8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  August 6, 2025

CAPITAL SOUTHWEST CORPORATION

(Exact Name Of Registrant As Specified In Charter)

Texas	814-00061	75-1072796
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS 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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
7.75% Notes due 2028	CSWCZ	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02  Results of Operations and Financial Condition.

On August 6, 2025, Capital Southwest Corporation (the “Company”) issued a press release, a copy of which has been furnished as Exhibit 99.1 hereto.

The information furnished in this Current Report on Form 8-K under Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by reference in a future filing.

Item 7.01  Regulation FD Disclosure.

The Company expects to hold a conference call with analysts and investors on August 7, 2025.  A copy of the investor presentation slides to be used by the Company on such conference call is furnished as Exhibit 99.2 to this Form 8-K and incorporated herein by reference.

The information set forth under this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits

(d)          Exhibits

Exhibit No.	Description
99.1	Press release issued by Capital Southwest Corporation on August 6, 2025
99.2	Investor presentation slides
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 6, 2025

By:	/s/ Michael S. Sarner
	Name: Michael S. Sarner
	Title:   President and Chief Executive Officer

EX-99.1

Exhibit 99.1

8333 Douglas Avenue, Suite 1100
Dallas, Texas 75225
T 214.238.5700
F 214.238.5701

Capital Southwest Announces Financial Results for First Fiscal Quarter Ended June 30, 2025

Dallas, Texas – August 6, 2025 – Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its financial results for the first fiscal quarter ended June 30, 2025.

First Quarter Fiscal Year 2026 Financial Highlights

•Total Investment Portfolio: $1.8 billion

◦Credit Portfolio of $1.6 billion

▪99% 1st Lien Senior Secured Debt

▪$113.4 million in new committed credit investments during the quarter

▪Weighted Average Yield on Debt Investments: 11.8%

▪Current non-accruals with a fair value of $14.7 million, representing 0.8% of the total investment portfolio

◦Equity Portfolio of $166.2 million

▪$1.8 million in new equity co-investments during the quarter

•Pre-Tax Net Investment Income: $32.7 million, or $0.61 per weighted average common share outstanding

•Estimated Undistributed Taxable Income ("UTI"): $1.00 per share as of June 30, 2025

◦Increase primarily due to realized gains of $27.2 million from the exit of two equity investments during the quarter

•LTM Operating Leverage: 1.7% for the quarter ended June 30, 2025

•Dividends: Paid $0.58 per share Regular Dividend and $0.06 per share Supplemental Dividend

◦106% LTM Pre-Tax NII Regular Dividend Coverage

◦Total Dividends for the quarter ended June 30, 2025 of $0.64 per share

•Net Realized and Unrealized Depreciation: $4.9 million, or 0.3% of total investments at fair value

◦$7.3 million of net appreciation related to the equity portfolio

◦$9.6 million of net depreciation related to the credit portfolio

◦$2.6 million net realized and unrealized income tax provision

•Balance Sheet:

◦Cash and Cash Equivalents: $46.9 million

◦Total Net Assets: $916.5 million

◦Net Asset Value (“NAV”) per Share: $16.59

In commenting on the Company’s results, Michael Sarner, President and Chief Executive Officer, stated, “The June quarter saw continued strengthening of our balance sheet and a reduction in our overall risk profile. Our investment portfolio currently has a weighted average debt to EBITDA of 3.4x, non-accruals represent less than 1% of the portfolio at fair value, and PIK interest income represents only 5.8% of our total investment income. We believe these metrics, coupled with our corporate leverage of 0.82x, a weighted average yield on debt investments of 11.8% and an undistributable taxable income balance of $1.00 per share, illustrate both our exceptional portfolio performance as well as our conservative approach to underwriting. Looking ahead, deal flow has picked up significantly in recent months and we expect to be very active on the origination front in the September quarter. Additionally, we recently announced a change to our regular dividend payment frequency from quarterly to monthly beginning in July, which we believe is a shareholder friendly initiative. On the capitalization front, we continued to efficiently raise equity capital during the quarter, raising approximately $42 million through our Equity ATM Program. Lastly, in April 2025, we increased commitments by $25 million on our Corporate Credit Facility to $510 million and received our second SBIC license from the SBA.”

First Quarter Fiscal Year Investment Activities

During the quarter ended June 30, 2025, the Company originated $115.2 million in new commitments, consisting of investments in three new portfolio companies totaling $50.5 million and add-on commitments in 12 portfolio companies totaling $64.7 million. New committed originations were comprised of $113.4 million in first lien senior secured debt and $1.8 million in equity investments.

During the quarter ended June 30, 2025, the Company received proceeds of $80.6 million from five portfolio company prepayments and exits, generating net realized gains of $27.1 million. Total proceeds were comprised of $55.9 million from debt investments and $24.7 million from equity investments.

First Fiscal Quarter 2026 Operating Results

For the quarter ended June 30, 2025, Capital Southwest reported total investment income of $55.9 million, compared to $52.4 million in the prior quarter. The increase in investment income was primarily attributable to an increase in cash interest income due to an increase in the average cost basis of investments held and an increase in the weighted average yield on debt investments, partially offset by a decrease in PIK interest income, amendment fees, and arranger fees received during the quarter.

For the quarter ended June 30, 2025, total operating expenses (excluding interest expense) were $8.0 million, compared to $8.7 million in the prior quarter. The decrease was primarily attributable to one-time expenses related to the departure of our former President and Chief Executive Officer during the previous quarter, partially offset by an increase in accrued bonus compensation and an increase in professional fees incurred in connection with the annual shareholder meeting and employee recruiting.

For the quarter ended June 30, 2025, interest expense remained relatively flat at $15.3 million, compared to $15.2 million in the prior quarter.

For the quarter ended June 30, 2025, total pre-tax net investment income was $32.7 million, compared to $28.5 million in the prior quarter.

