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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 - 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First Lien - Term Loan C2025-03-310000017313cswc:RevoBrandsINCMember2025-03-310000017313TRU FRAGRANCE & BEAUTY LLC | Revolving Loan2025-03-310000017313TRU FRAGRANCE & BEAUTY LLC | First Lien - Term Loan A2025-03-310000017313TRU FRAGRANCE & BEAUTY LLC | First Lien - Term Loan B2025-03-310000017313TRU FRAGRANCE & BEAUTY LLC | First Lien2025-03-310000017313cswc:TruFragranceBeautyLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:ConsumerProductsSectorMember2025-03-310000017313AIR CONDITIONING SPECIALIST INC. | Revolving Loan2025-03-310000017313AIR CONDITIONING SPECIALIST INC. | First Lien2025-03-310000017313AIR CONDITIONING SPECIALIST INC. | Delayed Draw Term Loan2025-03-310000017313cswc:AirConditioningSpecialistIncMember2025-03-310000017313APPLE ROOFING ADMINISTRATIVE SERVICES, LLC | Revolving Loan2025-03-310000017313APPLE ROOFING ADMINISTRATIVE SERVICES, LLC | First Lien - Term Loan A2025-03-310000017313APPLE ROOFING ADMINISTRATIVE SERVICES, LLC | First Lien - Term Loan B2025-03-310000017313cswc:APPLEROOFINGADMINISTRATIVESERVICESLLCMember2025-03-310000017313CAMPANY ROOF MAINTENANCE, LLC | Revolving Loan2025-03-310000017313CAMPANY ROOF MAINTENANCE, LLC | First Lien2025-03-310000017313cswc:CAMPANYROOFMAINTENANCELLCMember2025-03-310000017313LIFT BRANDS, INC. | Tranche A Term Loan2025-03-310000017313LIFT BRANDS, INC. | Tranche B Term Loan2025-03-310000017313LIFT BRANDS, INC. | Tranche C Loan2025-03-310000017313cswc:LIFTBRANDSINCMember2025-03-310000017313POOL SERVICE PARTNERS, INC. | Revolving Loan2025-03-310000017313POOL SERVICE PARTNERS, INC. | First Lien2025-03-310000017313POOL SERVICE PARTNERS, INC. | Delayed Draw Term Loan2025-03-310000017313cswc:POOLSERVICEPARTNERSINCMember2025-03-310000017313RED DOG OPERATIONS HOLDING COMPANY LLC | Revolving Loan2025-03-310000017313RED DOG OPERATIONS HOLDING COMPANY LLC | First Lien2025-03-310000017313cswc:REDDOGOPERATIONSHOLDINGCOMPANYLLCMember2025-03-310000017313TMT BHC BUYER, INC. | Revolving Loan2025-03-310000017313TMT BHC BUYER, INC. | First Lien2025-03-310000017313TMT BHC BUYER, INC. | Delayed Draw Term Loan2025-03-310000017313cswc:TMTBHCBUYERINC.Member2025-03-310000017313ZIPS CAR WASH, LLC | Delayed Draw Term Loan - A2025-03-310000017313ZIPS CAR WASH, LLC | Delayed Draw Term Loan - B2025-03-310000017313ZIPS CAR WASH, LLC | DIP Term Loan2025-03-310000017313ZIPS CAR WASH, LLC | Roll Up Term Loan2025-03-310000017313cswc:ZIPSCARWASHLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:ConsumerServicesSectorMember2025-03-310000017313BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC. | Revolving Loan2025-03-310000017313BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC. | First Lien2025-03-310000017313cswc:BURNINGGLASSINTERMEDIATEHOLDINGCOMPANYINC.Member2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:DataProcessingOutsourcedServicesSectorMember2025-03-310000017313KMS, LLC | First Lien2025-03-310000017313KMS, LLC | Delayed Draw Term Loan2025-03-310000017313cswc:KMSLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:DistributionSectorMember2025-03-310000017313MUSIKER DISCOVERY PROGRAMS, INC. | Revolving Loan2025-03-310000017313MUSIKER DISCOVERY PROGRAMS, INC. | First Lien - Term Loan A2025-03-310000017313MUSIKER DISCOVERY PROGRAMS, INC. | First Lien - Term Loan B2025-03-310000017313MUSIKER DISCOVERY PROGRAMS, INC. | Delayed Draw Term Loan2025-03-310000017313cswc:MUSIKERDISCOVERYPROGRAMSINC.Member2025-03-310000017313STUDENT RESOURCE CENTER LLC | First Lien2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:EducationSectorMember2025-03-310000017313ACE GATHERING, INC. | First Lien2025-03-310000017313PIPELINE TECHNIQUE LTD. | Revolving Loan2025-03-310000017313PIPELINE TECHNIQUE LTD. | First Lien2025-03-310000017313cswc:PIPELINETECHNIQUELTDMember2025-03-310000017313VEREGY CONSOLIDATED, INC. | First Lien2025-03-310000017313WELL-FOAM, INC. | Revolving Loan2025-03-310000017313WELL-FOAM, INC. | First Lien2025-03-310000017313cswc:WELLFOAMINCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:EnergyServicesMidstreamSectorMember2025-03-310000017313ARBORWORKS, LLC | Revolving Loan2025-03-310000017313ARBORWORKS, LLC | First Lien2025-03-310000017313cswc:ARBORWORKSLLCMember2025-03-310000017313ISLAND PUMP AND TANK, LLC | Revolving Loan2025-03-310000017313ISLAND PUMP AND TANK, LLC | First Lien - Term Loan A2025-03-310000017313ISLAND PUMP AND TANK, LLC | First Lien - Term Loan B2025-03-310000017313ISLAND PUMP AND TANK, LLC | First Lien - Term Loan C2025-03-310000017313cswc:ISLANDPUMPANDTANKLLCMember2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC | Revolving Loan2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC | First Lien2025-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC | Second Lien2025-03-310000017313cswc:LIGHTINGRETROFITINTERNATIONALLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:EnvironmentalServicesSectorMember2025-03-310000017313INSURE HOMES CORPORATION | Tranche B Term Loan2025-03-310000017313JACKSON HEWITT TAX SERVICE INC. | First Lien2025-03-310000017313NATIONAL CREDIT CARE, LLC | First Lien - Term Loan A2025-03-310000017313NATIONAL CREDIT CARE, LLC | First Lien - Term Loan B2025-03-310000017313cswc:NATIONALCREDITCARELLCMember2025-03-310000017313NINJATRADER, LLC | Revolving Loan2025-03-310000017313NINJATRADER, LLC | First Lien2025-03-310000017313cswc:NINJATRADERLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMemberus-gaap:FinancialServicesSectorMember2025-03-310000017313AMERICAN NUTS OPERATIONS LLC | First Lien - Term Loan A2025-03-310000017313AMERICAN NUTS OPERATIONS LLC | First Lien - Term Loan B2025-03-310000017313cswc:AMERICANNUTSOPERATIONSLLCMember2025-03-310000017313FOODPHARMA SUBSIDIARY HOLDINGS, LLC | First Lien - Term Loan A2025-03-310000017313FOODPHARMA SUBSIDIARY HOLDINGS, LLC | First Lien - Term Loan B2025-03-310000017313FOODPHARMA SUBSIDIARY HOLDINGS, LLC | First Lien - Term Loan 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Lien2025-03-310000017313cswc:NEWSKINNYMIXESLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:FoodAgricultureAndBeverageSectorMember2025-03-310000017313CENTRAL MEDICAL SUPPLY LLC | Revolving Loan2025-03-310000017313CENTRAL MEDICAL SUPPLY LLC | First Lien2025-03-310000017313CENTRAL MEDICAL SUPPLY LLC | Delayed Draw Term Loan2025-03-310000017313cswc:CENTRALMEDICALSUPPLYLLCMember2025-03-310000017313COMMAND GROUP ACQUISITION, LLC | First Lien2025-03-310000017313LKC TECHNOLOGIES, INC. | Revolving Loan2025-03-310000017313LKC TECHNOLOGIES, INC. | First Lien2025-03-310000017313cswc:LKCTECHNOLOGIESINCMember2025-03-310000017313SCRIP, INC. | First Lien2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:HealthcareEquipmentSuppliesSectorMember2025-03-310000017313LIGHTNING INTERMEDIATE II, LLC | Revolving Loan2025-03-310000017313LIGHTNING INTERMEDIATE II, LLC | First Lien2025-03-310000017313cswc:LIGHTNINGINTERMEDIATEIILLCMember2025-03-310000017313MICROBE FORMULAS LLC | Revolving Loan2025-03-310000017313MICROBE FORMULAS LLC | First Lien 12025-03-310000017313MICROBE FORMULAS LLC | First Lien 22025-03-310000017313cswc:MICROBEFORMULASLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:HealthcareProductsSectorMember2025-03-310000017313AAC NEW HOLDCO INC. | First Lien2025-03-310000017313AAC NEW HOLDCO INC. | First Lien - Term Loan A2025-03-310000017313AAC NEW HOLDCO INC. | First Lien - Term Loan B2025-03-310000017313cswc:AACNEWHOLDCOINC.Member2025-03-310000017313CAVALIER BUYER, INC. | Revolving Loan2025-03-310000017313CAVALIER BUYER, INC. | First Lien2025-03-310000017313cswc:CAVALIERBUYERINCMember2025-03-310000017313CDC DENTAL MANAGEMENT CO., LLC | Revolving Loan2025-03-310000017313CDC DENTAL MANAGEMENT CO., LLC | First Lien - Term Loan A2025-03-310000017313CDC DENTAL MANAGEMENT CO., LLC | First Lien - Term Loan B2025-03-310000017313cswc:CDCDENTALMANAGEMENTCOLLCMember2025-03-310000017313CITYVET INC. | First Lien2025-03-310000017313CUMBRIA CAPITAL MSO, LLC | Revolving Loan2025-03-310000017313CUMBRIA CAPITAL MSO, LLC | First Lien2025-03-310000017313CUMBRIA CAPITAL MSO, LLC | Delayed Draw Term Loan2025-03-310000017313cswc:CUMBRIACAPITALMSOLLCMember2025-03-310000017313HH-INSPIRE ACQUISITION, INC. | Revolving Loan2025-03-310000017313HH-INSPIRE ACQUISITION, INC. | First Lien2025-03-310000017313cswc:HHINSPIREACQUISITIONINCMember2025-03-310000017313INSTITUTES OF HEALTH, LLC | Revolving Loan2025-03-310000017313INSTITUTES OF HEALTH, LLC | First Lien - Term Loan A2025-03-310000017313INSTITUTES OF HEALTH, LLC | First Lien - Term Loan B2025-03-310000017313cswc:INSTITUTESOFHEALTHLLCMember2025-03-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC | Revolving Loan2025-03-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC | First Lien - Term Loan A2025-03-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC | First Lien - Term Loan B2025-03-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC | Delayed Draw Term Loan2025-03-310000017313cswc:MIDFLORIDAENDODONTICSMANAGEMENTCOMPANYLLCMember2025-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC | Revolving Loan2025-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC | First Lien - Term Loan A2025-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC | First Lien - Term Loan B2025-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC | First Lien - Term Loan C2025-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC | First Lien - Term Loan D2025-03-310000017313cswc:NEUROPSYCHIATRICHOSPITALSLLCMember2025-03-310000017313ROSELAND MANAGEMENT, LLC | Revolving Loan2025-03-310000017313ROSELAND MANAGEMENT, LLC | First Lien2025-03-310000017313cswc:ROSELANDMANAGEMENTLLCMember2025-03-310000017313SPECTRUM OF HOPE, LLC | First Lien - Superpriority Term Loan2025-03-310000017313SPECTRUM OF HOPE, LLC | First Lien - Tranche A2025-03-310000017313SPECTRUM OF HOPE, LLC | First Lien - Tranche B2025-03-310000017313cswc:SPECTRUMOFHOPELLCMember2025-03-310000017313SUPERIOR HEALTH PARENT LLC | Revolving Loan2025-03-310000017313SUPERIOR HEALTH PARENT LLC | First Lien2025-03-310000017313SUPERIOR HEALTH PARENT LLC | Delayed Draw Term Loan2025-03-310000017313cswc:SUPERIORHEALTHPARENTLLCMember2025-03-310000017313TALKNY MANAGEMENT HOLDINGS, LLC | First Lien2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:HealthcareServicesSectorMember2025-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan A2025-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan B2025-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan C2025-03-310000017313C&M CONVEYOR, INC. | First Lien - Term Loan D2025-03-310000017313cswc:CMCONVEYORINCMember2025-03-310000017313DRIVE LINE SERVICE OF PORTLAND, LLC | Revolving Loan2025-03-310000017313DRIVE LINE SERVICE OF PORTLAND, LLC | First Lien2025-03-310000017313cswc:DRIVELINESERVICEOFPORTLANDLLCMember2025-03-310000017313SUREKAP, LLC | First Lien - Term Loan A2025-03-310000017313SUREKAP, LLC | First Lien - Term Loan B2025-03-310000017313SUREKAP, LLC | Delayed Draw Term Loan2025-03-310000017313cswc:SUREKAPLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:IndustrialMachinerySectorMember2025-03-310000017313DAMOTECH INC. | Revolving Loan2025-03-310000017313DAMOTECH INC. | First Lien - Term Loan A2025-03-310000017313DAMOTECH INC. | First Lien - Term Loan B2025-03-310000017313DAMOTECH INC. | Delayed Draw Term Loan2025-03-310000017313cswc:DAMOTECHINC.Member2025-03-310000017313GPT INDUSTRIES, LLC | Revolving Loan2025-03-310000017313GPT INDUSTRIES, LLC | First Lien2025-03-310000017313cswc:GPTINDUSTRIESLLCMember2025-03-310000017313LLFLEX, LLC | First Lien2025-03-310000017313SERVERLIFT, LLC | Revolving Loan2025-03-310000017313SERVERLIFT, LLC | First Lien - Term Loan A2025-03-310000017313SERVERLIFT, LLC | First Lien - Term Loan B2025-03-310000017313cswc:SERVERLIFTLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:IndustrialProductsSectorMember2025-03-310000017313BP LOENBRO HOLDINGS INC. | Revolving Loan2025-03-310000017313BP LOENBRO HOLDINGS INC. | First Lien 12025-03-310000017313BP LOENBRO HOLDINGS INC. | First Lien 22025-03-310000017313BP LOENBRO HOLDINGS INC. | Delayed Draw Term Loan2025-03-310000017313cswc:BPLOENBROHOLDINGSINC.Member2025-03-310000017313UPS INTERMEDIATE, LLC | First Lien2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:IndustrialServicesSectorMember2025-03-310000017313360 QUOTE TOPCO, LLC | Revolving Loan2025-03-310000017313360 QUOTE TOPCO, LLC | First Lien2025-03-310000017313cswc:A360QUOTETOPCOLLCMember2025-03-310000017313ACCELERATION PARTNERS | First Lien2025-03-310000017313BOND BRAND LOYALTY ULC | Revolving Loan2025-03-310000017313BOND BRAND LOYALTY ULC | First Lien - Term Loan A2025-03-310000017313BOND BRAND LOYALTY ULC | First Lien - Term Loan B2025-03-310000017313cswc:BONDBRANDLOYALTYULCMember2025-03-310000017313EXACT BORROWER, LLC | Revolving Loan2025-03-310000017313EXACT BORROWER, LLC | First Lien - Term Loan A2025-03-310000017313EXACT BORROWER, LLC | First Lien - Term Loan B2025-03-310000017313EXACT BORROWER, LLC | First Lien - Term Loan C2025-03-310000017313EXACT BORROWER, LLC | Delayed Draw Term Loan2025-03-310000017313EXACT BORROWER, LLC | Promissory Note2025-03-310000017313cswc:EXACTBORROWERLLCMember2025-03-310000017313FMT SOLUTIONS, LLC | First Lien2025-03-310000017313IGNITE VISIBILITY LLC | Revolving Loan2025-03-310000017313IGNITE VISIBILITY LLC | First Lien - Term Loan A2025-03-310000017313IGNITE VISIBILITY LLC | First Lien - Term Loan B2025-03-310000017313cswc:IGNITEVISIBILITYLLCMember2025-03-310000017313SOCIALSEO, LLC | Revolving Loan2025-03-310000017313SOCIALSEO, LLC | First Lien - Term Loan A2025-03-310000017313SOCIALSEO, LLC | First Lien - Term Loan B2025-03-310000017313cswc:SOCIALSEOLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:MediaAndMarketingSectorMember2025-03-310000017313CRAFTY APES, LLC | First Lien2025-03-310000017313CRAFTY APES, LLC | Delayed Draw Term Loan2025-03-310000017313cswc:CRAFTYAPESLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:MoviesEntertainmentSectorMember2025-03-310000017313LGM PHARMA LLC | Revolving Loan2025-03-310000017313LGM PHARMA LLC | First Lien - Term Loan A2025-03-310000017313LGM PHARMA LLC | First Lien - Term Loan B2025-03-310000017313LGM PHARMA LLC | First Lien2025-03-310000017313LGM PHARMA LLC | Delayed Draw Term Loan2025-03-310000017313cswc:LGMPHARMALLCMember2025-03-310000017313STATINMED, LLC | First Lien2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMember2025-03-310000017313FS VECTOR LLC | Revolving Loan2025-03-310000017313FS VECTOR LLC | First Lien - Term Loan A2025-03-310000017313FS VECTOR LLC | First Lien - Term Loan B2025-03-310000017313cswc:FSVECTORLLCMember2025-03-310000017313THE GOBEL GROUP, LLC | Revolving Loan2025-03-310000017313THE GOBEL GROUP, LLC | First Lien2025-03-310000017313cswc:THEGOBELGROUPLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:ResearchConsultingServicesSectorMember2025-03-310000017313ONE GROUP, LLC | First Lien2025-03-310000017313ONE GROUP, LLC | Delayed Draw Term Loan2025-03-310000017313cswc:ONEGROUPLLCMember2025-03-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC | Revolving Loan2025-03-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC | First Lien - Term Loan A2025-03-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC | First Lien - Term Loan B2025-03-310000017313cswc:SWENSONSDRIVEINRESTAURANTSLLCMember2025-03-310000017313us-gaap:DebtSecuritiesMembercswc:RestaurantsSectorMember2025-03-310000017313ACACIA