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Quote TopCo, LLC, Revolving Loans2025-09-300000017313360 Quote TopCo, LLC, Revolving Loans2025-03-310000017313Air Conditioning Specialist, Inc., Revolving Loans2025-09-300000017313Air Conditioning Specialist, Inc., Revolving Loans2025-03-310000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC), Revolving Loans2025-09-300000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC), Revolving Loans2025-03-310000017313ArborWorks, LLC, Revolving Loans2025-09-300000017313ArborWorks, LLC, Revolving Loans2025-03-310000017313ATS Operating, LLC, Revolving Loans2025-09-300000017313ATS Operating, LLC, Revolving Loans2025-03-310000017313Better Than Home, Inc., Revolving Loans2025-09-300000017313Better Than Home, Inc., Revolving Loans2025-03-310000017313Bond Brand Loyalty ULC, Revolving Loans2025-09-300000017313Bond Brand Loyalty ULC, Revolving Loans2025-03-310000017313BP Loenbro Holdings Inc., Revolving Loans2025-09-300000017313BP Loenbro Holdings Inc., Revolving Loans2025-03-310000017313Brandner Design, LLC, Revolving Loans2025-09-300000017313Brandner Design, LLC, Revolving Loans2025-03-310000017313Burning Glass Intermediate Holding Company, Inc., Revolving Loans2025-09-300000017313Burning Glass Intermediate Holding Company, Inc., Revolving Loans2025-03-310000017313Campany Roof Maintenance, LLC, Revolving Loans2025-09-300000017313Campany Roof Maintenance, LLC, Revolving Loans2025-03-310000017313Catbird NYC, LLC, Revolving Loans2025-09-300000017313Catbird NYC, LLC, Revolving Loans2025-03-310000017313Cavalier Buyer, Inc., Revolving Loans2025-09-300000017313Cavalier Buyer, Inc., Revolving Loans2025-03-310000017313CDC Dental Management Co., LLC, Revolving Loans2025-09-300000017313CDC Dental Management Co., LLC, Revolving Loans2025-03-310000017313Central Medical Supply LLC, Revolving Loans2025-09-300000017313Central Medical Supply LLC, Revolving Loans2025-03-310000017313Cumbria Capital MSO, LLC, Revolving Loans2025-09-300000017313Cumbria Capital MSO, LLC, Revolving Loans2025-03-310000017313Damotech Inc., Revolving Loans2025-09-300000017313Damotech Inc., Revolving Loans2025-03-310000017313Drive Line Service of Portland, LLC, Revolving Loans2025-09-300000017313Drive Line Service of Portland, LLC, Revolving Loans2025-03-310000017313DWS Buyer LLC, Revolving Loans2025-09-300000017313DWS Buyer LLC, Revolving Loans2025-03-310000017313Edge Autonomy Holdings, LLC, Revolving Loans2025-09-300000017313Edge Autonomy Holdings, LLC, Revolving Loans2025-03-310000017313Exact Borrower, LLC, Revolving Loans2025-09-300000017313Exact Borrower, LLC, Revolving Loans2025-03-310000017313FS Vector LLC, Revolving Loans2025-09-300000017313FS Vector LLC, Revolving Loans2025-03-310000017313GPT Industries, LLC, Revolving Loans2025-09-300000017313GPT Industries, LLC, Revolving Loans2025-03-310000017313GrammaTech, Inc., Revolving Loans2025-09-300000017313GrammaTech, Inc., Revolving Loans2025-03-310000017313Gravitiq LLC, Revolving Loans2025-09-300000017313Gravitiq LLC, Revolving Loans2025-03-310000017313Gulf Pacific Acquisition, LLC, Revolving Loans2025-09-300000017313Gulf Pacific Acquisition, LLC, Revolving Loans2025-03-310000017313Ignite Visibility LLC, Revolving Loans2025-09-300000017313Ignite Visibility LLC, Revolving Loans2025-03-310000017313Institutes of Health, LLC, Revolving Loans2025-09-300000017313Institutes of Health, LLC, Revolving Loans2025-03-310000017313ISI Enterprises, LLC, Revolving Loans2025-09-300000017313ISI Enterprises, LLC, Revolving Loans2025-03-310000017313Island Pump and Tank, LLC, Revolving Loans2025-09-300000017313Island Pump and Tank, LLC, Revolving Loans2025-03-310000017313iVueit, LLC, Revolving Loans2025-09-300000017313iVueit, LLC, Revolving Loans2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) Revolving Loans2025-09-300000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) Revolving Loans2025-03-310000017313Lash OpCo, LLC, Revolving Loans2025-09-300000017313Lash OpCo, LLC, Revolving Loans2025-03-310000017313LEHR Upfitters, LLC, Revolving Loans2025-09-300000017313LEHR Upfitters, LLC, Revolving Loans2025-03-310000017313LGM Pharma LLC, Revolving Loans2025-09-300000017313LGM Pharma LLC, Revolving Loans2025-03-310000017313Lighting Retrofit International, LLC, Revolving Loans2025-09-300000017313Lighting Retrofit International, LLC, Revolving Loans2025-03-310000017313Lightning Intermediate II, LLC, Revolving Loans2025-09-300000017313Lightning Intermediate II, LLC, Revolving Loans2025-03-310000017313LKC Technologies, Inc., Revolving Loans2025-09-300000017313LKC Technologies, Inc., Revolving Loans2025-03-310000017313Local Web Leads, LLC, Revolving Loans2025-09-300000017313Local Web Leads, LLC, Revolving Loans2025-03-310000017313Main Line Brands LLC, Revolving Loans2025-09-300000017313Main Line Brands LLC, Revolving Loans2025-03-310000017313Mammoth BorrowCo, Inc., Revolving Loans2025-09-300000017313Mammoth BorrowCo, Inc., Revolving Loans2025-03-310000017313Microbe Formulas LLC, Revolving Loans2025-09-300000017313Microbe Formulas LLC, Revolving Loans2025-03-310000017313Mid-Florida Endodontics Management Company, LLC, Revolving Loans2025-09-300000017313Mid-Florida Endodontics Management Company, LLC, Revolving Loans2025-03-310000017313Mission Critical Group, LLC, Revolving Loans2025-09-300000017313Mission Critical Group, LLC, Revolving Loans2025-03-310000017313Musiker Discovery Programs, Inc., Revolving Loans2025-09-300000017313Musiker Discovery Programs, Inc., Revolving Loans2025-03-310000017313NeuroPsychiatric Hospitals, LLC, Revolving Loans2025-09-300000017313NeuroPsychiatric Hospitals, LLC, Revolving Loans2025-03-310000017313New Skinny Mixes, LLC, Revolving Loans2025-09-300000017313New Skinny Mixes, LLC, Revolving Loans2025-03-310000017313NinjaTrader, Inc., Revolving Loans2025-09-300000017313NinjaTrader, Inc., Revolving Loans2025-03-310000017313Pipeline Technique Ltd., Revolving Loans2025-09-300000017313Pipeline Technique Ltd., Revolving Loans2025-03-310000017313Pool Service Partners, Inc., Revolving Loans2025-09-300000017313Pool Service Partners, Inc., Revolving Loans2025-03-310000017313Revo Brands, Inc., Revolving Loans2025-09-300000017313Revo Brands, Inc., Revolving Loans2025-03-310000017313Roseland Management, LLC, Revolving Loans2025-09-300000017313Roseland Management, LLC, Revolving Loans2025-03-310000017313ServerLIFT, LLC, Revolving Loans2025-09-300000017313ServerLIFT, LLC, Revolving Loans2025-03-310000017313SocialSEO, LLC, Revolving Loans2025-09-300000017313SocialSEO, LLC, Revolving Loans2025-03-310000017313Spotlight AR, LLC, Revolving Loans2025-09-300000017313Spotlight AR, LLC, Revolving Loans2025-03-310000017313Superior Health Parent LLC, Revolving Loans2025-09-300000017313Superior Health Parent LLC, Revolving Loans2025-03-310000017313Swensons Drive-In Restaurants, LLC, Revolving Loans2025-09-300000017313Swensons Drive-In Restaurants, LLC, Revolving Loans2025-03-310000017313The Gobel Group, LLC, Revolving Loans2025-09-300000017313The Gobel Group, LLC, Revolving Loans2025-03-310000017313TMT BHC Buyer, Inc., Revolving Loans2025-09-300000017313TMT BHC Buyer, Inc., Revolving Loans2025-03-310000017313Tru Fragrance & Beauty LLC, Revolving Loans2025-09-300000017313Tru Fragrance & Beauty LLC, Revolving Loans2025-03-310000017313VP Move Purchaser, Inc., Revolving Loans2025-09-300000017313VP Move Purchaser, Inc., Revolving Loans2025-03-310000017313Wash & Wax Systems LLC, Revolving Loans2025-09-300000017313Wash & Wax Systems LLC, Revolving Loans2025-03-310000017313Well Labs Plus, LLC, Revolving Loans2025-09-300000017313Well Labs Plus, LLC, Revolving Loans2025-03-310000017313Well-Foam, Inc., Revolving Loans2025-09-300000017313Well-Foam, Inc., Revolving Loans2025-03-310000017313White Plains Linen LLC, Revolving Loans2025-09-300000017313White Plains Linen LLC, Revolving Loans2025-03-310000017313Winter Services Operations, LLC, Revolving Loans2025-09-300000017313Winter Services Operations, LLC, Revolving Loans2025-03-310000017313Zenfolio Inc., Revolving Loans2025-09-300000017313Zenfolio Inc., Revolving