CAPITAL SOUTHWEST CORP [CSWC] Filings

10-Q 1 cswc12312110q.htm 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended December 31, 2021

[ ] 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.)


5400 Lyndon B Johnson Freeway, Suite 1300, Dallas, Texas						75240
(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 X 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 X

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

23,925,703 shares of Common Stock, $0.25 value per share, as of January 28, 2022.

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Statements of Assets and Liabilities as of December 31, 2021 (Unaudited) and March 31, 2021

Consolidated Statements of Operations (Unaudited) for the three and nine months ended December 31, 2021 and 2020

Consolidated Statements of Changes in Net Assets (Unaudited) for the nine months ended December 31, 2021 and 2020

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2021 and 2020

Consolidated Schedule of Investments as of December 31, 2021 (Unaudited) and March 31, 2021

Notes to Consolidated Financial Statements (Unaudited)

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months ended December 31, 2021

Item 2.

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

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements


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

	December 31,		March 31,
	2021		2021
	(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $673,871 and $540,556, respectively)	$	691,229	$	546,028
Affiliate investments (Cost: $136,929 and $90,201, respectively)	127,947		85,246
Control investments (Cost: $76,000 and $72,800, respectively)	57,589		57,158
Total investments (Cost: $886,800 and $703,557, respectively)	876,765		688,432
Cash and cash equivalents	18,668		31,613
Receivables:
Dividends and interest	8,966		10,533
Escrow	1,344		1,150
Other	274		171
Income tax receivable	33		155
Debt issuance costs (net of accumulated amortization of $4,340 and $3,582, respectively)	4,271		2,246
Other assets	2,234		1,284
Total assets	$	912,555	$	735,584

Liabilities
SBA Debentures (Par value: $29,000 and $0, respectively)	$	27,965	$	—
October 2024 Notes (Par value: $0 and $125,000, respectively)	—		122,879
January 2026 Notes (Par value: $140,000 and $140,000, respectively)	138,630		138,425
October 2026 Notes (Par value: $150,000 and $0, respectively)	146,357		—
Credit facility	190,000		120,000
Other liabilities	13,392		11,655

Accrued restoration plan liability	2,853		2,979
Income tax payable	1,527		50
Deferred tax liability	4,494		3,345
Total liabilities	525,218		399,333

Commitments and contingencies (Note 10)

Net Assets
Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 26,265,215 shares at December 31, 2021 and 23,344,836 shares at March 31, 2021	6,566		5,836
Additional paid-in capital	424,250		356,447
Total distributable (loss) earnings	(19,542)		(2,095)
Treasury stock - at cost, 2,339,512 shares	(23,937)		(23,937)
Total net assets	387,337		336,251
Total liabilities and net assets	$	912,555	$	735,584
Net asset value per share (23,925,703 shares outstanding at December 31, 2021 and 21,005,324 shares outstanding at March 31, 2021)	$	16.19	$	16.01

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				Nine Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Investment income:
Interest income:
Non-control/Non-affiliate investments	$	14,805	$	11,306	$	42,873	$	31,010
Affiliate investments	2,116		1,774		4,774		5,715
Control investments	—		—		—		—
Payment-in-kind interest income:
Non-control/Non-affiliate investments	614		980		1,717		3,224
Affiliate investments	200		627		951		1,265
Control investments	—		—		—		—
Dividend income:
Non-control/Non-affiliate investments	—		1,235		1,570		1,589
Affiliate investments	9		—		9		—
Control investments	1,705		1,681		4,862		5,144
Fee income:
Non-control/Non-affiliate investments	2,591		1,394		4,005		2,817
Affiliate investments	267		40		413		107
Control investments	—		—		—		—
Other income	4		3		12		18
Total investment income	22,311		19,040		61,186		50,889
Operating expenses:
Compensation	3,353		2,444		7,083		6,125
Share-based compensation	849		771		2,848		2,236
Interest	4,655		4,528		15,015		13,253
Professional fees	607		538		1,956		1,691
General and administrative	1,010		787		2,968		2,339
Total operating expenses	10,474		9,068		29,870		25,644
Income before taxes	11,837		9,972		31,316		25,245
Federal income, excise and other taxes	68		195		283		587
Deferred taxes	(130)		1,260		365		1,003
Total income tax provision (benefit)	(62)		1,455		648		1,590
Net investment income	$	11,899	$	8,517	$	30,668	$	23,655
Realized gain (loss)
Non-control/Non-affiliate investments	$	4,017	$	(127)	$	6,561	$	(5,325)
Affiliate investments	140		—		140		(1,628)
Control investments	—		—		—		—
Income tax provision	(1,442)		—		(1,442)		—
Total net realized gain (loss) on investments, net of tax	2,715		(127)		5,259		(6,953)
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments	3,165		5,593		12,558		16,417
Affiliate investments	(3,849)		245		(4,700)		(1,012)
Control investments	(2,049)		2,152		(2,769)		11,075
Income tax benefit (provision)	679		(719)		(783)		(1,968)
Total net unrealized (depreciation) appreciation on investments, net of tax	(2,054)		7,271		4,306		24,512
Net realized and unrealized gains on investments	661		7,144		9,565		17,559
Realized loss on extinguishment of debt	—		(262)		(17,087)		(548)
Net increase (decrease) in net assets from operations	$	12,560	$	15,399	$	23,146	$	40,666