For the quarter ended June 30, 2025, there was a tax provision of $0.8 million, compared to a tax provision of $0.6 million in the prior quarter.

During the quarter ended June 30, 2025, Capital Southwest recorded total net realized and unrealized losses on investments of $4.9 million, compared to $10.3 million of total net realized and unrealized losses in the prior quarter. For the quarter ended June 30, 2025, the total net realized and unrealized losses on investments reflected net realized and unrealized gains on equity investments of $7.3 million, net realized and unrealized losses on debt investments of $9.6 million and net realized and unrealized income tax provision of $2.6 million. The net increase in net assets resulting from operations was $27.0 million for the quarter, compared to $17.6 million in the prior quarter.

The Company’s NAV at June 30, 2025 was $16.59 per share, compared to $16.70 per share in the prior quarter. The decrease in NAV per share from the prior quarter is primarily due to the grant of restricted stock and net realized and unrealized losses on investments, partially offset by the issuance of common stock at a premium to NAV per share through the Equity ATM Program (as described below).

Liquidity and Capital Resources

At June 30, 2025, Capital Southwest had approximately $46.9 million in unrestricted cash and money market balances and $397.2 million of unused capacity under the Corporate Credit Facility (as defined below) and the SPV Credit Facility (as defined below). The regulatory debt to equity ratio at the end of the quarter was 0.82 to 1.

As of June 30, 2025, Capital Southwest had the following borrowings outstanding:

•$200.0 million of total debt outstanding on the Corporate Credit Facility

•$112.0 million of total debt outstanding on the SPV Credit Facility

•$149.0 million, net of unamortized debt issuance costs, of the 3.375% Notes due October 2026

•$70.3 million, net of unamortized debt issuance costs, of the 7.75% Notes due August 2028

•$223.5 million, net of amortized debt issuance costs, of the 5.125% convertible notes due November 2029

•$171.1 million, net of unamortized debt issuance costs, of SBA Debentures (as defined below)

In August 2016, CSWC entered into a senior secured credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. Borrowings under the Corporate Credit Facility accrue interest on a per annum basis at a rate equal to the applicable SOFR rate plus 2.15%. On August 2, 2023, CSWC entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (the "Credit Agreement") that (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility's revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. As of June 30, 2025, the total commitments under the Corporate Credit Facility were $510 million provided by 11 lenders.

Capital Southwest SPV LLC ("SPV") is a wholly owned special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities. On March 20, 2024, SPV entered into a special purpose vehicle financing credit facility (the "SPV Credit Facility"). The SPV Credit Facility included an initial commitment of $150 million. Pursuant to the terms of the loan agreement, on June 20, 2024, total commitments automatically increased from $150 million to $200 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.

The Company has an "at-the-market" offering (the "Equity ATM Program"), pursuant to which the Company may offer and sell, from time to time through sales agents, up to $1 billion of shares of its common stock. During the quarter ended June 30, 2025, the Company sold 2,034,917 shares of its common stock under the Equity ATM Program at a weighted-average price of $20.50 per share, raising $41.7 million of gross proceeds. Net proceeds were $41.2 million after commissions to the sales agents on shares sold. As of June 30, 2025, the Company has $248.3 million available under the Equity ATM Program.

Our wholly owned subsidiaries, Capital Southwest SBIC I, LP (“SBIC I”) and Capital Southwest SBIC II, LP ("SBIC II" and together with SBIC I, the "SBIC Subsidiaries"), each received a license from the Small Business Administration (the "SBA") to operate as a Small Business Investment Company ("SBIC") under Section 301(c) of the Small Business Investment Act of 1958, as amended, on April 20, 2021 and April 17, 2025, respectively. The SBIC licenses allow the SBIC Subsidiaries to obtain leverage by issuing SBA-guaranteed debentures ("SBA Debentures"), subject to the issuance of a leverage commitment by the SBA. SBA debentures are loans issued to an SBIC that have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350 million. As of June 30, 2025, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn, and SBIC II did not have a leverage commitment from the SBA.

Share Repurchase Program

On July 28, 2021, the Company's Board of Directors (the "Board") approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Securities Exchange Act of 1934, as amended. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate purchase price for all shares equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the quarter ended June 30, 2025, the Company did not repurchase any shares of the Company’s common stock under the share repurchase program.

Regular Monthly Dividend of $0.1934 Per Share and Supplemental Dividend of $0.06 Per Share for Quarter Ended September 30, 2025

On June 11, 2025, the Board declared monthly regular dividends of $0.1934 per share for each of July, August, and September 2025 and a quarterly supplemental dividend of $0.06 per share payable in September 2025, each of which is detailed in the table below.

The Company’s regular monthly dividends for the quarter ending September 30, 2025 will be payable as follows:

Declared	Ex-Dividend Date	Record Date	Payment Date	Amount Per Share
6/11/2025	7/15/2025	7/15/2025	7/31/2025	$0.1934
6/11/2025	8/15/2025	8/15/2025	8/29/2025	$0.1934
6/11/2025	9/15/2025	9/15/2025	9/30/2025	$0.1934

The Company’s supplemental dividend for the quarter ending September 30, 2025 will be payable as follows:

Declared	Ex-Dividend Date	Record Date	Payment Date	Amount Per Share
6/11/2025	9/15/2025	9/15/2025	9/30/2025	$0.06

Total Regular Dividends per Share for Quarter Ending September 30, 2025:	$0.58
Total Supplemental Dividend per Share for Quarter Ending September 30, 2025:	$0.06
Total Dividends per Share for Quarter Ending September 30, 2025:	$0.64

When declaring dividends, the Board of Directors reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.

Capital Southwest maintains a dividend reinvestment plan ("DRIP") that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, Equiniti Trust Company.  Under the DRIP, if the Company declares a dividend, registered stockholders who have opted into the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest's common stock. 