Loans2025-03-310000017313us-gaap:RevolvingCreditFacilityMember2025-09-300000017313us-gaap:RevolvingCreditFacilityMember2025-03-310000017313AAC New Holdco Inc., Delayed Draw Term Loans2025-09-300000017313AAC New Holdco Inc., Delayed Draw Term Loans2025-03-310000017313Air Conditioning Specialist Inc., Delayed Draw Term Loans2025-09-300000017313Air Conditioning Specialist Inc., Delayed Draw Term Loans2025-03-310000017313Better Than Home, Inc., Delayed Draw Term Loans2025-09-300000017313Better Than Home, Inc., Delayed Draw Term Loans2025-03-310000017313BP Loenbro Holdings Inc., Delayed Draw Term Loans2025-09-300000017313BP Loenbro Holdings Inc., Delayed Draw Term Loans2025-03-310000017313Central Medical Supply LLC, Delayed Draw Term Loans2025-09-300000017313Central Medical Supply LLC, Delayed Draw Term Loans2025-03-310000017313Crafty Apes, LLC, Delayed Draw Term Loans2025-09-300000017313Crafty Apes, LLC, Delayed Draw Term Loans2025-03-310000017313Cumbria Capital MSO, LLC, Delayed Draw Term Loans2025-09-300000017313Cumbria Capital MSO, LLC, Delayed Draw Term Loans2025-03-310000017313DWS Buyer LLC, Delayed Draw Term Loans2025-09-300000017313DWS Buyer LLC, Delayed Draw Term Loans2025-03-310000017313Enstoa, Inc., Delayed Draw Term Loans2025-09-300000017313Enstoa, Inc., Delayed Draw Term Loans2025-03-310000017313Exact Borrower, LLC, Delayed Draw Term Loans2025-09-300000017313Exact Borrower, LLC, Delayed Draw Term Loans2025-03-310000017313Ignite Visibility LLC, Delayed Draw Term Loans2025-09-300000017313Ignite Visibility LLC, Delayed Draw Term Loans2025-03-310000017313ITA Holdings Group, LLC, Delayed Draw Term Loans2025-09-300000017313ITA Holdings Group, LLC, Delayed Draw Term Loans2025-03-310000017313iVueit, LLC, Delayed Draw Term Loans2025-09-300000017313iVueit, LLC, Delayed Draw Term Loans2025-03-310000017313KMS, LLC, Delayed Draw Term Loans2025-09-300000017313KMS, LLC, Delayed Draw Term Loans2025-03-310000017313LEHR Upfitters, LLC, Delayed Draw Term Loans2025-09-300000017313LEHR Upfitters, LLC, Delayed Draw Term Loans2025-03-310000017313Mid-Florida Endodontics Management Company, LLC, Delayed Draw Term Loans2025-09-300000017313Mid-Florida Endodontics Management Company, LLC, Delayed Draw Term Loans2025-03-310000017313Mission Critical Group, LLC, Delayed Draw Term Loans2025-09-300000017313Mission Critical Group, LLC, Delayed Draw Term Loans2025-03-310000017313Musiker Discovery Programs, Inc., Delayed Draw Term Loans2025-09-300000017313Musiker Discovery Programs, Inc., Delayed Draw Term Loans2025-03-310000017313One Group, LLC, Delayed Draw Term Loans2025-09-300000017313One Group, LLC, Delayed Draw Term Loans2025-03-310000017313Pool Service Partners, Inc., Delayed Draw Term Loans2025-09-300000017313Pool Service Partners, Inc., Delayed Draw Term Loans2025-03-310000017313Superior Health Parent LLC, Delayed Draw Term Loans2025-09-300000017313Superior Health Parent LLC, Delayed Draw Term Loans2025-03-310000017313SureKap, LLC, Delayed Draw Term Loans2025-09-300000017313SureKap, LLC, Delayed Draw Term Loans2025-03-310000017313TMT BHC Buyer, Inc., Delayed Draw Term Loans2025-09-300000017313TMT BHC Buyer, Inc., Delayed Draw Term Loans2025-03-310000017313unWired Broadband, LLC, Delayed Draw Term Loans2025-09-300000017313unWired Broadband, LLC, Delayed Draw Term Loans2025-03-310000017313Well Labs Plus, LLC, Delayed Draw Term Loans2025-09-300000017313Well Labs Plus, LLC, Delayed Draw Term Loans2025-03-310000017313us-gaap:DelayedDrawTermLoanMember2025-09-300000017313us-gaap:DelayedDrawTermLoanMember2025-03-310000017313Broad Sky Networks, LLC2025-09-300000017313Broad Sky Networks, LLC2025-03-310000017313Ignite Visibility LLC 2025-09-300000017313Ignite Visibility LLC 2025-03-310000017313Spectrum of Hope, LLC2025-09-300000017313Spectrum of Hope, LLC2025-03-310000017313unWired Broadband, LLC2025-09-300000017313unWired Broadband, LLC2025-03-310000017313cswc:UnusedCommitmentsToLendOtherMember2025-09-300000017313cswc:UnusedCommitmentsToLendOtherMember2025-03-310000017313cswc:DebtCommitmentsMember2025-09-300000017313cswc:DebtCommitmentsMember2025-03-310000017313cswc:FinancialCommitmentYearOneMember2025-09-300000017313cswc:FinancialCommitmentYearOneMember2025-03-310000017313cswc:FinancialCommitmentYearTwoMember2025-09-300000017313cswc:FinancialCommitmentYearTwoMember2025-03-310000017313cswc:FinancialCommitmentYearThreeMember2025-09-300000017313cswc:FinancialCommitmentYearThreeMember2025-03-310000017313cswc:FinancialCommitmentYearFourMember2025-09-300000017313cswc:FinancialCommitmentYearFourMember2025-03-310000017313cswc:FinancialCommitmentYearFiveMember2025-09-300000017313cswc:FinancialCommitmentYearFiveMember2025-03-310000017313cswc:FinancialCommitmentYearSixMember2025-09-300000017313cswc:FinancialCommitmentYearSixMember2025-03-310000017313cswc:FinancialCommitmentYearSevenMember2025-09-300000017313cswc:FinancialCommitmentYearSevenMember2025-03-310000017313Catbird NYC, LLC2025-09-300000017313Catbird NYC, LLC2025-03-310000017313Infolinks Media Buyco, LLC2025-09-300000017313Infolinks Media Buyco, LLC2025-03-310000017313us-gaap:FinancialSupportCapitalContributionsMember2025-09-300000017313us-gaap:FinancialSupportCapitalContributionsMember2025-03-310000017313us-gaap:FinancialStandbyLetterOfCreditMember2025-09-300000017313us-gaap:FinancialStandbyLetterOfCreditMembercswc:ExpirationTrancheOneMember2025-09-300000017313us-gaap:FinancialStandbyLetterOfCreditMembercswc:ExpirationTrancheTwoMember2025-09-300000017313us-gaap:FinancialStandbyLetterOfCreditMembercswc:ExpirationTrancheThreeMember2025-09-3000000173132021-03-310000017313us-gaap:BuildingMember2024-03-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-130000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-130000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-132025-10-130000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-132025-10-130000017313srt:ScenarioForecastMemberus-gaap:MediumTermNotesMemberus-gaap:SubsequentEventMember2025-10-012025-12-310000017313Brandner Design, LLC., Revolving Loan2025-09-300000017313Brandner Design, LLC., Revolving Loan2025-04-012025-09-300000017313Brandner Design, LLC., Revolving Loan2025-03-310000017313Brandner Design, LLC., First Lien2025-09-300000017313Brandner Design, LLC., First Lien2025-04-012025-09-300000017313Brandner Design, LLC., First Lien2025-03-310000017313Brandner Design, LLC., Class A Units2025-09-300000017313Brandner Design, LLC., Class A Units2025-04-012025-09-300000017313Brandner Design, LLC., Class A Units2025-03-310000017313KMS, LLC, First Lien2025-04-012025-09-300000017313KMS, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313KMS, LLC, Series A Preferred Units2025-04-012025-09-300000017313National Credit Care, LLC, First Lien - Term Loan A2025-09-300000017313National Credit Care, LLC, First Lien - Term Loan A2025-04-012025-09-300000017313National Credit Care, LLC, First Lien - Term Loan A2025-03-310000017313National Credit Care, LLC, First Lien - Term Loan B2025-09-300000017313National Credit Care, LLC, First Lien - Term Loan B2025-04-012025-09-300000017313National Credit Care, LLC, First Lien - Term Loan B2025-03-310000017313National Credit Care, LLC, Class A-3 Preferred Units2025-09-300000017313National Credit Care, LLC, Class A-3 Preferred Units2025-04-012025-09-300000017313National Credit Care, LLC, Class A-3 Preferred Units2025-03-310000017313National Credit Care, LLC, Warrants2025-09-300000017313National Credit Care, LLC, Warrants2025-04-012025-09-300000017313National Credit Care, LLC, Warrants2025-03-310000017313Spectrum of Hope, LLC, First Lien - Superpriority Term Loan2025-09-300000017313Spectrum of Hope, LLC, First Lien - Superpriority Term Loan2025-04-012025-09-300000017313Spectrum of Hope, LLC, First Lien - Superpriority Term Loan2025-03-310000017313Spectrum of Hope, LLC, First Lien - Tranche A Term Loan2025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche A Term Loan2025-04-012025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche A Term Loan2025-03-310000017313Spectrum of Hope, LLC, First Lien - Tranche B Term Loan2025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche B Term Loan2025-04-012025-09-300000017313Spectrum