|                                                                |  |                                      |  |  |  |  |  |  |
|----------------------------------------------------------------|--|--------------------------------------|--|--|--|--|--|--|
| 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           |

|                         |        |                   |        |                       |   |                           |        |                         |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------|--------|-------------------|--------|-----------------------|---|---------------------------|--------|-------------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Large accelerated filer |  ̈ | Accelerated filer |  ̈ | Non-accelerated filer | x | 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 December 31, 2021 (Unaudited) and March 31, 2021                   |  | 3    |
|            |  | Consolidated Statements of Operations (Unaudited) for the three and nine months ended December 31, 2021 and 2020           |  | 4    |
|            |  | Consolidated Statements of Changes in Net Assets (Unaudited) for the nine months ended December 31, 2021 and 2020          |  | 5    |
|            |  | Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2021 and 2020                     |  | 6    |
|            |  | Consolidated Schedule of Investments as of December 31, 2021 (Unaudited) and March 31, 2021                                |  | 7    |
|            |  | Notes to Consolidated Financial Statements (Unaudited)                                                                     |  | 30   |
|            |  | Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months ended December 31, 2021 |  | 73   |
| Item 2.    |  | Management's Discussion and Analysis of Financial Condition and Results of Operations                                      |  | 76   |
| Item 3.    |  | Quantitative and Qualitative Disclosures About Market Risk                                                                 |  | 95   |
| Item 4.    |  | Controls and Procedures                                                                                                    |  | 96   |
|            |  |                                                                                                                            |  |      |
| PART II    |  | OTHER INFORMATION                                                                                                          |  |      |
|            |  |                                                                                                                            |  |      |
| Item 1.    |  | Legal Proceedings                                                                                                          |  | 97   |
| Item1A.    |  | Risk Factors                                                                                                               |  | 97   |
| Item 2.    |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                |  | 98   |
| Item 3.    |  | Defaults Upon Senior Securities                                                                                            |  | 98   |
| Item 4.    |  | Mine Safety Disclosures                                                                                                    |  | 98   |
| Item 5.    |  | Other Information                                                                                                          |  | 99   |
| Item 6.    |  | Exhibits                                                                                                                   |  | 100  |
|            |  |                                                                                                                            |  |      |
| Signatures |  |                                                                                                                            |  | 101  |

----

Table of Contents

|                                                                                                                                                              |               |               |                |               |   |               |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|---------------|----------------|---------------|---|---------------|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                                                               |
| CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES                                                                                                            |
| (In thousands, except shares and per share data)                                                                                                             |
|                                                                                                                                                              |               |               |                |
|                                                                                                                                                              | December 31,  |               | March 31, |
|                                                                                                                                                              | 2021          |               | 2021           |
|                                                                                                                                                              | (Unaudited)   |               |                |
| Assets                                                                                                                                                       |               |               |                |
| Investments at fair value:                                                                                                                               |               |               |                |
| Non-control/Non-affiliate investments (Cost: $673,871 and $540,556, respectively)                                                                    | $             | 691,229  |                |               | $ | 546,028  |  |
| Affiliate investments (Cost: $136,929 and $90,201, respectively)                                                                                         | 127,947  |               |                | 85,246   |   |
| Control investments (Cost: $76,000 and $72,800, respectively)                                                                                            | 57,589   |               |                | 57,158   |   |
| Total investments (Cost: $886,800 and $703,557, respectively)                                                                                            | 876,765  |               |                | 688,432  |   |
| Cash and cash equivalents                                                                                                                                    | 18,668   |               |                | 31,613   |   |
| Receivables:                                                                                                                                             |               |               |                |
| Dividends and interest                                                                                                                                       | 8,966    |               |                | 10,533   |   |
| Escrow                                                                                                                                                       | 1,344    |               |                | 1,150    |   |
| Other                                                                                                                                                        | 274      |               |                | 171      |   |
| Income tax receivable                                                                                                                                        | 33       |               |                | 155      |   |
| Debt issuance costs (net of accumulated amortization of $4,340 and $3,582, respectively)                                                                     | 4,271    |               |                | 2,246    |   |
| Other assets                                                                                                                                                 | 2,234    |               |                | 1,284    |   |
| Total assets                                                                                                                                                 | $             | 912,555  |                |               | $ | 735,584  |  |
|                                                                                                                                                              |               |               |                |
| Liabilities                                                                                                                                                  |               |               |                |
| SBA Debentures (Par value: $29,000 and $0, respectively)                                                                                                 | $             | 27,965   |                |               | $ | —  |  |
| October 2024 Notes (Par value: $0 and $125,000, respectively)                                                                                            | —  |               |                | 122,879  |   |
| January 2026 Notes (Par value: $140,000 and $140,000, respectively)                                                                                      | 138,630  |               |                | 138,425  |   |
| October 2026 Notes (Par value: $150,000 and $0, respectively)                                                                                            | 146,357  |               |                | —  |   |
| Credit facility                                                                                                                                              | 190,000  |               |                | 120,000  |   |
| Other liabilities                                                                                                                                            | 13,392   |               |                | 11,655   |   |
|                                                                                                                                                              |               |               |                |
| Accrued restoration plan liability                                                                                                                           | 2,853    |               |                | 2,979    |   |
| Income tax payable                                                                                                                                           | 1,527    |               |                | 50       |   |
| Deferred tax liability                                                                                                                                       | 4,494    |               |                | 3,345    |   |
| Total liabilities                                                                                                                                            | 525,218  |               |                | 399,333  |   |
|                                                                                                                                                              |               |               |                |
| Commitments and contingencies (Note 10)                                                                                                                      |               |               |                |
|                                                                                                                                                              |               |               |                |
| Net Assets                                                                                                                                                   |               |               |                |
| Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 26,265,215 shares at December 31, 2021 and 23,344,836 shares at March 31, 2021 | 6,566    |               |                | 5,836    |   |
| Additional paid-in capital                                                                                                                                   | 424,250  |               |                | 356,447  |   |
| Total distributable (loss) earnings                                                                                                                          | (19,542)      |               |                | (2,095)       |   |
| Treasury stock - at cost, 2,339,512 shares                                                                                                                   | (23,937)      |               |                | (23,937)      |   |
| Total net assets                                                                                                                                             | 387,337  |               |                | 336,251  |   |
| Total liabilities and net assets                                                                                                                             | $             | 912,555  |                |               | $ | 735,584  |  |
| Net asset value per share (23,925,703 shares outstanding at December 31, 2021 and 21,005,324 shares outstanding at March 31, 2021)                           | $             | 16.19    |                |               | $ | 16.01    |  |

----

Table of Contents

|                                                                                 |                    |              |                   |                  |      |              |                  |  |             |                  |  |  |   |              |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------|--------------------|--------------|-------------------|------------------|------|--------------|------------------|--|-------------|------------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                  |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                           |
| (Unaudited)                                                                     |
| (In thousands, except shares and per share data)                                |
|                                                                                 |                    |              |                   |                  |      |              |                  |
|                                                                                 | Three Months Ended |              | Nine Months Ended |
|                                                                                 | December 31,       |              | December 31,      |
|                                                                                 | 2021               |              | 2020              |                  | 2021 |              | 2020             |
| Investment income:                                                          |                    |              |                   |                  |      |              |                  |
| Interest income:                                                            |                    |              |                   |                  |      |              |                  |
| Non-control/Non-affiliate investments                                       | $                  | 14,805  |                   |                  | $    | 11,306  |                  |  | $           | 42,873      |  |  | $ | 31,010  |  |
| Affiliate investments                                                           | 2,116         |              |                   | 1,774       |      |              | 4,774       |  |             | 5,715       |  |
| Control investments                                                             | —       |              |                   | —     |      |              | —     |  |             | —     |  |
| Payment-in-kind interest income:                                            |                    |              |                   |                  |      |              |                  |
| Non-control/Non-affiliate investments                                       | 614           |              |                   | 980         |      |              | 1,717       |  |             | 3,224       |  |
| Affiliate investments                                                           | 200           |              |                   | 627         |      |              | 951         |  |             | 1,265       |  |
| Control investments                                                             | —       |              |                   | —     |      |              | —     |  |             | —     |  |
| Dividend income:                                                            |                    |              |                   |                  |      |              |                  |
| Non-control/Non-affiliate investments                                       | —       |              |                   | 1,235       |      |              | 1,570       |  |             | 1,589       |  |
| Affiliate investments                                                           | 9             |              |                   | —     |      |              | 9           |  |             | —     |  |
| Control investments                                                             | 1,705         |              |                   | 1,681       |      |              | 4,862       |  |             | 5,144       |  |
| Fee income:                                                                 |                    |              |                   |                  |      |              |                  |
| Non-control/Non-affiliate investments                                       | 2,591         |              |                   | 1,394       |      |              | 4,005       |  |             | 2,817       |  |
| Affiliate investments                                                           | 267           |              |                   | 40          |      |              | 413         |  |             | 107         |  |
| Control investments                                                             | —       |              |                   | —     |      |              | —     |  |             | —     |  |
| Other income                                                                    | 4             |              |                   | 3           |      |              | 12          |  |             | 18          |  |
| Total investment income                                                         | 22,311        |              |                   | 19,040      |      |              | 61,186      |  |             | 50,889      |  |
| Operating expenses:                                                         |                    |              |                   |                  |      |              |                  |
| Compensation                                                                    | 3,353         |              |                   | 2,444       |      |              | 7,083       |  |             | 6,125       |  |
| Share-based compensation                                                        | 849           |              |                   | 771         |      |              | 2,848       |  |             | 2,236       |  |
| Interest                                                                        | 4,655         |              |                   | 4,528       |      |              | 15,015      |  |             | 13,253      |  |
| Professional fees                                                               | 607           |              |                   | 538         |      |              | 1,956       |  |             | 1,691       |  |
| General and administrative                                                      | 1,010         |              |                   | 787         |      |              | 2,968       |  |             | 2,339       |  |
| Total operating expenses                                                        | 10,474        |              |                   | 9,068       |      |              | 29,870      |  |             | 25,644      |  |
| Income before taxes                                                             | 11,837        |              |                   | 9,972       |      |              | 31,316      |  |             | 25,245      |  |
| Federal income, excise and other taxes                                          | 68            |              |                   | 195         |      |              | 283         |  |             | 587         |  |
| Deferred taxes                                                                  | (130)              |              |                   | 1,260       |      |              | 365              |  | 1,003  |                  |
| Total income tax provision (benefit)                                            | (62)               |              |                   | 1,455       |      |              | 648         |  |             | 1,590       |  |
| Net investment income                                                           | $                  | 11,899  |                   |                  | $    | 8,517   |                  |  | $           | 30,668      |  |  | $ | 23,655  |  |
| Realized gain (loss)                                                            |                    |              |                   |                  |      |              |                  |
| Non-control/Non-affiliate investments                                       | $                  | 4,017   |                   |                  | $    | (127)        |                  |  | $           | 6,561       |  |  | $ | (5,325)      |  |
| Affiliate investments                                                           | 140           |              |                   | —     |      |              | 140         |  |             | (1,628)          |  |
| Control investments                                                             | —       |              |                   | —     |      |              | —     |  |             | —     |  |
| Income tax provision                                                            | (1,442)            |              |                   | —     |      |              | (1,442)          |  |             | —     |  |
| Total net realized gain (loss) on investments, net of tax                       | 2,715         |              |                   | (127)            |      |              | 5,259       |  |             | (6,953)          |  |
| Net unrealized (depreciation) appreciation on investments                       |                    |              |                   |                  |      |              |                  |
| Non-control/Non-affiliate investments                                       | 3,165         |              |                   | 5,593       |      |              | 12,558      |  |             | 16,417      |  |
| Affiliate investments                                                           | (3,849)            |              |                   | 245         |      |              | (4,700)          |  |             | (1,012)          |  |
| Control investments                                                             | (2,049)            |              |                   | 2,152       |      |              | (2,769)          |  |             | 11,075      |  |
| Income tax benefit (provision)                                                  | 679           |              |                   | (719)            |      |              | (783)            |  |             | (1,968)          |  |
| Total net unrealized (depreciation) appreciation on investments, net of tax     | (2,054)            |              |                   | 7,271       |      |              | 4,306       |  |             | 24,512      |  |
| Net realized and unrealized gains on investments                                | 661           |              |                   | 7,144       |      |              | 9,565       |  |             | 17,559      |  |
| Realized loss on extinguishment of debt                                         | —       |              |                   | (262)            |      |              | (17,087)         |  |             | (548)            |  |
| Net increase (decrease) in net assets from operations                           | $                  | 12,560  |                   |                  | $    | 15,399  |                  |  | $           | 23,146      |  |  | $ | 40,666  |  |
|                                                                                 |                    |              |                   |                  |      |              |                  |
| Pre-tax net investment income per share - basic and diluted                     | $                  | 0.51    |                   |                  | $    | 0.52    |                  |  | $           | 1.40        |  |  | $ | 1.36    |  |
| Net investment income per share – basic and diluted                       | $                  | 0.51    |                   |                  | $    | 0.45    |                  |  | $           | 1.37        |  |  | $ | 1.27    |  |
| Net increase (decrease) in net assets from operations – basic and diluted | $                  | 0.54    |                   |                  | $    | 0.80    |                  |  | $           | 1.03        |  |  | $ | 2.18    |  |
| Weighted average shares outstanding – basic and diluted                   | 23,432,522    |              |                   | 19,134,824  |      |              | 22,393,935  |  |             | 18,629,463  |  |

----

Table of Contents

|                                                                          |               |               |      |               |   |               |  |  |  |  |  |
|--------------------------------------------------------------------------|---------------|---------------|------|---------------|---|---------------|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                           |
| CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS                         |
| (Unaudited)                                                              |
| (In thousands)                                                           |
|                                                                          |               |               |      |
|                                                                          | 2021          |               | 2020 |
|                                                                          |               |               |      |
| Net assets, March 31                                                     | $             | 336,251  |      |               | $ | 272,222  |  |
| Operations:                                                          |               |               |      |
| Net investment income                                                    | 9,043    |               |      | 6,819    |   |
| Net realized (loss) gain on investments                                  | (952)         |               |      | (5,547)       |   |
| Net unrealized appreciation (depreciation) on investments, net of tax    | 7,051    |               |      | 7,605    |   |
| Net increase in net assets from operations                               | 15,142   |               |      | 8,877    |   |
| Dividends to shareholders ($0.53 and $0.51 per share, respectively)      | (11,528)      |               |      | (9,480)       |   |
| Capital share transactions:                                          |               |               |      |
| Change in restoration plan liability                                     | 9        |               |      | 9        |   |
| Issuance of common stock                                                 | 27,686   |               |      | 5,622    |   |
| Share-based compensation expense                                         | 1,076    |               |      | 612      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (541)         |               |      | (3)           |   |
| Increase in net assets                                                   | 31,844   |               |      | 5,637    |   |
| Net assets, June 30                                                      | $             | 368,095  |      |               | $ | 277,859  |  |
| Operations:                                                          |               |               |      |
| Net investment income                                                    | 9,726    |               |      | 8,319    |   |
| Net realized gain (loss) on investments, net of tax                      | 3,496    |               |      | (1,279)       |   |
| Net unrealized appreciation (depreciation) on investments, net of tax    | (691)         |               |      | 9,636    |   |
| Realized loss on extinguishment of debt                                  | (17,087)      |               |      | (286)         |   |
| Net (decrease) increase in net assets from operations                    | (4,556)       |               |      | 16,390   |   |
| Dividends to shareholders ($0.54 and $0.51 per share, respectively)      | (12,401)      |               |      | (9,498)       |   |
| Capital share transactions:                                          |               |               |      |
| Change in pension plan funded status                                     | 9        |               |      | 9        |   |
| Issuance of common stock                                                 | 29,880   |               |      | 516      |   |
| Share-based compensation expense                                         | 923      |               |      | 853      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (5)           |               |      | —  |   |
| Increase in net assets                                                   | 13,850   |               |      | 8,270    |   |
| Net assets, September 30                                                 | $             | 381,945  |      |               | $ | 286,129  |  |
| Operations:                                                          |               |               |      |
| Net investment income                                                    | 11,899   |               |      | 8,517    |   |
| Net realized gain (loss) on investments, net of tax                      | 2,715    |               |      | (127)         |   |
|                                                                          |               |               |      |
| Net unrealized (depreciation) appreciation on investments, net of tax    | (2,054)       |               |      | 7,271    |   |
| Realized losses on extinguishment of debt                                | —  |               |      | (262)         |   |
| Net increase in net assets from operations                               | 12,560   |               |      | 15,399   |   |
| Dividends to shareholders ($0.97 and $0.51 per share, respectively)      | (22,917)      |               |      | (10,044)      |   |
| Capital share transactions:                                          |               |               |      |
| Change in pension plan funded status                                     | 9        |               |      | 8        |   |
| Issuance of common stock                                                 | 15,754   |               |      | 20,623   |   |
| Share-based compensation expense                                         | 849      |               |      | 771      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (863)         |               |      | (236)         |   |
| Increase in net assets                                                   | 5,392    |               |      | 26,521   |   |
| Net assets, December 31                                                  | $             | 387,337  |      |               | $ | 312,650  |  |

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Table of Contents

|                                                                                                                   |                   |              |      |               |   |              |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------|-------------------|--------------|------|---------------|---|--------------|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                    |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                             |
| (Unaudited)                                                                                                       |
| (In thousands)                                                                                                    |
|                                                                                                                   | Nine Months Ended |
|                                                                                                                   | December 31,      |
|                                                                                                                   | 2021              |              | 2020 |
| Cash flows from operating activities                                                                              |                   |              |      |
| Net increase in net assets from operations                                                                        | $                 | 23,146  |      |               | $ | 40,666  |  |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |                   |              |      |
| Purchases and originations of investments                                                                         | (410,066)         |              |      | (150,323)     |   |
| Proceeds from sales and repayments of debt investments in portfolio companies                                     | 221,462      |              |      | 70,280   |   |
| Proceeds from sales and return of capital of equity investments in portfolio companies                            | 11,881       |              |      | 9,782    |   |
| Payment of accreted original issue discounts                                                                      | 3,133        |              |      | 1,010    |   |
| Payment of accrued payment-in-kind interest                                                                       | 2,064        |              |      | —  |   |
| Depreciation and amortization                                                                                     | 1,628        |              |      | 1,478    |   |
| Net pension benefit                                                                                               | (99)              |              |      | (81)          |   |
| Realized loss on extinguishment of debt                                                                           | 17,103       |              |      | 548      |   |
| Realized (gain) loss on investments before income tax                                                             | (6,058)           |              |      | 6,967    |   |
| Net unrealized appreciation on investments before income tax                                                      | (5,089)           |              |      | (26,480)      |   |
| Accretion of discounts on investments                                                                             | (2,177)           |              |      | (1,730)       |   |
| Payment-in-kind interest                                                                                          | (3,550)           |              |      | (5,207)       |   |
| Share-based compensation expense                                                                                  | 2,848        |              |      | 2,236    |   |
| Deferred income taxes                                                                                             | 1,149        |              |      | 3,146    |   |
| Changes in other assets and liabilities:                                                                      |                   |              |      |
| Decrease (increase) in dividend and interest receivable                                                           | 1,601        |              |      | (357)         |   |
| (Increase) decrease in escrow receivables                                                                         | (159)             |              |      | 493      |   |
| Decrease (increase) in tax receivable                                                                             | 121          |              |      | (439)         |   |
| (Increase) decrease in other receivables                                                                          | (104)             |              |      | 9        |   |
| Decrease in other assets                                                                                          | (1,152)           |              |      | 66       |   |
| Increase in taxes payable                                                                                         | 1,477        |              |      | 332      |   |
| Increase in other liabilities                                                                                     | 1,738        |              |      | 1,900    |   |
| Net cash used in operating activities                                                                             | (139,103)         |              |      | (45,704)      |   |
| Cash flows from financing activities                                                                              |                   |              |      |
| Proceeds from common stock offering                                                                               | 73,346       |              |      | 26,770   |   |
|                                                                                                                   |                   |              |      |
| Borrowings under credit facility                                                                                  | 295,000      |              |      | 147,000  |   |
| Repayments of credit facility                                                                                     | (225,000)         |              |      | (151,000)     |   |
| Debt issuance costs paid                                                                                          | (3,445)           |              |      | (325)         |   |
| Proceeds from issuance of SBA Debentures                                                                          | 28,294       |              |      | —  |   |
| Proceeds from issuance of October 2024 Notes                                                                      | —      |              |      | 49,000   |   |
| Proceeds from issuance of October 2026 Notes                                                                      | 146,414      |              |      | —  |   |
| Partial redemption of December 2022 Notes                                                                         | —      |              |      | (40,000)      |   |
| Redemption of October 2024 Notes                                                                                  | (125,000)         |              |      | —  |   |
| Payment for debt extinguishment costs                                                                             | (15,196)          |              |      | —  |   |
| Dividends to shareholders                                                                                         | (46,847)          |              |      | (29,022)      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock                                          | (1,408)           |              |      | (239)         |   |
| Net cash provided by financing activities                                                                         | 126,158      |              |      | 75,684   |   |
| Net (decrease) increase in cash and cash equivalents                                                              | (12,945)          |              |      | 29,980   |   |
| Cash and cash equivalents at beginning of period                                                                  | 31,613       |              |      | 13,744   |   |
| Cash and cash equivalents at end of period                                                                        | $                 | 18,668  |      |               | $ | 43,724  |  |
| Supplemental cash flow disclosures:                                                                           |                   |              |      |
| Cash paid for income taxes                                                                                        | $                 | 150     |      |               | $ | 619     |  |
| Cash paid for interest                                                                                            | 13,744       |              |      | 10,149   |   |