First Quarter 2026 Earnings Results Conference Call and Webcast

Capital Southwest has scheduled a conference call on Thursday, August 7, 2025, at 1:00 p.m. Eastern Time to discuss the first quarter 2026 financial results. You may access the call by using the Investor Relations section of Capital Southwest's website at www.capitalsouthwest.com, or by using http://edge.media-server.com/mmc/p/z383xthy.

An audio archive of the conference call will also be available on the Investor Relations section of Capital Southwest’s website.

For a more detailed discussion of the financial and other information included in this press release, please refer to the Capital Southwest's Form 10-Q for the period ended June 30, 2025 to be filed with the Securities and Exchange Commission (the "SEC") and Capital Southwest’s First Fiscal Quarter 2026 Earnings Presentation to be posted on the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com.

About Capital Southwest

Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.8 billion in investments at fair value as of June 30, 2025. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

Forward-Looking Statements

This press release contains historical information and forward-looking statements with respect to the business and investments of Capital Southwest, including, but not limited to, the statements about Capital Southwest's future performance and financial performance and financial condition, and the timing, form and amount of any distributions or supplemental dividends in the future. Forward-looking statements are statements that are not historical statements and can often be identified by words such as "will," "believe," "expect" and similar expressions and variations or negatives of these words. These statements are based on management's current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on our business and our portfolio companies; regulatory changes; tax treatment; our ability to operate the SBIC Subsidiaries as small business investment companies; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and our financial condition; an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of supply chain constraints on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invests.

Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest's Annual Report on Form 10-K for the year ended March 31, 2025 and any subsequent filings with the SEC, including the "Risk Factors" sections therein, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

Investor Relations Contact:

Michael S. Sarner, President and Chief Executive Officer

214-884-3829

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except shares and per share data)
	June 30,		March 31,
	2025		2025
	(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $1,438,979 and $1,403,623, respectively)	$	1,449,483	$	1,436,316
Affiliate investments (Cost: $287,517 and $304,824, respectively)	276,771		292,891
Control investments (Cost: $71,942 and $70,913, respectively)	53,944		56,092
Total investments (Cost: $1,798,438 and $1,779,360, respectively)	1,780,198		1,785,299
Cash and cash equivalents	46,889		43,221
Restricted cash	1,650		1,650
Receivables:
Dividends and interest	30,141		30,303
Escrow	2,003		1,926
Other	3,705		2,018
Income tax receivable	95		94
Debt issuance costs (net of accumulated amortization of $11,061 and $10,357, respectively)	8,981		9,266
Other assets	8,750		9,063
Total assets	$	1,882,412	$	1,882,840
Liabilities
SBA Debentures (net of $3,885 and $4,082, respectively, of unamortized debt issuance costs)	$	171,115	$	170,918
October 2026 Notes (net of $962 and $1,154, respectively, of unamortized debt issuance costs)	149,038		148,846
August 2028 Notes (net of $1,555 and $1,681, respectively, of unamortized debt issuance costs)	70,320		70,194
2029 Convertible Notes (net of $6,523 and $6,893, respectively, of unamortized debt issuance costs)	223,477		223,107
Credit Facilities	312,000		343,000
Other liabilities	19,136		23,038
Accrued restoration plan liability	550		555
Income tax payable	7,383		2,769
Deferred tax liability	12,919		16,780
Total liabilities	965,938		999,207
Commitments and contingencies (Note 11)
Net Assets
Common stock, $0.25 par value: authorized, 75,000,000 shares at June 30, 2025 and March 31, 2025; issued, 55,227,370 shares at June 30, 2025 and 52,912,796 shares at March 31, 2025	13,807		13,228
Additional paid-in capital	999,728		959,123
Total distributable (loss) earnings	(97,061)		(88,718)
Total net assets	916,474		883,633
Total liabilities and net assets	$	1,882,412	$	1,882,840
Net asset value per share (55,227,370 shares outstanding at June 30, 2025 and 52,912,796 shares outstanding at March 31, 2025)	$	16.59	$	16.70

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except shares and per share data)
	Three Months Ended
	June 30,
	2025		2024
Investment income:
Interest income:
Non-control/Non-affiliate investments	$	41,238	$	37,936
Affiliate investments	5,256		4,759
Control investments	621		292
Payment-in-kind interest income:
Non-control/Non-affiliate investments	2,076		2,473
Affiliate investments	953		578
Control investments	231		—
Dividend income:
Non-control/Non-affiliate investments	1,608		2,367
Affiliate investments	2,045		51
Control investments	24		—
Fee income:
Non-control/Non-affiliate investments	1,396		1,964
Affiliate investments	189		334
Control investments	23		58
Other income	287		542
Total investment income	55,947		51,354
Operating expenses:
Compensation	3,956		3,466
Share-based compensation	1,143		1,224
Interest	15,264		12,447
Professional fees	1,210		1,357
General and administrative	1,657		1,574
Total operating expenses	23,230		20,068
Income before taxes	32,717		31,286
Federal income, excise and other taxes	1,099		217
Deferred taxes	(271)		2,210
Total income tax provision	828		2,427
Net investment income	$	31,889	$	28,859
Realized gain (loss)
Non-control/Non-affiliate investments	$	17,846	$	804
Affiliate investments	4,087		167
Control investments	—		(260)
Income tax (provision) benefit	(6,229)		—
Total net realized gain (loss) on investments, net of tax	15,704		711
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments	(22,062)		(12,360)
Affiliate investments	1,058		(4,221)
Control investments	(3,176)		770
Income tax benefit	3,588		276
Total net unrealized (depreciation) appreciation on investments, net of tax	(20,592)		(15,535)
Net realized and unrealized (losses) gains on investments	(4,888)		(14,824)
Net increase in net assets from operations	$	27,001	$	14,035
Pre-tax net investment income per share - basic	$	0.61	$	0.69
Net investment income per share – basic	$	0.59	$	0.63
Net increase in net assets from operations – basic	$	0.50	$	0.31
Net increase in net assets from operations - diluted	$	0.48	$	0.31
Weighted average common shares outstanding – basic	53,516,995		45,665,387
Weighted average common shares outstanding – diluted	62,777,430		45,665,387