of Hope, LLC, First Lien - Tranche B Term Loan2025-03-310000017313Spectrum of Hope, LLC, Common Units2025-09-300000017313Spectrum of Hope, LLC, Common Units2025-04-012025-09-300000017313Spectrum of Hope, LLC, Common Units2025-03-310000017313AAC New Holdco Inc., First Lien2025-09-300000017313AAC New Holdco Inc., First Lien2025-04-012025-09-300000017313AAC New Holdco Inc., First Lien2025-03-310000017313AAC New Holdco Inc., First Lien - Term Loan A2025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan A2025-04-012025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan A2025-03-310000017313AAC New Holdco Inc., First Lien - Term Loan B2025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan B2025-04-012025-09-300000017313AAC New Holdco Inc., First Lien - Term Loan B2025-03-310000017313AAC New Holdco Inc., Delayed Draw Term Loan2025-09-300000017313AAC New Holdco Inc., Delayed Draw Term Loan2025-04-012025-09-300000017313AAC New Holdco Inc., Delayed Draw Term Loan2025-03-310000017313AAC New Holdco Inc., shares of preferred stock2025-09-300000017313AAC New Holdco Inc., shares of preferred stock2025-04-012025-09-300000017313AAC New Holdco Inc., shares of preferred stock2025-03-310000017313AAC New Holdco Inc., shares of common stock2025-09-300000017313AAC New Holdco Inc., shares of common stock2025-04-012025-09-300000017313AAC New Holdco Inc., shares of common stock2025-03-310000017313AAC New Holdco Inc., Warrants2025-09-300000017313AAC New Holdco Inc., Warrants2025-04-012025-09-300000017313AAC New Holdco Inc., Warrants2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2025-04-012025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., First Lien2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., First Lien2025-04-012025-09-300000017313AIR CONDITIONING SPECIALIST, INC., First Lien2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2025-04-012025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2025-03-310000017313AIR CONDITIONING SPECIALIST, INC., Preferred Units2025-09-300000017313AIR CONDITIONING SPECIALIST, INC., Preferred Units2025-04-012025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan A2025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan A2025-04-012025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan A2025-03-310000017313American Nuts Operations LLC, First Lien - Term Loan B2025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan B2025-04-012025-09-300000017313American Nuts Operations LLC, First Lien - Term Loan B2025-03-310000017313American Nuts Operations LLC, Class A Preferred Units2025-09-300000017313American Nuts Operations LLC, Class A Preferred Units2025-04-012025-09-300000017313American Nuts Operations LLC, Class A Preferred Units2025-03-310000017313American Nuts Operations LLC, Class C Common Units2025-09-300000017313American Nuts Operations LLC, Class C Common Units2025-04-012025-09-300000017313American Nuts Operations LLC, Class C Common Units2025-03-310000017313ArborWorks, LLC, Revolving Loan2025-09-300000017313ArborWorks, LLC, Revolving Loan2025-04-012025-09-300000017313ArborWorks, LLC, Revolving Loan2025-03-310000017313ArborWorks, LLC, First Lien2025-09-300000017313ArborWorks, LLC, First Lien2025-04-012025-09-300000017313ArborWorks, LLC, First Lien2025-03-310000017313ArborWorks, LLC, Class A Units2025-09-300000017313ArborWorks, LLC, Class A Units2025-04-012025-09-300000017313ArborWorks, LLC, Class A Units2025-03-310000017313ArborWorks, LLC, Class A-1 Preferred Units2025-09-300000017313ArborWorks, LLC, Class A-1 Preferred Units2025-04-012025-09-300000017313ArborWorks, LLC, Class A-1 Preferred Units2025-03-310000017313ArborWorks, LLC, Class B-1 Preferred Units2025-09-300000017313ArborWorks, LLC, Class B-1 Preferred Units2025-04-012025-09-300000017313ArborWorks, LLC, Class B-1 Preferred Units2025-03-310000017313ArborWorks, LLC, Class A-1 Common Units2025-09-300000017313ArborWorks, LLC, Class A-1 Common Units2025-04-012025-09-300000017313ArborWorks, LLC, Class A-1 Common Units2025-03-310000017313CATBIRD NYC, LLC. Revolving Loan2025-09-300000017313CATBIRD NYC, LLC. Revolving Loan2025-04-012025-09-300000017313CATBIRD NYC, LLC. Revolving Loan2025-03-310000017313CATBIRD NYC, LLC, First Lien2025-04-012025-09-300000017313CATBIRD NYC, LLC, Class A Units2025-04-012025-09-300000017313CATBIRD NYC, LLC, Class B Units2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Revolving Loan2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, First Lien2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan2025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313CENTRAL MEDICAL SUPPLY LLC, Preferred Units2025-04-012025-09-300000017313Command Group Acquisition, LLC, First Lien2025-09-300000017313Command Group Acquisition, LLC, First Lien2025-04-012025-09-300000017313Command Group Acquisition, LLC, First Lien2025-03-310000017313Command Group Acquisition, LLC, Preferred Units2025-09-300000017313Command Group Acquisition, LLC, Preferred Units2025-04-012025-09-300000017313Command Group Acquisition, LLC, Preferred Units2025-03-310000017313Crafty Apes, LLC, First Lien2025-09-300000017313Crafty Apes, LLC, First Lien2025-04-012025-09-300000017313Crafty Apes, LLC, First Lien2025-03-310000017313Crafty Apes, LLC, Delayed Draw Term Loan2025-09-300000017313Crafty Apes, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313Crafty Apes, LLC, Delayed Draw Term Loan2025-03-310000017313Crafty Apes, LLC, Class A Common Units2025-09-300000017313Crafty Apes, LLC, Class A Common Units2025-04-012025-09-300000017313Crafty Apes, LLC, Class A Common Units2025-03-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A2025-04-012025-09-300000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B2025-04-012025-09-300000017313Dynamic Communities, LLC, Class A Preferred units2025-09-300000017313Dynamic Communities, LLC, Class A Preferred units2025-04-012025-09-300000017313Dynamic Communities, LLC, Class A Preferred units2025-03-310000017313Dynamic Communities, LLC, Class B Preferred units2025-09-300000017313Dynamic Communities, LLC, Class B Preferred units2025-04-012025-09-300000017313Dynamic Communities, LLC, Class B Preferred units2025-03-310000017313Dynamic Communities, LLC, Class C Preferred units2025-09-300000017313Dynamic Communities, LLC, Class C Preferred units2025-04-012025-09-300000017313Dynamic Communities, LLC, Class C Preferred units2025-03-310000017313Dynamic Communities, LLC, Common units2025-09-300000017313Dynamic Communities, LLC, Common units2025-04-012025-09-300000017313Dynamic Communities, LLC, Common units2025-03-310000017313GPT Industries, LLC Revolving Loan2025-09-300000017313GPT Industries, LLC Revolving Loan2025-04-012025-09-300000017313GPT Industries, LLC Revolving Loan2025-03-310000017313GPT Industries, LLC First Lien2025-09-300000017313GPT Industries, LLC First Lien2025-04-012025-09-300000017313GPT Industries, LLC First Lien2025-03-310000017313GPT Industries, LLC Class A Preferred Units2025-09-300000017313GPT Industries, LLC Class A Preferred Units2025-04-012025-09-300000017313GPT Industries, LLC Class A Preferred Units2025-03-310000017313GRAMMATECH, INC., Revolving Loan2025-04-012025-09-300000017313GRAMMATECH, INC., First Lien2025-04-012025-09-300000017313GRAMMATECH, INC., Class A units2025-09-300000017313GRAMMATECH, INC., Class A units2025-04-012025-09-300000017313GRAMMATECH, INC., Class A units2025-03-310000017313GRAMMATECH, INC., Class A-1 units2025-09-300000017313GRAMMATECH, INC., Class A-1 units2025-04-012025-09-300000017313GRAMMATECH, INC., Class A-1 units2025-03-310000017313Gravitiq LLC, Revolving Loan2025-09-300000017313Gravitiq LLC, Revolving Loan2025-04-012025-09-300000017313Gravitiq LLC, Revolving Loan2025-03-310000017313Gravitiq LLC, First Lien - Term Loan A2025-09-300000017313Gravitiq LLC, First Lien - Term Loan A2025-04-012025-09-300000017313Gravitiq LLC, First Lien - Term Loan A2025-03-310000017313Gravitiq LLC, First Lien - Term Loan B2025-09-300000017313Gravitiq LLC, First Lien - Term Loan B2025-04-012025-09-300000017313Gravitiq LLC, First Lien - Term Loan B2025-03-310000017313Gravitiq LLC, Warrants2025-09-300000017313Gravitiq