----

Table of Contents

|                                                |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             |              |               |             |              |               |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-------------------------------------------|--|--------------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|-------------|--------------|---------------|-------------|--------------|---------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2021                              |
|                                                |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             |              |               |             |
| Portfolio Company1,18                     |  | Type of Investment2                       |  | Industry                             |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |             | Cost12,17    |               | Fair Value4 |
| Non-control/Non-affiliate Investments5     |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             |              |               |             |
| AAC NEW HOLDCO INC.                            |  | First Lien                                |  | Healthcare services                  |  | 10.00%, 8.00% PIK                                  |  | 12/11/2020 |  | 6/25/2025  |  | $             | 8,482  |              |               | $           | 8,482   |               |  | $ | 8,143  |  |
|                                                |  | 374,543 shares common stock               |  |                                      |  | —                                            |  | 12/11/2020 |  | —            |  | —  |             |              | 1,785    |             |              | 1,785    |  |
|                                                |  | Warrants (Expiration - December 11, 2025) |  |                                      |  | —                                            |  | 12/11/2020 |  | —            |  | —  |             |              | 2,198    |             |              | 2,198    |  |
|                                                |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             | 12,465  |               |             | 12,126  |               |
| ACCELERATION PARTNERS, LLC8,13                 |  | First Lien                                |  | Media, marketing & entertainment |  | L+8.18% (Floor 1.00%)/Q, Current Coupon 9.18%  |  | 12/1/2020  |  | 12/1/2025  |  | 11,875   |             |              | 11,586   |             |              | 11,875   |  |
|                                                |  | 1,000 Preferred Units9                    |  |                                      |  | —                                            |  | 12/1/2020  |  | —            |  | —  |             |              | 1,000    |             |              | 1,153    |  |
|                                                |  | 1,000 Class A Common Units9               |  |                                      |  | —                                            |  | 12/1/2020  |  | —            |  | —  |             |              | —  |             |              | —  |  |
|                                                |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             | 12,586  |               |             | 13,028  |               |
| ACE GATHERING, INC.                            |  | Second Lien15                             |  | Energy services (midstream)          |  | L+8.50% (Floor 2.00%)/Q, Current Coupon 10.50% |  | 12/13/2018 |  | 12/13/2023 |  | 8,010    |             |              | 7,934    |             |              | 7,890    |  |
| ALLIANCE SPORTS GROUP, L.P.                    |  | Senior subordinated debt                  |  | Consumer products & retail       |  | 11.00%                                             |  | 8/1/2017   |  | 2/1/2023   |  | 11,521   |             |              | 11,463   |             |              | 11,521   |  |
|                                                |  | Unsecured convertible note                |  |                                      |  | 6.00% PIK                                          |  | 7/15/2020  |  | 9/30/2024  |  | 173      |             |              | 173      |             |              | 232      |  |
|                                                |  | 3.88% membership preferred interest       |  |                                      |  | —                                            |  | 8/1/2017   |  | —            |  | —  |             |              | 2,500    |             |              | 3,053    |  |
|                                                |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             | 14,136  |               |             | 14,806  |               |
| ALLOVER MEDIA, LLC                             |  | Revolving Loan10                          |  | Media, marketing & entertainment |  | L+7.00% (Floor 1.00%)                              |  | 3/10/2021  |  | 3/10/2026  |  | —  |             |              | (33)          |             |              | —  |  |
|                                                |  | First Lien                                |  |                                      |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%  |  | 3/10/2021  |  | 3/10/2026  |  | 12,133   |             |              | 11,922   |             |              | 12,376   |  |
|                                                |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             | 11,889  |               |             | 12,376  |               |
| AMERICAN NUTS OPERATIONS LLC13                 |  | First Lien - Term Loan                    |  | Food, agriculture and beverage       |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%  |  | 4/10/2018  |  | 4/10/2025  |  | 16,888   |             |              | 16,770   |             |              | 16,888   |  |
|                                                |  | First Lien - Term Loan C10                |  |                                      |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%  |  | 12/21/2018 |  | 4/10/2025  |  | 1,804    |             |              | 1,784    |             |              | 1,804    |  |
|                                                |  | 3,000,000 units of Class A common stock9  |  |                                      |  | —                                            |  | 4/10/2018  |  | —            |  | —  |             |              | 3,000    |             |              | 2,752    |  |
|                                                |  |                                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |             | 21,554  |               |             | 21,444  |               |

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Table of Contents

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

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Table of Contents

|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                   |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|----------------------------|--|--------------------------------------|--|----------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2021                              |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                   |  |               |  |              |              |             |
| Portfolio Company1,18                     |  | Type of Investment2        |  | Industry                             |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost12,17    |              | Fair Value4 |
| CITYVET, INC.13                                |  | Delayed Draw Term Loan10   |  | Healthcare services                  |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%  |  | 3/5/2021   |  | 3/5/2026  |  | 10,500   |  |              | 10,135  |             |              | 10,500   |  |
|                                                |  | 271,739 Class A units9     |  |                                      |  | —                                            |  | 3/5/2021   |  | —           |  | —  |  |              | 500     |             |              | 1,026    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                   |  |               |  | 10,635  |              |             | 11,526  |               |
| CRAFTY APES, LLC8                              |  | First Lien                 |  | Media, marketing & entertainment |  | L+6.44% (Floor 1.00%)/Q, Current Coupon 7.44%  |  | 6/9/2021   |  | 11/1/2024 |  | 10,000   |  |              | 9,915   |             |              | 10,000   |  |
| DUNN PAPER, INC.                               |  | Second Lien                |  | Paper & forest products          |  | L+9.25% (Floor 1.00%)/M, Current Coupon 10.25% |  | 9/28/2016  |  | 8/26/2023 |  | 3,000    |  |              | 2,981   |             |              | 2,500    |  |
| EVEREST TRANSPORTATION SYSTEMS, LLC            |  | First Lien                 |  | Transportation & logistics       |  | L+8.00% (Floor 1.00%)/M, Current Coupon 9.00%  |  | 11/9/2021  |  | 8/26/2026 |  | 9,052    |  |              | 8,963   |             |              | 8,963    |  |
| FAST SANDWICH, LLC                             |  | Revolving Loan10           |  | Restaurants                          |  | L+9.00% (Floor 1.00%)                              |  | 5/24/2018  |  | 5/23/2023 |  | —  |  |              | (24)         |             |              | —  |  |
|                                                |  | First Lien                 |  |                                      |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00% |  | 5/24/2018  |  | 5/23/2023 |  | 3,297    |  |              | 3,279   |             |              | 3,297    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                   |  |               |  | 3,255   |              |             | 3,297   |               |
| FLIP ELECTRONICS, LLC8,13                      |  | First Lien                 |  | Technology products & components |  | L+7.94% (Floor 1.00%)/M, Current Coupon 8.94%  |  | 1/4/2021   |  | 1/2/2026  |  | 15,500   |  |              | 15,219  |             |              | 15,500   |  |
|                                                |  | 2,000,000 Common Units9,11 |  |                                      |  | —                                            |  | 1/4/2021   |  | —           |  | —  |  |              | 2,000   |             |              | 4,540    |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                   |  |               |  | 17,219  |              |             | 20,040  |               |
| FOOD PHARMA SUBSIDIARY HOLDINGS, LLC13         |  | First Lien                 |  | Food, agriculture & beverage     |  | L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%  |  | 6/1/2021   |  | 6/1/2026  |  | 5,000    |  |              | 4,910   |             |              | 5,000    |  |
|                                                |  | Delayed Draw Term Loan10   |  |                                      |  | L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%  |  | 6/1/2021   |  | 6/1/2026  |  | 2,030    |  |              | 1,968   |             |              | 2,030    |  |
|                                                |  | 75,000 Class A Units9      |  |                                      |  | —                                            |  | 6/1/2021   |  | —           |  | —  |  |              | 750     |             |              | 750      |  |
|                                                |  |                            |  |                                      |  |                                                    |  |                    |  |                   |  |               |  | 7,628   |              |             | 7,780   |               |
| GS OPERATING, LLC                              |  | First Lien                 |  | Distribution                         |  | L+6.50% (Floor 1.50%)/M, Current Coupon 8.00%  |  | 3/6/2020   |  | 2/24/2025 |  | 7,742    |  |              | 7,633   |             |              | 7,742    |  |
| HYBRID APPAREL, LLC                            |  | Second Lien15              |  | Consumer products & retail       |  | L+8.25% (Floor 1.00%)/Q, Current Coupon 9.25%  |  | 6/30/2021  |  | 6/30/2026 |  | 15,750   |  |              | 15,460  |             |              | 15,419   |  |

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Table of Contents

|                                                |  |                                    |  |                                      |  |                                                   |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|------------------------------------|--|--------------------------------------|--|---------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2021                              |
|                                                |  |                                    |  |                                      |  |                                                   |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1,18                     |  | Type of Investment2                |  | Industry                             |  | Current Interest Rate3                            |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost12,17    |              | Fair Value4 |
| INFOLINKS MEDIA BUYCO, LLC                     |  | First Lien                         |  | Media, marketing & entertainment |  | L+6.00% (Floor 1.00%)/M, Current Coupon 7.00% |  | 11/1/2021  |  | 10/30/2026 |  | 7,750    |  |              | 7,599   |             |              | 7,599    |  |
|                                                |  | Delayed Draw Term Loan10           |  |                                      |  | L+6.00% (Floor 1.00%)                             |  | 11/1/2021  |  | 10/30/2026 |  | —  |  |              | (21)         |             |              | —  |  |
|                                                |  | 1.68% LP interest10                |  |                                      |  | —                                           |  | 10/29/2021 |  | —            |  | —  |  |              | 588     |             |              | 588      |  |
|                                                |  |                                    |  |                                      |  |                                                   |  |                    |  |                    |  |               |  | 8,166   |              |             | 8,187   |               |
| ISI ENTERPRISES, LLC                           |  | Revolving Loan10                   |  | Software & IT services           |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00% |  | 10/1/2021  |  | 10/1/2026  |  | 800      |  |              | 762     |             |              | 762      |  |
|                                                |  | First Lien                         |  |                                      |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00% |  | 10/1/2021  |  | 10/1/2026  |  | 5,000    |  |              | 4,904   |             |              | 4,904    |  |
|                                                |  | 1,000,000 Series A Preferred units |  |                                      |  | —                                           |  | 10/1/2021  |  | —            |  | —  |  |              | 1,000   |             |              | 1,000    |  |
|                                                |  |                                    |  |                                      |  |                                                   |  |                    |  |                    |  |               |  | 6,666   |              |             | 6,666   |               |
| JVMC HOLDINGS CORP.                            |  | First Lien                         |  | Financial services                   |  | L+6.75% (Floor 1.00%)/M, Current Coupon 7.75% |  | 2/28/2019  |  | 2/28/2024  |  | 6,704    |  |              | 6,669   |             |              | 6,704    |  |
| KLEIN HERSH, LLC                               |  | Revolving Loan10                   |  | Business services                    |  | L+7.00% (Floor 0.75%)/S                       |  | 11/13/2020 |  | 11/13/2025 |  | —  |  |              | (14)         |             |              | —  |  |
|                                                |  | First Lien                         |  |                                      |  | L+7.00% (Floor 0.75%)/S, Current Coupon 7.75% |  | 11/13/2020 |  | 11/13/2025 |  | 24,125   |  |              | 23,692  |             |              | 24,608   |  |
|                                                |  |                                    |  |                                      |  |                                                   |  |                    |  |                    |  |               |  | 23,678  |              |             | 24,608  |               |
| KMS, INC.                                      |  | First Lien15                       |  | Distribution                         |  | L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25% |  | 10/4/2021  |  | 10/2/2026  |  | 15,960   |  |              | 15,806  |             |              | 15,960   |  |
|                                                |  | Delayed Draw Term Loan10           |  |                                      |  | L+7.25% (Floor 1.00%)                             |  | 10/4/2021  |  | 10/2/2026  |  | —  |  |              | (43)         |             |              | —  |  |
|                                                |  |                                    |  |                                      |  |                                                   |  |                    |  |                    |  |               |  | 15,763  |              |             | 15,960  |               |
| LASH OPCO, LLC                                 |  | Revolving Loan10                   |  | Consumer products & retail       |  | L+7.00% (Floor 1.00%)                             |  | 12/29/2021 |  | 9/18/2025  |  | —  |  |              | (11)         |             |              | —  |  |
|                                                |  | First Lien                         |  |                                      |  | L+7.00% (Floor 1.00%)/M, Current Coupon 8.00% |  | 12/29/2021 |  | 3/18/2026  |  | 6,500    |  |              | 6,354   |             |              | 6,354    |  |
|                                                |  | Delayed Draw Term Loan10           |  |                                      |  | L+7.00% (Floor 1.00%)                             |  | 12/29/2021 |  | 3/18/2026  |  | —  |  |              | (79)         |             |              | —  |  |
|                                                |  |                                    |  |                                      |  |                                                   |  |                    |  |                    |  |               |  | 6,264   |              |             | 6,354   |               |

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Table of Contents

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

----

Table of Contents

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

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Table of Contents

|                                                |  |                                   |  |                                |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-----------------------------------|--|--------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2021                              |
|                                                |  |                                   |  |                                |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1,18                     |  | Type of Investment2               |  | Industry                       |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost12,17    |              | Fair Value4 |
| SCRIP INC.8                                    |  | First Lien                        |  | Healthcare products            |  | L+9.49% (Floor 2.00%)/M, Current Coupon 11.49% |  | 3/21/2019  |  | 3/21/2024  |  | 16,750   |  |              | 16,496  |             |              | 16,750   |  |
|                                                |  | 100 shares of common stock        |  |                                |  | —                                            |  | 3/21/2019  |  | —            |  | —  |  |              | 1,000   |             |              | 1,264    |  |
|                                                |  |                                   |  |                                |  |                                                    |  |                    |  |                    |  |               |  | 17,496  |              |             | 18,014  |               |
| SHEARWATER RESEARCH, INC.9                     |  | Revolving Loan10                  |  | Consumer products & retail |  | L+6.25% (Floor 1.00%)                              |  | 4/30/2021  |  | 4/30/2026  |  | —  |  |              | (42)         |             |              | —  |  |
|                                                |  | First Lien                        |  |                                |  | L+6.25% (Floor 1.00%)/Q, Current Coupon 7.25%  |  | 4/30/2021  |  | 4/30/2026  |  | 13,828   |  |              | 13,583  |             |              | 13,565   |  |
|                                                |  | Delayed Draw Term Loan10          |  |                                |  | L+6.25% (Floor 1.00%)                              |  | 4/30/2021  |  | 4/30/2026  |  | —  |  |              | (28)         |             |              | —  |  |
|                                                |  | 1,200,000 Class A Preferred Units |  |                                |  | —                                            |  | 4/30/2021  |  | —            |  | —  |  |              | 978     |             |              | 978      |  |
|                                                |  | 40,000 Class A Common Units       |  |                                |  | —                                            |  | 4/30/2021  |  | —            |  | —  |  |              | 33      |             |              | 33       |  |
|                                                |  |                                   |  |                                |  |                                                    |  |                    |  |                    |  |               |  | 14,524  |              |             | 14,576  |               |
| SIB HOLDINGS, LLC13                            |  | Revolving Loan10                  |  | Business services              |  | L+6.00% (Floor 1.00%)/M, Current Coupon 7.00%  |  | 10/29/2021 |  | 10/29/2026 |  | 47       |  |              | 36      |             |              | 37       |  |
|                                                |  | First Lien                        |  |                                |  | L+6.00% (Floor 1.00%)/M, Current Coupon 7.00%  |  | 10/29/2021 |  | 10/29/2026 |  | 7,427    |  |              | 7,319   |             |              | 7,319    |  |
|                                                |  | Delayed Draw Term Loan10          |  |                                |  | L+6.00% (Floor 1.00%)                              |  | 10/29/2021 |  | 10/29/2026 |  | —  |  |              | (9)          |             |              | —  |  |
|                                                |  | 238,095.24 Common Units9          |  |                                |  | —                                            |  | 10/29/2021 |  | —            |  | —  |  |              | 500     |             |              | 500      |  |
|                                                |  |                                   |  |                                |  |                                                    |  |                    |  |                    |  |               |  | 7,846   |              |             | 7,856   |               |
| SOUTH COAST TERMINALS, LLC                     |  | Revolving Loan10                  |  | Specialty chemicals            |  | L+6.25% (Floor 1.00%)                              |  | 12/13/2021 |  | 12/11/2026 |  | —  |  |              | (38)         |             |              | —  |  |
|                                                |  | First Lien                        |  |                                |  | L+6.25% (Floor 1.00%)/M, Current Coupon 7.25%  |  | 12/13/2021 |  | 12/11/2026 |  | 18,065   |  |              | 17,706  |             |              | 17,706   |  |
|                                                |  |                                   |  |                                |  |                                                    |  |                    |  |                    |  |               |  | 17,668  |              |             | 17,706  |               |
| SPOTLIGHT AR, LLC13                            |  | Revolving Loan10                  |  | Business services              |  | L+7.00% (Floor 1.00%)                              |  | 12/8/2021  |  | 6/8/2026   |  | —  |  |              | (39)         |             |              | —  |  |
|                                                |  | First Lien                        |  |                                |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%  |  | 12/8/2021  |  | 6/8/2026   |  | 7,500    |  |              | 7,351   |             |              | 7,352    |  |
|                                                |  | 750 Common Units9                 |  |                                |  | —                                            |  | 12/8/2021  |  | —            |  | —  |  |              | 750     |             |              | 750      |  |
|                                                |  |                                   |  |                                |  |                                                    |  |                    |  |                    |  |               |  | 8,062   |              |             | 8,102   |               |

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Table of Contents

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

----

Table of Contents

|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               |              |               |             |              |               |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------|--|--------------------------|--|--------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|---------------|---------------|---------------|--------------|---------------|-------------|--------------|---------------|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                       |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                                 |
| (Unaudited)                                                                          |
| December 31, 2021                                                                    |
|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               |              |               |             |
| Portfolio Company1,18                                                           |  | Type of Investment2      |  | Industry                       |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |               | Principal     |               | Cost12,17    |               | Fair Value4 |
| WELL-FOAM, INC.                                                                      |  | Revolving Loan10         |  | Energy services (upstream)     |  | L+8.50 (Floor 1.00%)/Q, Current Coupon 9.50%   |  | 9/9/2021   |  | 9/9/2026   |               | 1,000    |               |              | 913      |             |              | 1,000    |  |
|                                                                                      |  | First Lien               |  |                                |  | L+8.50 (Floor 1.00%)/Q, Current Coupon 9.50%   |  | 9/9/2021   |  | 9/9/2026   |               | 17,955   |               |              | 17,613   |             |              | 17,955   |  |
|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               | 18,526  |               |             | 18,955  |               |
| WINTER SERVICES OPERATIONS, LLC                                                      |  | Revolving Loan10         |  | Business services              |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%  |  | 11/19/2021 |  | 11/19/2026 |               | 556      |               |              | 469      |             |              | 469      |  |
|                                                                                      |  | First Lien               |  |                                |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%  |  | 11/19/2021 |  | 11/19/2026 |               | 20,000   |               |              | 19,607   |             |              | 19,608   |  |
|                                                                                      |  | Delayed Draw Term Loan10 |  |                                |  | L+7.00% (Floor 1.00%)                              |  | 11/19/2021 |  | 11/19/2026 |               | —  |               |              | (43)          |             |              | —  |  |
|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               | 20,033  |               |             | 20,077  |               |
| ZENFOLIO INC.                                                                        |  | Revolving Loan10         |  | Business services              |  | L+9.00% (Floor 1.00%)                              |  | 7/17/2017  |  | 7/17/2023  |               | —  |               |              | (5)           |             |              | —  |  |
|                                                                                      |  | First Lien               |  |                                |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00% |  | 7/17/2017  |  | 7/17/2023  |               | 18,962   |               |              | 18,810   |             |              | 18,393   |  |
|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               | 18,805  |               |             | 18,393  |               |
| Total Non-control/Non-affiliate Investments (178.5% of net assets at fair value) |  |                          |  |                                |  |                                                    |  |                    |  | $                  | 673,871  |               |               | $            | 691,229  |             |
|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               |              |               |             |
| Affiliate Investments6                                                               |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               |              |               |             |
| AIR CONDITIONING SPECIALIST, INC.13                                                  |  | Revolving Loan10         |  | Consumer services              |  | L+7.25% (Floor 1.00%)                              |  | 11/9/2021  |  | 11/9/2026  |               | $             | —  |              |               | $           | (19)         |               |  | $ | —  |  |
|                                                                                      |  | First Lien               |  |                                |  | L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%  |  | 11/9/2021  |  | 11/9/2026  |               | 9,000    |               |              | 8,824    |             |              | 8,824    |  |
|                                                                                      |  | 500,000 Preferred Units9 |  |                                |  | —                                            |  | 11/9/2021  |  | —            |               | —  |               |              | 500      |             |              | 500      |  |
|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               | 9,305   |               |             | 9,324   |               |
| CATBIRD NYC, LLC                                                                     |  | Revolving Loan10         |  | Consumer products & retail |  | L+7.25% (Floor 1.00%)                              |  | 10/15/2021 |  | 10/15/2026 |               | —  |               |              | (77)          |             |              | —  |  |
|                                                                                      |  | First Lien               |  |                                |  | L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%  |  | 10/15/2021 |  | 10/15/2026 |               | 16,000   |               |              | 15,692   |             |              | 15,692   |  |
|                                                                                      |  | 1,000,000 Class A units  |  |                                |  | —                                            |  | 10/15/2021 |  | —            |               | —  |               |              | 1,000    |             |              | 1,000    |  |
|                                                                                      |  | 500,000 Class B units10  |  |                                |  | —                                            |  | 10/15/2021 |  | —            |               | —  |               |              | 500      |             |              | 500      |  |
|                                                                                      |  |                          |  |                                |  |                                                    |  |                    |  |                    |               |               |               | 17,115  |               |             | 17,192  |               |

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Table of Contents

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

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Table of Contents

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

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|                                                                 |  |                               |  |                                       |  |                        |  |                    |  |          |  |               |               |           |           |              |               |             |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|--|-------------------------------|--|---------------------------------------|--|------------------------|--|--------------------|--|----------|--|---------------|---------------|-----------|-----------|--------------|---------------|-------------|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                  |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                            |
| (Unaudited)                                                     |
| December 31, 2021                                               |
|                                                                 |  |                               |  |                                       |  |                        |  |                    |  |          |  |               |               |           |           |              |
| Portfolio Company1,18                                      |  | Type of Investment2           |  | Industry                              |  | Current Interest Rate3 |  | Acquisition Date14 |  | Maturity |  | Principal     |               | Cost12,17 |           | Fair Value4  |
| SONOBI, INC.13                                                  |  | 500,000 Class A Common Units9 |  | Media, marketing, & entertainment |  | —                |  | 9/17/2020  |  | —  |  | —  |               |           | 500  |              |               | 2,960  |   |
| Total Affiliate Investments (33.0% of net assets at fair value) |  |                               |  |                                       |  |                        |  |                    |  |          |  | $             | 136,929  |           |           | $            | 127,947  |             |
|                                                                 |  |                               |  |                                       |  |                        |  |                    |  |          |  |               |               |           |           |              |
| Control Investments7                                            |  |                               |  |                                       |  |                        |  |                    |  |          |  |               |               |           |           |              |
| I-45 SLF LLC9, 10, 11                                           |  | 80% LLC equity interest       |  | Multi-sector holdings                 |  | —                |  | 10/20/2015 |  | —  |  | —  |               |           | $         | 76,000  |               |             | $ | 57,589  |  |
| Total Control Investments (14.9% of net assets at fair value)   |  |                               |  |                                       |  |                        |  |                    |  |          |  | $             | 76,000   |           |           | $            | 57,589   |             |
|                                                                 |  |                               |  |                                       |  |                        |  |                    |  |          |  |               |               |           |           |              |
| TOTAL INVESTMENTS (226.4% of net assets at fair value)          |  |                               |  |                                       |  |                        |  |                    |  |          |  | $             | 886,800  |           |           | $            | 876,765  |             |