Pre-tax net investment income per share - basic and diluted	$	0.51	$	0.52	$	1.40	$	1.36
Net investment income per share – basic and diluted	$	0.51	$	0.45	$	1.37	$	1.27
Net increase (decrease) in net assets from operations – basic and diluted	$	0.54	$	0.80	$	1.03	$	2.18
Weighted average shares outstanding – basic and diluted	23,432,522		19,134,824		22,393,935		18,629,463

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)

	2021		2020

Net assets, March 31	$	336,251	$	272,222
Operations:
Net investment income	9,043		6,819
Net realized (loss) gain on investments	(952)		(5,547)
Net unrealized appreciation (depreciation) on investments, net of tax	7,051		7,605
Net increase in net assets from operations	15,142		8,877
Dividends to shareholders ($0.53 and $0.51 per share, respectively)	(11,528)		(9,480)
Capital share transactions:
Change in restoration plan liability	9		9
Issuance of common stock	27,686		5,622
Share-based compensation expense	1,076		612
Common stock withheld for payroll taxes upon vesting of restricted stock	(541)		(3)
Increase in net assets	31,844		5,637
Net assets, June 30	$	368,095	$	277,859
Operations:
Net investment income	9,726		8,319
Net realized gain (loss) on investments, net of tax	3,496		(1,279)
Net unrealized appreciation (depreciation) on investments, net of tax	(691)		9,636
Realized loss on extinguishment of debt	(17,087)		(286)
Net (decrease) increase in net assets from operations	(4,556)		16,390
Dividends to shareholders ($0.54 and $0.51 per share, respectively)	(12,401)		(9,498)
Capital share transactions:
Change in pension plan funded status	9		9
Issuance of common stock	29,880		516
Share-based compensation expense	923		853
Common stock withheld for payroll taxes upon vesting of restricted stock	(5)		—
Increase in net assets	13,850		8,270
Net assets, September 30	$	381,945	$	286,129
Operations:
Net investment income	11,899		8,517
Net realized gain (loss) on investments, net of tax	2,715		(127)

Net unrealized (depreciation) appreciation on investments, net of tax	(2,054)		7,271
Realized losses on extinguishment of debt	—		(262)
Net increase in net assets from operations	12,560		15,399
Dividends to shareholders ($0.97 and $0.51 per share, respectively)	(22,917)		(10,044)
Capital share transactions:
Change in pension plan funded status	9		8
Issuance of common stock	15,754		20,623
Share-based compensation expense	849		771
Common stock withheld for payroll taxes upon vesting of restricted stock	(863)		(236)
Increase in net assets	5,392		26,521
Net assets, December 31	$	387,337	$	312,650

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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	Nine Months Ended
	December 31,
	2021		2020
Cash flows from operating activities
Net increase in net assets from operations	$	23,146	$	40,666
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases and originations of investments	(410,066)		(150,323)
Proceeds from sales and repayments of debt investments in portfolio companies	221,462		70,280
Proceeds from sales and return of capital of equity investments in portfolio companies	11,881		9,782
Payment of accreted original issue discounts	3,133		1,010
Payment of accrued payment-in-kind interest	2,064		—
Depreciation and amortization	1,628		1,478
Net pension benefit	(99)		(81)
Realized loss on extinguishment of debt	17,103		548
Realized (gain) loss on investments before income tax	(6,058)		6,967
Net unrealized appreciation on investments before income tax	(5,089)		(26,480)
Accretion of discounts on investments	(2,177)		(1,730)
Payment-in-kind interest	(3,550)		(5,207)
Share-based compensation expense	2,848		2,236
Deferred income taxes	1,149		3,146
Changes in other assets and liabilities:
Decrease (increase) in dividend and interest receivable	1,601		(357)
(Increase) decrease in escrow receivables	(159)		493
Decrease (increase) in tax receivable	121		(439)
(Increase) decrease in other receivables	(104)		9
Decrease in other assets	(1,152)		66
Increase in taxes payable	1,477		332
Increase in other liabilities	1,738		1,900
Net cash used in operating activities	(139,103)		(45,704)
Cash flows from financing activities
Proceeds from common stock offering	73,346		26,770

