed			8.00%	3/31/2025	12/31/2029	11,120	11,120	1,679	(7)(16)
										26,560	11,253
SUPERIOR HEALTH PARENT LLC	Revolving Loan		SOFR	6.25%	1.50%		12/26/2024	12/26/2030	—	(18)	—	(10)
	First Lien	9.96%	SOFR (Q)	6.25%	1.50%		12/26/2024	12/26/2030	17,500	17,390	17,290
	Delayed Draw Term Loan	9.91%	SOFR (Q)	6.25%	1.50%		12/26/2024	12/26/2030	5,700	5,581	5,632	(10)(20)
										22,953	22,922
TALKNY MANAGEMENT HOLDINGS, LLC	First Lien	10.91%	SOFR (Q)	7.25%	3.00%		6/14/2024	6/14/2029	7,500	7,420	7,387	(6)
WELL LABS PLUS, LLC	Revolving Loan		SOFR	6.50%	1.00%		9/5/2025	9/5/2030	—	(20)	—	(10)
	First Lien	10.16%	SOFR (Q)	6.50%	1.00%		9/5/2025	9/5/2030	15,250	15,147	15,143
	Delayed Draw Term Loan	10.17%	SOFR (Q)	6.50%	1.00%		9/5/2025	9/5/2030	16,350	16,231	16,236	(10)(20)
										31,358	31,379
Subtotal: Healthcare Services										295,778	278,694		27.57	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
Industrial Machinery
C&M CONVEYOR, INC.	First Lien - Term Loan A	10.28%	SOFR (M)	6.50%	1.50%		1/3/2023	9/30/2026	6,500	6,479	6,370	(15)
	First Lien - Term Loan B	12.28%	SOFR (M)	8.50%	1.50%		1/3/2023	9/30/2026	6,500	6,479	6,370	(15)
	First Lien - Term Loan C	10.28%	SOFR (M)	6.50%	1.50%		10/2/2024	9/30/2026	7,810	7,788	7,716	(15)
	First Lien - Term Loan D	12.28%	SOFR (M)	8.50%	1.50%		10/2/2024	9/30/2026	7,810	7,788	7,716	(15)
										28,534	28,172
DRIVE LINE SERVICE OF PORTLAND, LLC	Revolving Loan		SOFR	8.00%	2.00%		12/16/2024	12/14/2029	—	(15)	—	(10)
	First Lien	11.66%	SOFR (Q)	8.00%	2.00%		12/16/2024	12/14/2029	6,590	6,536	6,537
										6,521	6,537
SUREKAP, LLC	First Lien - Term Loan A	9.65%	SOFR (Q)	6.00%	1.50%		6/24/2024	6/25/2029	19,089	18,963	17,562
	First Lien - Term Loan B	11.65%	SOFR (Q)	8.00%	1.50%		6/24/2024	6/25/2029	19,089	18,961	17,562
	Delayed Draw Term Loan		SOFR	7.00%	1.50%		6/24/2024	6/25/2029	—	—	—	(10)
										37,924	35,124
Subtotal: Industrial Machinery										72,979	69,833		6.91	%
Industrial Products



LLFLEX, LLC	Second Lien	11.81%	SOFR (Q)	8.00%	1.00%	3.00%	8/16/2021	12/31/2029	10,303	10,170	8,964	(15)
SERVERLIFT, LLC	Revolving Loan		SOFR	5.25%	2.00%		12/31/2024	12/31/2029	—	(33)	—	(10)
	First Lien - Term Loan A	7.91%	SOFR (Q)	4.25%	2.00%		12/31/2024	12/31/2029	15,250	15,144	15,250
	First Lien - Term Loan B	9.91%	SOFR (Q)	6.25%	2.00%		12/31/2024	12/31/2029	15,250	15,143	15,250
										30,254	30,500
Subtotal: Industrial Products										40,424	39,464		3.90	%
Industrial Services




MISSION CRITICAL GROUP, LLC	Revolving Loan		SOFR	5.50%	1.00%		6/18/2025	4/17/2030	—	(32)	—	(10)
	First Lien	9.17%	SOFR (M)	5.50%	1.00%		6/18/2025	4/17/2030	10,922	10,731	10,922
	Delayed Draw Term Loan	9.17%	SOFR (M)	5.50%	1.00%		6/18/2025	4/17/2030	2,429	2,366	2,429	(10)
										13,065	13,351

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
PATRIOT INTERMEDIATE HOLDCO, LLC	Revolving Loan	10.17%	SOFR (Q)	6.50%	2.00%		1/9/2026	1/9/2031	2,000	1,904	1,904	(10)
	First Lien - Term Loan A	9.15%	SOFR (Q)	5.50%	2.00%		1/9/2026	1/9/2031	10,500	10,400	10,400
	First Lien - Term Loan B	11.15%	SOFR (Q)	7.50%	2.00%		1/9/2026	1/9/2031	10,500	10,400	10,400
										22,704	22,704
PRECISION SPRAY & COATINGS, LLC	Revolving Loan	11.16%	SOFR (Q)	7.50%	2.00%		2/24/2026	8/1/2030	500	490	490	(6)(10)
	First Lien	11.16%	SOFR (Q)	7.50%	2.00%		8/1/2025	8/1/2030	4,000	3,964	4,000	(6)
										4,454	4,490
UPS INTERMEDIATE, LLC	First Lien	10.17%	SOFR (M)	6.50%	1.00%		7/31/2024	7/27/2029	12,551	12,353	12,280	(15)(20)
Subtotal: Industrial Services										52,576	52,825		5.23	%
IT Services
ACACIA BUYERCO V LLC	Revolver Loan		SOFR	8.00%	1.00%		11/25/2022	11/26/2027	—	(13)	—
	First Lien - Term Loan A	11.92%	SOFR (Q)	8.00%	1.00%		11/25/2022	11/26/2027	9,000	8,848	8,370
										8,835	8,370
INFOGAIN CORPORATION	First Lien	9.52%	SOFR (M)	5.75%	1.00%		5/24/2024	7/28/2028	3,673	3,650	3,673
ISI ENTERPRISES, LLC	Revolving Loan	10.93%	SOFR (Q)	7.00%	1.00%		10/1/2021	10/1/2029	900	883	900	(10)(20)
	First Lien	10.92%	SOFR (Q)	7.00%	1.00%		10/1/2021	10/1/2029	5,816	5,748	5,777	(20)
										6,631	6,677
Subtotal: IT Services										19,116	18,720		1.85	%
Media & Marketing
360 QUOTE TOPCO, LLC	Revolving Loan	10.35%	SOFR (Q)	6.50%	1.00%		6/16/2022	6/16/2027	2,346	2,307	2,346	(10)
	First Lien	10.35%	SOFR (Q)	6.50%	1.00%		6/16/2022	6/16/2027	26,220	26,119	26,220	(19)
										28,426	28,566
ACCELERATION PARTNERS	First Lien	11.60%	SOFR (Q)	7.79%	1.00%		12/1/2020	1/2/2029	20,134	19,963	19,690	(8)(20)

BOND BRAND LOYALTY ULC	Revolving Loan	9.56%	SOFR (Q)	5.75%	2.00%		5/1/2023	5/1/2028	800	783	800	(9)(10)(22)
	First Lien - Term Loan A	8.56%	SOFR (Q)	4.75%	2.00%		5/1/2023	5/1/2028	8,775	8,688	8,775	(9)(22)
	First Lien - Term Loan B	10.56%	SOFR (Q)	6.75%	2.00%		5/1/2023	5/1/2028	8,775	8,686	8,775	(9)(22)
	First Lien	9.56%	SOFR (Q)	5.75%	2.00%		10/31/2025	5/1/2028	1,952	1,918	1,952	(9)(22)
										20,075	20,302

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
EXACT BORROWER, LLC	Revolving Loan		SOFR	6.00%	2.00%		12/7/2022	8/6/2027	—	(14)	—	(10)
	First Lien - Term Loan A	9.81%	SOFR (Q)	6.00%	2.00%		12/7/2022	8/6/2027	6,663	6,615	6,556
	First Lien - Term Loan B	9.81%	SOFR (Q)	6.00%	2.00%		12/7/2022	8/6/2027	6,663	6,615	6,556
	First Lien - Term Loan C	9.81%	SOFR (Q)	6.00%	2.00%		12/31/2024	8/6/2027	11,312	11,249	11,130
	First Lien - Term Loan D	9.81%	SOFR (Q)	6.00%	2.00%		3/11/2026	8/6/2027	11,700	11,616	11,513
	Delayed Draw Term Loan	9.81%	SOFR (Q)	6.00%	2.00%		12/7/2022	8/6/2027	3,547	3,499	3,490	(10)
	Promissory Note	13.57%	Fixed				12/7/2022	12/6/2028	385	385	385
										39,965	39,630
FMT SOLUTIONS, LLC	First Lien	11.16%	SOFR (Q)	7.50%	2.00%		11/19/2024	11/19/2029	6,750	6,697	6,750
IGNITE VISIBILITY LLC	Revolving Loan		SOFR	5.75%	1.00%		12/1/2023	12/1/2028	—	(16)	—	(10)
	First Lien - Term Loan A	8.41%	SOFR (Q)	4.75%	1.00%		12/1/2023	12/1/2028	18,224	18,122	18,224
	First Lien - Term Loan B	10.41%	SOFR (Q)	6.75%	1.00%		12/1/2023	12/1/2028	18,224	18,122	18,224
	Delayed Draw Term Loan	9.41%	SOFR (Q)	5.75%	1.00%		4/3/2025	12/1/2028	5,500	5,413	5,500	(10)
										41,641	41,948
LOCAL WEB LEADS, LLC	Revolving Loan		SOFR	7.00%	2.00%		7/3/2025	7/3/2030	—	(8)	—	(6)(10)
	First Lien - Term Loan A	9.66%	SOFR (Q)	6.00%	2.00%		7/3/2025	7/3/2030	6,581	6,523	6,450	(6)
	First Lien - Term Loan B	11.66%	SOFR (Q)	8.00%	2.00%		7/3/2025	7/3/2030	6,581	6,523	6,450	(6)
										13,038	12,900
SOCIALSEO, LLC	Revolving Loan	11.17%	SOFR (M)	7.50%	2.00%		3/6/2025	6/24/2027	1,200	1,184	1,140	(10)
	First Lien - Term Loan A	10.17%	SOFR (M)	6.50%	2.00%		3/6/2025	6/24/2027	10,125	10,068	9,618
	First Lien - Term Loan B	12.17%	SOFR (M)	8.50%	2.00%		3/6/2025	6/24/2027	10,125	10,067	9,618
										21,319	20,376
Subtotal: Media & Marketing										191,124	190,162		18.81	%
Movies & Entertainment
CRAFTY APES, LLC	First Lien	10.19%	SOFR (M)	6.50%	1.00%	10.2%	11/20/2024	6/1/2027	4,269	4,178	3,842	(6)(8)
	Delayed Draw Term Loan		SOFR	6.50%	1.00%		11/20/2024	6/1/2027	—	—	—	(6)(8)(10)
										4,178	3,842

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
LDG ACQUISITION COMPANY, LLC	Revolving Loan		SOFR	7.00%	2.00%		12/12/2025	12/12/2030	—	(28)	—	(10)
	First Lien - Term Loan A	9.66%	SOFR (Q)	6.00%	2.00%		12/12/2025	12/12/2030	8,350	7,896	8,266
	First Lien - Term Loan B	11.66%	SOFR (Q)	8.00%	2.00%		12/12/2025	12/12/2030	8,350	7,896	8,266
	Delayed Draw Term Loan		SOFR	7.00%	2.00%		12/12/2025	12/12/2030	—	—	—	(10)
										15,764	16,532
Subtotal: Movies & Entertainment										19,942	20,374		2.02	%
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA LLC	Revolving Loan		SOFR	8.50%	1.00%		11/28/2023	11/20/2026	—	(6)	—	(10)
	First Lien - Term Loan A	11.17%	SOFR (M)	7.50%	1.00%		11/28/2023	11/20/2026	4,775	4,764	4,775
	First Lien - Term Loan B	13.17%	SOFR (M)	9.50%	1.00%		11/28/2023	11/20/2026	4,775	4,764	4,775
	First Lien	12.17%	SOFR (M)	8.50%	1.00%		11/28/2023	11/20/2026	19,850	19,738	19,850
	Delayed Draw Term Loan	12.17%	SOFR (M)	8.50%	1.00%		3/16/2018	11/20/2026	4,183	4,156	4,183
										33,416	33,583
MONROE BIOMEDICAL RESEARCH, LLC	Revolving Loan	9.70%	SOFR (Q)	6.00%	2.00%		11/10/2025	11/8/2030	1,750	1,729	1,715	(10)(20)
	First Lien	9.66%	SOFR (Q)	6.00%	2.00%		11/10/2025	11/8/2030	11,500	11,419	11,270
	Delayed Draw Term Loan		SOFR	6.00%	2.00%		11/10/2025	11/8/2030	—	—	—	(10)
										13,148	12,985
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences										46,564	46,568		4.61	%
Research & Consulting Services
ARMKO, LLC	Revolving Loan		SOFR	5.50%	1.00%		12/15/2025	12/16/2030	—	(21)	—	(10)
	First Lien	9.18%	SOFR (M)	5.50%	1.00%		12/15/2025	12/16/2030	16,250	16,134	16,137
										16,113	16,137
ENSTOA, INC.	First Lien	9.67%	SOFR (M)	6.00%	1.00%		5/1/2025	5/1/2030	9,259	9,120	9,259
	Delayed Draw Term Loan	9.67%	SOFR (Q)	6.00%	1.00%		5/1/2025	5/1/2030	4,841	4,723	4,841	(10)
										13,843	14,100
FS VECTOR LLC	Revolving Loan		SOFR	5.75%	1.00%		4/26/2023	4/26/2028	—	(41)	—	(10)
	First Lien - Term Loan A	8.56%	SOFR (Q)	4.75%	1.00%		4/26/2023	4/26/2028	15,000	14,850	15,000
	First Lien - Term Loan B	10.56%	SOFR (Q)	6.75%	1.00%		4/26/2023	4/26/2028	15,000	14,852	15,000
										29,661	30,000

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
SPHERIX GLOBAL INSIGHTS US, INC.	Revolving Loan		SOFR	6.50%	2.00%		3/10/2026	3/10/2031	—	(22)	—	(10)
	First Lien - Term Loan A	9.17%	SOFR (Q)	5.50%	2.00%		3/10/2026	3/10/2031	9,500	9,429	9,429
	First Lien - Term Loan B	11.17%	SOFR (Q)	7.50%	2.00%		3/10/2026	3/10/2031	9,500	9,429	9,429
										18,836	18,858
THE GOBEL GROUP, LLC	Revolving Loan		SOFR	6.75%	2.00%		10/29/2024	10/29/2029	—	(7)	—	(10)
	First Lien	10.41%	SOFR (Q)	6.75%	2.00%		10/29/2024	10/29/2029	4,000	3,969	3,961
										3,962	3,961



Subtotal: Research & Consulting Services										82,415	83,056		8.22	%
Restaurants



RODIZIO OPCO LLC	Revolving Loan		SOFR	6.00%	2.00%		11/20/2025	11/20/2030	—	(14)	—	(10)
	First Lien	9.66%	SOFR (Q)	6.00%	2.00%		11/20/2025	11/20/2030	9,168	9,103	9,103
										9,089	9,103
SWENSONS DRIVE-IN RESTAURANTS, LLC	Revolving Loan		SOFR	7.50%	2.00%		9/27/2023	9/27/2028	—	(15)	—	(10)
	First Lien - Term Loan A	10.16%	SOFR (Q)	6.50%	2.00%		9/27/2023	9/27/2028	8,000	7,908	7,760
	First Lien - Term Loan B	12.16%	SOFR (Q)	8.50%	2.00%		9/27/2023	9/27/2028	8,000	7,906	7,760
										15,799	15,520
Subtotal: Restaurants										24,888	24,623		2.44	%
Software



CADMIUM, LLC	Revolving Loan	10.96%	SOFR (Q)	7.00%	1.00%		1/7/2022	12/22/2026	615	614	605
	First Lien	10.96%	SOFR (Q)	7.00%	1.00%		1/7/2022	12/22/2026	7,984	7,968	7,847
										8,582	8,452








ZENFOLIO INC.	Revolving Loan	11.30%	SOFR (Q)	7.50%	1.00%		7/17/2017	12/30/2027	3,500	3,469	3,500	(10)(20)
	First Lien	11.30%	SOFR (Q)	7.50%	1.00%		7/17/2017	12/30/2027	19,588	19,488	19,588
										22,957	23,088
Subtotal: Software										31,539	31,540		3.12	%