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Table of Contents

|                                                |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             |              |               |             |              |               |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-------------------------------------------|--|--------------------------------------|--|-----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|-------------|--------------|---------------|-------------|--------------|---------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2021                                 |
|                                                |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             |              |               |             |
| Portfolio Company1                        |  | Type of Investment2                       |  | Industry                             |  | Current Interest Rate3                              |  | Acquisition Date14 |  | Maturity           |  | Principal     |             | Cost16       |               | Fair Value4 |
| Non-control/Non-affiliate Investments5     |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             |              |               |             |
| AAC NEW HOLDCO INC.                            |  | First Lien                                |  | Healthcare services                  |  | 10.00%, 8.00% PIK                                   |  | 12/11/2020 |  | 6/25/2025  |  | $             | 7,981  |              |               | $           | 7,981   |               |  | $ | 7,941  |  |
|                                                |  | 374,543 shares common stock               |  |                                      |  | —                                             |  | 12/11/2020 |  | —            |  | —  |             |              | 1,785    |             |              | 1,785    |  |
|                                                |  | Warrants (Expiration - December 11, 2025) |  |                                      |  | —                                             |  | 12/11/2020 |  | —            |  | —  |             |              | 2,198    |             |              | 2,198    |  |
|                                                |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             | 11,964  |               |             | 11,924  |               |
| ACCELERATION PARTNERS, LLC8,13                 |  | First Lien                                |  | Media, marketing & entertainment |  | L+8.21% (Floor 1.00%)/Q, Current Coupon 9.21%   |  | 12/1/2020  |  | 12/1/2025  |  | 8,750    |             |              | 8,500    |             |              | 8,750    |  |
|                                                |  | Delayed Draw Term Loan10                  |  |                                      |  | L+8.21% (Floor 1.00%)/Q, Current Coupon 9.21%   |  | 12/1/2020  |  | 12/1/2025  |  | 2,965    |             |              | 2,889    |             |              | 2,965    |  |
|                                                |  | 1,000 Preferred Units9                    |  |                                      |  | —                                             |  | 12/1/2020  |  | —            |  | —  |             |              | 1,000    |             |              | 1,000    |  |
|                                                |  | 1,000 Class A Common Units9               |  |                                      |  | —                                             |  | 12/1/2020  |  | —            |  | —  |             |              | —  |             |              | —  |  |
|                                                |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             | 12,389  |               |             | 12,715  |               |
| ACE GATHERING, INC.                            |  | Second Lien15                             |  | Energy services (midstream)          |  | L+10.50% (Floor 2.00%)/Q, Current Coupon 12.50% |  | 12/13/2018 |  | 12/13/2023 |  | 9,438    |             |              | 9,319    |             |              | 8,975    |  |
| 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   |  | 9,920    |             |              | 9,795    |             |              | 9,920    |  |
| ALLIANCE SPORTS GROUP, L.P.                    |  | Senior subordinated debt                  |  | Consumer products & retail       |  | 14.00% PIK                                          |  | 8/1/2017   |  | 2/1/2023   |  | 11,134   |             |              | 11,043   |             |              | 10,989   |  |
|                                                |  | Unsecured convertible note                |  |                                      |  | 6.00% PIK                                           |  | 7/15/2020  |  | 9/30/2024  |  | 173      |             |              | 173      |             |              | 173      |  |
|                                                |  | 3.88% preferred membership interest       |  |                                      |  | —                                             |  | 8/1/2017   |  | —            |  | —  |             |              | 2,500    |             |              | 2,500    |  |
|                                                |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             | 13,716  |               |             | 13,662  |               |
| ALLOVER MEDIA, LLC                             |  | Revolving Loan10                          |  | Media, marketing & entertainment |  | L+8.50% (Floor 1.00%)                               |  | 3/10/2021  |  | 3/10/2026  |  | —  |             |              | (39)          |             |              | —  |  |
|                                                |  | First Lien                                |  |                                      |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%   |  | 3/10/2021  |  | 3/10/2026  |  | 13,000   |             |              | 12,742   |             |              | 12,742   |  |
|                                                |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             | 12,703  |               |             | 12,742  |               |
| 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  |  | 17,019   |             |              | 16,856   |             |              | 17,019   |  |
|                                                |  | First Lien - Term Loan C10                |  |                                      |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%   |  | 12/21/2018 |  | 4/10/2023  |  | 1,804    |             |              | 1,785    |             |              | 1,804    |  |
|                                                |  | 3,000,000 units of Class A common stock9  |  |                                      |  | —                                             |  | 4/10/2018  |  | —            |  | —  |             |              | 3,000    |             |              | 2,752    |  |
|                                                |  |                                           |  |                                      |  |                                                     |  |                    |  |                    |  |               |             | 21,641  |               |             | 21,575  |               |

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Table of Contents

|                                                                               |  |                                     |  |                          |  |                                                                |  |                    |  |                    |  |               |  |              |              |             |              |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--|-------------------------------------|--|--------------------------|--|----------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                          |
| March 31, 2021                                                                |
|                                                                               |  |                                     |  |                          |  |                                                                |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                                                       |  | Type of Investment2                 |  | Industry                 |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost16       |              | Fair Value4 |
| 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   |  | 5,915    |  |              | 5,865   |             |              | 3,141   |  |
|                                                                               |  | Second Lien                         |  |                          |  | 0.5%, L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 10.50%   |  | 11/3/2016  |  | 6/6/2024   |  | 2,341    |  |              | 2,317   |             |              | 55      |  |
|                                                                               |  |                                     |  |                          |  |                                                                |  |                    |  |                    |  |               |  | 8,182   |              |             | 3,196   |              |
| AMWARE FULFILLMENT LLC                                                        |  | First Lien                          |  | Distribution             |  | L+9.00% (Floor 1.00%)/M, Current Coupon 10.00%             |  | 7/29/2016  |  | 12/31/2021 |  | 17,407   |  |              | 17,315  |             |              | 17,407  |  |
| 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    |  |              | 1,485   |             |              | 1,410   |  |
|                                                                               |  | First Lien                          |  |                          |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%              |  | 8/31/2018  |  | 8/31/2023  |  | 8,854    |  |              | 8,756   |             |              | 8,322   |  |
|                                                                               |  | Second Lien                         |  |                          |  | 13.25% PIK                                                     |  | 8/31/2018  |  | 12/1/2023  |  | 4,237    |  |              | 4,191   |             |              | 3,822   |  |
|                                                                               |  | 2,042 Common Units9                 |  |                          |  | —                                                        |  | 8/31/2018  |  | —            |  | —  |  |              | 750     |             |              | 356     |  |
|                                                                               |  |                                     |  |                          |  |                                                                |  |                    |  |                    |  |               |  | 15,182  |              |             | 13,910  |              |
| BINSWANGER HOLDING CORP.                                                      |  | First Lien                          |  | Distribution             |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%              |  | 3/9/2017   |  | 3/9/2022   |  | 10,942   |  |              | 10,890  |             |              | 10,942  |  |
|                                                                               |  | 900,000 shares of common stock      |  |                          |  | —                                                        |  | 3/9/2017   |  | —            |  | —  |  |              | 900     |             |              | 924     |  |
|                                                                               |  |                                     |  |                          |  |                                                                |  |                    |  |                    |  |               |  | 11,790  |              |             | 11,866  |              |
| BLASCHAK COAL CORP.                                                           |  | Second Lien Term Loan15             |  | Commodities & mining |  | L+13.00%, 1.00% PIK (Floor 1.00%)/Q, Current Coupon 15.00% |  | 7/30/2018  |  | 7/30/2023  |  | 8,712    |  |              | 8,617   |             |              | 8,233   |  |
|                                                                               |  | Second Lien- Term Loan B15          |  |                          |  | L+13.00%, 1.00% PIK (Floor 1.00%)/Q, Current Coupon 15.00% |  | 3/30/2020  |  | 7/30/2023  |  | 2,016    |  |              | 1,986   |             |              | 1,905   |  |
|                                                                               |  |                                     |  |                          |  |                                                                |  |                    |  |                    |  |               |  | 10,603  |              |             | 10,138  |              |
| BROAD SKY NETWORKS LLC13                                                      |  | Revolving Loan10                    |  | Telecommunications       |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%              |  | 12/11/2020 |  | 12/11/2025 |  | 500      |  |              | 453     |             |              | 496     |  |
|                                                                               |  | First Lien                          |  |                          |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%              |  | 12/11/2020 |  | 12/11/2025 |  | 15,000   |  |              | 14,715  |             |              | 14,880  |  |
|                                                                               |  | 1,000,000 Series A Preferred units9 |  |                          |  | —                                                        |  | 12/11/2020 |  | —            |  | —  |  |              | 1,000   |             |              | 1,000   |  |
|                                                                               |  |                                     |  |                          |  |                                                                |  |                    |  |                    |  |               |  | 16,168  |              |             | 16,376  |              |

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Table of Contents

|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-------------------------------|--|--------------------------------------|--|----------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2021                                 |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2           |  | Industry                             |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost16       |              | Fair Value4 |
| CALIFORNIA PIZZA KITCHEN, INC.                 |  | First Lien                    |  | Restaurants                          |  | L+10.00% (Floor 1.50%)/Q, Current Coupon 11.50%            |  | 11/23/2020 |  | 11/23/2024 |  | 669      |  |              | 652     |             |              | 668      |  |
|                                                |  | First Lien Rolled Up          |  |                                      |  | 1.00%, L+11.00% PIK (Floor 1.50%)/Q, Current Coupon 13.50% |  | 11/23/2020 |  | 11/23/2024 |  | 741      |  |              | 739     |             |              | 737      |  |
|                                                |  | Second Lien                   |  |                                      |  | 1.00%, L+12.50% PIK (Floor 1.50%)/Q, Current Coupon 15.00% |  | 11/23/2020 |  | 5/23/2025  |  | 814      |  |              | 814     |             |              | 796      |  |
|                                                |  | 48,423 shares of common stock |  |                                      |  | —                                                        |  | 11/23/2020 |  | —            |  | —  |  |              | 1,317   |             |              | 1,317    |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 3,522   |              |             | 3,518   |               |
| CAPITAL PAWN HOLDINGS, LLC                     |  | First Lien                    |  | Consumer products & retail       |  | L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%              |  | 12/21/2017 |  | 7/8/2023   |  | 8,854    |  |              | 8,840   |             |              | 8,854    |  |
| CHEMISTRY RX HOLDINGS, LLC                     |  | First Lien                    |  | Specialty chemicals                  |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%              |  | 3/15/2021  |  | 3/13/2026  |  | 8,000    |  |              | 7,841   |             |              | 7,841    |  |
| CITYVET, INC.13                                |  | Delayed Draw Term Loan10      |  | Healthcare services                  |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%              |  | 3/5/2021   |  | 3/5/2026   |  | 3,250    |  |              | 3,053   |             |              | 3,053    |  |
|                                                |  | 271,739 Class A units9        |  |                                      |  | —                                                        |  | 3/5/2021   |  | —            |  | —  |  |              | 500     |             |              | 500      |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 3,553   |              |             | 3,553   |               |
| CLICKBOOTH.COM, LLC                            |  | Revolving Loan10              |  | Media, marketing & entertainment |  | L+8.50% (Floor 1.00%)                                          |  | 12/5/2017  |  | 1/31/2025  |  | —  |  |              | (5)          |             |              | —  |  |
|                                                |  | First Lien                    |  |                                      |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%              |  | 12/5/2017  |  | 1/31/2025  |  | 18,525   |  |              | 18,308  |             |              | 18,525   |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 18,303  |              |             | 18,525  |               |
| DANFORTH ADVISORS, LLC13                       |  | 875 Class A equity units9     |  | Business services                    |  | —                                                        |  | 9/28/2018  |  | —            |  | —  |  |              | 875     |             |              | 2,855    |  |
| DRIVEN, INC.                                   |  | First Lien                    |  | Business services                    |  | L+8.00% (Floor 2.00%)/Q, Current Coupon 10.00%             |  | 6/28/2019  |  | 6/28/2024  |  | 5,820    |  |              | 5,737   |             |              | 5,878    |  |
| 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    |  |              | 2,974   |             |              | 3,000    |  |
| ELECTRONIC TRANSACTION CONSULTANTS LLC13       |  | Revolving Loan10              |  | Software & IT services           |  | L+7.50% (Floor 1.00%)                                          |  | 7/24/2020  |  | 7/24/2025  |  | —  |  |              | (56)         |             |              | —  |  |
|                                                |  | First Lien                    |  |                                      |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%              |  | 7/24/2020  |  | 7/24/2025  |  | 10,000   |  |              | 9,845   |             |              | 9,840    |  |
|                                                |  | 1,000 Class A units9          |  |                                      |  | —                                                        |  | 7/24/2020  |  | —            |  | —  |  |              | 1,000   |             |              | 1,000    |  |
|                                                |  |                               |  |                                      |  |                                                                |  |                    |  |                    |  |               |  | 10,789  |              |             | 10,840  |               |

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Table of Contents

|                                                        |  |                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--|---------------------------|--|--------------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES         |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                   |
| March 31, 2021                                         |
|                                                        |  |                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                                |  | Type of Investment2       |  | Industry                             |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost16       |              | Fair Value4 |
| 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    |  |              | 5,269   |             |              | 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    |  |              | 5,270   |             |              | 4,986    |  |
|                                                        |  | Delayed Draw Term Loan B1 |  |                                      |  | L+6.50% (Floor 1.75%)/Q, Current Coupon 8.25%  |  | 1/31/2020  |  | 1/31/2025  |  | 500      |  |              | 491     |             |              | 466      |  |
|                                                        |  | Delayed Draw Term Loan B2 |  |                                      |  | L+8.50% (Floor 1.75%)/Q, Current Coupon 10.25% |  | 1/31/2020  |  | 1/31/2025  |  | 500      |  |              | 491     |             |              | 466      |  |
|                                                        |  |                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 11,521  |              |             | 10,904  |               |
| FAST SANDWICH, LLC                                     |  | Revolving Loan10          |  | Restaurants                          |  | L+9.00% (Floor 1.00%)                              |  | 5/24/2018  |  | 5/23/2023  |  | —  |  |              | (32)         |             |              | —  |  |
|                                                        |  | First Lien                |  |                                      |  | L+9.00% (Floor 1.00%)/Q,Current Coupon 10.00%  |  | 5/24/2018  |  | 5/23/2023  |  | 3,359    |  |              | 3,332   |             |              | 3,023    |  |
|                                                        |  |                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 3,300   |              |             | 3,023   |               |
| FLIP ELECTRONICS, LLC8,13                              |  | First Lien                |  | Technology products & components |  | L+8.05% (Floor 1.00%)/M, Current Coupon 9.05%  |  | 1/4/2021   |  | 1/2/2026   |  | 15,500   |  |              | 15,177  |             |              | 15,252   |  |
|                                                        |  | 2,000,000 Common Units9   |  |                                      |  | —                                            |  | 1/4/2021   |  | —            |  | —  |  |              | 2,000   |             |              | 2,285    |  |
|                                                        |  |                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 17,177  |              |             | 17,537  |               |
| GS OPERATING, LLC                                      |  | First Lien                |  | Distribution                         |  | L+6.50%(Floor 1.50%)/M, Current Coupon 8.00%   |  | 3/6/2020   |  | 2/24/2025  |  | 7,920    |  |              | 7,791   |             |              | 7,920    |  |
| IAN, EVAN, & ALEXANDER CORPORATION (DBA EVERWATCH) |  | Revolving Loan10          |  | Aerospace & defense              |  | L+8.50% (Floor 1.00%)                              |  | 7/31/2020  |  | 7/31/2025  |  | —  |  |              | (34)         |             |              | —  |  |
|                                                        |  | First Lien                |  |                                      |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%  |  | 7/31/2020  |  | 7/31/2025  |  | 9,668    |  |              | 9,493   |             |              | 9,668    |  |
|                                                        |  |                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 9,459   |              |             | 9,668   |               |
| ICS DISTRIBUTION, LLC8                                 |  | First Lien                |  | Industrial services                  |  | L+8.48% (Floor 2.00%)/Q, Current Coupon 10.48% |  | 10/31/2019 |  | 10/31/2024 |  | 20,500   |  |              | 20,121  |             |              | 20,275   |  |
| JVMC HOLDINGS CORP.                                    |  | First Lien                |  | Financial services                   |  | L+7.75% (Floor 1.00%)/M, Current Coupon 8.75%  |  | 2/28/2019  |  | 2/28/2024  |  | 7,047    |  |              | 7,000   |             |              | 6,850    |  |
| KLEIN HERSH, LLC                                       |  | Revolving Loan10          |  | Business services                    |  | L+8.00% (Floor 0.75%)                              |  | 11/13/2020 |  | 11/13/2025 |  | —  |  |              | (17)         |             |              | —  |  |
|                                                        |  | First Lien                |  |                                      |  | L+8.00% (Floor 0.75%)/S, Current Coupon 8.75%  |  | 11/13/2020 |  | 11/13/2025 |  | 14,813   |  |              | 14,534  |             |              | 14,813   |  |
|                                                        |  |                           |  |                                      |  |                                                    |  |                    |  |                    |  |               |  | 14,517  |              |             | 14,813  |               |

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Table of Contents

|                                                     |  |                                            |  |                        |  |                                                               |  |                    |  |                    |  |               |  |              |              |             |              |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|--------------------------------------------|--|------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES      |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                |
| March 31, 2021                                      |
|                                                     |  |                                            |  |                        |  |                                                               |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                             |  | Type of Investment2                        |  | Industry               |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost16       |              | Fair Value4 |
| KMS, LLC17                                          |  | First Lien15                               |  | Distribution           |  | L+6.00% (Floor 1.00%)/Q, Current Coupon 7.00%             |  | 1/5/2021   |  | 11/23/2025 |  | 16,000   |  |              | 15,923  |             |              | 15,968   |  |
| LANDPOINT HOLDCO, INC.                              |  | First Lien                                 |  | Business services      |  | L+11.00%(Floor 1.00%)/Q, Current Coupon 12.00%            |  | 12/30/2019 |  | 12/30/2024 |  | 18,840   |  |              | 18,540  |             |              | 17,239   |  |
| LGM PHARMA, LLC13                                   |  | First Lien                                 |  | Healthcare products    |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%             |  | 11/15/2017 |  | 11/15/2023 |  | 11,424   |  |              | 11,315  |             |              | 11,424   |  |
|                                                     |  | Delayed Draw Term Loan                     |  |                        |  | L+10.00% (Floor 1.00%)/Q, Current Coupon 11.00%           |  | 7/24/2020  |  | 11/15/2023 |  | 2,488    |  |              | 2,448   |             |              | 2,487    |  |
|                                                     |  | 142,278.89 units of Class A common stock9  |  |                        |  | —                                                       |  | 11/15/2017 |  | —            |  | —  |  |              | 1,600   |             |              | 2,309    |  |
|                                                     |  |                                            |  |                        |  |                                                               |  |                    |  |                    |  |               |  | 15,363  |              |             | 16,220  |               |
| LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) |  | First Lien                                 |  | Environmental services |  | 7.50%, L+1.50% PIK (Floor 2.00%)/Q, Current Coupon 11.00% |  | 6/30/2017  |  | 6/30/2022  |  | 14,027   |  |              | 13,984  |             |              | 12,021   |  |
|                                                     |  | 25,603 shares of Series C preferred stock  |  |                        |  |                                                               |  | 8/13/2018  |  | —            |  | —  |  |              | 25      |             |              | —  |  |
|                                                     |  | 396,825 shares of Series B preferred stock |  |                        |  | —                                                       |  | 6/30/2017  |  | —            |  | —  |  |              | 500     |             |              | —  |  |
|                                                     |  |                                            |  |                        |  |                                                               |  |                    |  |                    |  |               |  | 14,509  |              |             | 12,021  |               |
| MAKO STEEL LP                                       |  | Revolving Loan10                           |  | Business services      |  | L+7.25% (Floor (0.75%)/Q, Current Coupon 8.00%            |  | 03/15/2021 |  | 03/13/2026 |  | 660      |  |              | 623     |             |              | 647      |  |
|                                                     |  | First Lien                                 |  |                        |  | L+7.25% (Floor (0.75%)/Q, Current Coupon 8.00%            |  | 03/15/2021 |  | 03/13/2026 |  | 8,113    |  |              | 7,952   |             |              | 7,952    |  |
|                                                     |  |                                            |  |                        |  |                                                               |  |                    |  |                    |  |               |  | 8,575   |              |             | 8,599   |               |
| NINJATRADER, INC.13                                 |  | Revolving Loan10                           |  | Financial services     |  | L+6.75% (Floor 1.50%)                                         |  | 12/18/2019 |  | 12/18/2024 |  | —  |  |              | (6)          |             |              | —  |  |
|                                                     |  | First Lien                                 |  |                        |  | L+6.75% (Floor 1.50%)/Q, Current Coupon 8.25%             |  | 12/18/2019 |  | 12/18/2024 |  | 19,250   |  |              | 18,784  |             |              | 19,250   |  |
|                                                     |  | Delayed Draw Term Loan10                   |  |                        |  | L+6.75% (Floor 1.50%)/Q                                   |  | 12/31/2020 |  | 12/18/2024 |  | —  |  |              | (36)         |             |              | —  |  |
|                                                     |  | 2,000,000 Preferred Units9                 |  |                        |  | —                                                       |  | 12/18/2019 |  | —            |  | —  |  |              | 2,000   |             |              | 6,223    |  |
|                                                     |  |                                            |  |                        |  |                                                               |  |                    |  |                    |  |               |  | 20,742  |              |             | 25,473  |               |
| 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   |  |              | 9,980   |             |              | 10,132   |  |

