|                                                                |  |                                      |  |  |  |  |  |  |
|----------------------------------------------------------------|--|--------------------------------------|--|--|--|--|--|--|
| 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) |

|                                                                 |                   |                                           |  |  |  |  |  |  |
|-----------------------------------------------------------------|-------------------|-------------------------------------------|--|--|--|--|--|--|
| 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           |
| 5.95% Notes due 2022                                            | CSWCL             | The Nasdaq Global Select Market           |

|                         |        |                   |   |                       |        |                           |        |                         |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------|--------|-------------------|---|-----------------------|--------|---------------------------|--------|-------------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Large accelerated filer |  ̈ | Accelerated filer | x | Non-accelerated filer |  ̈ | Smaller reporting company |  ̈ | Emerging growth company |  ̈ |

----

|            |  |                                                                                                                            |  |      |  |  |  |  |  |  |  |  |  |  |
|------------|--|----------------------------------------------------------------------------------------------------------------------------|--|------|--|--|--|--|--|--|--|--|--|--|
|            |  |                                                                                                                            |  | Page |
| PART I     |  | FINANCIAL INFORMATION                                                                                                      |  |      |
|            |  |                                                                                                                            |  |      |
| Item 1.    |  | Consolidated Financial Statements                                                                                          |  | 3    |
|            |  | Consolidated Statements of Assets and Liabilities as of September 30, 2020 (Unaudited) and March 31, 2020                  |  | 3    |
|            |  | Consolidated Statements of Operations (Unaudited) for the three and six months ended September 30, 2020 and 2019           |  | 4    |
|            |  | Consolidated Statements of Changes in Net Assets (Unaudited) for the six months ended September 30, 2020 and 2019          |  | 5    |
|            |  | Consolidated Statements of Cash Flows (Unaudited) for the six months ended September 30, 2020 and 2019                     |  | 6    |
|            |  | Consolidated Schedule of Investments as of September 30, 2020 (Unaudited) and March 31, 2020                               |  | 7    |
|            |  | Notes to Consolidated Financial Statements (Unaudited)                                                                     |  | 26   |
|            |  | Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the six months ended September 30, 2020 |  | 65   |
| Item 2.    |  | Management's Discussion and Analysis of Financial Condition and Results of Operations                                      |  | 67   |
| Item 3.    |  | Quantitative and Qualitative Disclosures About Market Risk                                                                 |  | 85   |
| Item 4.    |  | Controls and Procedures                                                                                                    |  | 86   |
|            |  |                                                                                                                            |  |      |
| PART II    |  | OTHER INFORMATION                                                                                                          |  |      |
|            |  |                                                                                                                            |  |      |
| Item 1.    |  | Legal Proceedings                                                                                                          |  | 87   |
| Item1A.    |  | Risk Factors                                                                                                               |  | 87   |
| Item 2.    |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                |  | 87   |
| Item 3.    |  | Defaults Upon Senior Securities                                                                                            |  | 87   |
| Item 4.    |  | Mine Safety Disclosures                                                                                                    |  | 87   |
| Item 5.    |  | Other Information                                                                                                          |  | 87   |
| Item 6.    |  | Exhibits                                                                                                                   |  | 88   |
|            |  |                                                                                                                            |  |      |
| Signatures |  |                                                                                                                            |  | 89   |

----

Table of Contents

|                                                                                                                                                               |               |               |                |               |   |               |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|---------------|----------------|---------------|---|---------------|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                                                                |
| CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES                                                                                                             |
| (In thousands, except shares and per share data)                                                                                                              |
|                                                                                                                                                               |               |               |                |
|                                                                                                                                                               | September 30, |               | March 31, |
|                                                                                                                                                               | 2020          |               | 2020           |
|                                                                                                                                                               | (Unaudited)   |               |                |
| Assets                                                                                                                                                        |               |               |                |
| Investments at fair value:                                                                                                                                |               |               |                |
| Non-control/Non-affiliate investments (Cost: $488,474 and $436,463, respectively)                                                                     | $             | 483,552  |                |               | $ | 421,280  |  |
| Affiliate investments (Cost: $89,548 and $94,724, respectively)                                                                                           | 86,162   |               |                | 92,032   |   |
| Control investments (Cost: $80,800 and $68,000, respectively)                                                                                             | 61,483   |               |                | 39,760   |   |
| Total investments (Cost: $658,822 and $599,187, respectively)                                                                                             | 631,197  |               |                | 553,072  |   |
| Cash and cash equivalents                                                                                                                                     | 16,011   |               |                | 13,744   |   |
| Receivables:                                                                                                                                              |               |               |                |
| Dividends and interest                                                                                                                                        | 10,170   |               |                | 10,389   |   |
| Escrow                                                                                                                                                        | 1,150    |               |                | 1,643    |   |
| Other                                                                                                                                                         | 300      |               |                | 51       |   |
| Income tax receivable                                                                                                                                         | 344      |               |                | 147      |   |
| Deferred tax asset                                                                                                                                            | 1,421    |               |                | 1,402    |   |
| Debt issuance costs (net of accumulated amortization of $3,144 and $2,720, respectively)                                                                      | 2,556    |               |                | 2,980    |   |
| Other assets                                                                                                                                                  | 1,116    |               |                | 1,531    |   |
| Total assets                                                                                                                                                  | $             | 664,265  |                |               | $ | 584,959  |  |
|                                                                                                                                                               |               |               |                |
| Liabilities                                                                                                                                                   |               |               |                |
| December 2022 Notes (Par value: $57,136 and $77,136, respectively)                                                                                        | $             | 56,339   |                |               | $ | 75,812   |  |
| October 2024 Notes (Par value: $125,000 and $75,000, respectively)                                                                                        | 122,623  |               |                | 73,484   |   |
| Credit facility                                                                                                                                               | 187,000  |               |                | 154,000  |   |
| Other liabilities                                                                                                                                             | 6,526    |               |                | 4,883    |   |
|                                                                                                                                                               |               |               |                |
| Accrued restoration plan liability                                                                                                                            | 3,011    |               |                | 3,082    |   |
| Income tax payable                                                                                                                                            | 649      |               |                | 513      |   |
| Deferred tax liability                                                                                                                                        | 1,988    |               |                | 963      |   |
| Total liabilities                                                                                                                                             | 378,136  |               |                | 312,737  |   |
|                                                                                                                                                               |               |               |                |
| Commitments and contingencies (Note 10)                                                                                                                       |               |               |                |
|                                                                                                                                                               |               |               |                |
| Net Assets                                                                                                                                                    |               |               |                |
| Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 20,962,764 shares at September 30, 2020 and 20,337,610 shares at March 31, 2020 | 5,241    |               |                | 5,085    |   |
| Additional paid-in capital                                                                                                                                    | 318,307  |               |                | 310,846  |   |
| Total distributable earnings (loss)                                                                                                                           | (13,482)      |               |                | (19,772)      |   |
| Treasury stock - at cost, 2,339,512 shares                                                                                                                    | (23,937)      |               |                | (23,937)      |   |
| Total net assets                                                                                                                                              | 286,129  |               |                | 272,222  |   |
| Total liabilities and net assets                                                                                                                              | $             | 664,265  |                |               | $ | 584,959  |  |
| Net asset value per share (18,623,252 shares outstanding at September 30, 2020 and 17,998,098 shares outstanding at March 31, 2020)                           | $             | 15.36    |                |               | $ | 15.13    |  |

----

Table of Contents

|                                                                             |                    |              |                  |                  |      |             |                  |  |   |                  |  |  |   |              |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------|--------------------|--------------|------------------|------------------|------|-------------|------------------|--|---|------------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                              |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                       |
| (Unaudited)                                                                 |
| (In thousands, except shares and per share data)                            |
|                                                                             |                    |              |                  |                  |      |             |                  |
|                                                                             | Three Months Ended |              | Six Months Ended |
|                                                                             | September 30,      |              | September 30,    |
|                                                                             | 2020               |              | 2019             |                  | 2020 |             | 2019             |
| Investment income:                                                      |                    |              |                  |                  |      |             |                  |
| Interest income:                                                        |                    |              |                  |                  |      |             |                  |
| Non-control/Non-affiliate investments                                   | $                  | 11,879  |                  |                  | $    | 9,236  |                  |  | $ | 21,948      |  |  | $ | 18,267  |  |
| Affiliate investments                                                       | 2,003         |              |                  | 2,001       |      |             | 4,579       |  |   | 4,051       |  |
| Control investments                                                         | —       |              |                  | —     |      |             | —     |  |   | 265         |  |
| Dividend income:                                                        |                    |              |                  |                  |      |             |                  |
| Non-control/Non-affiliate investments                                   | 171           |              |                  | 68          |      |             | 354         |  |   | 155         |  |
| Affiliate investments                                                       | —       |              |                  | —     |      |             | —     |  |   | 19          |  |
| Control investments                                                         | 1,689         |              |                  | 3,519       |      |             | 3,463       |  |   | 7,432       |  |
| Interest income from cash and cash equivalents                              | 4             |              |                  | 12          |      |             | 7           |  |   | 28          |  |
| Fees and other income                                                       | 939           |              |                  | 382         |      |             | 1,498       |  |   | 800         |  |
| Total investment income                                                     | 16,685        |              |                  | 15,218      |      |             | 31,849      |  |   | 31,017      |  |
| Operating expenses:                                                     |                    |              |                  |                  |      |             |                  |
| Compensation                                                                | 1,961         |              |                  | 1,708       |      |             | 3,681       |  |   | 3,729       |  |
| Share-based compensation                                                    | 853           |              |                  | 685         |      |             | 1,465       |  |   | 1,522       |  |
| Interest                                                                    | 4,397         |              |                  | 3,716       |      |             | 8,725       |  |   | 7,522       |  |
| Professional fees                                                           | 583           |              |                  | 462         |      |             | 1,153       |  |   | 1,088       |  |
| Net pension expense                                                         | 33            |              |                  | 35          |      |             | 66          |  |   | 71          |  |
| General and administrative                                                  | 754           |              |                  | 1,231       |      |             | 1,486       |  |   | 2,020       |  |
| Total operating expenses                                                    | 8,581         |              |                  | 7,837       |      |             | 16,576      |  |   | 15,952      |  |
| Income before taxes                                                         | 8,104         |              |                  | 7,381       |      |             | 15,273      |  |   | 15,065      |  |
| Income tax (benefit) expense                                                | (215)              |              |                  | 566         |      |             | 135         |  |   | 890         |  |
| Net investment income                                                       | $                  | 8,319   |                  |                  | $    | 6,815  |                  |  | $ | 15,138      |  |  | $ | 14,175  |  |
| Realized (loss) gain                                                        |                    |              |                  |                  |      |             |                  |
| Non-control/Non-affiliate investments                                   | $                  | 349     |                  |                  | $    | 267    |                  |  | $ | (5,198)          |  |  | $ | 1,316   |  |
| Affiliate investments                                                       | (1,628)            |              |                  | 16          |      |             | (1,628)          |  |   | 17          |  |
| Control investments                                                         | —       |              |                  | —     |      |             | —     |  |   | 167         |  |
|                                                                             |                    |              |                  |                  |      |             |                  |
| Total net realized (loss) gain on investments, net of tax                   | (1,279)            |              |                  | 283         |      |             | (6,826)          |  |   | 1,500       |  |
| Net unrealized appreciation (depreciation) on investments                   |                    |              |                  |                  |      |             |                  |
| Non-control/Non-affiliate investments                                   | 3,919         |              |                  | (809)            |      |             | 10,824      |  |   | (3,781)          |  |
| Affiliate investments                                                       | 1,710         |              |                  | (181)            |      |             | (1,257)          |  |   | 1,025       |  |
| Control investments                                                         | 4,732         |              |                  | (2,904)          |      |             | 8,923       |  |   | (2,819)          |  |
| Income tax (provision) benefit                                              | (725)              |              |                  | (475)            |      |             | (1,249)          |  |   | (658)            |  |
| Total net unrealized appreciation (depreciation) on investments, net of tax | 9,636         |              |                  | (4,369)          |      |             | 17,241      |  |   | (6,233)          |  |
| Net realized and unrealized gains (losses) on investments                   | 8,357         |              |                  | (4,086)          |      |             | 10,415      |  |   | (4,733)          |  |
| Realized losses on extinguishment of debt                                   | (286)              |              |                  | —     |      |             | (286)            |  |   | —     |  |
| Net increase in net assets from operations                                  | $                  | 16,390  |                  |                  | $    | 2,729  |                  |  | $ | 25,267      |  |  | $ | 9,442   |  |
|                                                                             |                    |              |                  |                  |      |             |                  |
| Pre-tax net investment income per share - basic and diluted                 | $                  | 0.44    |                  |                  | $    | 0.42   |                  |  | $ | 0.83        |  |  | $ | 0.85    |  |
| Net investment income per share – basic and diluted                   | $                  | 0.45    |                  |                  | $    | 0.38   |                  |  | $ | 0.82        |  |  | $ | 0.80    |  |
| Net increase in net assets from operations – basic and diluted        | $                  | 0.88    |                  |                  | $    | 0.15   |                  |  | $ | 1.37        |  |  | $ | 0.53    |  |
| Weighted average shares outstanding – basic                           | 18,600,443    |              |                  | 17,770,011  |      |             | 18,375,402  |  |   | 17,653,607  |  |
| Weighted average shares outstanding – diluted                         | 18,600,443    |              |                  | 17,770,011  |      |             | 18,375,402  |  |   | 17,653,607  |  |

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Table of Contents

|                                                                          |               |               |      |               |   |               |  |  |  |  |  |
|--------------------------------------------------------------------------|---------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                           |
| CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS                         |
| (Unaudited)                                                              |
| (In thousands)                                                           |
|                                                                          |               |               |      |
|                                                                          | 2020          |               | 2019 |
|                                                                          |               |               |      |
| Net assets, March 31                                                     | $             | 272,222  |      |               | $ | 325,963  |  |
| Operations:                                                          |               |               |      |
| Net investment income                                                    | 6,819    |               |      | 7,360    |   |
| Net realized (loss) gain on investments                                  | (5,547)       |               |      | 1,217    |   |
| Net unrealized appreciation (depreciation) on investments, net of tax    | 7,605    |               |      | (1,864)       |   |
| Net increase in net assets from operations                               | 8,877    |               |      | 6,713    |   |
| Dividends to shareholders ($0.51 and $0.49 per share, respectively)      | (9,480)       |               |      | (8,629)       |   |
| Capital share transactions:                                          |               |               |      |
| Change in restoration plan liability                                     | 9        |               |      | 7        |   |
| Issuance of common stock                                                 | 5,622    |               |      | 3,972    |   |
|                                                                          |               |               |      |
| Share-based compensation expense                                         | 612      |               |      | 837      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (3)           |               |      | (49)          |   |
| Increase in net assets                                                   | 5,637    |               |      | 2,851    |   |
| Net assets, June 30                                                      | $             | 277,859  |      |               | $ | 328,814  |  |
| Operations:                                                          |               |               |      |
| Net investment income                                                    | 8,319    |               |      | 6,815    |   |
| Net realized (loss) gain on investments                                  | (1,279)       |               |      | 283      |   |
| Net unrealized appreciation (depreciation) on investments, net of tax    | 9,636    |               |      | (4,369)       |   |
| Realized losses on extinguishment of debt                                | (286)         |               |      | —  |   |
| Net increase in net assets from operations                               | 16,390   |               |      | 2,729    |   |
| Dividends to shareholders ($0.51 and $0.50 per share, respectively)      | (9,498)       |               |      | (8,964)       |   |
| Capital share transactions:                                          |               |               |      |
| Change in pension plan funded status                                     | 9        |               |      | 8        |   |
| Issuance of common stock                                                 | 516      |               |      | 4,827    |   |
| Exercise of employee stock options                                       | —  |               |      | —  |   |
| Share-based compensation expense                                         | 853      |               |      | 685      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock | —  |               |      | —  |   |
| Increase (decrease) in net assets                                        | 8,270    |               |      | (715)         |   |
| Net assets, September 30                                                 | $             | 286,129  |      |               | $ | 328,099  |  |
|                                                                          |               |               |      |
|                                                                          |               |               |      |
|                                                                          |               |               |      |
|                                                                          |               |               |      |
|                                                                          |               |               |      |
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|                                                                          |               |               |      |
|                                                                          |               |               |      |
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|                                                                          |               |               |      |
|                                                                          |               |               |      |
|                                                                          |               |               |      |
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|                                                                          |               |               |      |
|                                                                          |               |               |      |
|                                                                          |               |               |      |

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Table of Contents

|                                                                                                                   |                  |              |               |               |   |               |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------|------------------|--------------|---------------|---------------|---|---------------|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                    |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                             |
| (Unaudited)                                                                                                       |
| (In thousands)                                                                                                    |
|                                                                                                                   | Six Months Ended |
|                                                                                                                   | September 30,    |
|                                                                                                                   | 2020             |              | 2019          |
| Cash flows from operating activities                                                                              |                  |              |               |
| Net increase in net assets from operations                                                                        | $                | 25,267  |               |               | $ | 9,442    |  |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |                  |              |               |
| Purchases and originations of investments                                                                         | (99,622)         |              |               | (64,725)      |   |
| Proceeds from sales and repayments of debt investments in portfolio companies                                     | 36,624      |              |               | 39,964   |   |
| Proceeds from sales and return of capital of equity investments in portfolio companies                            | 272         |              |               | 7,271    |   |
| Payment of accreted original issue discounts                                                                      | 364         |              |               | 570      |   |
| Depreciation and amortization                                                                                     | 952         |              |               | 1,249    |   |
| Net pension benefit                                                                                               | (53)             |              |               | (34)          |   |
| Realized losses on extinguishment of debt                                                                         | 286              |              | —  |               |
| Realized loss (gain) on investments before income tax                                                             | 6,839       |              |               | (1,500)       |   |
| Net unrealized (appreciation) depreciation on investments                                                         | (18,490)         |              |               | 5,575    |   |
| Accretion of discounts on investments                                                                             | (1,063)          |              |               | (968)         |   |
| Payment-in-kind interest and dividends                                                                            | (3,048)          |              |               | (889)         |   |
| Stock option and restricted awards expense                                                                        | 1,465       |              |               | 1,522    |   |
| Deferred income taxes                                                                                             | 1,005       |              |               | 1,149    |   |
| Changes in other assets and liabilities:                                                                      |                  |              |               |
| Decrease in dividend and interest receivable                                                                      | 218         |              |               | 928      |   |
| Decrease (increase) in escrow receivables                                                                         | 493         |              |               | (48)          |   |
| (Increase) decrease in tax receivable                                                                             | (197)            |              |               | 28       |   |
| (Increase) decrease in other receivables                                                                          | (249)            |              |               | 486      |   |
| Decrease (increase) in other assets                                                                               | 358         |              |               | (478)         |   |
| Increase in taxes payable                                                                                         | 136         |              |               | 413      |   |
| Increase (decrease) in other liabilities                                                                          | 1,644       |              |               | (231)         |   |
| Decrease in payable for unsettled transaction                                                                     | —     |              |               | (1,158)       |   |
| Net cash used in operating activities                                                                             | (46,799)         |              |               | (1,434)       |   |
| Cash flows from financing activities                                                                              |                  |              |               |
| Proceeds from common stock offering                                                                               | 6,140       |              |               | 8,937    |   |
| Equity offering costs paid                                                                                        | —     |              |               | (106)         |   |
| Borrowings under credit facility                                                                                  | 93,000      |              |               | 47,000   |   |
| Repayments of credit facility                                                                                     | (60,000)         |              |               | (80,000)      |   |
| Debt issuance costs paid                                                                                          | (1,093)          |              |               | (360)         |   |
| Proceeds from issuance of October 2024 Notes                                                                      | 50,000      |              |               | 63,700   |   |
| Partial redemption of December 2022 Notes                                                                         | (20,000)         |              |               | —  |   |
| Dividends to shareholders                                                                                         | (18,978)         |              |               | (17,593)      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock                                          | (3)              |              |               | (49)          |   |
| Net cash provided by financing activities                                                                         | 49,066      |              |               | 21,529   |   |
| Net increase in cash and cash equivalents                                                                         | 2,267       |              |               | 20,095   |   |
| Cash and cash equivalents at beginning of period                                                                  | 13,744      |              |               | 9,924    |   |
| Cash and cash equivalents at end of period                                                                        | $                | 16,011  |               |               | $ | 30,019   |  |
| Supplemental cash flow disclosures:                                                                           |                  |              |               |
| Cash paid for income taxes                                                                                        | $                | 539     |               |               | $ | —  |  |
| Cash paid for interest                                                                                            | 5,629       |              |               | 6,090    |   |
|                                                                                                                   |                  |              |               |
|                                                                                                                   |                  |              |               |