Specialty Retail
ATS OPERATING, LLC	Revolving Loan	9.92%	SOFR (Q)	6.00%	1.00%		1/18/2022	1/18/2028	2,250	2,230	2,250	(10)
	First Lien - Term Loan A	8.92%	SOFR (Q)	5.00%	1.00%		1/18/2022	1/18/2028	9,250	9,186	9,250
	First Lien - Term Loan B	10.92%	SOFR (Q)	7.00%	1.00%		1/18/2022	1/18/2028	9,250	9,187	9,250
										20,603	20,750
CATBIRD NYC, LLC	Revolving Loan	10.85%	SOFR (Q)	7.00%	1.00%		10/15/2021	10/16/2028	1,000	971	996	(6)(10)
	First Lien	10.81%	SOFR (Q)	7.00%	1.00%		10/15/2021	10/16/2028	14,177	14,101	14,121	(6)
										15,072	15,117
Subtotal: Specialty Retail										35,675	35,867		3.55	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
Technology Products & Components
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC.	First Lien - Term B Loan	10.10%	SOFR (Q)	6.25%	1.00%		3/12/2024	12/29/2027	3,335	3,316	2,334
TRAFERA, LLC	First Lien	12.56%	SOFR (Q)	8.75%	1.00%		9/30/2020	9/30/2027	5,475	5,465	4,982	(15)
Subtotal: Technology Products & Components										8,781	7,316		0.72	%
Telecommunications

LOGIX HOLDING COMPANY, LLC	First Lien	11.17%	SOFR (Q)	7.50%	2.00%	2.75%	3/11/2024	12/31/2028	2,356	2,356	1,885
	First Lien	—%					3/11/2024	12/31/2028	314	314	314
										2,670	2,199
MERCURY ACQUISITION 2021, LLC	First Lien - Term Loan A	12.98%	SOFR (Q)	9.00%	1.00%	12.98%	3/25/2026	1/3/2028	6,479	6,459	5,961	(7)
	First Lien - Term Loan B	12.98%	SOFR (Q)	9.00%	1.00%	12.98%	3/25/2026	1/3/2028	6,479	6,459	5,961	(7)

										12,918	11,922
U.S. TELEPACIFIC CORP.	First Lien	13.75%	P (M)	7.00%	1.00%	7.00%	3/19/2024	5/4/2026	2,738	2,738	1,106
	Third Lien	—%					3/18/2024	5/3/2027	230	230	58
										2,968	1,164
UNWIRED BROADBAND, LLC	First Lien	10.10%	SOFR (M)	6.25%	1.00%		9/30/2025	9/30/2027	18,880	18,588	18,540
	Delayed Draw Term Loan A	10.10%	SOFR (M)	6.25%	1.00%		9/30/2025	9/30/2027	1,186	1,068	1,165	(10)
	Delayed Draw Term Loan B	12.60%	SOFR (M)	8.75%	1.00%	2.50%	9/30/2025	9/30/2027	4,866	4,765	4,778	(10)
										24,421	24,483
Subtotal: Telecommunications										42,977	39,768		3.93	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4			% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
Transportation & Logistics

GUARDIAN FLEET SERVICES, INC.	First Lien	12.81%	SOFR (Q)	9.00%	2.50%	1.75%	2/10/2023	2/10/2028	26,641		26,139		26,641
ITA HOLDINGS GROUP, LLC	Revolving Loan	10.81%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	3,525		3,491		3,525		(6)
	First Lien - Term Loan A	10.81%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	14,840		13,982		14,811		(6)
	First Lien - Term Loan B	10.81%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	14,840		13,961		14,840		(6)
	First Lien - Term Loan C	10.81%	SOFR (Q)	7.00%	2.00%		6/21/2023	6/21/2027	21,150		21,150		21,171		(6)
	First Lien - Term Loan D	10.81%	SOFR (Q)	7.00%	2.00%		3/4/2026	6/21/2027	7,050		7,050		7,050		(6)
	Delayed Draw Term Loan		SOFR	7.00%	2.00%		3/4/2026	6/21/2027	—		—		—		(6)(10)
											59,634		61,397
Subtotal: Transportation & Logistics											85,773		88,038			8.71	%
Total: Debt Investments									$	1,999,077	$	1,976,291	$	1,916,494		189.57	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12		Fair Value4			% of Net Assets
Equity Investments	Units		Type




Building & Infrastructure Products
BRANDNER DESIGN, LLC	27,000		Class A Units	4/15/2024	$	105	$	—	(7)(9)(13)
			Warrants (Expiration - December 18, 2030)	12/18/2025	—		—		(7)(9)(13)
					105		—
Subtotal: Building & Infrastructure Products					105		—			—	%
Business Services
DYNAMIC COMMUNITIES, LLC	250,000		Class A Preferred Units	12/20/2022	250		166		(6)(9)(13)
	5,435,211		Class B Preferred Units	12/20/2022	2,218		—		(6)(9)(13)
	255,984		Class C Preferred Units	12/20/2022	—		—		(6)(9)(13)
	2,500,000		Common Units	12/20/2022	—		—		(6)(9)(13)
					2,468		166
IVUEIT, LLC	2,000		Preferred Units	2/3/2025	2,000		2,232		(6)(9)(13)
SPOTLIGHT AR, LLC	750		Common Units	12/8/2021	750		1,529		(9)(11)(13)
US COURTSCRIPT HOLDINGS, INC.	1,000,000		Class D-3 Units	5/17/2022	1,000		1,311		(9)(13)
	211,863		Class D-4 Units	10/31/2022	212		268		(9)(13)
	211,466		Class D-5 Units	1/10/2023	211		263		(9)(13)
					1,423		1,842
Subtotal: Business Services					6,641		5,769			0.57	%
Commercial Services & Supplies
LEHR UPFITTERS, LLC	7,773.36		Class A Preferred Units	9/19/2024	830		1,928		(9)(13)
VP MOVE PURCHASER, INC.	900,000		Class A Preferred Units	2/3/2025	900		900		(9)(13)
WHITE PLAINS LINEN LLC	16.75	%	LP Interest	8/1/2025	335		335		(6)(9)(13)
Subtotal: Commercial Services & Supplies					2,065		3,163			0.31	%
Consumer Products
ALLIANCE SPORTS GROUP, L.P	3.88	%	membership preferred interest	8/1/2017	2,500		1,004
GRAVITIQ LLC			Warrants (Expiration - January 17, 2032)	1/17/2025	1,597		6,855		(6)(9)(13)
HEAT TRAK, LLC			Warrants (Expiration- March 28, 2035)	6/12/2023	1,268		1,805		(9)(13)
SHEARWATER RESEARCH, INC.	1,200,000		Class A Preferred Units	4/30/2021	603		757		(9)(13)(22)
	40,000		Class A Common Units	4/30/2021	33		1,332		(9)(13)(22)
					636		2,089
TRU FRAGRANCE & BEAUTY LLC	1,018,821		Preferred Units	3/22/2024	1,019		1,674		(9)(11)(13)
Subtotal: Consumer Products					7,020		13,427			1.33	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units	Type
Consumer Services

APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)	535,714.29	Class A Units	9/23/2022	750	—	(9)(13)
	250,000	Class B Units	4/13/2023	250	—	(9)(13)
	496,674.92	Class A-1 Units	5/30/2024	196	—	(9)(13)
				1,196	—
CAMPANY ROOF MAINTENANCE, LLC	2,951.56	Class A Units	7/26/2024	295	—	(9)(13)
CLEARWATER GROUP, LLC	1,000,000	Class A Units	2/27/2026	1,000	1,000	(9)(13)
KINDRED PET SERVICE, LLC (FKA RED DOG OPERATIONS HOLDING COMPANY LLC)	1,244	Class A Units	11/15/2024	1,244	674	(6)(9)(13)
LIFT BRANDS, INC.	1,051	Shares of Class A Common Stock	4/2/2024	749	263
POOL SERVICE PARTNERS, INC.	10,667	Common Units	12/20/2023	1,150	769	(6)(9)(13)

TMT BHC BUYER, INC.	500,000	Class A Units	3/7/2024	500	879	(9)(13)
WASH & WAX SYSTEMS LLC	2,926	Class A Common Units	4/30/2025	3,951	2,728
Subtotal: Consumer Services				10,085	6,313		0.62	%
Data Processing & Outsourced Services

RESEARCH NOW GROUP, LLC		Warrants (Expiration - July 15, 2029)	7/15/2024	—	—
Subtotal: Data Processing & Outsourced Services				—	—		—	%
Distribution
KMS, LLC	19,395.96	Series A Preferred Units	2/10/2025	6,305	10,310	(7)
Subtotal: Distribution				6,305	10,310		1.02	%
Education
STUDENT RESOURCE CENTER LLC	355,555.56	Senior Preferred Units	9/11/2024	356	1,778	(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	1,778

Subtotal: Education				6,201	1,778		0.18	%
Environmental Services
ARBORWORKS, LLC	100	Class A Units	11/17/2021	100	12	(6)(9)(13)
	13,898.32	Class A-1 Preferred Units	11/6/2023	3,170	7,534	(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	7,546

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units		Type
ISLAND PUMP AND TANK, LLC	1,468,391.99		Preferred Units	3/2/2023	1,641	—	(9)(13)



Subtotal: Environmental Services					4,911	7,546		0.75	%
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	591	(7)(9)(13)
					2,092	2,591
PAYWARD, INC.	687,380.75		Rollover Units	5/1/2025	688	11,005	(9)(13)
Subtotal: Financial Services					2,780	13,596		1.34	%
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	—
CHALET DESSERTS, LLC	750,000		Class A Units	3/13/2026	750	750	(9)(13)
FOODPHARMA SUBSIDIARY HOLDINGS, LLC	75,000		Class A Units	6/1/2021	750	1,917	(9)(11)(13)
MAMMOTH BORROWCO, INC.	1,141,913.27		Class A Preferred Units	11/30/2023	1,142	430	(9)(13)
MUENSTER MILLING COMPANY, LLC	130,444		Class A-2 Units	12/18/2024	130	—	(9)(13)
	1,130,387.32		Class A-1 Units	12/20/2023	500	—	(9)(13)
	1,000,000		Class A Units	12/15/2022	1,000	—	(9)(13)
	1		Class E Unit	10/2/2025	—	—	(9)(13)
					1,630	—
Subtotal: Food, Agriculture & Beverage					9,115	3,097		0.31	%
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	1,510	(6)(9)(13)

SCRIP INC.	100		Shares of Common Stock	3/21/2019	1,000	—
Subtotal: Healthcare Equipment & Supplies					3,474	4,673		0.46	%
Healthcare Products
DWS BUYER LLC	250		Series A Units	7/29/2025	250	250	(9)(13)
LIGHTNING INTERMEDIATE II, LLC	0.42	%	LLC interest	6/6/2022	600	263	(9)(13)
Subtotal: Healthcare Products					850	513		0.05	%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units	Type
Healthcare Services
AAC NEW HOLDCO INC.	11,909,274	Preferred Units	3/31/2025	5,702	—	(6)
	617,803	Common Units	12/11/2020	2,944	—	(6)
		Warrants (Expiration - November 24, 2032)	12/11/2020	2,584	—	(6)
				11,230	—
ASC ORTHO MANAGEMENT COMPANY, LLC	2,572	Common Units	8/31/2018	1,026	—	(9)(13)
CAVALIER BUYER, INC.	871,973	Preferred Units	2/10/2023	930	1,148	(9)(13)
	871,973	Class A-1 Units	2/10/2023	—	—	(9)(13)
				930	1,148
CDC DENTAL MANAGEMENT CO., LLC	1,569	Class Y Units	10/31/2023	1,000	2,551	(9)(13)
DELPHI LENDER HOLDCO LLC	254	Common Units	6/9/2023	—	—
HH-INSPIRE ACQUISITION, INC	146,066	Preferred Units	4/3/2023	381	124	(9)(13)
INSTITUTES OF HEALTH, LLC	110,943	Class A Units	9/29/2023	1,131	736	(9)(13)
OPCO BORROWER, LLC	1,111	Common Shares	4/26/2024	207	1,006	(11)
PYRAMIDS ACQUISITION, LLC	90,909	Preferred Units	12/23/2025	500	500	(9)(13)
ROSELAND MANAGEMENT, LLC	3,364	Class A-2 Units	3/31/2023	202	774	(6)
	1,100	Class A-1 Units	9/26/2022	66	187	(6)
	16,084	Class A Units	11/9/2018	1,517	806	(6)
				1,785	1,767
SPECTRUM OF HOPE, LLC	402,350	Common Units	2/17/2023	1,145	—	(7)
TALKNY MANAGEMENT HOLDINGS, LLC	1,625,472	Class A-1 Preferred Units	6/14/2024	1,590	849	(6)(9)(13)
Subtotal: Healthcare Services				20,925	8,681		0.86	%
Industrial Machinery
DRIVE LINE SERVICE OF PORTLAND, LLC	1,000,000	Class A Units	12/16/2024	1,000	726	(9)(13)
SUREKAP, LLC	430,145	Common Units	6/24/2024	500	—	(9)(13)
Subtotal: Industrial Machinery				1,500	726		0.07	%
Industrial Products
GPT INDUSTRIES, LLC	1,000,000	Class A Units	1/30/2023	1,000	2,714	(6)(9)(11)(13)
SERVERLIFT, LLC	500,000	Class A Units	12/31/2024	500	2,830	(9)(11)(13)
THE PRODUCTO GROUP, LLC	1,988,469	Class A Units	12/31/2021	1,988	10,953	(9)(11)(13)
Subtotal: Industrial Products				3,488	16,497		1.63	%
Industrial Services
PRECISION SPRAY & COATINGS, LLC	2,000	Class A-2 Units	8/1/2025	2,000	2,486	(6)(9)(13)
Subtotal: Industrial Services				2,000	2,486		0.25	%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units		Type
IT Services
ACACIA BUYERCO V LLC	13,773		Class A-1 Units	10/3/2025	14	8	(9)(13)
	1,000,000		Class B-2 Units	11/25/2022	1,000	587	(9)(13)
					1,014	595
ISI ENTERPRISES, LLC	1,000,000		Series A Preferred Units	10/1/2021	1,000	1,040
	166,667		Series A-1 Preferred Units	6/7/2023	167	258
	275,238		Series A-2 Preferred Units	9/30/2025	319	330
					1,486	1,628
Subtotal: IT Services					2,500	2,223		0.22	%
Media & Marketing
ACCELERATION, LLC	13,451		Preferred Units	6/13/2022	893	1,970	(9)(13)
	1,611		Common Units	6/13/2022	107	15	(9)(13)
					1,000	1,985
ACCELERATION PARTNERS, LLC	1,019		Preferred Units	12/1/2020	1,019	746	(9)(13)
	1,019		Class A Common Units	12/1/2020	14	—	(9)(13)
					1,033	746
BOND BRAND LOYALTY ULC	1,000		Preferred Units	5/1/2023	1,000	949	(9)(13)(22)
	1,000		Class A Common Units	5/1/2023	—	—	(9)(13)(22)
					1,000	949
EXACT BORROWER, LLC	629		Common Units	12/7/2022	629	977
IGNITE VISIBILITY LLC	1,263		Preferred Units	12/1/2023	1,135	1,485	(9)(13)
	1,263		Class A Common Units	12/1/2023	167	464	(9)(13)
					1,302	1,949
INFOLINKS MEDIA BUYCO, LLC	1.67	%	LP interest	10/29/2021	649	549	(9)(10)(11)(13)
LOCAL WEB LEADS, LLC	750,000		Common Units	7/3/2025	750	554	(6)(9)(13)
OUTERBOX, LLC	11,008.6744		Class A Common Units	6/8/2022	1,313	1,852	(9)(13)
	793.67		Class G Guarantee Units	2/26/2026	—	—	(9)(13)
					1,313	1,852
Subtotal: Media & Marketing					7,676	9,561		0.95	%
Movies & Entertainment
CRAFTY APES, LLC	1,519		Class A Common Units	11/20/2024	4,730	1,555	(6)
LDG ACQUISITION COMPANY, LLC			Warrants (Expiration - December 13, 2032)	12/12/2025	782	782	(9)(13)
Subtotal: Movies & Entertainment					5,512	2,337		0.23	%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12	Fair Value4		% of Net Assets
Equity Investments	Units	Type
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC	161,826	Units of Class A Common Stock	11/15/2017	1,753	5,026	(9)(11)(13)
MONROE BIOMEDICAL RESEARCH, LLC	50,000	Class A Common Units	11/10/2025	500	219	(9)(13)
STATINMED, LLC	4,718.62	Class A Preferred Units	7/1/2022	4,838	—	(6)
	39,097.96	Class B Preferred Units	7/1/2022	1,400	—	(6)
				6,238	—
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences				8,491	5,245		0.52	%
Research & Consulting Services
ARMKO, LLC	400	Class A Common Units	12/15/2025	400	400	(9)(13)
ENSTOA, INC.	181,823.83	Class A Units	5/1/2025	1,818	1,065	(9)(13)
FS VECTOR LLC	1,281	Common Units	4/26/2023	1,333	2,098	(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				4,051	4,063		0.40	%
Restaurants
RODIZIO OPCO LLC	495.87	Common Units	11/20/2025	750	750	(9)(13)
Subtotal: Restaurants				750	750		0.07	%
Software