Borrowings under credit facility	295,000		147,000
Repayments of credit facility	(225,000)		(151,000)
Debt issuance costs paid	(3,445)		(325)
Proceeds from issuance of SBA Debentures	28,294		—
Proceeds from issuance of October 2024 Notes	—		49,000
Proceeds from issuance of October 2026 Notes	146,414		—
Partial redemption of December 2022 Notes	—		(40,000)
Redemption of October 2024 Notes	(125,000)		—
Payment for debt extinguishment costs	(15,196)		—
Dividends to shareholders	(46,847)		(29,022)
Common stock withheld for payroll taxes upon vesting of restricted stock	(1,408)		(239)
Net cash provided by financing activities	126,158		75,684
Net (decrease) increase in cash and cash equivalents	(12,945)		29,980
Cash and cash equivalents at beginning of period	31,613		13,744
Cash and cash equivalents at end of period	$	18,668	$	43,724
Supplemental cash flow disclosures:
Cash paid for income taxes	$	150	$	619
Cash paid for interest	13,744		10,149

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

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4
Non-control/Non-affiliate Investments5
AAC NEW HOLDCO INC.	First Lien	Healthcare services	10.00%, 8.00% PIK	12/11/2020	6/25/2025	$	8,482	$	8,482	$	8,143
	374,543 shares common stock		—	12/11/2020	—	—		1,785		1,785
	Warrants (Expiration - December 11, 2025)		—	12/11/2020	—	—		2,198		2,198
								12,465		12,126
ACCELERATION PARTNERS, LLC8,13	First Lien	Media, marketing & entertainment	L+8.18% (Floor 1.00%)/Q, Current Coupon 9.18%	12/1/2020	12/1/2025	11,875		11,586		11,875
	1,000 Preferred Units9		—	12/1/2020	—	—		1,000		1,153
	1,000 Class A Common Units9		—	12/1/2020	—	—		—		—
								12,586		13,028
ACE GATHERING, INC.	Second Lien15	Energy services (midstream)	L+8.50% (Floor 2.00%)/Q, Current Coupon 10.50%	12/13/2018	12/13/2023	8,010		7,934		7,890
ALLIANCE SPORTS GROUP, L.P.	Senior subordinated debt	Consumer products & retail	11.00%	8/1/2017	2/1/2023	11,521		11,463		11,521
	Unsecured convertible note		6.00% PIK	7/15/2020	9/30/2024	173		173		232
	3.88% membership preferred interest		—	8/1/2017	—	—		2,500		3,053
								14,136		14,806
ALLOVER MEDIA, LLC	Revolving Loan10	Media, marketing & entertainment	L+7.00% (Floor 1.00%)	3/10/2021	3/10/2026	—		(33)		—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	3/10/2021	3/10/2026	12,133		11,922		12,376
								11,889		12,376
AMERICAN NUTS OPERATIONS LLC13	First Lien - Term Loan	Food, agriculture and beverage	L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	4/10/2018	4/10/2025	16,888		16,770		16,888
	First Lien - Term Loan C10		L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	12/21/2018	4/10/2025	1,804		1,784		1,804
	3,000,000 units of Class A common stock9		—	4/10/2018	—	—		3,000		2,752
								21,554		21,444

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.)	Revolving Loan10,16	Telecommunications	P+5.50%/Q, Current Coupon 8.75%	9/17/2021	12/7/2021	903	894	27
	First Lien16		P+5.50%/Q, Current Coupon 8.75%	9/21/2016	6/8/2023	4,899	4,858	147
							5,752	174
AMWARE FULFILLMENT LLC	First Lien	Distribution	L+9.00% (Floor 1.00%)/M, Current Coupon 10.00%	7/29/2016	1/31/2022	16,634	16,624	16,634
ARBORWORKS, LLC	Revolving Loan10	Environmental services	L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	11/17/2021	11/9/2026	940	881	881
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	11/17/2021	11/9/2026	13,000	12,746	12,746
	100 Class A Units		—	11/17/2021	—	—	100	100
							13,727	13,727
ASC ORTHO MANAGEMENT COMPANY, LLC13	2,042 Common Units9	Healthcare services	—	8/31/2018	—	—	750	514
BINSWANGER HOLDING CORP.	First Lien	Distribution	L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%	3/9/2017	3/10/2023	10,286	10,266	10,286
	900,000 shares of common stock		—	3/9/2017	—	—	900	924
							11,166	11,210
BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.)	Second Lien- Term Loan15	Commodities & mining	L+11.00% (Floor 1.00%)/Q, 3.00% PIK, Current Coupon 15.00%	7/30/2018	7/30/2023	8,994	8,925	8,499
	Second Lien- Term Loan B15		L+5.50% (Floor 1.00%)/Q, 12.50% PIK, Current Coupon 19.00%	3/30/2020	7/30/2023	2,081	2,059	1,966
							10,984	10,465
BROAD SKY NETWORKS LLC13	1,131,579 Series A Preferred units9	Telecommunications	—	12/11/2020	—	—	1,131	1,131
CALIFORNIA PIZZA KITCHEN, INC.	48,423 shares of common stock	Restaurants	—	11/23/2020	—	—	1,317	2,276
CAMIN CARGO CONTROL, INC.	First Lien	Energy services (midstream)	L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	6/2/2021	6/4/2026	5,970	5,916	5,916