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|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  |              |              |             |              |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|--------------------------------------------|--|--------------------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--|--------------|--------------|-------------|--------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2021                                 |
|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2                        |  | Industry                             |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |  | Cost16       |              | Fair Value4 |
| 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      |  |              | 482     |             |              | 500     |  |
|                                                |  | First Lien                                 |  |                                      |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%             |  | 11/9/2018  |  | 11/9/2023  |  | 14,270   |  |              | 14,108  |             |              | 14,270  |  |
|                                                |  | 13,811 Class A Units                       |  |                                      |  | —                                                       |  | 11/9/2018  |  | —            |  | —  |  |              | 1,381   |             |              | 1,720   |  |
|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  | 15,971  |              |             | 16,490  |              |
| RTIC SUBSIDIARY HOLDINGS, LLC                  |  | Revolving Loan10                           |  | Consumer products & retail       |  | L+7.75% (Floor 1.25%)/Q, Current Coupon 9.00%             |  | 9/1/2020   |  | 9/1/2025   |  | 329      |  |              | 317     |             |              | 329     |  |
|                                                |  | First Lien                                 |  |                                      |  | L+7.75% (Floor 1.25%)/Q, Current Coupon 9.00%             |  | 9/1/2020   |  | 9/1/2025   |  | 7,135    |  |              | 7,054   |             |              | 7,135   |  |
|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  | 7,371   |              |             | 7,464   |              |
| SCRIP, INC.8                                   |  | First Lien                                 |  | Healthcare products                  |  | L+9.68% (Floor 2.00%)/M, Current Coupon 11.68%            |  | 3/21/2019  |  | 3/21/2024  |  | 16,750   |  |              | 16,422  |             |              | 16,750  |  |
|                                                |  | 100 shares of common stock                 |  |                                      |  | —                                                       |  | 3/21/2019  |  | —            |  | —  |  |              | 1,000   |             |              | 967     |  |
|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  | 17,422  |              |             | 17,717  |              |
| TAX ADVISORS GROUP, LLC13                      |  | 143.3 Class A units9                       |  | Financial services                   |  | —                                                       |  | 6/23/2017  |  | —            |  | —  |  |              | 541     |             |              | 1,539   |  |
| TRAFERA, LLC (FKA TRINITY 3, LLC)13            |  | First Lien15                               |  | Technology products & components |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%             |  | 9/30/2020  |  | 9/30/2025  |  | 9,975    |  |              | 9,838   |             |              | 9,975   |  |
|                                                |  | 896.43 Class A units9                      |  |                                      |  | —                                                       |  | 11/15/2019 |  | —            |  | —  |  |              | 1,205   |             |              | 3,204   |  |
|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  | 11,043  |              |             | 13,179  |              |
| USA DEBUSK, LLC                                |  | First Lien                                 |  | Industrial services                  |  | L+5.75% (Floor 1.00%)/M, Current Coupon 6.75%             |  | 2/25/2020  |  | 10/22/2024 |  | 7,900    |  |              | 7,782   |             |              | 7,892   |  |
| 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   |  | 11,481   |  |              | 10,920  |             |              | 11,481  |  |
|                                                |  | 171,617 shares of Series A preferred stock |  |                                      |  | —                                                       |  | 4/3/2019   |  | —            |  | —  |  |              | 1,874   |             |              | 3,904   |  |
|                                                |  | Warrants (Expiration - April 3, 2029)      |  |                                      |  | —                                                       |  | 4/3/2019   |  | —            |  | —  |  |              | 620     |             |              | 1,853   |  |
|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  | 13,414  |              |             | 17,238  |              |
| VTX HOLDINGS, INC.8                            |  | First Lien                                 |  | Software & IT services           |  | L+9.00% (Floor 2.00%)/Q, Current Coupon 11.00%            |  | 7/23/2019  |  | 7/23/2024  |  | 21,575   |  |              | 21,181  |             |              | 21,575  |  |
|                                                |  | 1,397,707 Series A Preferred units         |  |                                      |  | —                                                       |  | 7/23/2019  |  | —            |  | —  |  |              | 1,398   |             |              | 1,654   |  |
|                                                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |  | 22,579  |              |             | 23,229  |              |

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|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           |              |               |             |              |               |               |   |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|--------------------------------------------|--|---------------------|--|---------------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|-----------|--------------|---------------|-------------|--------------|---------------|---------------|---|-----------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES  |
| CONSOLIDATED SCHEDULE OF INVESTMENTS            |
| March 31, 2021                                  |
|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           |              |               |             |
| Portfolio Company1                         |  | Type of Investment2                        |  | Industry            |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity          |  | Principal     |           | Cost16       |               | Fair Value4 |
| ZENFOLIO INC.                                   |  | Revolving Loan                             |  | Business services   |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%            |  | 7/17/2017  |  | 7/17/2023 |  | 2,000    |           |              | 1,992    |             |              | 1,820    |               |
|                                                 |  | First Lien                                 |  |                     |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%            |  | 7/17/2017  |  | 7/17/2023 |  | 14,888   |           |              | 14,722   |             |              | 13,548   |               |
|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           | 16,714  |               |             | 15,368  |               |
|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           |              |               |             |
| Total Non-control/Non-affiliate Investments |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           | $            | 540,556  |             |              | $             | 546,028  |   |
|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           |              |               |             |
| Affiliate Investments6                          |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           |              |               |             |
| CENTRAL MEDICAL SUPPLY LLC13                    |  | Revolving Loan10                           |  | Healthcare services |  | L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%            |  | 5/22/2020  |  | 5/22/2025 |  | $             | 300  |              |               | $           | 275     |               |               | $ | 276  |  |
|                                                 |  | First Lien                                 |  |                     |  | L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%            |  | 5/22/2020  |  | 5/22/2025 |  | 7,500    |           |              | 7,371    |             |              | 6,908    |               |
|                                                 |  | Delayed Draw Capex Term Loan10             |  |                     |  | L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%            |  | 5/22/2020  |  | 5/22/2025 |  | 100      |           |              | 75       |             |              | 92       |               |
|                                                 |  | 875,000 Preferred Units9                   |  |                     |  | —                                                       |  | 5/22/2020  |  | —           |  | —  |           |              | 875      |             |              | 641      |               |
|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           | 8,596   |               |             | 7,917   |               |
| CHANDLER SIGNS, LLC13                           |  | 1,500,000 units of Class A-1 common stock9 |  | Business services   |  | —                                                       |  | 1/4/2016   |  | —           |  | —  |           |              | 1,500    |             |              | 1,343    |               |
| DELPHI BEHAVIORAL HEALTH GROUP, LLC             |  | First Lien                                 |  | Healthcare services |  | L+9.50% (Floor 1.00%)/M, Current Coupon 10.50%            |  | 4/8/2020   |  | 4/7/2023  |  | 1,414    |           |              | 1,414    |             |              | 1,398    |               |
|                                                 |  | First Lien                                 |  |                     |  | L+7.50% (Floor 1.00%)/M, Current Coupon 8.50%             |  | 4/8/2020   |  | 4/7/2023  |  | 1,580    |           |              | 1,580    |             |              | 1,500    |               |
|                                                 |  | 1,681.04 Common Units                      |  |                     |  | —                                                       |  | 4/8/2020   |  | —           |  | —  |           |              | 3,615    |             |              | 3,615    |               |
|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           | 6,609   |               |             | 6,513   |               |
| DYNAMIC COMMUNITIES, LLC13                      |  | Revolving Loan10                           |  | Business services   |  | L+3.75%, 7.75% PIK (Floor 1.00%)                              |  | 7/17/2018  |  | 7/17/2023 |  | —  |           |              | (2)           |             |              | —  |               |
|                                                 |  | First Lien                                 |  |                     |  | L+3.75%, 7.75% PIK (Floor 1.00%)/Q, Current Coupon 12.50% |  | 7/17/2018  |  | 7/17/2023 |  | 11,061   |           |              | 10,950   |             |              | 9,966    |               |
|                                                 |  | Senior subordinated debt                   |  |                     |  | 25% PIK                                                       |  | 12/4/2020  |  | 1/16/2024 |  | 372      |           |              | 372      |             |              | 372      |               |
|                                                 |  | 2,000,000 Preferred Units9                 |  |                     |  | —                                                       |  | 7/17/2018  |  | —           |  | —  |           |              | 2,000    |             |              | 1,274    |               |
|                                                 |  |                                            |  |                     |  |                                                               |  |                    |  |                   |  |               |           | 13,320  |               |             | 11,612  |               |

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|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  |              |              |             |              |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-----------------------------------------|--|---------------------------------------|--|---------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--|--------------|--------------|-------------|--------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2021                                 |
|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  |              |              |             |
| Portfolio Company1                        |  | Type of Investment2                     |  | Industry                              |  | Current Interest Rate3                                  |  | Acquisition Date14 |  | Maturity          |  | Principal     |  | Cost16       |              | Fair Value4 |
| GRAMMATECH, INC.                               |  | Revolving Loan10                        |  | Software & IT services            |  | L+7.50% (Floor 2.00%)                                   |  | 11/1/2019  |  | 11/1/2024 |  | —  |  |              | (31)         |             |              | —  |              |
|                                                |  | First Lien                              |  |                                       |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%       |  | 11/1/2019  |  | 11/1/2024 |  | 11,500   |  |              | 11,346  |             |              | 11,420   |              |
|                                                |  | 1,000 Class A units                     |  |                                       |  | —                                                 |  | 11/1/2019  |  | —           |  | —  |  |              | 1,000   |             |              | 1,208    |              |
|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  | 12,315  |              |             | 12,628  |               |
| ITA HOLDINGS GROUP, LLC13                      |  | Revolving Loan10                        |  | Transportation & logistics        |  | L+9.00% (Floor 1.00%)                                   |  | 2/14/2018  |  | 2/14/2023 |  | —  |  |              | (23)         |             |              | —  |              |
|                                                |  | First Lien - Term Loan                  |  |                                       |  | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%       |  | 2/14/2018  |  | 2/14/2023 |  | 10,071   |  |              | 9,996   |             |              | 10,061   |              |
|                                                |  | First Lien - Term B Loan                |  |                                       |  | L+10.00% (Floor 1.00%)/Q, Current Coupon 11.00%     |  | 6/5/2018   |  | 2/14/2023 |  | 5,036    |  |              | 4,984   |             |              | 5,101    |              |
|                                                |  | First Lien - PIK Note A                 |  |                                       |  | 10.00% PIK                                              |  | 3/29/2019  |  | 2/14/2023 |  | 2,678    |  |              | 2,282   |             |              | 2,630    |              |
|                                                |  | First Lien - PIK Note B                 |  |                                       |  | 10.00% PIK                                              |  | 3/29/2019  |  | 2/14/2023 |  | 106      |  |              | 106     |             |              | 103      |              |
|                                                |  | Warrants (Expiration - March 29, 2029)9 |  |                                       |  | —                                                 |  | 3/29/2019  |  | —           |  | —  |  |              | 538     |             |              | 2,968    |              |
|                                                |  | 9.25% Class A Membership Interest9      |  |                                       |  | —                                                 |  | 2/14/2018  |  | —           |  | —  |  |              | 1,500   |             |              | 2,532    |              |
|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  | 19,383  |              |             | 23,395  |               |
| SIMR, LLC                                      |  | First Lien                              |  | Healthcare services                   |  | L+17.00% PIK (Floor 2.00%)/M, Current Coupon 19.00% |  | 9/7/2018   |  | 9/7/2023  |  | 13,661   |  |              | 13,527  |             |              | 12,103   |              |
|                                                |  | 9,374,510.2 Class B Common Units        |  |                                       |  | —                                                 |  | 9/7/2018   |  | —           |  | —  |  |              | 6,107   |             |              | —  |              |
|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  | 19,634  |              |             | 12,103  |               |
| SONOBI, INC.13                                 |  | First Lien                              |  | Media, marketing, & entertainment |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%       |  | 9/17/2020  |  | 9/16/2025 |  | 8,500    |  |              | 8,344   |             |              | 8,500    |              |
|                                                |  | 500,000 Class A Common Units9           |  |                                       |  | —                                                 |  | 9/17/2020  |  | —           |  | —  |  |              | 500     |             |              | 1,235    |              |
|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  | 8,844   |              |             | 9,735   |               |
|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  |              |              |             |
| Total Affiliate Investments                    |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  | $            | 90,201  |             |              | $             | 85,246  |  |
|                                                |  |                                         |  |                                       |  |                                                         |  |                    |  |                   |  |               |  |              |              |             |

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|                                                |  |                         |  |                       |  |                        |  |                    |  |          |  |               |  |        |               |              |  |   |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-------------------------|--|-----------------------|--|------------------------|--|--------------------|--|----------|--|---------------|--|--------|---------------|--------------|--|---|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| March 31, 2021                                 |
|                                                |  |                         |  |                       |  |                        |  |                    |  |          |  |               |  |        |               |              |
| Portfolio Company1                        |  | Type of Investment2     |  | Industry              |  | Current Interest Rate3 |  | Acquisition Date14 |  | Maturity |  | Principal     |  | Cost16 |               | Fair Value4  |
| Control Investments7                           |  |                         |  |                       |  |                        |  |                    |  |          |  |               |  |        |               |              |
| I-45 SLF LLC9,11                               |  | 80% LLC equity interest |  | Multi-sector holdings |  | —                |  | 10/20/2015 |  | —  |  | —  |  |        | $             | 72,800  |  |   | $             | 57,158  |  |
|                                                |  |                         |  |                       |  |                        |  |                    |  |          |  |               |  |        |               |              |
| Total Control Investments                      |  |                         |  |                       |  |                        |  |                    |  |          |  |               |  | $      | 72,800   |              |  | $ | 57,158   |              |
|                                                |  |                         |  |                       |  |                        |  |                    |  |          |  |               |  |        |               |              |
| TOTAL INVESTMENTS12                            |  |                         |  |                       |  |                        |  |                    |  |          |  |               |  | $      | 703,557  |              |  | $ | 688,432  |              |

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|                              |                                  |               |                                                 |           |                                        |   |            |             |                                           |              |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|----------------------------------|---------------|-------------------------------------------------|-----------|----------------------------------------|---|------------|-------------|-------------------------------------------|--------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              | Fair Value                  |               | Percentage of Total Portfolioat Fair Value |           | Percentage of Net Assets at Fair Value |   | Cost       |             | Percentage of Total Portfolioat Cost |
|                              | (dollars in thousands) |
| December 31, 2021:       |                                  |               |                                                 |           |                                        |   |            |             |                                           |
| First lien loans1,2          | $                                | 679,184  |                                                 |           | 77.5                              | % |            | 175.3  | %                                         |              | $ | 685,807  |            |  | 77.3   | % |
| Second lien loans2           | 53,051                      |               |                                                 | 6.0  |                                        |   | 13.7  |             |                                           | 55,847  |   |               | 6.3   |  |
| Subordinated debt3           | 12,446                      |               |                                                 | 1.4  |                                        |   | 3.2   |             |                                           | 12,335  |   |               | 1.4   |  |
| Preferred equity             | 37,390                      |               |                                                 | 4.3  |                                        |   | 9.7   |             |                                           | 22,363  |   |               | 2.5   |  |
| Common equity & warrants | 37,105                      |               |                                                 | 4.2  |                                        |   | 9.6   |             |                                           | 34,448  |   |               | 3.9   |  |
| I-45 SLF LLC4                | 57,589                      |               |                                                 | 6.6  |                                        |   | 14.9  |             |                                           | 76,000  |   |               | 8.6   |  |
|                              | $                                | 876,765  |                                                 |           | 100.0                             | % |            | 226.4  | %                                         |              | $ | 886,800  |            |  | 100.0  | % |
|                              |                                  |               |                                                 |           |                                        |   |            |             |                                           |
| March 31, 2021:          |                                  |               |                                                 |           |                                        |   |            |             |                                           |
| First lien loans1,2          | $                                | 524,161  |                                                 |           | 76.1                              | % |            | 155.9  | %                                         |              | $ | 530,366  |            |  | 75.4   | % |
| Second lien loans2           | 36,919                      |               |                                                 | 5.4  |                                        |   | 11.0  |             |                                           | 40,198  |   |               | 5.7   |  |
| Subordinated debt3           | 11,534                      |               |                                                 | 1.7  |                                        |   | 3.4   |             |                                           | 11,588  |   |               | 1.6   |  |
| Preferred equity             | 22,608                      |               |                                                 | 3.3  |                                        |   | 6.7   |             |                                           | 15,378  |   |               | 2.2   |  |
| Common equity & warrants | 36,052                      |               |                                                 | 5.2  |                                        |   | 10.7  |             |                                           | 33,227  |   |               | 4.7   |  |
| I-45 SLF LLC4                | 57,158                      |               |                                                 | 8.3  |                                        |   | 17.0  |             |                                           | 72,800  |   |               | 10.4  |  |
|                              | $                                | 688,432  |                                                 |           | 100.0                             | % |            | 204.7  | %                                         |              | $ | 703,557  |            |  | 100.0  | % |

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|                                      |                                  |               |                                                 |           |                                        |   |            |             |                                           |              |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|----------------------------------|---------------|-------------------------------------------------|-----------|----------------------------------------|---|------------|-------------|-------------------------------------------|--------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                      | Fair Value                  |               | Percentage of Total Portfolioat Fair Value |           | Percentage of Net Assets at Fair Value |   | Cost       |             | Percentage of Total Portfolioat Cost |
|                                      | (dollars in thousands) |
| December 31, 2021:               |                                  |               |                                                 |           |                                        |   |            |             |                                           |
| Business Services                    | $                                | 120,862  |                                                 |           | 13.8                              | % |            | 31.2   | %                                         |              | $ | 122,194  |            |  | 13.8   | % |
| Healthcare Services                  | 84,016                      |               |                                                 | 9.6  |                                        |   | 21.7  |             |                                           | 94,372  |   |               | 10.6  |  |
| Consumer Products & Retail       | 75,625                      |               |                                                 | 8.6  |                                        |   | 19.5  |             |                                           | 74,699  |   |               | 8.4   |  |
| I-45 SLF LLC1                        | 57,589                      |               |                                                 | 6.6  |                                        |   | 14.9  |             |                                           | 76,000  |   |               | 8.6   |  |
| Media, Marketing & Entertainment | 53,071                      |               |                                                 | 6.1  |                                        |   | 13.7  |             |                                           | 44,930  |   |               | 5.1   |  |
| Distribution                         | 51,546                      |               |                                                 | 5.9  |                                        |   | 13.3  |             |                                           | 51,186  |   |               | 5.8   |  |
| Consumer Services                    | 42,156                      |               |                                                 | 4.8  |                                        |   | 10.9  |             |                                           | 41,979  |   |               | 4.7   |  |
| Food, Agriculture & Beverage     | 41,224                      |               |                                                 | 4.7  |                                        |   | 10.6  |             |                                           | 40,809  |   |               | 4.6   |  |
| Financial Services                   | 39,420                      |               |                                                 | 4.5  |                                        |   | 10.2  |             |                                           | 31,301  |   |               | 3.5   |  |
| Transportation & Logistics       | 34,142                      |               |                                                 | 3.9  |                                        |   | 8.8   |             |                                           | 28,724  |   |               | 3.2   |  |
| Education                            | 33,527                      |               |                                                 | 3.8  |                                        |   | 8.7   |             |                                           | 32,826  |   |               | 3.7   |  |
| Technology Products & Components | 32,624                      |               |                                                 | 3.7  |                                        |   | 8.4   |             |                                           | 28,207  |   |               | 3.2   |  |
| Healthcare Products                  | 31,439                      |               |                                                 | 3.6  |                                        |   | 8.1   |             |                                           | 32,945  |   |               | 3.7   |  |
| Software & IT Services           | 25,926                      |               |                                                 | 3.0  |                                        |   | 6.7   |             |                                           | 27,202  |   |               | 3.1   |  |
| Environmental Services               | 22,516                      |               |                                                 | 2.6  |                                        |   | 5.8   |             |                                           | 24,600  |   |               | 2.8   |  |
| Energy Services (Upstream)           | 18,955                      |               |                                                 | 2.1  |                                        |   | 4.9   |             |                                           | 18,526  |   |               | 2.1   |  |
| Telecommunications                   | 18,178                      |               |                                                 | 2.0  |                                        |   | 4.7   |             |                                           | 22,371  |   |               | 2.5   |  |
| Specialty Chemicals                  | 17,706                      |               |                                                 | 2.0  |                                        |   | 4.6   |             |                                           | 17,668  |   |               | 2.0   |  |
| Industrial Products                  | 14,995                      |               |                                                 | 1.7  |                                        |   | 3.9   |             |                                           | 14,995  |   |               | 1.7   |  |
| Energy Services (Midstream)          | 13,806                      |               |                                                 | 1.6  |                                        |   | 3.6   |             |                                           | 13,850  |   |               | 1.6   |  |
| Industrial Services                  | 11,539                      |               |                                                 | 1.3  |                                        |   | 3.0   |             |                                           | 11,472  |   |               | 1.3   |  |
| Containers & Packaging           | 10,698                      |               |                                                 | 1.2  |                                        |   | 2.8   |             |                                           | 10,740  |   |               | 1.2   |  |
| Commodities & Mining             | 10,466                      |               |                                                 | 1.2  |                                        |   | 2.7   |             |                                           | 10,985  |   |               | 1.2   |  |
| Aerospace & Defense              | 6,666                       |               |                                                 | 0.8  |                                        |   | 1.7   |             |                                           | 6,666   |   |               | 0.8   |  |
| Restaurants                          | 5,573                       |               |                                                 | 0.6  |                                        |   | 1.4   |             |                                           | 4,571   |   |               | 0.5   |  |
| Paper & Forest Products          | 2,500                       |               |                                                 | 0.3  |                                        |   | 0.6   |             |                                           | 2,982   |   |               | 0.3   |  |
|                                      | $                                | 876,765  |                                                 |           | 100.0                             | % |            | 226.4  | %                                         |              | $ | 886,800  |            |  | 100.0  | % |