GRAMMATECH, INC.	1,000	Class A Units	11/1/2019	1,000	201	(6)
	360	Class A-1 Units	1/10/2022	360	73	(6)
				1,360	274




VTX HOLDINGS, INC.	1,597,707	Series A Preferred Units	7/23/2019	1,598	3,061	(9)(13)
	9,812	Series E Preferred Units	12/11/2025	17	17
				1,615	3,078
Subtotal: Software				2,975	3,352		0.33	%
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	1,941	(6)(9)(11)(13)
	500,000	Class B Units	10/15/2021	500	853	(6)(9)(10)(11)(13)
				1,500	2,794
Subtotal: Specialty Retail				2,500	4,185		0.41	%
Technology Products & Components
FLIP ELECTRONICS, LLC	2,446,170	Common Units	1/4/2021	2,892	1,127	(9)(13)
TRAFERA, LLC	896	Class A Units	11/15/2019	1,205	—	(9)(13)
Subtotal: Technology Products & Components				4,097	1,127		0.11	%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2			Acquisition Date14	Cost12		Fair Value4			% of Net Assets
Equity Investments	Units		Type
Telecommunications
BROAD SKY NETWORKS LLC	1,131,579		Series A Preferred Units	12/11/2020	1,132		1,505		(9)(13)
	89,335		Series C Preferred Units	10/21/2022	89		160		(9)(13)
	93,790		Series D Preferred Units	4/19/2024	119		238		(9)(13)
	182,082		Series F Preferred Units	8/5/2025	282		564		(9)(13)
					1,622		2,467
MERCURY ACQUISITION 2021, LLC	12,059,033		Series A Units	12/6/2021	—		—		(7)(9)(13)
	3,761,173		Series A Preferred Units	3/25/2026	3,859		3,859		(7)
	3,975,574		Series B Preferred Units	3/25/2026	—		—		(7)
	98,265		Series C Preferred Units	3/25/2026	—		—		(7)
					3,859		3,859
Subtotal: Telecommunications					5,481		6,326			0.63	%
Transportation & Logistics
GUARDIAN FLEET SERVICES, INC.	2,000,000		Class A Units	2/10/2023	2,000		2,749		(9)(13)
			Warrants (Expiration - February 10, 2033)	2/10/2023	80		50		(9)(13)
			Warrants (Expiration - November 30, 2033)	11/30/2023	20		28		(9)(13)
			Warrants (Expiration - January 24, 2034)	1/24/2024	24		28		(9)(13)
			Warrants (Expiration - December 18, 2034)	12/18/2024	22		11		(9)(13)
			Warrants (Expiration - April 2, 2035)	4/2/2025	145		62		(9)(13)
			Warrants (Expiration - July 30, 2035)	7/30/2025	52		45		(9)(13)
			Warrants (Expiration - February 25, 2036)	2/24/2026	67		67		(9)(13)
					2,410		3,040
ITA HOLDINGS GROUP, LLC			Warrants (Expiration - March 29, 2029)	3/29/2019	538		11,413		(6)(9)(11)(13)
			Warrants (Expiration - June 21, 2033)	6/21/2023	3,791		13,743		(6)(9)(11)(13)
	9.25	%	Class A Membership Interest	2/14/2018	1,500		10,974		(6)(9)(11)(13)
					5,829		36,130
Subtotal: Transportation & Logistics					8,239		39,170			3.87	%
Total: Equity Investments					$	139,737	$	176,914		17.50	%

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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS March 31, 2026 (dollars in thousands)
Portfolio Company1,5,18,21	Type of Investment2		Acquisition Date14	Cost12		Fair Value4			% of Net Assets
Other Financial Instruments

Financial Services
NINJATRADER, INC.		Earnout	5/1/2025	$	3,457	$	4,038	(9)(13)
Subtotal: Financial Services				3,457		4,038			0.40	%
Total: Other Financial Instruments				$	3,457	$	4,038		0.40	%


Total Investments				$	2,119,485	$	2,097,446		207.46	%

(1)All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

(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, 2026. Certain investments are subject to an interest rate floor. As noted above, certain investments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2026, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.

(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, 2026, the Company held $1,682.4 million of non-control/non-affiliate investments, which represented approximately 80.2% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 166.5%.

(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, 2026, the Company held $340.8 million of affiliate investments, which represented approximately 16.3% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 33.7%.

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investments as a percent of net assets is 7.3%. 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, 2026, 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, 2026, approximately 8.1% of the Company's total assets (at fair value) were non-qualifying assets.

(10)The investment has an unfunded commitment as of March 31, 2026. Refer to Note 12 - Commitments and Contingencies for further discussion.

(11)Income producing through dividends or distributions.

(12)As of March 31, 2026, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $109.0 million; cumulative gross unrealized depreciation for federal income tax purposes was $133.8 million. Cumulative net unrealized depreciation was $24.8 million, based on a tax cost of $2,122.3 million.

(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, 2026, represented 207.5% of the Company's net assets or 96.3% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.

(16)Investment is on non-accrual status as of March 31, 2026, 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, 2026.

(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 March 31, 2026, 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 lower middle market ("LMM") 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 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 months ended June 30, 2026 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, 2026 and 2025. 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 June 30, 2026, the Company had 91.5% 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 June 30, 2026, the Company satisfied all RIC requirements and had 12.5% 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 June 30, 2026 and March 31, 2026, cash held in money market funds amounted to $38.8 million and $11.8 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 June 30, 2026 and March 31, 2026, cash balances totaling $56.9 million and $27.5 million, respectively, exceeded FDIC insurance limits, subjecting us to risk related to the uninsured balance. All of our cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. Restricted cash includes cash that may be restricted due to legal or contractual obligations and is not readily available for general business operations.

Escrow Receivable Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year. Escrow balances are measured for collectability on at least a quarterly basis.

Segment Reporting The Company has determined that it has a single operating segment in accordance with ASC Topic 280, Segment Reporting ("ASC 280"), which derives income from its portfolio investments. Our Chief Executive Officer

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and Chief Financial Officer together allocate resources and assess performance and thus together serve as the Company's Chief Operating Decision Maker ("CODM"). As an investment company, we derive income primarily from debt investments in portfolio companies as discussed in Note 3 - Investments. While the Company lends to and separately evaluates the performance of each portfolio company in which it invests, the CODM evaluates and monitors performance of the business on a consolidated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan servicing in addition to the administrative functions of human resources, legal, finance and information technology. The accounting policies of the segment align with those outlined in Note 2 - Summary of Significant Accounting Policies.

The CODM uses net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company's performance and when allocating resources. These performance metrics are considered the key segment measure of profit or loss received by the CODM. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as total assets and investments held on the Consolidated Schedules of Investments. The significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Consolidation As permitted under Regulation S-X and ASC 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to CSWC. Accordingly, we consolidate the results of the Taxable Subsidiary, SPV, SBIC I and SBIC II. All intercompany balances have been eliminated upon consolidation.

Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have identified investment valuation and revenue recognition as our most critical accounting estimates.

Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. Upon the prepayment of a loan, any unamortized discount or premium is accelerated into interest income. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we generally will establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of June 30, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio at fair value and approximately 2.9% at cost. As of March 31, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio at fair value and approximately 2.4% at cost.

Payment-in-Kind Interest The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain PIK interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to shareholders to maintain its qualification as a RIC for U.S. federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the investment on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. For the three months ended June 30, 2026 and 2025, approximately 8.0% and 5.8%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income.

Fee Income Recurring fee income, generally collected in advance, includes fees for administrative services rendered by the Company. These fees are typically charged annually and are amortized into income over the year. The Company recognizes nonrecurring fees, including prepayment penalties, waiver fees, arranger fees and amendment fees, as fee income

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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 August 2028 Notes (as defined below), the 2029 Convertible Notes (as defined below), the September 2030 Notes (as defined below) and the SBA Debentures.

Equity Offering Costs Offering costs include SEC registration fees, legal fees and accounting fees incurred. The Company’s offering costs are charged against the proceeds from equity offerings when proceeds are received.

Earnings Per Share The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period under the two-class method. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations applicable to common shareholders by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed using the if-converted method for convertible debt, which reflects the potential dilution that would occur if all of the notes were converted as of the beginning of the reporting period (or the date of issuance, if later). The if-converted method is computed by dividing the net increase (decrease) in net assets resulting from operations (adjusted to reverse any recognized interest expense), by the weighted average number of shares of common stock assuming all potential shares had been converted, and the additional shares of common stock were dilutive. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS. The unvested shares of restricted stock awarded pursuant to CSWC’s equity compensation plans are considered participating securities for the purpose of calculating basic and diluted earnings per share.

Realized Losses on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the acceleration of any unamortized debt issuance costs and any "make-whole" premium payment is recognized as a loss upon extinguishment of the underlying debt obligation.

Leases The Company is obligated under an operating lease pursuant to which it is leasing an office facility from a third party with a remaining term of approximately 9.3 years. The operating lease is included as an operating lease right-of-use ("ROU") asset, included in other assets, and operating lease liability, included in other liabilities, in the accompanying Consolidated Statements of Assets and Liabilities. The Company does not have any financing leases.

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

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

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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 months ended June 30, 2026 and 2025.

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.

On July 28, 2021, 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") as part of the compensation package for its employees. On July 19, 2021, we received an exemptive order (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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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 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 June 30, 2026 and March 31, 2026:


	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)
June 30, 2026:
First lien loans (1)(2)	$	1,973,707	89.6	%	186.5	%	$	2,039,115	91.3	%
Second lien loans (2)	24,975		1.1		2.3		26,136		1.2
Subordinated debt (3)	1,214		0.1		0.1		1,386		0.1
Preferred equity	80,148		3.6		7.6		85,911		3.8
Common equity & warrants	99,517		4.5		9.4		59,972		2.7
Earnout	1,891		0.1		0.2		1,060		—
Multi-sector holdings (4)	20,830		1.0		2.0		21,000		0.9
	$	2,202,282	100.0	%	208.1	%	$	2,234,580	100.0	%

March 31, 2026:
First lien loans (1)(2)	$	1,890,406	90.1	%	187.0	%	$	1,948,890	92.0	%
Second lien loans (2)	24,931		1.2		2.5		26,064		1.2
Subordinated debt (3)	1,157		0.1		0.1		1,337		0.1
Preferred equity	74,638		3.5		7.4		82,020		3.8
Common equity & warrants	102,276		4.9		10.1		57,717		2.7
Earnout	4,038		0.2		0.4		3,457		0.2
	$	2,097,446	100.0	%	207.5	%	$	2,119,485	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 June 30, 2026 and March 31, 2026, the fair value of the first lien last out loans was $120.7 million and $23.5 million, respectively, which represents 5.5% and 1.1%, respectively, of the total portfolio at fair value.

(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 June 30, 2026 and March 31, 2026, the fair value of the split lien term loans included in first lien loans was $54.3 million and $55.9 million, respectively, which represents 2.5% and 2.7%, respectively, of the total portfolio at fair value. As of June 30, 2026 and March 31, 2026, the fair value of the split lien term loans included in second lien loans was $25.0 million and $24.9 million, respectively, which represents 1.1% and 0.8%, respectively, of the total portfolio at fair value.

(3)Included in subordinated debt are unsecured convertible notes with a fair value of $0.2 million as of both June 30, 2026 and March 31, 2026.

(4)Included in multi-sector holdings is the Company's investment in CapTrin Partners, LLC, a joint venture between CSWC and Trinity Capital Inc. established for the purpose of primarily investing in first out senior secured debt opportunities in the LMM. See "CapTrin Partners, LLC" below for additional details.

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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 June 30, 2026 and March 31, 2026:


	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)
June 30, 2026:
Healthcare Services	$	296,757	13.5	%	28.0	%	$	327,074	14.6	%
Media & Marketing	215,310		9.8		20.3		215,849		9.7
Consumer Services	206,832		9.4		19.5		220,097		9.9
Consumer Products	200,416		9.1		18.9		190,198		8.5
Food, Agriculture & Beverage	137,509		6.2		13.0		149,653		6.7
Transportation & Logistics	125,953		5.7		11.9		100,029		4.5
Business Services	87,483		4.0		8.3		92,065		4.1
Research & Consulting Services	82,976		3.8		7.8		82,523		3.7
Commercial Services & Supplies	82,760		3.8		7.8		82,127		3.7
Financial Services	78,392		3.6		7.4		68,348		3.1
Industrial Machinery	71,440		3.2		6.8		74,887		3.4
Industrial Products	59,101		2.7		5.6		43,940		2.0
Software	52,058		2.4		4.9		51,699		2.3
Pharmaceuticals, Biotechnology & Life Sciences	50,860		2.3		4.8		55,031		2.5
Environmental Services	49,080		2.2		4.6		51,688		2.3
Industrial Services	48,114		2.2		4.5		47,403		2.1
Healthcare Equipment & Supplies	47,234		2.1		4.5		48,649		2.2
IT Services	47,076		2.1		4.5		47,216		2.1
Telecommunications	45,892		2.1		4.3		48,549		2.2
Specialty Retail	35,581		1.6		3.4		33,877		1.5
Education	30,260		1.4		2.9		43,502		1.9
Healthcare Products	30,152		1.4		2.9		30,564		1.4
Restaurants	25,757		1.2		2.4		25,660		1.1
Energy Services	22,803		1.0		2.2		22,566		1.0
Multi-Sector Holdings (1)	20,830		0.9		2.0		21,000		0.9
Movies & Entertainment	20,022		0.9		1.9		25,505		1.1
Distribution	15,723		0.7		1.5		11,594		0.5
Technology Products & Components	10,870		0.5		1.0		13,394		0.6






Building & Infrastructure Products	5,041		0.2		0.5		9,893		0.4
	$	2,202,282	100.0	%	208.1	%	$	2,234,580	100.0	%

(1)Included in multi-sector holdings is the Company's investment in CapTrin Partners, LLC, a joint venture between CSWC and Trinity Capital Inc. established for the purpose of primarily investing in first out senior secured debt opportunities in the LMM. The portfolio companies in CapTrin Partners, LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See "CapTrin Partners, LLC" below for additional details.

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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, 2026:

Healthcare Services	$	287,375	13.7	%	28.4	%	$	316,703	14.9	%
Media & Marketing	199,723		9.5		19.8		198,800		9.4
Consumer Services	198,692		9.5		19.7		210,318		9.9
Consumer Products	192,024		9.2		19.0		184,982		8.7
Food, Agriculture & Beverage	135,389		6.4		13.4		146,503		6.9
Transportation & Logistics	127,208		6.0		12.6		94,012		4.4
Business Services	92,635		4.4		9.2		97,504		4.6
Research & Consulting Services	87,119		4.2		8.6		86,466		4.1
Financial Services	81,007		3.9		8.0		71,424		3.4
Industrial Machinery	70,559		3.4		7.0		74,479		3.5
Industrial Products	55,961		2.7		5.5		43,912		2.1
Industrial Services	55,311		2.6		5.5		54,576		2.6
Commercial Services & Supplies	55,289		2.6		5.4		54,524		2.6
Pharmaceuticals, Biotechnology & Life Sciences	51,813		2.5		5.1		55,055		2.6
Healthcare Equipment & Supplies	47,519		2.3		4.7		48,621		2.3
Environmental Services	47,438		2.3		4.7		50,394		2.4
Telecommunications	46,094		2.2		4.6		48,458		2.3
Specialty Retail	40,052		1.9		4.0		38,175		1.8
Healthcare Products	36,248		1.7		3.6		36,891		1.7
Software	34,892		1.7		3.4		34,514		1.6
Education	30,843		1.5		3.1		42,240		2.0
Restaurants	25,373		1.2		2.5		25,638		1.2
Movies & Entertainment	22,711		1.1		2.2		25,454		1.2
Energy Services	22,173		1.0		2.2		21,896		1.0
IT Services	20,943		1.0		2.1		21,616		1.0
Distribution	17,643		0.8		1.7		13,505		0.6
Technology Products & Components	8,443		0.4		0.8		12,878		0.7




Building & Infrastructure Products	6,969		0.3		0.7		9,947		0.5
	$	2,097,446	100.0	%	207.5	%	$	2,119,485	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 June 30, 2026 and March 31, 2026:


	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)
June 30, 2026:
Northeast	$	616,333	28.0	%	58.2	%	$	618,505	27.7	%
Southwest	461,108		20.9		43.6		454,930		20.4
Southeast	413,900		18.8		39.1		453,192		20.3
West	368,108		16.7		34.8		363,068		16.2
Midwest	296,268		13.5		28.0		299,435		13.4
International	25,735		1.2		2.4		24,450		1.1
Multi-Sector Holdings (1)	20,830		0.9		2.0		21,000		0.9
	$	2,202,282	100.0	%	208.1	%	$	2,234,580	100.0	%

March 31, 2026:
Northeast	$	576,279	27.5	%	57.0	%	$	579,895	27.4	%
Southwest	446,244		21.3		44.1		433,468		20.4
Southeast	421,730		20.1		41.8		460,151		21.7
West	358,529		17.1		35.5		351,246		16.6
Midwest	262,879		12.5		26.0		264,801		12.5
International	31,785		1.5		3.1		29,924		1.4
	$	2,097,446	100.0	%	207.5	%	$	2,119,485	100.0	%

(1)Included in multi-sector holdings is the Company's investment in CapTrin Partners, LLC, a joint venture between CSWC and Trinity Capital Inc. established for the purpose of primarily investing in first out senior secured debt opportunities in the LMM. The portfolio companies held by CapTrin Partners, LLC represent a diverse set of geographic regions, which are similar to those in which CSWC invests directly. See "CapTrin Partners, LLC" below for additional details.