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Table of Contents

|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |              |              |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|------------------------------------------|--|--------------------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|-------------|--------------|--------------|-------------|--------------|--------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| September 30, 2020                             |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| Portfolio Company1                        |  | Type of Investment2                      |  | Industry                             |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |             | Cost17       |              | Fair Value4 |
| Non-control/Non-affiliate Investments5     |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| AAC HOLDINGS, INC.                             |  | First Lien - DIP                         |  | Healthcare services                  |  | 10.00%, 8.00% PIK                                             |  | 6/25/2020  |  | 3/25/2021  |  | $             | 5,327  |              |              | $           | 5,204   |              |  | $ | 5,327  |  |
|                                                |  | First Lien - Priming Facility            |  |                                      |  | P+10.00% (Floor 1.00%)/Q, Current Coupon 13.25%           |  | 3/21/2019  |  | 4/15/2020  |  | 1,968    |             |              | 1,968   |             |              | 1,968   |  |
|                                                |  | First Lien16                             |  |                                      |  | L+6.75% (Floor 1.00%)/Q, 4.00% PIK, Current Coupon 13.33% |  | 6/28/2017  |  | 6/30/2023  |  | 9,079    |             |              | 8,916   |             |              | 4,058   |  |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 16,088  |              |             | 11,353  |              |
| 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 |  | 9,563    |             |              | 9,425   |             |              | 9,304   |  |
| ADAMS PUBLISHING GROUP, LLC                    |  | First Lien                               |  | Media, marketing & entertainment |  | L+7.00% (Floor 1.75%)/Q, Current Coupon 8.75%             |  | 7/2/2018   |  | 7/2/2023   |  | 10,689   |             |              | 10,538  |             |              | 10,689  |  |
| AG KINGS HOLDINGS INC.                         |  | First Lien - DIP10                       |  | Food, agriculture & beverage     |  | L+8.00% (Floor 1.00%)/M, Current Coupon 9.00%             |  | 8/26/2020  |  | 12/11/2020 |  | 952      |             |              | 952     |             |              | 952     |  |
|                                                |  | First Lien - Super-Priority DIP Rollup16 |  |                                      |  | L+10.00 (Floor 1.00%)/M, Current Coupon 11.00%            |  | 9/18/2020  |  | 12/11/2020 |  | 3,796    |             |              | 3,740   |             |              | 2,767   |  |
|                                                |  | First Lien16                             |  |                                      |  | L+9.00% (Floor 1.00%)/M, 2.00% PIK, Current Coupon 16.25% |  | 8/4/2016   |  | 8/8/2021   |  | 3,801    |             |              | 3,744   |             |              | 2,772   |  |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 8,436   |              |             | 6,491   |              |
| ALLIANCE SPORTS GROUP, L.P.                    |  | Senior subordinated debt                 |  | Consumer products & retail       |  | 13.00% PIK                                                    |  | 8/1/2017   |  | 2/1/2023   |  | 10,432   |             |              | 10,324  |             |              | 10,244  |  |
|                                                |  | Unsecured convertible note               |  |                                      |  | 6.00% PIK                                                     |  | 7/15/2020  |  | 9/30/2024  |  | 173      |             |              | 173     |             |              | 173     |  |
|                                                |  | 3.88% membership preferred interest      |  |                                      |  | —                                                       |  | 8/1/2017   |  | —            |  | —  |             |              | 2,500   |             |              | 2,500   |  |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 12,997  |              |             | 12,917  |              |

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Table of Contents

|                                                                               |  |                                          |  |                                |  |                                                              |  |                    |  |                    |  |               |  |              |              |             |              |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--|------------------------------------------|--|--------------------------------|--|--------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                          |
| (Unaudited)                                                                   |
| September 30, 2020                                                            |
|                                                                               |  |                                          |  |                                |  |                                                              |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                                                       |  | Type of Investment2                      |  | Industry                       |  | Current Interest Rate3                                       |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost17       |              | Fair Value4 |
| 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  |  | 4/10/2023  |  | 17,106   |  |              | 16,909  |             |              | 17,089  |  |
|                                                                               |  | First Lien - Term Loan C10               |  |                                |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%            |  | 12/21/2018 |  | 4/10/2023  |  | 1,804    |  |              | 1,783   |             |              | 1,802   |  |
|                                                                               |  | 3,000,000 units of Class A common stock9 |  |                                |  | —                                                      |  | 4/10/2018  |  | —            |  | —  |  |              | 3,000   |             |              | 2,752   |  |
|                                                                               |  |                                          |  |                                |  |                                                              |  |                    |  |                    |  |               |  | 21,692  |              |             | 21,643  |              |
| AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) |  | First Lien                               |  | Telecommunications             |  | L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%            |  | 9/21/2016  |  | 6/8/2023   |  | 5,921    |  |              | 5,860   |             |              | 3,955   |  |
|                                                                               |  | Second Lien                              |  |                                |  | 0.5%, L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 10.50% |  | 11/3/2016  |  | 6/6/2024   |  | 2,226    |  |              | 2,194   |             |              | 1,147   |  |
|                                                                               |  |                                          |  |                                |  |                                                              |  |                    |  |                    |  |               |  | 8,054   |              |             | 5,102   |              |
| AMWARE FULFILLMENT LLC                                                        |  | First Lien                               |  | Distribution                   |  | L+9.50% (Floor 1.00%)/M, Current Coupon 10.50%           |  | 7/29/2016  |  | 12/31/2020 |  | 11,664   |  |              | 11,651  |             |              | 11,664  |  |
| ASC ORTHO MANAGEMENT COMPANY, LLC13                                           |  | Revolving Loan                           |  | Healthcare services            |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%            |  | 8/31/2018  |  | 8/31/2023  |  | 1,500    |  |              | 1,482   |             |              | 1,428   |  |
|                                                                               |  | First Lien                               |  |                                |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%            |  | 8/31/2018  |  | 8/31/2023  |  | 8,970    |  |              | 8,854   |             |              | 8,540   |  |
|                                                                               |  | Second Lien                              |  |                                |  | 13.25% PIK                                                   |  | 8/31/2018  |  | 12/1/2023  |  | 3,960    |  |              | 3,907   |             |              | 3,627   |  |
|                                                                               |  | 2,042 Common Units9                      |  |                                |  | —                                                      |  | 8/31/2018  |  | —            |  | —  |  |              | 750     |             |              | 356     |  |
|                                                                               |  |                                          |  |                                |  |                                                              |  |                    |  |                    |  |               |  | 14,993  |              |             | 13,951  |              |
| BINSWANGER HOLDING CORP.                                                      |  | First Lien                               |  | Distribution                   |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%            |  | 3/9/2017   |  | 3/9/2022   |  | 11,273   |  |              | 11,195  |             |              | 11,138  |  |
|                                                                               |  | 900,000 shares of common stock           |  |                                |  | —                                                      |  | 3/9/2017   |  | —            |  | —  |  |              | 900     |             |              | 636     |  |
|                                                                               |  |                                          |  |                                |  |                                                              |  |                    |  |                    |  |               |  | 12,095  |              |             | 11,774  |              |

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Table of Contents

|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-------------------------------|--|--------------------------------------|--|----------------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| September 30, 2020                             |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2           |  | Industry                             |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost17       |              | Fair Value4 |
| BLASCHAK COAL CORP.                            |  | Second Lien- Term Loan15      |  | Commodities & mining             |  | L+11.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 13.00% |  | 7/30/2018  |  | 7/30/2023 |  | 8,667    |  |              | 8,556   |             |              | 8,581    |  |
|                                                |  | Second Lien- Term Loan B15    |  |                                      |  | L+11.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 13.00% |  | 3/30/2020  |  | 7/30/2023 |  | 2,005    |  |              | 1,970   |             |              | 1,985    |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | 10,526  |              |             | 10,566  |               |
| CALIFORNIA PIZZA KITCHEN, INC.                 |  | Priority First Lien10         |  | Restaurants                          |  | L+10.00% (Floor 1.50%)/M, Current Coupon 11.50%            |  | 4/27/2020  |  | 8/23/2022 |  | 669      |  |              | 650     |             |              | 662      |  |
|                                                |  | Priority First Lien Rolled Up |  |                                      |  | L+10.00% (Floor 1.50%)/M, Current Coupon 11.50%            |  | 5/12/2020  |  | 8/23/2022 |  | 699      |  |              | 697     |             |              | 692      |  |
|                                                |  | First Lien16                  |  |                                      |  | L+6.00% (Floor 1.00%)/M, Current Coupon 7.62%              |  | 8/19/2016  |  | 8/23/2022 |  | 4,156    |  |              | 4,137   |             |              | 1,268    |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | 5,484   |              |             | 2,622   |               |
| CAPITAL PAWN HOLDINGS, LLC                     |  | First Lien                    |  | Consumer products & retail       |  | L+8.25% (Floor 1.00%)/Q, Current Coupon 9.25%              |  | 12/21/2017 |  | 7/8/2023  |  | 8,854    |  |              | 8,837   |             |              | 8,854    |  |
| CLICKBOOTH.COM, LLC                            |  | Revolving Loan                |  | Media, marketing & entertainment |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%              |  | 12/5/2017  |  | 1/31/2025 |  | 1,086    |  |              | 1,079   |             |              | 1,086    |  |
|                                                |  | First Lien                    |  |                                      |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%              |  | 12/5/2017  |  | 1/31/2025 |  | 18,763   |  |              | 18,522  |             |              | 18,762   |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | 19,601  |              |             | 19,848  |               |
| COASTAL TELEVISION BROADCASTING HOLDINGS LLC   |  | Revolving Loan10              |  | Media, marketing & entertainment |  | L+10.00% (Floor 2.00%)                                         |  | 6/4/2020   |  | 6/4/2025  |  | —  |  |              | (9)          |             |              | —  |  |
|                                                |  | First Lien                    |  |                                      |  | L+10.00% (Floor 2.00%)/Q, Current Coupon 12.00%            |  | 6/4/2020   |  | 6/4/2025  |  | 8,678    |  |              | 8,511   |             |              | 8,504    |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | 8,502   |              |             | 8,504   |               |
| DANFORTH ADVISORS, LLC13                       |  | 875 Class A equity units9     |  |                                      |  | —                                                        |  | 9/28/2018  |  | —           |  | —  |  |              | 875     |             |              | 2,014    |  |
| DRIVEN, INC.                                   |  | First Lien                    |  | Business Services                    |  | L+8.00% (Floor 2.00%)/Q, Current Coupon 10.00%             |  | 6/28/2019  |  | 6/28/2024 |  | 11,880   |  |              | 11,690  |             |              | 11,880   |  |
| DUNN PAPER, INC.                               |  | Second Lien                   |  | Paper & forest products          |  | L+8.75% (Floor 1.00%)/M, Current Coupon 9.75%              |  | 9/28/2016  |  | 8/26/2023 |  | 3,000    |  |              | 2,970   |             |              | 3,000    |  |

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Table of Contents

|                                                    |  |                             |  |                            |  |                                                    |  |                    |  |                   |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|--|-----------------------------|--|----------------------------|--|----------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES     |
| CONSOLIDATED SCHEDULE OF INVESTMENTS               |
| (Unaudited)                                        |
| September 30, 2020                                 |
|                                                    |  |                             |  |                            |  |                                                    |  |                    |  |                   |  |               |  |              |              |             |
| Portfolio Company1                            |  | Type of Investment2         |  | Industry                   |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost17       |              | Fair Value4 |
| ELECTRONIC TRANSACTION CONSULTANTS LLC13           |  | Revolving Loan10            |  | Software & IT services |  | L+7.50% (Floor 1.00%)                              |  | 7/24/2020  |  | 7/24/2025 |  | —  |  |              | (27)         |             |              | —  |  |
|                                                    |  | First Lien                  |  |                            |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%  |  | 7/24/2020  |  | 7/24/2025 |  | 10,000   |  |              | 9,830   |             |              | 9,830    |  |
|                                                    |  | 1,000 Class A units9        |  |                            |  | —                                            |  | 7/24/2020  |  | 7/24/2025 |  | —  |  |              | 1,000   |             |              | 1,000    |  |
|                                                    |  |                             |  |                            |  |                                                    |  |                    |  |                   |  |               |  | 10,803  |              |             | 10,830  |               |
| ENVIRONMENTAL PEST SERVICE MANAGEMENT COMPANY, LLC |  | First Lien                  |  | Consumer services          |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.00%   |  | 6/22/2018  |  | 6/22/2023 |  | 15,211   |  |              | 15,048  |             |              | 15,211   |  |
|                                                    |  | Delayed Draw Term Loan10    |  |                            |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.00%   |  | 6/22/2018  |  | 6/22/2023 |  | 6,078    |  |              | 5,988   |             |              | 6,078    |  |
|                                                    |  |                             |  |                            |  |                                                    |  |                    |  |                   |  |               |  | 21,036  |              |             | 21,289  |               |
| ESCP DTFS, INC.                                    |  | First Lien - Term Loan A    |  | Industrial services        |  | L+6.50%(Floor 1.75%)/Q, Current Coupon 8.25%   |  | 1/31/2020  |  | 1/31/2025 |  | 5,350    |  |              | 5,261   |             |              | 4,986    |  |
|                                                    |  | First Lien - Term Loan B    |  |                            |  | L+8.50%(Floor 1.75%)/Q, Current Coupon 10.25%  |  | 1/31/2020  |  | 1/31/2025 |  | 5,350    |  |              | 5,261   |             |              | 4,986    |  |
|                                                    |  | Delayed Draw Term Loan A110 |  |                            |  | L+6.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |  |              | (9)          |             |              | —  |  |
|                                                    |  | Delayed Draw Term Loan A210 |  |                            |  | L+8.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |  |              | (9)          |             |              | —  |  |
|                                                    |  | Delayed Draw Term Loan B1   |  |                            |  | L+6.50%(Floor 1.75%), Current Coupon 8.25%         |  | 1/31/2020  |  | 1/31/2025 |  | 500      |  |              | 491     |             |              | 466      |  |
|                                                    |  | Delayed Draw Term Loan B2   |  |                            |  | L+8.50%(Floor 1.75%), Current Coupon 10.25%        |  | 1/31/2020  |  | 1/31/2025 |  | 500      |  |              | 490     |             |              | 466      |  |
|                                                    |  |                             |  |                            |  |                                                    |  |                    |  |                   |  |               |  | 11,485  |              |             | 10,904  |               |
| FAST SANDWICH, LLC                                 |  | Revolving Loan10            |  | Restaurants                |  | L+9.00% (Floor 1.00%)                              |  | 5/24/2018  |  | 5/23/2023 |  | —  |  |              | (37)         |             |              | —  |  |
|                                                    |  | First Lien                  |  |                            |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00% |  | 5/24/2018  |  | 5/23/2023 |  | 3,400    |  |              | 3,367   |             |              | 3,179    |  |
|                                                    |  |                             |  |                            |  |                                                    |  |                    |  |                   |  |               |  | 3,330   |              |             | 3,179   |               |
| GS OPERATING, LLC                                  |  | First Lien                  |  | Distribution               |  | L+6.50%(Floor 1.50%)/M, Current Coupon 8.00%   |  | 3/6/2020   |  | 2/24/2025 |  | 7,960    |  |              | 7,816   |             |              | 7,904    |  |

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Table of Contents

|                                                        |  |                                            |  |                         |  |                                                               |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--------------------------------------------|--|-------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES         |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                   |
| (Unaudited)                                            |
| September 30, 2020                                     |
|                                                        |  |                                            |  |                         |  |                                                               |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                                |  | Type of Investment2                        |  | Industry                |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost17       |              | Fair Value4 |
| IAN, EVAN, & ALEXANDER CORPORATION (DBA EVERWATCH) |  | Revolving Loan10                           |  | Aerospace & defense |  | L+8.50% (Floor 1.00%)                                         |  | 7/31/2020  |  | 7/31/2025  |  | —  |  |              | (39)         |             |              | —  |  |
|                                                        |  | First Lien                                 |  |                         |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%             |  | 7/31/2020  |  | 7/31/2025  |  | 9,918    |  |              | 9,724   |             |              | 9,724    |  |
|                                                        |  |                                            |  |                         |  |                                                               |  |                    |  |                    |  |               |  | 9,685   |              |             | 9,724   |               |
| ICS DISTRIBUTION, LLC8                                 |  | First Lien                                 |  | Industrial services     |  | L+8.50%(Floor 2.00%)/Q, Current Coupon 10.50%             |  | 10/31/2019 |  | 10/29/2024 |  | 20,500   |  |              | 20,078  |             |              | 20,090   |  |
| IENERGIZER LIMITED                                     |  | First Lien9                                |  | Business services       |  | L+6.00%(Floor 1.00%)/M, Current Coupon 7.00%              |  | 4/17/2019  |  | 4/17/2024  |  | 10,500   |  |              | 10,421  |             |              | 10,500   |  |
| JVMC HOLDINGS CORP.                                    |  | First Lien                                 |  | Financial services      |  | L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%             |  | 2/28/2019  |  | 2/28/2024  |  | 7,276    |  |              | 7,221   |             |              | 7,137    |  |
| LANDPOINT HOLDCO, INC.                                 |  | First Lien                                 |  | Business Services       |  | L+7.50%(Floor 1.00%)/Q, Current Coupon 8.50%              |  | 12/30/2019 |  | 12/30/2024 |  | 19,170   |  |              | 18,834  |             |              | 18,039   |  |
| LGM PHARMA, LLC13                                      |  | First Lien                                 |  | Healthcare products     |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%             |  | 11/15/2017 |  | 11/15/2023 |  | 11,483   |  |              | 11,359  |             |              | 11,483   |  |
|                                                        |  | Delayed Draw Term Loan                     |  |                         |  | L+10.00% (Floor 1.00%)/Q, Current Coupon 11.00%           |  | 7/24/2020  |  | 11/15/2023 |  | 2,500    |  |              | 2,453   |             |              | 2,500    |  |
|                                                        |  | 142,278.89 units of Class A common stock9  |  |                         |  | —                                                       |  | 11/15/2017 |  | —            |  | —  |  |              | 1,600   |             |              | 2,588    |  |
|                                                        |  |                                            |  |                         |  |                                                               |  |                    |  |                    |  |               |  | 15,412  |              |             | 16,571  |               |
| LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE)    |  | First Lien                                 |  | Environmental services  |  | 6.75%, L+2.25% PIK (Floor 2.00%)/Q, Current Coupon 11.00% |  | 6/30/2017  |  | 6/30/2022  |  | 13,756   |  |              | 13,697  |             |              | 12,271   |  |
|                                                        |  | 25,603 shares of Series C preferred stock  |  |                         |  | —                                                       |  | 8/13/2018  |  | —            |  | —  |  |              | 25      |             |              | —  |  |
|                                                        |  | 396,825 shares of Series B preferred stock |  |                         |  | —                                                       |  | 6/30/2017  |  | —            |  | —  |  |              | 500     |             |              | —  |  |
|                                                        |  |                                            |  |                         |  |                                                               |  |                    |  |                    |  |               |  | 14,222  |              |             | 12,271  |               |
| MEDIA RECOVERY, INC.                                   |  | Earnout                                    |  | Industrial products     |  | —                                                       |  | 11/25/2019 |  | —            |  | —  |  |              | 1,517   |             |              | —  |  |

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Table of Contents

|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|----------------------------|--|--------------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| September 30, 2020                             |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2        |  | Industry                             |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost17       |              | Fair Value4 |
| NINJATRADER, INC.13                            |  | Revolving Loan10           |  | Financial services                   |  | L+6.00% (Floor 1.50%)                              |  | 12/18/2019 |  | 12/18/2024 |  | —  |  |              | (6)          |             |              | —  |  |
|                                                |  | First Lien                 |  |                                      |  | L+6.00% (Floor 1.50%)/Q, Current Coupon 7.50%  |  | 12/18/2019 |  | 12/18/2024 |  | 18,250   |  |              | 17,933  |             |              | 18,250   |  |
|                                                |  | 2,000,000 Preferred Units9 |  |                                      |  | —                                            |  | 12/18/2019 |  | —            |  | —  |  |              | 2,000   |             |              | 3,875    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 19,927  |              |             | 22,125  |               |
| 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   |  |              | 9,941   |             |              | 9,975    |  |
| ROSELAND MANAGEMENT, LLC                       |  | Revolving Loan10           |  | Healthcare services                  |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%  |  | 11/9/2018  |  | 11/9/2023  |  | 500      |  |              | 478     |             |              | 500      |  |
|                                                |  | First Lien                 |  |                                      |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%  |  | 11/9/2018  |  | 11/9/2023  |  | 14,343   |  |              | 14,154  |             |              | 14,343   |  |
|                                                |  | 13,811 Class A Units       |  |                                      |  | —                                            |  | 11/9/2018  |  | —            |  | —  |  |              | 1,381   |             |              | 1,963    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 16,013  |              |             | 16,806  |               |
| RTIC SUBSIDIARY HOLDINGS, LLC                  |  | Revolving Loan10           |  | Consumer products & retail       |  | L+7.75% (Floor 1.25%)                              |  | 9/1/2020   |  | 9/1/2025   |  | —  |  |              | (13)         |             |              | —  |  |
|                                                |  | First Lien                 |  |                                      |  | L+7.75% (Floor 1.25%)/Q, Current Coupon 9.00%  |  | 9/1/2020   |  | 9/1/2025   |  | 6,904    |  |              | 6,819   |             |              | 6,819    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 6,806   |              |             | 6,819   |               |
| SCRIP INC.8                                    |  | First Lien                 |  | Healthcare products                  |  | L+9.77% (Floor 2.00%)/M, Current Coupon 11.77% |  | 3/21/2019  |  | 3/21/2024  |  | 16,750   |  |              | 16,376  |             |              | 16,482   |  |
|                                                |  | 100 shares of common stock |  |                                      |  | —                                            |  | 3/21/2019  |  | —            |  | —  |  |              | 1,000   |             |              | 967      |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 17,376  |              |             | 17,449  |               |
| TAX ADVISORS GROUP, LLC13                      |  | 143.3 Class A units9       |  | Financial services                   |  | —                                            |  | 6/23/2017  |  | —            |  | —  |  |              | 541     |             |              | 1,282    |  |
| TRINITY 3, LLC13                               |  | First Lien15               |  | Technology products & components |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%  |  | 9/30/2020  |  | 9/30/2025  |  | 10,000   |  |              | 9,850   |             |              | 9,850    |  |
|                                                |  | 896.43 Class A units9      |  |                                      |  | —                                            |  | 11/15/2019 |  | —            |  | —  |  |              | 1,205   |             |              | 1,994    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 11,055  |              |             | 11,844  |               |
| TINUITI INC.                                   |  | 1,114 Preferred Units      |  | Media, marketing & entertainment |  | —                                            |  | 2/1/2017   |  | —            |  | —  |  |              | 1,114   |             |              | 3,101    |  |
|                                                |  | 1,443 Common Units         |  |                                      |  | —                                            |  | 2/1/2017   |  | —            |  | —  |  |              | 277     |             |              | 2,372    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 1,391   |              |             | 5,473   |               |