BUYERCO V LLC | Revolver Loan2025-03-310000017313ACACIA BUYERCO V LLC | First Lien - Term Loan A2025-03-310000017313cswc:ACACIABUYERCOVLLCMember2025-03-310000017313CADMIUM, LLC | Revolving Loan2025-03-310000017313CADMIUM, LLC | First Lien2025-03-310000017313cswc:CADMIUMLLCMember2025-03-310000017313GRAMMATECH, 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Loans2025-03-310000017313Bond Brand Loyalty ULC | Revolving Loans2025-12-310000017313Bond Brand Loyalty ULC | Revolving Loans2025-03-310000017313BP Loenbro Holdings Inc. | Revolving Loans2025-12-310000017313BP Loenbro Holdings Inc. | Revolving Loans2025-03-310000017313Brandner Design, LLC | Revolving Loans2025-12-310000017313Brandner Design, LLC | Revolving Loans2025-03-310000017313Burning Glass Intermediate Holding Company, Inc. | Revolving Loans2025-12-310000017313Burning Glass Intermediate Holding Company, Inc. | Revolving Loans2025-03-310000017313Campany Roof Maintenance, LLC | Revolving Loans2025-12-310000017313Campany Roof Maintenance, LLC | Revolving Loans2025-03-310000017313Catbird NYC, LLC | Revolving Loans2025-12-310000017313Catbird NYC, LLC | Revolving Loans2025-03-310000017313Cavalier Buyer, Inc. | Revolving Loans2025-12-310000017313Cavalier Buyer, Inc. | Revolving Loans2025-03-310000017313CDC Dental Management Co., LLC | Revolving Loans2025-12-310000017313CDC Dental 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Revolving Loans2025-12-310000017313Mid-Florida Endodontics Management Company, LLC | Revolving Loans2025-03-310000017313Mission Critical Group, LLC | Revolving Loans2025-12-310000017313Mission Critical Group, LLC | Revolving Loans2025-03-310000017313Monroe Biomedical Research, LLC | Revolving Loans2025-12-310000017313Monroe Biomedical Research, LLC | Revolving Loans2025-03-310000017313Musiker Discovery Programs, Inc. | Revolving Loans2025-12-310000017313Musiker Discovery Programs, Inc. | Revolving Loans2025-03-310000017313NeuroPsychiatric Hospitals, LLC | Revolving Loans2025-12-310000017313NeuroPsychiatric Hospitals, LLC | Revolving Loans2025-03-310000017313New Skinny Mixes, LLC | Revolving Loans2025-12-310000017313New Skinny Mixes, LLC | Revolving Loans2025-03-310000017313NinjaTrader, Inc. | Revolving Loans2025-12-310000017313NinjaTrader, Inc. | Revolving Loans2025-03-310000017313Pipeline Technique Ltd. | Revolving Loans2025-12-310000017313Pipeline Technique Ltd. | Revolving 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| Delayed Draw Term Loans2025-12-310000017313Better Than Home, Inc. | Delayed Draw Term Loans2025-03-310000017313BP Loenbro Holdings Inc. | Delayed Draw Term Loans2025-12-310000017313BP Loenbro Holdings Inc. | Delayed Draw Term Loans2025-03-310000017313Central Medical Supply LLC | Delayed Draw Term Loans2025-12-310000017313Central Medical Supply LLC | Delayed Draw Term Loans2025-03-310000017313Crafty Apes, LLC | Delayed Draw Term Loans2025-12-310000017313Crafty Apes, LLC | Delayed Draw Term Loans2025-03-310000017313Cumbria Capital MSO, LLC | Delayed Draw Term Loans2025-12-310000017313Cumbria Capital MSO, LLC | Delayed Draw Term Loans2025-03-310000017313DWS Buyer LLC | Delayed Draw Term Loans2025-12-310000017313DWS Buyer LLC | Delayed Draw Term Loans2025-03-310000017313Enstoa, Inc. | Delayed Draw Term Loans2025-12-310000017313Enstoa, Inc. | Delayed Draw Term Loans2025-03-310000017313Exact Borrower, LLC | Delayed Draw Term Loans2025-12-310000017313Exact Borrower, LLC | Delayed Draw Term Loans2025-03-310000017313Ignite Visibility LLC | Delayed Draw Term Loans2025-12-310000017313Ignite Visibility LLC | Delayed Draw Term Loans2025-03-310000017313iVueit, LLC | Delayed Draw Term Loans2025-12-310000017313iVueit, LLC | Delayed Draw Term Loans2025-03-310000017313KMS, LLC | Delayed Draw Term Loans2025-12-310000017313KMS, LLC | Delayed Draw Term Loans2025-03-310000017313LDG Acquisition Company, LLC | Delayed Draw Term Loans2025-12-310000017313LDG Acquisition Company, LLC | Delayed Draw Term Loans2025-03-310000017313LEHR Upfitters, LLC | Delayed Draw Term Loans2025-12-310000017313LEHR Upfitters, LLC | Delayed Draw Term Loans2025-03-310000017313Mid-Florida Endodontics Management Company, LLC | Delayed Draw Term Loans2025-12-310000017313Mid-Florida Endodontics Management Company, LLC | Delayed Draw Term Loans2025-03-310000017313Mission Critical Group, LLC | Delayed Draw Term Loans2025-12-310000017313Mission Critical Group, LLC | Delayed Draw Term Loans2025-03-310000017313Monroe Biomedical Research, LLC | Delayed Draw Term Loans2025-12-310000017313Monroe Biomedical Research, LLC | Delayed Draw Term Loans2025-03-310000017313Muenster Miling Company, LLC | Delayed Draw Term Loans2025-12-310000017313Muenster Miling Company, LLC | Delayed Draw Term Loans2025-03-310000017313Musiker Discovery Programs, Inc. | Delayed Draw Term Loans2025-12-310000017313Musiker Discovery Programs, Inc. | Delayed Draw Term Loans2025-03-310000017313One Group, LLC | Delayed Draw Term Loans2025-12-310000017313One Group, LLC | Delayed Draw Term Loans2025-03-310000017313Pipeline Technique Ltd. | Delayed Draw Term Loans2025-12-310000017313Pipeline Technique Ltd. | Delayed Draw Term Loans2025-03-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loans2025-12-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loans2025-03-310000017313Superior Health Parent LLC | Delayed Draw Term Loans2025-12-310000017313Superior Health Parent LLC | Delayed Draw Term Loans2025-03-310000017313SureKap, LLC | Delayed Draw Term Loans2025-12-310000017313SureKap, LLC | Delayed Draw Term Loans2025-03-310000017313TMT BHC Buyer, Inc. | Delayed Draw Term Loans2025-12-310000017313TMT BHC Buyer, Inc. | Delayed Draw Term Loans2025-03-310000017313unWired Broadband, LLC | Delayed Draw Term Loans2025-12-310000017313unWired Broadband, LLC | Delayed Draw Term Loans2025-03-310000017313Well Labs Plus, LLC | Delayed Draw Term Loans2025-12-310000017313Well Labs Plus, LLC | Delayed Draw Term Loans2025-03-310000017313us-gaap:DelayedDrawTermLoanMember2025-12-310000017313us-gaap:DelayedDrawTermLoanMember2025-03-310000017313Broad Sky Networks, LLC2025-12-310000017313Broad Sky Networks, LLC2025-03-310000017313Spectrum of Hope, LLC 2025-12-310000017313Spectrum of Hope, LLC 2025-03-310000017313cswc:UnusedCommitmentsToLendOtherMember2025-12-310000017313cswc:UnusedCommitmentsToLendOtherMember2025-03-310000017313cswc:DebtCommitmentsMember2025-12-310000017313cswc:DebtCommitmentsMember2025-03-310000017313cswc:FinancialCommitmentYearOneMember2025-12-310000017313cswc:FinancialCommitmentYearOneMember2025-03-310000017313cswc:FinancialCommitmentYearTwoMember2025-12-310000017313cswc:FinancialCommitmentYearTwoMember2025-03-310000017313cswc:FinancialCommitmentYearThreeMember2025-12-310000017313cswc:FinancialCommitmentYearThreeMember2025-03-310000017313cswc:FinancialCommitmentYearFourMember2025-12-310000017313cswc:FinancialCommitmentYearFourMember2025-03-310000017313cswc:FinancialCommitmentYearFiveMember2025-12-310000017313cswc:FinancialCommitmentYearFiveMember2025-03-310000017313cswc:FinancialCommitmentYearSixMember2025-12-310000017313cswc:FinancialCommitmentYearSixMember2025-03-310000017313cswc:FinancialCommitmentYearSevenMember2025-12-310000017313cswc:FinancialCommitmentYearSevenMember2025-03-310000017313Catbird NYC, LLC2025-12-310000017313Catbird NYC, LLC2025-03-310000017313Infolinks Media Buyco, LLC2025-12-310000017313Infolinks Media Buyco, LLC2025-03-310000017313us-gaap:FinancialSupportCapitalContributionsMember2025-12-310000017313us-gaap:FinancialSupportCapitalContributionsMember2025-03-310000017313us-gaap:FinancialStandbyLetterOfCreditMember2025-12-310000017313cswc:ExpirationTrancheOneMemberus-gaap:FinancialStandbyLetterOfCreditMember2025-12-310000017313cswc:ExpirationTrancheTwoMemberus-gaap:FinancialStandbyLetterOfCreditMember2025-12-310000017313cswc:ExpirationTrancheThreeMemberus-gaap:FinancialStandbyLetterOfCreditMember2025-12-3100000173132021-03-310000017313us-gaap:BuildingMember2023-12-310000017313us-gaap:CorporateJointVentureMemberus-gaap:SubsequentEventMember2026-01-220000017313Brandner Design, LLC | Revolving Loan2025-12-310000017313Brandner Design, LLC | Revolving Loan2025-04-012025-12-310000017313Brandner Design, LLC | Revolving Loan2025-03-310000017313Brandner Design, LLC | First Lien 12025-12-310000017313Brandner Design, LLC | First Lien 12025-04-012025-12-310000017313Brandner Design, LLC | First Lien 12025-03-310000017313Brandner Design, LLC | First Lien 22025-12-310000017313Brandner Design, LLC | First Lien 22025-04-012025-12-310000017313Brandner Design, LLC | First Lien 22025-03-310000017313Brandner Design, LLC | Class A Units2025-12-310000017313Brandner Design, LLC | Class A Units2025-04-012025-12-310000017313Brandner Design, LLC | Class A Units2025-03-310000017313Brandner Design, LLC | Warrants2025-12-310000017313Brandner Design, LLC | Warrants2025-04-012025-12-310000017313Brandner Design, LLC | Warrants2025-03-310000017313KMS, LLC | Revolving Loan2025-04-012025-12-310000017313KMS, LLC | Revolving Loan2025-03-310000017313KMS, LLC | First Lien2025-04-012025-12-310000017313KMS, LLC | Delayed Draw Term Loan2025-12-310000017313KMS, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313KMS, LLC | Series A Preferred Units2025-04-012025-12-310000017313National Credit Care, LLC | First Lien - Term Loan A2025-12-310000017313National Credit Care, LLC | First Lien - Term Loan A2025-04-012025-12-310000017313National Credit Care, LLC | First Lien - Term Loan A2025-03-310000017313National Credit Care, LLC | First Lien - Term Loan B2025-12-310000017313National Credit Care, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313National Credit Care, LLC | First Lien - Term Loan B2025-03-310000017313National Credit Care, LLC | Class A-3 Preferred Units2025-12-310000017313National Credit Care, LLC | Class A-3 Preferred Units2025-04-012025-12-310000017313National Credit Care, LLC | Class A-3 Preferred Units2025-03-310000017313National Credit Care, LLC | Warrants2025-12-310000017313National Credit Care, LLC | Warrants2025-04-012025-12-310000017313National Credit Care, LLC | Warrants2025-03-310000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2025-12-310000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2025-04-012025-12-310000017313Spectrum of Hope, LLC | First Lien - Superpriority Term Loan2025-03-310000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2025-04-012025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche A Term Loan2025-03-310000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2025-04-012025-12-310000017313Spectrum of Hope, LLC | First Lien - Tranche B Term Loan2025-03-310000017313Spectrum of Hope, LLC | Common Units2025-12-310000017313Spectrum of Hope, LLC | Common Units2025-04-012025-12-310000017313Spectrum of Hope, LLC | Common Units2025-03-310000017313AAC New Holdco Inc. | First Lien2025-12-310000017313AAC New Holdco Inc. | First Lien2025-04-012025-12-310000017313AAC New Holdco Inc. | First Lien2025-03-310000017313AAC New Holdco Inc. | First Lien - Term Loan A2025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan A2025-04-012025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan A2025-03-310000017313AAC New Holdco Inc. | First Lien - Term Loan B2025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan B2025-04-012025-12-310000017313AAC New Holdco Inc. | First Lien - Term Loan B2025-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12025-04-012025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 12025-03-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22025-04-012025-12-310000017313AAC New Holdco Inc. | Delayed Draw Term Loan 22025-03-310000017313AAC New Holdco Inc. | Preferred Units2025-12-310000017313AAC New Holdco Inc. | Preferred Units2025-04-012025-12-310000017313AAC New Holdco Inc. | Preferred Units2025-03-310000017313AAC New Holdco Inc. | Common Units2025-12-310000017313AAC New Holdco Inc. | Common Units2025-04-012025-12-310000017313AAC New Holdco Inc. | Common Units2025-03-310000017313AAC New Holdco Inc. | Warrants2025-12-310000017313AAC New Holdco Inc. | Warrants2025-04-012025-12-310000017313AAC New Holdco Inc. | Warrants2025-03-310000017313Air Conditioning Specialist, Inc. | Revolving Loan2025-12-310000017313Air Conditioning Specialist, Inc. | Revolving Loan2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | Revolving Loan2025-03-310000017313Air Conditioning Specialist, Inc. | First Lien2025-12-310000017313Air Conditioning Specialist, Inc. | First Lien2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | First Lien2025-03-310000017313Air Conditioning Specialist, Inc. | Delayed Draw Term Loan2025-12-310000017313Air Conditioning Specialist, Inc. | Delayed Draw Term Loan2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | Delayed Draw Term Loan2025-03-310000017313Air Conditioning Specialist, Inc. | Preferred Units2025-12-310000017313Air Conditioning Specialist, Inc. | Preferred Units2025-04-012025-12-310000017313Air Conditioning Specialist, Inc. | Preferred Units2025-03-310000017313American Nuts Operations LLC | First Lien - Term Loan A2025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan A2025-04-012025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan A2025-03-310000017313American Nuts Operations LLC | First Lien - Term Loan B2025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan B2025-04-012025-12-310000017313American Nuts Operations LLC | First Lien - Term Loan B2025-03-310000017313American Nuts Operations LLC | Class A Preferred Units2025-12-310000017313American Nuts Operations LLC | Class A Preferred Units2025-04-012025-12-310000017313American Nuts Operations LLC | Class A Preferred Units2025-03-310000017313American Nuts Operations LLC | Class C Common Units2025-12-310000017313American Nuts Operations LLC | Class C Common Units2025-04-012025-12-310000017313American Nuts Operations LLC | Class C Common Units2025-03-310000017313ArborWorks, LLC | Revolving Loan2025-12-310000017313ArborWorks, LLC | Revolving Loan2025-04-012025-12-310000017313ArborWorks, LLC | Revolving Loan2025-03-310000017313ArborWorks, LLC | First Lien2025-12-310000017313ArborWorks, LLC | First Lien2025-04-012025-12-310000017313ArborWorks, LLC | First Lien2025-03-310000017313ArborWorks, LLC | Class A Units2025-12-310000017313ArborWorks, LLC | Class A Units2025-04-012025-12-310000017313ArborWorks, LLC | Class A Units2025-03-310000017313ArborWorks, LLC | Class A-1 Preferred Units2025-12-310000017313ArborWorks, LLC | Class A-1 Preferred Units2025-04-012025-12-310000017313ArborWorks, LLC | Class A-1 Preferred Units2025-03-310000017313ArborWorks, LLC | Class B-1 Preferred Units2025-12-310000017313ArborWorks, LLC | Class B-1 Preferred Units2025-04-012025-12-310000017313ArborWorks, LLC | Class B-1 Preferred Units2025-03-310000017313ArborWorks, LLC | Class A-1 Common Units2025-12-310000017313ArborWorks, LLC | Class A-1 Common Units2025-04-012025-12-310000017313ArborWorks, LLC | Class A-1 Common Units2025-03-310000017313Catbird NYC, LLC | Revolving Loan2025-12-310000017313Catbird NYC, LLC | Revolving Loan2025-04-012025-12-310000017313Catbird NYC, LLC | Revolving Loan2025-03-310000017313Catbird NYC, LLC | First Lien2025-12-310000017313Catbird NYC, LLC | First Lien2025-04-012025-12-310000017313Catbird NYC, LLC | First Lien2025-03-310000017313Catbird NYC, LLC | Class A Units2025-12-310000017313Catbird NYC, LLC | Class A Units2025-04-012025-12-310000017313Catbird NYC, LLC | Class A Units2025-03-310000017313Catbird