CapTrin Partners, LLC

On January 22, 2026, the Company and Trinity Capital Inc. ("Trinity") formed CapTrin Partners, LLC ("CapTrin"), a joint venture established for the purpose of primarily investing in first out senior secured debt opportunities in the LMM. All investment and operational decisions for CapTrin are made by CapTrin's board of managers, which consists of equal representation from both joint venture partners. CapTrin is owned equally by the Company and Trinity, with each holding a 50% equity interest and making a $50.0 million capital commitment. As of June 30, 2026, approximately $42.0 million of capital commitments were funded, of which $21.0 million was funded by CSWC.

On April 27, 2026, CapTrin entered into a credit and security agreement relating to its special purpose vehicle financing credit facility (the "CapTrin Credit Facility") to provide additional liquidity to support its investment and operational activities. The CapTrin Credit Facility is secured by a pledge of 100% of the equity interest in CapTrin Partners SPV LLC ("CapTrin SPV"), a wholly owned subsidiary of CapTrin, and CapTrin SPV's assets. The CapTrin Credit Facility includes an initial commitment of $150.0 million and has an accordion feature that allows for an increase of the total commitments to up to $350.0 million, subject to certain conditions. Borrowings under the CapTrin Credit Facility bear interest at a rate equal to SOFR plus 2.25% per annum. The CapTrin Facility has a reinvestment period until April 27, 2030 and matures on April 27, 2031.

As of June 30, 2026, CapTrin had total assets of $110.2 million. CapTrin currently has approximately $97.8 million of debt investments at fair value. The portfolio companies in CapTrin are in industries similar to those in which we invest directly. During the quarter ended June 30, 2026, CapTrin declared a total dividend of $0.5 million, of which $0.3 million was paid to CSWC in July 2026.

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Below is certain summarized financial information for CapTrin as of June 30, 2026 and for the three months ended June 30, 2026 (amounts in thousands):


	June 30, 2026
Selected Balance Sheet Information:
Investments, at fair value (cost $97,793)	$	97,751
Cash and cash equivalents	9,729
Interest receivable	816
Deferred financing costs and other assets	1,914
Total assets	$	110,210

Senior credit facility payable	$	59,000
Other liabilities	9,533
Total liabilities	$	68,533
Members' equity	41,677
Total liabilities and members' equity	$	110,210


	Period from April 22, 2026 (commencement of operations) through
	June 30, 2026
Selected Statement of Operations Information:
Total revenues	$	1,117
Total expenses	(908)
Net investment income	$	209
Net unrealized depreciation	(41)

Net increase in members' equity resulting from operations	$	168

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Below is a listing of the individual loans in CapTrin's portfolio as of June 30, 2026 (in thousands):


Portfolio Company	Type of Investment	Current Interest Rate1				Maturity	Principal		Cost		Fair Value2
		Coupon	Reference	Spread	Floor
Commercial Services & Supplies
MYNTS HOLDINGS, LLC	First Lien - Term Loan A3	7.66%	SOFR (Q)	4.00%	1.50%	5/5/2031	12,500		12,409		12,409
VP MOVE PURCHASER, INC.	First Lien - Term Loan A	8.44%	SOFR (Q)	4.75%	2.00%	2/4/2030	5,000		4,976		4,964
Subtotal: Commercial Services & Supplies							17,500		17,385		17,373
Consumer Products
CLUTCH, INC.	First Lien - Term Loan A3	7.45%	SOFR (Q)	3.75%	2.00%	11/13/2030	15,000		14,921		15,000
TRU FRAGRANCE & BEAUTY LLC	First Lien - Term Loan A	8.69%	SOFR (Q)	5.00%	1.50%	3/21/2029	5,000		5,024		5,000
Subtotal: Consumer Products							20,000		19,945		20,000
Consumer Services
AMERICAN PET RESORT, LLC	First Lien - Term Loan A3	7.73%	SOFR (Q)	4.00%	2.00%	12/17/2030	12,500		12,459		12,500
Subtotal: Consumer Services							12,500		12,459		12,500
Healthcare Products
MICROBE FORMULAS LLC	First Lien	9.24%	SOFR (M)	5.50%	1.00%	4/3/2028	3,990		4,009		3,990
Subtotal: Healthcare Products							3,990		4,009		3,990
Healthcare Services
NEULIFE REHABILITATION OF FLORIDA, INC.	First Lien	8.18%	SOFR (Q)	4.50%	2.00%	4/18/2031	10,000		9,976		9,976
Subtotal: Healthcare Services							10,000		9,976		9,976
Industrial Products
AIR PRODUCTS AND CONTROLS, INC.	First Lien - Term Loan A3	7.66%	SOFR (Q)	4.00%	2.00%	6/2/2031	5,000		4,957		4,957
SERVERLIFT, LLC	First Lien - Term Loan A	7.69%	SOFR (Q)	4.00%	2.00%	12/31/2029	5,000		5,024		5,000
Subtotal: Industrial Products							10,000		9,981		9,957
IT Services
NGP ROBO OPCO, LLC	First Lien - Term Loan A3	7.73%	SOFR (Q)	4.00%	2.00%	6/30/2031	6,000		5,955		5,955
Subtotal: IT Services							6,000		5,955		5,955
Media & Marketing
BOND BRAND LOYALTY ULC	First Lien - Term Loan A	8.59%	SOFR (Q)	4.75%	2.00%	5/1/2028	5,000		5,023		5,000
IGNITE VISIBILITY LLC	First Lien - Term Loan A	8.69%	SOFR (Q)	5.00%	1.00%	12/1/2028	4,000		4,019		4,000
Subtotal: Media & Marketing							9,000		9,042		9,000
Research & Consulting Services
FS VECTOR LLC	First Lien - Term Loan A	8.34%	SOFR (Q)	4.50%	1.00%	4/26/2028	5,000		5,023		5,000
Subtotal: Research & Consulting Services							5,000		5,023		5,000
Specialty Retail
ATS OPERATING, LLC	First Lien - Term Loan A	8.95%	SOFR (Q)	5.00%	1.00%	1/18/2028	4,000		4,018		4,000
Subtotal: Specialty Retail							4,000		4,018		4,000
Total Investments							$	97,990	$	97,793	$	97,751

1Represents the interest rate as of June 30, 2026. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR in effect at June 30, 2026. Certain investments are subject to an interest rate floor.

2Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of CapTrin. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein.

3The investment is structured as a first lien first out term loan.

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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.

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 June 30, 2026 and March 31, 2026, 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 (excluding investments for which fair value is measured at net asset value ("NAV")) in good faith using Level 3 inputs, pursuant to CSWC's valuation policy and procedures subject to the oversight of the Board of Directors.

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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;

•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

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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 where total implied enterprise value is deemed to be less than the outstanding debt securities through CSWC.

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 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.

NAV Valuation Method

Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, CSWC measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date. However, in determining the fair value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of our investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, expected future cash flows available to equity holders, or other uncertainties surrounding CSWC’s ability to realize the full NAV of its interests in the investment fund.

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The following fair value hierarchy tables set forth our investment portfolio by level as of June 30, 2026 and March 31, 2026 (in thousands):


			Fair Value Measurements
			at June 30, 2026 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	$	1,973,707	$	—	$	—	$	1,973,707
Second lien loans	24,975		—		—		24,975
Subordinated debt	1,214		—		—		1,214
Preferred equity	80,148		—		—		80,148
Common equity & warrants	99,517		—		—		99,517
Earnout	1,891		—		—		1,891
Investments measured at net asset value (1)	20,830		—		—		—
Total Investments	$	2,202,282	$	—	$	—	$	2,181,452



			Fair Value Measurements
			at March 31, 2026 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	$	1,890,406	$	—	$	—	$	1,890,406
Second lien loans	24,931		—		—		24,931
Subordinated debt	1,157		—		—		1,157
Preferred equity	74,638		—		—		74,638
Common equity & warrants	102,276		—		—		102,276
Earnout	4,038		—		—		4,038
Total Investments	$	2,097,446	$	—	$	—	$	2,097,446

(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For our investment in CapTrin at June 30, 2026, the redemption restrictions dictated that we cannot withdraw our membership interest without board approval. We are permitted to sell or transfer our membership interest provided we deliver written notice of such transfer to the other member no later than 30 business days prior to the sale or transfer.

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The tables below present the Valuation Techniques and Significant Unobservable Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at June 30, 2026 and March 31, 2026. 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	June 30, 2026		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average

First lien loans	Income Approach	$	1,692,733	Discount Rate	5.0% - 45.4%	12.3%

	Market Approach	162,557		Cost	69.6 - 100.0	99.1

	Enterprise Value Waterfall Approach	118,417		EBITDA Multiple	4.5x - 8.0x	7.7x
				Discount Rate	12.2% - 25.5%	20.0%
Second lien loans	Income Approach	24,975		Discount Rate	13.1% - 16.5%	14.3%





Subordinated debt	Income Approach	608		Discount Rate	10.2% - 10.2%	10.2%

	Market Approach	49		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	557		EBITDA Multiple	6.1x - 7.8x	6.6x
				Discount Rate	14.5% - 17.6%	15.5%
Preferred equity	Enterprise Value Waterfall Approach	76,498		EBITDA Multiple	4.2x - 14.1x	7.3x
				Discount Rate	11.9% - 47.8%	18.0%
	Market Approach	3,650		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	97,517		EBITDA Multiple	3.5x - 16.4x	7.5x
				Discount Rate	11.2% - 25.7%	14.1%
	Market Approach	2,000		Cost	100.0 - 100.0	100.0

Earnout	Income Approach	1,891		Discount Rate	33.5% - 33.5%	33.5%
Total Level 3 Investments		$	2,181,452

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		Fair Value at		Significant
	Valuation	March 31, 2026		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average

First lien loans	Income Approach	$	1,786,594	Discount Rate	4.0% - 126.1%	11.7%

	Market Approach	85,731		Cost	95.2 - 100.0	99.0

	Enterprise Value Waterfall Approach	18,081		EBITDA Multiple	8.4x - 9.0x	8.6x
				Discount Rate	12.6% - 19.1%	15.0%
Second lien loans	Income Approach	24,931		Discount Rate	7.9% - 17.0%	11.1%



Subordinated debt	Income Approach	600		Discount Rate	10.9% - 10.9%	10.9%


	Enterprise Value Waterfall Approach	557		EBITDA Multiple	6.0x - 8.0x	6.6x
				Discount Rate	14.3% - 17.4%	15.3%
Preferred equity	Enterprise Value Waterfall Approach	73,638		EBITDA Multiple	4.0x - 13.8x	7.2x
				Discount Rate	11.5% - 47.6%	17.8%
	Market Approach	1,000		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	101,526		EBITDA Multiple	3.5x - 16.4x	7.9x
				Discount Rate	10.5% - 30.8%	14.0%
	Market Approach	750		Cost	100.0 - 100.0	100.0
Earnout	Income Approach	4,038		Discount Rate	33.4% - 33.4%	33.4%
Total Level 3 Investments		$	2,097,446

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 months ended June 30, 2026 and 2025, 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 three months ended June 30, 2026 and 2025 (in thousands):


	Fair Value March 31, 2026		Realized & Unrealized Gains (Losses)		Purchases of Investments (1)		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security		Fair Value June 30, 2026		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,890,406	$	(6,671)	$	209,651	$	(53,120)	$	5,095	$	(71,654)	$	—	$	1,973,707	$	(6,631)
Second lien loans	24,931		(29)		21		(26)		78		—		—		24,975		(28)
Subordinated debt	1,157		8		49		—		—		—		—		1,214		8
Preferred equity	74,638		1,619		3,891		—		—		—		—		80,148		1,619
Common equity & warrants	102,276		(5,013)		2,254		—		—		—		—		99,517		(5,014)
Earnout	4,038		250		—		—		—		(2,397)		—		1,891		250
Multi-sector holdings	—		(170)		21,000		—		—		—		—		20,830		(170)
Total Investments	$	2,097,446	$	(10,006)	$	236,866	$	(53,146)	$	5,173	$	(74,051)	$	—	$	2,202,282	$	(9,966)

	Fair Value March 31, 2025		Realized & Unrealized Gains (Losses)		Purchases of Investments (1)		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security		Fair Value June 30, 2025		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,586,622	$	(8,848)	$	95,536	$	(75,234)	$	3,002	$	(1,789)	$	(3,951)	$	1,595,338	$	(5,913)
Second lien loans	18,066		(696)		13		—		—		—		—		17,383		(696)
Subordinated debt	1,218		1		57		(15)		3		—		—		1,264		1
Preferred equity	102,918		(6,959)		826		—		—		(29,867)		(688)		66,230		(2,494)
Common equity & warrants	76,475		14,267		1,145		—		—		—		4,639		96,526		14,267
Earnout	—		—		3,457		—		—		—		—		3,457		—
Total Investments	$	1,785,299	$	(2,235)	$	101,034	$	(75,249)	$	3,005	$	(31,656)	$	—	$	1,780,198	$	5,165

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

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 June 30, 2026, the Company’s asset coverage was 209%.

The Company had the following borrowings outstanding as of June 30, 2026 and March 31, 2026 (amounts in thousands):


	Outstanding Balance		Unamortized Debt Issuance Costs and Debt Discount/Premium (1)		Recorded Value		Estimated Fair Value (2)
June 30, 2026
SBA Debentures	$	265,000	$	(6,092)	$	258,908	$	253,117
Corporate Credit Facility	280,000		—		280,000		280,000
SPV Credit Facility	113,000		—		113,000		113,000
2029 Convertible Notes	230,000		(5,044)		224,956		251,223
September 2030 Notes	350,000		(5,692)		344,308		340,065
	$	1,238,000	$	(16,828)	$	1,221,172	$	1,237,405

March 31, 2026
SBA Debentures	$	223,000	$	(5,333)	$	217,667	$	214,238
Corporate Credit Facility	245,000		—		245,000		245,000
SPV Credit Facility	100,000		—		100,000		100,000


2029 Convertible Notes	230,000		(5,413)		224,587		218,150
September 2030 Notes	350,000		(6,029)		343,971		344,385
	$	1,148,000	$	(16,775)	$	1,131,225	$	1,121,773

(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 Corporate Credit Facility and the SPV Credit Facility approximates its recorded value due to its variable interest rate.

Credit Facilities

As of June 30, 2026, the Company had in place one revolving credit facility and one special purpose vehicle financing facility, the Corporate Credit Facility and the SPV Credit Facility, respectively (each defined below and together, the "Credit Facilities"). For the three months ended June 30, 2026, the weighted average interest rate on the Credit Facilities was 6.06% and the average debt outstanding under the Credit Facilities was $344.8 million. For the three months ended June 30, 2025, the weighted average interest rate on the Credit Facilities was 6.73% and the average debt outstanding under the Credit Facilities was $319.7 million.

Corporate Credit Facility

In August 2016, CSWC entered into a senior secured revolving credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. On August 2, 2023, the Company entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, including the Amendment (as defined below), the "Credit Agreement"). Borrowings under the Corporate Credit Facility accrue interest at a rate equal to the applicable Adjusted Term SOFR plus 2.15% per annum. The Credit Agreement (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million from a diversified group of lenders; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility's revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. On March 1, 2024, the Company entered into Amendment No. 1 to the Credit Agreement (the "Amendment"). The Amendment amends the Credit Agreement and other related loan documents to, among other things, permit the Company to enter into special purpose vehicle financings and exclude assets held by any such special purpose vehicle from the assets pledged as collateral securing the Corporate Credit Facility.

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As of June 30, 2026, the total commitments under the Corporate Credit Facility were $510 million provided by 11 lenders.

CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Corporate Credit Facility. The Corporate Credit Facility contains certain affirmative and negative covenants, including but not limited to: (1) certain reporting requirements; (2) maintaining RIC and BDC status; (3) maintaining a minimum senior coverage ratio of 2.00 to 1; (4) maintaining a minimum shareholders’ equity; (5) maintaining a minimum consolidated net worth; (6) maintaining a regulatory asset coverage of not less than 150%; and (7) maintaining an interest coverage ratio of at least 2.00 to 1.

The Credit Agreement also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions. If the Company defaults on its obligations under the Credit Agreement, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests.