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Table of Contents

|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               |              |               |             |              |               |               |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|--------------------------------------------|--|--------------------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|---------------|--------------|---------------|-------------|--------------|---------------|---------------|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES  |
| CONSOLIDATED SCHEDULE OF INVESTMENTS            |
| (Unaudited)                                     |
| September 30, 2020                              |
|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               |              |               |             |
| Portfolio Company1                         |  | Type of Investment2                        |  | Industry                             |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |               | Cost17       |               | Fair Value4 |
| USA DEBUSK, LLC                                 |  | First Lien                                 |  | Industrial Services                  |  | L+5.75% (Floor 1.00%)/M, Current Coupon 6.75%             |  | 2/25/2020  |  | 10/22/2024 |  | 7,940    |               |              | 7,807    |             |              | 7,885    |               |
| VISTAR MEDIA INC.                               |  | First Lien                                 |  | Media, marketing & entertainment |  | L+7.50%, 2.50% PIK (Floor 2.00%)/M, Current Coupon 12.00% |  | 2/17/2017  |  | 4/3/2023   |  | 11,282   |               |              | 10,598   |             |              | 11,056   |               |
|                                                 |  | 171,617 shares of Series A preferred stock |  |                                      |  | —                                                       |  | 4/3/2019   |  | —            |  | —  |               |              | 1,874    |             |              | 3,292    |               |
|                                                 |  | Warrants (Expiration - April 3, 2029)      |  |                                      |  | —                                                       |  | 4/3/2019   |  | —            |  | —  |               |              | 620      |             |              | 1,245    |               |
|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               | 13,092  |               |             | 15,593  |               |
| VTX HOLDINGS, INC.8                             |  | First Lien                                 |  | Software & IT services           |  | L+9.11% (Floor 2.00%)/Q, Current Coupon 11.11%            |  | 7/23/2019  |  | 7/23/2024  |  | 21,575   |               |              | 21,134   |             |              | 21,575   |               |
|                                                 |  | 1,397,707 Series A Preferred units         |  |                                      |  | —                                                       |  | 7/23/2019  |  | —            |  | —  |               |              | 1,398    |             |              | 1,654    |               |
|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               | 22,532  |               |             | 23,229  |               |
| ZENFOLIO INC.                                   |  | Revolving Loan10                           |  | Business services                    |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%            |  | 7/17/2017  |  | 7/17/2023  |  | 1,000    |               |              | 991      |             |              | 910      |               |
|                                                 |  | First Lien                                 |  |                                      |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%            |  | 7/17/2017  |  | 7/17/2023  |  | 14,888   |               |              | 14,688   |             |              | 13,548   |               |
|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               | 15,679  |               |             | 14,458  |               |
|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               |              |               |             |
| Total Non-control/Non-affiliate Investments |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               | $            | 488,474  |             |              | $             | 483,552  |   |
|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               |              |               |             |
| Affiliate Investments6                          |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               |              |               |             |
| CENTRAL MEDICAL SUPPLY LLC13                    |  | Revolving Loan10                           |  | Healthcare services                  |  | L+7.00% (Floor 1.75%)                                         |  | 5/22/2020  |  | 5/22/2025  |  | $             | —  |              |               | $           | (28)         |               |               | $ | —  |  |
|                                                 |  | First Lien                                 |  |                                      |  | L+7.00% (Floor 1.75%)/Q, Current Coupon 8.75%             |  | 5/22/2020  |  | 5/22/2025  |  | 7,500    |               |              | 7,359    |             |              | 7,350    |               |
|                                                 |  | Delayed Draw Capex Term Loan10             |  |                                      |  | L+7.00% (Floor 1.75%)/Q                                   |  | 5/22/2020  |  | 5/22/2025  |  | —  |               |              | (28)          |             |              | —  |               |
|                                                 |  | 875,000 Preferred Units9                   |  |                                      |  | —                                                       |  | 5/22/2020  |  | 5/22/2025  |  | —  |               |              | 875      |             |              | 875      |               |
|                                                 |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |               | 8,178   |               |             | 8,225   |               |
| CHANDLER SIGNS, LLC13                           |  | 1,500,000 units of Class A-1 common stock9 |  | Business services                    |  | —                                                       |  | 1/4/2016   |  | —            |  | —  |               |              | 1,500    |             |              | 2,892    |               |

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Table of Contents

|                                                |  |                                         |  |                                |  |                                                       |  |                    |  |                   |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-----------------------------------------|--|--------------------------------|--|-------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| September 30, 2020                             |
|                                                |  |                                         |  |                                |  |                                                       |  |                    |  |                   |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2                     |  | Industry                       |  | Current Interest Rate3                                |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost17       |              | Fair Value4 |
| DELPHI BEHAVIORAL HEALTH GROUP, LLC            |  | First Lien                              |  | Healthcare services            |  | P+8.50% (Floor 2.00%)/M, Current Coupon 11.75%    |  | 4/8/2020   |  | 4/7/2023  |  | 1,397    |  |              | 1,396   |             |              | 1,409    |  |
|                                                |  | First Lien                              |  |                                |  | P+6.50% (Floor 2.00%) PIK/M, Current Coupon 9.75% |  | 4/8/2020   |  | 4/7/2023  |  | 1,560    |  |              | 1,560   |             |              | 1,547    |  |
|                                                |  | 1,681.04 Common Units                   |  |                                |  | —                                               |  | 4/8/2020   |  | —           |  | —  |  |              | 3,615   |             |              | 3,615    |  |
|                                                |  |                                         |  |                                |  |                                                       |  |                    |  |                   |  |               |  | 6,571   |              |             | 6,571   |               |
| DYNAMIC COMMUNITIES, LLC13                     |  | Revolving Loan10                        |  | Business services              |  | L+8.50% (Floor 1.00%)                                 |  | 7/17/2018  |  | 7/17/2023 |  | —  |  |              | (3)          |             |              | —  |  |
|                                                |  | First Lien                              |  |                                |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%     |  | 7/17/2018  |  | 7/17/2023 |  | 10,640   |  |              | 10,507  |             |              | 9,587    |  |
|                                                |  | 2,000,000 Preferred Units9              |  |                                |  | —                                               |  | 7/17/2018  |  | —           |  | —  |  |              | 2,000   |             |              | 1,274    |  |
|                                                |  |                                         |  |                                |  |                                                       |  |                    |  |                   |  |               |  | 12,504  |              |             | 10,861  |               |
| GRAMMATECH, INC.                               |  | Revolving Loan                          |  | Software & IT services     |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%     |  | 11/1/2019  |  | 11/1/2024 |  | 2,500    |  |              | 2,464   |             |              | 2,460    |  |
|                                                |  | First Lien                              |  |                                |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%     |  | 11/1/2019  |  | 11/1/2024 |  | 11,500   |  |              | 11,329  |             |              | 11,316   |  |
|                                                |  | 1,000 Class A units                     |  |                                |  | —                                               |  | 11/1/2019  |  | —           |  | —  |  |              | 1,000   |             |              | 1,455    |  |
|                                                |  |                                         |  |                                |  |                                                       |  |                    |  |                   |  |               |  | 14,793  |              |             | 15,231  |               |
| ITA HOLDINGS GROUP, LLC13                      |  | Revolving Loan10                        |  | Transportation & logistics |  | L+9.00% (Floor 1.00%)                                 |  | 2/14/2018  |  | 2/14/2023 |  | —  |  |              | (27)         |             |              | —  |  |
|                                                |  | First Lien - Term Loan                  |  |                                |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%     |  | 2/14/2018  |  | 2/14/2023 |  | 10,030   |  |              | 9,932   |             |              | 9,970    |  |
|                                                |  | First Lien - Term B Loan                |  |                                |  | L+11.00% (Floor 1.00%)/Q, Current Coupon 12.00%   |  | 6/5/2018   |  | 2/14/2023 |  | 5,015    |  |              | 4,952   |             |              | 5,090    |  |
|                                                |  | First Lien - PIK Note A                 |  |                                |  | 10.00% PIK                                            |  | 3/29/2019  |  | 2/14/2023 |  | 2,547    |  |              | 2,104   |             |              | 2,529    |  |
|                                                |  | First Lien - PIK Note B                 |  |                                |  | 10.00% PIK                                            |  | 3/29/2019  |  | 2/14/2023 |  | 100      |  |              | 100     |             |              | 100      |  |
|                                                |  | Warrants (Expiration - March 29, 2029)9 |  |                                |  | —                                               |  | 3/29/2019  |  | —           |  | —  |  |              | 538     |             |              | 2,762    |  |
|                                                |  | 9.25% Class A Membership Interest9      |  |                                |  | —                                               |  | 2/14/2018  |  | —           |  | —  |  |              | 1,500   |             |              | 2,099    |  |
|                                                |  |                                         |  |                                |  |                                                       |  |                    |  |                   |  |               |  | 19,099  |              |             | 22,550  |               |

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|                                                |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |              |               |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|----------------------------------|--|--------------------------------------|--|----------------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|---------------|--------------|--------------|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| September 30, 2020                             |
|                                                |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| Portfolio Company1                        |  | Type of Investment2              |  | Industry                             |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost17       |               | Fair Value4  |
| SIMR, LLC                                      |  | First Lien                       |  | Healthcare services                  |  | L+10.00% (Floor 2.00%)/M, 7.00% PIK, Current Coupon 19.00% |  | 9/7/2018   |  | 9/7/2023  |  | 12,115   |  |              | 11,965   |              |              | 11,001   |               |
|                                                |  | 9,374,510.2 Class B Common Units |  |                                      |  | —                                                        |  | 9/7/2018   |  | —           |  | —  |  |              | 6,107    |              |              | —  |               |
|                                                |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | 18,072  |               |              | 11,001  |               |
| SONOBI, INC.13                                 |  | First Lien                       |  | Media, marketing & entertainment |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%              |  | 9/17/2020  |  | 9/16/2025 |  | 8,500    |  |              | 8,331    |              |              | 8,331    |               |
|                                                |  | 500,000 Class A Common Units9    |  |                                      |  | —                                                        |  | 9/17/2020  |  | —           |  | —  |  |              | 500      |              |              | 500      |               |
|                                                |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | 8,831   |               |              | 8,831   |               |
|                                                |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| Total Affiliate Investments                    |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | $            | 89,548   |              |              | $             | 86,162   |              |
|                                                |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| Control Investments7                           |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| I-45 SLF LLC9, 11                              |  | 80% LLC equity interest          |  | Multi-sector holdings                |  | —                                                        |  | 10/20/2015 |  | —           |  | —  |  |              | $             | 80,800  |              |               | $             | 61,483  |  |
| Total Control Investments                      |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | $            | 80,800   |              |              | $             | 61,483   |              |
|                                                |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| TOTAL INVESTMENTS12                            |  |                                  |  |                                      |  |                                                                |  |                    |  |                   |  |               |  | $            | 658,822  |              |              | $             | 631,197  |              |

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|-------------------------------------------------------------------------------|--|------------------------------------------|--|--------------------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|-------------|--------------|--------------|-------------|--------------|--------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                          |
| March 31, 2020                                                                |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| Portfolio Company1                                                       |  | Type of Investment2                      |  | Industry                             |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |             | Cost17       |              | Fair Value4 |
| Non-control/Non-affiliate Investments5                                    |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| AAC HOLDINGS, INC.                                                            |  | First Lien - Priming Facility            |  | Healthcare services                  |  | P +13.50% (Floor 1.00%)/Q, Current Coupon 16.75%          |  | 3/21/2019  |  | 4/15/2020  |  | $             | 1,968  |              |              | $           | 1,969   |              |  | $ | 1,968  |  |
|                                                                               |  | First Lien16                             |  |                                      |  | L+6.75% (Floor 1.00%)/Q, 4.00% PIK, Current Coupon 13.33% |  | 6/28/2017  |  | 6/30/2023  |  | 9,079    |             |              | 8,915   |             |              | 3,977   |  |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 10,884  |              |             | 5,945   |              |
| 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 |  | 9,688    |             |              | 9,532   |             |              | 9,445   |  |
| ADAMS PUBLISHING GROUP, LLC                                                   |  | First Lien                               |  | Media, marketing & entertainment |  | L+7.50% (Floor 1.75%)/Q, Current Coupon 9.29%             |  | 7/2/2018   |  | 7/2/2023   |  | 10,730   |             |              | 10,572  |             |              | 10,312  |  |
|                                                                               |  | Delayed Draw Term Loan                   |  |                                      |  | L+7.50% (Floor 1.75%)/Q, Current Coupon 9.25%             |  | 7/2/2018   |  | 7/2/2023   |  | 344      |             |              | 320     |             |              | 330     |  |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 10,892  |              |             | 10,642  |              |
| AG KINGS HOLDINGS INC.8,16                                                    |  | First Lien                               |  | Food, agriculture & beverage     |  | L+10.02% (Floor 1.00%)/M, Current Coupon 12.69%           |  | 8/4/2016   |  | 8/8/2021   |  | 9,308    |             |              | 9,194   |             |              | 5,445   |  |
| ALLIANCE SPORTS GROUP, L.P.                                                   |  | Senior subordinated debt                 |  | Consumer products & retail       |  | 11.00%                                                        |  | 8/1/2017   |  | 2/1/2023   |  | 10,100   |             |              | 9,980   |             |              | 9,747   |  |
|                                                                               |  | 3.88% membership preferred interest      |  |                                      |  | —                                                       |  | 8/1/2017   |  | —            |  | —  |             |              | 2,500   |             |              | 2,335   |  |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 12,480  |              |             | 12,082  |              |
| AMERICAN NUTS OPERATIONS LLC13                                                |  | First Lien - Term Loan                   |  | Food, agriculture and beverage       |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.41%            |  | 4/10/2018  |  | 4/10/2023  |  | 17,194   |             |              | 16,963  |             |              | 16,884  |  |
|                                                                               |  | First Lien - Term Loan C10               |  |                                      |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.41%            |  | 12/21/2018 |  | 4/10/2023  |  | 1,804    |             |              | 1,781   |             |              | 1,771   |  |
|                                                                               |  | 3,000,000 units of Class A common stock9 |  |                                      |  | —                                                       |  | 4/10/2018  |  | —            |  | —  |             |              | 3,000   |             |              | 1,523   |  |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 21,744  |              |             | 20,178  |              |
| AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) |  | First Lien                               |  | Telecommunications                   |  | L+6.50% (Floor 1.00%)/Q, Current Coupon 8.24%             |  | 9/21/2016  |  | 6/8/2023   |  | 5,926    |             |              | 5,856   |             |              | 3,348   |  |
|                                                                               |  | Second Lien                              |  |                                      |  | 0.5%, L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 11.35%  |  | 11/3/2016  |  | 6/6/2024   |  | 2,111    |             |              | 2,072   |             |              | 792     |  |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 7,928   |              |             | 4,140   |              |

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Table of Contents

|                                                |  |                                |  |                                      |  |                                                                |  |                    |  |                    |  |               |  |              |              |             |              |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|--------------------------------|--|--------------------------------------|--|----------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2020                                 |
|                                                |  |                                |  |                                      |  |                                                                |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2            |  | Industry                             |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost17       |              | Fair Value4 |
| Non-control/Non-affiliate Investments5     |  |                                |  |                                      |  |                                                                |  |                    |  |                    |  |               |  |              |              |             |
| AMWARE FULFILLMENT LLC                         |  | First Lien                     |  | Distribution                         |  | L+9.50% (Floor 1.00%)/M, Current Coupon 10.95%             |  | 7/29/2016  |  | 12/31/2020 |  | 12,027   |  |              | 11,988  |             |              | 11,991  |  |
| ASC ORTHO MANAGEMENT COMPANY, LLC13            |  | Revolving Loan                 |  | Healthcare services                  |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.70%              |  | 8/31/2018  |  | 8/31/2023  |  | 1,500    |  |              | 1,480   |             |              | 1,425   |  |
|                                                |  | First Lien                     |  |                                      |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 9.41%              |  | 8/31/2018  |  | 8/31/2023  |  | 9,028    |  |              | 8,894   |             |              | 8,577   |  |
|                                                |  | Second Lien                    |  |                                      |  | 13.25% PIK                                                     |  | 8/31/2018  |  | 12/1/2023  |  | 3,709    |  |              | 3,649   |             |              | 3,275   |  |
|                                                |  | 2,042 Common Units9            |  |                                      |  | —                                                        |  | 8/31/2018  |  | —            |  | —  |  |              | 750     |             |              | 356     |  |
|                                                |  |                                |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 14,773  |              |             | 13,633  |              |
| BINSWANGER HOLDING CORP.                       |  | First Lien                     |  | Distribution                         |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.96%              |  | 3/9/2017   |  | 3/9/2022   |  | 11,604   |  |              | 11,500  |             |              | 11,163  |  |
|                                                |  | 900,000 shares of common stock |  |                                      |  | —                                                        |  | 3/9/2017   |  | —            |  | —  |  |              | 900     |             |              | 636     |  |
|                                                |  |                                |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 12,400  |              |             | 11,799  |              |
| BLASCHAK COAL CORP.                            |  | Second Lien- Term Loan15       |  | Commodities & mining             |  | L+11.00%/Q, (Floor 1.00%) 1.00% PIK, Current Coupon 13.91% |  | 7/30/2018  |  | 7/30/2023  |  | 8,624    |  |              | 8,497   |             |              | 8,451   |  |
|                                                |  | Second Lien- Term Loan B15     |  |                                      |  | L+11.00%/Q, (Floor 1.00%) 1.00% PIK, Current Coupon 13.43% |  | 3/30/2020  |  | 7/30/2023  |  | 2,000    |  |              | 1,960   |             |              | 1,960   |  |
|                                                |  |                                |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 10,457  |              |             | 10,411  |              |
| CALIFORNIA PIZZA KITCHEN, INC.16               |  | First Lien                     |  | Restaurants                          |  | L+6.00% (Floor 1.00%)/M, Current Coupon 7.62%              |  | 8/19/2016  |  | 8/23/2022  |  | 4,825    |  |              | 4,802   |             |              | 2,441   |  |
| CAPITAL PAWN HOLDINGS, LLC                     |  | First Lien                     |  | Consumer products & retail       |  | L+9.50%/Q, Current Coupon 11.41%                           |  | 12/21/2017 |  | 7/8/2020   |  | 11,097   |  |              | 11,068  |             |              | 11,075  |  |
| CLICKBOOTH.COM, LLC                            |  | Revolving Loan                 |  | Media, marketing & entertainment |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.5%               |  | 12/5/2017  |  | 1/31/2025  |  | 1,086    |  |              | 1,080   |             |              | 1,086   |  |
|                                                |  | First Lien                     |  |                                      |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 10.41%             |  | 12/5/2017  |  | 1/31/2025  |  | 19,000   |  |              | 18,739  |             |              | 19,000  |  |
|                                                |  |                                |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 19,819  |              |             | 20,086  |              |
| DANFORTH ADVISORS, LLC13                       |  | Revolving Loan10               |  | Business services                    |  | L+7.25% (Floor 2.00%)/Q, Current Coupon 9.25%              |  | 9/28/2018  |  | 9/28/2023  |  | 500      |  |              | 486     |             |              | 500     |  |