EX-99.2

Q1 2026 Earnings Presentation 8333 Douglas Avenue, Suite 1100 | Dallas, Texas 75225 | 214.238.5700 | capitalsouthwest.com August 7, 2025 Capital Southwest Corporation

Page 2 Important Notices • These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, any securities of Capital Southwest. • These materials and the presentations of which they are a part, and the summaries contained herein, do not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of Capital Southwest. Such information is qualified in its entirety by reference to the more detailed discussions contained elsewhere in Capital Southwest’s public filings with the Securities and Exchange Commission (the "SEC"). • There is no guarantee that any of the estimates, targets or projections illustrated in these materials and any presentation of which they form a part will be achieved. Any references herein to any of the Capital Southwest’s past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by Capital Southwest will be profitable or will equal the performance of these investments. • The information contained herein has been derived from financial statements and other documents provided by the portfolio companies unless otherwise stated. • Past performance is not indicative of future results. In addition, there can be no assurance that unrealized investments will be realized at the expected multiples shown as actual realized returns will depend on, among other factors, future operating results of each of Capital Southwest’s current portfolio companies, the value of the assets and economic conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which Capital Southwest’s expected returns are based. In many instances, Capital Southwest will not determine the timing or manner of sale of its portfolio companies. • Capital Southwest has filed a registration statement (which contains the prospectus) with the SEC for any offering to which this communication may relate and may file one or more prospectus supplements to the prospectus in the future. Before you invest in any of Capital Southwest's securities, you should read the registration statement and the applicable prospectus and prospectus supplement(s), including the information incorporated by reference therein, in order to fully understand all of the implications and risks of an offering of Capital Southwest's securities. You should also read other documents Capital Southwest has filed with the SEC for more complete information about Capital Southwest and any offering of its securities. You may get these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, Capital Southwest will arrange to send you any applicable prospectus and prospectus supplement(s) if you request such materials by calling us at (214) 238-5700. These materials are also made available, free of charge, on our website at www.capitalsouthwest.com. Information contained on our website is not incorporated by reference into this communication.

Page 3 • This presentation contains forward-looking statements relating to, among other things, the business, market conditions, financial condition and results of operations of Capital Southwest, the anticipated investment strategies and investments of Capital Southwest, and future market demand. Any statements that are not statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, preceded by, followed by, or include words such as "believe," "expect," "intend," "plan," "should" or similar words, phrases or expressions or the negative thereof. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Capital Southwest and speak only as of the date of this presentation. There are a number of risks and uncertainties that could cause Capital Southwest’s actual results to differ materially from the forward-looking statements included in this presentation. • These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on our business and our portfolio companies; the impact of supply chain constraints on our portfolio companies; elevated levels of inflation and its impact on Capital Southwest's portfolio companies and the industries in which it invests; regulatory changes; tax treatment and general economic and business conditions; our ability to operate our wholly owned subsidiaries, Capital Southwest SBIC I, LP and Capital Southwest SBIC II, LP, as small business investment companies ("SBIC"); the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and our financial condition; and an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us. • For a further discussion of some of the risks and uncertainties applicable to Capital Southwest and its business, see Capital Southwest’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and its subsequent filings with the SEC. Other unknown or unpredictable factors could also have a material adverse effect on Capital Southwest’s actual future results, performance, or financial condition. As a result of the foregoing, readers are cautioned not to place undue reliance on these forward-looking statements. Capital Southwest does not assume any obligation to revise or to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, or otherwise, except as may be required by law. Forward-Looking Statements

Page 4 Chris T. Rehberger Chief Financial Officer, Treasurer and Secretary • Joined Capital Southwest in September 2015 • Former VP at American Capital • 20+ years of BDC experience • BS – University of Virginia | MBA – University of Virginia CSWC Senior Management Josh S. Weinstein Senior Managing Director and Chief Investment Officer • Joined Capital Southwest in June 2015 • Former Principal at H.I.G. WhiteHorse • 20+ years of investment experience in middle market debt and equity • BA – Columbia University | MBA – University of Southern California • Chartered Financial Analyst Michael S. Sarner President and Chief Executive Officer • Joined Capital Southwest in June 2015 • Former SVP Treasurer at American Capital • 30+ years of financial, treasury and BDC experience • BA – James Madison | MBA – George Washington University Ryan P. Kelly Managing Director and Investment Committee Member • Joined Capital Southwest in August 2010 • Previous experience at Houlihan Lokey • 15+ years of BDC experience • BBA – University of Texas Tabitha D. Geiger Chief Compliance Officer • Joined Capital Southwest in April 2024 • Former Senior MD at IQ-EQ • 8+ years of compliance experience • BASc – Texas A&M University | JD – South Texas College Amy L. Baker Executive Vice President of Accounting • Joined Capital Southwest in August 2017 • Former Assistant Controller at MoneyGram and former Senior Manager at Deloitte • 20+ years of accounting experience • BS – University of Illinois | MSA – University of Illinois • Certified Public Accountant

Page 5 Michael S. Sarner President and Chief Executive Officer Chris T. Rehberger Chief Financial Officer, Treasurer and Secretary Josh S. Weinstein Senior Managing Director and Chief Investment Officer Amy L. Baker Executive Vice President of Accounting Conference Call Participants

Page 6 • CSWC was formed in 1961, and elected to be regulated as a BDC in 1988 • Publicly-traded on Nasdaq: Common Stock (“CSWC”) and 7.75% Notes due 2028 ("CSWCZ") • Internally Managed BDC with RIC tax treatment for U.S. federal income tax purposes • 31 employees based in Dallas, Texas • Total Balance Sheet Assets of $1.9 B as of June 30, 2025 • Operate Capital Southwest SBIC I, LP and Capital Southwest SBIC II, LP as wholly-owned subsidiaries • Maintain investment grade issuer ratings of Baa3 from Moody's and BBB- from Fitch CSWC Company Overview CSWC is a middle-market lending firm focused on supporting the acquisition and growth of middle-market companies across the capital structure