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|                                       |                                  |               |                                                 |            |                                        |   |            |             |                                           |              |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|----------------------------------|---------------|-------------------------------------------------|------------|----------------------------------------|---|------------|-------------|-------------------------------------------|--------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                       | Fair Value                  |               | Percentage of Total Portfolioat Fair Value |            | Percentage of Net Assets at Fair Value |   | Cost       |             | Percentage of Total Portfolioat Cost |
|                                       | (dollars in thousands) |
| March 31, 2021:                   |                                  |               |                                                 |            |                                        |   |            |             |                                           |
| Business Services                     | $                                | 87,839   |                                                 |            | 12.8                              | % |            | 26.1   | %                                         |              | $ | 89,758   |            |  | 12.8   | % |
| Media, Marketing, & Entertainment | 80,876                      |               |                                                 | 11.7  |                                        |   | 24.1  |             |                                           | 75,447  |   |               | 10.7  |  |
| Healthcare Services                   | 72,411                      |               |                                                 | 10.5  |                                        |   | 21.5  |             |                                           | 81,509  |   |               | 11.6  |  |
| I-45 SLF LLC1                         | 57,158                      |               |                                                 | 8.3   |                                        |   | 17.0  |             |                                           | 72,800  |   |               | 10.3  |  |
| Distribution                          | 53,160                      |               |                                                 | 7.7   |                                        |   | 15.8  |             |                                           | 52,819  |   |               | 7.5   |  |
| Software & IT Services            | 46,696                      |               |                                                 | 6.8   |                                        |   | 13.9  |             |                                           | 45,683  |   |               | 6.5   |  |
| Industrial Services                   | 39,071                      |               |                                                 | 5.7   |                                        |   | 11.6  |             |                                           | 39,424  |   |               | 5.6   |  |
| Healthcare Products                   | 33,937                      |               |                                                 | 4.9   |                                        |   | 10.1  |             |                                           | 32,785  |   |               | 4.7   |  |
| Financial Services                    | 33,861                      |               |                                                 | 4.9   |                                        |   | 10.1  |             |                                           | 28,283  |   |               | 4.0   |  |
| Technology Products & Components  | 30,716                      |               |                                                 | 4.5   |                                        |   | 9.1   |             |                                           | 28,220  |   |               | 4.0   |  |
| Consumer Products & Retail        | 29,980                      |               |                                                 | 4.4   |                                        |   | 8.9   |             |                                           | 29,927  |   |               | 4.2   |  |
| Transportation & Logistics        | 23,395                      |               |                                                 | 3.4   |                                        |   | 7.0   |             |                                           | 19,383  |   |               | 2.8   |  |
| Food, Agriculture & Beverage      | 21,575                      |               |                                                 | 3.1   |                                        |   | 6.4   |             |                                           | 21,641  |   |               | 3.1   |  |
| Telecommunications                    | 19,572                      |               |                                                 | 2.8   |                                        |   | 5.8   |             |                                           | 24,350  |   |               | 3.5   |  |
| Environmental Services                | 12,021                      |               |                                                 | 1.7   |                                        |   | 3.6   |             |                                           | 14,510  |   |               | 2.1   |  |
| Commodities & Mining              | 10,138                      |               |                                                 | 1.5   |                                        |   | 3.0   |             |                                           | 10,603  |   |               | 1.5   |  |
| Aerospace & Defense               | 9,668                       |               |                                                 | 1.4   |                                        |   | 2.9   |             |                                           | 9,459   |   |               | 1.3   |  |
| Energy Services (Midstream)           | 8,975                       |               |                                                 | 1.3   |                                        |   | 2.7   |             |                                           | 9,319   |   |               | 1.3   |  |
| Specialty Chemicals                   | 7,841                       |               |                                                 | 1.1   |                                        |   | 2.3   |             |                                           | 7,841   |   |               | 1.1   |  |
| Restaurants                           | 6,542                       |               |                                                 | 1.1   |                                        |   | 1.9   |             |                                           | 6,822   |   |               | 1.0   |  |
| Paper & Forest Products           | 3,000                       |               |                                                 | 0.4   |                                        |   | 0.9   |             |                                           | 2,974   |   |               | 0.4   |  |
|                                       | $                                | 688,432  |                                                 |            | 100.0                             | % |            | 204.7  | %                                         |              | $ | 703,557  |            |  | 100.0  | % |

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|                        |                                  |               |                                                 |            |                                        |   |            |             |                                           |               |   |               |            |  |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------|----------------------------------|---------------|-------------------------------------------------|------------|----------------------------------------|---|------------|-------------|-------------------------------------------|---------------|---|---------------|------------|--|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                        | Fair Value                  |               | Percentage of Total Portfolioat Fair Value |            | Percentage of Net Assets at Fair Value |   | Cost       |             | Percentage of Total Portfolioat Cost |
|                        | (dollars in thousands) |
| December 31, 2021: |                                  |               |                                                 |            |                                        |   |            |             |                                           |
| Northeast              | $                                | 217,063  |                                                 |            | 24.8                              | % |            | 56.0   | %                                         |               | $ | 216,521  |            |  | 24.4   | % |
| Southwest              | 199,005                     |               |                                                 | 22.7  |                                        |   | 51.4  |             |                                           | 198,571  |   |               | 22.4  |  |
| West                   | 153,847                     |               |                                                 | 17.5  |                                        |   | 39.7  |             |                                           | 145,140  |   |               | 16.4  |  |
| Midwest                | 142,269                     |               |                                                 | 16.2  |                                        |   | 36.7  |             |                                           | 139,267  |   |               | 15.7  |  |
| Southeast              | 92,415                      |               |                                                 | 10.5  |                                        |   | 23.9  |             |                                           | 96,777   |   |               | 10.9  |  |
| I-45 SLF LLC1          | 57,589                      |               |                                                 | 6.6   |                                        |   | 14.9  |             |                                           | 76,000   |   |               | 8.6   |  |
| International          | 14,577                      |               |                                                 | 1.7   |                                        |   | 3.8   |             |                                           | 14,524   |   |               | 1.6   |  |
|                        | $                                | 876,765  |                                                 |            | 100.0                             | % |            | 226.4  | %                                         |               | $ | 886,800  |            |  | 100.0  | % |
|                        |                                  |               |                                                 |            |                                        |   |            |             |                                           |
| March 31, 2021:    |                                  |               |                                                 |            |                                        |   |            |             |                                           |
| Southwest              | $                                | 196,956  |                                                 |            | 28.6                              | % |            | 58.6   | %                                         |               | $ | 200,091  |            |  | 28.4   | % |
| Northeast              | 153,761                     |               |                                                 | 22.3  |                                        |   | 45.7  |             |                                           | 150,595  |   |               | 21.4  |  |
| Southeast              | 120,168                     |               |                                                 | 17.5  |                                        |   | 35.7  |             |                                           | 125,317  |   |               | 17.8  |  |
| West                   | 90,910                      |               |                                                 | 13.2  |                                        |   | 27.0  |             |                                           | 87,363   |   |               | 12.5  |  |
| Midwest                | 69,479                      |               |                                                 | 10.1  |                                        |   | 20.7  |             |                                           | 67,391   |   |               | 9.6   |  |
| I-45 SLF LLC1          | 57,158                      |               |                                                 | 8.3   |                                        |   | 17.0  |             |                                           | 72,800   |   |               | 10.3  |  |
|                        | $                                | 688,432  |                                                 |            | 100.0                             | % |            | 204.7  | %                                         |               | $ | 703,557  |            |  | 100.0  | % |

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|                                          |              |               |                                                                    |               |                                                    |               |                                               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--------------|---------------|--------------------------------------------------------------------|---------------|----------------------------------------------------|---------------|-----------------------------------------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                          |              |               | Fair Value Measurements                                  |
|                                          |              |               | at December 31, 2021 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                         | $            | 679,184  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 679,184  |  |
| Second lien loans                        | 53,051  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 53,051   |  |
| Subordinated debt                        | 12,446  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 12,446   |  |
| Preferred equity                         | 37,390  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 37,390   |  |
| Common equity & warrants             | 37,105  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 37,105   |  |
| Investments measured at net asset value1 | 57,589  |               |                                                                    | —  |                                                    |               | —                                  |  |   | —  |  |
| Total Investments                        | $            | 876,765  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 819,176  |  |

|                                          |              |               |                                                                    |               |                                                    |               |                                               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--------------|---------------|--------------------------------------------------------------------|---------------|----------------------------------------------------|---------------|-----------------------------------------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                          |              |               |                                                                    |               |                                                    |               |                                               |
|                                          |              |               | Fair Value Measurements                                  |
|                                          |              |               | at March 31, 2021 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                         | $            | 524,161  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 524,161  |  |
| Second lien loans                        | 36,919  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 36,919   |  |
| Subordinated debt                        | 11,534  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 11,534   |  |
| Preferred equity                         | 22,608  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 22,608   |  |
| Common equity & warrants             | 36,052  |               |                                                                    | —  |                                                    |               | —                                  |  |   | 36,052   |  |
| Investments measured at net asset value1 | 57,158  |               |                                                                    | —  |                                                    |               | —                                  |  |   | —  |  |
| Total Investments                        | $            | 688,432  |                                                                    |               | $                                                  | —  |                                               |  | $ | —  |  |  | $ | 631,274  |  |

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|                              |                                     |  |                         |               |                          |                          |               |               |              |       |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|-------------------------------------|--|-------------------------|---------------|--------------------------|--------------------------|---------------|---------------|--------------|-------|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              |                                     |  | Fair Value at |               | Significant              |                          |               |               |              |
|                              | Valuation                           |  | December 31, 2021       |               | Unobservable             |                          |               |               | Weighted     |
| Type                         | Technique                           |  | (in thousands)     |               | Inputs                   |                          | Range         |               | Average      |
|                              |                                     |  |                         |               |                          |                          |               |               |              |
| First lien loans             | Income Approach                     |  | $                       | 471,888  |                          |                     | Discount Rate |          | 6.5% - 40.4% |       | 10.7% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                          | 3.0 - 96.0    |               | 94.1         |
|                              | Market Approach                     |  | 207,296            |               |                          | Cost                     |               | 78.3 - 99.0   |              | 98.0  |
|                              |                                     |  |                         |               | Exit Value               |                          | 100.0 - 102.0 |               | 101.8        |
| Second lien loans            | Income Approach                     |  | 49,816             |               |                     | Discount Rate            |          | 10.8% - 27.8% |              | 15.1% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                          | 83.3 - 99.2   |               | 96.1         |
|                              | Market Approach                     |  | 3,235              |               |                          | Cost                     |               | 98.0 - 98.0   |              | 98.0  |
| Subordinated debt            | Income Approach                     |  | 12,214             |               |                     | Discount Rate            |          | 11.0% - 26.5% |              | 11.8% |
|                              | Enterprise Value Waterfall Approach |  | 232                |               |                          | EBITDA Multiple          |               | 8.5x - 8.5x   |              | 8.5x  |
|                              |                                     |  |                         |               | Discount Rate            |                          | 20.1% - 20.1% |               | 20.1%        |
| Preferred equity             | Enterprise Value Waterfall Approach |  | 34,290             |               |                     | EBITDA Multiple          |          | 6.7x - 14.3x  |              | 10.7x |
|                              |                                     |  |                         |               | Discount Rate            |                          | 12.5% - 30.1% |               | 18.1%        |
|                              | Market Approach                     |  | 3,100              |               |                          | Cost                     |               | 100.0 - 100.0 |              | 100.0 |
| Common equity & warrants | Enterprise Value Waterfall Approach |  | 31,491             |               |                     | EBITDA Multiple          |          | 6.3x - 13.1x  |              | 9.0x  |
|                              |                                     |  |                         |               | Discount Rate            |                          | 12.4% - 31.8% |               | 18%          |
|                              | Market Approach                     |  | 3,338              |               |                          | Cost                     |               | 100.0 - 100.0 |              | 100.0 |
|                              | Income Approach                     |  | 2,276              |               |                          | Third Party Broker Quote |               | 47.0 - 47.0   |              | 47.0  |
| Total Level 3 Investments    |                                     |  | $                       | 819,176  |                          |                          |               |               |              |       |       |

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|                              |                                     |  |                         |               |                          |                 |               |              |              |       |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|-------------------------------------|--|-------------------------|---------------|--------------------------|-----------------|---------------|--------------|--------------|-------|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              |                                     |  | Fair Value at |               | Significant              |                 |               |              |              |
|                              | Valuation                           |  | March 31, 2021          |               | Unobservable             |                 |               |              | Weighted     |
| Type                         | Technique                           |  | (in thousands)     |               | Inputs                   |                 | Range         |              | Average      |
|                              |                                     |  |                         |               |                          |                 |               |              |              |
| First lien loans             | Income Approach                     |  | $                       | 465,712  |                          |                 | Discount Rate |              | 6.3% - 28.8% |       | 10.9% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                 | 53.1 - 99.9   |              | 87.9         |
|                              | Market Approach                     |  | 58,449             |               |                          | Cost            |               | 93.9 - 98.0  |              | 97.6  |
|                              |                                     |  |                         |               | Exit Value               |                 | 100.0 - 101.0 |              | 100.2        |
| Second lien loans            | Income Approach                     |  | 36,864             |               |                          | Discount Rate   |               | 9.9% - 17.6% |              | 14.4% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                 | 96.5 - 97.8   |              | 96.6         |
|                              | Market Approach                     |  | 55                 |               |                          | Exit Value      |               | 2.4          |              | 2.4   |
| Subordinated debt            | Income Approach                     |  | 11,534             |               |                          | Discount Rate   |               | 6.2% - 29.3% |              | 13.4% |
| Preferred equity             | Enterprise Value Waterfall Approach |  | 22,608             |               |                          | EBITDA Multiple |               | 6.9x - 10.8x |              | 8.9x  |
|                              |                                     |  |                         |               | Discount Rate            |                 | 12.7% - 22.4% |              | 19.3%        |
| Common equity & warrants | Enterprise Value Waterfall Approach |  | 34,013             |               |                          | EBITDA Multiple |               | 5.6x - 11.5x |              | 8.1x  |
|                              |                                     |  |                         |               | Discount Rate            |                 | 12.9% - 29.8% |              | 20%          |
|                              | Market Approach                     |  | 2,039              |               |                          | Cost            |               | 100.0        |              | 100.0 |
|                              |                                     |  |                         |               | Exit Value               |                 | 284.4         |              | 284.4        |
| Total Level 3 Investments    |                                     |  | $                       | 631,274  |                          |                 |               |              |              |       |       |

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|                              |                           |               |                                          |             |                           |              |              |  |                          |               |              |  |                                             |           |                              |               |                                                                              |             |               |  |   |               |  |  |             |               |  |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|---------------------------|---------------|------------------------------------------|-------------|---------------------------|--------------|--------------|--|--------------------------|---------------|--------------|--|---------------------------------------------|-----------|------------------------------|---------------|------------------------------------------------------------------------------|-------------|---------------|--|---|---------------|--|--|-------------|---------------|--|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              | Fair Value March 31, 2021 |               | Realized & Unrealized Gains (Losses) |             | Purchases of Investments1 |              | Repayments   |  | PIK Interest Capitalized |               | Divestitures |  | Conversion/Reclassification of Security |           | Fair Value December 31, 2021 |               | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $                         | 524,161  |                                          |             | $                         | (998)        |              |  | $                        | 378,164  |              |  | $                                           | (219,454) |                              |               | $                                                                            | 1,994  |               |  | $ | —  |  |  | $           | (4,683)       |  |  | $ | 679,184  |  |  | $ | (2,515)     |  |
| Second lien loans            | 36,919               |               |                                          | (1,791)     |                           |              | 18,841  |  |                          | (7,152)       |              |  | 1,079                                  |           |                              | (53)          |                                                                              |             | 5,208    |  |   | 53,051   |  |  | (2,165)     |               |
| Subordinated debt            | 11,534               |               |                                          | 165    |                           |              | 270     |  |                          | —  |              |  | 477                                    |           |                              | —  |                                                                              |             | —  |  |   | 12,446   |  |  | 165    |               |
| Preferred equity             | 22,608               |               |                                          | 7,796  |                           |              | 7,511   |  |                          | —  |              |  | —                                |           |                              | —  |                                                                              |             | (525)         |  |   | 37,390   |  |  | 7,271  |               |
| Common equity & warrants | 36,052               |               |                                          | 8,677  |                           |              | 4,257   |  |                          | —  |              |  | —                                |           |                              | (11,881)      |                                                                              |             | —  |  |   | 37,105   |  |  | 4,042  |               |
| Total Investments            | $                         | 631,274  |                                          |             | $                         | 13,849  |              |  | $                        | 409,043  |              |  | $                                           | (226,606) |                              |               | $                                                                            | 3,550  |               |  | $ | (11,934)      |  |  | $           | —  |  |  | $ | 819,176  |  |  | $ | 6,798  |  |
|                              |                           |               |                                          |             |                           |              |              |  |                          |               |              |  |                                             |           |                              |               |                                                                              |
|                              | Fair Value March 31, 2020 |               | Realized & Unrealized Gains (Losses) |             | Purchases of Investments1 |              | Repayments   |  | PIK Interest Capitalized |               | Divestitures |  | Conversion/Reclassification of Security |           | Fair Value December 31, 2020 |               | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $                         | 427,447  |                                          |             | $                         | (572)        |              |  | $                        | 132,279  |              |  | $                                           | (71,102)  |                              |               | $                                                                            | 3,880  |               |  | $ | —  |  |  | $           | (9,692)       |  |  | $ | 482,240  |  |  | $ | (987)       |  |
| Second lien loans            | 37,139               |               |                                          | (758)       |                           |              | 143     |  |                          | (188)         |              |  | 642                                    |           |                              | —  |                                                                              |             | 778      |  |   | 37,756   |  |  | (758)       |               |
| Subordinated debt            | 9,747                |               |                                          | 141    |                           |              | 534     |  |                          | —  |              |  | 685                                    |           |                              | —  |                                                                              |             | —  |  |   | 11,107   |  |  | 141    |               |
| Preferred equity             | 16,624               |               |                                          | 7,485  |                           |              | 3,915   |  |                          | —  |              |  | —                                |           |                              | (7,614)       |                                                                              |             | —  |  |   | 20,410   |  |  | 2,971  |               |
| Common equity & warrants | 22,355               |               |                                          | 2,143  |                           |              | 2,381   |  |                          | —  |              |  | —                                |           |                              | (2,168)       |                                                                              |             | 8,914    |  |   | 33,625   |  |  | 1,731  |               |
| Total Investments            | $                         | 513,312  |                                          |             | $                         | 8,439   |              |  | $                        | 139,252  |              |  | $                                           | (71,290)  |                              |               | $                                                                            | 5,207  |               |  | $ | (9,782)       |  |  | $           | —  |  |  | $ | 585,138  |  |  | $ | 3,098  |  |

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|                    |                     |               |                                                               |               |                |               |               |  |   |               |  |  |  |  |  |  |  |
|--------------------|---------------------|---------------|---------------------------------------------------------------|---------------|----------------|---------------|---------------|--|---|---------------|--|--|--|--|--|--|--|
| December 31, 2021  | Outstanding Balance |               | Unamortized Debt Issuance Costs and Debt Discount/Premium |               | Recorded Value |
| SBA Debentures     | $                   | 29,000   |                                                               |               | $              | (1,035)       |               |  | $ | 27,965   |  |
| Credit Facility    | 190,000        |               |                                                               | —  |                |               | 190,000  |  |
| January 2026 Notes | 140,000        |               |                                                               | (1,370)       |                |               | 138,630  |  |
| October 2026 Notes | 150,000        |               |                                                               | (3,643)       |                |               | 146,357  |  |
|                    | $                   | 509,000  |                                                               |               | $              | (6,048)       |               |  | $ | 502,952  |  |
|                    |                     |               |                                                               |               |                |
| March 31, 2021     |                     |               |                                                               |               |                |
| Credit Facility    | $                   | 120,000  |                                                               |               | $              | —  |               |  | $ | 120,000  |  |
| October 2024 Notes | 125,000        |               |                                                               | (2,121)       |                |               | 122,879  |  |
| January 2026 Notes | 140,000        |               |                                                               | (1,575)       |                |               | 138,425  |  |
|                    | $                   | 385,000  |                                                               |               | $              | (3,696)       |               |  | $ | 381,304  |  |

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|                   |  |                  |  |                     |  |                   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|------------------|--|---------------------|--|-------------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Pooling Date (1)  |  | Maturity Date    |  | Fixed Interest Rate |  | December 31, 2021 |
| 9/22/2021 |  | 9/1/2031 |  | 1.575%              |  | $                 | 15,000  |  |
| (2)               |  | (2)              |  | (2)                 |  | 14,000       |              |
|                   |  |                  |  |                     |  | $                 | 29,000  |  |

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|                              |                                |         |      |             |   |         |  |  |  |  |  |
|------------------------------|--------------------------------|---------|------|-------------|---|---------|--|--|--|--|--|
|                              | Nine Months Ended December 31, |
|                              | 2021                           |         | 2020 |
| Additional capital           | $                              | (6,255) |      |             | $ | (1,341) |  |
| Total distributable earnings | 6,255                     |         |      | 1,341  |   |

|                                          |                                  |              |      |               |   |              |  |  |  |  |  |
|------------------------------------------|----------------------------------|--------------|------|---------------|---|--------------|--|--|--|--|--|
|                                          | Twelve Months Ended December 31, |
|                                          | 2021                             |              | 2020 |
| Ordinary income                          | $                                | 56,633  |      |               | $ | 37,517  |  |
| Distributions of long term capital gains | —                     |              |      | —  |   |
| Distributions on tax basis               | $                                | 56,633  |      |               | $ | 37,517  |  |

|                                                                                |                                |              |      |               |   |              |  |  |  |  |  |
|--------------------------------------------------------------------------------|--------------------------------|--------------|------|---------------|---|--------------|--|--|--|--|--|
|                                                                                | Nine Months Ended December 31, |
| Reconciliation of RIC Distributable Income1                                    | 2021                           |              | 2020 |
| Net increase in net assets from operations                                     | $                              | 23,146  |      |               | $ | 40,666  |  |
| Net unrealized appreciation on investments                                     | (4,306)                        |              |      | (24,512)      |   |
| Income/gain (expense/loss) recognized for tax on pass-through entities | 1,558                     |              |      | (8,937)       |   |
| Loss recognized on dispositions                                                | 329                       |              |      | 2,206    |   |
| Capital loss carryover2                                                        | 308                       |              |      | 14,227   |   |
| Net operating income - wholly-owned subsidiaries                               | (9,186)                        |              |      | 577      |   |
| Non-deductible tax expense                                                     | 191                       |              |      | 587      |   |
| Loss on extinguishment of debt                                                 | 12,950                    |              |      | —  |   |
| Non-deductible compensation                                                    | 2,688                     |              |      | —  |   |
| Compensation related book/tax differences                                  | 2,542                     |              |      | —  |   |
| Other book/tax differences                                                 | 3,518                     |              |      | (320)         |   |
| Estimated distributable income before deductions for distributions             | $                              | 33,738  |      |               | $ | 24,494  |  |

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|                                                |                   |               |                |         |   |           |  |  |  |  |  |
|------------------------------------------------|-------------------|---------------|----------------|---------|---|-----------|--|--|--|--|--|
|                                                | December 31, 2021 |               | March 31, 2021 |
| Deferred tax asset:                        |                   |               |                |
| Net operating loss carryforwards               | $                 | —  |                |         | $ | 224  |  |
| Interest                                       | 184               |               | 173       |         |
| Total deferred tax asset                       | 184               |               | 397            |
| Deferred tax liabilities:                  |                   |               |                |
| Net unrealized appreciation on investments     | (3,714)           |               |                | (2,931) |   |
| Net basis differences in portfolio investments | (964)             |               |                | (811)   |   |
| Total deferred tax liabilities                 | (4,678)           |               |                | (3,742) |   |
| Total net deferred tax assets (liabilities)    | $                 | (4,494)       |                |         | $ | (3,345)   |  |

|                                                       |  |                                |               |      |             |   |             |  |  |  |  |  |  |  |
|-------------------------------------------------------|--|--------------------------------|---------------|------|-------------|---|-------------|--|--|--|--|--|--|--|
|                                                       |  | Nine Months Ended December 31, |
| Components of Income Tax Provision                    |  | 2021                           |               | 2020 |
| 162(m) limitation                                     |  | $                              | —  |      |             | $ | 92     |  |
| Excise tax                                            |  | 191                       |               |      | 587    |   |
| Write-off of deferred tax asset                       |  | —                   |               |      | 1,389  |   |
| Tax provision (benefit) related to Taxable Subsidiary |  | 1,899                     |               |      | (325)       |   |
| Compensation benefits                                 |  | —                   |               |      | (155)       |   |
| Other                                                 |  | —                   |               |      | 2      |   |
| Total income tax provision                            |  | $                              | 2,090    |      |             | $ | 1,590  |  |