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
CITYVET, INC.13	Delayed Draw Term Loan10	Healthcare services	L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	3/5/2021	3/5/2026	10,500	10,135	10,500
	271,739 Class A units9		—	3/5/2021	—	—	500	1,026
							10,635	11,526
CRAFTY APES, LLC8	First Lien	Media, marketing & entertainment	L+6.44% (Floor 1.00%)/Q, Current Coupon 7.44%	6/9/2021	11/1/2024	10,000	9,915	10,000
DUNN PAPER, INC.	Second Lien	Paper & forest products	L+9.25% (Floor 1.00%)/M, Current Coupon 10.25%	9/28/2016	8/26/2023	3,000	2,981	2,500
EVEREST TRANSPORTATION SYSTEMS, LLC	First Lien	Transportation & logistics	L+8.00% (Floor 1.00%)/M, Current Coupon 9.00%	11/9/2021	8/26/2026	9,052	8,963	8,963
FAST SANDWICH, LLC	Revolving Loan10	Restaurants	L+9.00% (Floor 1.00%)	5/24/2018	5/23/2023	—	(24)	—
	First Lien		L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	5/24/2018	5/23/2023	3,297	3,279	3,297
							3,255	3,297
FLIP ELECTRONICS, LLC8,13	First Lien	Technology products & components	L+7.94% (Floor 1.00%)/M, Current Coupon 8.94%	1/4/2021	1/2/2026	15,500	15,219	15,500
	2,000,000 Common Units9,11		—	1/4/2021	—	—	2,000	4,540
							17,219	20,040
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC13	First Lien	Food, agriculture & beverage	L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%	6/1/2021	6/1/2026	5,000	4,910	5,000
	Delayed Draw Term Loan10		L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%	6/1/2021	6/1/2026	2,030	1,968	2,030
	75,000 Class A Units9		—	6/1/2021	—	—	750	750
							7,628	7,780
GS OPERATING, LLC	First Lien	Distribution	L+6.50% (Floor 1.50%)/M, Current Coupon 8.00%	3/6/2020	2/24/2025	7,742	7,633	7,742
HYBRID APPAREL, LLC	Second Lien15	Consumer products & retail	L+8.25% (Floor 1.00%)/Q, Current Coupon 9.25%	6/30/2021	6/30/2026	15,750	15,460	15,419

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
INFOLINKS MEDIA BUYCO, LLC	First Lien	Media, marketing & entertainment	L+6.00% (Floor 1.00%)/M, Current Coupon 7.00%	11/1/2021	10/30/2026	7,750	7,599	7,599
	Delayed Draw Term Loan10		L+6.00% (Floor 1.00%)	11/1/2021	10/30/2026	—	(21)	—
	1.68% LP interest10		—	10/29/2021	—	—	588	588
							8,166	8,187
ISI ENTERPRISES, LLC	Revolving Loan10	Software & IT services	L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	10/1/2021	10/1/2026	800	762	762
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	10/1/2021	10/1/2026	5,000	4,904	4,904
	1,000,000 Series A Preferred units		—	10/1/2021	—	—	1,000	1,000
							6,666	6,666
JVMC HOLDINGS CORP.	First Lien	Financial services	L+6.75% (Floor 1.00%)/M, Current Coupon 7.75%	2/28/2019	2/28/2024	6,704	6,669	6,704
KLEIN HERSH, LLC	Revolving Loan10	Business services	L+7.00% (Floor 0.75%)/S	11/13/2020	11/13/2025	—	(14)	—
	First Lien		L+7.00% (Floor 0.75%)/S, Current Coupon 7.75%	11/13/2020	11/13/2025	24,125	23,692	24,608
							23,678	24,608
KMS, INC.	First Lien15	Distribution	L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	10/4/2021	10/2/2026	15,960	15,806	15,960
	Delayed Draw Term Loan10		L+7.25% (Floor 1.00%)	10/4/2021	10/2/2026	—	(43)	—
							15,763	15,960
LASH OPCO, LLC	Revolving Loan10	Consumer products & retail	L+7.00% (Floor 1.00%)	12/29/2021	9/18/2025	—	(11)	—
	First Lien		L+7.00% (Floor 1.00%)/M, Current Coupon 8.00%	12/29/2021	3/18/2026	6,500	6,354	6,354
	Delayed Draw Term Loan10		L+7.00% (Floor 1.00%)	12/29/2021	3/18/2026	—	(79)	—
							6,264	6,354