Page 7 CSWC leads financing transactions, primarily backing private equity firms that generally fit the following parameters • Flexible financing solutions to fund growth, changes of control, or other corporate events • Investments are diverse among industries, geographic regions, and end markets • Companies with EBITDA between $3 MM and $25 MM • Typical leverage of 2.5x – 4.5x Debt to EBITDA through CSWC debt position and Loan-to-Value of 25% - 50% • Investments generally range in size from $5 MM to $50 MM • Both sponsored and non-sponsored deals • Floating rate first lien debt securities • Frequently make equity co-investments alongside CSWC debt Lower Middle Market Credit Strategy

Page 8 • Q1 2026 Pre-Tax Net Investment Income (“NII”) of $32.7 MM or $0.61 per share • Announced change to regular dividend payment frequency from quarterly to monthly ◦ Declared monthly regular dividend of $0.1934 per share for each of July, August, and September 2025 ($0.58 per share quarterly) ◦ In addition, declared a quarterly supplemental dividend of $0.06 per share for the quarter ending September 30, 2025 • Generated net realized gains of $27.2 MM from the exit of two equity investments • Increased Undistributed Taxable Income ("UTI") to $1.00 per share as of June 30, 2025 from $0.79 per share as of March 31, 2025 • Investment Portfolio at Fair Value of approximately $1.8 B • Net Asset Value per share of $16.59 • Raised $41.7 MM in gross proceeds through Equity ATM Program during the quarter ◦ Sold shares at weighted-average price of $20.50 per share, or 123% of the prevailing NAV per share • Regulatory Debt to Equity ended at 0.82x for the quarter • $397 MM of total availability under credit facilities and $47 MM in cash and cash equivalents ◦ During the quarter, increased total commitments on existing Corporate Credit Facility to $510 MM from $485 MM • Received second SBIC license from the SBA in April 2025 • Post quarter-end, Fitch affirmed BBB- corporate rating and BBB secured debt rating Q1 2026 Highlights Financial Highlights

Page 9 Investment Activity Highlights • During the quarter, CSWC originated $115.2 MM in total new committed investments ($63.9 MM funded at close) to three new portfolio companies and twelve existing portfolio companies ◦ New committed investments consisted of $113.4 MM in first lien debt and $1.8 MM in equity ◦ Weighted average spread on new debt commitments was 6.57% • During the quarter, CSWC exited three debt investments and two equity investments generating total proceeds of $80.6 MM and and net realized gains of $27.1 MM ◦ Total proceeds were comprised of $55.9 MM from debt investments and $24.7 MM from equity investments • In the last twelve months, CSWC originated $672.4 MM in total new committed investments and generated $193.0 MM in proceeds from portfolio investment exits • Cumulative weighted average IRR of 13.6% on 101 portfolio company exits, generating $1.2 B in proceeds since launch of credit strategy in January 2015 Q1 2026 Investment Activity

Page 10 $16.70 $0.61 $(0.58) $(0.06) $(0.04) $(0.05) $0.13 $(0.10) $(0.02) $16.59 3/31/2025 NAV/Share Pre- Tax Net I nvest ment In come Regular Dividend Supplem ental Dividend Net C hange in In vest ment P ortfo lio Valu e Real ize d/Unrea lize d Tax Accr etio n fro m Equity Iss uance Iss uance of R est ric ted Stock (N et o f F orfe itu res ) Other Corporat e 6/30/2025 NAV/Share $15.50 $16.00 $16.50 $17.00 $17.50 NAV per Share Bridge for Quarter Ended 6/30/25 Earnings / Dividends $(0.03) per Share Investment Portfolio Performance $(0.09) per Share Other Corporate $0.01 per Share

Page 11 CSWC Investment Portfolio Composition (1) At June 30, 2025 and March 31, 2025, we had equity ownership in approximately 66% and 65%, respectively, of our investments (2) The weighted-average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of June 30, 2025, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments (3) The weighted average annual effective yields on total investments were calculated by dividing total investment income, exclusive of non-recurring fees, by average total investments at fair value (4) Includes CSWC debt investments only. Weighted average EBITDA metric is calculated using investment cost basis weighting. For the quarters ended June 30, 2025 and March 31, 2025, fifteen portfolio companies and twelve portfolio companies, respectively, are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. (5) Includes CSWC debt investments only. Calculated as the amount of each portfolio company’s debt (including CSWC’s position and debt senior or pari passu to CSWC’s position, but excluding debt subordinated to CSWC’s position) in the capital structure divided by each portfolio company’s adjusted EBITDA. Weighted average leverage is calculated using investment cost basis weighting. For the quarters ended June 30, 2025 and March 31, 2025, fifteen portfolio companies and twelve portfolio companies, respectively, are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. Maintaining appropriate portfolio leverage while receiving attractive risk- adjusted returns Investment Portfolio - Statistics (in $000's) 3/31/2025 6/30/2025 Total CSWC Portfolio Total CSWC Portfolio Number of Portfolio Companies 121 122 Total Cost $1,779,360 $1,798,438 Total Fair Value $1,785,299 $1,780,198 Average Hold Size Debt Investments (at Fair Value) $15,150 $14,944 Average Hold Size Equity Investments (at Fair Value) $2,271 $2,078 % First Lien Investments (at Fair Value) 88.9% 89.6% % Second Lien Investments (at Fair Value) 1.0% 1.0% % Subordinated Debt Investments (at Fair Value) 0.1% 0.1% % Equity (at Fair Value) (1) 10.0% 9.3% Wtd. Avg. Yield on Debt Investments (2) 11.7% 11.8% Wtd. Avg. Yield on Total Investments (3) 11.5% 12.2% Wtd. Avg. EBITDA of Issuer ($MM's) (4) $18.5 $19.6 Wtd. Avg. Leverage through CSWC Security (5) 3.5x 3.4x