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Table of Contents

|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|--|-----------------------------|--|-----------------------------|--|----------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES     |
| CONSOLIDATED SCHEDULE OF INVESTMENTS               |
| March 31, 2020                                     |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |  |              |              |             |
| Portfolio Company1                            |  | Type of Investment2         |  | Industry                    |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost17       |              | Fair Value4 |
| Non-control/Non-affiliate Investments5         |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |  |              |              |             |
|                                                    |  | First Lien                  |  |                             |  | L+7.25% (Floor 2.00%)/Q, Current Coupon 9.25%  |  | 9/28/2018  |  | 9/28/2023 |  | 7,250    |  |              | 7,141   |             |              | 7,250    |  |
|                                                    |  | 875 Class A equity units9   |  |                             |  | —                                            |  | 9/28/2018  |  | —           |  | —  |  |              | 875     |             |              | 1,445    |  |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |  | 8,502   |              |             | 9,195   |               |
| DELPHI INTERMEDIATE HEALTHCO, LLC16                |  | Revolving Loan              |  | Healthcare services         |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.97% |  | 10/2/2019  |  | 10/3/2022 |  | 1,223    |  |              | 1,223   |             |              | 1,223    |  |
|                                                    |  | First Lien                  |  |                             |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.20% |  | 11/3/2017  |  | 10/3/2022 |  | 10,605   |  |              | 10,533  |             |              | 5,101    |  |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |  | 11,756  |              |             | 6,324   |               |
| DRIVEN, INC.                                       |  | First Lien                  |  | Business Services           |  | L+8.00% (Floor 2.00%)/Q, Current Coupon 10.00% |  | 6/28/2019  |  | 6/28/2024 |  | 11,940   |  |              | 11,730  |             |              | 11,940   |  |
| DUNN PAPER, INC.                                   |  | Second Lien                 |  | Paper & forest products |  | L+8.75% (Floor 1.00%)/M, Current Coupon 9.75%  |  | 9/28/2016  |  | 8/26/2023 |  | 3,000    |  |              | 2,965   |             |              | 3,000    |  |
| ENVIRONMENTAL PEST SERVICE MANAGEMENT COMPANY, LLC |  | First Lien                  |  | Consumer services           |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.91%   |  | 6/22/2018  |  | 6/22/2023 |  | 15,292   |  |              | 15,103  |             |              | 15,292   |  |
|                                                    |  | Delayed Draw Term Loan10    |  |                             |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.91%   |  | 6/22/2018  |  | 6/22/2023 |  | 6,110    |  |              | 6,015   |             |              | 6,111    |  |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |  | 21,118  |              |             | 21,403  |               |
| ESCP DTFS, INC.                                    |  | First Lien - Term Loan A    |  | Industrial services         |  | L+6.50%(Floor 1.75%)/Q, Current Coupon 8.27%   |  | 1/31/2020  |  | 1/31/2025 |  | 5,350    |  |              | 5,253   |             |              | 5,253    |  |
|                                                    |  | First Lien - Term Loan B    |  |                             |  | L+8.50%(Floor 1.75%)/Q, Current Coupon 10.27%  |  | 1/31/2020  |  | 1/31/2025 |  | 5,350    |  |              | 5,253   |             |              | 5,253    |  |
|                                                    |  | Delayed Draw Term Loan A110 |  |                             |  | L+6.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |  |              | (10)         |             |              | —  |  |
|                                                    |  | Delayed Draw Term Loan A210 |  |                             |  | L+8.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |  |              | (10)         |             |              | —  |  |
|                                                    |  | Delayed Draw Term Loan B110 |  |                             |  | L+6.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |  |              | (3)          |             |              | —  |  |
|                                                    |  | Delayed Draw Term Loan B210 |  |                             |  | L+8.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |  |              | (3)          |             |              | —  |  |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |  | 10,480  |              |             | 10,506  |               |
| FAST SANDWICH, LLC                                 |  | Revolving Loan10            |  | Restaurants                 |  | L+9.00% (Floor 1.00%)/Q, 5.0% PIK              |  | 5/24/2018  |  | 5/23/2023 |  | —  |  |              | (43)         |             |              | —  |  |

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Table of Contents

|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|--------------------------------------------|--|------------------------|--|-------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES      |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                |
| March 31, 2020                                      |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                             |  | Type of Investment2                        |  | Industry               |  | Current Interest Rate3                                      |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost17       |              | Fair Value4 |
| Non-control/Non-affiliate Investments5          |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |  |              |              |             |
|                                                     |  | First Lien                                 |  |                        |  | L+9.00% (Floor 1.00%)/Q, 5.0% PIK,Current Coupon 15.91% |  | 5/24/2018  |  | 5/23/2023  |  | 3,393    |  |              | 3,354   |             |              | 3,179    |  |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |  | 3,311   |              |             | 3,179   |               |
| GS OPERATING, LLC                                   |  | First Lien                                 |  | Distribution           |  | L+6.50%(Floor 1.50%)/M, Current Coupon 8.00%            |  | 3/6/2020   |  | 2/24/2025  |  | 8,000    |  |              | 7,842   |             |              | 7,842    |  |
| ICS DISTRIBUTION, LLC8                              |  | First Lien                                 |  | Industrial services    |  | L+8.21%(Floor 2.00%)/Q, Current Coupon 10.21%           |  | 10/31/2019 |  | 10/29/2024 |  | 18,000   |  |              | 17,617  |             |              | 17,617   |  |
| IENERGIZER LIMITED                                  |  | First Lien9                                |  | Business services      |  | L+6.00%(Floor 1.00%)/M, Current Coupon 7.00%            |  | 4/17/2019  |  | 4/17/2024  |  | 12,000   |  |              | 11,899  |             |              | 12,000   |  |
| JVMC HOLDINGS CORP.                                 |  | First Lien                                 |  | Financial services     |  | L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%           |  | 2/28/2019  |  | 2/28/2024  |  | 8,183    |  |              | 8,115   |             |              | 8,183    |  |
| LANDPOINT HOLDCO, INC.                              |  | First Lien                                 |  | Business Services      |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.96%            |  | 12/30/2019 |  | 12/30/2024 |  | 19,500   |  |              | 19,128  |             |              | 19,110   |  |
| LGM PHARMA, LLC13                                   |  | First Lien                                 |  | Healthcare products    |  | L+8.50% (Floor 1.00%)/M, Current Coupon 10.02%          |  | 11/15/2017 |  | 11/15/2022 |  | 11,541   |  |              | 11,400  |             |              | 11,472   |  |
|                                                     |  | 110,000 units of Class A common stock9     |  |                        |  | —                                                     |  | 11/15/2017 |  | —            |  | —  |  |              | 1,100   |             |              | 821      |  |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |  | 12,500  |              |             | 12,293  |               |
| LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) |  | First Lien                                 |  | Environmental services |  | 6%, L+3.00% PIK (Floor 2.00%)/Q, Current Coupon 11.00%  |  | 6/30/2017  |  | 6/30/2022  |  | 13,439   |  |              | 13,364  |             |              | 12,149   |  |
|                                                     |  | 25,603 shares of Series C preferred stock  |  |                        |  | —                                                     |  | 8/13/2018  |  | —            |  | —  |  |              | 25      |             |              | —  |  |
|                                                     |  | 396,825 shares of Series B preferred stock |  |                        |  | —                                                     |  | 6/30/2017  |  | —            |  | —  |  |              | 500     |             |              | —  |  |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |  | 13,889  |              |             | 12,149  |               |
| MEDIA RECOVERY, INC.                                |  | Earnout                                    |  | Industrial products    |  | —                                                     |  | 11/25/2019 |  | —            |  | —  |  |              | 1,517   |             |              | —  |  |
| NINJATRADER, INC.13                                 |  | Revolving Loan10                           |  | Financial Services     |  | L+6.00% (Floor 1.50%)/Q, Current Coupon 7.90%           |  | 12/18/2019 |  | 12/18/2024 |  | 1,100    |  |              | 1,093   |             |              | 1,100    |  |

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Table of Contents

|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |              |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|--------------------------------------------|--|--------------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2020                                 |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2                        |  | Industry                             |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost17       |              | Fair Value4 |
| Non-control/Non-affiliate Investments5     |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |
|                                                |  | First Lien                                 |  |                                      |  | L+6.00% (Floor 1.50%)/Q, Current Coupon 7.90%  |  | 12/18/2019 |  | 12/18/2024 |  | 18,250   |  |              | 17,902  |             |              | 18,250  |  |
|                                                |  | 2,000,000 Preferred Units9                 |  |                                      |  | —                                            |  | 12/18/2019 |  |                    |  | —  |  |              | 2,000   |             |              | 2,000   |  |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 20,995  |              |             | 21,350  |              |
| RESEARCH NOW GROUP, INC.                       |  | Second Lien                                |  | Business services                    |  | L+9.50% (Floor 1.00%)/M, Current Coupon 11.26% |  | 12/8/2017  |  | 12/20/2025 |  | 10,500   |  |              | 9,904   |             |              | 10,217  |  |
| SCRIP INC.8                                    |  | First Lien                                 |  | Healthcare products                  |  | L+9.86% (Floor 2.00%)/M, Current Coupon 11.86% |  | 3/21/2019  |  | 3/21/2024  |  | 16,750   |  |              | 16,332  |             |              | 16,482  |  |
|                                                |  | 100 shares of common stock                 |  |                                      |  | —                                            |  | 3/21/2019  |  | —            |  | —  |  |              | 1,000   |             |              | 1,000   |  |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 17,332  |              |             | 17,482  |              |
| TAX ADVISORS GROUP, LLC13                      |  | 143.3 Class A units9                       |  | Financial services                   |  | —                                            |  | 6/23/2017  |  | —            |  | —  |  |              | 541     |             |              | 1,053   |  |
| TRINITY 3, LLC                                 |  | First Lien                                 |  | Technology products & components |  | L+7.50% (Floor 1.50%)/Q, Current Coupon 9.41%  |  | 11/15/2019 |  | 11/15/2024 |  | 14,161   |  |              | 13,894  |             |              | 14,048  |  |
|                                                |  | 562.5 Class A units9                       |  |                                      |  | —                                            |  | 11/15/2019 |  |                    |  | —  |  |              | 563     |             |              | 563     |  |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 14,457  |              |             | 14,611  |              |
| TINUITI INC.                                   |  | 1,114 Preferred Units                      |  | Media, marketing & entertainment |  |                                                    |  | 2/1/2017   |  | —            |  | —  |  |              | 1,114   |             |              | 3,100   |  |
|                                                |  | 1,443 Common Units                         |  |                                      |  |                                                    |  | 2/1/2017   |  |                    |  |               |  | 277     |              |             | 1,756   |              |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 1,391   |              |             | 4,856   |              |
| USA DEBUSK, LLC                                |  | First Lien                                 |  | Industrial Services                  |  | L+5.75% (Floor 1.00%)/M, Current Coupon 6.75%  |  | 2/25/2020  |  | 10/22/2024 |  | 7,980    |  |              | 7,833   |             |              | 7,833   |  |
| VISTAR MEDIA INC.                              |  | First Lien                                 |  | Media, marketing & entertainment |  | L+7.5% (Floor 2.00%)/M, Current Coupon 9.5%    |  | 2/17/2017  |  | 4/3/2023   |  | 11,416   |  |              | 10,605  |             |              | 11,416  |  |
|                                                |  | 171,617 shares of Series A preferred stock |  |                                      |  | —                                            |  | 4/3/2019   |  |                    |  | —  |  |              | 1,874   |             |              | 4,776   |  |
|                                                |  | Warrants (Expiration - April 3, 2029)      |  |                                      |  | —                                            |  | 4/3/2019   |  | —            |  | —  |  |              | 620     |             |              | 2,718   |  |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 13,099  |              |             | 18,910  |              |
| VTX HOLDINGS, INC.8                            |  | First Lien                                 |  | Software & IT services           |  | L+8.87% (Floor 2.00%)/Q, Current Coupon 10.87% |  | 7/23/2019  |  | 7/23/2024  |  | 20,075   |  |              | 19,581  |             |              | 19,914  |  |

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|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  |              |               |             |              |               |               |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|--------------------------------------------|--|--------------------------------|--|-----------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|---------------|-------------|--------------|---------------|---------------|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES  |
| CONSOLIDATED SCHEDULE OF INVESTMENTS            |
| March 31, 2020                                  |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  |              |               |             |
| Portfolio Company1                         |  | Type of Investment2                        |  | Industry                       |  | Current Interest Rate3                              |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost17       |               | Fair Value4 |
| Non-control/Non-affiliate Investments5      |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  |              |               |             |
|                                                 |  | 1,000,000 series A Preferred units         |  |                                |  |                                                     |  | 7/23/2019  |  |                   |  | —  |  |              | 1,000    |             |              | 1,000    |               |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  | 20,581  |               |             | 20,914  |               |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  |              |               |             |
| Total Non-control/Non-affiliate Investments |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  | $            | 436,463  |             |              | $             | 421,280  |             |
| Affiliate Investments6                          |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  |              |               |             |
| CHANDLER SIGNS, LLC13                           |  | 1,500,000 units of Class A-1 common stock9 |  | Business services              |  | —                                             |  | 1/4/2016   |  | —           |  | —  |  |              | $             | 1,500  |              |               | $             | 3,110  |  |
| DYNAMIC COMMUNITIES, LLC13                      |  | Revolving Loan10                           |  | Business services              |  | L+8.00% (Floor 1.00%)                               |  | 7/17/2018  |  | 7/17/2023 |  | —  |  |              | (3)           |             |              | —  |               |
|                                                 |  | First Lien                                 |  |                                |  | L+8.00% (Floor 1.00%)/M, Current Coupon 9.00%   |  | 7/17/2018  |  | 7/17/2023 |  | 10,780   |  |              | 10,625   |             |              | 9,928    |               |
|                                                 |  | 2,000,000 Preferred Units9                 |  |                                |  | —                                             |  | 7/17/2018  |  | —           |  | —  |  |              | 2,000    |             |              | 1,850    |               |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  | 12,622  |               |             | 11,778  |               |
| GRAMMATECH, INC.                                |  | Revolving Loan                             |  | Software & IT services     |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%   |  | 11/1/2019  |  | 11/1/2024 |  | 2,500    |  |              | 2,460    |             |              | 2,460    |               |
|                                                 |  | First Lien                                 |  |                                |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%   |  | 11/1/2019  |  | 11/1/2024 |  | 11,500   |  |              | 11,312   |             |              | 11,316   |               |
|                                                 |  | 1,000 Class A units                        |  |                                |  |                                                     |  | 11/1/2019  |  |                   |  | —  |  |              | 1,000    |             |              | 1,000    |               |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |  | 14,772  |               |             | 14,776  |               |
| ITA HOLDINGS GROUP, LLC13                       |  | Revolving Loan10                           |  | Transportation & logistics |  | L+9.00% (Floor 1.00%)                               |  | 2/14/2018  |  | 2/14/2023 |  | —  |  |              | (31)          |             |              | —  |               |
|                                                 |  | First Lien - Term Loan                     |  |                                |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.91%   |  | 2/14/2018  |  | 2/14/2023 |  | 10,030   |  |              | 9,910    |             |              | 9,900    |               |
|                                                 |  | First Lien - Term B Loan                   |  |                                |  | L+11.00% (Floor 1.00%)/Q, Current Coupon 12.91% |  | 6/5/2018   |  | 2/14/2023 |  | 5,015    |  |              | 4,940    |             |              | 5,136    |               |
|                                                 |  | First Lien - PIK Note A                    |  |                                |  | 10.00% PIK                                          |  | 3/29/2019  |  | 2/14/2023 |  | 2,425    |  |              | 1,950    |             |              | 2,233    |               |
|                                                 |  | First Lien - PIK Note B                    |  |                                |  | 10.00% PIK                                          |  | 3/29/2019  |  | 2/14/2023 |  | 96       |  |              | 96       |             |              | 88       |               |
|                                                 |  | Warrants (Expiration - March 29, 2029)9    |  |                                |  | —                                             |  | 3/29/2019  |  | —           |  | —  |  |              | 538      |             |              | 2,762    |               |

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|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |              |               |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|------------------------------------|--|-----------------------|--|----------------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|---------------|--------------|--------------|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2020                                 |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| Portfolio Company1                        |  | Type of Investment2                |  | Industry              |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost17       |               | Fair Value4  |
| Non-control/Non-affiliate Investments5     |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
|                                                |  | 9.25% Class A Membership Interest9 |  |                       |  | —                                                        |  | 2/14/2018  |  | —           |  | —  |  |              | 1,500    |              |              | 2,099    |               |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  | 18,903  |               |              | 22,218  |               |
| ROSELAND MANAGEMENT, LLC                       |  | Revolving Loan10                   |  | Healthcare services   |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%              |  | 11/9/2018  |  | 11/9/2023 |  | 500      |  |              | 475      |              |              | 500      |               |
|                                                |  | First Lien                         |  |                       |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%              |  | 11/9/2018  |  | 11/9/2023 |  | 10,369   |  |              | 10,228   |              |              | 10,369   |               |
|                                                |  | 10,000 Class A Units               |  |                       |  | —                                                        |  | 11/9/2018  |  | —           |  | —  |  |              | 1,000    |              |              | 1,334    |               |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  | 11,703  |               |              | 12,203  |               |
| SIMR, LLC                                      |  | First Lien                         |  | Healthcare services   |  | L+10.00% (Floor 2.00%)/M, 7.00% PIK, Current Coupon 19.00% |  | 9/7/2018   |  | 9/7/2023  |  | 11,693   |  |              | 11,522   |              |              | 11,190   |               |
|                                                |  | 9,374,510.2 Class B Common Units   |  |                       |  | —                                                        |  | 9/7/2018   |  | —           |  | —  |  |              | 6,107    |              |              | 1,742    |               |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  | 17,629  |               |              | 12,932  |               |
| ZENFOLIO INC.                                  |  | Revolving Loan                     |  | Business services     |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.34%             |  | 7/17/2017  |  | 7/17/2022 |  | 2,000    |  |              | 1,991    |              |              | 1,888    |               |
|                                                |  | First Lien                         |  |                       |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.91%             |  | 7/17/2017  |  | 7/17/2022 |  | 13,906   |  |              | 13,704   |              |              | 13,127   |               |
|                                                |  | 190 shares of common stock         |  |                       |  | —                                                        |  | 7/17/2017  |  | —           |  | —  |  |              | 1,900    |              |              | —  |               |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  | 17,595  |               |              | 15,015  |               |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| Total Affiliate Investments                    |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  | $            | 94,724   |              |              | $             | 92,032   |              |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| Control Investments7                           |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| I-45 SLF LLC9, 11                              |  | 80% LLC equity interest            |  | Multi-sector holdings |  | —                                                        |  | 10/20/2015 |  | —           |  | —  |  |              | $             | 68,000  |              |               | $             | 39,760  |  |
| Total Control Investments                      |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  | $            | 68,000   |              |              | $             | 39,760   |              |
|                                                |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  |              |               |              |
| TOTAL INVESTMENTS12                            |  |                                    |  |                       |  |                                                                |  |                    |  |                   |  |               |  | $            | 599,187  |              |              | $             | 553,072  |              |

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|                              |                                  |               |                                    |               |                          |   |               |             |                                    |              |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|----------------------------------|---------------|------------------------------------|---------------|--------------------------|---|---------------|-------------|------------------------------------|--------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              | Fair Value                  |               | Percentage of Total Portfolio |               | Percentage of Net Assets |   | Cost          |             | Percentage of Total Portfolio |
|                              | (dollars in thousands) |
| September 30, 2020:      |                                  |               |                                    |               |                          |   |               |             |                                    |
| First lien loans1,2          | $                                | 472,616  |                                    |               | 74.9                | % |               | 165.2  | %                                  |              | $ | 486,849  |            |  | 73.9   | % |
| Second lien loans2           | 37,618                      |               |                                    | 6.0      |                          |   | 13.1     |             |                                    | 38,962  |   |               | 5.9   |  |
| Subordinated debt3           | 10,417                      |               |                                    | 1.6      |                          |   | 3.6      |             |                                    | 10,497  |   |               | 1.6   |  |
| Preferred equity             | 20,020                      |               |                                    | 3.2      |                          |   | 7.0      |             |                                    | 14,492  |   |               | 2.2   |  |
| Common equity & warrants | 29,043                      |               |                                    | 4.6      |                          |   | 10.2     |             |                                    | 25,705  |   |               | 3.9   |  |
| Financial instruments4       | —                     |               |                                    | —  |                          |   | —  |             |                                    | 1,517   |   |               | 0.2   |  |
| I-45 SLF LLC5                | 61,483                      |               |                                    | 9.7      |                          |   | 21.5     |             |                                    | 80,800  |   |               | 12.3  |  |
|                              | $                                | 631,197  |                                    |               | 100.0               | % |               | 220.6  | %                                  |              | $ | 658,822  |            |  | 100.0  | % |
|                              |                                  |               |                                    |               |                          |   |               |             |                                    |
| March 31, 2020:          |                                  |               |                                    |               |                          |   |               |             |                                    |
| First lien loans1            | $                                | 427,447  |                                    |               | 77.3                | % |               | 157.0  | %                                  |              | $ | 446,925  |            |  | 74.6   | % |
| Second lien loans2           | 37,139                      |               |                                    | 6.7      |                          |   | 13.6     |             |                                    | 38,580  |   |               | 6.4   |  |
| Subordinated debt            | 9,747                       |               |                                    | 1.8      |                          |   | 3.6      |             |                                    | 9,980   |   |               | 1.7   |  |
| Preferred equity             | 16,624                      |               |                                    | 3.0      |                          |   | 6.1      |             |                                    | 12,576  |   |               | 2.1   |  |
| Common equity & warrants | 22,355                      |               |                                    | 4.0      |                          |   | 8.2      |             |                                    | 21,609  |   |               | 3.6   |  |
| Financial instruments4       | —                     |               |                                    | —  |                          |   | —  |             |                                    | 1,517   |   |               | 0.3   |  |
| I-45 SLF LLC5                | 39,760                      |               |                                    | 7.2      |                          |   | 14.6     |             |                                    | 68,000  |   |               | 11.3  |  |
|                              | $                                | 553,072  |                                    |               | 100.0               | % |               | 203.1  | %                                  |              | $ | 599,187  |            |  | 100.0  | % |