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
LGM PHARMA, LLC13	First Lien	Healthcare products	L+8.50% (Floor 1.00%), 2.00% PIK/M, Current Coupon 11.50%	11/15/2017	11/15/2023	11,393	11,308	10,630
	Delayed Draw Term Loan		L+10.00% (Floor 1.00%), 2.00% PIK/Q, Current Coupon 13.00%	7/24/2020	11/15/2023	2,481	2,453	2,337
	Unsecured convertible note9		25.00% PIK	12/21/2021	12/31/2024	88	88	82
	142,278.89 units of Class A common stock9		—	11/15/2017	—	—	1,600	376
							15,449	13,425
LLFLEX, LLC	First Lien15	Containers & packaging	L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	8/16/2021	8/14/2026	10,973	10,740	10,698
MAKO STEEL LP	Revolving Loan10	Business services	L+7.25% (Floor 0.75%)/Q, Current Coupon 8.00%	3/15/2021	3/13/2026	1,038	1,006	1,017
	First Lien		L+7.25% (Floor 0.75%)/Q, Current Coupon 8.00%	3/15/2021	3/13/2026	8,052	7,913	7,891
							8,919	8,908
MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL)13	First Lien	Telecommunications	L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	12/6/2021	12/7/2026	12,500	12,253	12,253
	Second Lien		L+11.00% (Floor 1.00%)/Q, Current Coupon 12.00%	12/6/2021	12/7/2026	3,300	3,235	3,235
	2,089,599 Series A units9		—	12/6/2021	—	—	—	1,384
							15,488	16,872
MUENSTER MILLING COMPANY, LLC	Revolving Loan10	Food, agriculture & beverage	L+7.25% (Floor 1.00%)	8/10/2021	8/10/2026	—	(92)	—
	First Lien		L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	8/10/2021	8/10/2026	12,000	11,775	12,000
	Delayed Draw Term Loan10		L+7.25% (Floor 1.00%)/Q	8/10/2021	8/10/2026	—	(55)	—
							11,628	12,000
NATIONAL CREDIT CARE, LLC	First Lien - Term Loan A	Consumer services	L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	12/23/2021	12/23/2026	11,250	11,026	11,026
	First Lien - Term Loan B		L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	12/23/2021	12/23/2026	11,250	11,026	11,026
							22,052	22,052

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
NEUROPSYCHIATRIC HOSPITALS, LLC	Revolving Loan10	Healthcare services	L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	5/14/2021	5/14/2026	4,400	4,313	4,299
	First Lien		L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	5/14/2021	5/14/2026	14,925	14,656	14,582
	Delayed Draw Term Loan10		L+8.00% (Floor 1.00%)	5/14/2021	5/14/2026	—	(87)	—
							18,882	18,881
NINJATRADER, INC.13	Revolving Loan10	Financial services	L+6.25% (Floor 1.00%)	12/18/2019	12/18/2024	—	(4)	—
	First Lien		L+6.25% (Floor 1.00%)/Q, Current Coupon 7.25%	12/18/2019	12/18/2024	23,150	22,686	23,150
	Delayed Draw Term Loan10		L+6.25% (Floor 1.00%)/Q	12/31/2020	12/18/2024	—	(49)	—
	2,000,000 Preferred Units9,11		—	12/18/2019	—	—	2,000	9,566
							24,633	32,716
NWN PARENT HOLDINGS, LLC	Revolving Loan10	Software & IT services	L+6.50% (Floor 1.00%)	5/7/2021	5/7/2026	420	389	415
	First Lien		L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	5/7/2021	5/7/2026	13,100	12,866	12,942
							13,255	13,357
RESEARCH NOW GROUP, INC.	Second Lien	Business services	L+9.50% (Floor 1.00%)/M, Current Coupon 10.50%	12/8/2017	12/20/2025	10,500	10,044	10,416
ROOF OPCO, LLC	Revolving Loan10	Consumer services	L+6.00% (Floor 1.00%)	8/27/2021	8/27/2026	—	(57)	—
	First Lien		L+6.00% (Floor 1.00%)/Q, Current Coupon 7.00%	8/27/2021	8/27/2026	11,000	10,793	10,780
	Delayed Draw Term Loan10		L+6.00% (Floor 1.00%)	8/27/2021	8/27/2026	—	(114)	—
							10,622	10,780
RTIC SUBSIDIARY HOLDINGS, LLC	Revolving Loan10	Consumer products & retail	L+7.75% (Floor 1.25%)/Q, Current Coupon 9.00%	9/1/2020	9/1/2025	274	264	274
	First Lien		L+7.75% (Floor 1.25%)/Q, Current Coupon 9.00%	9/1/2020	9/1/2025	7,003	6,935	7,003
							7,199	7,277