NYC, LLC | Class B Units2025-12-310000017313Catbird NYC, LLC | Class B Units2025-04-012025-12-310000017313Catbird NYC, LLC | Class B Units2025-03-310000017313Central Medical Supply LLC | Revolving Loan2025-12-310000017313Central Medical Supply LLC | Revolving Loan2025-04-012025-12-310000017313Central Medical Supply LLC | Revolving Loan2025-03-310000017313Central Medical Supply LLC | First Lien2025-12-310000017313Central Medical Supply LLC | First Lien2025-04-012025-12-310000017313Central Medical Supply LLC | First Lien2025-03-310000017313Central Medical Supply LLC | Delayed Draw Term Loan2025-12-310000017313Central Medical Supply LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313Central Medical Supply LLC | Delayed Draw Term Loan2025-03-310000017313Central Medical Supply LLC | Preferred Units2025-12-310000017313Central Medical Supply LLC | Preferred Units2025-04-012025-12-310000017313Central Medical Supply LLC | Preferred Units2025-03-310000017313Command Group Acquisition, LLC | First Lien2025-12-310000017313Command Group Acquisition, LLC | First Lien2025-04-012025-12-310000017313Command Group Acquisition, LLC | First Lien2025-03-310000017313Command Group Acquisition, LLC | Preferred Units2025-12-310000017313Command Group Acquisition, LLC | Preferred Units2025-04-012025-12-310000017313Command Group Acquisition, LLC | Preferred Units2025-03-310000017313Crafty Apes, LLC | First Lien2025-12-310000017313Crafty Apes, LLC | First Lien2025-04-012025-12-310000017313Crafty Apes, LLC | First Lien2025-03-310000017313Crafty Apes, LLC | Delayed Draw Term Loan2025-12-310000017313Crafty Apes, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313Crafty Apes, LLC | Delayed Draw Term Loan2025-03-310000017313Crafty Apes, LLC | Class A Common Units2025-12-310000017313Crafty Apes, LLC | Class A Common Units2025-04-012025-12-310000017313Crafty Apes, LLC | Class A Common Units2025-03-310000017313Dynamic Communities, LLC | First Lien - Term Loan A2025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan A2025-04-012025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan A2025-03-310000017313Dynamic Communities, LLC | First Lien - Term Loan B2025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313Dynamic Communities, LLC | First Lien - Term Loan B2025-03-310000017313Dynamic Communities, LLC | Class A Preferred units2025-12-310000017313Dynamic Communities, LLC | Class A Preferred units2025-04-012025-12-310000017313Dynamic Communities, LLC | Class A Preferred units2025-03-310000017313Dynamic Communities, LLC | Class B Preferred units2025-12-310000017313Dynamic Communities, LLC | Class B Preferred units2025-04-012025-12-310000017313Dynamic Communities, LLC | Class B Preferred units2025-03-310000017313Dynamic Communities, LLC | Class C Preferred units2025-12-310000017313Dynamic Communities, LLC | Class C Preferred units2025-04-012025-12-310000017313Dynamic Communities, LLC | Class C Preferred units2025-03-310000017313Dynamic Communities, LLC | Common units2025-12-310000017313Dynamic Communities, LLC | Common units2025-04-012025-12-310000017313Dynamic Communities, LLC | Common units2025-03-310000017313GPT Industries, LLC | Revolving Loan2025-12-310000017313GPT Industries, LLC | Revolving Loan2025-04-012025-12-310000017313GPT Industries, LLC | Revolving Loan2025-03-310000017313GPT Industries, LLC | First lien2025-12-310000017313GPT Industries, LLC | First lien2025-04-012025-12-310000017313GPT Industries, LLC | First lien2025-03-310000017313GPT Industries, LLC | Class A Preferred Units2025-12-310000017313GPT Industries, LLC | Class A Preferred Units2025-04-012025-12-310000017313GPT Industries, LLC | Class A Preferred Units2025-03-310000017313GrammaTech, Inc. | Revolving Loan2025-12-310000017313GrammaTech, Inc. | Revolving Loan2025-04-012025-12-310000017313GrammaTech, Inc. | Revolving Loan2025-03-310000017313GrammaTech, Inc. | First Lien2025-12-310000017313GrammaTech, Inc. | First Lien2025-04-012025-12-310000017313GrammaTech, Inc. | First Lien2025-03-310000017313GrammaTech, Inc. | Class A Units2025-12-310000017313GrammaTech, Inc. | Class A Units2025-04-012025-12-310000017313GrammaTech, Inc. | Class A Units2025-03-310000017313GrammaTech, Inc. | Class A-1 Units2025-12-310000017313GrammaTech, Inc. | Class A-1 Units2025-04-012025-12-310000017313GrammaTech, Inc. | Class A-1 Units2025-03-310000017313Gravitiq LLC | Revolving Loan2025-12-310000017313Gravitiq LLC | Revolving Loan2025-04-012025-12-310000017313Gravitiq LLC | Revolving Loan2025-03-310000017313Gravitiq LLC | First Lien - Term Loan A2025-12-310000017313Gravitiq LLC | First Lien - Term Loan A2025-04-012025-12-310000017313Gravitiq LLC | First Lien - Term Loan A2025-03-310000017313Gravitiq LLC | First Lien - Term Loan B2025-12-310000017313Gravitiq LLC | First Lien - Term Loan B2025-04-012025-12-310000017313Gravitiq LLC | First Lien - Term Loan B2025-03-310000017313Gravitiq LLC | Warrants2025-12-310000017313Gravitiq LLC | Warrants2025-04-012025-12-310000017313Gravitiq LLC | Warrants2025-03-310000017313ITA Holdings Group, LLC | Revolving Loan2025-12-310000017313ITA Holdings Group, LLC | Revolving Loan2025-04-012025-12-310000017313ITA Holdings Group, LLC | Revolving Loan2025-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan2025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan2025-04-012025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan2025-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan B2025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan B2025-03-310000017313ITA Holdings Group, LLC | First Lien - Term Loan C2025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan C2025-04-012025-12-310000017313ITA Holdings Group, LLC | First Lien - Term Loan C2025-03-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - A2025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - A2025-04-012025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - A2025-03-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - B2025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - B2025-04-012025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan - B2025-03-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan2025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313ITA Holdings Group, LLC | Delayed Draw Term Loan2025-03-310000017313ITA Holdings Group, LLC | Warrants 12025-12-310000017313ITA Holdings Group, LLC | Warrants 12025-04-012025-12-310000017313ITA Holdings Group, LLC | Warrants 12025-03-310000017313ITA Holdings Group, LLC | Warrants 22025-12-310000017313ITA Holdings Group, LLC | Warrants 22025-04-012025-12-310000017313ITA Holdings Group, LLC | Warrants 22025-03-310000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2025-12-310000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2025-04-012025-12-310000017313ITA Holdings Group, LLC | 9.25% Class A Membership Interest2025-03-310000017313iVueit, LLC | Revolving Loan2025-12-310000017313iVueit, LLC | Revolving Loan2025-04-012025-12-310000017313iVueit, LLC | Revolving Loan2025-03-310000017313iVueit, LLC | First Lien2025-12-310000017313iVueit, LLC | First Lien2025-04-012025-12-310000017313iVueit, LLC | First Lien2025-03-310000017313iVueit, LLC | Delayed Draw Term Loan2025-12-310000017313iVueit, LLC | Delayed Draw Term Loan2025-04-012025-12-310000017313iVueit, LLC | Delayed Draw Term Loan2025-03-310000017313iVueit, LLC | Preferred Units2025-12-310000017313iVueit, LLC | Preferred Units2025-04-012025-12-310000017313iVueit, LLC | Preferred Units2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan2025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan2025-04-012025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | First Lien2025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | First Lien2025-04-012025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | First Lien2025-03-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Class A Units2025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Class A Units2025-04-012025-12-310000017313Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Class A Units2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | First Lien2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | First Lien2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | First Lien2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Second Lien2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Second Lien2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Second Lien2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Series A Preferred units2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Series A Preferred units2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Series A Preferred units2025-03-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Common units2025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Common units2025-04-012025-12-310000017313Lighting Retrofit International, LLC (DBA Envocore) | Common units2025-03-310000017313Local Web Leads, LLC | Revolving Loan2025-12-310000017313Local Web Leads, LLC | Revolving Loan2025-04-012025-12-310000017313Local Web Leads, LLC | Revolving Loan2025-03-310000017313Local Web Leads, LLC | First Lien - Term Loan A2025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan A2025-04-012025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan A2025-03-310000017313Local Web Leads, LLC | First Lien - Term Loan B2025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan B2025-04-012025-12-310000017313Local Web Leads, LLC | First Lien - Term Loan B2025-03-310000017313Local Web Leads, LLC | Common Units2025-12-310000017313Local Web Leads, LLC | Common Units2025-04-012025-12-310000017313Local Web Leads, LLC | Common Units2025-03-310000017313Pool Service Partners, Inc. | Revolving Loan2025-12-310000017313Pool Service Partners, Inc. | Revolving Loan2025-04-012025-12-310000017313Pool Service Partners, Inc. | Revolving Loan2025-03-310000017313Pool Service Partners, Inc. | First Lien2025-12-310000017313Pool Service Partners, Inc. | First Lien2025-04-012025-12-310000017313Pool Service Partners, Inc. | First Lien2025-03-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loan2025-12-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loan2025-04-012025-12-310000017313Pool Service Partners, Inc. | Delayed Draw Term Loan2025-03-310000017313Pool Service Partners, Inc. | Common units2025-12-310000017313Pool Service Partners, Inc. | Common units2025-04-012025-12-310000017313Pool Service Partners, Inc. | Common units2025-03-310000017313Precision Spray & Coatings, LLC | First Lien2025-12-310000017313Precision Spray & Coatings, LLC | First Lien2025-04-012025-12-310000017313Precision Spray & Coatings, LLC | First Lien2025-03-310000017313Precision Spray & Coatings, LLC | Class A-2 Units2025-12-310000017313Precision Spray & Coatings, LLC | Class A-2 Units2025-04-012025-12-310000017313Precision Spray & Coatings, LLC | Class A-2 Units2025-03-310000017313Rodizio Opco LLC | Revolving Loan2025-12-310000017313Rodizio Opco LLC | Revolving Loan2025-04-012025-12-310000017313Rodizio Opco LLC | Revolving Loan2025-03-310000017313Rodizio Opco LLC | First Lien2025-12-310000017313Rodizio Opco LLC | First Lien2025-04-012025-12-310000017313Rodizio Opco LLC | First Lien2025-03-310000017313Rodizio Opco LLC | Common Units2025-12-310000017313Rodizio Opco LLC | Common Units2025-04-012025-12-310000017313Rodizio Opco LLC | Common Units2025-03-310000017313Roseland Management, LLC | Revolving Loan2025-12-310000017313Roseland Management, LLC | Revolving Loan2025-04-012025-12-310000017313Roseland Management, LLC | Revolving Loan2025-03-310000017313Roseland Management, LLC | First Lien2025-12-310000017313Roseland Management, LLC | First Lien2025-04-012025-12-310000017313Roseland Management, LLC | First Lien2025-03-310000017313Roseland Management, LLC | Class A-2 Units2025-12-310000017313Roseland Management, LLC | Class A-2 Units2025-04-012025-12-310000017313Roseland Management, LLC | Class A-2 Units2025-03-310000017313Roseland Management, LLC | Class A-1 Units2025-12-310000017313Roseland Management, LLC | Class A-1 Units2025-04-012025-12-310000017313Roseland Management, LLC | Class A-1 Units2025-03-310000017313Roseland Management, LLC | Class A Units2025-12-310000017313Roseland Management, LLC | Class A Units2025-04-012025-12-310000017313Roseland Management, LLC | Class A Units2025-03-310000017313Sonobi, Inc. | Class A Common Units2025-12-310000017313Sonobi, Inc. | Class A Common Units2025-04-012025-12-310000017313Sonobi, Inc. | Class A Common Units2025-03-310000017313STATinMED, LLC | First Lien2025-12-310000017313STATinMED, LLC | First Lien2025-04-012025-12-310000017313STATinMED, LLC | First Lien2025-03-310000017313STATinMED, LLC | Class A Preferred Units2025-12-310000017313STATinMED, LLC | Class A Preferred Units2025-04-012025-12-310000017313STATinMED, LLC | Class A Preferred Units2025-03-310000017313STATinMED, LLC | Class B Preferred Units2025-12-310000017313STATinMED, LLC | Class B Preferred Units2025-04-012025-12-310000017313STATinMED, LLC | Class B Preferred Units2025-03-310000017313Student Resource Center LLC | First Lien2025-12-310000017313Student Resource Center LLC | First Lien2025-04-012025-12-310000017313Student Resource Center LLC | First Lien2025-03-310000017313Student Resource Center LLC | Senior Preferred units2025-12-310000017313Student Resource Center LLC | Senior Preferred units2025-04-012025-12-310000017313Student Resource Center LLC | Senior Preferred units2025-03-310000017313Student Resource Center LLC | Preferred units 12025-12-310000017313Student Resource Center LLC | Preferred units 12025-04-012025-12-310000017313Student Resource Center LLC | Preferred units 12025-03-310000017313Student Resource Center LLC | Preferred units 22025-12-310000017313Student Resource Center LLC | Preferred units 22025-04-012025-12-310000017313Student Resource Center LLC | Preferred units 22025-03-310000017313TalkNY Management Holdings, LLC | First Lien2025-12-310000017313TalkNY Management Holdings, LLC | First Lien2025-04-012025-12-310000017313TalkNY Management Holdings, LLC | First Lien2025-03-310000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2025-12-310000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2025-04-012025-12-310000017313TalkNY Management Holdings, LLC | Class A-1 Preferred Units2025-03-310000017313White Plains Linen LLC | Revolving Loan2025-12-310000017313White Plains Linen LLC | Revolving Loan2025-04-012025-12-310000017313White Plains Linen LLC | Revolving Loan2025-03-310000017313White Plains Linen LLC | First Lien - Term Loan A2025-12-310000017313White Plains Linen LLC | First Lien - Term Loan A2025-04-012025-12-310000017313White Plains Linen LLC | First Lien - Term Loan A2025-03-310000017313White Plains Linen LLC | First Lien - Term Loan B2025-12-310000017313White Plains Linen LLC | First Lien - Term Loan B2025-04-012025-12-310000017313White Plains Linen LLC | First Lien - Term Loan B2025-03-310000017313White Plains Linen LLC | 16.75% LP Interest2025-12-310000017313White Plains Linen LLC | 16.75% LP Interest2025-04-012025-12-310000017313White Plains Linen LLC | 16.75% LP Interest2025-03-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-12-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-04-012025-12-310000017313us-gaap:InvestmentAffiliatedIssuerMember2025-03-310000017313cswc:CreditFacilityMember2025-04-012025-12-310000017313cswc:A2029ConvertibleNotesMember2025-04-012025-12-310000017313cswc:SBADebenturesMember2025-04-012025-12-31