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|                                       |                                  |               |                      |               |                    |   |               |             |                      |              |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|----------------------------------|---------------|----------------------|---------------|--------------------|---|---------------|-------------|----------------------|--------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                       |                                  |               | Percentage of   |               | Percentage of |   |               |             | Percentage of   |
|                                       | Fair Value                  |               | Total Portfolio |               | Net Assets         |   | Cost          |             | Total Portfolio |
|                                       | (dollars in thousands) |
| September 30, 2020:               |                                  |               |                      |               |                    |   |               |             |                      |
| Business Services                     | $                                | 80,619   |                      |               | 12.8          | % |               | 28.2   | %                    |              | $ | 81,444   |            |  | 12.4   | % |
| Media, Marketing, & Entertainment | 68,939                      |               |                      | 10.9     |                    |   | 24.1     |             |                      | 61,956  |   |               | 9.4   |  |
| Healthcare Services                   | 67,907                      |               |                      | 10.8     |                    |   | 23.7     |             |                      | 79,915  |   |               | 12.1  |  |
| I-45 SLF LLC1                         | 61,483                      |               |                      | 9.7      |                    |   | 21.5     |             |                      | 80,800  |   |               | 12.3  |  |
| Software & IT Services            | 49,290                      |               |                      | 7.8      |                    |   | 17.2     |             |                      | 48,128  |   |               | 7.3   |  |
| Industrial Services                   | 38,879                      |               |                      | 6.2      |                    |   | 13.6     |             |                      | 39,370  |   |               | 6.0   |  |
| Healthcare Products                   | 34,019                      |               |                      | 5.4      |                    |   | 11.9     |             |                      | 32,788  |   |               | 5.0   |  |
| Distribution                          | 31,342                      |               |                      | 5.0      |                    |   | 11.0     |             |                      | 31,562  |   |               | 4.8   |  |
| Financial Services                    | 30,544                      |               |                      | 4.8      |                    |   | 10.7     |             |                      | 27,689  |   |               | 4.2   |  |
| Consumer Products & Retail        | 28,590                      |               |                      | 4.5      |                    |   | 10.0     |             |                      | 28,639  |   |               | 4.3   |  |
| Food, Agriculture & Beverage      | 28,134                      |               |                      | 4.4      |                    |   | 9.8      |             |                      | 30,127  |   |               | 4.6   |  |
| Transportation & Logistics        | 22,550                      |               |                      | 3.6      |                    |   | 7.9      |             |                      | 19,098  |   |               | 2.9   |  |
| Consumer Services                     | 21,289                      |               |                      | 3.4      |                    |   | 7.4      |             |                      | 21,037  |   |               | 3.2   |  |
| Environmental Services                | 12,271                      |               |                      | 1.9      |                    |   | 4.3      |             |                      | 14,223  |   |               | 2.1   |  |
| Technology Products & Components  | 11,844                      |               |                      | 1.9      |                    |   | 4.1      |             |                      | 11,055  |   |               | 1.7   |  |
| Commodities & Mining              | 10,566                      |               |                      | 1.7      |                    |   | 3.7      |             |                      | 10,526  |   |               | 1.6   |  |
| Aerospace & Defense               | 9,724                       |               |                      | 1.5      |                    |   | 3.4      |             |                      | 9,685   |   |               | 1.5   |  |
| Energy Services (Midstream)           | 9,304                       |               |                      | 1.5      |                    |   | 3.3      |             |                      | 9,425   |   |               | 1.4   |  |
| Restaurants                           | 5,801                       |               |                      | 0.9      |                    |   | 2.0      |             |                      | 8,814   |   |               | 1.3   |  |
| Telecommunications                    | 5,102                       |               |                      | 0.8      |                    |   | 1.8      |             |                      | 8,054   |   |               | 1.2   |  |
| Paper & Forest Products           | 3,000                       |               |                      | 0.5      |                    |   | 1.0      |             |                      | 2,970   |   |               | 0.5   |  |
| Industrial Products                   | —                     |               |                      | —  |                    |   | —  |             |                      | 1,517   |   |               | 0.2   |  |
|                                       | $                                | 631,197  |                      |               | 100.0         | % |               | 220.6  | %                    |              | $ | 658,822  |            |  | 100.0  | % |

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|                                       |                                  |               |                      |               |                    |   |               |             |                      |              |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|----------------------------------|---------------|----------------------|---------------|--------------------|---|---------------|-------------|----------------------|--------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                       |                                  |               | Percentage of   |               | Percentage of |   |               |             | Percentage of   |
|                                       | Fair Value                  |               | Total Portfolio |               | Net Assets         |   | Cost          |             | Total Portfolio |
|                                       | (dollars in thousands) |
| March 31, 2020:                   |                                  |               |                      |               |                    |   |               |             |                      |
| Business Services                     | $                                | 92,365   |                      |               | 16.7          | % |               | 33.9   | %                    |              | $ | 92,879   |            |  | 15.5   | % |
| Media, Marketing, & Entertainment | 54,494                      |               |                      | 10.0     |                    |   | 20.0     |             |                      | 45,202  |   |               | 7.5   |  |
| Healthcare Services                   | 51,037                      |               |                      | 9.2      |                    |   | 18.7     |             |                      | 66,744  |   |               | 11.1  |  |
| I-45 SLF LLC1                         | 39,760                      |               |                      | 7.2      |                    |   | 14.6     |             |                      | 68,000  |   |               | 11.3  |  |
| Industrial Services                   | 35,956                      |               |                      | 6.5      |                    |   | 13.2     |             |                      | 35,931  |   |               | 6.0   |  |
| Software & IT Services            | 35,690                      |               |                      | 6.5      |                    |   | 13.1     |             |                      | 35,353  |   |               | 5.9   |  |
| Distribution                          | 31,632                      |               |                      | 5.7      |                    |   | 11.6     |             |                      | 32,229  |   |               | 5.5   |  |
| Financial Services                    | 30,586                      |               |                      | 5.5      |                    |   | 11.2     |             |                      | 29,651  |   |               | 4.9   |  |
| Healthcare Products                   | 29,775                      |               |                      | 5.4      |                    |   | 10.9     |             |                      | 29,832  |   |               | 5.0   |  |
| Food, Agriculture & Beverage      | 25,624                      |               |                      | 4.6      |                    |   | 9.4      |             |                      | 30,937  |   |               | 5.2   |  |
| Consumer Products and Retail          | 23,157                      |               |                      | 4.2      |                    |   | 8.5      |             |                      | 23,549  |   |               | 3.9   |  |
| Transportation & Logistics        | 22,218                      |               |                      | 4.0      |                    |   | 8.2      |             |                      | 18,903  |   |               | 3.2   |  |
| Consumer Services                     | 21,403                      |               |                      | 3.9      |                    |   | 7.9      |             |                      | 21,118  |   |               | 3.5   |  |
| Technology Products & Components  | 14,610                      |               |                      | 2.6      |                    |   | 5.4      |             |                      | 14,457  |   |               | 2.4   |  |
| Environmental Services                | 12,148                      |               |                      | 2.2      |                    |   | 4.5      |             |                      | 13,889  |   |               | 2.3   |  |
| Commodities & Mining              | 10,411                      |               |                      | 1.9      |                    |   | 3.8      |             |                      | 10,458  |   |               | 1.7   |  |
| Energy Services (Midstream)           | 9,445                       |               |                      | 1.7      |                    |   | 3.5      |             |                      | 9,532   |   |               | 1.6   |  |
| Restaurants                           | 5,621                       |               |                      | 1.0      |                    |   | 2.1      |             |                      | 8,113   |   |               | 1.4   |  |
| Telecommunications                    | 4,140                       |               |                      | 0.7      |                    |   | 1.5      |             |                      | 7,928   |   |               | 1.3   |  |
| Paper & Forest Products           | 3,000                       |               |                      | 0.5      |                    |   | 1.1      |             |                      | 2,965   |   |               | 0.5   |  |
| Industrial Products                   | —                     |               |                      | —  |                    |   | —  |             |                      | 1,517   |   |               | 0.3   |  |
|                                       | $                                | 553,072  |                      |               | 100.0         | % |               | 203.1  | %                    |              | $ | 599,187  |            |  | 100.0  | % |

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|                         |                                  |               |                      |            |                    |   |            |             |                      |               |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------|----------------------------------|---------------|----------------------|------------|--------------------|---|------------|-------------|----------------------|---------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                         |                                  |               | Percentage of   |            | Percentage of |   |            |             | Percentage of   |
|                         | Fair Value                  |               | Total Portfolio |            | Net Assets         |   | Cost       |             | Total Portfolio |
|                         | (dollars in thousands) |
| September 30, 2020: |                                  |               |                      |            |                    |   |            |             |                      |
| Southwest               | $                                | 192,427  |                      |            | 30.5          | % |            | 67.3   | %                    |               | $ | 195,266  |            |  | 29.6   | % |
| Northeast               | 138,678                     |               |                      | 22.0  |                    |   | 48.5  |             |                      | 133,833  |   |               | 20.3  |  |
| Southeast               | 119,147                     |               |                      | 18.9  |                    |   | 41.6  |             |                      | 128,238  |   |               | 19.5  |  |
| West                    | 69,352                      |               |                      | 10.9  |                    |   | 24.2  |             |                      | 71,282   |   |               | 10.8  |  |
| I-45 SLF LLC1           | 61,483                      |               |                      | 9.7   |                    |   | 21.5  |             |                      | 80,800   |   |               | 12.3  |  |
| Midwest                 | 39,610                      |               |                      | 6.3   |                    |   | 13.8  |             |                      | 38,982   |   |               | 5.9   |  |
| International           | 10,500                      |               |                      | 1.7   |                    |   | 3.7   |             |                      | 10,421   |   |               | 1.6   |  |
|                         | $                                | 631,197  |                      |            | 100.0         | % |            | 220.6  | %                    |               | $ | 658,822  |            |  | 100.0  | % |
|                         |                                  |               |                      |            |                    |   |            |             |                      |
| March 31, 2020:     |                                  |               |                      |            |                    |   |            |             |                      |
| Southwest               | $                                | 167,082  |                      |            | 30.2          | % |            | 61.3   | %                    |               | $ | 167,192  |            |  | 27.9   | % |
| Northeast               | 124,250                     |               |                      | 22.4  |                    |   | 45.6  |             |                      | 121,201  |   |               | 20.2  |  |
| Southeast               | 107,541                     |               |                      | 19.4  |                    |   | 39.5  |             |                      | 122,547  |   |               | 20.5  |  |
| I-45 SLF LLC1           | 39,760                      |               |                      | 7.2   |                    |   | 14.6  |             |                      | 68,000   |   |               | 11.3  |  |
| West                    | 58,985                      |               |                      | 10.7  |                    |   | 21.7  |             |                      | 65,135   |   |               | 10.9  |  |
| Midwest                 | 43,454                      |               |                      | 7.9   |                    |   | 16.0  |             |                      | 43,214   |   |               | 7.2   |  |
| International           | 12,000                      |               |                      | 2.2   |                    |   | 4.4   |             |                      | 11,898   |   |               | 2.0   |  |
|                         | $                                | 553,072  |                      |            | 100.0         | % |            | 203.1  | %                    |               | $ | 599,187  |            |  | 100.0  | % |

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|                                          |              |               |                                                                    |               |                                                    |               |                                               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--------------|---------------|--------------------------------------------------------------------|---------------|----------------------------------------------------|---------------|-----------------------------------------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                          |              |               | Fair Value Measurements                                  |
|                                          |              |               | at September 30, 2020 Using                                        |
| Asset Category                      | Total        |               | Quoted Prices in Active Markets for Identical Assets(Level 1) |               | Significant Other Observable Inputs (Level 2) |               | Significant Unobservable Inputs(Level 3) |
| First lien loans                         | $            | 472,616  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 472,616  |  |
| Second lien loans                        | 37,618  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 37,618   |  |
| Subordinated debt                        | 10,417  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 10,417   |  |
| Preferred equity                         | 20,020  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 20,020   |  |
| Common equity & warrants             | 29,043  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 29,043   |  |
| Investments measured at net asset value1 | 61,483  |               |                                                                    | —  |                                                    |               | —                                  |  |   | —  |  |
| Total Investments                        | $            | 631,197  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 569,714  |  |

|                                          |              |               |                                                                    |               |                                                    |               |                                               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--------------|---------------|--------------------------------------------------------------------|---------------|----------------------------------------------------|---------------|-----------------------------------------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                          |              |               |                                                                    |               |                                                    |               |                                               |
|                                          |              |               | Fair Value Measurements                                  |
|                                          |              |               | at March 31, 2020 Using                                            |
| Asset Category                      | Total        |               | Quoted Prices in Active Markets for Identical Assets(Level 1) |               | Significant Other Observable Inputs (Level 2) |               | Significant Unobservable Inputs(Level 3) |
| First lien loans                         | $            | 427,447  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 427,447  |  |
| Second lien loans                        | 37,139  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 37,139   |  |
| Subordinated debt                        | 9,747   |               |                                                                    | —  |                                                    |               | —                                  |  |   | 9,747    |  |
| Preferred equity                         | 16,624  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 16,624   |  |
| Common equity & warrants             | 22,355  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 22,355   |  |
| Investments measured at net asset value1 | 39,760  |               |                                                                    | —  |                                                    |               | —                                  |  |   | —  |  |
| Total Investments                        | $            | 553,072  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 513,312  |  |

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|                              |                                     |  |                         |               |                          |                    |               |                    |              |       |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|-------------------------------------|--|-------------------------|---------------|--------------------------|--------------------|---------------|--------------------|--------------|-------|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              |                                     |  | Fair Value at |               | Significant              |                    |               |                    |              |
|                              | Valuation                           |  | September 30, 2020      |               | Unobservable             |                    |               |                    | Weighted     |
| Type                         | Technique                           |  | (in thousands)     |               | Inputs                   |                    | Range         |                    | Average      |
|                              |                                     |  |                         |               |                          |                    |               |                    |              |
| First lien loans             | Income Approach                     |  | $                       | 431,421  |                          |               | Discount Rate |               | 7.0% - 26.1% |       | 11.0% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                    | 30.5 - 99.0   |                    | 62.0         |
|                              | Market Approach                     |  | 41,195             |               |                          | Cost               |               | 98.0 - 98.8        |              | 98.3  |
|                              |                                     |  |                         |               | Exit Value               |                    | 72.9 - 100.0  |                    | 76.9         |
| Second lien loans            | Income Approach                     |  | 37,618             |               |                     | Discount Rate      |          | 10.3% - 17.0%      |              | 13.2% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                    | 51.5          |                    | 51.5         |
| Subordinated debt            | Income Approach                     |  | 10,244             |               |                     | Discount Rate      |          | 13.8%              |              | 13.8% |
|                              | Market Approach                     |  | 173                |               |                          | Cost               |               | 100.0              |              | 100.0 |
| Preferred equity             | Enterprise Value Waterfall Approach |  | 20,020             |               |                     | EBITDA Multiple    |          |  6.6x - 12.3x |              | 9.2x  |
|                              |                                     |  |                         |               | Discount Rate            |                    | 15.3% - 20.6% |                    | 18.6%        |
| Common equity & warrants | Enterprise Value Waterfall Approach |  | 27,543             |               |                     | EBITDA Multiple    |          | 6.1x - 12.3x       |              | 8.8x  |
|                              |                                     |  |                         |               | Discount Rate            |                    | 15.4% - 25.0% |                    | 19.7%        |
|                              | Market Approach                     |  | 1,500              |               |                          | Cost               |               |                    |              |       |
| Financial instruments        | Option Pricing Model                |  | —            |               |                          | Assumed Volatility |               | 2.0%               |              | 2.0%  |
| Total Level 3 Investments    |                                     |  | $                       | 569,714  |                          |                    |               |                    |              |       |       |

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|                              |                                     |  |                         |               |                          |                    |               |               |              |       |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|-------------------------------------|--|-------------------------|---------------|--------------------------|--------------------|---------------|---------------|--------------|-------|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              |                                     |  | Fair Value at |               | Significant              |                    |               |               |              |
|                              | Valuation                           |  | March 31, 2020          |               | Unobservable             |                    |               |               | Weighted     |
| Type                         | Technique                           |  | (in thousands)     |               | Inputs                   |                    | Range         |               | Average      |
|                              |                                     |  |                         |               |                          |                    |               |               |              |
| First lien loans             | Income Approach                     |  | $                       | 401,266  |                          |                    | Discount Rate |               | 7.0% - 52.5% |       | 12.0% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                    | 43.8 - 56.5   |               | 49.9         |
|                              | Market Approach                     |  | 26,181             |               |                          | Cost               |               | 98.0 - 98.2   |              | 98.1  |
|                              |                                     |  |                         |               |                          |                    |               |               |              |
| Second lien loans            | Income Approach                     |  | 37,139             |               |                          | Discount Rate      |               | 10.3% - 19.8% |              | 12.7% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                    | 37.5          |               | 37.5         |
| Subordinated debt            | Income Approach                     |  | 9,747              |               |                          | Discount Rate      |               | 13.3%         |              | 13.3% |
| Preferred equity             | Enterprise Value Waterfall Approach |  | 16,624             |               |                          | EBITDA Multiple    |               | 7.4x - 11.4x  |              | 9.3x  |
|                              |                                     |  |                         |               | Discount Rate            |                    | 17.2% - 22.9% |               | 19.3%        |
| Common equity & warrants | Enterprise Value Waterfall Approach |  | 22,355             |               |                          | EBITDA Multiple    |               | 5.3x - 11.4x  |              | 8.2x  |
|                              |                                     |  |                         |               | Discount Rate            |                    | 15.4% - 22.7% |               | 19.2%        |
| Financial Instruments        | Option Pricing Model                |  | —            |               |                          | Assumed Volatility |               | 2.0%          |              | 2.0%  |
| Total Level 3 Investments    |                                     |  | $                       | 513,312  |                          |                    |               |               |              |       |       |

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|                              |                           |               |                                          |               |                           |             |               |  |                          |               |              |  |                                             |          |                               |               |                                                                              |             |               |  |   |               |  |  |               |               |  |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|---------------------------|---------------|------------------------------------------|---------------|---------------------------|-------------|---------------|--|--------------------------|---------------|--------------|--|---------------------------------------------|----------|-------------------------------|---------------|------------------------------------------------------------------------------|-------------|---------------|--|---|---------------|--|--|---------------|---------------|--|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              | Fair Value March 31, 2020 |               | Realized & Unrealized Gains (Losses) |               | Purchases of Investments1 |             | Repayments    |  | PIK Interest Capitalized |               | Divestitures |  | Conversion/Reclassification of Security |          | Fair Value September 30, 2020 |               | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $                         | 427,447  |                                          |               | $                         | 33     |               |  | $                        | 83,312   |              |  | $                                           | (36,863) |                               |               | $                                                                            | 2,302  |               |  | $ | —  |  |  | $             | (3,615)       |  |  | $ | 472,616  |  |  | $ | 87     |  |
| Second lien loans            | 37,139               |               |                                          | 97       |                           |             | 93       |  |                          | (125)         |              |  | 414                                    |          |                               | —  |                                                                              |             | —  |  |   | 37,618   |  |  | 97       |               |
| Subordinated debt            | 9,747                |               |                                          | 154      |                           |             | 184      |  |                          | —  |              |  | 332                                    |          |                               | —  |                                                                              |             | —  |  |   | 10,417   |  |  | 154      |               |
| Preferred equity             | 16,624               |               |                                          | 1,481    |                           |             | 1,915    |  |                          | —  |              |  | —                                |          |                               | —  |                                                                              |             | —  |  |   | 20,020   |  |  | 1,481    |               |
| Common equity & warrants | 22,355               |               |                                          | 964      |                           |             | 2,381    |  |                          | —  |              |  | —                                |          |                               | (272)         |                                                                              |             | 3,615    |  |   | 29,043   |  |  | 692      |               |
| Financial instruments        | —              |               |                                          | —  |                           |             | —  |  |                          | —  |              |  | —                                |          |                               | —  |                                                                              |             | —  |  |   | —  |  |  | —  |               |
| Total Investments            | $                         | 513,312  |                                          |               | $                         | 2,729  |               |  | $                        | 87,885   |              |  | $                                           | (36,988) |                               |               | $                                                                            | 3,048  |               |  | $ | (272)         |  |  | $             | —  |  |  | $ | 569,714  |  |  | $ | 2,511  |  |
|                              |                           |               |                                          |               |                           |             |               |  |                          |               |              |  |                                             |          |                               |               |                                                                              |
|                              | Fair Value March 31, 2019 |               | Realized & Unrealized Gains (Losses) |               | Purchases of Investments1 |             | Repayments    |  | PIK Interest Capitalized |               | Divestitures |  | Conversion/Reclassification of Security |          | Fair Value September 30, 2019 |               | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $                         | 317,544  |                                          |               | $                         | (3,765)     |               |  | $                        | 63,969   |              |  | $                                           | (40,409) |                               |               | $                                                                            | 307    |               |  | $ | —  |  |  | $             | —  |  |  | $ | 337,646  |  |  | $ | (3,819)     |  |
| Second lien loans            | 35,896               |               |                                          | (823)         |                           |             | 79       |  |                          | (125)         |              |  | 261                                    |          |                               | —  |                                                                              |             | —  |  |   | 35,288   |  |  | (824)         |               |
| Subordinated debt            | 14,287               |               |                                          | (90)          |                           |             | 25       |  |                          | —  |              |  | 12                                     |          |                               | —  |                                                                              |             | —  |  |   | 14,234   |  |  | (89)          |               |
| Preferred equity             | 17,936               |               |                                          | 1,433    |                           |             | 1,000    |  |                          | —  |              |  | 71                                     |          |                               | (732)         |                                                                              |             | 1,597    |  |   | 21,305   |  |  | 1,434    |               |
| Common equity & warrants | 72,665               |               |                                          | 3,345    |                           |             | 620      |  |                          | —  |              |  | —                                |          |                               | (6,539)       |                                                                              |             | (1,597)       |  |   | 68,494   |  |  | 3,848    |               |
| Financial instruments        | —              |               |                                          | —  |                           |             | —  |  |                          | —  |              |  | —                                |          |                               | —  |                                                                              |             | —  |  |   | —  |  |  | —  |               |
| Total Investments            | $                         | 458,328  |                                          |               | $                         | 100    |               |  | $                        | 65,693   |              |  | $                                           | (40,534) |                               |               | $                                                                            | 651    |               |  | $ | (7,271)       |  |  | $             | —  |  |  | $ | 476,967  |  |  | $ | 550    |  |