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
SCRIP INC.8	First Lien	Healthcare products	L+9.49% (Floor 2.00%)/M, Current Coupon 11.49%	3/21/2019	3/21/2024	16,750	16,496	16,750
	100 shares of common stock		—	3/21/2019	—	—	1,000	1,264
							17,496	18,014
SHEARWATER RESEARCH, INC.9	Revolving Loan10	Consumer products & retail	L+6.25% (Floor 1.00%)	4/30/2021	4/30/2026	—	(42)	—
	First Lien		L+6.25% (Floor 1.00%)/Q, Current Coupon 7.25%	4/30/2021	4/30/2026	13,828	13,583	13,565
	Delayed Draw Term Loan10		L+6.25% (Floor 1.00%)	4/30/2021	4/30/2026	—	(28)	—
	1,200,000 Class A Preferred Units		—	4/30/2021	—	—	978	978
	40,000 Class A Common Units		—	4/30/2021	—	—	33	33
							14,524	14,576
SIB HOLDINGS, LLC13	Revolving Loan10	Business services	L+6.00% (Floor 1.00%)/M, Current Coupon 7.00%	10/29/2021	10/29/2026	47	36	37
	First Lien		L+6.00% (Floor 1.00%)/M, Current Coupon 7.00%	10/29/2021	10/29/2026	7,427	7,319	7,319
	Delayed Draw Term Loan10		L+6.00% (Floor 1.00%)	10/29/2021	10/29/2026	—	(9)	—
	238,095.24 Common Units9		—	10/29/2021	—	—	500	500
							7,846	7,856
SOUTH COAST TERMINALS, LLC	Revolving Loan10	Specialty chemicals	L+6.25% (Floor 1.00%)	12/13/2021	12/11/2026	—	(38)	—
	First Lien		L+6.25% (Floor 1.00%)/M, Current Coupon 7.25%	12/13/2021	12/11/2026	18,065	17,706	17,706
							17,668	17,706
SPOTLIGHT AR, LLC13	Revolving Loan10	Business services	L+7.00% (Floor 1.00%)	12/8/2021	6/8/2026	—	(39)	—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	12/8/2021	6/8/2026	7,500	7,351	7,352
	750 Common Units9		—	12/8/2021	—	—	750	750
							8,062	8,102

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
STUDENT RESOURCE CENTER, LLC13	Revolving Loan10	Education	L+8.00% (Floor 1.00%)	6/25/2021	6/25/2026	—	(24)	—
	First Lien		L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	6/25/2021	6/25/2026	19,500	19,139	19,500
	2,000 Preferred Units9		—	6/25/2021	—	—	2,000	2,304
							21,115	21,804
SYSTEC CORPORATION (DBA INSPIRE AUTOMATION)	Revolving Loan10	Business services	L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	8/13/2021	8/13/2025	650	614	637
	First Lien		L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	8/13/2021	8/13/2025	9,000	8,834	8,820
	Delayed Draw Term Loan10		L+7.50% (Floor 1.00%)	8/13/2021	8/13/2025	—	(27)	—
							9,421	9,457
THE PRODUCTO GROUP, LLC13	First Lien	Industrial products	L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	12/31/2021	12/31/2026	13,770	13,495	13,495
	1,500,000 Class A units9		—	12/31/2021	—	—	1,500	1,500
							14,995	14,995
TRAFERA, LLC (FKA TRINITY 3, LLC)13	First Lien15	Technology products & components	L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	9/30/2020	9/30/2025	9,900	9,783	9,860
	896.43 Class A units9,11		—	11/15/2019	—	—	1,205	2,724
							10,988	12,584
USA DEBUSK, LLC	First Lien	Industrial services	L+5.75% (Floor 1.00%)/M, Current Coupon 6.75%	2/25/2020	9/8/2026	11,643	11,472	11,539
VISTAR MEDIA INC.	171,617 shares of Series A preferred stock	Media, marketing & entertainment	—	4/3/2019	—	—	1,874	6,520
VTX HOLDINGS, INC. (DBA VERTEX ONE)	1,597,707 Series A Preferred units	Software & IT services	—	7/23/2019	—	—	1,598	2,082
WALL STREET PREP, INC.	Revolving Loan10	Education	L+7.00% (Floor 1.00%)	7/19/2021	7/20/2026	—	(18)	—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	7/19/2021	7/20/2026	10,931	10,729	10,724
	1,000,000 Class A-1 Preferred Shares		—	7/19/2021	—	—	1,000	1,000
							11,711	11,724