LLC, Warrants2025-04-012025-09-300000017313Gravitiq LLC, Warrants2025-03-310000017313ITA HOLDINGS GROUP, LLC, Revolving loan2025-09-300000017313ITA HOLDINGS GROUP, LLC, Revolving loan2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Revolving loan2025-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan 2025-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B 2025-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan C2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan C2025-03-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A2025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B2025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan2025-03-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 12025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 12025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 12025-03-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 22025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 22025-04-012025-09-300000017313ITA HOLDINGS GROUP, LLC, Warrants - 22025-03-310000017313ITA HOLDINGS GROUP, LLC, Class A Membership Interest2025-04-012025-09-300000017313iVueit, LLC, Revolving Loan2025-09-300000017313iVueit, LLC, Revolving Loan2025-04-012025-09-300000017313iVueit, LLC, Revolving Loan2025-03-310000017313iVueit, LLC, First lien2025-09-300000017313iVueit, LLC, First lien2025-04-012025-09-300000017313iVueit, LLC, First lien2025-03-310000017313iVueit, LLC, Delayed Draw Term Loan2025-09-300000017313iVueit, LLC, Delayed Draw Term Loan2025-04-012025-09-300000017313iVueit, LLC, Delayed Draw Term Loan2025-03-310000017313iVueit, LLC, Preferred Units2025-09-300000017313iVueit, LLC, Preferred Units2025-04-012025-09-300000017313iVueit, LLC, Preferred Units2025-03-310000017313Red Dog Operations Holding Company LLC, Revolving Loan2025-09-300000017313Red Dog Operations Holding Company LLC, Revolving Loan2025-04-012025-09-300000017313Red Dog Operations Holding Company LLC, Revolving Loan2025-03-310000017313Red Dog Operations Holding Company LLC, First Lien2025-09-300000017313Red Dog Operations Holding Company LLC, First Lien2025-04-012025-09-300000017313Red Dog Operations Holding Company LLC, First Lien2025-03-310000017313Red Dog Operations Holding Company LLC, Class A Preferred units2025-09-300000017313Red Dog Operations Holding Company LLC, Class A Preferred units2025-04-012025-09-300000017313Red Dog Operations Holding Company LLC, Class A Preferred units2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units2025-04-012025-09-300000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units2025-04-012025-09-300000017313Local Web Leads, LLC, Revolving Loan2025-09-300000017313Local Web Leads, LLC, Revolving Loan2025-04-012025-09-300000017313Local Web Leads, LLC, Revolving Loan2025-03-310000017313Local Web Leads, LLC, First Lien - Term Loan A2025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan A2025-04-012025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan A2025-03-310000017313Local Web Leads, LLC, First Lien - Term Loan B2025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan B2025-04-012025-09-300000017313Local Web Leads, LLC, First Lien - Term Loan B2025-03-310000017313Local Web Leads, LLC, Common Units2025-09-300000017313Local Web Leads, LLC, Common Units2025-04-012025-09-300000017313Local Web Leads, LLC, Common Units2025-03-310000017313Pool Service Partners, Inc., Revolving Loan2025-09-300000017313Pool Service Partners, Inc., Revolving Loan2025-04-012025-09-300000017313Pool Service Partners, Inc., Revolving Loan2025-03-310000017313Pool Service Partners, Inc., First Lien2025-09-300000017313Pool Service Partners, Inc., First Lien2025-04-012025-09-300000017313Pool Service Partners, Inc., First Lien2025-03-310000017313Pool Service Partners, Inc., Delayed Draw Term Loan2025-09-300000017313Pool Service Partners, Inc., Delayed Draw Term Loan2025-04-012025-09-300000017313Pool Service Partners, Inc., Delayed Draw Term Loan2025-03-310000017313Pool Service Partners, Inc., Common Units2025-09-300000017313Pool Service Partners, Inc., Common Units2025-04-012025-09-300000017313Pool Service Partners, Inc., Common Units2025-03-310000017313Precision Spray & Coatings, LLC, First Lien2025-09-300000017313Precision Spray & Coatings, LLC, First Lien2025-04-012025-09-300000017313Precision Spray & Coatings, LLC, First Lien2025-03-310000017313Precision Spray & Coatings, LLC, Class A -2 Units2025-09-300000017313Precision Spray & Coatings, LLC, Class A -2 Units2025-04-012025-09-300000017313Precision Spray & Coatings, LLC, Class A -2 Units2025-03-310000017313ROSELAND MANAGEMENT, LLC, Revolving Loan2025-04-012025-09-300000017313ROSELAND MANAGEMENT, LLC, First Lien2025-04-012025-09-300000017313Roseland Management, LLC, Class A-2 units2025-09-300000017313ROSELAND MANAGEMENT, LLC, Class A-2 Units2025-04-012025-09-300000017313Roseland Management, LLC, Class A-1 Units2025-09-300000017313Roseland Management, LLC, Class A-1 Units2025-04-012025-09-300000017313Roseland Management, LLC, Class A-1 Units2025-03-310000017313ROSELAND MANAGEMENT, LLC, Class A Units2025-04-012025-09-300000017313Sonobi, Inc., Class A Common units2025-09-300000017313Sonobi, Inc., Class A Common units2025-04-012025-09-300000017313Sonobi, Inc., Class A Common units2025-03-310000017313STATINMED, LLC, First Lien2025-09-300000017313STATINMED, LLC, First Lien2025-04-012025-09-300000017313STATINMED, LLC, Class A Preferred Units2025-04-012025-09-300000017313STATINMED, LLC, Class B Preferred Units2025-04-012025-09-300000017313Student Resource Center LLC, First Lien2025-09-300000017313Student Resource Center LLC, First Lien2025-04-012025-09-300000017313Student Resource Center LLC, First Lien2025-03-310000017313Student Resource Center LLC, Preferred units 12025-09-300000017313Student Resource Center LLC, Preferred units 12025-04-012025-09-300000017313Student Resource Center LLC, Preferred units 12025-03-310000017313Student Resource Center LLC, Preferred units 22025-09-300000017313Student Resource Center LLC, Preferred units 22025-04-012025-09-300000017313Student Resource Center LLC, Preferred units 22025-03-310000017313Student Resource Center LLC, Preferred units 32025-09-300000017313Student Resource Center LLC, Preferred units 32025-04-012025-09-300000017313Student Resource Center LLC, Preferred units 32025-03-310000017313TalkNY Management Holdings, LLC, First Lien2025-09-300000017313TalkNY Management Holdings, LLC, First Lien2025-04-012025-09-300000017313TalkNY Management Holdings, LLC, First Lien2025-03-310000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2025-09-300000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2025-04-012025-09-300000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2025-03-310000017313White Plains Linen LLC, Revolving loan2025-09-300000017313White Plains Linen LLC, Revolving loan2025-04-012025-09-300000017313White Plains Linen LLC, Revolving loan2025-03-310000017313White Plains Linen LLC, First Lien - Term Loan A2025-09-300000017313White Plains Linen LLC, First Lien - Term Loan A2025-04-012025-09-300000017313White Plains Linen LLC, First Lien - Term Loan A2025-03-310000017313White Plains Linen LLC, First Lien - Term Loan B2025-09-300000017313White Plains Linen LLC, First Lien - Term Loan B2025-04-012025-09-300000017313White Plains Linen LLC, First Lien - Term Loan B2025-03-310000017313White Plains Linen LLC, LP Interest2025-09-300000017313White Plains Linen LLC, LP Interest2025-04-012025-09-300000017313White Plains Linen LLC, LP Interest2025-03-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-09-300000017313us-gaap:InvestmentAffiliatedIssuerMember2025-04-012025-09-300000017313us-gaap:InvestmentAffiliatedIssuerMember2025-03-310000017313cswc:CreditFacilityMember2025-04-012025-09-300000017313cswc:January2026NotesMember2025-04-012025-09-300000017313cswc:October2026NotesMember2025-04-012025-09-300000017313cswc:August2028NotesMember2025-04-012025-09-300000017313cswc:A2029ConvertibleNotesMember2025-04-012025-09-300000017313cswc:SBADebenturesMember2025-04-012025-09-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2025