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~~December 3031, 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.

5760,~~466~~162,~~998~~020 shares of Common Stock, $0.25 value per share, as of ~~October~~January 3029, ~~2025~~2026.

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 Assets and Liabilities as of December 31, 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 Operations (Unaudited) for the three and nine months ended December 31, 2025 and 2024

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

Consolidated Statements of Changes in Net Assets (Unaudited) for the nine months ended December 31, 2025 and 2024

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

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2025 and 2024

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

Consolidated Schedule of Investments as of December 31, 2025 (Unaudited) and March 31, 2025

Notes to Consolidated Financial Statements (Unaudited)

5456

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

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months ended December 31, 2025

Item 2.

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

~~100~~102

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

~~117~~119

Item 4.

Controls and Procedures

~~119~~120

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

~~120~~121

Item1A.

Risk Factors

~~120~~121

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

~~120~~121

Item 3.

Defaults Upon Senior Securities

~~120~~121

Item 4.

Mine Safety Disclosures

~~120~~121

Item 5.

Other Information

~~120~~121

Item 6.

Exhibits

~~121~~122

Signatures

~~123~~124

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except shares and per share data)
	September 30,		March 31,
	December 31,		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
Non-control/Non-affiliate investments (Cost: $1,608,987 and $1,403,623, respectively)	$	1,607,833	$	1,436,316
Affiliate investments (Cost: $334,800 and $304,824, respectively)	334,811		292,891
Affiliate investments (Cost: $349,820 and $304,824, respectively)	350,001		292,891
Control investments (Cost: $71,681 and $70,913, respectively)	54,693		56,092
Control investments (Cost: $72,359 and $70,913, respectively)	55,371		56,092
Total investments (Cost: $1,896,526 and $1,779,360, respectively)	1,877,907		1,785,299
Total investments (Cost: $2,031,166 and $1,779,360, respectively)	2,013,205		1,785,299
Cash and cash equivalents	8742,~~429~~559		43,221
Restricted cash	1,650		1,650
Receivables:
Dividends and interest	3336,~~031~~801		30,303
Escrow	1,~~855~~988		1,926
Other	2,~~698~~630		2,018
Income tax receivable	48440		94
Debt issuance costs (net of accumulated amortization of $11,764 and $10,357, respectively)	8,277		9,266
Debt issuance costs (net of accumulated amortization of $12,468 and $10,357, respectively)	7,573		9,266
Other assets	89,~~429~~075		9,063
Total assets	$	2,~~021~~115,~~324~~921	$	1,882,840
Liabilities
SBA Debentures (net of $4,088 and $4,082, respectively, of unamortized debt issuance costs)	$	170,912	$	170,918
SBA Debentures (net of $4,375 and $4,082, respectively, of unamortized debt issuance costs)	$	190,625	$	170,918
October 2026 Notes (net of $769 and $1,154, respectively, of unamortized debt issuance costs)	149,231		148,846
October 2026 Notes (net of $0 and $1,154, respectively, of unamortized debt issuance costs)	—		148,846
August 2028 Notes (net of $1,429 and $1,681, respectively, of unamortized debt issuance costs)	70,446		70,194
August 2028 Notes (net of $0 and $1,681, respectively, of unamortized debt issuance costs)	—		70,194
2029 Convertible Notes (net of $6,153 and $6,893, respectively, of unamortized debt issuance costs)	223,847		223,107
2029 Convertible Notes (net of $5,783 and $6,893, respectively, of unamortized debt issuance costs)	224,217		223,107
September 2030 Notes (net of $6,678 and $0, respectively, of unamortized debt issuance costs)	343,322		—
September 2030 Notes (net of $6,360 and $0, respectively, of unamortized debt issuance costs)	343,640		—
Credit Facilities	77314,000		343,000
Other liabilities	2129,~~079~~950		23,038
Accrued restoration plan liability	~~545~~540		555
Income tax payable	32,~~077~~289		2,769
Deferred tax liability	1415,~~861~~026		16,780
Total liabilities	1,~~074~~120,~~320~~287		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
Common stock, $0.25 par value: authorized, 75,000,000 shares at December 31, 2025 and March 31, 2025; issued, 59,456,961 shares at December 31, 2025 and 52,912,796 shares at March 31, 2025	14,864		13,228
Additional paid-in capital	1,~~040~~057,~~244~~225		959,123
Total distributable (loss) earnings	(~~107~~76,~~482~~455)		(88,718)
Total net assets	~~947~~995,~~004~~634		883,633
Total liabilities and net assets	$	2,~~021~~115,~~324~~921	$	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
Net asset value per share (59,456,961 shares outstanding at December 31, 2025 and 52,912,796 shares outstanding at March 31, 2025)	$	16.75	$	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~~Nine Months Ended
	September 30,				September 30,
	December 31,				December 31,
	2025		2024		2025		2024
Investment income:
Interest income:
Non-control/Non-affiliate investments	$	40,~~746~~987	$	3837,~~621~~789	$	81122,~~984~~971	$	76114,~~557~~346
Affiliate investments	67,~~831~~326		4,~~727~~767		1219,~~087~~413		914,~~486~~253
Control investments	~~681~~500		~~350~~333		1,~~302~~801		~~642~~975
Payment-in-kind interest income:
Non-control/Non-affiliate investments	13,~~673~~513		12,~~835~~717		37,~~749~~262		47,~~308~~025
Affiliate investments	~~912~~999		~~563~~529		12,~~865~~864		1,~~141~~670
Control investments	~~209~~73		—		~~440~~513		—
Dividend income:
Non-control/Non-affiliate investments	52199		~~572~~586		1,~~660~~860		23,~~939~~525
Affiliate investments	23,~~690~~549		—		48,~~735~~283		51
Control investments	—		—		24		—
Fee income:
Non-control/Non-affiliate investments	12,~~740~~841		~~954~~3,671		35,~~136~~977		26,~~918~~589
Affiliate investments	~~770~~690		~~584~~525		~~959~~1,649		~~918~~1,443
Control investments	2327		98		4674		6775
Other income	~~618~~743		~~491~~1,048		~~905~~1,648		12,~~033~~081
Total investment income	5661,~~945~~447		4851,~~706~~973		~~112~~174,~~892~~339		~~100~~152,~~060~~033
Operating expenses:
Compensation	24,~~631~~571		12,~~990~~388		611,~~587~~158		57,~~456~~844
Share-based compensation	1,~~270~~290		1,~~538~~544		23,~~413~~703		24,~~762~~306
Interest	1618,~~020~~052		1214,~~587~~717		3149,~~284~~336		2539,~~034~~751
Professional fees	1,~~341~~200		~~1,095~~998		23,~~551~~751		23,~~452~~450
General and administrative	1,~~666~~703		1,~~482~~643		35,~~323~~026		34,~~056~~699
Total operating expenses	2226,~~928~~816		1821,~~692~~290		4672,~~158~~974		3860,~~760~~050
Income before taxes	34,~~017~~631		30,~~014~~683		66101,~~734~~365		6191,~~300~~983
Federal income, excise and other taxes	~~1,149~~2		~~325~~474		2,~~248~~249		~~542~~1,016
Deferred taxes	~~884~~(2,356)		(~~1,476~~107)		~~613~~(1,743)		~~734~~627
Total income tax provision (benefit)	2,033		(1,151)		2,861		1,276
Total income tax (benefit) provision	(2,354)		367		506		1,643
Net investment income	$	3136,~~984~~985	$	3130,~~165~~316	$	63100,~~873~~859	$	6090,~~024~~340
Realized (loss) gain
Realized gain (loss)
Non-control/Non-affiliate investments	$	~~3,485~~(168)	$	(1012,~~289~~889)	$	21,~~331~~163	$	(922,~~485~~374)
Affiliate investments	~~(7,652)~~1		—84		(3,~~565~~564)		~~167~~251
Control investments	—		—		—		(260)
Income tax provision	(759)		—		(6,988)		—
Income tax benefit (provision)	392		—		(6,596)		—
Total net realized (loss) gain on investments, net of tax	(4,926)		(10,289)		10,778		(9,578)
Total net realized gain (loss) on investments, net of tax	225		(12,805)		11,003		(22,383)
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments	~~(12,146)~~489		(15,~~866~~229)		(3433,~~208~~719)		(1419,~~226~~455)
Affiliate investments	~~10,757~~170		37,~~669~~745		11,~~815~~984		~~(552)~~7,193
Control investments	~~1,010~~—		(8354)		(2,166)		~~762~~408
Income tax (provision) benefit	(1,058)		13		2,530		289
Income tax provision	(2,817)		(3,009)		(287)		(2,720)
Total net unrealized (depreciation) appreciation on investments, net of tax	(12,~~437~~158)		~~1,808~~(847)		(2224,~~029~~188)		(1314,~~727~~574)
Net realized and unrealized (losses) gains on investments	(61,~~363~~933)		(813,~~481~~652)		(1113,~~251~~185)		(2336,~~305~~957)
Realized loss on disposal of fixed assets	(2)		—		(2)		—
Realized loss on extinguishment of debt	(2,156)		(387)		(2,156)		(387)
Net increase in net assets from operations	$	25,619	$	22,684	$	52,620	$	36,719
Realized loss on disposal of fixed assets	—		(9)		(2)		(9)
Pre-tax net investment income per share - basic	$	0.61	$	0.64	$	1.21	$	1.32
Net increase in net assets from operations	$	32,896	$	16,268	$	85,516	$	52,987
Net investment income per share – basic	$	0.57	$	0.66	$	1.16	$	1.29
Pre-tax net investment income per share - basic	$	0.60	$	0.64	$	1.81	$	1.95
Net increase in net assets from operations – basic	$	0.46	$	0.48	$	0.95	$	0.79
Net investment income per share – basic	$	0.64	$	0.63	$	1.80	$	1.92
Net increase in net assets from operations - diluted	$	0.44	$	0.48	$	0.92	$	0.79
Net increase in net assets from operations – basic	$	0.57	$	0.34	$	1.52	$	1.13
Weighted average common shares outstanding – basic	55,544,095		47,242,863		54,536,084		46,458,435
Net increase in net assets from operations - diluted	$	0.54	$	0.34	$	1.46	$	1.12
Weighted average common shares outstanding – diluted	64,830,413		47,242,863		63,809,345		46,458,435
Weighted average common shares outstanding – basic	57,530,942		48,315,228		55,538,000		47,079,617
Weighted average common shares outstanding – diluted	66,842,796		54,121,844		64,824,145		49,022,194

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
0	Common Stock			0	Treasury Stock			0	Additional Paid-In Capital		0	Total Distributable Earnings (Loss)		0	Total Net Asset Value
	Number of Shares	Par Value			Number of Shares	Par Value
0	Number of Shares	Par Value		0	Number of Shares	Par Value		0			0			0
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 realized gain on investments, net of tax	—	—			—	—			—			711			711
Net unrealized depreciation on investments	—	—			—	—			—			(15,535)			(15,535)
Net unrealized depreciation on investments, net of tax	—	—			—	—			—			(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 realized loss on investments, net of tax, and extinguishment of debt	—	—			—	—			—			(10,289)			(10,289)
Net unrealized appreciation on investments	—	—			—	—			—			1,808			1,808
Net unrealized appreciation on investments, net of tax	—	—			—	—			—			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	2,364,147	$	591		—	$	—		$	52,324		$	—		$	52,915
Issuance of common stock	2,034,917	509			—	—			40,663			—			41,172
Share-based compensation	—	—			—	—			1,544			—			1,544
Share-based compensation	—	—			—	—			1,143			—			1,143
Issuance of common stock under restricted stock plan, net of forfeitures	500	—			—	—			—			—			—
Issuance of common stock under restricted stock plan, net of forfeitures	332,250	83			—	—			(83)			—			—
Dividends to shareholders	—	—			—	—			—			(31,532)			(31,532)
Common stock withheld for payroll taxes upon vesting of restricted stock	(52,593)	(13)			—	—			(1,107)			—			(1,120)
Change in restoration plan liability	—	—			—	—			(11)			—			(11)
Dividends to shareholders	—	—			—	—			—			(35,344)			(35,344)
Reclassification for certain permanent book-to-tax differences	—	—			—	—			(5,521)			5,521			—
Change in restoration plan liability	—	—			—	—			(11)			—			(11)
Net investment income	—	—			—	—			—			30,316			30,316
Net investment income	—	—			—	—			—			31,889			31,889
Net realized loss on investments, net of tax, and extinguishment of debt	—	—			—	—			—			(13,201)			(13,201)
Net realized gain on investments	—	—			—	—			—			15,704			15,704
Net unrealized depreciation on investments, net of tax	—	—			—	—			—			(847)			(847)
Net unrealized depreciation on investments	—	—			—	—			—			(20,592)			(20,592)
Balances at December 31, 2024	50,051,332	$	12,513		—	$	—		$	903,513		$	(85,584)		$	830,442
Balances at June 30, 2025	55,227,370	$	13,807		—	$	—		$	999,728		$	(97,061)		$	916,474
Balances at March 31, 2025	52,912,796	$	13,228		—	$	—		$	959,123		$	(88,718)		$	883,633
Issuance of common stock	12,~~766~~034,~~975~~917	~~442~~509			—	—			3940,~~251~~663			—			3941,~~693~~172
Share-based compensation	—	—			—	—			1,~~270~~143			—			1,~~270~~143
Issuance of common stock under restricted stock plan, net of forfeitures	~~(27~~332,~~347)~~250	~~(7)~~83			—	—			7(83)			—			—
Dividends to shareholders	—	—			—	—			—			(36,040)			(36,040)
Common stock withheld for payroll taxes upon vesting of restricted stock	(52,593)	(13)			—	—			(1,107)			—			(1,120)
Change in restoration plan liability	—	—			—	—			(12)			—			(12)
Dividends to shareholders	—	—			—	—			—			(35,344)			(35,344)
Net investment income	—	—			—	—			—			31,984			31,984
Change in restoration plan liability	—	—			—	—			(11)			—			(11)
Net realized loss on investments and disposal of fixed assets	—	—			—	—			—			(4,928)			(4,928)
Net investment income	—	—			—	—			—			31,889			31,889
Net unrealized depreciation on investments	—	—			—	—			—			(1,437)			(1,437)
Net realized gain on investments, net of tax	—	—			—	—			—			15,704			15,704
Balances at September 30, 2025	56,966,998	$	14,242		—	$	—		$	1,040,244		$	(107,482)		$	947,004
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
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, net of tax, and disposal of fixed assets	—	—			—	—			—			(4,928)			(4,928)
Net unrealized depreciation on investments, net of tax	—	—			—	—			—			(1,437)			(1,437)
Balances at September 30, 2025	56,966,998	$	14,242		—	$	—		$	1,040,244		$	(107,482)		$	947,004
Issuance of common stock	2,490,000	$	622		—	$	—		$	51,134		$	—		$	51,756
Share-based compensation	—	—			—	—			1,290			—			1,290
Common stock withheld for payroll taxes upon vesting of restricted stock	(37)	—			—	—			(1)			—			(1)
Dividends to shareholders	—	—			—	—			—			(37,299)			(37,299)
Change in restoration plan liability	—	—			—	—			(12)			—			(12)
Reclassification for certain permanent book-to-tax differences	—	—			—	—			(35,430)			35,430			—
Net investment income	—	—			—	—			—			36,985			36,985
Net realized loss on investments, net of tax, and extinguishment of debt	—	—			—	—			—			(1,931)			(1,931)
Net unrealized depreciation on investments, net of tax	—	—			—	—			—			(2,158)			(2,158)
Balances at December 31, 2025	59,456,961	$	14,864		—	$	—		$	1,057,225		$	(76,455)		$	995,634