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4
WELL-FOAM, INC.	Revolving Loan10	Energy services (upstream)	L+8.50 (Floor 1.00%)/Q, Current Coupon 9.50%	9/9/2021	9/9/2026	1,000		913		1,000
	First Lien		L+8.50 (Floor 1.00%)/Q, Current Coupon 9.50%	9/9/2021	9/9/2026	17,955		17,613		17,955
								18,526		18,955
WINTER SERVICES OPERATIONS, LLC	Revolving Loan10	Business services	L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	11/19/2021	11/19/2026	556		469		469
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	11/19/2021	11/19/2026	20,000		19,607		19,608
	Delayed Draw Term Loan10		L+7.00% (Floor 1.00%)	11/19/2021	11/19/2026	—		(43)		—
								20,033		20,077
ZENFOLIO INC.	Revolving Loan10	Business services	L+9.00% (Floor 1.00%)	7/17/2017	7/17/2023	—		(5)		—
	First Lien		L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	7/17/2017	7/17/2023	18,962		18,810		18,393
								18,805		18,393
Total Non-control/Non-affiliate Investments (178.5% of net assets at fair value)								$	673,871	$	691,229

Affiliate Investments6
AIR CONDITIONING SPECIALIST, INC.13	Revolving Loan10	Consumer services	L+7.25% (Floor 1.00%)	11/9/2021	11/9/2026	$	—	$	(19)	$	—
	First Lien		L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	11/9/2021	11/9/2026	9,000		8,824		8,824
	500,000 Preferred Units9		—	11/9/2021	—	—		500		500
								9,305		9,324
CATBIRD NYC, LLC	Revolving Loan10	Consumer products & retail	L+7.25% (Floor 1.00%)	10/15/2021	10/15/2026	—		(77)		—
	First Lien		L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	10/15/2021	10/15/2026	16,000		15,692		15,692
	1,000,000 Class A units		—	10/15/2021	—	—		1,000		1,000
	500,000 Class B units10		—	10/15/2021	—	—		500		500
								17,115		17,192

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
CENTRAL MEDICAL SUPPLY LLC13	Revolving Loan10	Healthcare services	L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%	5/22/2020	5/22/2025	300	280	278
	First Lien		L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%	5/22/2020	5/22/2025	7,500	7,391	6,953
	Delayed Draw Capex Term Loan10		L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%	5/22/2020	5/22/2025	100	80	93
	1,380,500 Preferred Units9		—	5/22/2020	—	—	976	408
							8,727	7,732
CHANDLER SIGNS, LLC13	1,500,000 units of Class A-1 common stock9	Business services	—	1/4/2016	—	—	1,500	924
DELPHI BEHAVIORAL HEALTH GROUP, LLC	First Lien	Healthcare services	L+9.50% (Floor 1.00%)/S, Current Coupon 10.50%	4/8/2020	4/7/2023	1,501	1,501	1,366
	First Lien		L+9.00% (Floor 1.00%)/S, Current Coupon 10.00%	4/8/2020	4/7/2023	1,690	1,690	1,437
	Protective Advance		L+11.50% PIK (Floor 1.00%)/Q, Current Coupon 12.50%	8/31/2021	4/7/2023	73	73	62
	1,681.04 Common Units		—	4/8/2020	—	—	3,615	2,460
							6,879	5,325
DYNAMIC COMMUNITIES, LLC13	Revolving Loan10	Business services	L+8.50% (Floor 1.00%)	7/17/2018	7/17/2023	—	(1)	—
	First Lien		L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%	7/17/2018	7/17/2023	11,361	11,275	10,236
	Senior subordinated debt		25% PIK	12/4/2020	1/16/2024	611	611	611
	2,000,000 Preferred Units9		—	7/17/2018	—	—	2,000	1,274
							13,885	12,121
GRAMMATECH, INC.	Revolving Loan10	Software & IT services	L+9.50% (Floor 2.00%)	11/1/2019	11/1/2024	—	(25)	—
	First Lien		L+9.50% (Floor 2.00%)/Q, Current Coupon 11.50%	11/1/2019	11/1/2024	11,500	11,375	9,775
	1,000 Class A units		—	11/1/2019	—	—	1,000	712
							12,350	10,487