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

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

Commission File Number: 814-00061

CAPITAL SOUTHWEST CORPORATION

(Exact name of registrant as specified in its charter)


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


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

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


Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.25 par value per share	CSWC	The Nasdaq Global Select Market

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

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

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

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

57,466,998 shares of Common Stock, $0.25 value per share, as of October 30, 2025.

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and March 31, 2025

Consolidated Statements of Operations (Unaudited) for the three and six months ended September 30, 2025 and 2024

Consolidated Statements of Changes in Net Assets (Unaudited) for the six months ended September 30, 2025 and 2024

Consolidated Statements of Cash Flows (Unaudited) for the six months ended September 30, 2025 and 2024

Consolidated Schedule of Investments as of September 30. 2025 (Unaudited) and March 31, 2025

Notes to Consolidated Financial Statements (Unaudited)

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the six months ended September 30, 2025

Item 2.

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

100

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

117

Item 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

120

Item 3.

Defaults Upon Senior Securities

120

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)

	September 30,		March 31,
	2025		2025
	(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $1,490,045 and $1,403,623, respectively)	$	1,488,403	$	1,436,316
Affiliate investments (Cost: $334,800 and $304,824, respectively)	334,811		292,891
Control investments (Cost: $71,681 and $70,913, respectively)	54,693		56,092
Total investments (Cost: $1,896,526 and $1,779,360, respectively)	1,877,907		1,785,299
Cash and cash equivalents	87,429		43,221
Restricted cash	1,650		1,650
Receivables:
Dividends and interest	33,031		30,303
Escrow	1,855		1,926
Other	2,698		2,018
Income tax receivable	48		94
Debt issuance costs (net of accumulated amortization of $11,764 and $10,357, respectively)	8,277		9,266
Other assets	8,429		9,063
Total assets	$	2,021,324	$	1,882,840
Liabilities
SBA Debentures (net of $4,088 and $4,082, respectively, of unamortized debt issuance costs)	$	170,912	$	170,918

October 2026 Notes (net of $769 and $1,154, respectively, of unamortized debt issuance costs)	149,231		148,846
August 2028 Notes (net of $1,429 and $1,681, respectively, of unamortized debt issuance costs)	70,446		70,194
2029 Convertible Notes (net of $6,153 and $6,893, respectively, of unamortized debt issuance costs)	223,847		223,107
September 2030 Notes (net of $6,678 and $0, respectively, of unamortized debt issuance costs)	343,322		—
Credit Facilities	77,000		343,000
Other liabilities	21,079		23,038
Accrued restoration plan liability	545		555
Income tax payable	3,077		2,769
Deferred tax liability	14,861		16,780
Total liabilities	1,074,320		999,207

Commitments and contingencies (Note 11)

Net Assets
Common stock, $0.25 par value: authorized, 75,000,000 shares at September 30, 2025 and March 31, 2025; issued, 56,966,998 shares at September 30, 2025 and 52,912,796 shares at March 31, 2025	14,242		13,228
Additional paid-in capital	1,040,244		959,123
Total distributable (loss) earnings	(107,482)		(88,718)
Total net assets	947,004		883,633
Total liabilities and net assets	$	2,021,324	$	1,882,840
Net asset value per share (56,966,998 shares outstanding at September 30, 2025 and 52,912,796 shares outstanding at March 31, 2025)	$	16.62	$	16.70

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

Table of Contents


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

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Investment income:
Interest income:
Non-control/Non-affiliate investments	$	40,746	$	38,621	$	81,984	$	76,557
Affiliate investments	6,831		4,727		12,087		9,486
Control investments	681		350		1,302		642
Payment-in-kind interest income:
Non-control/Non-affiliate investments	1,673		1,835		3,749		4,308
Affiliate investments	912		563		1,865		1,141
Control investments	209		—		440		—
Dividend income:
Non-control/Non-affiliate investments	52		572		1,660		2,939
Affiliate investments	2,690		—		4,735		51
Control investments	—		—		24		—
Fee income:
Non-control/Non-affiliate investments	1,740		954		3,136		2,918
Affiliate investments	770		584		959		918
Control investments	23		9		46		67
Other income	618		491		905		1,033
Total investment income	56,945		48,706		112,892		100,060
Operating expenses:
Compensation	2,631		1,990		6,587		5,456
Share-based compensation	1,270		1,538		2,413		2,762
Interest	16,020		12,587		31,284		25,034
Professional fees	1,341		1,095		2,551		2,452
General and administrative	1,666		1,482		3,323		3,056
Total operating expenses	22,928		18,692		46,158		38,760
Income before taxes	34,017		30,014		66,734		61,300
Federal income, excise and other taxes	1,149		325		2,248		542
Deferred taxes	884		(1,476)		613		734
Total income tax provision (benefit)	2,033		(1,151)		2,861		1,276
Net investment income	$	31,984	$	31,165	$	63,873	$	60,024
Realized (loss) gain
Non-control/Non-affiliate investments	$	3,485	$	(10,289)	$	21,331	$	(9,485)
Affiliate investments	(7,652)		—		(3,565)		167
Control investments	—		—		—		(260)
Income tax provision	(759)		—		(6,988)		—
Total net realized (loss) gain on investments, net of tax	(4,926)		(10,289)		10,778		(9,578)
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments	(12,146)		(1,866)		(34,208)		(14,226)
Affiliate investments	10,757		3,669		11,815		(552)
Control investments	1,010		(8)		(2,166)		762
Income tax (provision) benefit	(1,058)		13		2,530		289
Total net unrealized (depreciation) appreciation on investments, net of tax	(1,437)		1,808		(22,029)		(13,727)
Net realized and unrealized (losses) gains on investments	(6,363)		(8,481)		(11,251)		(23,305)

Realized loss on disposal of fixed assets	(2)		—		(2)		—
Net increase in net assets from operations	$	25,619	$	22,684	$	52,620	$	36,719

Pre-tax net investment income per share - basic	$	0.61	$	0.64	$	1.21	$	1.32
Net investment income per share – basic	$	0.57	$	0.66	$	1.16	$	1.29
Net increase in net assets from operations – basic	$	0.46	$	0.48	$	0.95	$	0.79
Net increase in net assets from operations - diluted	$	0.44	$	0.48	$	0.92	$	0.79
Weighted average common shares outstanding – basic	55,544,095		47,242,863		54,536,084		46,458,435
Weighted average common shares outstanding – diluted	64,830,413		47,242,863		63,809,345		46,458,435

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

Table of Contents


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

	Common Stock			Treasury Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Asset Value
	Number of Shares	Par Value		Number of Shares	Par Value
Balances at March 31, 2024	45,050,759	$	11,263	—	$	—	$	796,945	$	(52,532)	$	755,676
Issuance of common stock	1,498,981	375		—	—		37,403		—		37,778

Share-based compensation	—	—		—	—		1,224		—		1,224
Issuance of common stock under restricted stock plan, net of forfeitures	359,000	89		—	—		(89)		—		—
Common stock withheld for payroll taxes upon vesting of restricted stock	(71,229)	(18)		—	—		(1,844)		—		(1,862)
Dividends to shareholders	—	—		—	—		—		(29,508)		(29,508)
Change in restoration plan liability	—	—		—	—		(12)		—		(12)

Net investment income	—	—		—	—		—		28,859		28,859
Net realized gain on investments	—	—		—	—		—		711		711
Net unrealized depreciation on investments	—	—		—	—		—		(15,535)		(15,535)
Balances at June 30, 2024	46,837,511	$	11,709	—	$	—	$	833,627	$	(68,005)	$	777,331
Issuance of common stock	839,099	210		—	—		20,027		—		20,237
Share-based compensation	—	—		—	—		1,538		—		1,538
Issuance of common stock under restricted stock plan, net of forfeitures	10,075	3		—	—		(3)		—		—