The Corporate Credit Facility is secured by (1) all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in certain of the Company’s wholly-owned subsidiaries (except for the assets held by the SBIC Subsidiaries and SPV). As of June 30, 2026, 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 June 30, 2026 and 2025, 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 June 30,
	2026			2025
Interest expense	$	3,698		$	3,462
Unused commitment fees	346			434
Amortization of deferred financing costs	609			609
Total interest and amortization of deferred financing costs	$	4,653		$	4,505

Weighted average interest rate	5.99		%	6.65		%
Average borrowings	$	247,033		$	208,297

SPV Credit Facility

On March 20, 2024, SPV entered into a Loan Financing and Servicing Agreement (the “Loan Agreement”) for a special purpose vehicle financing credit facility (the “SPV Credit Facility”) to provide additional liquidity to support its investment and operational activities. The SPV Credit Facility included an initial commitment of $150.0 million. Pursuant to the terms of the Loan Agreement, on June 20, 2024, total commitments available under the SPV Credit Facility automatically increased from $150.0 million to $200.0 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.

The Loan Agreement contains customary terms and conditions, including affirmative and negative covenants. The Loan Agreement also contains customary events of default including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions.

The SPV Credit Facility is secured by all of the assets of SPV. As of June 30, 2026 and 2025, SPV was in compliance with all financial covenants under the Loan Agreement.

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


	Three Months Ended June 30,
	2026			2025
Interest expense	$	1,526		$	1,916
Unused commitment and other fees	392			306
Amortization of deferred financing costs	114			114
Total interest and amortization of deferred financing costs	$	2,032		$	2,336

Weighted average interest rate	6.24		%	6.88		%
Average borrowings	$	97,725		$	111,429

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.

October 2026 Notes

In August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% Notes due 2026 (the "Existing October 2026 Notes"). The Existing October 2026 Notes were issued at a price of 99.418% of the aggregate principal amount of the Existing October 2026 Notes, resulting in a yield-to-maturity of 3.5%. In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes (the "Additional October 2026 Notes" together with the Existing October 2026 Notes, the "October 2026 Notes"). The Additional October 2026 Notes were issued at a price of 99.993% of the aggregate principal amount, resulting in a yield-to-maturity of approximately 3.375% at issuance. The Additional October 2026 Notes were treated as a single series with the Existing October 2026 Notes under the indenture and had the same terms as the Existing October 2026 Notes. The maturity date of the October 2026 Notes was October 1, 2026. The October 2026 Notes bore interest at a rate of 3.375% per year, payable semi-annually in arrears on April 1 and October 1 of each year.

On October 13, 2025, the Company redeemed $150.0 million in aggregate principal amount of the issued and outstanding October 2026 Notes in full. The October 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.8 million during the quarter ended December 31, 2025. There was no "make-whole" premium required to be paid in connection with the redemption.

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


	Three Months Ended June 30,
	2026			2025
Interest expense	$	—		$	1,266
Amortization of deferred financing costs	—			192
Total interest and amortization of deferred financing costs	$	—		$	1,458

Weighted average interest rate	—		%	3.50		%
Average borrowings	$	—		$	150,000

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August 2028 Notes

On October 13, 2025, the Company redeemed $71.9 million in aggregate principal amount of the issued and outstanding August 2028 Notes in full. The August 2028 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $1.4 million during the quarter ended December 31, 2025. There was no "make-whole" premium required to be paid in connection with the redemption.

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


	Three Months Ended June 30,
	2026			2025
Interest expense	$	—		$	1,393
Amortization of deferred financing costs	—			126
Total interest and amortization of deferred financing costs	$	—		$	1,519

Weighted average interest rate	—		%	7.75		%
Average borrowings	$	—		$	71,875

2029 Convertible Notes

On November 4, 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the "2029 Convertible Notes"), including the underwriters' full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The 2029 Convertible Notes bear interest at a rate of 5.125% per year, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The 2029 Convertible Notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased.

At any time prior to the close of business on the business day immediately preceding November 15, 2029, holders may convert all or any portion of their 2029 Convertible Notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The conversion rate was initially 40.0000 shares of common stock per $1,000 principal amount of 2029 Convertible Notes (equivalent to an initial conversion price of $25.00 per share of common stock). The conversion rate is subject to adjustment upon certain events, such as share splits and combinations, mergers, tender or exchange offers, increases in dividends in excess of $0.58 per share per quarter for the 2029 Convertible Notes and certain changes in control. If a make-whole fundamental change occurs prior to the maturity date or if we deliver a notice of redemption, we will, under certain circumstances, increase the conversion rate by a number of additional shares of our common stock for notes converted in connection with such make-whole fundamental change or notice of redemption; notwithstanding the foregoing, 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.

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Certain key terms related to the convertible features of the 2029 Convertible Notes as of June 30, 2026 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)	$	24.53
Conversion rate (shares per $1,000 principal amount) (1)	40.77
Last conversion price calculation date	June 15, 2026

(1)Represents conversion price and conversion rate, as applicable, as of June 30, 2026, 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 June 30,
	2026			2025
Interest expense	$	2,947		$	2,947
Amortization of deferred financing costs	370			370
Total interest and amortization of deferred financing costs	$	3,317		$	3,317

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.

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


	Three Months Ended June 30,
	2026			2025
Interest expense	$	5,206		$	—
Amortization of deferred financing costs	337			—
Total interest and amortization of deferred financing costs	$	5,543		$	—

Weighted average interest rate	5.95		%	—		%
Average borrowings	$	350,000		$	—

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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. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million. As of June 30, 2026, each of SBIC I and SBIC II may 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's and SBIC II's full compliance, as determined by the SBA, with the terms and conditions set forth in the SBA regulations. As of June 30, 2026, SBIC I had regulatory capital of $87.5 million and leverageable capital of $87.5 million, and SBIC II had regulatory capital of $87.5 million and leverageable capital of $66.0 million. As of June 30, 2026, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn. As of June 30, 2026, SBIC II had a total leverage commitment from the SBA in the amount of $90.0 million, all of which was drawn. Subsequent to quarter end, on July 30, 2026, SBIC II received an additional leverage commitment from the SBA in the amount of $40.0 million.

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


	Three Months Ended June 30,
	2026			2025
Interest expense and fees	$	2,684		$	1,927
Amortization of deferred financing costs	264			197
Total interest and amortization of deferred financing costs	$	2,948		$	2,124

Weighted average interest rate	4.51		%	4.40		%
Average borrowings	$	237,901		$	175,000

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As of June 30, 2026, SBA Debentures issued and outstanding mature as follows (amounts in thousands):


Pooling Date (1)	Maturity Date	Fixed Interest Rate	Debenture Amount
9/22/2021	9/1/2031	1.575%	$	15,000
3/23/2022	3/1/2032	3.209%	25,000
9/21/2022	9/1/2032	4.435%	40,000
3/22/2023	3/1/2033	5.215%	40,000
9/20/2023	9/1/2033	5.735%	10,000
3/20/2024	3/1/2034	5.164%	15,000
9/25/2024	9/1/2034	4.509%	8,000
3/26/2025	3/1/2035	5.092%	22,000
3/25/2026	3/1/2036	4.973%	40,000
6/24/2026	6/1/2036	4.998%	12,000
(2)	(2)	(2)	38,000
			$	265,000

(1)As of June 30, 2026, the SBA has four scheduled pooling dates for SBA Debentures (in March, June, September and December). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.

(2)The Company issued $38.0 million in SBA Debentures that will pool in September 2026. Until the pooling date, the SBA debentures bear interest at a fixed rate with a weighted average interim interest rate of 4.53%.

Contractual Payment Obligations

A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at June 30, 2026 is as follows (amounts in thousands):


	Years Ending March 31,
	2027		2028		2029		2030		2031		Thereafter		Total
SBA Debentures	$	—	$	—	$	—	$	—	$	—	$	265,000	$	265,000
Corporate Credit Facility	—		—		280,000		—		—		—		280,000
SPV Credit Facility	—		—		113,000		—		—		—		113,000
2029 Convertible Notes	—		—		—		230,000		—		—		230,000
September 2030 Notes	—		—		—		—		350,000		—		350,000
Total	$	—	$	—	$	393,000	$	230,000	$	350,000	$	265,000	$	1,238,000

6. INCOME TAXES

We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code and have a tax year end of December 31. In order to qualify as a RIC, we must annually distribute at least 90% of our investment company taxable income, as defined by the Code, to our shareholders in a timely manner. Investment company income generally includes net short-term capital gains but excludes net long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and capital gains that is distributed to its shareholders, including “deemed distributions” as discussed below. As part of maintaining RIC tax treatment, undistributed taxable income and capital gain, which is subject to a 4% non-deductible U.S. federal excise tax, pertaining to a given fiscal year may be distributed up to 12 months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (1) the extended due date of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

For the tax years ended December 31, 2025, 2024, and 2023, 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.

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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, 2026, CSWC declared and paid a quarterly dividend totaling $38.5 million, which consists of a regular quarterly dividend of $0.58 per share, of which $0.1934 per share was paid monthly to holders of record as of the close of business on each of January 15, 2026, February 13, 2026 and March 13, 2026 on January 30, 2026, February 27, 2026 and March 31, 2026, respectively, and a quarterly supplemental dividend of $0.06 per share to holders of record as of the close of business on March 13, 2026 on March 31, 2026. During the quarter ended June 30, 2026, CSWC declared and paid a quarterly dividend totaling $39.6 million, which consists of a regular quarterly dividend of $0.58 per share, of which $0.1934 per share was paid monthly to holders of record as of the close of business on each of April 15, 2026, May 15, 2026 and June 15, 2026 on April 30, 2026, May 29, 2026 and June 30, 2026, respectively, and a quarterly supplemental dividend of $0.06 per share to holders of record as of the close of business on June 15, 2026 on June 30, 2026. Additionally, on May 27, 2026, the Board of Directors declared a quarterly regular dividend of $0.58 per share, of which $0.1934 per share will be paid to holders of record as of the close of business on each of July 15, 2026, August 14, 2026 and September 15, 2026 on July 31, 2026, August 31, 2026 and September 30, 2026, respectively, and a quarterly supplemental dividend of $0.06 per share to holders of record as of the close of business on September 15, 2026, payable on September 30, 2026.

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 three months ended June 30, 2026 and 2025 (amounts in thousands):


	Three Months Ended June 30,
Reconciliation of RIC Distributable Income (1)	2026		2025
Net increase in net assets from operations	$	24,732	$	27,001
Net unrealized depreciation on investments	10,390		20,592
Expense/loss recognized for tax on pass-through entities	25		—
Realized gain book/tax differences	696		2,534
Capital loss carryover (2)	(1,004)		2,733
Net operating income - wholly-owned subsidiary	(1,718)		(22,631)
Dividend income from wholly-owned subsidiary	1,047		20,000
Non-deductible tax expense	443		732
Loss on extinguishment of debt	—		(682)
Non-deductible compensation	2,201		1,339
Compensation related book/tax differences	(8,832)		(4,503)
Interest on non-accrual loans	1,889		1,293
Other book/tax differences	147		15
Estimated distributable income before deductions for distributions	$	30,016	$	48,423

(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 June 30, 2026, the Company had long-term capital loss carryforwards of $159.5 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 June 30, 2026, the cost of investments held by the RIC for U.S. federal income tax purposes was $2,163.6 million, with such investments having gross unrealized appreciation of $22.1 million and gross unrealized depreciation of $134.1 million, resulting in net unrealized depreciation of $112.0 million. As of June 30, 2026, the cost of investments held by the Taxable Subsidiary for U.S. federal income tax purposes was $81.3 million, with such investments having gross unrealized appreciation of $83.1 million and gross unrealized depreciation of $13.7 million, resulting in net unrealized appreciation of $69.4 million. On a consolidated basis, the total investment portfolio has net unrealized depreciation of $42.6 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 June 30, 2026 and March 31, 2026, the Taxable Subsidiary had a deferred tax liability of $11.6 million and $12.5 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 June 30, 2026 and March 31, 2026 (amounts in thousands):


	June 30, 2026		March 31, 2026
Deferred tax asset:
Net operating loss carryforwards	$	442	$	443
Interest	2,542		2,541
Total deferred tax asset	2,984		2,984
Deferred tax liabilities:
Net unrealized appreciation on investments	(13,038)		(12,907)
Net basis differences in portfolio investments	(1,535)		(2,584)
Total deferred tax liabilities	(14,573)		(15,491)
Total net deferred tax (liabilities) assets	$	(11,589)	$	(12,507)

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 June 30, 2026 and 2025 (amounts in thousands):


	Three Months Ended June 30,
Components of Income Tax Provision	2026		2025

Excise tax	$	442	$	659

Tax (benefit) provision related to Taxable Subsidiary	(1,154)		96

Other	1		73
Total income tax (benefit) provision	$	(711)	$	828

Although we believe our tax returns are correct, the final determination of tax examinations could be different from what was reported on the returns. In our opinion, we have made adequate tax provisions for years subject to examination. Generally, we are currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2022 through December 31, 2024.

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. The Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program (i) to $100.0 million from $50.0 million on February 4, 2020, (ii) to $250.0 million from $100.0 million on May 26, 2021, (iii) to $650.0 million from $250.0 million on August 2, 2022, (iv) to $1.0 billion from $650.0 million on May 21, 2024; and (v) to $2.0 billion from $1.0 billion on May 19, 2026. In addition, the Company (i) added two additional sales agents to the Equity ATM Program on February 4, 2020, 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.

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


	Three Months Ended June 30,
	2026		2025
Number of shares sold	2,708,438		2,034,917
Gross proceeds received (in thousands)	$	63,566	$	41,725
Net proceeds received (in thousands) (1)	$	62,643	$	41,197
Weighted average price per share	$	23.47	$	20.50

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both June 30, 2026 and June 30, 2025, no proceeds remained receivable.

Cumulative to June 30, 2026, the Company has sold 43,145,727 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.64, raising $933.7 million of gross proceeds. Net proceeds were $919.5 million after commissions to the sales agents on shares sold. As of June 30, 2026, the Company has $1,066.3 million available under the Equity ATM Program.

Share Repurchases

Restricted Stock Awards

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. On July 19, 2021, we received an exemptive order (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 June 30,
	2026		2025
Number of shares repurchased	72,502		52,593
Aggregate cost of shares repurchased (in thousands)	$	1,696	$	1,119
Weighted average price per share	$	23.39	$	21.28

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 months ended June 30, 2026 and 2025, 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 months ended June 30, 2026 and 2025 (dollars and shares in thousands):


	Three Months Ended June 30,
	2026		2025
Earnings per share - basic
Numerator for basic earnings per share	$	24,732	$	27,001
Adjustment for income allocated to participating securities	(371)		(329)
Numerator for basic earnings per common share	24,361		26,672
Denominator for basic earnings per common share	61,142		53,517
Basic earnings per common share	$	0.40	$	0.50
Earnings per share - diluted (1)
Numerator for increase in net assets per share	$	24,361	$	26,672
Adjustment for interest and amortization on 2029 Convertible Notes	3,317		3,317
Numerator for diluted earnings per common share	$	27,678	$	29,989
Denominator for basic weighted average common share	61,142		53,517
Adjustment for dilutive effect of 2029 Convertible Notes	9,363		9,260
Denominator for diluted weighted average common shares	70,505		62,777
Diluted earnings per common share	$	0.39	$	0.48

(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 months ended June 30, 2026 and 2025, there was no anti-dilution.

9. STOCK BASED COMPENSATION PLANS

Under 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 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 June 30, 2026, there were 1,477,454 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 June 30, 2026, there were 75,280 shares of common stock available for issuance under the Non-Employee Director Plan.

We expense the cost of the restricted stock awards, which is determined to equal the fair value of the restricted stock award at the date of grant on a straight-line basis over the requisite service period. For these purposes, the fair value of the restricted stock award is determined based upon the closing price of our common stock on the date of the grant.

For the three months ended June 30, 2026 and 2025, we recognized total share based compensation expense of $1.4 million (of which $0.1 million was related to restricted stock issued to non-employee directors) and $1.1 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 June 30, 2026, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $21.4 million, which will be amortized over the weighted-average vesting period of approximately 3.2 years.

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The following table summarizes the restricted stock outstanding under the 2021 Employee Plan as of June 30, 2026:


		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, 2026	640,854	$	22.58	2.5
Granted	520,750	23.54		—
Vested	(217,281)	22.39		—
Forfeited	—	—		—
Unvested at June 30, 2026	944,323	$	23.15	3.3

The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of June 30, 2026:


		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, 2026	10,965	$	22.80	0.4
Granted	—	—		—
Vested	—	—		—
Forfeited	—	—		—
Unvested at June 30, 2026	10,965	$	22.80	0.1

10. OTHER EMPLOYEE COMPENSATION

We established a 401(k) plan (the “401K Plan”) effective October 1, 2015. All full-time employees of CSWC are eligible to participate in the 401K Plan. The 401K Plan permits employees to defer a portion of their total annual compensation up to the Internal Revenue Service annual maximum based on age and eligibility. During the period from October 1, 2015 through December 31, 2025, we made contributions to the 401K Plan of up to 4.5% of the Internal Revenue Service’s annual maximum eligible compensation, all of which is fully vested immediately. Effective January 1, 2026, we made matching contributions of up to 5% of the Internal Revenue Service's annual maximum eligible compensation, all of which is fully vested immediately.