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|                                                     |                                 |             |              |   |             |  |  |  |
|-----------------------------------------------------|---------------------------------|-------------|--------------|---|-------------|--|--|--|
|                                                     | Three Months Ended December 31, |
|                                                     | 2021                            | 2020        |
| Number of shares repurchased                        | 31,492                     |             | 15,105  |   |
| Aggregate cost of shares repurchased (in thousands) | $                               | 862    |              | $ | 236    |  |
| Weighted average price per share                    | $                               | 27.38  |              | $ | 15.63  |  |
|                                                     |                                 |             |
|                                                     | Nine Months Ended December 31,  |
|                                                     | 2021                            | 2020        |
| Number of shares repurchased                        | 52,124                     |             | 15,309  |   |
| Aggregate cost of shares repurchased (in thousands) | $                               | 1,408  |              | $ | 239    |  |
| Weighted average price per share                    | $                               | 27.01  |              | $ | 15.62  |  |

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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, 2021        | 429,776               |  |                                    | $           | 17.05                |  |               | 2.5  |  |
| Granted                           | 172,945               |  |                                    | 27.60  |                           |  | 3.4      |           |
| Vested                            | (167,072)                  |  |                                    | 17.71  |                           |  | —  |           |
| Forfeited                         | (35,176)                   |  |                                    | 15.42  |                           |  | —  |           |
| Unvested at December 31, 2021     | 400,473               |  |                                    | $           | 21.47                |  |               | 2.7  |  |

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|                                                                               |  |               |             |           |               |   |               |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--|---------------|-------------|-----------|---------------|---|---------------|--|--|--|--|--|--|--|
|                                                                               |  | December 31,  |             | March 31, |
| Portfolio Company                                                             |  | 2021          |             | 2021      |
| Revolving Loans                                                               |  |               |             |           |
| Air Conditioning Specialist, Inc.                                             |  | $             | 1,000  |           |               | $ | —  |  |
| AllOver Media, LLC                                                            |  | 2,000    |             |           | 2,000    |   |
| American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.) |  | 113      |             |           | —  |   |
| ArborWorks, LLC                                                               |  | 2,060    |             |           | —  |   |
| Broad Sky Networks LLC                                                        |  | —  |             |           | 2,000    |   |
| Catbird NYC, LLC                                                              |  | 4,000    |             |           | —  |   |
| Central Medical Supply LLC                                                    |  | 1,200    |             |           | 1,200    |   |
| Clickbooth.com, LLC                                                           |  | —  |             |           | 1,086    |   |
| Dynamic Communities, LLC                                                      |  | 500      |             |           | 500      |   |
| Electronic Transaction Consultants LLC                                        |  | —  |             |           | 3,704    |   |
| Fast Sandwich, LLC                                                            |  | 3,100    |             |           | 3,100    |   |
| GrammaTech, Inc.                                                              |  | 2,500    |             |           | 2,500    |   |
| Ian, Evan, & Alexander Corporation (DBA EverWatch)                        |  | —  |             |           | 2,000    |   |
| ISI Enterprises, LLC                                                          |  | 1,200    |             |           | —  |   |
| ITA Holdings Group, LLC                                                       |  | 2,000    |             |           | 2,000    |   |
| Klein Hersh, LLC                                                              |  | 938      |             |           | 938      |   |
| Lash OpCo, LLC                                                                |  | 481      |             |           | —  |   |
| Lighting Retrofit International, LLC (DBA Envocore)                           |  | 1,627    |             |           | —  |   |
| Mako Steel LP                                                                 |  | 849      |             |           | 1,226    |   |
| Muenster Milling Company, LLC                                                 |  | 5,000    |             |           | —  |   |
| NeuroPsychiatric Hospitals, LLC                                               |  | 600      |             |           | —  |   |
| NinjaTrader, Inc.                                                             |  | 2,500    |             |           | 1,500    |   |
| NWN Parent Holdings, LLC                                                      |  | 1,380    |             |           | —  |   |
| Roof OpCo, LLC                                                                |  | 3,056    |             |           | —  |   |
| Roseland Management, LLC                                                      |  | 825      |             |           | 1,500    |   |
| RTIC Subsidiary Holdings, LLC                                                 |  | 822      |             |           | 767      |   |
| Shearwater Research, Inc.                                                     |  | 2,446    |             |           | —  |   |
| SIB Holdings, LLC                                                             |  | 655      |             |           | —  |   |
| South Coast Terminals LLC                                                     |  | 1,935    |             |           | —  |   |
| Spotlight AR, LLC                                                             |  | 2,000    |             |           | —  |   |
| Student Resource Center, LLC                                                  |  | 1,333    |             |           | —  |   |
| Systec Corporation (DBA Inspire Automation)                                   |  | 1,350    |             |           | —  |   |

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|                                              |  |               |               |           |               |   |              |  |  |  |  |  |  |  |
|----------------------------------------------|--|---------------|---------------|-----------|---------------|---|--------------|--|--|--|--|--|--|--|
|                                              |  | December 31,  |               | March 31, |
| Portfolio Company                            |  | 2021          |               | 2021      |
| Wall Street Prep, Inc.                       |  | 1,000    |               |           | —  |   |
| Well-Foam, Inc.                              |  | 3,500    |               |           | —  |   |
| Winter Services Operations, LLC              |  | 3,889    |               |           | —  |   |
| Zenfolio Inc.                                |  | 2,000    |               |           | —  |   |
| Total Revolving Loans                        |  | 57,859   |               |           | 26,021   |   |
| Delayed Draw Term Loans                      |  |               |               |           |
| Acceleration Partners, LLC                   |  | —  |               |           | 216      |   |
| Central Medical Supply LLC                   |  | 1,400    |               |           | 1,400    |   |
| CityVet Inc.                                 |  | 9,500    |               |           | 6,750    |   |
| FoodPharma Subsidiary Holdings, LLC          |  | 5,470    |               |           | —  |   |
| Infolinks Media Buyco, LLC                   |  | 2,250    |               |           | —  |   |
| KMS, LLC                                     |  | 4,571    |               |           | —  |   |
| Lash OpCo, LLC                               |  | 7,000    |               |           | —  |   |
| Muenster Milling Company, LLC                |  | 6,000    |               |           | —  |   |
| NeuroPsychiatric Hospitals, LLC              |  | 10,000   |               |           | —  |   |
| NinjaTrader, Inc.                            |  | 4,692    |               |           | 2,655    |   |
| Roof OpCo, LLC                               |  | 12,222   |               |           | —  |   |
| Shearwater Research, Inc.                    |  | 3,262    |               |           | —  |   |
| SIB Holdings, LLC                            |  | 1,871    |               |           | —  |   |
| Systec Corporation (DBA Inspire Automation)  |  | 3,000    |               |           | —  |   |
| Winter Services Operations, LLC              |  | 4,444    |               |           | —  |   |
| Total Delayed Draw Term Loans                |  | 75,682   |               |           | 11,021   |   |
| Other                                        |  |               |               |           |
| American Nuts Operations LLC                 |  | 384      |               |           | 384      |   |
| Catbird NYC, LLC                             |  | 125      |               |           | —  |   |
| Infolinks Media Buyco, LLC                   |  | 412      |               |           | —  |   |
| I-45 SLF LLC                                 |  | 4,800    |               |           | 8,000    |   |
| Total Other                                  |  | 5,721    |               |           | 8,384    |   |
| Total unused commitments to extend financing |  | $             | 139,262  |           |               | $ | 45,426  |  |

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|                                            |                      |             |  |  |  |
|--------------------------------------------|----------------------|-------------|--|--|--|
| Year ending March 31,  | Rent Commitment |
| 2022                                       | $                    | 45     |  |
| 2023                                       | 142             |             |
| 2024                                       | 406             |             |
| 2025                                       | 416             |             |
| 2026                                       | 426             |             |
| Thereafter                                 | 3,014           |             |
| Total                                      | $                    | 4,449  |  |

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|                                                                          |                    |             |                   |               |      |             |              |   |   |               |   |  |   |             |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------|--------------------|-------------|-------------------|---------------|------|-------------|--------------|---|---|---------------|---|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                                                          | Three Months Ended |             | Nine Months Ended |
|                                                                          | December 31,       |             | December 31,      |
| Per Share Data:                                                      | 2021               |             | 2020              |               | 2021 |             | 2020         |
| Investment income1                                                       | $                  | 0.95   |                   |               | $    | 0.99   |              |   | $ | 2.73     |   |  | $ | 2.73   |  |
| Operating expenses1                                                      | (0.44)             |             |                   | (0.47)        |      |             | (1.33)       |   |   | (1.37)        |   |
| Income taxes1                                                            | —       |             |                   | (0.07)        |      |             | (0.03)       |   |   | (0.09)        |   |
| Net investment income1                                                   | 0.51          |             |                   | 0.45     |      |             | 1.37    |   |   | 1.27     |   |
| Net realized gain (loss), net of tax1                                    | 0.12          |             |                   | (0.01)        |      |             | 0.23    |   |   | (0.37)        |   |
| Net unrealized (depreciation) appreciation on investments, net of tax1   | (0.09)             |             |                   | 0.37     |      |             | 0.19    |   |   | 1.31     |   |
| Realized loss on extinguishment of debt1                                 | —       |             |                   | (0.01)        |      |             | (0.76)       |   |   | (0.03)        |   |
| Total increase from investment operations                                | 0.54          |             |                   | 0.80     |      |             | 1.03    |   |   | 2.18     |   |
| Accretive effect of share issuances and repurchases                      | 0.24          |             |                   | 0.04     |      |             | 1.17    |   |   | —  |   |
| Dividends to shareholders                                                | (0.97)             |             |                   | (0.51)        |      |             | (2.04)       |   |   | (1.53)        |   |
| Issuance of restricted stock1,2                                          | —       |             |                   | —  |      |             | (0.10)       |   |   | (0.17)        |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (0.01)             |             |                   | —  |      |             | (0.03)       |   |   | —  |   |
| Share based compensation expense                                         | 0.04          |             |                   | 0.04     |      |             | 0.12    |   |   | 0.11     |   |
| Other3                                                                   | (0.01)             |             |                   | 0.01     |      |             | 0.03    |   |   | 0.02     |   |
| (Decrease) increase in net asset value                                   | (0.17)             |             |                   | 0.38     |      |             | 0.18    |   |   | 0.61     |   |
| Net asset value                                                          |                    |             |                   |               |      |             |              |
| Beginning of period                                                      | 16.36         |             |                   | 15.36    |      |             | 16.01   |   |   | 15.13    |   |
| End of period                                                            | $                  | 16.19  |                   |               | $    | 15.74  |              |   | $ | 16.19    |   |  | $ | 15.74  |  |
|                                                                          |                    |             |                   |               |      |             |              |
| Ratios and Supplemental Data                                             |                    |             |                   |               |      |             |              |
| Ratio of operating expenses to average net assets4                       | 2.71          | %           |                   | 3.05     | %    |             | 8.09    | % |   | 9.00     | % |
| Ratio of net investment income to average net assets4                    | 3.08          | %           |                   | 2.87     | %    |             | 8.31    | % |   | 8.30     | % |
| Portfolio turnover                                                       | 19.44         | %           |                   | 6.89     | %    |             | 30.11   | % |   | 13.39    | % |
| Total investment return4,5                                               | 4.25          | %           |                   | 29.96    | %    |             | 23.51   | % |   | 71.42    | % |
| Total return based on change in NAV4,6                                   | 4.89          | %           |                   | 5.79     | %    |             | 13.87   | % |   | 14.14    | % |
|                                                                          |                    |             |                   |               |      |             |              |
| Per share market value at the end of the period                          | $                  | 25.28  |                   |               | $    | 17.75  |              |   | $ | 25.28    |   |  | $ | 17.75  |  |
| Weighted-average common shares outstanding                               | 23,433        |             |                   | 19,135   |      |             | 22,394  |   |   | 18,629   |   |
| Weighted-average fully diluted shares outstanding                        | 23,433        |             |                   | 19,135   |      |             | 22,394  |   |   | 18,629   |   |
| Common shares outstanding at end of period                               | 23,926        |             |                   | 19,868   |      |             | 23,926  |   |   | 19,868   |   |

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Table of Contents

|                                                         |                   |               |                |              |   |               |  |  |  |  |  |
|---------------------------------------------------------|-------------------|---------------|----------------|--------------|---|---------------|--|--|--|--|--|
|                                                         | December 31, 2021 |               | March 31, 2021 |
| Selected Balance Sheet Information:                 |                   |               |                |
| Investments, at fair value (cost $190,091 and $170,791) | $                 | 180,048  |                |              | $ | 164,351  |  |
| Cash and cash equivalents                               | 3,439        |               |                | 10,419  |   |
| Due from broker                                         | 152          |               |                | 152     |   |
| Deferred financing costs and other assets               | 1,713        |               |                | 2,301   |   |
| Interest receivable                                     | 711          |               |                | 553     |   |
| Total assets                                            | $                 | 186,063  |                |              | $ | 177,776  |  |
|                                                         |                   |               |                |
| Senior credit facility payable                          | $                 | 109,500  |                |              | $ | 91,000   |  |
| Payable for unsettled transactions                      | 1,995        |               |                | 13,072  |   |
| Other liabilities                                       | 2,413        |               |                | 2,131   |   |
| Total liabilities                                       | $                 | 113,908  |                |              | $ | 106,203  |  |
| Members’ equity                                   | 72,155       |               |                | 71,573  |   |
| Total liabilities and members' equity                   | $                 | 186,063  |                |              | $ | 177,776  |  |

|                                                                            |                    |             |                   |              |                   |             |                   |  |             |             |  |  |   |              |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|--------------------|-------------|-------------------|--------------|-------------------|-------------|-------------------|--|-------------|-------------|--|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                                                            | Three Months Ended |             | Nine Months Ended |
|                                                                            | December 31, 2021  |             | December 31, 2020 |              | December 31, 2021 |             | December 31, 2020 |
| Selected Statement of Operations Information:                          |                    |             |                   |              |                   |             |                   |
| Total revenues                                                             | $                  | 3,114  |                   |              | $                 | 3,539  |                   |  | $           | 9,262  |  |  | $ | 10,858  |  |
| Total expenses                                                             | (1,023)            |             |                   | (1,049)      |                   |             | (3,041)           |  | (3,450)     |
| Net investment income                                                      | 2,091         |             |                   | 2,490   |                   |             | 6,221             |  | 7,408  |             |
| Net unrealized (depreciation) appreciation                                 | (2,405)            |             |                   | 14,769  |                   |             | (3,603)           |  | 25,876      |
| Net realized (losses) gains                                                | 58            |             |                   | (12,315)     |                   |             | 231          |  |             | (12,602)    |  |
| Net (decrease) increase in members’ equity resulting from operations | $                  | (256)       |                   |              | $                 | 4,944  |                   |  | $           | 2,849  |  |  | $ | 20,682  |  |

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|                                                  |  |                                        |  |                                           |  |                    |  |                       |  |               |             |      |               |                  |             |               |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------|--|----------------------------------------|--|-------------------------------------------|--|--------------------|--|-----------------------|--|---------------|-------------|------|---------------|------------------|-------------|---------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                  |  |                                        |  |                                           |  |                    |  | Current               |  |               |             |      |               |                  |
|                                                  |  |                                        |  | Investment                                |  | Maturity           |  | Interest              |  |               |             |      |               |                  |
| Portfolio Company                           |  | Industry                               |  | Type                                      |  | Date               |  | Rate1                 |  | Principal     |             | Cost |               | Fair Value2 |
| AAC New Holdco Inc.                              |  | Healthcare services                    |  | First Lien                                |  | 6/25/2025  |  | 10.00%, 8.00% PIK     |  | $             | 1,862  |      |               | $                | 1,862  |               |  | $ | 1,787  |  |
|                                                  |  |                                        |  | 304,075 shares common stock               |  | —            |  | —               |  | —  |             |      | 1,449    |                  |             | 1,449    |  |
|                                                  |  |                                        |  | Warrants (Expiration - December 11, 2025) |  | —            |  | —               |  | —  |             |      | 482      |                  |             | 482      |  |
| ADS Tactical, Inc.                               |  | Aerospace & defense                |  | First Lien                                |  | 3/19/2026  |  | L+5.75% (Floor 1.00%) |  | 6,478    |             |      | 6,361    |                  |             | 6,442    |  |
| American Teleconferencing Services, Ltd.3        |  | Telecommunications                     |  | Revolving Loan                            |  | 12/7/2021  |  | P+5.50%               |  | 1,032    |             |      | 921      |                  |             | 31       |  |
|                                                  |  |                                        |  | First Lien                                |  | 6/8/2023   |  | P+5.50%               |  | 5,598    |             |      | 5,670    |                  |             | 168      |  |
| ATX Networks (Toronto) Corporation               |  | Technology products & components   |  | First Lien                                |  | 9/1/2026   |  | L+7.50%,(Floor 1.00%) |  | 2,628    |             |      | 2,620    |                  |             | 2,431    |  |
|                                                  |  |                                        |  | Senior Subordinated Debt                  |  | 9/1/2028   |  | 10.00% PIK            |  | 1,029    |             |      | 1,029    |                  |             | 659      |  |
|                                                  |  |                                        |  | 196 Class A units                         |  | —            |  | —               |  | —  |             |      | —  |                  |             | —  |  |
| Burning Glass Intermediate Holding Company, Inc. |  | Software & IT services             |  | Revolving Loan4                           |  | 6/10/2028  |  | L+5.00%(Floor 1.00%)  |  | 370      |             |      | 67       |                  |             | 67       |  |
|                                                  |  |                                        |  | First Lien                                |  | 6/10/2028  |  | L+5.00%(Floor 1.00%)  |  | 3,197    |             |      | 3,146    |                  |             | 3,175    |  |
| Corel Inc.                                       |  | Software & IT services             |  | First Lien                                |  | 7/2/2026   |  | L+5.00%               |  | 6,893    |             |      | 6,730    |                  |             | 6,888    |  |
| Evergreen AcqCo 1 LP                             |  | Consumer products & retail         |  | First Lien                                |  | 4/26/2028  |  | L+5.50% (Floor 0.75%) |  | 4,190    |             |      | 4,152    |                  |             | 4,184    |  |
| Evergreen North America Acquisitions, LLC        |  | Industrial services                    |  | First Lien                                |  | 8/13/2026  |  | L+6.75%(Floor 1.00%)  |  | 6,757    |             |      | 6,633    |                  |             | 6,633    |  |
| Geo Parent Corporation                           |  | Building & infrastructure products |  | First Lien                                |  | 12/19/2025 |  | L+5.25%               |  | 6,863    |             |      | 6,830    |                  |             | 6,828    |  |
| Go Wireless Holdings, Inc.                       |  | Consumer products & retail         |  | First Lien                                |  | 12/22/2024 |  | L+6.50% (Floor 1.00%) |  | 7,411    |             |      | 7,387    |                  |             | 7,428    |  |
| Infogain Corporation                             |  | Software & IT services             |  | First Lien                                |  | 7/28/2028  |  | L+5.75% (Floor 1.00%) |  | 4,796    |             |      | 4,728    |                  |             | 4,728    |  |
| InfoGroup Inc.                                   |  | Software & IT services             |  | First Lien                                |  | 4/3/2023   |  | L+5.00% (Floor 1.00%) |  | 2,858    |             |      | 2,852    |                  |             | 2,727    |  |

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|                                         |  |                                      |  |                          |  |                    |  |                       |  |               |  |      |             |                  |  |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------|--|--------------------------------------|--|--------------------------|--|--------------------|--|-----------------------|--|---------------|--|------|-------------|------------------|--|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                         |  |                                      |  |                          |  |                    |  | Current               |  |               |  |      |             |                  |
|                                         |  |                                      |  | Investment               |  | Maturity           |  | Interest              |  |               |  |      |             |                  |
| Portfolio Company                  |  | Industry                             |  | Type                     |  | Date               |  | Rate1                 |  | Principal     |  | Cost |             | Fair Value2 |
| Integro Parent Inc.                     |  | Business services                    |  | First Lien               |  | 10/28/2022 |  | L+5.75% (Floor 1.00%) |  | 3,217    |  |      | 3,204  |                  |  | 3,081    |  |
| Intermedia Holdings, Inc.               |  | Software & IT services           |  | First Lien               |  | 7/21/2025  |  | L+6.00% (Floor 1.00%) |  | 5,691    |  |      | 5,672  |                  |  | 5,664    |  |
| Inventus Power, Inc.                    |  | Technology products & components |  | First Lien               |  | 3/29/2024  |  | S+5.00% (Floor 1.00%) |  | 6,948    |  |      | 6,896  |                  |  | 6,739    |  |
| INW Manufacturing, LLC                  |  | Food, agriculture, & beverage    |  | First Lien               |  | 3/25/2027  |  | L+5.75% (Floor 0.75%) |  | 2,944    |  |      | 2,883  |                  |  | 2,885    |  |
| Isagenix International, LLC             |  | Consumer products & retail       |  | First Lien               |  | 6/14/2025  |  | L+5.75% (Floor 1.00%) |  | 1,719    |  |      | 1,711  |                  |  | 1,288    |  |
| KORE Wireless Group Inc.                |  | Telecommunications                   |  | First Lien               |  | 12/20/2024 |  | L+5.50%               |  | 4,670    |  |      | 4,649  |                  |  | 4,664    |  |
| Lab Logistics, LLC                      |  | Healthcare services                  |  | First Lien               |  | 9/25/2023  |  | L+7.25% (Floor 1.00%) |  | 6,258    |  |      | 6,223  |                  |  | 6,258    |  |
| LaserAway Intermediate Holdings II, LLC |  | Healthcare services                  |  | First Lien               |  | 10/14/2027 |  | L+5.75% (Floor 0.75%) |  | 1,239    |  |      | 1,215  |                  |  | 1,234    |  |
| Lash OpCo, LLC                          |  | Consumer products & retail       |  | First Lien               |  | 3/18/2026  |  | L+7.00% (Floor 1.00%) |  | 5,000    |  |      | 4,888  |                  |  | 4,900    |  |
|                                         |  |                                      |  | Delayed Draw Term Loan5  |  | 3/18/2026  |  | L+7.00% (Floor 1.00%) |  | —  |  |      | (23)        |                  |  | —  |  |
| Lift Brands, Inc.                       |  | Consumer services                    |  | Tranche A                |  | 6/29/2025  |  | L+7.50% (Floor 1.00%) |  | 2,508    |  |      | 2,508  |                  |  | 2,258    |  |
|                                         |  |                                      |  | Tranche B                |  | 6/29/2025  |  | 9.50% PIK             |  | 570      |  |      | 570    |                  |  | 427      |  |
|                                         |  |                                      |  | Tranche C                |  | 6/29/2025  |  | —               |  | 565      |  |      | 565    |                  |  | 424      |  |
|                                         |  |                                      |  | Equity                   |  | —            |  | —               |  | —  |  |      | 749    |                  |  | 749      |  |
| Lightbox Intermediate, L.P.             |  | Software & IT services           |  | First Lien               |  | 5/9/2026   |  | L+5.00%               |  | 4,960    |  |      | 4,924  |                  |  | 4,899    |  |
| LOGIX Holdings Company, LLC             |  | Telecommunications                   |  | First Lien               |  | 12/23/2024 |  | L+5.75% (Floor 1.00%) |  | 5,842    |  |      | 5,821  |                  |  | 5,521    |  |
| Mills Fleet Farm Group LLC              |  | Consumer products & retail       |  | First Lien               |  | 10/24/2024 |  | L+6.25% (Floor 1.00%) |  | 4,623    |  |      | 4,580  |                  |  | 4,623    |  |
| National Credit Care                    |  | Consumer services                    |  | First Lien - Term Loan A |  | 12/23/2026 |  | L+6.50% (Floor 1.00%) |  | 2,500    |  |      | 2,450  |                  |  | 2,450    |  |
|                                         |  |                                      |  | First Lien - Term Loan B |  | 12/23/2026 |  | L+7.50% (Floor 1.00%) |  | 2,500    |  |      | 2,450  |                  |  | 2,450    |  |
| NBG Acquisition, Inc.                   |  | Wholesale                            |  | First Lien               |  | 4/26/2024  |  | L+5.50% (Floor 1.00%) |  | 2,681    |  |      | 2,664  |                  |  | 1,855    |  |
| NinjaTrader, Inc.                       |  | Financial services                   |  | First Lien               |  | 12/18/2024 |  | L+6.25% (Floor 1.00%) |  | 5,000    |  |      | 4,900  |                  |  | 4,900    |  |
| NorthStar Group Services, Inc.          |  | Environmental services               |  | First Lien               |  | 11/9/2026  |  | L+5.50% (Floor 1.00%) |  | 2,981    |  |      | 2,966  |                  |  | 2,991    |  |