Dividends to shareholders	—	—		—	—		—		(30,520)		(30,520)
Change in restoration plan liability	—	—		—	—		(12)		—		(12)
Net investment income	—	—		—	—		—		31,165		31,165
Net realized loss on investments	—	—		—	—		—		(10,289)		(10,289)
Net unrealized appreciation on investments	—	—		—	—		—		1,808		1,808
Balances at September 30, 2024	47,686,685	$	11,922	—	$	—	$	855,177	$	(75,841)	$	791,258












Balances at March 31, 2025	52,912,796	$	13,228	—	$	—	$	959,123	$	(88,718)	$	883,633
Issuance of common stock	2,034,917	509		—	—		40,663		—		41,172

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

Net investment income	—	—		—	—		—		31,889		31,889
Net realized gain on investments	—	—		—	—		—		15,704		15,704
Net unrealized depreciation on investments	—	—		—	—		—		(20,592)		(20,592)
Balances at June 30, 2025	55,227,370	$	13,807	—	$	—	$	999,728	$	(97,061)	$	916,474
Issuance of common stock	1,766,975	442		—	—		39,251		—		39,693
Share-based compensation	—	—		—	—		1,270		—		1,270
Issuance of common stock under restricted stock plan, net of forfeitures	(27,347)	(7)		—	—		7		—		—
Dividends to shareholders	—	—		—	—		—		(36,040)		(36,040)
Change in restoration plan liability	—	—		—	—		(12)		—		(12)
Net investment income	—	—		—	—		—		31,984		31,984
Net realized loss on investments and disposal of fixed assets	—	—		—	—		—		(4,928)		(4,928)
Net unrealized depreciation on investments	—	—		—	—		—		(1,437)		(1,437)
Balances at September 30, 2025	56,966,998	$	14,242	—	$	—	$	1,040,244	$	(107,482)	$	947,004

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	Six Months Ended
	September 30,
	2025		2024
Cash flows from operating activities
Net increase in net assets from operations	$	52,620	$	36,719
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:
Purchases and originations of investments	(237,711)		(194,049)
Proceeds from sales and repayments of debt investments in portfolio companies	114,745		153,053
Proceeds from sales and return of capital of equity investments in portfolio companies	30,918		—

Payment of accreted original issue discounts	1,211		1,753
Payment of accrued payment-in-kind interest	510		—
Depreciation and amortization	3,436		2,598
Net pension benefit	(33)		(33)
Realized (gain) loss on investments before income tax	(17,846)		9,624

Realized loss on disposal of fixed assets	2		—
Net unrealized depreciation on investments before income tax	24,559		14,016
Accretion of discounts on investments	(4,765)		(3,091)
Payment-in-kind interest	(6,115)		(6,065)
Share-based compensation expense	2,413		2,762
Deferred income taxes	(1,918)		592
Changes in other assets and liabilities:
Increase in dividend and interest receivable	(2,634)		(7,585)
Decrease in escrow receivables	59		23
Decrease (increase) in tax receivable	47		(148)
Decrease (increase) in other receivables	1,123		(863)
Decrease in other assets	604		590
Increase in taxes payable	309		518
Decrease in other liabilities	(2,265)		(3,120)
Net cash (used in) provided by operating activities	(40,731)		7,294
Cash flows from investing activities
Acquisition of fixed assets	(222)		(522)
Net cash used in investing activities	(222)		(522)
Cash flows from financing activities
Proceeds from common stock offering	80,896		58,036

Borrowings under Credit Facilities	199,000		144,000
Repayments of Credit Facilities	(465,000)		(131,000)
Debt issuance costs paid	(1,440)		(954)

Proceeds from issuance of September 2030 Notes	344,208		—







Dividends to shareholders	(71,383)		(60,028)
Common stock withheld for payroll taxes upon vesting of restricted stock	(1,120)		(1,862)
Net cash provided by financing activities	85,161		8,192
Net increase in cash, cash equivalents and restricted cash	44,208		14,964
Cash and cash equivalents at beginning of period	44,871		32,273
Cash, cash equivalents and restricted cash at end of period	$	89,079	$	47,237
Supplemental cash flow disclosures:
Cash paid for income taxes	$	8,952	$	115
Cash paid for interest	29,678		22,546

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


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

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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
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	16.30%	SOFR (Q)	12.00%	2.00%	2.00%	4/15/2024	4/13/2029	135	125	101	(7)(10)(20)
	First Lien	16.29%	SOFR (Q)	12.00%	2.00%	2.00%	4/15/2024	4/13/2029	8,772	8,669	6,509	(7)
										8,794	6,610
Subtotal: Building & Infrastructure Products										8,794	6,610		0.70	%
Business Services
DYNAMIC COMMUNITIES, LLC	First Lien - Term Loan A	12.26%	SOFR (M)	8.00%	2.00%	12.26%	12/20/2022	12/31/2026	5,066	5,054	5,066	(6)
	First Lien - Term Loan B	13.26%	SOFR (M)	9.00%	2.00%		12/20/2022	12/31/2026	4,985	4,963	4,985	(6)
										10,017	10,051




GAINS INTERMEDIATE, LLC	Revolving Loan		SOFR	8.00%	2.00%		12/15/2022	12/15/2027	—	(22)	—
	First Lien - Term Loan A	11.55%	SOFR (Q)	7.00%	2.00%		12/15/2022	12/15/2027	7,341	7,266	5,579
	First Lien - Term Loan B	13.55%	SOFR (Q)	9.00%	2.00%		12/15/2022	12/15/2027	7,413	7,330	5,160	(16)
										14,574	10,739
IVUEIT, LLC	Revolving Loan	10.29%	SOFR (Q)	6.00%	2.00%		2/3/2025	2/1/2030	250	241	248	(6)(10)
	First Lien	10.29%	SOFR (Q)	6.00%	2.00%		2/3/2025	2/1/2030	10,000	9,910	9,910	(6)
	Delayed Draw Term Loan		SOFR	6.00%	2.00%		2/3/2025	2/1/2030	—	—	—	(6)(10)
										10,151	10,158
SPOTLIGHT AR, LLC	Revolving Loan		SOFR	6.75%	1.00%		12/8/2021	6/8/2026	—	(6)	—	(10)
	First Lien	11.19%	SOFR (Q)	6.75%	1.00%		12/8/2021	6/8/2026	4,275	4,259	4,275
										4,253	4,275
US COURTSCRIPT HOLDINGS, INC.	First Lien	10.80%	SOFR (Q)	6.25%	1.00%		5/17/2022	5/17/2027	14,100	13,946	13,846

WINTER SERVICES OPERATIONS, LLC	Revolving Loan	11.77%	SOFR (Q)	7.50%	1.00%		11/19/2021	11/19/2026	2,578	2,531	2,570	(10)(20)
	First Lien - Term Loan A	11.05%	SOFR (Q)	6.50%	1.00%		1/16/2024	11/19/2026	14,479	14,340	14,436
	First Lien - Term Loan B	13.05%	SOFR (Q)	8.50%	1.00%		1/16/2024	11/19/2026	14,479	14,344	14,436
	Delayed Draw Term Loan	12.05%	SOFR (Q)	7.50%	1.00%		11/19/2021	11/19/2026	3,748	3,695	3,737
										34,910	35,179
Subtotal: Business Services										87,851	84,248		8.90	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
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
Commerical Services & Supplies
LEHR UPFITTERS, LLC	Revolving Loan	9.66%	SOFR (Q)	5.50%	1.50%		9/19/2024	9/19/2029	525	483	521	(10)
	First Lien	9.50%	SOFR (Q)	5.50%	1.50%		9/19/2024	9/19/2029	31,657	31,101	31,436
	Delayed Draw Term Loan	9.50%	SOFR (Q)	5.50%	1.50%		4/29/2025	9/19/2029	2,791	2,716	2,772	(10)
										34,300	34,729

VP MOVE PURCHASER, INC.	Revolving Loan		SOFR	5.75%	2.00%		2/3/2025	2/4/2030	—	(27)	—	(10)
	First Lien - Term Loan A	9.04%	SOFR (Q)	4.75%	2.00%		2/3/2025	2/4/2030	15,000	14,899	14,895
	First Lien - Term Loan B	11.04%	SOFR (Q)	6.75%	2.00%		2/3/2025	2/4/2030	15,000	14,899	14,895
										29,771	29,790
WHITE PLAINS LINEN LLC	Revolving Loan	11.50%	SOFR (Q)	7.25%	2.00%		8/1/2025	5/1/2030	1,000	971	971	(6)(10)
	First Lien - Term Loan A	10.55%	SOFR (Q)	6.25%	2.00%		8/1/2025	5/1/2030	12,200	12,081	12,081	(6)
	First Lien - Term Loan B	12.55%	SOFR (Q)	8.25%	2.00%		8/1/2025	5/1/2030	12,200	12,081	12,081	(6)
										25,133	25,133
Subtotal: Commerical Services & Supplies										89,204	89,652		9.47	%
Consumer Products
ALLIANCE SPORTS GROUP	Unsecured Convertible Note	6.00%	Fixed			6.00%	7/15/2020	12/31/2026	173	173	173