During the three months ended June 30, 2026 and 2025 we made matching contributions of approximately $0.2 million and $0.1 million, respectively.

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 June 30, 2026 and March 31, 2026 were as follows (amounts in thousands):


	June 30,		March 31,
Portfolio Company	2026		2026
Revolving Loans
360 Quote TopCo, LLC	$	904	$	904


ADF Engineering LLC	2,000		—
Air Conditioning Specialist, Inc.	1,215		1,215

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	June 30,	March 31,
Portfolio Company	2026	2026
Air Products and Controls, Inc.	4,000	—
American Pet Resort, LLC	3,500	1,500
Apple Roofing Administrative Services, LLC	1,222	1,222
ArborWorks, LLC	79	150
Arkstone Medical Solutions LLC	3,500	3,500
Armko, LLC	3,000	3,000
ATS Operating, LLC	890	640
Better Than Home, Inc.	3,000	3,000
Bond Brand Loyalty ULC	1,600	1,200

Brandner Design, LLC	198	204



Catbird NYC, LLC	3,000	3,000

CDC Dental Management Co., LLC	2,000	2,000
Central Medical Supply LLC	1,500	1,500

Clearwater Group, LLC	1,500	1,500
Clutch, Inc.	5,000	5,000
Cumbria Capital MSO, LLC	—	250

Drive Line Service of Portland, LLC	1,600	2,000
DWS Buyer LLC	1,293	1,293

Exact Borrower, LLC	2,500	2,500


FS Vector LLC	4,000	4,000



Gravitiq LLC	500	5,000
Gulf Pacific Acquisition, LLC	253	253

Ignite Visibility LLC	3,000	3,000
InDinero Group, Inc.	550	551
Institutes of Health, LLC	1,000	1,000
ISI Enterprises, LLC	2,000	1,100


iVueit, LLC	1,000	1,000
Kindred Pet Service, LLC	1,500	1,500

KMS, LLC	4,572	2,972
Lash OpCo, LLC	824	824
LDG Acquisition Company, LLC	3,000	3,000

LGM Pharma LLC	1,500	1,500

Lightning Intermediate II, LLC	1,852	1,852

Local Web Leads, LLC	1,000	1,000
Main Line Brands LLC	2,000	2,000

Mammoth BorrowCo, Inc.	—	400
Microbe Formulas LLC	1,627	1,627
Mid-Florida Endodontics Management Company, LLC	3,000	3,000
Mission Critical Group, LLC	—	1,902

Monroe Biomedical Research, LLC	1,250	1,250
Musiker Discovery Programs, Inc.	—	1,250
MYNTS Holdings, LLC	3,200	—
NeuLife Rehabilitation of Florida, Inc.	3,000	—
NeuroPsychiatric Hospitals, LLC	5,000	4,000
New Skinny Mixes, LLC	5,000	4,000
NGP Robo OpCo, LLC	2,238	—

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	June 30,	March 31,
Portfolio Company	2026	2026
Patriot Intermediate Holdco, LLC	9,000	8,000
Persado Inc.	2,500	—
Pipeline Technique Ltd.	3,333	3,333
Pool Service Partners, Inc.	1,450	500
Precision Spray & Coatings, LLC	150	500
Proactive Technology Management, LLC	2,500	—
Pyramids Acquisition, LLC	3,000	3,000
Renew Fitness Operations, LLC	5,000	—
Revo Brands, Inc.	7,000	7,000
Rodizio Opco LLC	2,000	2,000
Roseland Management, LLC	2,000	2,000

SaaS Consulting Group, LLC	2,000	—
ServerLIFT, LLC	5,000	5,000


SocialSEO, LLC	1,800	1,800

Spherix Global Insights US, Inc.	3,000	3,000
Spotlight AR, LLC	2,000	2,000
Sunline Group LLC	1,000	—
Superior Health Parent LLC	3,000	3,000

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	2,000	2,000

VP Move Purchaser, Inc.	4,200	4,200

Wash & Wax Systems LLC	146	146
Well Labs Plus, LLC	3,000	3,000
Well-Foam, Inc.	3,500	4,500
White Plains Linen LLC	2,000	3,000
Winter Services Operations, LLC	11,111	5,244
Zenfolio Inc.	1,500	2,500
Total Revolving Loans	186,774	156,499
Delayed Draw Term Loans
AAC New Holdco Inc.	236	—

American Pet Resort, LLC	100	100
Better Than Home, Inc.	5,100	11,700




Clearwater Group, LLC	10,500	10,500
Crafty Apes, LLC	924	924
Cumbria Capital MSO, LLC	—	950
DWS Buyer LLC	2,155	2,155
Enstoa, Inc.	—	5,830
Exact Borrower, LLC	6,000	8,200

Ignite Visibility LLC	—	3,000
ITA Holdings Group, LLC	—	3,525
iVueit, LLC	10,000	10,000

LDG Acquisition Company, LLC	12,000	12,000


Mid-Florida Endodontics Management Company, LLC	9,400	9,400

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	June 30,		March 31,
Portfolio Company	2026		2026
Mission Critical Group, LLC	—		2,130
Monroe Biomedical Research, LLC	5,000		5,000
Muenster Milling Company, LLC	1,250		2,500



Pipeline Technique Ltd.	10,000		10,000

Sunline Group LLC	7,500		—
Superior Health Parent LLC	—		4,300
SureKap, LLC	—		7,222


unWired Broadband, LLC	8,548		8,548
Well Labs Plus, LLC	6,950		3,400
Total Delayed Draw Term Loans	95,664		121,384






Total Unfunded Debt Commitments	$	282,438	$	277,883

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


	June 30, 2026		March 31, 2026
Unfunded Debt Commitments
Expiring during fiscal year ending:
2027	$	55,298	$	97,205
2028	73,895		56,592
2029	41,294		38,815
2030	33,269		31,275
2031	49,449		49,703
2032	24,231		4,293
2033	5,000		—
Total Unfunded Debt Commitments	$	282,438	$	277,883

The balances of unfunded equity commitments as of June 30, 2026 and March 31, 2026 were as follows (amounts in thousands):


	June 30, 2026		March 31, 2026
Unfunded Equity Commitments
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)	$	—	$	190
CapTrin Partners, LLC	29,000		50,000
Catbird NYC, LLC	125		125
Infolinks Media Buyco, LLC	342		350
Outerbox, LLC	197		197
Total Unfunded Equity Commitments	$	29,664	$	50,862

As of June 30, 2026, 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 June 30, 2026, 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 2027, $0.3 million expire in March 2027, and $0.2 million expire in April 2027. As of June 30, 2026, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's Consolidated Statements of Assets and Liabilities.

In addition, the Company may guarantee certain obligations in connection with its portfolio companies. Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the

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portfolio companies were to default on their related obligations, as applicable. The Company's maximum exposure under these arrangements is $4.5 million; however, the Company expects the risk of future obligation under these arrangements to be remote and as such, no liability was recorded on the Company's Consolidated Statements of Assets and Liabilities.

Leases

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 June 30, 2026 and 2025 was $0.1 million, respectively. As of June 30, 2026 and March 31, 2026, the asset related to the operating lease was $3.6 million and $3.7 million, respectively, and as of June 30, 2026 and March 31, 2026, the lease liability was $4.9 million and $5.0 million, respectively. As of June 30, 2026, the remaining lease term was 9.3 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 June 30, 2026 (in thousands):


Year ending March 31,	Rent Commitment
2027	$	539
2028	733
2029	752
2030	771
2031	790
Thereafter	4,198
Total	$	7,783

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 months ended June 30, 2026 and 2025, we did not receive any management fees from our portfolio companies.

As discussed in Note 3 - Investments, the Company and Trinity formed CapTrin on January 22, 2026. The initial equity capital commitment to CapTrin totaled $100.0 million, consisting of $50.0 million from each of CSWC and Trinity. As of June 30, 2026, approximately $42.0 million of capital commitments were funded, of which $21.0 million was funded by CSWC. In May 2026, the Company sold certain portfolio investments to CapTrin at a purchase price in the amount of $47.1 million (fair value as of March 31, 2026) (the "Initial Portfolio"). CapTrin funded the purchase of the Initial Portfolio with borrowings under the CapTrin Credit Facility and funded capital commitments. For the quarter ended June 30, 2026, we had dividends receivable from CapTrin of $0.3 million, which were included in dividends and interest receivables in the Consolidated Statements of Assets and Liabilities.

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13. SUMMARY OF PER SHARE INFORMATION

The following presents a summary of per share data for the three months ended June 30, 2026 and 2025 (share amounts presented in thousands).


	Three Months Ended
	June 30,
Per Share Data:	2026			2025
Investment income (1)	$	0.99		$	1.04
Operating expenses (1)	(0.42)			(0.43)
Income taxes (1)	0.01			(0.02)
Net investment income (1)	0.58			0.59
Net realized gain (loss), net of tax (1)	(0.01)			0.29
Net unrealized (depreciation) appreciation on investments, net of tax (1)	(0.17)			(0.38)

Total increase from investment operations	0.40			0.50
Accretive effect of share issuances and repurchases	0.28			0.13
Dividends to shareholders	(0.64)			(0.64)

Issuance of restricted stock (2)	(0.14)			(0.10)
Common stock withheld for payroll taxes upon vesting of restricted stock	(0.05)			(0.04)

Share based compensation expense	0.02			0.02


Other (3)	0.05			0.02
Decrease in net asset value	(0.08)			(0.11)
Net asset value
Beginning of period	16.69			16.70
End of period	$	16.61		$	16.59

Ratios and Supplemental Data
Ratio of operating expenses to average net assets (4)	10.06		%	10.13		%
Ratio of operating expenses (excluding interest expense) to average net assets (4)	2.92		%	3.48		%
Ratio of net investment income to average net assets (4)	13.76		%	13.91		%
Portfolio turnover	5.92		%	5.26		%
Total investment return (5)	10.37		%	1.61		%
Total return based on change in NAV (6)	3.36		%	3.17		%

Per share market value at the end of the period	$	23.77		$	22.04
Weighted-average basic shares outstanding	61,142			53,517
Weighted-average diluted shares outstanding	70,505			62,777
Common shares outstanding at end of period	63,734			55,227

(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 July 28, 2026, the Compensation Committee and the Board of Directors determined to temporarily decrease the total number of shares reserved for issuance under the 2021 Employee Plan from 3,050,000 to 65,000; provided that, the Compensation Committee and the Board of Directors will approve an increase in the total number of shares reserved for issuance thereunder from 65,000 to 3,050,000, the amount previously approved by the Company’s shareholders, if and when the Company’s shareholders approve an amendment to the Company’s Articles of Incorporation, as amended, to increase the number of authorized shares of common stock from 75,000,000 to 135,000,000.

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SCHEDULE 12-14

Schedule of Investments in and Advances to Affiliates

(In thousands)


Portfolio Company	Type of Investment (1)	Industry	June 30, 2026 Principal Amount - Debt Investments		Amount of Interest or Dividends Credited in Income (2)		Fair Value at March 31, 2026		Gross Additions (3)		Gross Reductions (4)		Amount of Realized Gain/(Loss) (5)		Amount of Unrealized Gain/(Loss)		Fair Value at June 30, 2026
Control Investments

Brandner Design, LLC	Revolving Loan	Building & Infrastructure Products	$	140	$	—	$	92	$	—	$	—	$	—	$	40	$	132
	Revolving Loan		487		—		385		—		(54)		—		165		496
	First Lien		9,138		—		6,396		—		—		—		(1,983)		4,413
	First Lien		136		—		96		—		—		—		(96)		—
	27,000 Class A Units		—		—		—		—		—		—		—		—
	Warrants		—		—		—		—		—		—		—		—
CapTrin Partners, LLC	50% LLC equity interest	Multi-Sector Holdings	—		258		—		21,000		—		—		(170)		20,830
KMS, LLC	Revolving Loan	Distribution	1,143		57		2,743		9		(1,600)		—		(9)		1,143
	First Lien		4,270		143		4,590		—		(320)		—		—		4,270
	19,395.96 Series A Preferred Units		—		—		10,310		—		—		—		—		10,310
Mercury Acquisition 2021, LLC	First lien - Term Loan A	Telecommunications	6,495		199		5,961		19		—		—		(4)		5,976
	First lien - Term Loan B		6,495		199		5,961		19		—		—		(4)		5,976
	12,059,033 Series A Units		—		—		—		—		—		—		—		—
	3,761,173 Series A Preferred Units		—		—		3,859		—		—		—		(203)		3,656
	3,975,574 Series B Preferred Units		—		—		—		—		—		—		—		—
	98,265 Series C Preferred Units		—		—		—		—		—		—		—		—

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National Credit Care, LLC	First Lien - Term Loan A	Financial Services	11,000		136		10,012		9		(250)		—		19		9,790
	First Lien - Term Loan B		11,000		136		10,012		9		(250)		—		19		9,790
	191,049.33 Class A-3 Preferred Units		—		—		2,000		—		—		—		—		2,000
	Warrants		—		—		591		—		—		—		196		787
Spectrum of Hope, LLC	First Lien - Superpriority Term Loan	Healthcare Services	4,926		83		4,337		589		—		—		—		4,926
	First Lien - Tranche A Term Loan		11,120		—		5,237		—		—		—		878		6,115
	First Lien - Tranche B Term Loan		11,120		—		1,679		—		—		—		(1,679)		—
	402,350 Common Units		—		—		—		—		—		—		—		—
Total Control Investments			$	77,470	$	1,211	$	74,261	$	21,654	$	(2,474)	$	—	$	(2,831)	$	90,610
Affiliate Investments
AAC New Holdco Inc.	First Lien	Healthcare Services	$	229	$	11	$	218	$	11	$	—	$	—	$	—	$	229
	First Lien - Term Loan A		3,533		173		3,360		174		—		—		(106)		3,428
	First Lien - Term Loan B		3,023		—		1,342		—		—		—		(1,342)		—
	Delayed Draw Term Loan		932		46		887		45		—		—		—		932
	Delayed Draw Term Loan		1,076		55		1,021		55		—		—		—		1,076
	Delayed Draw Term Loan		1,286		42		—		1,168		—		—		118		1,286
	11,909,274 Preferred Units		—		—		—		—		—		—		—		—
	617,803 Common Units		—		—		—		—		—		—		—		—
	Warrants		—		—		—		—		—		—		—		—

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American Nuts Operations LLC	First Lien - Term Loan A	Food, Agriculture & Beverage	6,651	207	6,455	196	—	—	—	6,651
	First Lien - Term Loan B		6,651	—	5,241	198	—	—	(689)	4,750
	First Lien - Term Loan C		246	8	246	—	—	—	—	246
	21,062.03 Class A Preferred Units		—	—	—	—	—	—	—	—
	28.16 Class C Common Units		—	—	—	—	—	—	—	—
ArborWorks, LLC	Revolving Loan	Environmental Services	1,923	71	1,852	71	—	—	40	1,963
	First Lien		4,034	103	3,928	106	—	—	(40)	3,994
	100 Class A Units		—	—	12	—	—	—	1	13
	13,898.32 Class A-1 Preferred Units		—	—	7,534	—	—	—	323	7,857
	13,898.32 Class B-1 Preferred Units		—	—	—	—	—	—	—	—
	1,666.67 Class A-1 Common Units		—	—	—	—	—	—	—	—
Catbird NYC, LLC	Revolving Loan	Specialty Retail	1,000	34	996	3	—	—	1	1,000
	First Lien		14,077	393	14,121	6	(100)	—	50	14,077
	1,000,000 Class A Units		—	—	1,941	—	—	—	(140)	1,801
	500,000 Class B Units		—	—	853	—	—	—	(41)	812
Central Medical Supply LLC	Revolving Loan	Healthcare Equipment & Supplies	1,000	31	1,000	1	—	—	(1)	1,000
	First Lien		20,616	570	20,616	13	—	—	(13)	20,616

	2,620,670 Preferred Units		—	—	3,163	—	—	—	—	3,163

Command Group Acquisition, LLC	First Lien	Healthcare Equipment & Supplies	6,000	168	6,000	6	—	—	(6)	6,000
	1,250,000 Preferred Units		—	—	1,510	—	—	—	—	1,510

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Crafty Apes, LLC	First Lien	Movies & Entertainment	4,284	—	3,842	14	—	—	(1,149)	2,707
	Delayed Draw Term Loan		—	—	—	—	—	—	—	—
	1,519 Class A Common Units		—	—	1,555	—	—	—	(1,555)	—
Dynamic Communities, LLC	First Lien - Term Loan A	Business Services	5,536	161	5,107	161	—	—	(9)	5,259
	First Lien - Term Loan B		4,985	161	4,737	—	—	—	—	4,737
	250,000 Class A Preferred units		—	—	166	—	—	—	—	166
	5,435,211 Class B Preferred units		—	—	—	—	—	—	—	—
	255,984 Class C Preferred units		—	—	—	—	—	—	—	—
	2,500,000 Common units		—	—	—	—	—	—	—	—


