[1]	All portfolio company headquarters are based in the United States, unless otherwise noted.
[2]	Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[3]	Non-Control/Non-Affiliate investments are generally defined by the 1940 Act, as investments that are neither control investments nor affiliate investments. At December 31, 2023, the Company held $1,124.9 million of non-control/non-affiliate investments, which represented approximately 82.4% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 156.0%.
[4]	Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At December 31, 2023, the Company held $186.0 million of affiliate investments, which represented approximately 13.6% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 25.8%.
[5]	All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[6]	Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At December 31, 2023, the Company held $54.2 million of control investments, which represented approximately 4.0% of the Company’s investment assets were . The fair value of these investments as a percent of net assets is 7.5%.
[7]	As of December 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $86.8 million; cumulative gross unrealized depreciation for federal income tax purposes was $72.0 million. Cumulative net unrealized appreciation was $14.8 million, based on a tax cost of $1,350.2 million.
[8]	Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
[9]	As of March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 million.
[10]	Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[11]	Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
[12]	All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[13]	The 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 valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
[14]	The 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 - Fair Value Measurements to our audited consolidated financial statements for further discussion.
[15]	The investment is structured as a first lien first out term loan.
[16]	The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at December 31, 2023. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.
[17]	The investment is structured as a first lien first out term loan.
[18]	The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR"), 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 SOFR, LIBOR or Prime and the current contractual interest rate in effect at March 31, 2023. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26161%.
[19]	All 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, the Company's wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.
[20]	The investment has an unfunded commitment as of December 31, 2023. Refer to Note 10 - Commitments and Contingencies for further discussion.
[21]	The investment has an unfunded commitment as of March 31, 2023. Refer to Note 11 - Commitments and Contingencies to our audited consolidated financial statements for further discussion.
[22]	All 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.
[23]	Investment is held through a wholly-owned taxable subsidiary.
[24]	Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2023, approximately 14.5% of the Company's total assets (at fair value) were non-qualifying assets.
[25]	Investment is held through a wholly-owned taxable subsidiary.
[26]	Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2023, approximately 13.9% of the Company's assets were non-qualifying assets.
[27]	The investment is structured as a first lien last out term loan.
[28]	The investment is structured as a first lien last out term loan.
[29]	The rate presented represents a weighted-average rate for borrowings under the facility as of December 31, 2023.
[30]	The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
[31]	The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
[32]	The rate presented represents a weighted-average rate for borrowings under the facility as of March 31, 2023.
[33]	Investment is on non-accrual status as of December 31, 2023, meaning the Company has ceased to recognize interest income on the investment.
[34]	Investment is on non-accrual status as of March 31, 2023, meaning the Company has ceased to recognize interest income on the investment.
[35]	Portfolio company headquarters are located outside of the United States.
[36]	Income producing through dividends or distributions.
[37]	Income producing through dividends or distributions.