GRAVITIQ LLC	Revolving Loan		SOFR	7.00%	2.00%		1/17/2025	1/16/2030	—	(43)	—	(6)(10)
	First Lien - Term Loan A	10.29%	SOFR (Q)	6.00%	2.00%		1/17/2025	1/16/2030	14,813	13,975	14,516	(6)
	First Lien - Term Loan B	12.29%	SOFR (Q)	8.00%	2.00%		1/17/2025	1/16/2030	14,813	13,970	14,516	(6)
										27,902	29,032
HEAT TRAK, LLC	First Lien - Term Loan A	14.44%	SOFR (Q)	10.00%	2.00%		6/12/2023	6/9/2028	11,500	10,649	10,419
	First Lien - Term Loan E	14.44%	SOFR (Q)	10.00%	2.00%		3/28/2025	12/31/2025	2,500	2,500	2,500
										13,149	12,919
HYBRID PROMOTIONS, LLC	Second Lien	12.54%	SOFR (Q)	8.25%	1.00%		6/30/2021	1/3/2028	15,999	15,867	15,999	(15)
LASH OPCO, LLC	Revolving Loan	12.01%	SOFR (Q)	7.75%	1.00%	5.10%	12/29/2021	9/17/2027	212	204	195	(10)
	First Lien	12.16%	SOFR (Q)	7.75%	1.00%	5.10%	12/29/2021	9/17/2027	18,149	17,983	16,703	(20)
										18,187	16,898

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
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
REVO BRANDS, INC.	Revolving Loan	11.77%	SOFR (Q)	7.50%	1.50%		2/21/2024	2/21/2029	7,300	7,201	7,081	(10)(20)
	First Lien - Term Loan A	10.79%	SOFR (Q)	6.50%	1.50%		2/21/2024	2/21/2029	10,580	10,422	10,263
	First Lien - Term Loan B	11.79%	SOFR (Q)	7.50%	1.50%		2/21/2024	2/21/2029	10,580	10,421	10,263
	First Lien - Term Loan C	12.79%	SOFR (Q)	8.50%	1.50%		2/21/2024	2/21/2029	10,580	10,420	10,263
										38,464	37,870
TRU FRAGRANCE & BEAUTY LLC	Revolving Loan	10.53%	SOFR (Q)	6.25%	1.50%		3/22/2024	3/21/2029	5,200	5,137	5,200	(10)(20)
	First Lien - Term Loan A	9.54%	SOFR (Q)	5.25%	1.50%		3/22/2024	3/21/2029	15,023	14,796	15,023
	First Lien - Term Loan B	11.54%	SOFR (Q)	7.25%	1.50%		3/22/2024	3/21/2029	15,023	14,793	15,023
	First Lien	10.54%	SOFR (Q)	6.25%	1.50%		1/2/2025	3/21/2029	6,000	5,949	6,000
										40,675	41,246

Subtotal: Consumer Products										154,417	154,137		16.28	%
Consumer Services
AIR CONDITIONING SPECIALIST INC.	Revolving Loan	9.70%	SOFR (Q)	5.50%	1.00%		11/9/2021	11/19/2029	695	683	689	(10)
	First Lien	9.69%	SOFR (Q)	5.50%	1.00%		11/9/2021	11/19/2029	20,971	20,760	20,803
	Delayed Draw Term Loan	9.64%	SOFR (Q)	5.50%	1.00%		11/19/2024	11/19/2029	6,144	6,144	6,094	(20)
										27,587	27,586
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)	Revolving Loan		SOFR	8.00%	1.00%		8/27/2021	8/27/2026	—	(11)	—	(10)
	First Lien - Term Loan A	11.55%	SOFR (Q)	7.00%	1.00%		8/27/2021	8/27/2026	13,261	13,193	10,609
	First Lien - Term Loan B	13.55%	SOFR (Q)	9.00%	1.00%		4/12/2023	8/27/2026	13,261	13,193	10,609
										26,375	21,218
BETTER THAN HOME, INC.	Revolving Loan		SOFR	5.75%	1.00%		8/8/2025	8/8/2031	—	(22)	—	(10)
	First Lien	9.96%	SOFR (Q)	5.75%	1.00%		8/8/2025	8/8/2031	12,000	11,874	11,874	(20)
	Delayed Draw Term Loan	9.89%	SOFR (Q)	5.75%	1.00%		8/8/2025	8/8/2031	2,250	2,225	2,225	(10)(20)
										14,077	14,099
CAMPANY ROOF MAINTENANCE, LLC	Revolving Loan		SOFR	7.00%	1.50%		7/26/2024	11/27/2028	—	(17)	—	(10)
	First Lien	11.26%	SOFR (M)	7.00%	1.50%		7/26/2024	11/27/2028	14,790	14,505	13,311
										14,488	13,311

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
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
KINDRED PET SERVICE, LLC (fka RED DOG OPERATIONS HOLDING COMPANY LLC)	Revolving Loan		SOFR	6.50%	2.00%		11/15/2024	11/15/2029	—	(16)	—	(6)(10)
	First Lien	10.76%	SOFR (Q)	6.50%	2.00%		11/15/2024	11/15/2029	10,800	10,704	10,692	(6)(20)
										10,688	10,692
LIFT BRANDS, INC.	Tranche A Term Loan	11.76%	SOFR (M)	7.50%	1.00%		2/1/2024	9/30/2026	2,297	2,297	2,292
	Tranche B Term Loan	9.50%	Fixed			9.50%	2/1/2024	9/30/2026	762	762	726
	Tranche C Loan	—%					2/1/2024	9/30/2026	549	549	524
										3,608	3,542
MAIN LINE BRANDS LLC	Revolving Loan		SOFR	5.75%	2.00%		5/15/2025	5/15/2030	—	(18)	—	(10)
	First Lien	10.04%	SOFR (Q)	5.75%	2.00%		5/15/2025	5/15/2030	10,000	9,906	9,900
										9,888	9,900
POOL SERVICE PARTNERS, INC.	Revolving Loan		SOFR	7.00%	2.00%		12/20/2023	12/20/2028	—	(21)	—	(6)(10)
	First Lien	11.29%	SOFR (Q)	7.00%	2.00%		12/20/2023	12/20/2028	5,000	4,929	4,945	(6)
	Delayed Draw Term Loan	11.29%	SOFR (Q)	7.00%	2.00%		12/20/2023	12/20/2028	5,400	5,271	5,341	(6)(10)
										10,179	10,286



TMT BHC BUYER, INC.	Revolving Loan		SOFR	6.00%	1.50%		3/7/2024	3/7/2029	—	(69)	—	(10)
	First Lien	10.29%	SOFR (Q)	6.00%	1.50%		3/7/2024	3/7/2029	16,500	16,254	16,500

										16,185	16,500
WASH & WAX SYSTEMS LLC	Revolving Loan	9.81%	SOFR (Q)	5.50%	1.00%		4/30/2025	4/30/2028	9	1	9	(10)
	First Lien	9.81%	SOFR (Q)	5.50%	1.00%	9.81%	4/30/2025	4/30/2028	6,866	6,750	6,866
	First Lien	12.00%	Fixed			12.00%	4/30/2025	7/30/2028	4,616	4,616	3,924

										11,367	10,799
Subtotal: Consumer Services										144,442	137,933		14.57	%
Data Processing & Outsourced Services
BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC.	Revolving Loan	9.43%	SOFR (S)	5.00%	1.00%		2/22/2024	6/10/2028	217	215	217	(10)
	First Lien	9.15%	SOFR (Q)	5.00%	1.00%		2/22/2024	6/10/2028	2,093	2,076	2,093
										2,291	2,310