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|                                 |  |                                |  |                          |  |                    |  |                                  |  |               |  |      |               |                  |  |             |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|--|--------------------------------|--|--------------------------|--|--------------------|--|----------------------------------|--|---------------|--|------|---------------|------------------|--|-------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                 |  |                                |  |                          |  |                    |  | Current                          |  |               |  |      |               |                  |
|                                 |  |                                |  | Investment               |  | Maturity           |  | Interest                         |  |               |  |      |               |                  |
| Portfolio Company          |  | Industry                       |  | Type                     |  | Date               |  | Rate1                            |  | Principal     |  | Cost |               | Fair Value2 |
| PT Network, LLC                 |  | Healthcare products            |  | First Lien               |  | 11/30/2023 |  | L+5.50%, 2.00% PIK (Floor 1.00%) |  | 4,500    |  |      | 4,500    |                  |  | 4,500  |               |
|                                 |  |                                |  | 0.795 Class C Interests  |  | —            |  | —                          |  | —  |  |      | —  |                  |  | 750    |               |
| Research Now Group, Inc.        |  | Business services              |  | First Lien               |  | 12/20/2024 |  | L+5.50% (Floor 1.00%)            |  | 4,949    |  |      | 4,949    |                  |  | 4,893  |               |
| Retail Services WIS Corporation |  | Business services              |  | First Lien               |  | 5/20/2025  |  | L+7.75% (Floor 1.00%)            |  | 2,977    |  |      | 2,927    |                  |  | 2,933  |               |
| SIB Holdings, LLC               |  | Business services              |  | First Lien               |  | 10/29/2026 |  | L+6.00% (Floor 1.00%)            |  | 3,000    |  |      | 2,942    |                  |  | 2,942  |               |
| Stellant Midco, LLC             |  | Aerospace & defense        |  | First Lien               |  | 10/2/2028  |  | L+5.50% (Floor 0.75%)            |  | 2,294    |  |      | 2,272    |                  |  | 2,272  |               |
| Tacala, LLC                     |  | Consumer products & retail |  | Second Lien              |  | 2/7/2028   |  | L+7.50% (Floor 0.75%)            |  | 5,000    |  |      | 4,990    |                  |  | 4,999  |               |
| TEAM Services Group, LLC        |  | Healthcare services            |  | First Lien               |  | 12/20/2027 |  | L+5.00% (Floor 1.00%)            |  | 6,704    |  |      | 6,659    |                  |  | 6,687  |               |
| TestEquity, LLC                 |  | Capital equipment              |  | First Lien               |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 3,805    |  |      | 3,802    |                  |  | 3,729  |               |
|                                 |  |                                |  | First Lien - Term Loan B |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 942      |  |      | 941      |                  |  | 923    |               |
| UniTek Global Services, Inc.    |  | Telecommunications             |  | First Lien               |  | 8/20/2024  |  | L+5.50%, 2.00% PIK (Floor 1.00%) |  | 2,800    |  |      | 2,787    |                  |  | 2,612  |               |
| U.S. TelePacific Corp.          |  | Telecommunications             |  | First Lien               |  | 5/2/2023   |  | L+6.00% (Floor 1.00%)            |  | 5,200    |  |      | 5,182    |                  |  | 3,931  |               |
| Vida Capital, Inc.              |  | Financial services             |  | First Lien               |  | 10/1/2026  |  | L+6.00%                          |  | 3,640    |  |      | 3,603    |                  |  | 3,376  |               |
| Wahoo Fitness Acquisition, LLC  |  | Consumer products & retail |  | First Lien               |  | 8/14/2028  |  | L+5.75% (Floor 1.00%)            |  | 5,000    |  |      | 4,858    |                  |  | 4,972  |               |
| YS Garments, LLC                |  | Consumer products & retail |  | First Lien               |  | 8/9/2024   |  | L+5.50%(Floor 1.00%)             |  | 4,313    |  |      | 4,295    |                  |  | 4,162  |               |
| Total Investments               |  |                                |  |                          |  |                    |  |                                  |  |               |  | $    | 190,091  |                  |  | $           | 180,048  |  |

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|                                          |  |                                        |  |                                           |  |                    |  |                                   |  |               |             |       |             |                  |             |             |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--|----------------------------------------|--|-------------------------------------------|--|--------------------|--|-----------------------------------|--|---------------|-------------|-------|-------------|------------------|-------------|-------------|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                          |  |                                        |  |                                           |  |                    |  | Current                           |  |               |             |       |             |                  |
|                                          |  |                                        |  | Investment                                |  | Maturity           |  | Interest                          |  |               |             |       |             |                  |
| Portfolio Company                   |  | Industry                               |  | Type                                      |  | Date               |  | Rate1                             |  | Principal     |             | Cost2 |             | Fair Value3 |
| AAC New Holdco Inc.                      |  | Healthcare services                    |  | First Lien                                |  | 6/25/2025  |  | 10.00%, 8.00% PIK                 |  | $             | 1,752  |       |             | $                | 1,752  |             |  | $ | 1,743  |  |
|                                          |  |                                        |  | 304,075 shares common stock               |  | —            |  | —                           |  | —  |             |       | 1,449  |                  |             | 1,449  |  |
|                                          |  |                                        |  | Warrants (Expiration - December 11, 2025) |  | —            |  | —                           |  | —  |             |       | 482    |                  |             | 482    |  |
| ADS Tactical                             |  | Aerospace & defense                |  | First Lien                                |  | 3/19/2026  |  | L+5.75% (Floor 1.00%)             |  | 6,731    |             |       | 6,596  |                  |             | 6,697  |  |
| American Teleconferencing Services, Ltd. |  | Telecommunications                     |  | First Lien                                |  | 6/8/2023   |  | L+6.50%(Floor 1.00%)              |  | 6,759    |             |       | 6,698  |                  |             | 3,590  |  |
| ATX Canada Acquisitionco Inc.            |  | Technology products & components   |  | First Lien                                |  | 12/31/2023 |  | L+6.25%, 1.50% PIK (Floor 1.00%)  |  | 4,464    |             |       | 4,462  |                  |             | 4,084  |  |
| California Pizza Kitchen, Inc.           |  | Restaurants                            |  | First Lien                                |  | 11/23/2024 |  | L+10.00% (Floor 1.50%)            |  | 937      |             |       | 913    |                  |             | 936    |  |
|                                          |  |                                        |  | First Lien Rolled Up                      |  | 11/23/2024 |  | 1.00%, L+11.00% PIK (Floor 1.50%) |  | 1,039    |             |       | 1,035  |                  |             | 1,033  |  |
|                                          |  |                                        |  | Second Lien                               |  | 5/23/2025  |  | 1.00%, L+12.50% PIK(Floor 1.50%)  |  | 1,141    |             |       | 1,141  |                  |             | 1,115  |  |
|                                          |  |                                        |  | 67,841 shares common stock                |  | —            |  | —                           |  | —  |             |       | 1,845  |                  |             | 1,845  |  |
| Corel                                    |  | Software & IT services             |  | First Lien                                |  | 7/2/2026   |  | L+5.00%                           |  | 7,030    |             |       | 6,834  |                  |             | 7,008  |  |
| Geo Parent Corporation                   |  | Building & infrastructure products |  | First Lien                                |  | 12/19/2025 |  | L+5.25%                           |  | 4,900    |             |       | 4,867  |                  |             | 4,888  |  |
| Go Wireless Holdings, Inc.               |  | Consumer products & retail         |  | First Lien                                |  | 12/22/2024 |  | L+6.50% (Floor 1.00%)             |  | 6,848    |             |       | 6,816  |                  |             | 6,839  |  |
| Hunter Defense Technologies, Inc.        |  | Aerospace & defense                |  | First Lien                                |  | 3/29/2023  |  | L+6.00% (Floor 1.00%)             |  | 6,122    |             |       | 6,049  |                  |             | 6,091  |  |
| InfoGroup Inc.                           |  | Software & IT services             |  | First Lien                                |  | 4/3/2023   |  | L+5.00% (Floor 1.00%)             |  | 2,880    |             |       | 2,870  |                  |             | 2,741  |  |
| Integro Parent Inc.                      |  | Business services                      |  | First Lien                                |  | 10/28/2022 |  | L+5.75% (Floor 1.00%)             |  | 3,253    |             |       | 3,226  |                  |             | 3,201  |  |
| Intermedia Holdings, Inc.                |  | Software & IT services             |  | First Lien                                |  | 7/21/2025  |  | L+6.00% (Floor 1.00%)             |  | 5,735    |             |       | 5,712  |                  |             | 5,748  |  |
| Inventus Power, Inc.                     |  | Technology Products & Components   |  | First Lien                                |  | 3/29/2024  |  | L+5.00% (Floor 1.00%)             |  | 7,000    |             |       | 6,930  |                  |             | 6,930  |  |

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|                             |  |                                |  |                           |  |                    |  |                                  |  |               |  |       |             |                  |  |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------|--|--------------------------------|--|---------------------------|--|--------------------|--|----------------------------------|--|---------------|--|-------|-------------|------------------|--|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                             |  |                                |  |                           |  |                    |  | Current                          |  |               |  |       |             |                  |
|                             |  |                                |  | Investment                |  | Maturity           |  | Interest                         |  |               |  |       |             |                  |
| Portfolio Company      |  | Industry                       |  | Type                      |  | Date               |  | Rate1                            |  | Principal     |  | Cost2 |             | Fair Value3 |
| Isagenix International, LLC |  | Consumer products & retail |  | First Lien                |  | 6/14/2025  |  | L+5.75% (Floor 1.00%)            |  | 1,823    |  |       | 1,812  |                  |  | 1,376  |  |
| KORE Wireless Group Inc.    |  | Telecommunications             |  | First Lien                |  | 12/20/2024 |  | L+5.50%                          |  | 4,706    |  |       | 4,680  |                  |  | 4,700  |  |
| Lab Logistics, LLC          |  | Healthcare services            |  | First Lien                |  | 9/25/2023  |  | L+7.25% (Floor 1.00%)            |  | 6,305    |  |       | 6,255  |                  |  | 6,305  |  |
| Lift Brands, Inc.           |  | Consumer services              |  | Tranche A                 |  | 6/29/2025  |  | L+7.5% (Floor 1.00%)             |  | 2,521    |  |       | 2,521  |                  |  | 2,370  |  |
|                             |  |                                |  | Tranche B                 |  | 6/29/2025  |  | 9.50% PIK                        |  | 531      |  |       | 531    |                  |  | 424    |  |
|                             |  |                                |  | Tranche C                 |  | 6/29/2025  |  | —                          |  | 565      |  |       | 565    |                  |  | 452    |  |
|                             |  |                                |  | 1,051 shares common stock |  | —            |  | —                          |  | —  |  |       | 749    |                  |  | 749    |  |
| Lightbox Intermediate, L.P. |  | Software & IT services     |  | First Lien                |  | 5/9/2026   |  | L+5.00%                          |  | 3,453    |  |       | 3,418  |                  |  | 3,419  |  |
| LOGIX Holdings Company, LLC |  | Telecommunications             |  | First Lien                |  | 12/23/2024 |  | L+5.75% (Floor 1.00%)            |  | 5,890    |  |       | 5,863  |                  |  | 5,683  |  |
| Lulu's Fashion Lounge, LLC  |  | Consumer products & retail |  | First Lien                |  | 8/26/2022  |  | L+7.00%, 2.50% PIK (Floor 1.00%) |  | 3,686    |  |       | 3,633  |                  |  | 3,152  |  |
| Mills Fleet Farm Group LLC  |  | Consumer products & retail |  | First Lien                |  | 10/24/2024 |  | L+6.00% (Floor 1.00%)            |  | 4,625    |  |       | 4,570  |                  |  | 4,533  |  |
| NBG Acquisition, Inc.       |  | Wholesale                      |  | First Lien                |  | 4/26/2024  |  | L+5.50% (Floor 1.00%)            |  | 2,738    |  |       | 2,714  |                  |  | 2,468  |  |
| Novetta Solutions, LLC      |  | Software & IT services     |  | First Lien                |  | 10/17/2022 |  | L+5.00% (Floor 1.00%)            |  | 4,845    |  |       | 4,795  |                  |  | 4,836  |  |
| PaySimple, Inc.             |  | Software & IT services     |  | Delayed Draw Term Loan    |  | 8/23/2025  |  | L+5.50%                          |  | 1,369    |  |       | 1,346  |                  |  | 1,365  |  |
|                             |  |                                |  | First Lien                |  | 8/23/2025  |  | L+5.50%                          |  | 4,220    |  |       | 4,174  |                  |  | 4,209  |  |
| Pet Supermarket, Inc.       |  | Consumer products & retail |  | First Lien                |  | 7/5/2022   |  | L+5.50% (Floor 1.00%)            |  | 4,760    |  |       | 4,750  |                  |  | 4,641  |  |
| PT Network, LLC             |  | Healthcare products            |  | First Lien                |  | 11/30/2023 |  | L+5.50%, 2.00% PIK (Floor 1.00%) |  | 4,465    |  |       | 4,465  |                  |  | 4,465  |  |
| Research Now Group, Inc.    |  | Business Services              |  | First Lien                |  | 12/20/2025 |  | L+5.50% (Floor 1.00%)            |  | 4,987    |  |       | 4,987  |                  |  | 4,950  |  |
| Signify Health, LLC         |  | Healthcare services            |  | First Lien                |  | 12/23/2024 |  | L+4.50% (Floor 1.00%)            |  | 5,044    |  |       | 5,017  |                  |  | 5,064  |  |
| Tacala, LLC                 |  | Consumer products & retail |  | Second Lien               |  | 2/7/2028   |  | L+7.50% (Floor 0.75%)            |  | 5,000    |  |       | 4,989  |                  |  | 5,002  |  |
| TestEquity, LLC             |  | Capital equipment              |  | First Lien                |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 3,816    |  |       | 3,808  |                  |  | 3,358  |  |
|                             |  |                                |  | First Lien - Term Loan B  |  | 4/28/2022  |  | L+6.25% (Floor 1.00%)            |  | 949      |  |       | 947    |                  |  | 835    |  |

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|                                |  |                                |  |             |  |                   |  |                                  |  |             |  |       |               |                  |  |             |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--|--------------------------------|--|-------------|--|-------------------|--|----------------------------------|--|-------------|--|-------|---------------|------------------|--|-------------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                |  |                                |  |             |  |                   |  | Current                          |  |             |  |       |               |                  |
|                                |  |                                |  | Investment  |  | Maturity          |  | Interest                         |  |             |  |       |               |                  |
| Portfolio Company         |  | Industry                       |  | Type        |  | Date              |  | Rate1                            |  | Principal   |  | Cost2 |               | Fair Value3 |
| TGP Holdings III LLC           |  | Durable consumer goods         |  | Second Lien |  | 9/25/2025 |  | L+8.50% (Floor 1.00%)            |  | 2,500  |  |       | 2,479    |                  |  | 2,483  |               |
| Time Manufacturing Acquisition |  | Capital equipment              |  | First Lien  |  | 2/3/2023  |  | L+5.00% (Floor 1.00%)            |  | 5,802  |  |       | 5,785    |                  |  | 5,824  |               |
| UniTek Global Services, Inc.   |  | Telecommunications             |  | First Lien  |  | 8/20/2024 |  | L+5.50%, 1.00% PIK (Floor 1.00%) |  | 2,736  |  |       | 2,721    |                  |  | 2,480  |               |
| U.S. TelePacific Corp.         |  | Telecommunications             |  | First Lien  |  | 5/2/2023  |  | L+5.50% (Floor 1.00%)            |  | 5,200  |  |       | 5,172    |                  |  | 4,829  |               |
| Vida Capital, Inc.             |  | Financial services             |  | First Lien  |  | 10/1/2026 |  | L+6.00%                          |  | 3,805  |  |       | 3,760    |                  |  | 3,672  |               |
| YS Garments, LLC               |  | Consumer products & retail |  | First Lien  |  | 8/9/2024  |  | L+6.00%(Floor 1.00%)             |  | 4,634  |  |       | 4,608    |                  |  | 4,287  |               |
|                                |  |                                |  |             |  |                   |  |                                  |  |             |  |       |               |                  |
| Total Investments              |  |                                |  |             |  |                   |  |                                  |  |             |  | $     | 170,791  |                  |  | $           | 164,351  |  |

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|                                    |                                           |                                                       |               |                                                             |               |                              |             |                     |  |                      |               |                                        |  |                                      |             |                                 |               |   |               |               |  |   |               |  |  |   |          |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|-------------------------------------------|-------------------------------------------------------|---------------|-------------------------------------------------------------|---------------|------------------------------|-------------|---------------------|--|----------------------|---------------|----------------------------------------|--|--------------------------------------|-------------|---------------------------------|---------------|---|---------------|---------------|--|---|---------------|--|--|---|----------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company             | Type of Investment (1)     | December 31, 2021 Principal Amount - Debt Investments |               | Amount of Interest or Dividends Credited in Income (2) |               | Fair Value at March 31, 2021 |             | Gross Additions (3) |  | Gross Reductions (4) |               | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |             | Fair Value at December 31, 2021 |
| Control Investments           |                                           |                                                       |               |                                                             |               |                              |             |                     |  |                      |               |                                        |  |                                      |             |
| I-45 SLF LLC                       | 80% LLC equity interest                   | $                                                     | —  |                                                             |               | $                            | 4,862  |                     |  | $                    | 57,158   |                                        |  | $                                    | 3,200  |                                 |               | $ | —  |               |  | $ | —  |  |  | $ | (2,769)  |  |  | $ | 57,589   |  |
| Total Control Investments          |                                           | $                                                     | —  |                                                             |               | $                            | 4,862  |                     |  | $                    | 57,158   |                                        |  | $                                    | 3,200  |                                 |               | $ | —  |               |  | $ | —  |  |  | $ | (2,769)  |  |  | $ | 57,589   |  |
|                                    |                                           |                                                       |               |                                                             |               |                              |             |                     |  |                      |               |                                        |  |                                      |             |                                 |
| Affiliate Investments              |                                           |                                                       |               |                                                             |               |                              |             |                     |  |                      |               |                                        |  |                                      |             |
| Air Conditioning Specialists, Inc. | Revolving Loan                            | $                                                     | —  |                                                             |               | $                            | 1      |                     |  | $                    | —  |                                        |  | $                                    | (19)        |                                 |               | $ | —  |               |  | $ | —  |  |  | $ | 19  |  |  | $ | —  |  |
|                                    | First Lien                                | 9,000                                            |               |                                                             | 114      |                              |             | —        |  |                      | 8,824    |                                        |  | —                         |             |                                 | —  |   |               | —  |  |   | 8,824    |  |
|                                    | 500,000 Preferred Units                   | —                                          |               |                                                             | —  |                              |             | —        |  |                      | 500      |                                        |  | —                         |             |                                 | —  |   |               | —  |  |   | 500      |  |
| Catbird NYC, LLC                   | Revolving Loan                            | —                                          |               |                                                             | 8        |                              |             | —        |  |                      | (77)          |                                        |  | —                         |             |                                 | —  |   |               | 77       |  |   | —  |  |
|                                    | First Lien                                | 16,000                                           |               |                                                             | 298      |                              |             | —        |  |                      | 15,692   |                                        |  | —                         |             |                                 | —  |   |               | —  |  |   | 15,692   |  |
|                                    | 1,000,000 Class A Units                   | —                                          |               |                                                             | —  |                              |             | —        |  |                      | 1,000    |                                        |  | —                         |             |                                 | —  |   |               | —  |  |   | 1,000    |  |
|                                    | 500,000 Class B Units                     | —                                          |               |                                                             | —  |                              |             | —        |  |                      | 500      |                                        |  | —                         |             |                                 | —  |   |               | —  |  |   | 500      |  |
| Central Medical Supply LLC         | Revolving Loan                            | 300                                              |               |                                                             | 34       |                              |             | 276            |  |                      | 5        |                                        |  | —                         |             |                                 | —  |   |               | (3)           |  |   | 278      |  |
|                                    | First Lien                                | 7,500                                            |               |                                                             | 635      |                              |             | 6,908          |  |                      | 20       |                                        |  | —                         |             |                                 | —  |   |               | 25       |  |   | 6,953    |  |
|                                    | Delayed Draw Term Loan                    | 100                                              |               |                                                             | 18       |                              |             | 92             |  |                      | 5        |                                        |  | —                         |             |                                 | —  |   |               | (4)           |  |   | 93       |  |
|                                    | 1,380,500 Preferred Units                 | —                                          |               |                                                             | —  |                              |             | 641            |  |                      | 101      |                                        |  | —                         |             |                                 | —  |   |               | (334)         |  |   | 408      |  |
| Chandler Signs, LLC                | 1,500,000 units of Class A-1 common stock | —                                          |               |                                                             | —  |                              |             | 1,343          |  |                      | —  |                                        |  | —                         |             |                                 | —  |   |               | (419)         |  |   | 924      |  |
| Delphi Intermediate Healthco LLC   | First Lien                                | 1,501                                            |               |                                                             | 125      |                              |             | 1,398          |  |                      | 87       |                                        |  | —                         |             |                                 | —  |   |               | (119)         |  |   | 1,366    |  |
|                                    | First Lien                                | 1,690                                            |               |                                                             | 121      |                              |             | 1,500          |  |                      | 110      |                                        |  | —                         |             |                                 | —  |   |               | (173)         |  |   | 1,437    |  |
|                                    | Protective Advance                        | 73                                               |               |                                                             | 1        |                              |             | —        |  |                      | 73       |                                        |  | —                         |             |                                 | —  |   |               | (11)          |  |   | 62       |  |
|                                    | 1,681.04 Common Units                     | —                                          |               |                                                             | —  |                              |             | 3,615          |  |                      | —  |                                        |  | —                         |             |                                 | —  |   |               | (1,155)       |  |   | 2,460    |  |
| Dynamic Communities, LLC           | Revolving Loan                            | —                                          |               |                                                             | 3        |                              |             | —        |  |                      | 1        |                                        |  | —                         |             |                                 | —  |   |               | (1)           |  |   | —  |  |
|                                    | First Lien                                | 11,361                                           |               |                                                             | 1,015    |                              |             | 9,966          |  |                      | 465      |                                        |  | (140)                                |             |                                 | —  |   |               | (55)          |  |   | 10,236   |  |
|                                    | Senior subordinated debt                  | 611                                              |               |                                                             | 91       |                              |             | 372            |  |                      | 239      |                                        |  | —                         |             |                                 | —  |   |               | —  |  |   | 611      |  |