Page 12 Approximately 92% of all debt investments are currently rated a "1" or "2" as credit portfolio continues to demonstrate solid performance Investment Rating 3/31/2025 6/30/2025 # of Companies Fair Value ($MM) % of Portfolio (FV) # of Companies Fair Value ($MM) % of Portfolio (FV) 1 20 $401.0 25.0% 19 $336.9 20.9% 2 70 $1,036.0 64.5% 72 $1,142.2 70.8% 3 14 $144.9 9.0% 13 $113.6 7.0% 4 2 $20.3 1.3% 2 $17.5 1.1% 5 2 $3.8 0.2% 2 $3.8 0.2% Total 108 $1,605.9 100.0% 108 $1,614.0 100.0% Quarter-over-Quarter Investment Rating Migration Note: We utilize an internally developed investment rating system to rate the performance and monitor the expected level of returns for each debt investment in our portfolio. The investment rating system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein. Investment Ratings range from a rating of 1, which represents the least amount of risk in our portfolio, to 5, which indicates that the investment is performing materially below underwriting expectations.

Page 13 History of Value Creation $17.68 $17.38 $18.63 $20.90 $22.71 $21.97 $24.90 $28.27 $30.06 $32.93 $35.40 $35.93 $17.68 $17.34 $17.80 $19.08 $18.62 $15.13 $16.01 $16.86 $16.37 $16.77 $16.70 $16.59 $0.26 $0.26 $1.16 $2.31 $2.71 $3.41 $3.66 $3.89 $4.12 $4.18 $0.04 $0.57 $1.56 $2.93 $4.53 $6.18 $8.00 $10.03 $12.27 $14.58 $15.16 Net Asset Value Per Share Cumulative Special/Supplemental Dividends Paid Per Share Cumulative Regular Dividends Paid Per Share 9/30/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 6/30/2025 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 Total Value (Net Asset Value + Cumulative Dividends Paid) Increase from Credit Strategy of $18.25 per share through 6/30/2025

Page 14 • In the last twelve months ended 6/30/2025, CSWC generated $2.45 per share in Pre-Tax NII and paid out $2.32 per share in Regular Dividends ◦ LTM Pre-Tax NII Regular Dividend Coverage of 106% • Cumulative Pre-Tax NII Regular Dividend Coverage of 110% since launch of credit strategy in 2015 • Total of $4.24 per share Special and Supplemental Dividends declared since launch of credit strategy in 2015 • Estimated Undistributed Taxable Income ("UTI") of $1.00 per share as of June 30, 2025 Track Record of Consistent Dividends Continues Dividend Yield – Quarterly Annualized Total Dividend / CSWC Share Price at Qtr. End D iv id en d Pe r Sh ar e $0.54 $0.97 $0.48 $0.63 $0.50 $0.57 $0.58 $0.59 $0.62 $0.63 $0.63 $0.63 $0.64 $0.63 $0.64 $0.64 $0.64 $0.44 $0.47 $0.48 $0.48 $0.50 $0.52 $0.53 $0.54 $0.56 $0.57 $0.57 $0.57 $0.58 $0.58 $0.58 $0.58 $0.58 $0.10 $0.50 $0.05 $0.05 $0.05 $0.06 $0.06 $0.06 $0.06 $0.06 $0.05 $0.06 $0.06 $0.06 $0.15 Regular Dividend Per Share Supplemental Dividend Per Share Special Dividend Per Share 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 8.6% 15.3% 8.1% 13.7% 13.3% 13.0% 11.8% 12.0% 10.8% 10.6% 10.1% 9.7% 10.1% 11.5% 11.5% 11.6%

Page 15 Granular Credit Portfolio Heavily Weighted Towards First Lien Investments 99% of credit portfolio in first lien senior secured loans with an average investment hold size of 0.9% as of 6/30/2025 Credit Portfolio Heavily Weighted to First Lien $ (M illi on s) Average H old S ize % $93 $167 $239 $368 $474 $573 $794 $1,038 $1,345 $1,606 $1,614 5.6% 3.6% 3.8% 2.8% 2.3% 1.9% 1.5% 1.3% 0.9% 0.9% 0.9% Sub-Debt Second Lien First Lien Average Hold Size % 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024 3/31/2025 6/30/2025 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 —% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 64% 28% 8% 82% 10% 8% 4% 10% 86% 90% 8% 2% 6% 92% 2% 93% 7% 96% 4% 43% 41% 16% 97% 3% 99% 1% 99% 1%

Page 16 CSWC Portfolio Mix as of June 30, 2025 at Fair Value Current Investment Portfolio (By Type) Current Investment Portfolio (By Industry) Current Investment Portfolio of approximately $1.8 B continues to be heavily weighted towards first lien loans and diversified across industries First Lien 89.6% Second Lien 1.0% Senior Subordinated Debt 0.1% Equity 9.3% Healthcare Services 12% Consumer Products 9% Media & Marketing 8% Consumer Services 7% Food, Agriculture & Beverage 7% Financial Services 7% Transportation & Logistics 6% Business Services 5% Note: Equity represents equity co-investments across 80 portfolio companies.