Subtotal: Data Processing & Outsourced Services										2,291	2,310		0.24	%

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
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
Distribution
KMS, LLC	First Lien	12.50%	Fixed				2/10/2025	9/29/2028	2,121	2,121	2,121	(7)(15)
	Delayed Draw Term Loan	12.50%	Fixed				2/10/2025	9/29/2028	2,464	2,403	2,464	(7)(10)(15)
										4,524	4,585
Subtotal: Distribution										4,524	4,585		0.48	%
Education
MUSIKER DISCOVERY PROGRAMS, INC.	Revolving Loan	11.30%	SOFR (Q)	7.00%	2.00%		10/29/2024	10/29/2029	3,000	2,959	3,000	(10)(20)
	First Lien - Term Loan A	10.29%	SOFR (Q)	6.00%	2.00%		10/29/2024	10/29/2029	11,500	11,401	11,500
	First Lien - Term Loan B	12.29%	SOFR (Q)	8.00%	2.00%		10/29/2024	10/29/2029	11,500	11,401	11,489
	Delayed Draw Term Loan		SOFR	7.00%	2.00%		10/29/2024	10/29/2029	—	—	—	(10)
										25,761	25,989
STUDENT RESOURCE CENTER LLC	First Lien	8.50%	Fixed			8.50%	12/31/2022	12/30/2027	9,644	9,503	3,761	(6)(16)
Subtotal: Education										35,264	29,750		3.14	%
Energy Services
ACE GATHERING, INC.	First Lien	11.05%	SOFR (Q)	6.50%	2.00%		12/13/2018	12/14/2026	3,533	3,514	3,533	(15)
PIPELINE TECHNIQUE LTD.	Revolving Loan	11.75%	SOFR (Q)	7.25%	1.00%		8/23/2022	8/19/2027	2,389	2,364	2,389	(9)(10)(20)(22)
	First Lien	11.71%	SOFR (Q)	7.25%	1.00%		8/23/2022	8/19/2027	5,472	5,414	5,472	(9)(22)
										7,778	7,861

WELL-FOAM, INC.	Revolving Loan		SOFR	8.00%	1.00%		9/9/2021	9/9/2026	—	(17)	—	(10)
	First Lien	12.44%	SOFR (Q)	8.00%	1.00%		9/9/2021	9/9/2026	10,671	10,620	10,671
										10,603	10,671
Subtotal: Energy Services										21,895	22,065		2.33	%
Environmental Services
ARBORWORKS, LLC	Revolving Loan	15.00%	Fixed			15.00%	11/6/2023	11/6/2028	1,220	1,220	1,220	(6)(10)
	First Lien	10.75%	SOFR (M)	6.50%	1.00%	10.75%	11/6/2023	11/6/2028	3,722	3,722	3,722	(6)
										4,942	4,942
ISLAND PUMP AND TANK, LLC	Revolving Loan	11.41%	SOFR (Q)	7.00%	2.00%		3/2/2023	5/17/2029	3,479	3,440	3,479	(20)
	First Lien - Term Loan A	10.55%	SOFR (Q)	6.00%	2.00%		2/23/2024	5/17/2029	12,218	12,068	12,218
	First Lien - Term Loan B	11.55%	SOFR (Q)	7.00%	2.00%		2/23/2024	5/17/2029	12,218	12,068	12,218
	First Lien - Term Loan C	12.55%	SOFR (Q)	8.00%	2.00%		2/23/2024	5/17/2029	12,218	12,062	12,218
										39,638	40,133

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
LIGHTING RETROFIT INTERNATIONAL, LLC	Revolving Loan	7.50%	Fixed				12/31/2021	12/31/2026	—	—	—	(6)(10)
	First Lien	7.50%	Fixed				12/31/2021	12/31/2026	5,013	5,013	4,922	(6)
	Second Lien	10.00%	Fixed			10.00%	12/31/2021	12/31/2027	5,208	5,208	—	(6)(16)
										10,221	4,922
Subtotal: Environmental Services										54,801	49,997		5.28	%
Financial Services
INSURE HOMES CORPORATION	Tranche B Term Loan	11.78%	SOFR (M)	7.50%	2.00%		8/6/2024	8/6/2029	24,000	23,700	24,000
JACKSON HEWITT TAX SERVICE INC.	First Lien	12.79%	SOFR (Q)	8.50%	2.50%		9/14/2023	9/14/2028	10,000	9,899	10,000
NATIONAL CREDIT CARE, LLC	First Lien - Term Loan A	4.50%	Fixed				12/23/2021	2/25/2030	11,625	11,451	10,520	(7)
	First Lien - Term Loan B	4.50%	Fixed				12/23/2021	2/25/2030	11,625	11,449	10,520	(7)
										22,900	21,040

NINJATRADER, LLC	First Lien	10.94%	SOFR (Q)	6.50%	1.00%		12/18/2019	12/18/2026	46,282	46,245	46,282

Subtotal: Financial Services										102,744	101,322		10.70	%
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC	First Lien - Term Loan A	12.94%	SOFR (Q)	8.50%	1.00%	12.94%	3/28/2025	3/28/2028	6,051	6,051	6,051	(6)
	First Lien - Term Loan B	12.94%	SOFR (Q)	8.50%	1.00%	12.94%	3/28/2025	3/28/2028	6,051	6,051	4,931	(6)
										12,102	10,982
FOODPHARMA SUBSIDIARY HOLDINGS, LLC	First Lien - Term Loan A	10.80%	SOFR (M)	6.50%	2.00%		6/21/2024	12/31/2026	14,197	14,083	14,197	(20)
	First Lien - Term Loan B	11.80%	SOFR (M)	7.50%	2.00%		6/21/2024	12/31/2026	14,197	14,055	14,197	(20)
	First Lien - Term Loan C	12.80%	SOFR (M)	8.50%	2.00%		6/21/2024	12/31/2026	14,197	14,055	14,197	(20)
										42,193	42,591
GULF PACIFIC ACQUISITION, LLC	Revolving Loan	11.26%	SOFR (M)	7.00%	1.00%		9/30/2022	9/29/2028	454	444	409	(10)(20)
	First Lien	11.26%	SOFR (M)	7.00%	1.00%		9/30/2022	9/29/2028	3,846	3,792	3,462	(20)
										4,236	3,871

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2025
Portfolio Company1,5,21	Type of Investment2	Current Interest Rate3					Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4		% of Net Assets
Debt Investments		Coupon	Reference	Spread	Floor	PIK
MAMMOTH BORROWCO, INC.	Revolving Loan	10.47%	SOFR (Q)	6.25%	1.50%		11/30/2023	11/30/2028	1,850	1,791	1,758	(10)(20)
	First Lien - Term Loan A	9.45%	SOFR (Q)	5.25%	1.50%		11/30/2023	11/30/2028	10,514	10,330	9,988
	First Lien - Term Loan B	11.45%	SOFR (Q)	7.25%	1.50%		11/30/2023	11/30/2028	10,514	10,327	9,988
	Delayed Draw Term Loan	10.43%	SOFR (Q)	6.25%	1.50%		11/30/2023	11/30/2028	2,839	2,780	2,697	(20)
										25,228	24,431
MUENSTER MILLING COMPANY	Revolving Loan		SOFR	9.00%	1.00%		8/10/2021	2/10/2027	—	(25)	—
	First Lien	13.44%	SOFR (Q)	9.00%	1.00%	13.44%	8/10/2021	2/10/2027	24,118	23,949	21,513
										23,924	21,513
NEW SKINNY MIXES, LLC	Revolving Loan	12.52%	SOFR (Q)	8.00%	2.00%		12/21/2022	12/21/2027	1,250	1,214	1,250	(10)(20)
	First Lien	12.49%	SOFR (Q)	8.00%	2.00%		12/21/2022	12/21/2027	13,000	12,863	13,000
										14,077	14,250
Subtotal: Food, Agriculture & Beverage										121,760	117,638		12.42	%
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC	Revolving Loan	11.29%	SOFR (Q)	7.00%	1.00%		5/22/2020	5/22/2028	1,975	1,951	1,975	(6)(10)(20)
	First Lien	11.29%	SOFR (Q)	7.00%	1.00%		5/22/2020	5/22/2028	18,641	18,482	18,641	(6)

										20,433	20,616
COMMAND GROUP ACQUISITION, LLC	First Lien	11.79%	SOFR (Q)	7.50%	2.00%		2/15/2024	2/15/2029	6,000	5,910	6,000	(6)
LKC TECHNOLOGIES, INC.	Revolving Loan		SOFR	6.50%	2.00%		6/7/2023	6/7/2028	—	(21)	—	(10)
	First Lien	11.05%	SOFR (Q)	6.50%	2.00%		6/7/2023	6/7/2028	15,441	15,308	15,441
										15,287	15,441
SCRIP, INC.	First Lien	12.14%	SOFR (M)	8.00%	2.00%		3/21/2019	3/19/2027	17,837	17,796	15,696
Subtotal: Healthcare Equipment & Supplies										59,426	57,753		6.10	%
Healthcare Products
DWS BUYER LLC	Revolving Loan		SOFR	5.50%	0.75%		7/29/2025	7/29/2031	—	(19)	—	(10)
	First Lien	9.70%	SOFR (Q)	5.50%	0.75%		7/29/2025	7/29/2031	6,552	6,456	6,456
	Delayed Draw Term Loan		SOFR	5.50%

CAPITAL SOUTHWEST CORP 10-Q