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	Six Months Ended
	Nine Months Ended
	September 30,
	December 31,
	2025		2024
Cash flows from operating activities
Net increase in net assets from operations	$	5285,~~620~~516	$	3652,~~719~~987
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~~524,~~711~~681)		(~~194~~466,~~049~~893)
Proceeds from sales and repayments of debt investments in portfolio companies	~~114~~273,~~745~~602		~~153~~226,~~053~~909
Proceeds from sales and return of capital of equity investments in portfolio companies	3031,~~918~~520		—
Payment of accreted original issue discounts	12,~~211~~141		1,~~753~~839
Payment of accrued payment-in-kind interest	510		—23
Depreciation and amortization	35,~~436~~211		24,~~598~~193
Net pension benefit	(3350)		(3349)
Realized (gain) loss on investments before income tax	(17,~~846~~550)		922,~~624~~431
Realized loss on disposal of fixed assets	2		—
Realized loss on extinguishment of debt	2,154		387
Net unrealized depreciation on investments before income tax	24,559		14,016
Realized loss on disposal of fixed assets	2		9
Accretion of discounts on investments	(4,765)		(3,091)
Net unrealized depreciation on investments before income tax	23,901		11,854
Payment-in-kind interest	(6,115)		(6,065)
Accretion of discounts on investments	(7,333)		(4,731)
Share-based compensation expense	2,413		2,762
Payment-in-kind interest	(10,137)		(8,804)
Deferred income taxes	(1,918)		592
Share-based compensation expense	3,703		4,306
Changes in other assets and liabilities:
Deferred income taxes	(1,753)		3,631
Increase in dividend and interest receivable	(2,634)		(7,585)
Changes in other assets and liabilities:
Decrease in escrow receivables	59		23
Increase in dividend and interest receivable	(6,402)		(5,994)
Decrease (increase) in tax receivable	47		(148)
(Increase) decrease in escrow receivables	(75)		23
Decrease (increase) in other receivables	1,123		(863)
Increase in tax receivable	(345)		(332)
Decrease in other assets	604		590
Increase in other receivables	(575)		(3,455)
Increase in taxes payable	309		518
Increase in other assets	(154)		(1,447)
Decrease in other liabilities	(2,265)		(3,120)
(Decrease) increase in taxes payable	(480)		969
Net cash (used in) provided by operating activities	(40,731)		7,294
Increase in other liabilities	6,910		3,614
Cash flows from investing activities
Net cash (used in) provided by operating activities	(134,365)		(158,530)
Acquisition of fixed assets	(222)		(522)
Cash flows from investing activities
Net cash used in investing activities	(222)		(522)
Acquisition of fixed assets	(237)		(1,270)
Cash flows from financing activities
Net cash used in investing activities	(237)		(1,270)
Proceeds from common stock offering	80,896		58,036
Cash flows from financing activities
Borrowings under Credit Facilities	199,000		144,000
Proceeds from common stock offering	132,661		110,951
Repayments of Credit Facilities	(465,000)		(131,000)
Borrowings under Credit Facilities	523,000		274,000
Debt issuance costs paid	(1,440)		(954)
Repayments of Credit Facilities	(552,000)		(231,000)
Proceeds from issuance of September 2030 Notes	344,208		—
Debt issuance costs paid	(1,763)		(1,553)
Dividends to shareholders	(71,383)		(60,028)
Proceeds from issuance of SBA Debentures	19,513		21,464
Common stock withheld for payroll taxes upon vesting of restricted stock	(1,120)		(1,862)
Proceeds from issuance of September 2030 Notes	344,208		—
Net cash provided by financing activities	85,161		8,192
Proceeds from issuance of 2029 Convertible Notes	—		223,100
Net increase in cash, cash equivalents and restricted cash	44,208		14,964
Redemption of January 2026 Notes	—		(140,000)
Cash and cash equivalents at beginning of period	44,871		32,273
Redemption of October 2026 Notes	(150,000)		—
Cash, cash equivalents and restricted cash at end of period	$	89,079	$	47,237
Redemption of August 2028 Notes	(71,875)		—
Supplemental cash flow disclosures:
Dividends to shareholders	(108,683)		(91,560)
Cash paid for income taxes	$	8,952	$	115
Common stock withheld for payroll taxes upon vesting of restricted stock	(1,121)		(1,862)
Cash paid for interest	29,678		22,546
Net cash provided by financing activities	133,940		163,540
Net (decrease) increase in cash, cash equivalents and restricted cash	(662)		3,740
Cash and cash equivalents at beginning of period	44,871		32,273
Cash, cash equivalents and restricted cash at end of period	$	44,209	$	36,013
Supplemental cash flow disclosures:
Cash paid for income taxes	$	10,046	$	184
Cash paid for interest	41,053		32,494

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,
	Nine Months Ended December 31,
	2025		2024
Cash and cash equivalents	$	8742,~~429~~559	$	4736,~~237~~013
Restricted cash	1,650		—
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	$	8944,~~079~~209	$	4736,~~237~~013

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

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal		~~Principal~~Cost12,17		Fair Value4		~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
Building & Infrastructure Products
BRANDNER DESIGN, LLC	Revolving Loan	~~Revolving Loan~~	15.99%	~~16.30%~~SOFR (Q)	~~SOFR (Q)~~12.00%	122.00%	215.0099%	~~2.00%~~	4/15/2024	~~4/15/2024~~	4/13/2029	~~4/13/2029~~	$	140	~~135~~$	130	$	99	~~125~~(7)(10)(16)			~~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)
	Revolving Loan		18.00%	Fixed					4/15/2024		4/13/2029		300		300		229		(7)(10)(16)
																			8,794			6,610
	First Lien		15.99%	SOFR (Q)	12.00%	2.00%	15.99%		4/15/2024		4/13/2029		9,138		9,035		6,780		(7)(16)
Subtotal: Building & Infrastructure Products																			8,794			6,610		0.70	%
	First Lien		8.00%	Fixed			8.00%		11/28/2025		4/13/2029		136		136		136		(7)(16)
Business Services
															9,601		7,244
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)
Subtotal: Building & Infrastructure Products															9,601		7,244			0.73	%
		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)
Business Services
																			10,017			10,051
DYNAMIC COMMUNITIES, LLC	First Lien - Term Loan A		11.82%	SOFR (M)	8.00%	2.00%	11.82%		12/20/2022		12/31/2026		5,223		5,212		4,961		(6)
GAINS INTERMEDIATE, LLC		Revolving Loan			SOFR	8.00%	2.00%			12/15/2022		12/15/2027			—				(22)			—
	First Lien - Term Loan B		12.82%	SOFR (M)	9.00%	2.00%			12/20/2022		12/31/2026		4,985		4,963		4,736		(6)
		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
															10,175		9,697
		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)
GAINS INTERMEDIATE, LLC	Revolving Loan			SOFR	8.00%	2.00%			12/15/2022		12/15/2027		—		(20)		—
																			14,574			10,739
	First Lien - Term Loan A		11.25%	SOFR (Q)	7.00%	2.00%	11.25%		12/15/2022		12/15/2027		7,558		7,486		5,744
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 - Term Loan B		9.25%	SOFR (Q)	5.00%	2.00%	9.25%		12/15/2022		12/15/2027		7,413		7,330		5,160		(16)
		First Lien		10.29%	SOFR (Q)	6.00%	2.00%			2/3/2025		2/1/2030			10,000				9,910			9,910	(6)
															14,796		10,904
		Delayed Draw Term Loan			SOFR	6.00%	2.00%			2/3/2025		2/1/2030			—				—			—	(6)(10)
IVUEIT, LLC	Revolving Loan			SOFR	6.00%	2.00%			2/3/2025		2/1/2030		—		(8)		—		(6)(10)
																			10,151			10,158
	First Lien		9.99%	SOFR (Q)	6.00%	2.00%			2/3/2025		2/1/2030		10,000		9,915		10,000		(6)
SPOTLIGHT AR, LLC		Revolving Loan			SOFR	6.75%	1.00%			12/8/2021		6/8/2026			—				(6)			—	(10)
	Delayed Draw Term Loan			SOFR	6.00%	2.00%			2/3/2025		2/1/2030		—		—		—		(6)(10)
		First Lien		11.19%	SOFR (Q)	6.75%	1.00%			12/8/2021		6/8/2026			4,275				4,259			4,275
															9,907		10,000
																			4,253			4,275
SPOTLIGHT AR, LLC	Revolving Loan			SOFR	6.75%	1.00%			12/8/2021		6/8/2026		—		(4)		—		(10)
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
	First Lien		10.89%	SOFR (Q)	6.75%	1.00%			12/8/2021		6/8/2026		4,256		4,246		4,256
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)
															4,242		4,256
		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
US COURTSCRIPT HOLDINGS, INC.	First Lien		10.50%	SOFR (Q)	6.25%	1.00%			5/17/2022		5/17/2027		13,400		13,257		13,159
		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 SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
Commerical Services & Supplies
WINTER SERVICES OPERATIONS, LLC	Revolving Loan		11.57%	SOFR (Q)	7.50%	1.00%			11/19/2021		11/19/2027		8,089	7,946	8,089	(10)(20)
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 - Term Loan A		10.75%	SOFR (Q)	6.50%	1.00%			1/16/2024		11/19/2027		14,479	14,313	14,479
		First Lien		9.50%	SOFR (Q)	5.50%	1.50%			9/19/2024		9/19/2029		31,657		31,101			31,436
	First Lien - Term Loan B		12.75%	SOFR (Q)	8.50%	1.00%			1/16/2024		11/19/2027		14,479	14,317	14,479
	Delayed Draw Term Loan	~~Delayed Draw Term Loan~~	11.75%	~~9.50%~~SOFR (Q)	~~SOFR (Q)~~7.50%	51.5000%	~~1.50%~~		11/19/2021	~~4/29/2025~~	11/19/2027	~~9/19/2029~~	3,748	23,~~791~~690	3,748	~~2,716~~			~~2,772~~	~~(10)~~
																34,300			34,729
														40,266	40,795
VP MOVE PURCHASER, INC.		Revolving Loan			SOFR	5.75%	2.00%			2/3/2025		2/4/2030		—		(27)			—	(10)
Subtotal: Business Services														92,643	88,811		8.92	%
		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
Commercial Services & Supplies
		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
VP MOVE PURCHASER, INC.	Revolving Loan			SOFR	5.75%	2.00%			2/3/2025		2/4/2030		—	(26)	—	(10)
																29,771			29,790
	First Lien - Term Loan A		8.74%	SOFR (Q)	4.75%	2.00%			2/3/2025		2/4/2030		14,250	14,159	14,107
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 B		10.74%	SOFR (Q)	6.75%	2.00%			2/3/2025		2/4/2030		14,250	14,159	14,107
		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)
														28,292	28,214
		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)
WHITE PLAINS LINEN LLC	Revolving Loan			SOFR	7.25%	2.00%			8/1/2025		5/1/2030		—	(27)	—	(6)(10)
																25,133			25,133
	First Lien - Term Loan A		10.24%	SOFR (Q)	6.25%	2.00%			8/1/2025		5/1/2030		12,200	12,086	12,078	(6)
Subtotal: Commerical Services & Supplies																89,204			89,652		9.47	%
	First Lien - Term Loan B		12.24%	SOFR (Q)	8.25%	2.00%			8/1/2025		5/1/2030		12,200	12,086	12,078	(6)
Consumer Products
														24,145	24,156
ALLIANCE SPORTS GROUP		Unsecured Convertible Note		6.00%	Fixed			6.00%		7/15/2020		12/31/2026		173		173			173
Subtotal: Commercial Services & Supplies														52,437	52,370		5.26	%
GRAVITIQ LLC		Revolving Loan			SOFR	7.00%	2.00%			1/17/2025		1/16/2030		—		(43)			—	(6)(10)
Consumer Products
		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)
ALLIANCE SPORTS GROUP	Unsecured Convertible Note		6.00%	Fixed			6.00%		7/15/2020		12/31/2026		173	173	173
		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)
CLUTCH, INC.	Revolving Loan			SOFR	5.50%	2.00%			11/13/2025		11/13/2030		—	(49)	—	(10)
																27,902			29,032
	First Lien - Term Loan A		8.34%	SOFR (Q)	4.50%	2.00%			11/13/2025		11/13/2030		14,000	13,863	13,863
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 B		9.34%	SOFR (Q)	5.50%	2.00%			11/13/2025		11/13/2030		14,000	13,863	13,863
		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
	First Lien - Term Loan C		10.34%	SOFR (Q)	6.50%	2.00%			11/13/2025		11/13/2030		14,000	13,863	13,863
																13,149			12,919
														41,540	41,589
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)
GRAVITIQ LLC	Revolving Loan			SOFR	7.00%	2.00%			1/17/2025		1/16/2030		—	(40)	—	(6)(10)
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 - Term Loan A		9.99%	SOFR (Q)	6.00%	2.00%			1/17/2025		1/16/2030		14,292	13,519	14,292	(6)
		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)
	First Lien - Term Loan B		11.99%	SOFR (Q)	8.00%	2.00%			1/17/2025		1/16/2030		14,292	13,513	14,292	(6)
																18,187			16,898
														26,992	28,584

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~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)
HEAT TRAK, LLC	First Lien - Term Loan A		14.14%	SOFR (Q)	10.00%	2.00%			6/12/2023		6/9/2028		11,500	10,734	10,925
		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
HYBRID PROMOTIONS, LLC	Second Lien		12.24%	SOFR (Q)	8.25%	1.00%			6/30/2021		1/3/2028		15,999	15,880	15,679	(15)
		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
LASH OPCO, LLC	Revolving Loan			SOFR	7.00%	1.00%	2.00%		12/29/2021		9/17/2027		—	(7)	—	(10)
		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
	First Lien		10.94%	SOFR (Q)	7.00%	1.00%	2.00%		12/29/2021		9/17/2027		18,387	18,231	16,916	(20)
																38,464			37,870
														18,224	16,916
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)
REVO BRANDS, INC.	Revolving Loan		11.48%	SOFR (Q)	7.50%	1.50%			2/21/2024		2/21/2029		2,200	2,107	2,067	(10)(20)
	First Lien - Term Loan A	~~First Lien - Term Loan A~~	10.49%	~~9.54%~~SOFR (Q)	~~SOFR (Q)~~6.50%	51.2550%	~~1.50%~~		2/21/2024	~~3/22/2024~~	2/21/2029	~~3/21/2029~~	10,483	1510,~~023~~335	9,854	~~14,796~~			~~15,023~~
	First Lien - Term Loan B	~~First Lien - Term Loan B~~	11.49%	~~11.54%~~SOFR (Q)	~~SOFR (Q)~~7.50%	71.2550%	~~1.50%~~		2/21/2024	~~3/22/2024~~	2/21/2029	~~3/21/2029~~	10,483	1510,~~023~~334	9,854	~~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
	First Lien - Term Loan C		12.49%	SOFR (Q)	8.50%	1.50%			2/21/2024		2/21/2029		10,483	10,333	9,854
																40,675			41,246
														33,109	31,629
Subtotal: Consumer Products																154,417			154,137		16.28	%
TRU FRAGRANCE & BEAUTY LLC	Revolving Loan			SOFR	6.00%	1.50%			3/22/2024		3/21/2029		—	(58)	—	(10)
Consumer Services
	First Lien - Term Loan A		8.99%	SOFR (Q)	5.00%	1.50%			3/22/2024		3/21/2029		14,985	14,771	14,985
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 - Term Loan B		10.99%	SOFR (Q)	7.00%	1.50%			3/22/2024		3/21/2029		14,985	14,768	14,985
	First Lien	~~First Lien~~	9.99%	~~9.69%~~SOFR (Q)	~~SOFR (Q)~~6.00%	51.50%	~~1.00%~~		1/2/2025	~~11/9/2021~~	3/21/2029	~~11/19/2029~~	6,000	205,~~971~~952	6,000	~~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)
														35,433	35,970
																27,587			27,586
Subtotal: Consumer Products														182,085	181,465		18.23	%
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)		Revolving Loan			SOFR	8.00%	1.00%			8/27/2021		8/27/2026		—		(11)			—	(10)
Consumer Services
		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
AIR CONDITIONING SPECIALIST INC.	Revolving Loan		9.26%	SOFR (Q)	5.50%	1.00%			11/9/2021		11/19/2029		1,389	1,378	1,378	(10)(20)
		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
	First Lien		9.38%	SOFR (Q)	5.50%	1.00%			11/9/2021		11/19/2029		20,918	20,717	20,751
																26,375			21,218
	Delayed Draw Term Loan		9.29%	SOFR (Q)	5.50%	1.00%			11/19/2024		11/19/2029		6,128	6,128	6,079	(20)
BETTER THAN HOME, INC.		Revolving Loan			SOFR	5.75%	1.00%			8/8/2025		8/8/2031		—		(22)			—	(10)
														28,223	28,208
		First Lien		9.96%	SOFR (Q)	5.75%	1.00%			8/8/2025		8/8/2031		12,000		11,874			11,874	(20)
AMERICAN PET RESORT, LLC	Revolving Loan		9.67%	SOFR (Q)	6.00%	2.00%			12/17/2025		12/17/2030		1,500	1,435	1,435	(10)
		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)
	First Lien - Term Loan A		8.67%	SOFR (Q)	5.00%	2.00%			12/17/2025		12/17/2030		13,250	13,135	13,135
																14,077			14,099
	First Lien - Term Loan B		10.67%	SOFR (Q)	7.00%	2.00%			12/17/2025		12/17/2030		13,250	13,135	13,135
CAMPANY ROOF MAINTENANCE, LLC		Revolving Loan			SOFR	7.00%	1.50%			7/26/2024		11/27/2028		—		(17)			—	(10)
	Delayed Draw Term Loan		9.67%	SOFR (Q)	6.00%	2.00%			12/17/2025		12/17/2030		300	280	280	(10)
		First Lien		11.26%	SOFR (M)	7.00%	1.50%			7/26/2024		11/27/2028		14,790		14,505			13,311
														27,985	27,985
																14,488			13,311