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
ITA HOLDINGS GROUP, LLC13	Revolving Loan10	Transportation & logistics	L+8.50% (Floor 1.00%)	2/14/2018	2/14/2023	—	(18)	—
	First Lien - Term Loan		L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	2/14/2018	2/14/2023	10,071	10,027	10,041
	First Lien - Term B Loan		L+10.50% (Floor 1.00%)/Q, Current Coupon 11.50%	6/5/2018	2/14/2023	5,036	5,003	5,061
	First Lien - PIK Note A		10.00% PIK	3/29/2019	2/14/2023	2,884	2,597	2,884
	First Lien - PIK Note B		10.00% PIK	3/29/2019	2/14/2023	114	114	114
	Warrants (Expiration - March 29, 2029)9		—	3/29/2019	—	—	538	3,604
	9.25% Class A Membership Interest9		—	2/14/2018	—	—	1,500	3,476
							19,761	25,180
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE)13	Revolving Loan10	Environmental services	7.50%	12/31/2021	12/31/2025	456	456	456
	First Lien		7.50%	12/31/2021	12/31/2025	5,208	5,208	5,208
	Second Lien16		10.00% PIK	12/31/2021	12/31/2026	5,208	5,208	3,125
	208,333.3333 Series A Preferred units9		—	12/31/2021	—	—	—	—
	203,124.9999 Common units9		—	12/31/2021	—	—	—	—
							10,872	8,789
ROSELAND MANAGEMENT, LLC	Revolving Loan10	Healthcare services	L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%	11/9/2018	11/9/2023	1,175	1,162	1,175
	First Lien		L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%	11/9/2018	11/9/2023	14,161	14,043	14,161
	16,084 Class A Units		—	11/9/2018	—	—	1,517	1,905
							16,722	17,241
SIMR, LLC	First Lien16	Healthcare services	L+17.00% (Floor 2.00%) PIK/M, Current Coupon 19.00%	9/7/2018	9/7/2023	13,340	13,206	10,672
	9,374,510.2 Class B Common Units		—	9/7/2018	—	—	6,107	—
	1,357,354.96 Class W Units		—	2/4/2021	—	—	—	—
							19,313	10,672

Table of Contents


CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2021

Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17		Fair Value4
SONOBI, INC.13	500,000 Class A Common Units9	Media, marketing, & entertainment	—	9/17/2020	—	—	500		2,960
Total Affiliate Investments (33.0% of net assets at fair value)							$	136,929	$	127,947

Control Investments7
I-45 SLF LLC9, 10, 11	80% LLC equity interest	Multi-sector holdings	—	10/20/2015	—	—	$	76,000	$	57,589
Total Control Investments (14.9% of net assets at fair value)							$	76,000	$	57,589

TOTAL INVESTMENTS (226.4% of net assets at fair value)							$	886,800	$	876,765

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

2All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

3The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over LIBOR or Prime and the current contractual interest rate in effect at December 31, 2021. Certain investments are subject to a LIBOR or Prime interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

4The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

5Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2021, approximately 78.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 178.5%.

6Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At December 31, 2021, approximately 14.6% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 33.0%.

7Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At December 31, 2021, approximately 6.6% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 14.9%.

8The investment is structured as a first lien last out term loan.

Table of Contents

9Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2021, approximately 12.4% of the Company's assets are non-qualifying assets.

10The investment has an unfunded commitment as of December 31, 2021. Refer to Note 10 - Commitments and Contingencies for further discussion.

11Income producing through dividends or distributions.

12As of December 31, 2021, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $52.7 million; cumulative gross unrealized depreciation for federal income tax purposes is $50.5 million. Cumulative net unrealized appreciation is $2.2 million, based on a tax cost of $806.3 million.

13Investment is held through a wholly-owned taxable subsidiary.

14The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which as of December 31, 2021 represented 226.4% of the Company's net assets or 96.1% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.

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

16Investment is on non-accrual status as of December 31, 2021, meaning the Company has ceased to recognize interest income on the investment.

17Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

CAPITAL SOUTHWEST CORP [CSWC] Filings
10-Q	[2022-02-01]
10-Q	[2021-11-02]
10-Q	[2021-08-03]
10-K	[2021-05-26]
10-Q	[2021-02-02]
10-Q	[2020-11-02]
10-Q	[2020-08-04]
10-K	[2020-06-02]
10-Q	[2020-02-04]
10-Q	[2019-11-05]
10-Q	[2019-08-06]
10-K	[2019-06-04]
10-Q	[2019-02-05]
10-Q	[2018-11-07]
10-Q	[2018-08-07]
10-K	[2018-06-05]
10-Q	[2018-02-06]
10-Q	[2017-11-07]
10-Q	[2017-08-08]
10-K	[2017-06-01]
10-Q	[2017-02-07]
10-Q	[2016-11-08]
10-Q	[2016-08-09]
10-K	[2016-06-14]
10-Q	[2016-02-09]
10-Q	[2015-11-09]
10-Q	[2015-08-07]
10-K	[2015-06-03]
10-Q	[2015-02-06]
10-Q	[2014-11-07]
10-Q	[2014-08-07]
10-K	[2014-06-03]
10-Q	[2014-02-06]
10-Q	[2013-11-07]
10-Q	[2013-08-05]
10-K	[2013-05-31]
10-Q	[2013-02-07]
10-Q	[2012-11-09]
10-Q	[2012-08-06]
10-K	[2012-06-01]
10-Q	[2012-02-08]