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|                                                             |                    |               |                |              |   |               |  |  |  |  |  |
|-------------------------------------------------------------|--------------------|---------------|----------------|--------------|---|---------------|--|--|--|--|--|
|                                                             | September 30, 2020 |               | March 31, 2020 |
| Credit Facility                                             | $                  | 187,000  |                |              | $ | 154,000  |  |
|                                                             |                    |               |                |
| December 2022 Notes                                         | 57,136        |               |                | 77,136  |   |
| Less: Unamortized debt issuance costs and debt discount | (797)              |               |                | (1,324)      |   |
| Total December 2022 Notes                                   | 56,339        |               |                | 75,812  |   |
|                                                             |                    |               |                |
| October 2024 Notes                                          | 125,000       |               |                | 75,000  |   |
| Less: Unamortized debt issuance costs and debt discount | (2,377)            |               |                | (1,516)      |   |
| Total October 2024 Notes                                    | 122,623       |               |                | 73,484  |   |
|                                                             |                    |               |                |
| Total Borrowings                                            | $                  | 365,962  |                |              | $ | 303,296  |  |

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|                                                                                |                                |              |      |               |   |              |  |  |  |  |  |
|--------------------------------------------------------------------------------|--------------------------------|--------------|------|---------------|---|--------------|--|--|--|--|--|
|                                                                                | Six Months Ended September 30, |
| Reconciliation of RIC Taxable Income1                                          | 2020                           |              | 2019 |
| Net increase in net assets from operations                                     | $                              | 25,267  |      |               | $ | 9,442   |  |
| Net unrealized (appreciation) depreciation on investments                      | (17,241)                       |              |      | 6,233    |   |
| Income/gain (expense/loss) recognized for tax on pass-through entities | 210                       |              |      | 121      |   |
| Loss (gain) recognized on dispositions                                         | 521                       |              |      | (930)         |   |
| Capital loss carryover                                                         | 6,525                     |              |      | —  |   |
| Net operating (income) loss - management company and taxable subsidiary        | (614)                          |              |      | 395      |   |
| Non-deductible tax expense                                                     | 392                       |              |      | 317      |   |
| Other book/tax differences                                                 | (99)                           |              |      | 230      |   |
| Estimated taxable income before deductions for distributions                   | $                              | 14,961  |      |               | $ | 15,808  |  |

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|                                                                           |               |  |  |  |  |
|---------------------------------------------------------------------------|---------------|--|--|--|--|
| Restricted stock available for issuance as of March 31, 2020    | 579,932  |  |
| Additional restricted stock approved under the plan                       | —  |  |
| Restricted stock granted during the six months ended September 30, 2020   | (239,574)     |  |
| Restricted stock forfeited during the six months ended September 30, 2020 | 22,505   |  |
| Restricted stock available for issuance as of September 30, 2020          | 362,863  |  |

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|                                   |                            |  |                                    |             |                           |  |               |           |  |  |  |  |  |  |  |  |  |
|-----------------------------------|----------------------------|--|------------------------------------|-------------|---------------------------|--|---------------|-----------|--|--|--|--|--|--|--|--|--|
|                                   |                            |  | Weighted Average              |             | Weighted Average     |
|                                   |                            |  | Fair Value Per           |             | Remaining Vesting    |
| Restricted Stock Awards | Number of Shares |  | Share at grant date |             | Term (in Years) |
| Unvested at March 31, 2020        | 359,586               |  |                                    | $           | 18.64                |  |               | 2.4  |  |
| Granted                           | 239,574               |  |                                    | 15.18  |                           |  | 3.7      |           |
| Vested                            | (3,625)                    |  |                                    | 16.23  |                           |  | 2.3      |           |
| Forfeited                         | (22,505)                   |  |                                    | 18.93  |                           |  | —  |           |
| Unvested at September 30, 2020    | 573,030               |  |                                    | $           | 17.19                |  |               | 2.7  |  |

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|                                                    |                              |  |               |              |           |               |   |               |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|------------------------------|--|---------------|--------------|-----------|---------------|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                    |                              |  | September 30, |              | March 31, |
| Portfolio Company                                  | Investment Type              |  | 2020          |              | 2020      |
| AG Kings                                           | First Lien - DIP             |  | $             | 952     |           |               | $ | —  |  |
| American Nuts Operations LLC                       | Term Loan C                  |  | 384      |              |           | 384      |   |
|                                                    |                              |  |               |              |           |
|                                                    |                              |  |               |              |           |
| Central Medical Supply LLC                         | Revolving Loan               |  | 1,500    |              |           | —  |   |
| Central Medical Supply LLC                         | Delayed Draw Capex Term Loan |  | 1,500    |              |           | —  |   |
|                                                    |                              |  |               |              |           |
| Coastal Television Broadcasting Holdings LLC       | Revolving Loan               |  | 500      |              |           | —  |   |
| Danforth Advisors, LLC                             | Revolving Loan               |  | —  |              |           | 500      |   |
| Dynamic Communities, LLC                           | Revolving Loan               |  | 500      |              |           | 500      |   |
| Electronic Transaction Consultants LLC             | Revolving Loan               |  | 3,704    |              |           | —  |   |
| Environmental Pest Service Management Company, LLC | Delayed Draw Term Loan       |  | 525      |              |           | 525      |   |
| ESCP DTFS Inc.                                     | Delayed Draw Term Loan       |  | 4,250    |              |           | 5,250    |   |
| Fast Sandwich, LLC                                 | Revolving Loan               |  | 3,400    |              |           | 4,150    |   |
|                                                    |                              |  |               |              |           |
| Ian, Evan, & Alexander Corporation             | Revolving Loan               |  | 2,000    |              |           | —  |   |
| ITA Holdings Group, LLC                            | Revolving Loan               |  | 2,000    |              |           | 2,000    |   |
| NinjaTrader, LLC                                   | Revolving Loan               |  | 1,500    |              |           | 400      |   |
| Roseland Management, LLC                           | Revolving Loan               |  | 1,500    |              |           | 1,500    |   |
| RTIC Subsidiary Holdings LLC                       | Revolving Loan               |  | 1,096    |              |           | —  |   |
| Zenfolio Inc.                                      | Revolving Loan               |  | 1,000    |              |           | —  |   |
| Total unused commitments to extend financing       |                              |  | $             | 26,311  |           |               | $ | 15,209   |  |

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Table of Contents

|                                            |                      |           |  |  |  |
|--------------------------------------------|----------------------|-----------|--|--|--|
| Year ending March 31,  | Rent Commitment |
| 2021                                       | $                    | 135  |  |
| 2022                                       | 248             |           |
| Total                                      | $                    | 383  |  |

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Table of Contents

|                                                                        |                    |             |                  |               |      |             |               |   |   |               |   |  |   |             |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|--------------------|-------------|------------------|---------------|------|-------------|---------------|---|---|---------------|---|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                                                        | Three Months Ended |             | Six Months Ended |
|                                                                        | September 30,      |             | September 30,    |
| Per Share Data:                                                    | 2020               |             | 2019             |               | 2020 |             | 2019          |
| Investment income1                                                     | $                  | 0.90   |                  |               | $    | 0.86   |               |   | $ | 1.73     |   |  | $ | 1.76   |  |
| Operating expenses1                                                    | (0.46)             |             |                  | (0.44)        |      |             | (0.90)        |   |   | (0.91)        |   |
| Income taxes1                                                          | 0.01          |             |                  | (0.04)        |      |             | (0.01)        |   |   | (0.05)        |   |
| Net investment income1                                                 | 0.45          |             |                  | 0.38     |      |             | 0.82     |   |   | 0.80     |   |
| Net realized (loss) gain1                                              | (0.07)             |             |                  | 0.02     |      |             | (0.37)        |   |   | 0.08     |   |
| Net unrealized appreciation (depreciation) on investments, net of tax1 | 0.52          |             |                  | (0.25)        |      |             | 0.94     |   |   | (0.35)        |   |
| Realized losses on extinguishment of debt1                             | (0.02)             |             |                  | —  |      |             | (0.02)        |   |   | —  |   |
| Total increase from investment operations                              | 0.88          |             |                  | 0.15     |      |             | 1.37     |   |   | 0.53     |   |
| Accretive effect of share issuances and repurchases                    | —       |             |                  | 0.03     |      |             | —  |   |   | 0.06     |   |
| Dividends to shareholders                                              | (0.51)             |             |                  | (0.50)        |      |             | (1.02)        |   |   | (0.99)        |   |
|                                                                        |                    |             |                  |               |      |             |               |
| Issuance of restricted stock1,2                                        | —       |             |                  | —  |      |             | (0.18)        |   |   | —  |   |
| Share based compensation expense                                       | 0.05          |             |                  | 0.04     |      |             | 0.08     |   |   | 0.09     |   |
| Other3                                                                 | (0.01)             |             |                  | —  |      |             | (0.02)        |   |   | (0.01)        |   |
| Increase (decrease) in net asset value                                 | 0.41          |             |                  | (0.28)        |      |             | 0.23     |   |   | (0.32)        |   |
| Net asset value                                                        |                    |             |                  |               |      |             |               |
| Beginning of period                                                    | 14.95         |             |                  | 18.58    |      |             | 15.13    |   |   | 18.62    |   |
| End of period                                                          | $                  | 15.36  |                  |               | $    | 18.30  |               |   | $ | 15.36    |   |  | $ | 18.30  |  |
|                                                                        |                    |             |                  |               |      |             |               |
| Ratios and Supplemental Data                                           |                    |             |                  |               |      |             |               |
| Ratio of operating expenses to average net assets4                     | 3.05          | %           |                  | 2.39     | %    |             | 5.96     | % |   | 4.87     | % |
| Ratio of net investment income to average net assets4                  | 2.96          | %           |                  | 2.07     | %    |             | 5.44     | % |   | 4.33     | % |
| Portfolio turnover                                                     | 4.84          | %           |                  | 3.92     | %    |             | 6.30     | % |   | 8.88     | % |
| Total investment return4,5                                             | 8.01          | %           |                  | 6.44     | %    |             | 32.15    | % |   | 8.41     | % |
| Total return based on change in NAV4,6                                 | 6.15          | %           |                  | 1.18     | %    |             | 8.26     | % |   | 3.60     | % |
|                                                                        |                    |             |                  |               |      |             |               |
| Per share market value at the end of the period                        | $                  | 14.05  |                  |               | $    | 21.80  |               |   | $ | 14.05    |   |  | $ | 21.80  |  |
| Weighted-average common shares outstanding                             | 18,600        |             |                  | 17,770   |      |             | 18,375   |   |   | 17,654   |   |
| Weighted-average fully diluted shares outstanding                      | 18,600        |             |                  | 17,770   |      |             | 18,375   |   |   | 17,654   |   |
| Common shares outstanding at end of period                             | 18,623        |             |                  | 17,927   |      |             | 18,623   |   |   | 17,927   |   |

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|                                          |  |                                        |  |                               |  |                    |  |                                   |  |             |             |      |             |                  |             |             |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--|----------------------------------------|--|-------------------------------|--|--------------------|--|-----------------------------------|--|-------------|-------------|------|-------------|------------------|-------------|-------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                          |  |                                        |  |                               |  |                    |  | Current                           |  |             |             |      |             |                  |
|                                          |  |                                        |  | Investment                    |  | Maturity           |  | Interest                          |  |             |             |      |             |                  |
| Portfolio Company                   |  | Industry                               |  | Type                          |  | Date               |  | Rate1                             |  | Principal   |             | Cost |             | Fair Value2 |
| AAC Holdings, Inc.                       |  | Healthcare services                    |  | First Lien - Priming Facility |  | 4/15/2020  |  | P+10.00% (Floor 1.00%)            |  | $           | 1,598  |      |             | $                | 1,592  |             |  | $ | 1,598  |  |
|                                          |  |                                        |  | First Lien4                   |  | 6/30/2023  |  | L+ 6.75% (Floor 1.00%), 4.00% PIK |  | 7,371  |             |      | 7,264  |                  |             | 3,292  |  |
| ADS Tactical, Inc.                       |  | Aerospace & defense                |  | First Lien                    |  | 7/26/2023  |  | L+6.25% (Floor 0.75%)             |  | 4,921  |             |      | 4,906  |                  |             | 4,921  |  |
| ALKU, LLC                                |  | Business services                      |  | First Lien                    |  | 7/29/2026  |  | L+5.50%                           |  | 2,985  |             |      | 2,959  |                  |             | 2,970  |  |
| American Teleconferencing Services, Ltd. |  | Telecommunications                     |  | First Lien                    |  | 6/8/2023   |  | L+6.50%(Floor 1.00%)              |  | 6,765  |             |      | 6,661  |                  |             | 4,515  |  |
| ATX Canada Acquisitionco Inc.            |  | Technology products & components   |  | First Lien                    |  | 6/11/2021  |  | L+6.25% (Floor 1.00%), 1.00% PIK  |  | 4,508  |             |      | 4,501  |                  |             | 4,125  |  |
| California Pizza Kitchen, Inc.           |  | Restaurants                            |  | Priority First Lien           |  | 8/23/2022  |  | L+10.00% (Floor 1.50%)            |  | 937    |             |      | 937    |                  |             | 927    |  |
|                                          |  |                                        |  | Priority First Lien Rolled Up |  | 8/23/2022  |  | L+10.00% (Floor 1.50%)            |  | 971    |             |      | 971    |                  |             | 961    |  |
|                                          |  |                                        |  | First Lien4                   |  | 8/23/2022  |  | L+6.00%(Floor 1.00%)              |  | 5,823  |             |      | 5,811  |                  |             | 1,776  |  |
| Corel Inc.                               |  | Software & IT services             |  | First Lien                    |  | 7/2/2026   |  | L+5.00%                           |  | 4,906  |             |      | 4,661  |                  |             | 4,790  |  |
| Geo Parent Corporation                   |  | Building & infrastructure products |  | First Lien                    |  | 12/19/2025 |  | L+5.25%                           |  | 4,925  |             |      | 4,888  |                  |             | 4,777  |  |
| Go Wireless Holdings, Inc.               |  | Consumer products & retail         |  | First Lien                    |  | 12/22/2024 |  | L+6.50% (Floor 1.00%)             |  | 6,038  |             |      | 6,001  |                  |             | 5,776  |  |
| Hunter Defense Technologies, Inc.        |  | Aerospace & defense                |  | First Lien                    |  | 3/29/2023  |  | L+7.00% (Floor 1.00%)             |  | 5,697  |             |      | 5,624  |                  |             | 5,697  |  |
| Imagine! Print Solutions, LLC            |  | Media, marketing & entertainment   |  | Second Lien4                  |  | 6/21/2023  |  | L+8.75% (Floor 1.00%)             |  | 2,925  |             |      | 2,905  |                  |             | 143    |  |
| InfoGroup Inc.                           |  | Software & IT services             |  | First Lien                    |  | 4/3/2023   |  | L+5.00% (Floor 1.00%)             |  | 2,895  |             |      | 2,883  |                  |             | 2,562  |  |
| Integro Parent Inc.                      |  | Business services                      |  | First Lien                    |  | 10/31/2022 |  | L+5.75% (Floor 1.00%)             |  | 3,277  |             |      | 3,241  |                  |             | 3,228  |  |
| Intermedia Holdings, Inc.                |  | Software & IT services             |  | First Lien                    |  | 7/21/2025  |  | L+6.00% (Floor 1.00%)             |  | 5,765  |             |      | 5,738  |                  |             | 5,746  |  |
| Isagenix International, LLC              |  | Consumer products & retail         |  | First Lien                    |  | 6/14/2025  |  | L+5.75% (Floor 1.00%)             |  | 1,892  |             |      | 1,879  |                  |             | 1,230  |  |

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|                                            |  |                                |  |                          |  |                    |  |                                  |  |             |  |      |             |                  |  |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|--|--------------------------------|--|--------------------------|--|--------------------|--|----------------------------------|--|-------------|--|------|-------------|------------------|--|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                            |  |                                |  |                          |  |                    |  | Current                          |  |             |  |      |             |                  |
|                                            |  |                                |  | Investment               |  | Maturity           |  | Interest                         |  |             |  |      |             |                  |
| Portfolio Company                     |  | Industry                       |  | Type                     |  | Date               |  | Rate1                            |  | Principal   |  | Cost |             | Fair Value2 |
| JAB Wireless, Inc.                         |  | Telecommunications             |  | First Lien               |  | 5/2/2023   |  | L+8.00%                          |  | 7,740  |  |      | 7,699  |                  |  | 7,450  |  |
| KORE Wireless Group Inc.                   |  | Telecommunications             |  | First Lien               |  | 12/20/2024 |  | L+5.50%                          |  | 4,730  |  |      | 4,700  |                  |  | 4,494  |  |
| Lab Logistics, LLC                         |  | Healthcare services            |  | First Lien               |  | 9/25/2023  |  | L+6.50% (Floor 1.00%)            |  | 5,375  |  |      | 5,338  |                  |  | 5,267  |  |
| Lift Brands, Inc.                          |  | Consumer services              |  | Tranche A                |  | 6/29/2025  |  | L+3.25% (Floor 1.00%)            |  | 2,521  |  |      | 2,521  |                  |  | 2,471  |  |
|                                            |  |                                |  | Tranche B                |  | 6/29/2025  |  | 9.50% PIK                        |  | 506    |  |      | 506    |                  |  | 430    |  |
|                                            |  |                                |  | Tranche C                |  | 6/29/2025  |  | —                          |  | 565    |  |      | 565    |                  |  | 480    |  |
|                                            |  |                                |  | Equity                   |  | —            |  | —                          |  | 749    |  |      | 749    |                  |  | 749    |  |
| Lightbox Intermediate, L.P.                |  | Software & IT services     |  | First Lien               |  | 5/9/2026   |  | L+5.00%                          |  | 2,962  |  |      | 2,927  |                  |  | 2,829  |  |
| LOGIX Holdings Company, LLC                |  | Telecommunications             |  | First Lien               |  | 12/23/2024 |  | L+5.75% (Floor 1.00%)            |  | 5,921  |  |      | 5,890  |                  |  | 5,477  |  |
| LSF9 Atlantis Holdings, LLC                |  | Telecommunications             |  | First Lien               |  | 5/1/2023   |  | L+6.00% (Floor 1.00%)            |  | 6,387  |  |      | 6,360  |                  |  | 6,223  |  |
| Lulu's Fashion Lounge, LLC                 |  | Consumer products & retail |  | First Lien               |  | 8/26/2022  |  | L+9.00% (Floor 1.00%)            |  | 3,809  |  |      | 3,746  |                  |  | 3,257  |  |
| Mills Fleet Farm Group LLC                 |  | Consumer products & retail |  | First Lien               |  | 10/24/2024 |  | L+6.25% (Floor 1.00%), 0.75% PIK |  | 4,625  |  |      | 4,563  |                  |  | 4,440  |  |
| NBG Acquisition, Inc.                      |  | Wholesale                      |  | First Lien               |  | 4/26/2024  |  | L+5.50% (Floor 1.00%)            |  | 2,775  |  |      | 2,747  |                  |  | 1,211  |  |
| Novetta Solutions, LLC                     |  | Software & IT services     |  | First Lien               |  | 10/17/2022 |  | L+5.00% (Floor 1.00%)            |  | 4,870  |  |      | 4,804  |                  |  | 4,785  |  |
| PaySimple, Inc.                            |  | Software & IT services     |  | Delayed Draw Term Loan   |  | 8/23/2025  |  | L+5.50%                          |  | 1,376  |  |      | 1,353  |                  |  | 1,327  |  |
|                                            |  |                                |  | First Lien               |  | 8/23/2025  |  | L+5.50%                          |  | 4,241  |  |      | 4,190  |                  |  | 4,093  |  |
| Peraton Corp. (fka MHVC Acquisition Corp.) |  | Aerospace & defense        |  | First Lien               |  | 4/29/2024  |  | L+5.25% (Floor 1.00%)            |  | 6,297  |  |      | 6,280  |                  |  | 6,249  |  |
| Pet Supermarket, Inc.                      |  | Consumer products & retail |  | First Lien               |  | 7/5/2022   |  | L+5.50% (Floor 1.00%)            |  | 4,785  |  |      | 4,771  |                  |  | 4,307  |  |
| PT Network, LLC                            |  | Healthcare products            |  | First Lien               |  | 11/30/2023 |  | L+5.50% (Floor 1.00%), 2.00% PIK |  | 4,441  |  |      | 4,441  |                  |  | 4,328  |  |
| Signify Health, LLC                        |  | Healthcare services            |  | First Lien               |  | 12/23/2024 |  | L+4.50% (Floor 1.00%)            |  | 5,070  |  |      | 5,039  |                  |  | 4,893  |  |
| Tacala, LLC                                |  | Consumer products & retail |  | Second Lien              |  | 2/7/2028   |  | L+7.50%                          |  | 4,500  |  |      | 4,493  |                  |  | 4,269  |  |
| TestEquity, LLC                            |  | Capital equipment              |  | First Lien               |  | 4/28/2022  |  | L+5.50% (Floor 1.00%)            |  | 3,816  |  |      | 3,804  |                  |  | 3,053  |  |
|                                            |  |                                |  | First Lien - Term Loan B |  | 4/28/2022  |  | L+5.50%                          |  | 954    |  |      | 951    |                  |  | 763    |  |