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets	~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~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)
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (FKA ROOF OPCO, LLC)	Revolving Loan			Fixed			10.00%		8/27/2021		8/31/2029		—	(28)	—	(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)
	First Lien - Term Loan A		10.00%	Fixed			10.00%		8/27/2021		8/31/2029		13,653	13,506	11,891
																10,688		10,692
	First Lien - Term Loan B		10.00%	Fixed			10.00%		4/12/2023		8/31/2029		13,720	13,574	9,247
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
														27,052	21,138
		Tranche B Term Loan		9.50%	Fixed			9.50%		2/1/2024		9/30/2026		762		762		726
BETTER THAN HOME, INC.	Revolving Loan			SOFR	5.75%	1.00%			8/8/2025		8/8/2031		—	(21)	—	(10)
		Tranche C Loan		—%						2/1/2024		9/30/2026		549		549		524
	First Lien		9.74%	SOFR (Q)	5.75%	1.00%			8/8/2025		8/8/2031		12,000	11,877	11,916
																3,608		3,542
	Delayed Draw Term Loan		9.61%	SOFR (Q)	5.75%	1.00%			8/8/2025		8/8/2031		8,000	7,912	7,944	(10)(20)
MAIN LINE BRANDS LLC		Revolving Loan			SOFR	5.75%	2.00%			5/15/2025		5/15/2030		—		(18)		—	(10)
														19,768	19,860
		First Lien		10.04%	SOFR (Q)	5.75%	2.00%			5/15/2025		5/15/2030		10,000		9,906		9,900
CAMPANY ROOF MAINTENANCE, LLC	Revolving Loan			SOFR	9.00%	1.50%			7/26/2024		11/27/2028		—	(16)	—	(10)
																9,888		9,900
	First Lien		12.82%	SOFR (M)	9.00%	1.50%			7/26/2024		11/27/2028		14,582	14,314	13,124
POOL SERVICE PARTNERS, INC.		Revolving Loan			SOFR	7.00%	2.00%			12/20/2023		12/20/2028		—		(21)		—	(6)(10)
														14,298	13,124
		First Lien		11.29%	SOFR (Q)	7.00%	2.00%			12/20/2023		12/20/2028		5,000		4,929		4,945	(6)
KINDRED PET SERVICE, LLC (fka RED DOG OPERATIONS HOLDING COMPANY LLC)	Revolving Loan			SOFR	6.50%	2.00%			11/15/2024		11/15/2029		—	(15)	—	(6)(10)
		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)
	First Lien		10.49%	SOFR (Q)	6.50%	2.00%			11/15/2024		11/15/2029		10,800	10,708	10,692	(6)
																10,179		10,286
														10,693	10,692
TMT BHC BUYER, INC.		Revolving Loan			SOFR	6.00%	1.50%			3/7/2024		3/7/2029		—		(69)		—	(10)
LIFT BRANDS, INC.	Tranche A Term Loan		11.32%	SOFR (M)	7.50%	1.00%			2/1/2024		9/30/2026		2,281	2,281	2,276
		First Lien		10.29%	SOFR (Q)	6.00%	1.50%			3/7/2024		3/7/2029		16,500		16,254		16,500
	Tranche B Term Loan		9.50%	Fixed			9.50%		2/1/2024		9/30/2026		781	781	744
																16,185		16,500
	Tranche C Loan		—%						2/1/2024		9/30/2026		549	549	523
WASH & WAX SYSTEMS LLC		Revolving Loan		9.81%	SOFR (Q)	5.50%	1.00%			4/30/2025		4/30/2028		9		1		9	(10)
														3,611	3,543
		First Lien		9.81%	SOFR (Q)	5.50%	1.00%	9.81%		4/30/2025		4/30/2028		6,866		6,750		6,866
MAIN LINE BRANDS LLC	Revolving Loan			SOFR	6.00%	2.00%			5/15/2025		5/15/2030		—	(17)	—	(10)
	First Lien	~~First Lien~~	9.99%	~~12.00%~~SOFR (Q)	~~Fixed~~6.00%	2.00%		~~12.00%~~	5/15/2025	~~4/30/2025~~	5/15/2030	~~7/30/2028~~	10,000	49,~~616~~910	9,900	~~4,616~~		~~3,924~~
																11,367		10,799
														9,893	9,900
Subtotal: Consumer Services																144,442		137,933		14.57	%
POOL SERVICE PARTNERS, INC.	Revolving Loan		10.75%	SOFR (Q)	7.00%	2.00%			12/20/2023		12/20/2028		1,300	1,281	1,286	(6)(10)(20)
Data Processing & Outsourced Services
	First Lien		10.99%	SOFR (Q)	7.00%	2.00%			12/20/2023		12/20/2028		10,400	10,208	10,286	(6)
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)
														11,489	11,572
		First Lien		9.15%	SOFR (Q)	5.00%	1.00%			2/22/2024		6/10/2028		2,093		2,076		2,093
TMT BHC BUYER, INC.	Revolving Loan			SOFR	6.00%	1.50%			3/7/2024		3/7/2029		—	(64)	—	(10)
																2,291		2,310
	First Lien		9.99%	SOFR (Q)	6.00%	1.50%			3/7/2024		3/7/2029		16,500	16,266	16,500
Subtotal: Data Processing & Outsourced Services																2,291		2,310		0.24	%
														16,202	16,500

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
Distribution
WASH & WAX SYSTEMS LLC	Revolving Loan		9.28%	SOFR (Q)	5.50%	1.00%			4/30/2025		4/30/2028		293	286	293	(10)(20)
KMS, LLC		First Lien		12.50%	Fixed					2/10/2025		9/29/2028		2,121		2,121			2,121	(7)(15)
	First Lien		9.34%	SOFR (Q)	5.50%	1.00%			4/30/2025		4/30/2028		6,849	6,744	6,849
		Delayed Draw Term Loan		12.50%	Fixed					2/10/2025		9/29/2028		2,464		2,403			2,464	(7)(10)(15)
	First Lien		12.00%	Fixed			12.00%		4/30/2025		7/30/2028		4,758	4,758	4,758
																4,524			4,585
														11,788	11,900
Subtotal: Distribution																4,524			4,585		0.48	%
Subtotal: Consumer Services														181,002	174,422		17.52	%
Education
Distribution
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)
KMS, LLC	Revolving Loan			SOFR	5.50%	1.00%			12/23/2025		9/29/2028		—	(85)	—	(7)(10)(15)
		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		12.50%	Fixed					2/10/2025		9/29/2028		4,590	4,533	4,590	(7)(15)
		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
														4,448	4,590
		Delayed Draw Term Loan			SOFR	7.00%	2.00%			10/29/2024		10/29/2029		—		—			—	(10)
Subtotal: Distribution														4,448	4,590		0.46	%
																25,761			25,989
Education
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)
MUSIKER DISCOVERY PROGRAMS, INC.	Revolving Loan		11.43%	SOFR (Q)	7.50%	2.00%			10/29/2024		10/29/2029		3,750	3,712	3,713	(10)(20)
Subtotal: Education																35,264			29,750		3.14	%
	First Lien - Term Loan A		10.49%	SOFR (Q)	6.50%	2.00%			10/29/2024		10/29/2029		11,500	11,405	11,385
Energy Services
	First Lien - Term Loan B		12.49%	SOFR (Q)	8.50%	2.00%			10/29/2024		10/29/2029		11,500	11,406	11,385
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)
														26,523	26,483
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)
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)
		First Lien		11.71%	SOFR (Q)	7.25%	1.00%			8/23/2022		8/19/2027		5,472		5,414			5,472	(9)(22)
Subtotal: Education														36,026	30,244		3.04	%
																7,778			7,861
Energy Services
WELL-FOAM, INC.		Revolving Loan			SOFR	8.00%	1.00%			9/9/2021		9/9/2026		—		(17)			—	(10)
ACE GATHERING, INC.	First Lien		10.75%	SOFR (Q)	6.50%	2.00%			12/13/2018		12/14/2026		3,323	3,308	3,323	(15)
		First Lien		12.44%	SOFR (Q)	8.00%	1.00%			9/9/2021		9/9/2026		10,671		10,620			10,671
PIPELINE TECHNIQUE LTD.	Revolving Loan			SOFR	6.75%	1.00%			8/23/2022		6/29/2029		—	(34)	—	(9)(10)(22)
																10,603			10,671
	First Lien		10.78%	SOFR (Q)	6.75%	1.00%			8/23/2022		6/29/2029		8,556	8,439	8,556	(9)(20)(22)
Subtotal: Energy Services																21,895			22,065		2.33	%
	Delayed Draw Term Loan			SOFR	6.75%	1.00%			12/30/2025		6/29/2029		—	(100)	—	(9)(10)(22)
Environmental Services
														8,305	8,556
ARBORWORKS, LLC		Revolving Loan		15.00%	Fixed			15.00%		11/6/2023		11/6/2028		1,220		1,220			1,220	(6)(10)
WELL-FOAM, INC.	Revolving Loan			SOFR	8.00%	1.00%			9/9/2021		9/9/2026		—	(13)	—	(10)
	First Lien	~~First Lien~~	12.14%	~~10.75%~~SOFR (Q)	~~SOFR (M)~~8.00%	61.5000%	~~1.00%~~	~~10.75%~~	9/9/2021	~~11/6/2023~~	9/9/2026	~~11/6/2028~~	10,626	310,~~722~~589	10,626	~~3,722~~			~~3,722~~	~~(6)~~
																4,942			4,942
														10,576	10,626
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)
Subtotal: Energy Services														22,189	22,505		2.26	%
		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 SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
LIGHTING RETROFIT INTERNATIONAL, LLC		Revolving Loan		7.50%	Fixed					12/31/2021		12/31/2026		—		—			—	(6)(10)
Environmental Services
		First Lien		7.50%	Fixed					12/31/2021		12/31/2026		5,013		5,013			4,922	(6)
ARBORWORKS, LLC	Revolving Loan		15.00%	Fixed			15.00%		11/6/2023		11/6/2028		1,784	1,784	1,823	(6)(10)
		Second Lien		10.00%	Fixed			10.00%		12/31/2021		12/31/2027		5,208		5,208			—	(6)(16)
	First Lien		10.34%	SOFR (M)	6.50%	1.00%	10.34%		11/6/2023		11/6/2028		3,825	3,825	3,787	(6)
																10,221			4,922
														5,609	5,610
Subtotal: Environmental Services																54,801			49,997		5.28	%
ISLAND PUMP AND TANK, LLC	Revolving Loan		11.25%	SOFR (Q)	7.00%	2.00%			3/2/2023		5/17/2029		3,479	3,443	3,270
Financial Services
	First Lien - Term Loan A		10.25%	SOFR (Q)	6.00%	2.00%			2/23/2024		5/17/2029		12,218	12,078	11,485
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
	First Lien - Term Loan B		11.25%	SOFR (Q)	7.00%	2.00%			2/23/2024		5/17/2029		12,218	12,078	11,485
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
	First Lien - Term Loan C		12.25%	SOFR (Q)	8.00%	2.00%			2/23/2024		5/17/2029		12,218	12,072	11,485
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)
														39,671	37,725
		First Lien - Term Loan B		4.50%	Fixed					12/23/2021		2/25/2030		11,625		11,449			10,520	(7)
LIGHTING RETROFIT INTERNATIONAL, LLC	Revolving Loan		7.50%	Fixed					12/31/2021		12/31/2026		—	—	—	(6)(10)
																22,900			21,040
	First Lien		7.50%	Fixed					12/31/2021		12/31/2026		5,000	5,000	4,909	(6)
NINJATRADER, LLC		First Lien		10.94%	SOFR (Q)	6.50%	1.00%			12/18/2019		12/18/2026		46,282		46,245			46,282
	Second Lien		10.00%	Fixed			10.00%		12/31/2021		12/31/2027		5,208	5,208	—	(6)(16)
Subtotal: Financial Services																102,744			101,322		10.70	%
														10,208	4,909
Food, Agriculture & Beverage
Subtotal: Environmental Services														55,488	48,244		4.85	%
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)
Financial Services
		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)
INDINERO GROUP, INC.	Revolving Loan		13.50%	Fixed			1.00%		11/12/2025		11/12/2030		451	441	441	(10)
																12,102			10,982
	First Lien		13.50%	Fixed			1.00%		11/12/2025		11/12/2030		9,500	9,399	9,399
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)
														9,840	9,840
		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)
INSURE HOMES CORPORATION	Tranche B Term Loan		11.37%	SOFR (M)	7.50%	2.00%			8/6/2024		8/6/2029		23,750	23,467	23,750
		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)
JACKSON HEWITT TAX SERVICE INC.	First Lien		12.49%	SOFR (Q)	8.50%	2.50%			9/14/2023		9/14/2028		10,000	9,906	9,950
																42,193			42,591
NATIONAL CREDIT CARE, LLC	First Lien - Term Loan A		4.50%	Fixed					12/23/2021		2/25/2030		11,250	11,086	10,181	(7)
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 - Term Loan B		4.50%	Fixed					12/23/2021		2/25/2030		11,250	11,084	10,181	(7)
		First Lien		11.26%	SOFR (M)	7.00%	1.00%			9/30/2022		9/29/2028		3,846		3,792			3,462	(20)
														22,170	20,362
																4,236			3,871
Subtotal: Financial Services														65,383	63,902		6.42	%
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC	First Lien - Term Loan A		12.64%	SOFR (Q)	8.50%	1.00%	12.64%		3/28/2025		3/28/2028		6,251	6,251	6,251	(6)
	First Lien - Term Loan B		12.64%	SOFR (Q)	8.50%	1.00%	12.64%		3/28/2025		3/28/2028		6,251	6,251	5,095	(6)
														12,502	11,346

