CAPITAL SOUTHWEST CORP

Listed Company

CSWCCIK 0000017313NasdaqLarge AcceleratedTexasFY ends Mar 31

Period

FY 2026

Revenue

—

Net Income

—

Total Assets

$2.18B

Equity

$1.01B

Shares Out

62.14M

Op. Cash Flow

$-193.50M

Business

CAPITAL SOUTHWEST CORP is an internally managed, closed-end, non‑diversified investment company that elects to be regulated as a business development company (BDC) and pursues a credit‑focused investment strategy. It provides customized debt and equity financing—primarily first‑lien senior loans alongside preferred and common equity and warrants—and offers managerial assistance to portfolio companies. Key operating entities include its taxable subsidiary, a special purpose vehicle (SPV) and SBIC subsidiaries that operate under SBA regulations. The company targets lower middle‑market U.S. companies sourced through relationships with private equity sponsors, banks and other intermediaries.

Summary from filing dated 2025-05-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Investment income:	—	—	—
Interest income:	—	—	—
Interest income	192	174	151
Payment-in-kind interest income:	—	—	—
Payment-in-kind interest income	14	13	10
Dividend income:	—	—	—
Dividend income	13	5	12
Fee income:	—	—	—
Fee income	11	11	5
Other income	2	2	545,000
Total investment income	232	204	178
Operating expenses:	—	—	—
Compensation	12	11	11
Share-based compensation	5	7	5
Interest	67	55	43
Professional fees	5	5	4
General and administrative	7	6	5
Total operating expenses	96	84	67
Income before taxes	137	120	111
Federal income, excise and other taxes	3	1	1
Deferred taxes	−2	841,000	−191,000
Total income tax provision	1	2	944,000
Net investment income	135	118	110
Realized gain (loss)	—	—	—
Realized gain (loss)	14	−47	−40
Income tax provision	8	3	286,000
Total net realized gain (loss) on investments, net of tax	6	−50	−40
Net unrealized (depreciation) appreciation on investments	—	—	—
Net unrealized (depreciation) appreciation on investments	−28	6	14
Income tax benefit (provision)	−2	4	−17,000
Total net unrealized (depreciation) appreciation on investments, net of tax	−26	2	14
Net realized and unrealized (losses) gains on investments	−20	−47	−26
Realized loss on extinguishment of debt	−2	−387,000	−361,000
Realized loss on disposal of fixed assets	−2,000	−20,000	0
Net increase in net assets from operations	113	71	83
Pre-tax net investment income per share - basic (in usd per share)	2.39	2.5	2.72
Net investment income per share – basic (in usd per share)	2.37	2.46	2.7
Net increase in net assets from operations – basic (in usd per share)	1.98	1.47	2.05
Net increase in net assets from operations - diluted (in usd per share)	1.9	1.47	2.05
Weighted average common shares outstanding – basic (in shares)	57	47	41
Weighted average common shares outstanding – diluted (in shares)	66	51	41

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31
Assets	—	—
Investments at fair value	2,097	1,785
Cash and cash equivalents	29	43
Restricted cash	400,000	2
Receivables:	—	—
Dividends and interest	32	30
Escrow	612,000	2
Other	2	2
Income tax receivable	717,000	94,000
Debt issuance costs (net of accumulated amortization of $13,172 and $10,357, respectively)	7	9
Other assets	9	9
Total assets	2,178	1,883
Liabilities	—	—
SBA Debentures (net of $5,333 and $4,082, respectively, of unamortized debt issuance costs)	218	171
Notes	569	442
Credit Facilities	345	343
Other liabilities	22	23
Accrued restoration plan liability	529,000	555,000
Income tax payable	636,000	3
Deferred tax liability	13	17
Total liabilities	1,167	999
Commitments and contingencies (Note 12)	—	—
Net Assets	—	—
Common stock, $0.25 par value: authorized, 75,000,000 shares at March 31, 2026 and March 31, 2025; issued, 60,577,181 shares at March 31, 2026 and 52,912,796 shares at March 31, 2025	15	13
Additional paid-in capital	1,075	959
Total distributable (loss) earnings	−79	−89
Total net assets	1,011	884
Total liabilities and net assets	2,178	1,883
Net asset value per share (in usd per share)	16.69	16.7

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Mar 31, 2026 2026-03-31	Mar 31, 2025 2025-03-31	Mar 31, 2024 2024-03-31
Cash flows from operating activities	—	—	—
Net increase in net assets from operations	113	71	83
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:	—	—	—
Purchases and originations of investments	683	620	497
Proceeds from sales and repayments of debt investments in portfolio companies	340	277	191
Proceeds from sales and return of capital of equity investments in portfolio companies	39	18	4
Proceeds from return of capital of investment in I-45 SLF LLC	0	0	13
Payment of accreted original issue discounts	3	2	2
Payment of accrued payment-in-kind interest	510,000	975,000	0
Depreciation and amortization	7	6	4
Net pension benefit	−67,000	−66,000	−66,000
Realized (gain) loss on investments before income tax	15	−47	−40
Realized loss on extinguishment of debt	−2	−387,000	−361,000
Realized loss on disposal of fixed assets	−2,000	−20,000	0
Net unrealized depreciation (appreciation) on investments before income tax	−28	6	14
Accretion of discounts on investments	10	7	5
Payment-in-kind interest	14	13	11
Share-based compensation expense	5	7	5
Deferred income taxes	−4	5	−119,000
Changes in other assets and liabilities:	—	—	—
Increase in dividend and interest receivable	4	8	5
Decrease (increase) in escrow receivables	−3	2	−272,000
(Increase) decrease in tax receivable	623,000	−241,000	−31,000
Decrease (increase) in other receivables	−491,000	2	−627,000
Decrease (increase) in other assets	−280,000	1	706,000
(Decrease) increase in taxes payable	−2	2	126,000
(Decrease) increase in other liabilities	−1	6	618,000
Net cash (used in) provided by operating activities	−194	−217	−188
Cash flows from investing activities	—	—	—
Acquisition of fixed assets	286,000	2	13,000
Net cash used in investing activities	−286,000	−2	−13,000
Cash flows from financing activities	—	—	—
Proceeds from common stock offering	158	178	181
Borrowings under Credit Facilities	588	368	305
Repayments of Credit Facilities	586	290	275
Debt issuance costs paid	2	2	10
Proceeds from issuance of SBA Debentures	47	21	32
Proceeds from issuance of September 2030 Notes	344	0	0
Proceeds from issuance of 2029 Convertible Notes	0	223	0
Proceeds from issuance of August 2028 Notes	0	0	70
Redemption of notes	222	140	0
Dividends to shareholders	147	125	103
Common stock withheld for payroll taxes upon vesting of restricted stock	1	3	1
Net cash provided by financing activities	178	232	199
Net (decrease) increase in cash, cash equivalents and restricted cash	−15	13	11
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	—	—	—
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	—	—	—
Supplemental cash flow disclosures:	—	—	—
Cash paid for income taxes	12	1	1
Cash paid for interest	64	47	38
Distributions in kind received	0	0	72
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	—	—	—
Cash and cash equivalents	—	—	—
Restricted cash	—	—	—
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows	—	—	—

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