Page 17 Operating Leverage Trend Driving exceptional Operating Leverage through benefits of internally-managed structure Period Ending To ta l A ss et s ( $M M ) O perating Expenses as % of A vg A ssets $284 $326 $417 $552 $585 $736 $974 $1,258 $1,557 $1,883 $1,882 4.9% 4.2% 3.7% 3.0% 2.8% 2.4% 2.2% 1.9% 1.7% 1.7% 1.7% FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Q1 FY 26 $0 $500 $1,000 $1,500 $2,000 1% 2% 3% 4% 5% 6% Total Assets Operating Expenses as % of Average Total Assets Note: Operating Leverage calculated as last twelve months operating expenses (excluding interest expense) divided by average annual assets

Page 18 Significant Unused Debt Capacity with Long-Term Duration Earliest debt maturity occurs in October 2026 Facility Total Commitments Interest Rate Maturity Principal Drawn Undrawn Commitment October 2026 Notes (1) $150.0 MM 3.375% October 2026 $150.0 MM N/A Corporate Credit Facility $510.0 MM Term SOFR + 2.15% August 2028 $200.0 MM $309.1 MM (2) August 2028 Notes (3) $71.9 MM 7.75% August 2028 $71.9 MM N/A SPV Credit Facility $200.0 MM Term SOFR + 2.50% March 2029 $112.0 MM $88.0 MM 2029 Convertible Notes (4) $230.0 MM 5.125% November 2029 $230.0 MM N/A SBA Debentures $175.0 MM 4.42% (5) September 2031 (6) $175.0 MM $0.0 MM P rin ci pa l P ay m en ts ($ M M ) Long-Term Debt Obligations (Calendar Year) $150.0 $271.9 $342.0 $175.0 $112.0$200.0$150.0 $71.9 $230.0 $175.0 SPV Facility Corporate Credit Facility October 2026 Notes August 2028 Notes 2029 Convertible Notes SBA Debentures CY 2025 CY 2026 CY 2027 CY 2028 CY 2029 CY 2030 - Thereafter $0 $150 $300 $450 $600 (1) Redeemable in whole or in part at Capital Southwest's option any time prior to July 1, 2026, at par plus a "make whole" premium, and thereafter at par (2) Net of $0.9 MM in letters of credit outstanding (3) Redeemable in whole or in part at Capital Southwest's option on or after August 1, 2025 (4) Redeemable in whole or in part at Capital Southwest's option on or after November 20, 2027 or before the 45th scheduled trading day immediately prior to the maturity date if the price of CSWC common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (5) Weighted average interest rate of all SBA Debentures for the three months ended June 30, 2025 (6) First SBA Debentures mature on September 1, 2031

Page 19 Balance Sheet (In Thousands, except per share amounts) Quarter Ended 9/30/2024 Quarter Ended 12/31/2024 Quarter Ended 3/31/2025 Quarter Ended 6/30/2025 Assets Portfolio Investments $1,508,507 $1,701,286 $1,785,299 $1,780,198 Cash & Cash Equivalents 47,237 36,013 43,221 46,889 Restricted Cash — — 1,650 1,650 Other Assets 48,754 51,766 52,670 53,675 Total Assets $1,604,498 $1,789,065 $1,882,840 $1,882,412 Liabilities SBA Debentures $149,064 $170,721 $170,918 $171,115 January 2026 Notes 139,557 — — — October 2026 Notes 148,462 148,654 148,846 149,038 August 2028 Notes 69,948 70,075 70,194 70,320 2029 Convertible Notes — 222,744 223,107 223,477 Credit Facilities 278,000 308,000 343,000 312,000 Other Liabilities 28,209 38,429 43,142 39,988 Total Liabilities $813,240 $958,623 $999,207 $965,938 Shareholders Equity Net Asset Value $791,258 $830,442 $883,633 $916,474 Net Asset Value per Share $16.59 $16.59 $16.70 $16.59 Regulatory Debt to Equity 0.80x 0.90x 0.89x 0.82x

Page 20 Income Statement (In Thousands, except per share amounts) Quarter Ended 9/30/2024 Quarter Ended 12/31/2024 Quarter Ended 3/31/2025 Quarter Ended 6/30/2025 Investment Income Interest Income $43,698 $42,889 $44,619 $47,115 PIK Interest Income 2,398 3,246 3,982 3,260 Dividend Income 572 586 970 3,677 Fees and Other Income 2,038 5,252 2,835 1,895 Total Investment Income $48,706 $51,973 $52,406 $55,947 Expenses Cash Compensation $1,990 $2,388 $3,299 $3,956 Share Based Compensation 1,538 1,544 2,657 1,143 General & Administrative 2,577 2,641 2,778 2,867 Total Expenses (excluding Interest) $6,105 $6,573 $8,734 $7,966 Interest Expense $12,587 $14,717 $15,208 $15,264 Pre-Tax Net Investment Income $30,014 $30,683 $28,464 $32,717 Income Tax (Expense) / Benefit 1,151 (367) (622) (828) Net Investment Income $31,165 $30,316 $27,842 $31,889 Net Realized and Unrealized Losses $(8,481) $(14,048) $(10,281) $(4,888) Net increase in Net Assets Resulting from Operations $22,684 $16,268 $17,561 $27,001 Weighted Average Basic Shares Outstanding 47,243 48,315 50,654 53,517 Pre-Tax NII Per Basic Weighted Average Share $0.64 $0.64 $0.56 $0.61 NII per Basic Weighted Average Share $0.66 $0.63 $0.54 $0.59 Net Increase in Net Assets Per Basic Wtd. Average Share $0.48 $0.34 $0.34 $0.50 Note: For the quarter ended 3/31/2025, Total Expenses include one-time net expenses of $2.8 million, or $0.05 per share, related to the departure of the former President and Chief Executive Officer

Page 21 Portfolio Statistics Continuing to build a well performing credit portfolio (In Thousands) Quarter Ended 9/30/2024 Quarter Ended 12/31/2024 Quarter Ended 3/31/2025 Quarter Ended 6/30/2025 Portfolio Statistics Fair Value of Debt Investments $1,374,041 $1,542,524 $1,605,906 $1,613,985 Average Debt Investment Hold Size $13,086 $13,897 $14,870 $14,807 Fair Value of Debt Investments as a % of Par 95% 95% 96% 96% % of Investment Portfolio on Non-Accrual at Fair Value 3.5% 2.7% 1.7% 0.8% Weighted Average Yield on Debt Investments 12.87% 12.08% 11.68% 11.83% Fair Value of All Portfolio Investments $1,508,507 $1,701,286 $1,785,299 $1,780,198 Weighted Average Yield on all Portfolio Investments 12.73% 12.06% 11.50% 12.16% Investment Mix (Debt vs. Equity) at Fair Value 91% / 9% 91% / 9% 90% / 10% 91% / 9%