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~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)
FOODPHARMA SUBSIDIARY HOLDINGS, LLC	First Lien - Term Loan A		9.89%	SOFR (M)	6.00%	2.00%			6/21/2024		12/31/2026		14,197	14,106	14,197	(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		10.89%	SOFR (M)	7.00%	2.00%			6/21/2024		12/31/2026		14,197	14,084	14,197	(20)
		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
	First Lien - Term Loan C		11.89%	SOFR (M)	8.00%	2.00%			6/21/2024		12/31/2026		14,197	14,084	14,197	(20)
		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)
														42,274	42,591
																25,228			24,431
GULF PACIFIC ACQUISITION, LLC	Revolving Loan		10.82%	SOFR (M)	7.00%	1.00%			9/30/2022		9/29/2028		454	444	414	(10)(20)
MUENSTER MILLING COMPANY		Revolving Loan			SOFR	9.00%	1.00%			8/10/2021		2/10/2027		—		(25)			—
	First Lien		10.82%	SOFR (M)	7.00%	1.00%			9/30/2022		9/29/2028		3,836	3,786	3,495	(20)
		First Lien		13.44%	SOFR (Q)	9.00%	1.00%	13.44%		8/10/2021		2/10/2027		24,118		23,949			21,513
														4,230	3,909
																23,924			21,513
MAMMOTH BORROWCO, INC.	Revolving Loan		10.06%	SOFR (Q)	6.25%	1.50%			11/30/2023		11/30/2028		3,100	3,045	2,892	(10)(20)
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 - Term Loan A		9.07%	SOFR (Q)	5.25%	1.50%			11/30/2023		11/30/2028		10,487	10,316	9,785
		First Lien		12.49%	SOFR (Q)	8.00%	2.00%			12/21/2022		12/21/2027		13,000		12,863			13,000
	First Lien - Term Loan B		11.07%	SOFR (Q)	7.25%	1.50%			11/30/2023		11/30/2028		10,487	10,313	9,795
																14,077			14,250
	Delayed Draw Term Loan		10.05%	SOFR (Q)	6.25%	1.50%			11/30/2023		11/30/2028		2,832	2,775	2,642	(20)
Subtotal: Food, Agriculture & Beverage																121,760			117,638		12.42	%
														26,449	25,114
Healthcare Equipment & Supplies
MUENSTER MILLING COMPANY	Revolving Loan			SOFR	9.00%	1.00%			8/10/2021		2/10/2027		—	(20)	—
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		12.99%	SOFR (Q)	9.00%	1.00%	12.99%		8/10/2021		2/10/2027		24,946	24,798	22,252
		First Lien		11.29%	SOFR (Q)	7.00%	1.00%			5/22/2020		5/22/2028		18,641		18,482			18,641	(6)
	Delayed Draw Term Loan			Fixed			7.00%		10/2/2025		2/10/2027		—	—	—	(10)
																20,433			20,616
														24,778	22,252
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)
NEW SKINNY MIXES, LLC	Revolving Loan			SOFR	8.00%	2.00%			12/21/2022		12/21/2027		—	(32)	—	(10)
LKC TECHNOLOGIES, INC.		Revolving Loan			SOFR	6.50%	2.00%			6/7/2023		6/7/2028		—		(21)			—	(10)
	First Lien		12.19%	SOFR (Q)	8.00%	2.00%			12/21/2022		12/21/2027		13,000	12,877	13,000
		First Lien		11.05%	SOFR (Q)	6.50%	2.00%			6/7/2023		6/7/2028		15,441		15,308			15,441
														12,845	13,000
																15,287			15,441
Subtotal: Food, Agriculture & Beverage														123,078	118,212		11.87	%
SCRIP, INC.		First Lien		12.14%	SOFR (M)	8.00%	2.00%			3/21/2019		3/19/2027		17,837		17,796			15,696
Healthcare Equipment & Supplies
Subtotal: Healthcare Equipment & Supplies																59,426			57,753		6.10	%
CENTRAL MEDICAL SUPPLY LLC	Revolving Loan		10.90%	SOFR (Q)	7.00%	1.00%			5/22/2020		5/22/2028		1,000	978	1,000	(6)(10)
Healthcare Products
	First Lien		10.99%	SOFR (Q)	7.00%	1.00%			5/22/2020		5/22/2028		20,616	20,469	20,616	(6)
DWS BUYER LLC		Revolving Loan			SOFR	5.50%	0.75%			7/29/2025		7/29/2031		—		(19)			—	(10)
														21,447	21,616
		First Lien		9.70%	SOFR (Q)	5.50%	0.75%			7/29/2025		7/29/2031		6,552		6,456			6,456
COMMAND GROUP ACQUISITION, LLC	First Lien		10.99%	SOFR (Q)	7.00%	2.00%			2/15/2024		2/15/2029		6,000	5,916	6,000	(6)
		Delayed Draw Term Loan			SOFR	5.50%	0.75%			7/29/2025		7/29/2031		—		(16)			—	(10)
																6,421			6,456

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
LIGHTNING INTERMEDIATE II, LLC		Revolving Loan			SOFR	6.00%	1.00%			6/6/2022		6/5/2028		—		(17)			—	(10)
LKC TECHNOLOGIES, INC.	Revolving Loan			SOFR	6.50%	2.00%			6/7/2023		6/7/2028		—	(19)	—	(10)
	First Lien	~~First Lien~~	10.75%	~~10.17%~~SOFR (Q)	~~SOFR (S)~~6.50%	62.00%	~~1.00%~~		6/7/2023	~~6/6/2022~~	6/7/2028	~~6/5/2028~~	15,441	1915,~~422~~319	15,441	~~19,258~~			~~19,033~~
																19,241			19,033
														15,300	15,441
MICROBE FORMULAS LLC		Revolving Loan			SOFR	5.75%	1.00%			4/4/2022		4/3/2028		—		(14)			—	(10)
SCRIP, INC.	First Lien		11.81%	SOFR (M)	8.00%	2.00%			3/21/2019		3/19/2027		17,792	17,757	15,230
		First Lien		10.01%	SOFR (M)	5.75%	1.00%			4/4/2022		4/3/2028		12,162		12,054			12,162	(20)
Subtotal: Healthcare Equipment & Supplies														60,420	58,287		5.85	%
																12,040			12,162
Healthcare Products
Subtotal: Healthcare Products																37,702			37,651		3.98	%
DWS BUYER LLC	Revolving Loan			SOFR	5.50%	0.75%			7/29/2025		7/29/2031		—	(18)	—	(10)
Healthcare Services
	First Lien		9.70%	SOFR (Q)	5.50%	0.75%			7/29/2025		7/29/2031		6,552	6,459	6,453
AAC NEW HOLDCO INC.		First Lien		18.00%	Fixed			18.00%		12/11/2020		6/2/2027		198		198			198	(6)
	Delayed Draw Term Loan			SOFR	5.50%	0.75%			7/29/2025		7/29/2031		—	(15)	—	(10)
		First Lien - Term Loan A		10.00%	Fixed			10.00%		3/31/2025		6/2/2027		3,086		3,086			3,086	(6)
														6,426	6,453
		First Lien - Term Loan B		12.00%	Fixed			12.00%		3/31/2025		6/2/2027		3,023		3,023			1,375	(6)(16)
LIGHTNING INTERMEDIATE II, LLC	Revolving Loan			SOFR	6.00%	1.00%			6/6/2022		6/5/2028		—	(15)	—	(10)
		Delayed Draw Term Loan		10.00%	Fixed			10.00%		4/1/2025		6/2/2027		768		768			768	(6)(10)
	First Lien		9.60%	SOFR (S)	6.00%	1.00%			6/6/2022		6/5/2028		18,866	18,721	18,489
																7,075			5,427
														18,706	18,489
CAVALIER BUYER, INC.		First Lien		12.14%	SOFR (Q)	8.00%	2.00%			2/10/2023		2/10/2028		10,500		10,405			10,490	(20)
MICROBE FORMULAS LLC	Revolving Loan			SOFR	5.50%	1.00%			4/4/2022		4/3/2028		—	(12)	—	(10)
CDC DENTAL MANAGEMENT CO., LLC		Revolving Loan			SOFR	7.50%	2.00%			10/31/2023		10/31/2028		—		(25)			—	(10)
	First Lien		9.32%	SOFR (M)	5.50%	1.00%			4/4/2022		4/3/2028		11,254	11,161	11,254
		First Lien - Term Loan A		10.79%	SOFR (Q)	6.50%	2.00%			10/31/2023		10/31/2028		5,500		5,423			5,500
														11,149	11,254
		First Lien - Term Loan B		12.79%	SOFR (Q)	8.50%	2.00%			10/31/2023		10/31/2028		5,500		5,424			5,500
Subtotal: Healthcare Products														36,281	36,196		3.64	%
																10,822			11,000
Healthcare Services
CITYVET INC.		First Lien		11.39%	SOFR (Q)	7.00%	2.00%			9/6/2023		9/6/2028		35,000		34,469			35,000
AAC NEW HOLDCO INC.	First Lien		20.00%	Fixed			20.00%		12/11/2020		11/24/2032		208	208	208	(6)
CUMBRIA CAPITAL MSO, LLC		Revolving Loan			SOFR	6.50%	2.00%			10/28/2024		10/29/2029		—		(12)			—	(10)
	First Lien - Term Loan A		20.00%	Fixed			20.00%		3/31/2025		11/24/2032		3,198	3,198	3,198	(6)
		First Lien		10.79%	SOFR (Q)	6.50%	2.00%			10/28/2024		10/29/2029		5,400		5,354			5,400
	First Lien - Term Loan B		20.00%	Fixed			20.00%		3/31/2025		11/24/2032		3,023	3,023	1,375	(6)(16)
	Delayed Draw Term Loan	~~Delayed Draw Term Loan~~	20.00%	~~10.79%~~Fixed	~~SOFR (Q)~~	~~6.50%~~	220.00%		4/1/2025	~~10/28/2024~~	11/24/2032	~~10/29/2029~~	844	~~759~~844	844	~~749~~(6)			~~759~~	~~(10)~~
																6,091			6,159
	Delayed Draw Term Loan		21.00%	Fixed			21.00%		11/24/2025		11/24/2032		484	484	484	(6)(10)
HH-INSPIRE ACQUISITION, INC.		Revolving Loan		14.38%	SOFR (M)	10.00%	2.00%	2.00%		4/3/2023		4/3/2028		776		771			706
														7,757	6,109
		First Lien		14.38%	SOFR (M)	10.00%	2.00%	2.00%		4/3/2023		4/3/2028		8,287		8,160			7,542
CAVALIER BUYER, INC.	First Lien		9.50%	SOFR (Q)	5.75%	2.00%			2/10/2023		2/10/2028		14,333	14,218	14,333	(20)
																8,931			8,248
CDC DENTAL MANAGEMENT CO., LLC	Revolving Loan			SOFR	7.50%	2.00%			10/31/2023		10/31/2028		—	(23)	—	(10)
INSTITUTES OF HEALTH, LLC		Revolving Loan			SOFR	7.50%	2.00%			9/29/2023		9/29/2028		—		(12)			—	(10)
	First Lien - Term Loan A		10.49%	SOFR (Q)	6.50%	2.00%			10/31/2023		10/31/2028		4,500	4,441	4,500
		First Lien - Term Loan A		10.79%	SOFR (Q)	6.50%	2.00%			9/29/2023		9/29/2028		7,500		7,399			7,448
	First Lien - Term Loan B		12.49%	SOFR (Q)	8.50%	2.00%			10/31/2023		10/31/2028		4,500	4,442	4,500
		First Lien - Term Loan B		12.79%	SOFR (Q)	8.50%	2.00%			9/29/2023		9/29/2028		7,500		7,398			7,440
														8,860	9,000
																14,785			14,888
CITYVET INC.	First Lien		10.96%	SOFR (Q)	7.00%	2.00%			9/6/2023		9/6/2028		45,000	44,308	45,000	(20)

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets	~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC		Revolving Loan		10.51%	SOFR (Q)	6.50%	2.00%			12/11/2024		12/11/2029		100		75		99	(10)
CUMBRIA CAPITAL MSO, LLC	Revolving Loan		10.37%	SOFR (Q)	6.50%	2.00%			10/28/2024		10/29/2029		750	739	750	(10)
		First Lien - Term Loan A		9.79%	SOFR (Q)	5.50%	2.00%			12/11/2024		12/11/2029		8,050		7,980		7,977
	First Lien		10.49%	SOFR (Q)	6.50%	2.00%			10/28/2024		10/29/2029		5,400	5,356	5,400
		First Lien - Term Loan B		11.79%	SOFR (Q)	7.50%	2.00%			12/11/2024		12/11/2029		8,050		7,979		7,977
	Delayed Draw Term Loan		10.49%	SOFR (Q)	6.50%	2.00%			10/28/2024		10/29/2029		759	750	759	(10)
		Delayed Draw Term Loan			SOFR	6.50%	2.00%			12/11/2024		12/11/2029		—		—		—	(10)
														6,845	6,909
																16,034		16,053
HH-INSPIRE ACQUISITION, INC.	Revolving Loan		13.97%	SOFR (M)	10.00%	2.00%	2.00%		4/3/2023		4/3/2028		779	776	709
NEUROPSYCHIATRIC HOSPITALS, LLC		Revolving Loan		11.94%	SOFR (Q)	7.50%	1.00%			5/14/2021		5/14/2026		1,000		982		1,000	(10)
	First Lien		13.97%	SOFR (M)	10.00%	2.00%	2.00%		4/3/2023		4/3/2028		8,301	8,184	7,554
		First Lien - Term Loan A		10.94%	SOFR (Q)	6.50%	1.00%			3/21/2023		5/14/2026		7,374		7,353		7,359
														8,960	8,263
		First Lien - Term Loan B		12.94%	SOFR (Q)	8.50%	1.00%			3/21/2023		5/14/2026		7,374		7,353		7,388
INSTITUTES OF HEALTH, LLC	Revolving Loan			SOFR	7.50%	2.00%			9/29/2023		9/29/2028		—	(11)	—	(10)
		First Lien - Term Loan C		14.44%	SOFR (Q)	10.00%	1.00%			3/21/2023		5/14/2026		5,112		5,081		5,112
	First Lien - Term Loan A		10.49%	SOFR (Q)	6.50%	2.00%			9/29/2023		9/29/2028		7,500	7,406	7,387
		First Lien - Term Loan D		11.94%	SOFR (Q)	7.50%	1.00%			10/27/2023		5/14/2026		12,884		12,794		12,884
	First Lien - Term Loan B		12.49%	SOFR (Q)	8.50%	2.00%			9/29/2023		9/29/2028		7,500	7,405	7,387
																33,563		33,743
														14,800	14,774
ROSELAND MANAGEMENT, LLC		Revolving Loan			SOFR	7.00%	2.00%			11/9/2018		11/10/2025		—		(1)		—	(6)(10)
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC	Revolving Loan			SOFR	6.50%	2.00%			12/11/2024		12/11/2029		—	(24)	—	(10)
		First Lien		11.44%	SOFR (Q)	7.00%	2.00%			11/9/2018		11/10/2025		14,473		14,473		14,473	(6)
	First Lien - Term Loan A		9.49%	SOFR (Q)	5.50%	2.00%			12/11/2024		12/11/2029		8,050	7,983	7,977
																14,472		14,473
	First Lien - Term Loan B		11.49%	SOFR (Q)	7.50%	2.00%			12/11/2024		12/11/2029		8,050	7,983	7,977
SPECTRUM OF HOPE, LLC		First Lien - Superpriority Term Loan		7.00%	Fixed			7.00%		12/23/2024		12/31/2029		3,592		3,592		3,592	(7)
	Delayed Draw Term Loan		10.34%	SOFR (Q)	6.50%	2.00%			12/11/2024		12/11/2029		600	594	595	(10)
		First Lien - Tranche A Term Loan		6.00%	Fixed			6.00%		3/31/2025		12/31/2029		11,120		11,104		7,217	(7)(16)
														16,536	16,549
		First Lien - Tranche B Term Loan		8.00%	Fixed			8.00%		3/31/2025		12/31/2029		11,120		11,120		—	(7)(16)
NEUROPSYCHIATRIC HOSPITALS, LLC	Revolving Loan		11.64%	SOFR (Q)	7.50%	1.00%			5/14/2021		5/14/2026		1,000	986	1,000	(10)
																25,816		10,809
	First Lien - Term Loan A		10.64%	SOFR (Q)	6.50%	1.00%			3/21/2023		5/14/2026		7,365	7,352	7,365
SUPERIOR HEALTH PARENT LLC		Revolving Loan		10.00%	SOFR (Q)	6.00%	1.50%			12/26/2024		12/26/2030		1,000		980		988	(10)
	First Lien - Term Loan B		12.64%	SOFR (Q)	8.50%	1.00%			3/21/2023		5/14/2026		7,365	7,352	7,365
		First Lien		10.00%	SOFR (Q)	6.00%	1.50%			12/26/2024		12/26/2030		17,500		17,381		17,290
	First Lien - Term Loan C		14.14%	SOFR (Q)	10.00%	1.00%			3/21/2023		5/14/2026		5,107	5,088	5,107
		Delayed Draw Term Loan			SOFR	6.00%	1.50%			12/26/2024		12/26/2030		—		(76)		—	(10)
	First Lien - Term Loan D		11.64%	SOFR (Q)	7.50%	1.00%			10/27/2023		5/14/2026		12,870	12,815	12,870
																18,285		18,278
														33,593	33,707
TALKNY MANAGEMENT HOLDINGS, LLC		First Lien		11.54%	SOFR (Q)	7.25%	3.00%			6/14/2024		6/14/2029		7,500		7,410		7,200	(6)
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	18,181	18,181
														18,181	18,181