GPT Industries, LLC	1,000,000 Class A Preferred Units	Industrial Products	—	—	2,714	—	—	—	192	2,906


GrammaTech, Inc.	1,000 Class A Units	Software	—	—	201	—	—	—	—	201
	360 Class A-1 Units		—	—	73	—	—	—	—	73
Gravitiq LLC	Revolving Loan	Consumer Products	4,500	39	—	4,502	—	—	(2)	4,500
	First Lien - Term Loan A		10,632	394	12,248	111	(1,616)	—	(111)	10,632
	First Lien - Term Loan B		10,632	452	12,248	111	(1,616)	—	(111)	10,632
	Warrants		—	—	6,855	—	—	—	3,018	9,873

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ITA Holdings Group, LLC	Revolving Loan	Transportation & Logistics	3,525	101	3,525	5	—	—	(5)	3,525




	First Lien - Term Loan A		14,840	562	14,811	155	—	—	(126)	14,840
	First Lien - Term Loan B		14,840	565	14,840	158	—	—	(158)	14,840
	First Lien - Term Loan C		21,150	580	21,171		—	—	(21)	21,150
	First Lien - Term Loan D		10,575	290	7,050	3,525	—	—	—	10,575




	Warrants		—	501	11,413	—	—	—	(1,701)	9,712
	Warrants		—	395	13,743	—	—	—	(2,966)	10,777
	9.25% Class A Membership Interest		—	314	10,974	—	—	—	(2,814)	8,160
iVueit, LLC	Revolving Loan	Business Services	—	2	—	—	—	—	—	—
	First Lien		10,000	249	10,000	4	—	—	(4)	10,000
	Delayed Draw Term Loan		—	13	—	—	—	—	—	—
	2,000 Preferred Units		—	—	2,232	—	—	—	292	2,524
Kindred Pet Service, LLC	Revolving Loan	Consumer Services	500	16	495	1	—	—	(1)	495
	First Lien		10,800	283	10,692	6	—	—	(5)	10,693
	1,244 Class A Units		—	—	674	—	—	—	—	674








Local Web Leads, LLC	Revolving Loan	Media & Marketing	—	2	—	—	—	—	—	—
	First Lien - Term Loan A		6,497	162	6,450	3	(84)	—	(67)	6,302
	First Lien - Term Loan B		6,497	195	6,450	3	(84)	—	(67)	6,302
	750,000 Common Units		—	—	554	—	—	—	(350)	204

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Pool Service Partners, Inc.	Revolving Loan	Consumer Services	550	31	1,470	2	(950)	—	19	541
	First Lien		11,850	328	11,613	9	—	—	27	11,649

	10,667 Common Units		—	—	769	—	—	—	—	769
Precision Spray & Coatings, LLC	Revolving Loan	Industrial Services	850	19	490	351	—	—	9	850
	First Lien		4,000	115	4,000	2	—	—	(2)	4,000
	2,000 Class A-2 Units		—	—	2,486	—	—	—	—	2,486


	495.87 Common Units		—	—	—	0	—	—	—	—
Roseland Management, LLC	Revolving Loan	Healthcare Services	—	4	—	1	—	—	(1)	—
	First Lien		14,473	397	14,473	—	—	—	—	14,473
	3,364 Class A-2 Units		—	—	774	—	—	—	—	774
	1,100 Class A-1 Units		—	—	187	—	—	—	—	187
	16,084 Class A Units		—	—	806	—	—	—	—	806
SaaS Consulting Group, LLC	Revolving Loan	IT Services	—	1	—	(20)	—	—	20	—
	First Lien		10,000	90	—	9,901	—	—	—	9,901
	1,000,000 Class A Units		—	—	—	1,000	—	—	—	1,000



STATinMED, LLC	4,718.62 Class A Preferred Units	Pharmaceuticals, Biotechnology & Life Sciences	—	—	—	—	—	—	—	—
	39,097.96 Class B Preferred Units		—	—	—	—	—	—	—	—
Student Resource Center LLC	First Lien	Education	9,644	—	2,315	—	—	—	(1,833)	482
	355,555.56 Senior Preferred units		—	—	1,778	—	—	—	—	1,778
	10,502,487.46 Preferred units		—	—	—	—	—	—	—	—
	2,000,000 Preferred units		—	—	—	—	—	—	—	—
Sunline Group LLC	Revolving Loan	Consumer Services	—	—	—	(7)	—	—	7	—
	First Lien		2,500	10	—	2,481	—	—	—	2,481
	Delayed Draw Term Loan		—	2	—	(65)	—	—	65	—

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	750,000 Class A Common Units		—		—		—		750		—		—		—		750
TalkNY Management Holdings, LLC	First Lien	Healthcare Services	5,500		193		7,387		26		(2,000)		—		21		5,434
	1,625,472 Class A-1 Preferred Units		—		—		849		—		—		—		—		849
White Plains Linen LLC	Revolving Loan	Commercial Services & Supplies	1,000		23		—		1,002		—		—		(22)		980
	First Lien - Term Loan A		12,200		327		11,956		5		—		—		(5)		11,956
	First Lien - Term Loan B		12,200		389		11,956		5		—		—		(5)		11,956
	16.75% LP Interest		—		—		335		—		—		—		(182)		153
Total Affiliate Investments			$	296,841	$	9,278	$	340,760	$	26,255	$	(6,450)	$	—	$	(11,447)	$	349,118
Total Control & Affiliate Investments			$	374,311	$	10,489	$	415,021	$	47,909	$	(8,924)	$	—	$	(14,278)	$	439,728

(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, 2026 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, 2026. 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 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 June 30, 2026 and 2025, the ratio of

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our last twelve months ("LTM") operating expenses, excluding interest expense, as a percentage of our LTM average total assets was 1.36% and 1.69%, 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 June 30, 2026 and March 31, 2026, our investment portfolio at fair value represented approximately 95.1% and 96.3% 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 June 30, 2026 and March 31, 2026 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 June 30, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio's fair value and approximately 2.9% of its cost. As of March 31, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio's fair value and approximately 2.4% of its cost.

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Recently Issued Accounting Standards

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 $2,202.3 million as of June 30, 2026, as compared to $2,097.4 million as of March 31, 2026. As of June 30, 2026, we had investments in 141 portfolio companies with an aggregate cost of $2,234.6 million. As of March 31, 2026, we had investments in 131 portfolio companies with an aggregate cost of $2,119.5 million. The following table presents certain additional selected information regarding our debt investments as of June 30, 2026 and March 31, 2026 (dollars in millions):


	June 30, 2026			March 31, 2026
Debt investments, at fair value, bearing a floating rate	$	1,912.4		$	1,830.3
Percentage of debt bearing a floating rate	95.6		%	95.5		%
Percentage of floating rate debt subject to contractual minimum interest rates	100.0		%	100.0		%
Debt investments, at fair value, bearing a fixed rate	$	87.5		$	86.2
Percentage of debt bearing a fixed rate	4.4		%	4.5		%
Weighted average contractual minimum interest rate	1.5		%	1.5		%

The following table provides a summary of our investments in portfolio companies as of June 30, 2026 and March 31, 2026:


	June 30, 2026			March 31, 2026
	(dollars in thousands)
Number of portfolio companies (a)	141			131
Fair value	$	2,202,282		$	2,097,446
Cost	$	2,234,580		$	2,119,485
% of portfolio at fair value - debt	90.8		%	91.4		%
% of portfolio at fair value - equity	9.2		%	8.6		%
% of investments at fair value secured by first lien	89.6		%	90.1		%
Weighted average annual effective yield on debt investments (b)	10.9		%	10.8		%
Weighted average annual effective yield on total investments (c)	10.8		%	10.9		%
Weighted average EBITDA (d)	$	14,772		$	15,684
Weighted average leverage through CSWC security (e)	3.7x			3.6x

(a)At June 30, 2026 and March 31, 2026, we had equity ownership in approximately 67.4% and 66.4%, respectively, of our portfolio companies.

(b)The weighted average annual effective yield of debt investments is not the same as a return on investment for CSWC's shareholders, but rather relates to CSWC's investment portfolio and is calculated before the payment of all of CSWC's and subsidiaries' fees and expenses. The weighted average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of June 30, 2026 and March 31, 2026, respectively, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of June 30, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio's fair value and approximately 2.9% of its cost. As of March 31, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio's fair value and approximately 2.4% 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.

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(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 June 30, 2026, 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, 2026, 10 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 June 30, 2026, 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, 2026, 10 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful.

The following table provides a summary of CapTrin's investments in portfolio companies as of June 30, 2026:


	June 30, 2026
	(dollars in thousands)
Number of portfolio companies	14
Fair value	$	97,793
Cost	$	97,751
% of portfolio at fair value - debt	100		%
% of investments at fair value secured by first lien	100		%
Weighted average annual effective yield on debt investments (a)	8.1		%
Weighted average EBITDA (b)	$	15,771
Weighted average leverage through CSWC security (c)	1.2x

(a)The weighted average annual effective yield of debt investments is not the same as a return on investment for CapTrin's members, but rather relates to CapTrin's investment portfolio and is calculated before the payment of all of CapTrin's fees and expenses. The weighted average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of June 30, 2026, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments.

(b)Weighted average EBITDA metric is calculated using investment cost basis weighting.

(c)Calculated as the amount of each portfolio company’s debt (including CapTrin's position and debt senior or pari passu to CapTrin's position, but excluding debt subordinated to CapTrin'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.

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.

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•Investment Rating 3 involves an investment performing below underwriting expectations and the trends and risk factors are generally neutral to negative. The investment may be out of compliance with financial covenants, however interest payments are generally not past due and the investment is typically on accrual.

•Investment Rating 4 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are generally negative and the risk of the investment has increased. Interest payments on our investment are likely to be impaired and the investment is typically on non-accrual, however there is not an expectation of significant principal loss.

•Investment Rating 5 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are negative and the risk of the investment has increased substantially. Interest payments on our investment are impaired, the investment is on non-accrual, and there is an expectation of significant principal loss.

We continue to observe certain macro-economic risks and uncertainties, including those relating to commodity inflation and elements of geopolitical instability (including the ongoing conflict between Russia and Ukraine and the ongoing turmoil and political unrest in the Middle East and South America). 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 macroeconomic environment. In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. LMM companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities, and we have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.

The following table shows the distribution of our debt portfolio investments on the 1 to 5 investment rating scale at fair value as of June 30, 2026 and March 31, 2026:


	As of June 30, 2026
Investment Rating	Debt Investments at Fair Value		Percentage of Debt Portfolio
	(dollars in thousands)
1	$	376,468	18.8	%
2	1,395,673		69.8
3	200,367		10.1
4	26,906		1.3
5	482		—
Total	$	1,999,896	100.0	%


	As of March 31, 2026
Investment Rating	Debt Investments at Fair Value		Percentage of Debt Portfolio
	(dollars in thousands)
1	$	361,204	18.8	%
2	1,320,824		68.9
3	207,101		10.9
4	25,050		1.3
5	2,315		0.1
Total	$	1,916,494	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 June 30, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio's fair value and approximately 2.9% of its cost. As of March 31, 2026, investments on non-accrual status represented approximately 1.1% of our total investment portfolio's fair value and approximately 2.4% of its cost.

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Investment Activity

During the three months ended June 30, 2026, we made debt investments totaling $186.0 million and equity investments totaling $6.1 million. We also funded $21.0 million on our $50.0 million capital commitment to CapTrin. We received contractual principal repayments totaling approximately $14.0 million and full prepayments of approximately $21.0 million. We funded $21.1 million on revolving loans and received $18.1 million in repayments on revolving loans. In addition, we received proceeds from sales of debt and equity investments totaling $71.7 million and proceeds of $2.4 million related to the earnout.

During the three months ended June 30, 2025, we made debt investments totaling $83.2 million and equity investments totaling $2.0 million. We also received, in connection with the sale of a preferred equity investment, an earnout with a current fair value of $3.5 million. We received contractual principal repayments totaling approximately $8.8 million and full prepayments of approximately $54.0 million. We funded $9.6 million on revolving loans and received $12.4 million in repayments on revolving loans. In addition, we received proceeds from sales of debt and equity investments totaling $31.7 million.

Total portfolio investment activity for the three months ended June 30, 2026 and 2025 was as follows (dollars in thousands):


Three months ended June 30, 2026	First Lien Loans		Second Lien Loans		Subordinated Debt		Preferred & Common Equity		Earnout		Multi-Sector Holdings		Total
Fair value, beginning of period	$	1,890,406	$	24,931	$	1,157	$	176,914	$	4,038	$	—	$	2,097,446
New investments	207,048		—		49		6,145		—		21,000		234,242
Proceeds from sales of investments	(71,654)		—		—		—		(2,397)		—		(74,051)

Principal repayments received	(53,120)		(26)		—		—		—		—		(53,146)
Conversion/exchange of security	—		—		—		—		—		—		—
PIK interest capitalized	5,095		78		—		—		—		—		5,173
Accretion of loan discounts	2,603		21		—		—		—		—		2,624
Realized gain (loss)	253		—		—		—		—		—		253
Unrealized (loss) gain	(6,924)		(29)		8		(3,394)		250		(170)		(10,259)

Fair value, end of period	$	1,973,707	$	24,975	$	1,214	$	179,665	$	1,891	$	20,830	$	2,202,282


Three months ended June 30, 2025	First Lien Loans		Second Lien Loans		Subordinated Debt		Preferred & Common Equity		Earnout		Total
Fair value, beginning of period	$	1,586,622	$	18,066	$	1,218	$	179,393	$	—	$	1,785,299
New investments	92,838		—		57		1,971		3,457		98,323
Proceeds from sales of investments	(1,789)		—		—		(29,867)		—		(31,656)

Principal repayments received	(75,234)		—		(15)		—		—		(75,249)

Conversion/exchange of security	(3,951)		—		—		3,951		—		—
PIK interest capitalized	3,002		—		3		—		—		3,005
Accretion of loan discounts	2,698		13		—		—		—		2,711
Realized (loss) gain	(5,266)		—		—		27,211		—		21,945
Unrealized gain (loss)	(3,582)		(696)		1		(19,903)		—		(24,180)

Fair value, end of period	$	1,595,338	$	17,383	$	1,264	$	162,756	$	3,457	$	1,780,198

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The following table summarizes the contractual principal repayment and maturity of our debt investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2026 (amounts in thousands):


	Amount
For the fiscal years ending March 31:
2027	$	225,827
2028	458,752
2029	458,975
2030	446,608
2031	372,790
Thereafter	125,662
Total contractual repayments	$	2,088,614

As of June 30, 2026, the weighted average remaining years to maturity was 2.6 years.

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 gain (loss) 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 gain (loss) 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 June 30, 2026 and June 30, 2025


	Three Months Ended
	June 30,				Net Change
	2026		2025		Amount		%
	(in thousands)
Total investment income	$	61,048	$	55,947	$	5,101	9.1	%
Interest expense	18,499		15,264		3,235		21.2	%
Other operating expenses	7,580		7,966		(386)		(4.8)	%
Income before taxes	34,969		32,717		2,252		6.9	%
Income tax (benefit) provision	(711)		828		(1,539)		(185.9)	%
Net investment income	35,680		31,889		3,791		11.9	%
Net realized (loss) gain on investments, net of tax	(558)		15,704		(16,262)		(103.6)	%
Net unrealized (depreciation) appreciation on investments, net of tax	(10,390)		(20,592)		10,202		49.5	%


Net increase in net assets from operations	$	24,732	$	27,001	$	(2,269)	(8.4)	%

Investment Income

Total investment income for the three months ended June 30, 2026 was approximately $61.0 million, a $5.1 million, or 9.1%, increase as compared to the three months ended June 30, 2025. Investment income primarily consists of interest income, dividend income, fee income and other income for each applicable period.

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The following table summarizes the components of investment income for the three months ended June 30, 2026 and 2025 (amounts in thousands):


	Three Months Ended June 30,
	2026		2025
Interest income	$	47,841	$	44,404
PIK interest income	4,912		3,260
Amortization of purchase discounts and fees	2,625		2,711
Dividend income	1,636		3,677
Fee income	3,732		1,608
Other investment income	302		287
Total investment income	$	61,048	$	55,947

Interest income (including PIK interest income and amortization of purchase discounts and fees) for the three months ended June 30, 2026 totaled $55.4 million as compared to $50.4 million for the three months ended June 30, 2025. The increase was primarily due to a 20.3% increase in the average monthly cost basis of debt investments held by us from $1,673.8 million to $2,013.6 million year-over-year, partially offset by a decrease in the weighted average yield on debt investments from 11.8% to 10.9% year-over-year. Dividend income for the three months ended June 30, 2026 decreased $2.0 million as compared to the three months ended June 30, 2025 due to a decrease in distributions received from portfolio companies. Fee income for the three months ended June 30, 2026 increased $2.1 million as compared to the three months ended June 30, 2025 primarily due to an increase in arranger fees and other fees received in the current period.