Page 22 Investment Income Detail Constructing a portfolio of investments with recurring cash yield (In Thousands) Quarter Ended 9/30/2024 Quarter Ended 12/31/2024 Quarter Ended 3/31/2025 Quarter Ended 6/30/2025 Investment Income Breakdown Cash Interest $42,629 $42,294 $42,985 $44,689 Cash Dividends 572 586 970 3,677 PIK Income 2,398 3,246 3,982 3,260 Amortization of Purchase Discounts and Fees 1,560 1,641 1,922 2,712 Management/Admin Fees 480 491 535 525 Fees & Other Income 1,067 3,715 2,013 1,084 Total Investment Income $48,706 $51,973 $52,407 $55,947 Key Metrics Cash Income as a % of Investment Income (1) 95% 94% 92% 94% % of Total Investment Income that is Recurring 98% 92% 96% 95% (1) Includes Purchase Discounts and Fees previously received in cash

Page 23 Key Financial Metrics Strong Pre-Tax Net Investment Income and Dividend Yield driven by net portfolio growth and investment performance (1) Return on Equity is calculated as the quarterly annualized Pre-Tax NII, Realized Earnings, or Total Earnings, respectively, divided by equity at the end of the prior quarter Quarter Ended 9/30/2024 Quarter Ended 12/31/2024 Quarter Ended 3/31/2025 Quarter Ended 6/30/2025 Key Financial Metrics Pre-Tax Net Investment Income Per Wtd Avg Basic Share $0.64 $0.64 $0.56 $0.61 Pre-Tax Net Investment Income Return on Equity (ROE)(1) 15.31% 15.31% 13.30% 14.59% Realized Earnings Per Wtd Avg Basic Share $0.44 $0.35 $0.01 $0.88 Realized Earnings Return on Equity (ROE)(1) 10.65% 8.55% 0.27% 21.22% Earnings Per Wtd Avg Basic Share $0.48 $0.34 $0.34 $0.50 Earnings Return on Equity (ROE)(1) 11.57% 8.12% 8.20% 12.04% Regular Dividends per Share $0.58 $0.58 $0.58 $0.58 Supplemental / Special Dividends per Share $0.06 $0.05 $0.06 $0.06 Total Dividends per Share $0.64 $0.63 $0.64 $0.64

Page 24 Note: Illustrative change in annual NII does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in the portfolio. It also does not adjust for other business developments, including future originations and repayments. Accordingly, no assurances can be given that actual results would not differ materially from the table above. Interest Rate Sensitivity Fixed vs. Floating Credit Portfolio Exposure Change in Base Interest Rates Illustrative Annual NII Change ($'s) Illustrative Annual NII Change ($ Per Share) (200 bps) (25,548,443) (0.46) (150 bps) (19,210,309) (0.35) (100 bps) (12,806,873) (0.23) (50 bps) (6,403,436) (0.12) 50 bps 6,403,436 0.12 3.7% 96.3% Fixed Floating

Page 25 Corporate Information Board of Directors Senior Management Fiscal Year End Inside Director Michael S. Sarner March 31 Michael S. Sarner President & Chief Executive Officer Independent Directors Independent Auditor David R. Brooks Chris T. Rehberger RSM US LLP Chicago, ILChristine S. Battist Chief Financial Officer, Secretary & Treasurer Jack D. Furst William R. Thomas Josh S. Weinstein Ramona Rogers-Windsor Senior Managing Director & Chief Investment Officer Corporate Counsel Eversheds Sutherland (US) LLP Corporate Offices & Website Ryan P. Kelly 8333 Douglas Avenue Managing Director & Investment Committee Member Suite 1100 Dallas, TX 75225 Amy L. Baker http://www.capitalsouthwest.com Executive Vice President of Accounting Transfer Agent Equiniti Trust Company, LLC Investor Relations Tabitha D. Geiger www.equiniti.com Michael S. Sarner Chief Compliance Officer Capital Southwest Securities Listing 214-884-3829 Nasdaq: "CSWC" (Common Stock) msarner@capitalsouthwest.com Nasdaq: "CSWCZ" (7.75% Notes due 2028) Industry Analyst Coverage Firm Analyst Contact Information Citizens JMP Brian McKenna Direct: 585-217-7407 B. Riley Securities Sean-Paul Adams Direct: 415-229-4851 Jefferies, LLC Matthew Hurwit Direct: 415-419-9644 Lucid Capital Markets, LLC Erik Zwick Direct: 917-658-3982 Oppenheimer & Co., Inc. Mitchel Penn Direct: 212-667-7136 Raymond James & Associates Robert Dodd Direct: 901-579-4560 UBS Securities, LLC Douglas Harter Direct: 212-882-0080

XML

Cover	Aug. 06, 2025
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 06, 2025
Entity Registrant Name	CAPITAL SOUTHWEST CORPORATION
Entity Incorporation, State or Country Code	TX
Entity File Number	814-00061
Entity Tax Identification Number	75-1072796
Entity Address, Address Line One	8333 Douglas Avenue
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
City Area Code	214
Local Phone Number	238-5700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000017313
Amendment Flag	false
Medium-term Notes
Document Information [Line Items]
Title of 12(b) Security	7.75% Notes due 2028
Trading Symbol	CSWCZ
Security Exchange Name	NASDAQ
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.25 par value per share
Trading Symbol	CSWC
Security Exchange Name	NASDAQ