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|                                |  |                                |  |                           |  |                   |  |                                  |  |             |  |      |               |                  |  |               |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--|--------------------------------|--|---------------------------|--|-------------------|--|----------------------------------|--|-------------|--|------|---------------|------------------|--|---------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                |  |                                |  |                           |  |                   |  | Current                          |  |             |  |      |               |                  |
|                                |  |                                |  | Investment                |  | Maturity          |  | Interest                         |  |             |  |      |               |                  |
| Portfolio Company         |  | Industry                       |  | Type                      |  | Date              |  | Rate1                            |  | Principal   |  | Cost |               | Fair Value2 |
| TGP Holdings III LLC           |  | Durable consumer goods         |  | Second Lien               |  | 9/25/2025 |  | L+8.50% (Floor 1.00%)            |  | 2,500  |  |      | 2,477    |                  |  | 2,316    |               |
| The Hoover Group, Inc.         |  | Energy services (midstream)    |  | First Lien                |  | 1/28/2021 |  | L+7.25% (Floor 1.00%)            |  | 6,337  |  |      | 6,291    |                  |  | 6,337    |               |
| Time Manufacturing Acquisition |  | Capital equipment              |  | First Lien                |  | 2/3/2023  |  | L+5.00% (Floor 1.00%)            |  | 4,822  |  |      | 4,804    |                  |  | 4,581    |               |
| UniTek Global Services, Inc.   |  | Telecommunications             |  | First Lien                |  | 8/26/2024 |  | L+5.50% (Floor 1.00%), 1.00% PIK |  | 2,963  |  |      | 2,944    |                  |  | 2,678    |               |
| U.S. TelePacific Corp.         |  | Telecommunications             |  | First Lien                |  | 5/2/2023  |  | L+5.50% (Floor 1.00%)            |  | 5,200  |  |      | 5,165    |                  |  | 4,514    |               |
| Vida Capital, Inc.             |  | Financial services             |  | First Lien                |  | 10/1/2026 |  | L+6.00%                          |  | 3,895  |  |      | 3,845    |                  |  | 3,895    |               |
| VIP Cinema Holdings, Inc.      |  | Hotel, gaming & leisure    |  | First Lien - Roll-Up DIP4 |  | 12/4/2020 |  | L+8.00%                          |  | 1,294  |  |      | 1,293    |                  |  | 78       |               |
|                                |  |                                |  | First Lien4               |  | 3/1/2023  |  | P+7.00% (Floor 1.00%)            |  | 3,067  |  |      | 3,061    |                  |  | —  |               |
| Wireless Vision Holdings, LLC3 |  | Telecommunications             |  | First Lien                |  | 9/29/2022 |  | L+8.91% (Floor 1.00%), 1.00% PIK |  | 6,979  |  |      | 6,923    |                  |  | 6,979    |               |
| YS Garments, LLC               |  | Consumer products & retail |  | First Lien                |  | 8/9/2024  |  | L+6.00%(Floor 1.00%)             |  | 4,697  |  |      | 4,666    |                  |  | 4,270    |               |
| Total Investments              |  |                                |  |                           |  |                   |  |                                  |  |             |  | $    | 203,328  |                  |  | $             | 177,527  |  |

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|------------------------------------------|--------|----------------------------------------|--|-------------------------------|--|--------------------|--|-----------------------------------|--|-------------|-------------|------|-------------|------------------|-------------|-------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                          |        |                                        |  |                               |  |                    |  | Current                           |  |             |             |      |             |                  |
|                                          |        |                                        |  | Investment                    |  | Maturity           |  | Interest                          |  |             |             |      |             |                  |
| Portfolio Company                   |        | Industry                               |  | Type                          |  | Date               |  | Rate1                             |  | Principal   |             | Cost |             | Fair Value2 |
| AAC Holdings, Inc.                       |   | Healthcare services                    |  | First Lien - Priming Facility |  | 3/31/2020  |  | P+13.50% (Floor 1.00%)            |  | $           | 1,598  |      |             | $                | 1,598  |             |  | $ | 1,598  |  |
|                                          |        |                                        |  | First Lien5                   |  | 6/30/2023  |  | L+ 6.75% (Floor 1.00%), 4.00% PIK |  | 7,371  |             |      | 7,264  |                  |             | 3,225  |  |
| ADS Tactical                             |        | Aerospace & defense                |  | First Lien                    |  | 7/26/2023  |  | L+6.25% (Floor 0.75%)             |  | 4,948  |             |      | 4,928  |                  |             | 4,735  |  |
| ALKU, LLC                                |        | Business services                      |  | First Lien                    |  | 7/29/2026  |  | L+5.50% (Floor 1.00%)             |  | 3,000  |             |      | 2,972  |                  |             | 2,820  |  |
| American Teleconferencing Services, Ltd. |        | Telecommunications                     |  | First Lien                    |  | 6/8/2023   |  | L+6.50% (Floor 1.00%)             |  | 6,771  |             |      | 6,623  |                  |             | 3,825  |  |
| ATX Canada Acquisitionco Inc.            |        | Technology products & components   |  | First Lien                    |  | 6/11/2021  |  | L+7.00% (Floor 1.00%), 1.0% PIK   |  | 4,573  |             |      | 4,561  |                  |             | 3,796  |  |
| California Pizza Kitchen, Inc.5          |   | Restaurants                            |  | First Lien                    |  | 8/23/2022  |  | L+6.00% (Floor 1.00%)             |  | 6,760  |             |      | 6,741  |                  |             | 3,418  |  |
| Corel                                    |        | Software & IT services             |  | First Lien                    |  | 7/2/2026   |  | L+5.00%                           |  | 4,969  |             |      | 4,720  |                  |             | 4,410  |  |
| Geo Parent Corporation                   |        | Building & infrastructure products |  | First Lien                    |  | 12/19/2025 |  | L+5.25%                           |  | 4,950  |             |      | 4,909  |                  |             | 4,678  |  |
| Go Wireless Holdings, Inc.               |        | Consumer products & retail         |  | First Lien                    |  | 12/22/2024 |  | L+6.50% (Floor 1.00%)             |  | 6,213  |             |      | 6,170  |                  |             | 5,042  |  |
| Hunter Defense Technologies, Inc.        |        | Aerospace & defense                |  | First Lien                    |  | 3/29/2023  |  | L+7.00% (Floor 1.00%)             |  | 5,856  |             |      | 5,772  |                  |             | 5,870  |  |
| Imagine! Print Solutions, LLC            |   | Media, marketing & entertainment   |  | Second Lien                   |  | 6/21/2023  |  | L+8.75% (Floor 1.00%)             |  | 3,000  |             |      | 2,976  |                  |             | 413    |  |
| InfoGroup Inc.                           |        | Software & IT services             |  | First Lien                    |  | 4/3/2023   |  | L+5.00% (Floor 1.00%)             |  | 2,910  |             |      | 2,895  |                  |             | 2,610  |  |
| Integro Parent Inc.                      |        | Business services                      |  | First Lien                    |  | 10/31/2022 |  | L+5.75% (Floor 1.00%)             |  | 3,301  |             |      | 3,256  |                  |             | 3,252  |  |
| Intermedia Holdings, Inc.                |   | Software & IT services             |  | First Lien                    |  | 7/21/2025  |  | L+6.00% (Floor 1.00%)             |  | 5,794  |             |      | 5,765  |                  |             | 5,301  |  |
| Isagenix International, LLC              |        | Consumer products & retail         |  | First Lien                    |  | 6/14/2025  |  | L+5.75% (Floor 1.00%)             |  | 1,953  |             |      | 1,939  |                  |             | 728    |  |
| JAB Wireless, Inc.                       |   | Telecommunications                     |  | First Lien                    |  | 5/2/2023   |  | L+8.00% (Floor 1.00%)             |  | 7,840  |             |      | 7,791  |                  |             | 7,703  |  |
| KORE Wireless Group Inc.                 |        | Telecommunications                     |  | First Lien                    |  | 12/20/2024 |  | L+5.50%                           |  | 4,754  |             |      | 4,721  |                  |             | 4,398  |  |
| Lab Logistics, LLC                       |   | Healthcare services                    |  | First Lien                    |  | 9/25/2023  |  | L+6.50% (Floor 1.00%)             |  | 5,402  |             |      | 5,361  |                  |             | 4,971  |  |

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|                                            |        |                                |  |             |  |                    |  |                                  |  |             |  |      |             |                  |  |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|--------|--------------------------------|--|-------------|--|--------------------|--|----------------------------------|--|-------------|--|------|-------------|------------------|--|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                            |        |                                |  |             |  |                    |  | Current                          |  |             |  |      |             |                  |
|                                            |        |                                |  | Investment  |  | Maturity           |  | Interest                         |  |             |  |      |             |                  |
| Portfolio Company                     |        | Industry                       |  | Type        |  | Date               |  | Rate1                            |  | Principal   |  | Cost |             | Fair Value2 |
| Lift Brands, Inc.                          |   | Consumer services              |  | First Lien  |  | 4/16/2023  |  | L+7.00% (Floor 1.00%), 1.0% PIK  |  | 4,810  |  |      | 4,785  |                  |  | 3,689  |  |
| Lightbox Intermediate, L.P.                |        | Software & IT services     |  | First Lien  |  | 5/9/2026   |  | L+5.00%                          |  | 2,978  |  |      | 2,938  |                  |  | 2,933  |  |
| LOGIX Holdings Company, LLC                |        | Telecommunications             |  | First Lien  |  | 12/23/2024 |  | L+5.75% (Floor 1.00%)            |  | 5,953  |  |      | 5,918  |                  |  | 4,911  |  |
| LSF9 Atlantis Holdings, LLC                |        | Telecommunications             |  | First Lien  |  | 5/1/2023   |  | L+6.00% (Floor 1.00%)            |  | 6,519  |  |      | 6,485  |                  |  | 5,382  |  |
| Lulu's Fashion Lounge, LLC                 |        | Consumer products & retail |  | First Lien  |  | 8/26/2022  |  | L+9.00%(Floor 1.00%)             |  | 3,778  |  |      | 3,707  |                  |  | 3,231  |  |
| Mills Fleet Farm Group LLC                 |        | Consumer products & retail |  | First Lien  |  | 10/24/2024 |  | L+6.25% (Floor 1.00%), 0.75% PIK |  | 4,958  |  |      | 4,883  |                  |  | 4,214  |  |
| NBG Acquisition, Inc.                      |   | Wholesale                      |  | First Lien  |  | 4/26/2024  |  | L+5.50% (Floor 1.00%)            |  | 2,813  |  |      | 2,780  |                  |  | 1,598  |  |
| Nomad Buyer, Inc.                          |        | Healthcare services            |  | First Lien  |  | 8/1/2025   |  | L+5.00%                          |  | 2,955  |  |      | 2,819  |                  |  | 2,748  |  |
| Novetta Solutions, LLC                     |        | Software & IT services     |  | First Lien  |  | 10/17/2022 |  | L+5.00% (Floor 1.00%)            |  | 4,896  |  |      | 4,813  |                  |  | 4,365  |  |
| PaySimple - Delayed Draw3                  |        | Software & IT services     |  | First Lien  |  | 8/23/2025  |  | L+5.50%                          |  | 934    |  |      | 920    |                  |  | 850    |  |
| PaySimple, Inc.                            |        | Software & IT services     |  | First Lien  |  | 8/23/2025  |  | L+5.50%                          |  | 4,263  |  |      | 4,206  |                  |  | 3,879  |  |
| Peraton Corp. (fka MHVC Acquisition Corp.) |        | Aerospace & defense        |  | First Lien  |  | 4/29/2024  |  | L+5.25% (Floor 1.00%)            |  | 6,329  |  |      | 6,310  |                  |  | 5,918  |  |
| Pet Supermarket, Inc.                      |        | Consumer products & retail |  | First Lien  |  | 7/5/2022   |  | L+5.50% (Floor 1.00%)            |  | 4,810  |  |      | 4,792  |                  |  | 4,425  |  |
| PT Network, LLC                            |   | Healthcare products            |  | First Lien  |  | 11/30/2023 |  | L+5.50% (Floor 1.00%), 2.0% PIK  |  | 4,418  |  |      | 4,418  |                  |  | 4,024  |  |
| Signify Health, LLC                        |        | Healthcare services            |  | First Lien  |  | 12/23/2024 |  | L+4.50% (Floor 1.00%)            |  | 5,096  |  |      | 5,061  |                  |  | 4,281  |  |
| Tacala, LLC                                |        | Consumer products & retail |  | Second Lien |  | 2/7/2028   |  | L+7.50%                          |  | 4,500  |  |      | 4,492  |                  |  | 3,521  |  |
| TestEquity, LLC                            |        | Capital equipment              |  | First Lien  |  | 4/28/2022  |  | L+5.50% (Floor 1.00%)            |  | 3,816  |  |      | 3,800  |                  |  | 3,186  |  |
| TestEquity, LLC - Term Loan B              |        | Capital equipment              |  | First Lien  |  | 4/28/2022  |  | L+5.50%                          |  | 959    |  |      | 955    |                  |  | 801    |  |
| TGP Holdings III LLC                       |        | Durable consumer goods         |  | Second Lien |  | 9/25/2025  |  | L+8.50% (Floor 1.00%)            |  | 2,500  |  |      | 2,474  |                  |  | 1,838  |  |
| The Hoover Group, Inc.                     |        | Energy services (midstream)    |  | First Lien  |  | 1/28/2021  |  | L+7.25% (Floor 1.00%)            |  | 6,370  |  |      | 6,306  |                  |  | 5,892  |  |
| Time Manufacturing Acquisition             |        | Capital equipment              |  | First Lien  |  | 2/3/2023   |  | L+5.00% (Floor 1.00%)            |  | 4,848  |  |      | 4,825  |                  |  | 4,436  |  |

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|                                |        |                                |  |                               |  |                   |  |                                 |  |             |  |      |               |                  |  |             |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--------|--------------------------------|--|-------------------------------|--|-------------------|--|---------------------------------|--|-------------|--|------|---------------|------------------|--|-------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                |        |                                |  |                               |  |                   |  | Current                         |  |             |  |      |               |                  |
|                                |        |                                |  | Investment                    |  | Maturity          |  | Interest                        |  |             |  |      |               |                  |
| Portfolio Company         |        | Industry                       |  | Type                          |  | Date              |  | Rate1                           |  | Principal   |  | Cost |               | Fair Value2 |
| UniTek Global Services, Inc.   |        | Telecommunications             |  | First Lien                    |  | 8/26/2024 |  | L+5.50% (Floor 1.00%), 1.0% PIK |  | 2,970  |  |      | 2,949    |                  |  | 2,687  |               |
| U.S. TelePacific Corp.         |        | Telecommunications             |  | First Lien                    |  | 5/2/2023  |  | L+6.00% (Floor 1.00%)           |  | 5,200  |  |      | 5,158    |                  |  | 4,056  |               |
| Vida Capital, Inc.             |        | Financial services             |  | First Lien                    |  | 10/1/2026 |  | L+6.00%                         |  | 3,965  |  |      | 3,910    |                  |  | 3,668  |               |
| VIP Cinema Holdings, Inc.      |        | Hotel, gaming & leisure    |  | First Lien - Superiority DIP5 |  | 5/20/2020 |  | L+8.00%                         |  | 719    |  |      | 708      |                  |  | 129    |               |
|                                |   |                                |  | First Lien5                   |  | 3/1/2023  |  | P+7.00% (Floor 1.00%)           |  | 4,375  |  |      | 4,364    |                  |  | 788    |               |
| Wireless Vision Holdings, LLC4 |        | Telecommunications             |  | First Lien                    |  | 9/29/2022 |  | L+8.91% (Floor 1.00%), 1.0% PIK |  | 7,327  |  |      | 7,253    |                  |  | 6,264  |               |
| YS Garments, LLC               |        | Consumer products & retail |  | First Lien                    |  | 8/9/2024  |  | P+6.00%                         |  | 4,813  |  |      | 4,777    |                  |  | 4,355  |               |
| Total Investments              |        |                                |  |                               |  |                   |  |                                 |  |             |  | $    | 207,768  |                  |  | $           | 170,860  |  |

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|                                                         |                    |               |                |              |   |               |  |  |  |  |  |
|---------------------------------------------------------|--------------------|---------------|----------------|--------------|---|---------------|--|--|--|--|--|
|                                                         | September 30, 2020 |               | March 31, 2020 |
| Selected Balance Sheet Information:                 |                    |               |                |
| Investments, at fair value (cost $203,328 and $207,768) | $                  | 177,527  |                |              | $ | 170,860  |  |
| Cash and cash equivalents                               | 6,041         |               |                | 3,739   |   |
| Due from broker                                         | 152           |               |                | 38      |   |
| Deferred financing costs and other assets               | 1,723         |               |                | 2,095   |   |
| Interest receivable                                     | 904           |               |                | 1,076   |   |
| Total assets                                            | $                  | 186,347  |                |              | $ | 177,808  |  |
|                                                         |                    |               |                |
| Senior credit facility payable                          | $                  | 107,000  |                |              | $ | 125,000  |  |
| Other liabilities                                       | 2,411         |               |                | 3,029   |   |
| Total liabilities                                       | $                  | 109,411  |                |              | $ | 128,029  |  |
| Members’ equity                                   | 76,936        |               |                | 49,779  |   |
| Total liabilities and members' equity                   | $                  | 186,347  |                |              | $ | 177,808  |  |

|                                                                            |                    |             |                    |             |                    |             |                    |  |             |              |  |  |   |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|--------------------|-------------|--------------------|-------------|--------------------|-------------|--------------------|--|-------------|--------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                                            | Three Months Ended |             | Six Months Ended   |
|                                                                            | September 30, 2020 |             | September 30, 2019 |             | September 30, 2020 |             | September 30, 2019 |
| Selected Statement of Operations Information:                          |                    |             |                    |             |                    |             |                    |
| Total revenues                                                             | $                  | 3,553  |                    |             | $                  | 5,284  |                    |  | $           | 7,319   |  |  | $ | 10,926  |  |
| Total expenses                                                             | (1,108)            |             |                    | (2,082)     |                    |             | (2,401)            |  | (4,322)     |
| Net investment income                                                      | 2,445         |             |                    | 3,202  |                    |             | 4,918              |  | 6,604  |              |
| Net unrealized appreciation (depreciation)                                 | 5,697         |             |                    | (3,491)     |                    |             | 11,106             |  | (4,462)     |
| Net realized (losses) gains                                                | 18            |             |                    | 236    |                    |             | (287)              |  |             | 361     |  |
| Net increase (decrease) in members’ equity resulting from operations | $                  | 8,160  |                    |             | $                  | (53)        |                    |  | $           | 15,737  |  |  | $ | 2,503   |  |

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|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |  |                                        |               |                                      |  |                                  |               |  |               |               |               |               |   |             |             |  |   |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|-------------------------------------------|--|-------------------------------------------------------------|-------------|------------------------------|---------------|---------------------|---------------|----------------------|--|----------------------------------------|---------------|--------------------------------------|--|----------------------------------|---------------|--|---------------|---------------|---------------|---------------|---|-------------|-------------|--|---|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company           | Type of Investment (1)     |  | Amount of Interest or Dividends Credited in Income (2) |             | Fair Value at March 31, 2020 |               | Gross Additions (3) |               | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |               | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2020 |
| Control Investments         |                                           |  |                                                             |             |                              |               |                     |               |                      |  |                                        |               |                                      |  |
| I-45 SLF LLC                     | 80% LLC equity interest                   |  | $                                                           | 3,463  |                              |               | $                   | 39,760   |                      |  | $                                      | 12,800   |                                      |  | $                                | —  |  |               | $             | —  |               |   | $           | 8,923  |  |   | $            | 61,483   |  |
| Total Control Investments        |                                           |  | $                                                           | 3,463  |                              |               | $                   | 39,760   |                      |  | $                                      | 12,800   |                                      |  | —                     |               |  | $             | —  |               |               | $ | 8,923  |             |  | $ | 61,483  |               |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |  |                                        |               |                                      |  |                                  |
| Affiliate Investments            |                                           |  |                                                             |             |                              |               |                     |               |                      |  |                                        |               |                                      |  |
| Central Medical Supply LLC       | Revolving Loan                            |  | $                                                           | 5      |                              |               | $                   | —  |                      |  | $                                      | (28)          |                                      |  | $                                | —  |  |               | $             | —  |               |   | $           | 28     |  |   | $            | —  |  |
|                                  | First Lien                                |  | 249                                                    |             |                              | —  |                     |               | 7,359           |  |                                        | —  |                                      |  | —                     |               |  | (9)           |               |               | 7,350    |   |
|                                  | Delayed Draw Term Loan                    |  | 5                                                      |             |                              | —  |                     |               | (28)                 |  |                                        | —  |                                      |  | —                     |               |  | 28       |               |               | —  |   |
|                                  | 875,000 Preferred Units                   |  | —                                                |             |                              | —  |                     |               | 875             |  |                                        | —  |                                      |  | —                     |               |  | —  |               |               | 875      |   |
| Chandler Signs, LLC              | 1,500,000 units of Class A-1 common stock |  | —                                                |             |                              | 3,110    |                     |               | —         |  |                                        | —  |                                      |  | —                     |               |  | (218)         |               |               | 2,892    |   |
| Delphi Intermediate Healthco LLC | First Lien                                |  | 83                                                     |             |                              | —  |                     |               | 1,397           |  |                                        | —  |                                      |  | —                     |               |  | 12       |               |               | 1,409    |   |
|                                  | First Lien                                |  | 77                                                     |             |                              | —  |                     |               | 1,559           |  |                                        | —  |                                      |  | —                     |               |  | (12)          |               |               | 1,547    |   |
|                                  | 1,681.04 Common Units                     |  | —                                                |             |                              | —  |                     |               | 3,615           |  |                                        | —  |                                      |  | —                     |               |  | —  |               |               | 3,615    |   |
| Dynamic Communities, LLC         | Revolving Loan                            |  | 2                                                      |             |                              | —  |                     |               | 1               |  |                                        | —  |                                      |  | —                     |               |  | (1)           |               |               | —  |   |
|                                  | First Lien                                |  | 534                                                    |             |                              | 9,928    |                     |               | 22              |  |                                        | (140)         |                                      |  | —                     |               |  | (223)         |               |               | 9,587    |   |
|                                  | 2,000,000 Preferred units                 |  | —                                                |             |                              | 1,850    |                     |               | —         |  |                                        | —  |                                      |  | —                     |               |  | (576)         |               |               | 1,274    |   |
| GrammaTech, Inc.                 | Revolving Loan                            |  | 125                                                    |             |                              | 2,460    |                     |               | 4               |  |                                        | —  |                                      |  | —                     |               |  | (4)           |               |               | 2,460    |   |
|                                  | First Lien                                |  | 572                                                    |             |                              | 11,316   |                     |               | 17              |  |                                        | —  |                                      |  | —                     |               |  | (17)          |               |               | 11,316   |   |
|                                  | 1,000 Class A units                       |  | —                                                |             |                              | 1,000    |                     |               | —         |  |                                        | —  |                                      |  | —                     |               |  | 455      |               |               | 1,455    |   |
| ITA Holdings Group, LLC          | Revolving loan                            |  | 45                                                     |             |                              | —  |                     |               | 1,504           |  |                                        | (1,500)       |                                      |  | —                     |               |  | (4)           |               |               | —  |   |
|                                  | First Lien - Term Loan                    |  | 494                                                    |             |                              | 9,900    |                     |               | 22              |  |                                        | —  |                                      |  | —                     |               |  | 48       |               |               | 9,970    |   |
|                                  | First Lien - Term Loan B                  |  | 322                                                    |             |                              | 5,136    |                     |               | 10              |  |                                        | —  |                                      |  | —                     |               |  | (56)          |               |               | 5,090    |   |
|                                  | First Lien - PIK Note A                   |  | 158                                                    |             |                              | 2,233    |                     |               | 154             |  |                                        | —  |                                      |  | —                     |               |  | 142      |               |               | 2,529    |   |
|                                  | First Lien - PIK Note B                   |  | 5                                                      |             |                              | 88       |                     |               | 5               |  |                                        | —  |                                      |  | —                     |               |  | 7        |               |               | 100      |   |
|                                  | Warrants                                  |  | —                                                |             |                              | 2,762    |                     |               | —         |  |                                        | —  |                                      |  | —                     |               |  | —  |               |               | 2,762    |   |
|                                  | 9.25% Class A membership interest         |  | —                                                |             |                              | 2,099    |                     |               | —         |  |                                        | —  |                                      |  | —                     |               |  | —  |               |               | 2,099    |   |