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
WELL LABS PLUS, LLC		Revolving Loan			SOFR	6.50%	1.00%			9/5/2025		9/5/2030		—		(22)			—	(10)
ROSELAND MANAGEMENT, LLC	Revolving Loan			SOFR	7.00%	2.00%			11/9/2018		11/9/2026		—	(4)	—	(6)(10)
	First Lien	~~First Lien~~	11.14%	~~10.61%~~SOFR (Q)	~~SOFR (Q)~~7.00%	62.5000%	~~1.00%~~		11/9/2018	~~9/5/2025~~	11/9/2026	~~9/5/2030~~	14,473	1514,~~250~~473	14,473	~~15,136~~(6)			~~15,136~~	~~(20)~~
		Delayed Draw Term Loan			SOFR	6.50%	1.00%			9/5/2025		9/5/2030		—		—			—	(10)
														14,469	14,473
																15,114			15,136
SPECTRUM OF HOPE, LLC	First Lien - Superpriority Term Loan		7.00%	Fixed			7.00%		12/23/2024		12/31/2029		4,269	4,269	4,269	(7)
Subtotal: Healthcare Services																223,272			206,904		21.85	%
	First Lien - Tranche A Term Loan		6.00%	Fixed			6.00%		3/31/2025		12/31/2029		11,120	11,104	6,672	(7)(16)
Industrial Machinery
	First Lien - Tranche B Term Loan		8.00%	Fixed			8.00%		3/31/2025		12/31/2029		11,120	11,120	—	(7)(16)
C&M CONVEYOR, INC.		First Lien - Term Loan A		10.90%	SOFR (M)	6.50%	1.50%			1/3/2023		9/30/2026		6,500		6,459			6,500	(15)
														26,493	10,941
		First Lien - Term Loan B		12.90%	SOFR (M)	8.50%	1.50%			1/3/2023		9/30/2026		6,500		6,460			6,500	(15)
SUPERIOR HEALTH PARENT LLC	Revolving Loan			SOFR	6.00%	1.50%			12/26/2024		12/26/2030		—	(19)	—	(10)
		First Lien - Term Loan C		10.90%	SOFR (M)	6.50%	1.50%			10/2/2024		9/30/2026		7,810		7,768			7,810	(15)
	First Lien		9.69%	SOFR (Q)	6.00%	1.50%			12/26/2024		12/26/2030		17,500	17,386	17,290
		First Lien - Term Loan D		12.90%	SOFR (M)	8.50%	1.50%			10/2/2024		9/30/2026		7,810		7,768			7,810	(15)
	Delayed Draw Term Loan		9.85%	SOFR (Q)	6.00%	1.50%			12/26/2024		12/26/2030		3,700	3,595	3,656	(10)
																28,455			28,620
														20,962	20,946
DRIVE LINE SERVICE OF PORTLAND, LLC		Revolving Loan			SOFR	8.00%	2.00%			12/16/2024		12/14/2029		—		(17)			—	(10)
TALKNY MANAGEMENT HOLDINGS, LLC	First Lien		11.24%	SOFR (Q)	7.25%	3.00%			6/14/2024		6/14/2029		7,500	7,415	7,388	(6)
		First Lien		12.29%	SOFR (Q)	8.00%	2.00%			12/16/2024		12/14/2029		6,790		6,729			6,722
WELL LABS PLUS, LLC	Revolving Loan			SOFR	6.50%	1.00%			9/5/2025		9/5/2030		—	(21)	—	(10)
																6,712			6,722
	First Lien		10.49%	SOFR (Q)	6.50%	1.00%			9/5/2025		9/5/2030		15,250	15,142	15,143
SUREKAP, LLC		First Lien - Term Loan A		9.30%	SOFR (Q)	5.00%	1.50%			6/24/2024		6/25/2029		19,089		18,947			18,001
	Delayed Draw Term Loan		10.39%	SOFR (Q)	6.50%	1.00%			9/5/2025		9/5/2030		4,350	4,318	4,320	(10)(20)
		First Lien - Term Loan B		11.30%	SOFR (Q)	7.00%	1.50%			6/24/2024		6/25/2029		19,089		18,946			18,001
														19,439	19,463
		Delayed Draw Term Loan			SOFR	6.00%	1.50%			6/24/2024		6/25/2029		—		—			—	(10)
Subtotal: Healthcare Services														262,836	246,036		24.71	%
																37,893			36,002
Industrial Machinery
Subtotal: Industrial Machinery																73,060			71,343		7.53	%
C&M CONVEYOR, INC.	First Lien - Term Loan A		10.49%	SOFR (M)	6.50%	1.50%			1/3/2023		9/30/2026		6,500	6,469	6,389	(15)
Industrial Products
	First Lien - Term Loan B		12.49%	SOFR (M)	8.50%	1.50%			1/3/2023		9/30/2026		6,500	6,469	6,390	(15)
GPT INDUSTRIES, LLC		Revolving Loan			SOFR	9.00%	2.00%			1/30/2023		1/31/2028		—		(28)			—	(6)(10)
	First Lien - Term Loan C		10.49%	SOFR (M)	6.50%	1.50%			10/2/2024		9/30/2026		7,810	7,778	7,677	(15)
		First Lien		11.55%	SOFR (Q)	7.00%	2.00%			1/30/2023		1/31/2028		5,796		5,729			5,785	(6)(19)
	First Lien - Term Loan D		12.49%	SOFR (M)	8.50%	1.50%			10/2/2024		9/30/2026		7,810	7,778	7,677	(15)
																5,701			5,785
														28,494	28,133
LLFLEX, LLC		First Lien		12.44%	SOFR (Q)	8.00%	1.00%	3.00%		8/16/2021		8/14/2026		10,201		10,153			7,651	(15)
DRIVE LINE SERVICE OF PORTLAND, LLC	Revolving Loan			SOFR	8.00%	2.00%			12/16/2024		12/14/2029		—	(16)	—	(10)
SERVERLIFT, LLC		Revolving Loan		9.54%	SOFR (Q)	5.25%	2.00%			12/31/2024		12/31/2029		1,000		963			1,000	(10)
	First Lien		11.99%	SOFR (Q)	8.00%	2.00%			12/16/2024		12/14/2029		6,690	6,632	6,636
		First Lien - Term Loan A		8.54%	SOFR (Q)	4.25%	2.00%			12/31/2024		12/31/2029		16,000		15,877			16,000
														6,616	6,636
		First Lien - Term Loan B		10.54%	SOFR (Q)	6.25%	2.00%			12/31/2024		12/31/2029		16,000		15,876			16,000
																32,716			33,000
Subtotal: Industrial Products																48,570			46,436		4.90	%

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)
Portfolio Company1,5,21	Type of Investment2	~~Type of Investment2~~	Current Interest Rate3	~~Current Interest Rate3~~					Acquisition Date14	~~Acquisition Date14~~	Maturity	~~Maturity~~	Principal	~~Principal~~Cost12,17	Fair Value4	~~Cost12,17~~	% of Net Assets		~~Fair Value4~~		~~% of Net Assets~~
Debt Investments			Coupon	~~Coupon~~Reference	~~Reference~~Spread	~~Spread~~Floor	~~Floor~~PIK	~~PIK~~
Industrial Services
SUREKAP, LLC	First Lien - Term Loan A		8.96%	SOFR (Q)	5.00%	1.50%			6/24/2024		6/25/2029		19,089	18,955	17,180
BP LOENBRO HOLDINGS INC.		Revolving Loan		10.01%	SOFR (M)	5.75%	1.50%			2/9/2024		2/1/2029		330		316			330	(10)
	First Lien - Term Loan B		10.96%	SOFR (Q)	7.00%	1.50%			6/24/2024		6/25/2029		19,089	18,954	17,180
		First Lien		10.16%	SOFR (Q)	5.75%	1.50%			2/9/2024		2/1/2029		17,132		16,973			17,132	(20)
	Delayed Draw Term Loan			SOFR	6.00%	1.50%			6/24/2024		6/25/2029		—	—	—	(10)
																17,289			17,462
														37,909	34,360
MISSION CRITICAL GROUP, LLC		Revolving Loan			SOFR	6.00%	1.00%			6/18/2025		4/17/2030		—		(36)			—	(10)
Subtotal: Industrial Machinery														73,019	69,129		6.94	%
		First Lien		10.14%	SOFR (M)	6.00%	1.00%			6/18/2025		4/17/2030		10,977		10,767			10,901
Industrial Products
		Delayed Draw Term Loan			SOFR	6.00%	1.00%			6/18/2025		4/17/2030		—		(43)			—	(10)
LLFLEX, LLC	First Lien		12.14%	SOFR (Q)	8.00%	1.00%	3.00%		8/16/2021		8/14/2026		10,252	10,218	7,996	(15)
																10,688			10,901
SERVERLIFT, LLC	Revolving Loan			SOFR	5.25%	2.00%			12/31/2024		12/31/2029		—	(35)	—	(10)
PRECISION SPRAY & COATINGS, LLC		First Lien		11.80%	SOFR (Q)	7.50%	2.00%			8/1/2025		8/1/2030		4,000		3,961			3,961	(6)
	First Lien - Term Loan A		8.24%	SOFR (Q)	4.25%	2.00%			12/31/2024		12/31/2029		15,250	15,138	15,250
UPS INTERMEDIATE, LLC		First Lien		10.41%	SOFR (M)	6.25%	1.00%			7/31/2024		7/27/2029		9,875		9,713			9,678	(15)
	First Lien - Term Loan B		10.24%	SOFR (Q)	6.25%	2.00%			12/31/2024		12/31/2029		15,250	15,138	15,250
Subtotal: Industrial Services																41,651			42,002		4.44	%
														30,241	30,500
Media & Marketing
Subtotal: Industrial Products														40,459	38,496		3.87	%
360 QUOTE TOPCO, LLC		Revolving Loan		10.65%	SOFR (Q)	6.50%	1.00%			6/16/2022		6/16/2027		846		801			846	(10)
Industrial Services
		First Lien		10.65%	SOFR (Q)	6.50%	1.00%			6/16/2022		6/16/2027		26,198		26,059			26,198	(19)
BP LOENBRO HOLDINGS INC.	Revolving Loan		9.75%	SOFR (M)	5.75%	1.50%			2/9/2024		2/1/2029		1,211	1,197	1,211	(10)(20)
																26,860			27,044
	First Lien		9.79%	SOFR (Q)	5.75%	1.50%			2/9/2024		2/1/2029		17,132	16,983	17,132	(20)
ACCELERATION PARTNERS		First Lien		12.33%	SOFR (Q)	7.89%	1.00%			12/1/2020		12/31/2026		19,749		19,607			19,749	(8)(20)
														18,180	18,343
BOND BRAND LOYALTY ULC		Revolving Loan		11.44%	SOFR (Q)	7.00%	2.00%			5/1/2023		5/1/2028		800		779			800	(9)(10)(22)
MISSION CRITICAL GROUP, LLC	Revolving Loan			SOFR	5.50%	1.00%			6/18/2025		4/17/2030		—	(34)	—	(10)
		First Lien - Term Loan A		10.44%	SOFR (Q)	6.00%	2.00%			5/1/2023		5/1/2028		8,820		8,715			8,820	(9)(22)
	First Lien		9.23%	SOFR (M)	5.50%	1.00%			6/18/2025		4/17/2030		10,950	10,749	10,950
		First Lien - Term Loan B		12.44%	SOFR (Q)	8.00%	2.00%			5/1/2023		5/1/2028		8,820		8,713			8,820	(9)(22)
	Delayed Draw Term Loan		9.33%	SOFR (M)	5.50%	1.00%			6/18/2025		4/17/2030		2,435	2,370	2,435	(10)
																18,207			18,440
														13,085	13,385
EXACT BORROWER, LLC		Revolving Loan			SOFR	6.00%	2.00%			12/7/2022		8/6/2027		—		(20)			—	(10)
PRECISION SPRAY & COATINGS, LLC	First Lien		11.49%	SOFR (Q)	7.50%	2.00%			8/1/2025		8/1/2030		4,000	3,963	4,000	(6)
		First Lien - Term Loan A		10.44%	SOFR (Q)	6.00%	2.00%			12/7/2022		8/6/2027		6,753		6,689			6,658
UPS INTERMEDIATE, LLC	First Lien		9.97%	SOFR (M)	6.25%	1.00%			7/31/2024		7/27/2029		9,850	9,696	9,633	(15)
		First Lien - Term Loan B		10.44%	SOFR (Q)	6.00%	2.00%			12/7/2022		8/6/2027		6,753		6,689			6,658
Subtotal: Industrial Services														44,924	45,361		4.56	%
		First Lien - Term Loan C		10.44%	SOFR (Q)	6.00%	2.00%			12/31/2024		8/6/2027		11,443		11,358			11,282
Media & Marketing
		Delayed Draw Term Loan		10.44%	SOFR (Q)	6.00%	2.00%			12/7/2022		8/6/2027		3,591		3,539			3,541	(10)
360 QUOTE TOPCO, LLC	Revolving Loan		10.32%	SOFR (Q)	6.50%	1.00%			6/16/2022		6/16/2027		2,346	2,304	2,346	(10)
		Promissory Note		13.57%	Fixed					12/7/2022		12/6/2028		385		385			385
	First Lien		10.32%	SOFR (Q)	6.50%	1.00%			6/16/2022		6/16/2027		26,209	26,089	26,209	(19)
																28,640			28,524
														28,393	28,555
FMT SOLUTIONS, LLC		First Lien		11.79%	SOFR (Q)	7.50%	2.00%			11/19/2024		11/19/2029		6,750		6,691			6,750
ACCELERATION PARTNERS	First Lien		11.93%	SOFR (Q)	7.80%	1.00%			12/1/2020		12/31/2026		20,134	20,011	19,932	(8)(20)

Table of Contents

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2025

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED SCHEDULE OF INVESTMENTSDecember 31, 2025 (Unaudited)(dollars in thousands)

Portfolio Company1,5,21

Type of Investment2

~~Type of Investment2~~

Current Interest Rate3

~~Current Interest Rate3~~

Acquisition Date14

~~Acquisition Date14~~

Maturity

~~Maturity~~

Principal

~~Principal~~Cost12,17

Fair Value4

~~Cost12,17~~

% of Net Assets

~~Fair Value4~~

~~% of Net Assets~~

Debt Investments

Coupon

~~Coupon~~Reference

~~Reference~~Spread

~~Spread~~Floor

~~Floor~~PIK

~~PIK~~

IGNITE VISIBILITY LLC

Revolving Loan

SOFR

6.00%

1.00%

12/1/2023

12/1/2028

—

(19)

—

(10)

BOND BRAND LOYALTY ULC

Revolving Loan

9.89%

SOFR (Q)

5.75%

2.00%

5/1/2023

5/1/2028

800

781

800

(9)(10)(22)

First Lien - Term Loan A

~~First Lien - Term Loan A~~

8.89%

~~9.29%~~SOFR (Q)

~~SOFR (Q)~~4.75%

52.00%

~~1.00%~~

5/1/2023

~~12/1/2023~~

5/1/2028

~~12/1/2028~~

8,798

78,~~500~~702

8,780

~~7,437~~(9)(22)

~~7,500~~

~~(10)~~

First Lien - Term Loan B

~~First Lien - Term Loan B~~

10.89%

~~11.29%~~SOFR (Q)

~~SOFR (Q)~~6.75%

72.00%

~~1.00%~~

5/1/2023

~~12/1/2023~~

5/1/2028

~~12/1/2028~~

8,798

78,~~500~~700

8,780

~~7,436~~(9)(22)

~~7,500~~

~~(10)~~

Delayed Draw Term Loan

10.27%

SOFR (Q)

6.00%

1.00%

4/3/2025

12/1/2028

5,500

5,404

5,500

(10)(20)

First Lien

9.74%

SOFR (Q)

5.75%

2.00%

10/31/2025

5/1/2028

1,956

1,920

1,992

(9)(22)

20,258

20,500

20,103

20,352

LOCAL WEB LEADS, LLC

Revolving Loan

SOFR

7.00%

2.00%

7/3/2025

7/3/2030

—

(9)

—

(6)(10)

EXACT BORROWER, LLC

Revolving Loan

SOFR

6.50%

2.00%

12/7/2022

8/6/2027

—

(17)

—

(10)

First Lien - Term Loan A

~~First Lien - Term Loan A~~

10.64%

~~10.30%~~SOFR (Q)

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