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 June 30, 2026, our total interest expense was $18.5 million, an increase of $3.2 million, as compared to the total interest expense of $15.3 million for the three months ended June 30, 2025. The increase was primarily attributable to an increase of $216.1 million in average borrowings outstanding and an increase in the weighted average interest rate on our total debt outstanding from 5.46% to 5.53% for the three months ended June 30, 2025 and June 30, 2026, respectively. This increase in the weighted average interest rate on our total debt was primarily due to the issuance of the September 2030 Notes, partially offset by the decrease in the weighted average interest rate on our Credit Facilities.

Salaries, General and Administrative Expenses

For the three months ended June 30, 2026, our total employee compensation expense (including both cash and share-based compensation) decreased by $1.0 million, or 18.7%, as compared to the total employee compensation expense for the three months ended June 30, 2025. The decrease was primarily due to an decrease in accrued bonus compensation based on the Company's projected performance compared to its plan. For the three months ended June 30, 2026, our total general and administrative expense increased by $0.6 million, or 19.7%, as compared to the total general and administrative expense for the three months ended June 30, 2025. The increase was primarily due to individually immaterial increases across several general operating expenses.

Net Investment Income

For the three months ended June 30, 2026, income before taxes increased by $2.3 million, or 6.9%. Net investment income increased from the prior year period by $3.8 million, or 11.9%, to $35.7 million as a result of a $5.1 million increase in total investment income and a $1.5 million decrease in income tax provision, partially offset by a $3.2 million increase in interest expense.

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Net Realized Gains (Losses) on Investments

The following table provides a summary of the primary components of the total net realized loss on investments of $0.6 million for the three months ended June 30, 2026 (amounts in thousands):


	Three Months Ended June 30, 2026
	Exits		Restructuring		Other (1)		Total
	Net Gain (Loss)		Net Gain (Loss)		Net Gain (Loss)		Net Gain (Loss)
Debt	$	254	$	—	$	—	$	254
Equity	—		—		(812)		(812)
Total net realized (loss) gain	$	254	$	—	$	(812)	$	(558)

(1)Included in "Other" is a $1.0 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 $15.7 million for the three months ended June 30, 2025 (amounts in thousands):


	Three Months Ended June 30, 2025
	Exits		Restructuring		Other (1)		Total
	Net Gain (Loss)		Net Gain (Loss)		Net Gain (Loss)		Net Gain (Loss)
Debt	$	(137)	$	(5,130)	$	—	$	(5,267)
Equity	27,211		—		(6,240)		20,971
Total net realized gain (loss)	$	27,074	$	(5,130)	$	(6,240)	$	15,704

(1)Included in "Other" is a $6.2 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.

Net Unrealized Gains (Losses) on Investments

The following table provides a summary of the total net unrealized depreciation on investments of $10.4 million for the three months ended June 30, 2026 (amounts in thousands):


	Three Months Ended June 30, 2026
	Debt		Equity		Financial Instruments		CapTrin Partners, LLC		Total
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to exit, sale or restructuring during the current period	(347)		$	—	$	—	$	—	$	(347)
Net unrealized (depreciation) appreciation relating to portfolio investments	(6,598)		(3,525)1		250		(170)		(10,043)
Total net unrealized (depreciation) appreciation on investments	$	(6,945)	$	(3,525)	$	250	$	(170)	$	(10,390)

1Includes a deferred tax provision of $0.1 million associated with the Taxable Subsidiary.

The following table provides a summary of the total net unrealized depreciation on investments of $20.6 million for the three months ended June 30, 2025 (amounts in thousands):


	Three Months Ended June 30, 2025
	Debt		Equity		Total
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to exit, sale or restructuring during the current period	$	2,356	$	(31,676)	$	(29,320)
Net unrealized (depreciation) appreciation relating to portfolio investments	(6,633)		15,3611		8,728
Total net unrealized appreciation (depreciation) on investments	$	(4,277)	$	(16,315)	$	(20,592)

1 Includes a deferred tax benefit of $3.6 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.

Cash Flows

For the three months ended June 30, 2026, we experienced a net increase in cash and cash equivalents in the amount of $29.4 million. During the foregoing period, our operating activities used $80.9 million in cash, consisting primarily of new portfolio investments made by the Company of $234.2 million, partially offset by $126.6 million from sales and repayments received from debt investments in portfolio companies. In addition, our financing activities provided cash of $110.3 million, consisting primarily of net proceeds from the Equity ATM Program of $62.6 million, net borrowings on our Credit Facilities of $48.0 million, and net proceeds from the issuance of SBA Debentures of $41.0 million, partially offset by cash dividends paid in the amount of $39.6 million. At June 30, 2026, the Company had cash and cash equivalents of approximately $58.5 million and restricted cash of approximately $0.4 million.

For the three months ended June 30, 2025, we experienced a net increase in cash and cash equivalents in the amount of $3.7 million. During that period, our operating activities used $30.5 million in cash, consisting primarily of $73.8 million from sales and repayments received from debt investments in portfolio companies and $26.3 million from sales of equity investments in portfolio companies, partially offset by new portfolio investments made by the Company of $94.9 million. In addition, our financing activities used cash of $26.7 million, consisting primarily of cash dividends paid in the amount of $35.3 million and net repayments on our Credit Facilities of $31.0 million, partially offset by net proceeds from the Equity ATM Program of $41.2 million. At June 30, 2025, the Company had cash and cash equivalents of approximately $46.9 million and restricted cash of approximately $1.7 million.

Capital Resources

As of June 30, 2026, we had $58.5 million in unrestricted cash and cash equivalents and $316.2 million of unused capacity under the Credit Facilities that we maintain to support our investment and operating activities.

Credit Facilities

As of June 30, 2026, we had $280.0 million borrowings outstanding and $229.2 million of undrawn commitments under the Corporate Credit Facility, and $113.0 million outstanding and $87.0 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 August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% notes due 2026 (the "October 2026 Notes"). In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes. On October 13, 2025, the Company redeemed $150.0 million in aggregate principal amount of the issued and outstanding October 2026 Notes in full. The October 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.8 million during the year ended March 31, 2026.

In June 2023, the Company issued approximately $71.9 million in aggregate principal amount, including the underwriters' full exercise of their option to purchase an additional $9.4 million in aggregate principal amount to cover over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes"). On October 13, 2025, the Company redeemed $71.9 million in aggregate principal amount of the issued and outstanding August 2028 Notes in full. The August 2028 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $1.4 million during the year ended March 31, 2026.

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 June 30, 2026 and March 31, 2026 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 both June 30, 2026 and March 31, 2026 was $350.0 million.

For more information on each of 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. In May 2026, legislation amending the Small Business Investment Act of 1958 increased (a) the individual leverage limit from $175.0 million to $250.0 million, subject to SBA approvals, and (b) the maximum leverage available for two or more SBICs under common control from $350.0 million to $475.0 million. As of June 30, 2026, each of SBIC I and SBIC II may 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 June 30, 2026, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn. As of June 30, 2026, SBIC II had a total leverage commitment from the SBA in the amount of $90.0 million, all of which was drawn. Subsequent to quarter end, on July 30, 2026, SBIC II received an additional leverage commitment from the SBA in the amount of $40.0 million. 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

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


	Three Months Ended June 30,
	2026		2025
Number of shares sold	2,708,438		2,034,917
Gross proceeds received (in thousands)	$	63,566	$	41,725
Net proceeds received (in thousands) (1)	$	62,643	$	41,197
Weighted average price per share	$	23.47	$	20.50

(1)Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of both June 30, 2026 and June 30, 2025, no amounts remained receivable.

Cumulative to June 30, 2026, the Company has sold 43,145,727 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.64, raising $933.7 million of gross proceeds. Net proceeds were $919.5 million after commissions to the sales agents on shares sold. As of June 30, 2026, the Company had $1,066.3 million available under the Equity ATM Program.

Share Repurchases

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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 June 30, 2026 and March 31, 2026, we had a total of approximately $312.1 million and $328.7 million, respectively, in currently unfunded commitments (as discussed in Note 11 - Commitments and Contingencies to the Consolidated Financial Statements). As of June 30, 2026, the total unfunded commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of June 30, 2026, 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 2027, $0.3 million expire in March 2027, and $0.2 million expire in April 2027. As of June 30, 2026, 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 June 30, 2026. 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	$	7,783	$	720	$	1,495	$	1,570	$	3,998
Corporate Credit Facility	280,000		—		280,000		—		—
Interest due on Corporate Credit Facility (1)	35,535		16,999		18,536		—		—
SPV Credit Facility	113,000		—		113,000		—		—
Interest due on SPV Credit Facility (2)	19,460		7,153		12,307		—		—
2029 Convertible Notes	230,000		—		—		230,000		—
Interest due on 2029 Convertible Notes	41,256		11,787		23,575		5,894		—
September 2030 Notes	350,000		—		—		350,000		—
Interest due on September 2030 Notes	93,713		20,825		41,650		31,238		—
SBA Debentures	265,000		—		—		—		265,000
Interest due on SBA Debentures (3)	81,535		9,997		20,661		20,632		30,245
	$	1,517,282	$	67,481	$	511,224	$	639,334	$	299,243

(1)Amounts include interest payments calculated at an average rate of 5.99% of outstanding borrowings under the Corporate Credit Facility, which were $280.0 million as of June 30, 2026.

(2)Amounts include interest payments calculated at an average rate of 6.24% of outstanding borrowings under the SPV Credit Facility, which were $113.0 million as of June 30, 2026.

(3)Includes only fixed interest on pooled debt.

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RECENT DEVELOPMENTS

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest; conditions affecting the general economy (including the uncertainty with respect to new tariffs and trade policies); market volatility; interest rate volatility, including elevated interest rates; inflationary pressures; legislative reform; and geopolitical, social or economic instability.

Interest Rate Risk

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we currently borrow, and plan to borrow in the future, to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in interest rates will not have a material adverse effect on our net investment income. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rate indices, including SOFR and Prime rates, to the extent our debt investments include floating interest rates. Our interest expenses also will be affected by changes in the published SOFR rate in connection with our Credit Facilities. The interest rates on the 2029 Convertible Notes, the September 2030 Notes and the SBA Debentures are fixed for the life of such debt.

The Federal Reserve held interest rates steady in the first and second quarters of 2026, following three consecutive rate reductions in the third and fourth quarter of 2025. In considering the extent and timing of any additional future adjustments, the Federal Reserve stated that it will carefully assess income data relating to inflationary pressures and the unemployment rate, the evolving economic outlook, and the balance of risks. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income. Such decreases in our gross investment income may not be fully offset by a corresponding decrease in the interest rate of our debt liabilities due to the fixed interest rates on the 2029 Convertible Notes, the September 2030 Notes and the SBA Debentures. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly assess our interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of June 30, 2026, we were not a party to any hedging arrangements.

As of June 30, 2026, approximately 95.6% 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. 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 June 30, 2026.


Basis Point Change	Increase (decrease) in net investment income (in thousands)		Increase (decrease) net investment income per share
(75 bps)	$	(11,563)	$	(0.18)
(50 bps)	(7,709)		(0.12)
(25 bps)	(3,854)		(0.06)
25 bps	3,854		0.06
50 bps	7,709		0.12
75 bps	11,563		0.18

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Although we believe that the foregoing analysis is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio. It also does not adjust for other business developments, including future borrowings that could affect the net increase in net assets resulting from operations, or net income. It also does not assume any repayments or fees from borrowers. Accordingly, no assurances can be given that actual results would not differ materially from the table above.

Item 4. Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the President and Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934). Based upon this evaluation, management, including our President and Chief Executive Officer and our Chief Financial Officer, concluded that our current disclosure controls and procedures are effective as of June 30, 2026.

During the three months ended June 30, 2026, 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. Other than the risk factor set forth below, 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, 2026 that we filed with the SEC on May 19, 2026.

Additional Risks Associated with the 2029 Convertible Notes

While we currently are not subject to any pending or threatened litigation or proceedings under the Supplemental Indenture relating to the assertion made by certain holders of our 2029 Convertible Notes (as described under Item 5. Other Information), we may in the future become subject to litigation or proceedings instituted by such noteholders or by us. Even if lawsuits or proceedings against us are without merit, defending against these claims can result in substantial costs and divert management’s time and resources from the Company’s business. We also may be required to incur significant legal fees and other expenses related to any litigation or proceedings. The Company can neither predict the outcome of these potential lawsuits or proceedings, if any, nor can the Company predict the amount of time and expenses that will be required to resolve any such matters. An unfavorable resolution of any such litigation or proceeding that results in the adjustment of the 2029 Convertible Notes in the manner that certain noteholders are asserting would have a material adverse effect on the Company’s net asset value and net investment income and would be dilutive to the ownership interest of our existing shareholders.

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 June 30, 2026, 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.

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Item 5. Other Information.

(a) Item 7.01 Regulation FD Disclosure.

Starting in July 2025, the Company began paying its regular, quarterly dividend in three equal installments of $0.1934 per share in July, August and September 2025. The Board has continued this practice each quarter since July of 2025. In each case, the Board declared a regular dividend of $0.58 per share for each quarter, but authorized the payment of such dividend to be made in three equal installments. Beginning in April 2026, certain purported holders of the 2029 Convertible Notes have reached out to the Company and asserted that the Company has failed to make required conversion rate adjustments under Section 14.04(d) of the sixth supplemental indenture relating to the 2029 Convertible Notes (the “Supplemental Indenture”). The Company received a letter from counsel for one purported noteholder and from counsel for a purported majority of noteholders on June 4, 2026, and July 10, 2026, respectively, raising a similar assertion. The purported noteholders claim that when the Company began paying its quarterly dividend in three equal installments, it was no longer paying “a regular, quarterly cash dividend that does not exceed $0.58 per share” and the Company was required to adjust the conversion rate with respect to each payment.

The Company believes such claims are wrong as a matter of contract language, wrong as a matter of commercial logic and an attempt to extract excess value not due to noteholders under the Supplemental Indenture. To protect the holders of the 2029 Convertible Notes from the dilutive effect of dividends, Section 14.04(d) of the Supplemental Indenture includes specific protection against the dilutive effect of the Company’s dividends in excess of a regular, quarterly cash dividend that does not exceed $0.58 per share. The Company believes that under the Supplemental Indenture, to the extent that the Company’s three monthly dividend installments of $0.1934 per share are, in aggregate, not in excess of $0.58 per share, the Company is not required to adjust the conversion rate. Since the 2029 Convertible Notes were issued, the Company has paid its $0.58 per share quarterly dividend, and also has paid a supplemental dividend in an amount between $0.05 to $0.06 per share quarterly. The Company believes it has complied with Section 14.04(d), has adjusted the conversion rate to account for the supplemental dividend, and that splitting up the regular dividend payments in no way alters the protection against dilution built into the terms of the Supplemental Indenture. The Company believes noteholders’ interpretation of Section 14.04(d), if adopted would result in noteholders possessing more shares on conversion despite the Company’s otherwise identical performance. See “Additional Risks Associated with the 2029 Convertible Notes” under Item 1A. Risk Factors for more information.

The information disclosed herein shall be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference into the Company’s filings made under the Securities Act of 1933, as amended.

(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						Sixth Supplemental Indenture, dated November 8, 2024, relating to the 5.125% Convertible Notes due 2029, 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).
4.4						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.
4.5						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).
4.6						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).
4.7						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).
4.8						Dividend Reinvestment Plan (incorporated by reference Exhibit (e) to Registration Statement on Form N-2 (File No. 333-220385) filed on September 8, 2017).
10.1						Form of Sixth Amendment, dated May 19, 2026, to Third Amended and Restated Equity Distribution Agreement, dated May 26, 2021, between Capital Southwest Corporation and each of Jefferies LLC and Raymond James & Associates, Inc., respectively (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on May 19, 2026).
10.2						Form of Sixth Amendment, dated May 19, 2026, to Amended and Restated Equity Distribution Agreement, dated May 26, 2021, between Capital Southwest Corporation and each of Citizens JMP Securities, LLC and B. Riley Securities, Inc., respectively (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on May 19, 2026).
31.1*						Certification of President and Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act.
31.2*						Certification of Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act.
32.1*^						Certification of President and Chief Executive Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code.
32.2*^						Certification of Chief Financial Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code.
101.INS						Inline XBRL Instance Document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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* 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

August 3, 2026	By:	/s/ Michael S. Sarner
Date		Michael S. Sarner
		President and Chief Executive Officer

August 3, 2026	By:	/s/ Chris T. Rehberger
Date		Chris T. Rehberger
		Chief Financial Officer, Treasurer and Secretary

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Capital Southwest Corporation - 10-Q quarterly report FY2027 Q1

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