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|                                           |                                       |  |                                                             |             |                              |               |                     |               |                      |  |                                        |               |                                      |  |                                  |          |  |               |   |         |               |  |   |             |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|---------------------------------------|--|-------------------------------------------------------------|-------------|------------------------------|---------------|---------------------|---------------|----------------------|--|----------------------------------------|---------------|--------------------------------------|--|----------------------------------|----------|--|---------------|---|---------|---------------|--|---|-------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                    | Type of Investment (1) |  | Amount of Interest or Dividends Credited in Income (2) |             | Fair Value at March 31, 2020 |               | Gross Additions (3) |               | Gross Reductions (4) |  | Amount of Realized Gain/(Loss) (5) |               | Amount of Unrealized Gain/(Loss) |  | Fair Value at September 30, 2020 |
| Roseland Management, LLC                  | Revolving loan                        |  | 15                                                     |             |                              | 500      |                     |               | 2               |  |                                        | (500)         |                                      |  | —                     |          |  | (2)           |   |         | —  |  |
|                                           | First lien                            |  | 244                                                    |             |                              | 10,369   |                     |               | 7               |  |                                        | (10,368)      |                                      |  | —                     |          |  | (8)           |   |         | —  |  |
|                                           | 10,000 Class A Units                  |  | —                                                |             |                              | 1,334    |                     |               | —         |  |                                        | (1,334)       |                                      |  | —                     |          |  | —  |   |         | —  |  |
| SIMR, LLC                                 | First lien                            |  | 1,175                                                  |             |                              | 11,190   |                     |               | 444             |  |                                        | —  |                                      |  | —                     |          |  | (633)         |   |         | 11,001   |  |
|                                           | 9,374,510.2 Class B Common Units      |  | —                                                |             |                              | 1,742    |                     |               | —         |  |                                        | —  |                                      |  | —                     |          |  | (1,742)       |   |         | —  |  |
| Sonobi, Inc.                              | First Lien                            |  | 32                                                     |             |                              | —  |                     |               | 8,331           |  |                                        | —  |                                      |  | —                     |          |  | —  |   |         | 8,331    |  |
|                                           | 500,000 Class A Common Units          |  | —                                                |             |                              | —  |                     |               | 500             |  |                                        | —  |                                      |  | —                     |          |  | —  |   |         | 500      |  |
| Zenfolio Inc.                             | Revolving Loan                        |  | 53                                                     |             |                              | 1,888    |                     |               | 1               |  |                                        | (1,844)       |                                      |  | —                     |          |  | (45)          |   |         | —  |  |
|                                           | First Lien                            |  | 384                                                    |             |                              | 13,127   |                     |               | 21              |  |                                        | (12,821)      |                                      |  | —                     |          |  | (327)         |   |         | —  |  |
|                                           | 190 shares of common stock            |  | —                                                |             |                              | —  |                     |               | —         |  |                                        | (272)         |                                      |  | (1,628)                          |          |  | 1,900    |   |         | —  |  |
| Total Affiliate Investments               |                                       |  | $                                                           | 4,579  |                              |               | $                   | 92,032   |                      |  | $                                      | 25,794   |                                      |  | $                                | (28,779) |  |               | $ | (1,628) |               |  | $ | (1,257)     |  |  | $ | 86,162   |  |
| Total Control & Affiliate Investments |                                       |  | $                                                           | 8,042  |                              |               | $                   | 131,792  |                      |  | $                                      | 38,594   |                                      |  | $                                | (28,779) |  |               | $ | (1,628) |               |  | $ | 7,666  |  |  | $ | 147,645  |  |

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|                                                     |                          |               |      |            |   |               |  |  |  |  |  |
|-----------------------------------------------------|--------------------------|---------------|------|------------|---|---------------|--|--|--|--|--|
|                                                     | As of September 30, 2020 |
|                                                     | LMM (a)                  |               | UMM  |
|                                                     | (dollars in thousands)   |
| Number of portfolio companies                       | 39                       |               | 12   |
| Fair value                                          | $                        | 476,297  |      |            | $ | 93,417   |  |
| Cost                                                | $                        | 473,201  |      |            | $ | 104,821  |  |
| % of portfolio at cost - debt                       | 91.4                | %             |      | 98.9  | % |
| % of portfolio at cost - equity                     | 8.6                 | %             |      | 1.1   | % |
| % of debt investments at cost secured by first lien | 84.2                | %             |      | 84.4  | % |
| Weighted average annual effective yield (b)         | 10.9                | %             |      | 8.0   | % |
| Weighted average EBITDA (c)                         | $                        | 8,411    |      |            | $ | 66,871   |  |
| Weighted average leverage through CSWC security (d) | 3.9x                     |               | 3.7x |

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|                                                     |                        |               |      |               |   |              |  |  |  |  |  |
|-----------------------------------------------------|------------------------|---------------|------|---------------|---|--------------|--|--|--|--|--|
|                                                     | As of March 31, 2020   |
|                                                     | LMM (a)                |               | UMM  |
|                                                     | (dollars in thousands) |
| Number of portfolio companies                       | 34                     |               | 11   |
| Fair value                                          | $                      | 437,142  |      |               | $ | 76,170  |  |
| Cost                                                | $                      | 435,015  |      |               | $ | 96,172  |  |
| % of portfolio at cost - debt                       | 91.8              | %             |      | 100.0    | % |
| % of portfolio at cost - equity                     | 8.2               | %             |      | —  |   |
| % of debt investments at cost secured by first lien | 84.1              | %             |      | 84.5     | % |
| Weighted average annual effective yield (b)         | 11.2              | %             |      | 6.6      | % |
| Weighted average EBITDA (c)                         | $                      | 8,322    |      |               | $ | 74,143  |  |
| Weighted average leverage through CSWC security (d) | 3.7x                   |               | 4.2x |

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|                        |                                     |               |                                   |            |             |   |  |  |  |  |  |
|------------------------|-------------------------------------|---------------|-----------------------------------|------------|-------------|---|--|--|--|--|--|
|                        | As of September 30, 2020            |
| Investment Rating | Debt Investments at Fair Value |               | Percentage of Debt Portfolio |
|                        | (dollars in thousands)    |
| 1                      | $                                   | 69,887   |                                   |            | 13.4   | % |
| 2                      | 388,452                        |               |                                   | 74.6  |             |
| 3                      | 51,763                         |               |                                   | 10.0  |             |
| 4                      | 10,549                         |               |                                   | 2.0   |             |
| Total                  | $                                   | 520,651  |                                   |            | 100.0  | % |

|                        |                                     |               |                                   |            |             |   |  |  |  |  |  |
|------------------------|-------------------------------------|---------------|-----------------------------------|------------|-------------|---|--|--|--|--|--|
|                        | As of March 31, 2020                |
| Investment Rating | Debt Investments at Fair Value |               | Percentage of Debt Portfolio |
|                        | (dollars in thousands)    |
| 1                      | $                                   | 53,488   |                                   |            | 11.3   | % |
| 2                      | 347,056                        |               |                                   | 73.2  |             |
| 3                      | 59,266                         |               |                                   | 12.5  |             |
| 4                      | 14,523                         |               |                                   | 3.0   |             |
| Total                  | $                                   | 474,333  |                                   |            | 100.0  | % |

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|                                                              |                  |               |                   |               |                   |              |                               |  |                       |               |               |  |               |              |  |               |   |               |               |  |   |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------|---------------|-------------------|---------------|-------------------|--------------|-------------------------------|--|-----------------------|---------------|---------------|--|---------------|--------------|--|---------------|---|---------------|---------------|--|---|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Six months ended September 30, 2020                          | First Lien Loans |               | Second Lien Loans |               | Subordinated Debt |              | Preferred & Common Equity |  | Financial Instruments |               | I-45 SLF, LLC |  | Total         |
| Fair value, beginning of period                              | $                | 427,447  |                   |               | $                 | 37,139  |                               |  | $                     | 9,747    |               |  | $             | 38,979  |  |               | $ | —  |               |  | $ | 39,760  |  |  | $ | 553,072  |  |
| New investments                                              | 82,353      |               |                   | —  |                   |              | 173                      |  |                       | 4,296    |               |  | —  |              |  | 12,800   |   |               | 99,622   |  |
| Proceeds from sales of investments                           | —     |               |                   | —  |                   |              | —                  |  |                       | (272)         |               |  | —  |              |  | —  |   |               | (272)         |  |
| Principal repayments received                                | (36,863)         |               |                   | (125)         |                   |              | —                  |  |                       | —  |               |  | —  |              |  | —  |   |               | (36,988)      |  |
| Conversion of security                                       | (3,615)          |               |                   | —  |                   |              | —                  |  |                       | 3,615    |               |  | —  |              |  | —  |   |               | —  |  |
| PIK interest earned                                          | 2,302       |               |                   | 414      |                   |              | 332                      |  |                       | —  |               |  | —  |              |  | —  |   |               | 3,048    |  |
| Accretion of loan discounts                                  | 959         |               |                   | 93       |                   |              | 11                       |  |                       | —  |               |  | —  |              |  | —  |   |               | 1,063    |  |
| Realized (loss) gain                                         | (5,210)          |               |                   | —  |                   |              | —                  |  |                       | (1,628)       |               |  | —  |              |  | —  |   |               | (6,838)       |  |
| Unrealized gain (loss)                                       | 5,243       |               |                   | 97       |                   |              | 154                      |  |                       | 4,073    |               |  | —  |              |  | 8,923    |   |               | 18,490   |  |
| Fair value, end of period                                    | $                | 472,616  |                   |               | $                 | 37,618  |                               |  | $                     | 10,417   |               |  | $             | 49,063  |  |               | $ | —  |               |  | $ | 61,483  |  |  | $ | 631,197  |  |
| Weighted average yield on debt investments at end of period  |                  |               |                   |               |                   |              |                               |  |                       |               |               |  | 10.34    | %            |
| Weighted average yield on total investments at end of period |                  |               |                   |               |                   |              |                               |  |                       |               |               |  | 10.43    | %            |

|                                                              |                  |               |                   |               |                   |              |                               |  |                       |               |               |  |               |              |  |               |   |               |              |  |   |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------|---------------|-------------------|---------------|-------------------|--------------|-------------------------------|--|-----------------------|---------------|---------------|--|---------------|--------------|--|---------------|---|---------------|--------------|--|---|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Six months ended September 30, 2019                          | First Lien Loans |               | Second Lien Loans |               | Subordinated Debt |              | Preferred & Common Equity |  | Financial Instruments |               | I-45 SLF, LLC |  | Total         |
| Fair value, beginning of period                              | $                | 317,544  |                   |               | $                 | 35,896  |                               |  | $                     | 14,287   |               |  | $             | 90,601  |  |               | $ | —  |              |  | $ | 65,743  |  |  | $ | 524,071  |  |
| New investments                                              | 63,105      |               |                   | —  |                   |              | —                  |  |                       | 1,620    |               |  | —  |              |  | —  |   |               | 64,725  |  |
| Proceeds from sales of investments                           | —     |               |                   | —  |                   |              | —                  |  |                       | (7,271)       |               |  | —  |              |  | —  |   |               | (7,271)      |  |
| Principal repayments received                                | (40,409)         |               |                   | (125)         |                   |              | —                  |  |                       | —  |               |  | —  |              |  | —  |   |               | (40,534)     |  |
| PIK interest earned                                          | 307         |               |                   | 261      |                   |              | 12                       |  |                       | 71       |               |  | —  |              |  | —  |   |               | 651     |  |
| Accretion of loan discounts                                  | 864         |               |                   | 79       |                   |              | 25                       |  |                       | —  |               |  | —  |              |  | —  |   |               | 968     |  |
| Realized gain                                                | 570         |               |                   | —  |                   |              | —                  |  |                       | 988      |               |  | —  |              |  | —  |   |               | 1,558   |  |
| Unrealized gain (loss)                                       | (4,335)          |               |                   | (823)         |                   |              | (90)                          |  |                       | 3,790    |               |  | —  |              |  | (3,834)       |   |               | (5,292)      |  |
| Fair value, end of period                                    | $                | 337,646  |                   |               | $                 | 35,288  |                               |  | $                     | 14,234   |               |  | $             | 89,799  |  |               | $ | —  |              |  | $ | 61,909  |  |  | $ | 538,876  |  |
| Weighted average yield on debt investments at end of period  |                  |               |                   |               |                   |              |                               |  |                       |               |               |  | 11.02    | %            |
| Weighted average yield on total investments at end of period |                  |               |                   |               |                   |              |                               |  |                       |               |               |  | 11.10    | %            |

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|                                                                       |                     |              |                 |               |        |              |              |  |   |              |   |  |             |   |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------|---------------------|--------------|-----------------|---------------|--------|--------------|--------------|--|---|--------------|---|--|-------------|---|--|--|--|--|--|--|--|--|--|
|                                                                       | Three Months Ended  |              |                 |               |        |
|                                                                       | September 30,       |              | Net Change |
|                                                                       | 2020                |              | 2019            |               | Amount |              | %            |
|                                                                       | (in thousands) |              |                 |               |        |
| Total investment income                                               | $                   | 16,685  |                 |               | $      | 15,218  |              |  | $ | 1,467   |   |  | 9.6    | % |
| Interest expense                                                      | (4,397)             |              |                 | (3,716)       |        |              | (681)        |  |   | 18.3    | % |
| Other operating expenses                                              | (4,184)             |              |                 | (4,121)       |        |              | (63)         |  |   | 1.5     | % |
| Income before taxes                                                   | 8,104          |              |                 | 7,381    |        |              | 723     |  |   | 9.8     | % |
| Income tax (benefit) expense                                          | (215)               |              |                 | 566      |        |              | (781)        |  |   | (138.0)      | % |
| Net investment income                                                 | 8,319          |              |                 | 6,815    |        |              | 1,504   |  |   | 22.1    | % |
| Net realized (loss) gain on investments, net of tax                   | (1,279)             |              |                 | 283      |        |              | (1,562)      |  |   | (551.9)      | % |
| Net unrealized appreciation (depreciation) on investments, net of tax | 9,636          |              |                 | (4,369)       |        |              | 14,005  |  |   | (320.6)      | % |
| Realized losses on extinguishment of debt                             | (286)               |              |                 | —  |        |              | (286)        |  |   | 100.0   | % |
| Net increase in net assets from operations                            | $                   | 16,390  |                 |               | $      | 2,729   |              |  | $ | 13,661  |   |  | 500.6  | % |

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|                                                                       |                     |              |                 |               |        |              |              |  |   |              |   |  |             |   |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------|---------------------|--------------|-----------------|---------------|--------|--------------|--------------|--|---|--------------|---|--|-------------|---|--|--|--|--|--|--|--|--|--|
|                                                                       | Six Months Ended    |              |                 |               |        |
|                                                                       | September 30,       |              | Net Change |
|                                                                       | 2020                |              | 2019            |               | Amount |              | %            |
|                                                                       | (in thousands) |              |                 |               |        |
| Total investment income                                               | $                   | 31,849  |                 |               | $      | 31,017  |              |  | $ | 832     |   |  | 2.7    | % |
| Interest expense                                                      | (8,725)             |              |                 | (7,522)       |        |              | (1,203)      |  |   | 16.0    | % |
| Other operating expenses                                              | (7,851)             |              |                 | (8,430)       |        |              | 579     |  |   | 6.9     | % |
| Income before taxes                                                   | 15,273         |              |                 | 15,065   |        |              | 208     |  |   | 1.4     | % |
| Income tax expense                                                    | 135            |              |                 | 890      |        |              | (755)        |  |   | (84.8)       | % |
| Net investment income                                                 | 15,138         |              |                 | 14,175   |        |              | 963     |  |   | 6.8     | % |
| Net realized (loss) gain on investments, net of tax                   | (6,826)             |              |                 | 1,500    |        |              | (8,326)      |  |   | (555.1)      | % |
| Net unrealized appreciation (depreciation) on investments, net of tax | 17,241         |              |                 | (6,233)       |        |              | 23,474  |  |   | (376.6)      | % |
| Realized losses on extinguishment of debt                             | (286)               |              |                 | —  |        |              | (286)        |  |   | 100.0   | % |
| Net increase in net assets from operations                            | $                   | 25,267  |                 |               | $      | 9,442   |              |  | $ | 15,825  |   |  | 167.6  | % |

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|                              |                                       |               |           |             |                |              |                |  |                |               |  |  |               |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|---------------------------------------|---------------|-----------|-------------|----------------|--------------|----------------|--|----------------|---------------|--|--|---------------|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
|                              | Payments Due By Period |
|                              | (in thousands)                   |
|                              | Total                                 |               | Less than |             | 1-3 Years |              | 3-5 Years |  | More Than |
| Contractual Obligations |                                       | 1 Year        |           |             |                | 5 Years |
| Operating lease obligations  | $                                     | 384      |           |             | $              | 271     |                |  | $              | 113      |  |  | $             | —  |  |  | $ | —  |  |
| Credit Facility (1)          | 204,478                          |               |           | 5,425  |                |              | 10,849    |  |                | 188,204  |  |  | —  |               |
| December 2022 Notes (2)      | 64,644                           |               |           | 3,400  |                |              | 61,244    |  |                | —  |  |  | —  |               |
| October 2024 Notes (2)       | 155,234                          |               |           | 6,719  |                |              | 13,437    |  |                | 135,078  |  |  | —  |               |
|                              | $                                     | 424,740  |           |             | $              | 15,815  |                |  | $              | 85,643   |  |  | $             | 323,282  |  |  | $ | —  |  |

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|             |  |                                                                                                                                                                             |  |  |  |  |  |  |
|-------------|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Exhibit No. |  | Description                                                                                                                                                                 |
| 31.1*       |  | Certification of President and Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act.                                                                      |
| 31.2*       |  | Certification of Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act.                                                                                    |
| 32.1*^  |  | Certification of President and Chief Executive Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code. |
| 32.2*^  |  | Certification of Chief Financial Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code.               |

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|                  |  |                               |                                                  |  |  |  |  |  |  |  |  |
|------------------|--|-------------------------------|--------------------------------------------------|--|--|--|--|--|--|--|--|
|                  |  | CAPITAL SOUTHWEST CORPORATION |
|                  |  |                               |                                                  |
| November 2, 2020 |  | By:                       | /s/ Bowen S. Diehl                       |
| Date             |  |                               | Bowen S. Diehl                                   |
|                  |  |                               | President and Chief Executive Officer            |
|                  |  |                               |                                                  |
| November 2, 2020 |  | By:                       | /s/ Michael S. Sarner                    |
| Date             |  |                               | Michael S. Sarner                                |
|                  |  |                               | Chief Financial Officer, Secretary and Treasurer |