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|                                                     |                                       |                                                       |               |                                                             |               |                              |             |                     |  |                      |               |                                        |  |                                      |              |                                 |               |   |         |               |  |   |               |  |  |   |         |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|---------------------------------------|-------------------------------------------------------|---------------|-------------------------------------------------------------|---------------|------------------------------|-------------|---------------------|--|----------------------|---------------|----------------------------------------|--|--------------------------------------|--------------|---------------------------------|---------------|---|---------|---------------|--|---|---------------|--|--|---|---------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                              | Type of Investment (1) | December 31, 2021 Principal Amount - Debt Investments |               | Amount of Interest or Dividends Credited in Income (2) |               | Fair Value at March 31, 2021 |             | Gross Additions (3) |  | Gross Reductions (4) |               | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |              | Fair Value at December 31, 2021 |
|                                                     | 2,000,000 Preferred units             | —                                          |               |                                                             | —  |                              |             | 1,274          |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | —  |  |   | 1,274    |  |
| GrammaTech, Inc.                                    | Revolving Loan                        | —                                          |               |                                                             | 16       |                              |             | —        |  |                      | 7        |                                        |  | —                         |              |                                 | —  |   |         | (7)           |  |   | —  |  |
|                                                     | First Lien                            | 11,500                                           |               |                                                             | 980      |                              |             | 11,420         |  |                      | 28       |                                        |  | —                         |              |                                 | —  |   |         | (1,673)       |  |   | 9,775    |  |
|                                                     | 1,000 Class A units                   | —                                          |               |                                                             | —  |                              |             | 1,208          |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | (496)         |  |   | 712      |  |
| ITA Holdings Group, LLC                             | Revolving loan                        | —                                          |               |                                                             | 13       |                              |             | —        |  |                      | 5        |                                        |  | —                         |              |                                 | —  |   |         | (5)           |  |   | —  |  |
|                                                     | First Lien - Term Loan                | 10,071                                           |               |                                                             | 656      |                              |             | 10,061         |  |                      | 31       |                                        |  | —                         |              |                                 | —  |   |         | (51)          |  |   | 10,041   |  |
|                                                     | First Lien - Term Loan B              | 5,036                                            |               |                                                             | 446      |                              |             | 5,101          |  |                      | 19       |                                        |  | —                         |              |                                 | —  |   |         | (59)          |  |   | 5,061    |  |
|                                                     | First Lien - PIK Note A               | 2,884                                            |               |                                                             | 323      |                              |             | 2,630          |  |                      | 315      |                                        |  | —                         |              |                                 | —  |   |         | (61)          |  |   | 2,884    |  |
|                                                     | First Lien - PIK Note B               | 114                                              |               |                                                             | 8        |                              |             | 103            |  |                      | 9        |                                        |  | —                         |              |                                 | —  |   |         | 2        |  |   | 114      |  |
|                                                     | Warrants                              | —                                          |               |                                                             | —  |                              |             | 2,968          |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | 636      |  |   | 3,604    |  |
|                                                     | 9.25% Class A membership interest     | —                                          |               |                                                             | 9        |                              |             | 2,532          |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | 944      |  |   | 3,476    |  |
| Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan                        | 456                                              |               |                                                             | —  |                              |             | —        |  |                      | 456      |                                        |  | —                         |              |                                 | —  |   |         | —  |  |   | 456      |  |
|                                                     | First Lien                            | 5,208                                            |               |                                                             | 1        |                              |             | —        |  |                      | 5,208    |                                        |  | —                         |              |                                 | —  |   |         | —  |  |   | 5,208    |  |
|                                                     | Second Lien                           | 5,208                                            |               |                                                             | —  |                              |             | —        |  |                      | 5,208    |                                        |  | —                         |              |                                 | —  |   |         | (2,083)       |  |   | 3,125    |  |
|                                                     | 208,333.3333 Series A Preferred units | —                                          |               |                                                             | —  |                              |             | —        |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | —  |  |   | —  |  |
|                                                     | 203,124.9999 Common units             | —                                          |               |                                                             | —  |                              |             | —        |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | —  |  |   | —  |  |
| Roseland Management, LLC                            | Revolving Loan                        | 1,175                                            |               |                                                             | 30       |                              |             | —        |  |                      | 1,177    |                                        |  | —                         |              |                                 | —  |   |         | (2)           |  |   | 1,175    |  |
|                                                     | First Lien                            | 14,161                                           |               |                                                             | 340      |                              |             | —        |  |                      | 14,212   |                                        |  | (36)                                 |              |                                 | —  |   |         | (15)          |  |   | 14,161   |  |
|                                                     | 16,084 Class A Units                  | —                                          |               |                                                             | —  |                              |             | —        |  |                      | 2,041    |                                        |  | —                         |              |                                 | —  |   |         | (136)         |  |   | 1,905    |  |
| SIMR, LLC                                           | First lien                            | 13,340                                           |               |                                                             | 3        |                              |             | 12,103         |  |                      | 224      |                                        |  | (544)                                |              |                                 | —  |   |         | (1,111)       |  |   | 10,672   |  |
|                                                     | 9,374,510.2 Class B Common Units      | —                                          |               |                                                             | —  |                              |             | —        |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | —  |  |   | —  |  |
|                                                     | 1,357,354.96 Class W Units            | —                                          |               |                                                             | —  |                              |             | —        |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | —  |  |   | —  |  |
| Sonobi, Inc.                                        | First Lien                            | —                                          |               |                                                             | 445      |                              |             | 8,500          |  |                      | 15       |                                        |  | (8,500)                              |              |                                 | 140      |   |         | (155)         |  |   | —  |  |
|                                                     | 500,000 Class A Common Units          | —                                          |               |                                                             | —  |                              |             | 1,235          |  |                      | —  |                                        |  | —                         |              |                                 | —  |   |         | 1,725    |  |   | 2,960    |  |
| Total Affiliate Investments                         |                                       | $                                                     | 117,289  |                                                             |               | $                            | 5,734  |                     |  | $                    | 85,246   |                                        |  | $                                    | 56,481  |                                 |               | $ | (9,220) |               |  | $ | 140      |  |  | $ | (4,700) |  |  | $ | 127,947  |  |

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|                                           |                                       |                                                       |               |                                                             |  |                              |              |                     |  |                      |               |                                        |  |                                      |              |                                 |  |   |         |  |  |   |           |  |  |   |         |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|---------------------------------------|-------------------------------------------------------|---------------|-------------------------------------------------------------|--|------------------------------|--------------|---------------------|--|----------------------|---------------|----------------------------------------|--|--------------------------------------|--------------|---------------------------------|--|---|---------|--|--|---|-----------|--|--|---|---------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                    | Type of Investment (1) | December 31, 2021 Principal Amount - Debt Investments |               | Amount of Interest or Dividends Credited in Income (2) |  | Fair Value at March 31, 2021 |              | Gross Additions (3) |  | Gross Reductions (4) |               | Amount of Realized Gain/(Loss) (5) |  | Amount of Unrealized Gain/(Loss) |              | Fair Value at December 31, 2021 |
| Total Control & Affiliate Investments |                                       | $                                                     | 117,289  |                                                             |  | $                            | 10,596  |                     |  | $                    | 142,404  |                                        |  | $                                    | 59,681  |                                 |  | $ | (9,220) |  |  | $ | 140  |  |  | $ | (7,469) |  |  | $ | 185,536  |  |

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|                                                      |                        |               |                |            |   |               |  |  |  |  |  |
|------------------------------------------------------|------------------------|---------------|----------------|------------|---|---------------|--|--|--|--|--|
|                                                      | December 31, 2021      |               | March 31, 2021 |
|                                                      | (dollars in thousands) |
| Number of portfolio companies (a)                    | 70                     |               | 54             |
| Fair value                                           | $                      | 819,176  |                |            | $ | 631,274  |  |
| Cost                                                 | $                      | 810,800  |                |            | $ | 630,757  |  |
| % of portfolio at fair value - debt                  | 90.9              | %             |                | 90.7  | % |
| % of portfolio at fair value - equity                | 9.1               | %             |                | 9.3   | % |
| % of investments at fair value secured by first lien | 82.9              | %             |                | 83.0  | % |
| Weighted average annual effective yield (b)          | 9.5               | %             |                | 10.8  | % |
| Weighted average EBITDA (c)                          | $                      | 19,613   |                |            | $ | 16,960   |  |
| Weighted average leverage through CSWC security (d)  | 3.9x                   |               | 4.1x           |

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|                        |                                     |               |                                   |            |             |   |  |  |  |  |  |
|------------------------|-------------------------------------|---------------|-----------------------------------|------------|-------------|---|--|--|--|--|--|
|                        | As of December 31, 2021             |
| Investment Rating | Debt Investments at Fair Value |               | Percentage of Debt Portfolio |
|                        | (dollars in thousands)    |
| 1                      | $                                   | 129,464  |                                   |            | 17.4   | % |
| 2                      | 580,624                        |               |                                   | 78.0  |             |
| 3                      | 34,419                         |               |                                   | 4.6   |             |
| 4                      | 174                            |               |                                   | 0.0   |             |
| Total                  | $                                   | 744,681  |                                   |            | 100.0  | % |

|                        |                                     |               |                                   |               |             |   |  |  |  |  |  |
|------------------------|-------------------------------------|---------------|-----------------------------------|---------------|-------------|---|--|--|--|--|--|
|                        | As of March 31, 2021                |
| Investment Rating | Debt Investments at Fair Value |               | Percentage of Debt Portfolio |
|                        | (dollars in thousands)    |
| 1                      | $                                   | 58,466   |                                   |               | 10.2   | % |
| 2                      | 461,239                        |               |                                   | 80.6     |             |
| 3                      | 52,909                         |               |                                   | 9.2      |             |
| 4                      | —                        |               |                                   | —  |             |
| Total                  | $                                   | 572,614  |                                   |               | 100.0  | % |

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|                                                              |                  |               |                   |              |                   |              |                               |  |               |               |            |   |               |              |  |               |   |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------|---------------|-------------------|--------------|-------------------|--------------|-------------------------------|--|---------------|---------------|------------|---|---------------|--------------|--|---------------|---|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Nine months ended December 31, 2021                          | First Lien Loans |               | Second Lien Loans |              | Subordinated Debt |              | Preferred & Common Equity |  | I-45 SLF, LLC |               | Total      |
| Fair value, beginning of period                              | $                | 524,161  |                   |              | $                 | 36,919  |                               |  | $             | 11,534   |            |   | $             | 58,660  |  |               | $ | 57,158  |  |  | $ | 688,432  |  |
| New investments                                              | 376,192     |               |                   | 18,669  |                   |              | 237                      |  |               | 11,768   |            |   | 3,200    |              |  | 410,066  |   |
| Proceeds from sales of investments                           | —     |               |                   | (53)         |                   |              | —                  |  |               | (11,881)      |            |   | —  |              |  | (11,934)      |   |
| Principal repayments received                                | (219,454)        |               |                   | (7,152)      |                   |              | —                  |  |               | —  |            |   | —  |              |  | (226,606)     |   |
| Conversion of security                                       | (4,683)          |               |                   | 5,208   |                   |              | —                  |  |               | (525)         |            |   | —  |              |  | —  |   |
| PIK interest earned                                          | 1,994       |               |                   | 1,079   |                   |              | 477                      |  |               | —  |            |   | —  |              |  | 3,550    |   |
| Accretion of loan discounts                                  | 1,972       |               |                   | 172     |                   |              | 33                       |  |               | —  |            |   | —  |              |  | 2,177    |   |
| Realized (loss) gain                                         | (580)            |               |                   | (2,274)      |                   |              | —                  |  |               | 8,845    |            |   | —  |              |  | 5,991    |   |
| Unrealized gain (loss)                                       | (418)            |               |                   | 483     |                   |              | 165                      |  |               | 7,628    |            |   | (2,769)       |              |  | 5,089    |   |
| Fair value, end of period                                    | $                | 679,184  |                   |              | $                 | 53,051  |                               |  | $             | 12,446   |            |   | $             | 74,495  |  |               | $ | 57,589  |  |  | $ | 876,765  |  |
| Weighted average yield on debt investments at end of period  |                  |               |                   |              |                   |              |                               |  |               |               | 9.48  | % |
| Weighted average yield on total investments at end of period |                  |               |                   |              |                   |              |                               |  |               |               | 9.35  | % |

|                                                              |                  |               |                   |               |                   |              |                               |  |                       |               |               |  |               |              |  |               |   |               |               |  |   |              |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------|---------------|-------------------|---------------|-------------------|--------------|-------------------------------|--|-----------------------|---------------|---------------|--|---------------|--------------|--|---------------|---|---------------|---------------|--|---|--------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Nine months ended December 31, 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                                              | 130,710     |               |                   | —  |                   |              | 516                      |  |                       | 6,297    |               |  | —  |              |  | 12,800   |   |               | 150,323  |  |
| Proceeds from sales of investments                           | —     |               |                   | —  |                   |              | —                  |  |                       | (9,782)       |               |  | —  |              |  | —  |   |               | (9,782)       |  |
| Principal repayments received                                | (71,102)         |               |                   | (188)         |                   |              | —                  |  |                       | —  |               |  | —  |              |  | —  |   |               | (71,290)      |  |
| Conversion of security                                       | (9,692)          |               |                   | 778      |                   |              | —                  |  |                       | 8,914    |               |  | —  |              |  | —  |   |               | —  |  |
| PIK interest earned                                          | 3,880       |               |                   | 642      |                   |              | 685                      |  |                       | —  |               |  | —  |              |  | —  |   |               | 5,207    |  |
| Accretion of loan discounts                                  | 1,569       |               |                   | 143      |                   |              | 18                       |  |                       | —  |               |  | —  |              |  | —  |   |               | 1,730    |  |
| Realized gain                                                | (11,939)         |               |                   | —  |                   |              | —                  |  |                       | 6,489    |               |  | (1,517)       |              |  | —  |   |               | (5,450)       |  |
| Unrealized gain (loss)                                       | 11,367      |               |                   | (758)         |                   |              | 141                      |  |                       | 3,138    |               |  | 1,517    |              |  | 11,075   |   |               | 24,963   |  |
| Fair value, end of period                                    | $                | 482,240  |                   |               | $                 | 37,756  |                               |  | $                     | 11,107   |               |  | $             | 54,035  |  |               | $ | —  |               |  | $ | 63,635  |  |  | $ | 648,773  |  |
| Weighted average yield on debt investments at end of period  |                  |               |                   |               |                   |              |                               |  |                       |               |               |  | 10.64    | %            |
| Weighted average yield on total investments at end of period |                  |               |                   |               |                   |              |                               |  |                       |               |               |  | 11.20    | %            |

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|                                                                       |                     |              |                 |             |        |              |             |  |   |               |   |  |            |   |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------|---------------------|--------------|-----------------|-------------|--------|--------------|-------------|--|---|---------------|---|--|------------|---|--|--|--|--|--|--|--|--|--|
|                                                                       | Three Months Ended  |              |                 |             |        |
|                                                                       | December 31,        |              | Net Change |
|                                                                       | 2021                |              | 2020            |             | Amount |              | %           |
|                                                                       | (in thousands) |              |                 |             |        |
| Total investment income                                               | $                   | 22,311  |                 |             | $      | 19,040  |             |  | $ | 3,271    |   |  | 17.2  | % |
| Interest expense                                                      | (4,655)             |              |                 | (4,528)     |        |              | (127)       |  |   | 2.8      | % |
| Other operating expenses                                              | (5,819)             |              |                 | (4,540)     |        |              | (1,279)     |  |   | 28.2     | % |
| Income before taxes                                                   | 11,837         |              |                 | 9,972  |        |              | 1,865  |  |   | 18.7     | % |
| Income tax (benefit) provision                                        | (62)                |              |                 | 1,455  |        |              | (1,517)     |  |   | (104.3)       | % |
| Net investment income                                                 | 11,899         |              |                 | 8,517  |        |              | 3,382  |  |   | 39.7     | % |
| Net realized gain (loss) on investments, net of tax                   | 2,715          |              |                 | (127)       |        |              | 2,842  |  |   | 2,237.8  | % |
| Net unrealized (depreciation) appreciation on investments, net of tax | (2,054)             |              |                 | 7,271  |        |              | (9,325)     |  |   | (128.2)       | % |
| Realized loss on extinguishment of debt                               | —        |              |                 | (262)       |        |              | 262    |  |   | (100.0)       | % |
| Net increase (decrease) in net assets from operations                 | $                   | 12,560  |                 |             | $      | 15,399  |             |  | $ | (2,839)       |   |  | (18.4)     | % |

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|                                                        |                     |              |                 |              |        |              |              |  |   |               |   |  |            |   |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|---------------------|--------------|-----------------|--------------|--------|--------------|--------------|--|---|---------------|---|--|------------|---|--|--|--|--|--|--|--|--|--|
|                                                        | Nine Months Ended   |              |                 |              |        |
|                                                        | December 31,        |              | Net Change |
|                                                        | 2021                |              | 2020            |              | Amount |              | %            |
|                                                        | (in thousands) |              |                 |              |        |
| Total investment income                                | $                   | 61,186  |                 |              | $      | 50,889  |              |  | $ | 10,297   |   |  | 20.2  | % |
| Interest expense                                       | (15,015)            |              |                 | (13,253)     |        |              | (1,762)      |  |   | 13.3     | % |
| Other operating expenses                               | (14,855)            |              |                 | (12,391)     |        |              | (2,464)      |  |   | 19.9     | % |
| Income before taxes                                    | 31,316         |              |                 | 25,245  |        |              | 6,071   |  |   | 24.0     | % |
| Income tax provision                                   | 648            |              |                 | 1,590   |        |              | (942)        |  |   | (59.2)        | % |
| Net investment income                                  | 30,668         |              |                 | 23,655  |        |              | 7,013   |  |   | 29.6     | % |
| Net realized gain (loss) on investments, net of tax    | 5,259          |              |                 | (6,953)      |        |              | 12,212  |  |   | 175.6    | % |
| Net unrealized appreciation on investments, net of tax | 4,306          |              |                 | 24,512  |        |              | (20,206)     |  |   | (82.4)        | % |
| Realized loss on extinguishment of debt                | (17,087)            |              |                 | (548)        |        |              | (16,539)     |  |   | 3,018.1  | % |
| Net increase in net assets from operations             | $                   | 23,146  |                 |              | $      | 40,666  |              |  | $ | (17,520)      |   |  | (43.1)     | % |
|                                                        |                     |              |                 |              |        |              |              |

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|                   |  |                  |  |                     |  |                   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------|--|------------------|--|---------------------|--|-------------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Pooling Date (1)  |  | Maturity Date    |  | Fixed Interest Rate |  | December 31, 2021 |
| 9/22/2021 |  | 9/1/2031 |  | 1.575%              |  | $                 | 15,000  |  |
| (2)               |  | (2)              |  | (2)                 |  | 14,000       |              |
|                   |  |                  |  |                     |  | $                 | 29,000  |  |

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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 (1) | $                                     | 4,449    |           |             | $              | 95      |                |  | $              | 809      |  |  | $             | 857      |  |  | $ | 2,688  |  |
| Credit Facility (2)             | 211,027                          |               |           | 4,566  |                |              | 9,144     |  |                | 197,317  |  |  | —  |               |
| January 2026 Notes (3)          | 168,350                          |               |           | 6,300  |                |              | 12,600    |  |                | 149,450  |  |  | —  |               |
| October 2026 Notes (3)          | 175,791                          |               |           | 5,541  |                |              | 10,125    |  |                | 160,125  |  |  | —  |               |
|                                 | $                                     | 559,617  |           |             | $              | 16,502  |                |  | $              | 32,678   |  |  | $             | 507,749  |  |  | $ | 2,688  |  |

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|             |  |                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |
|-------------|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Exhibit No. |  | Description                                                                                                                                                                                                                                                                                                             |
| 3.1         |  | Articles of Incorporation, dated April 19, 1961, including amendments dated June 30, 1969, July 20, 1987, April 23, 2007 and July 15, 2013 (incorporated by reference to Exhibit (a) to Registration Statement on Form N-2 (Reg. No. 333-220385) filed on September 8, 2017).                                           |
| 3.2         |  | Certificate of Amendment to the Articles of Incorporation, dated August 1, 2019 (Incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 814-00061) filed on August 1, 2019).                                                                                                                                    |
| 3.3         |  | Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Form 10-Q (File No. 814-00061) filed on November 7, 2017).                                                                                                                                                                              |
| 3.4         |  | Amendment to Second Amended and Restated Bylaws of Capital Southwest Corporation (Incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 814-00061) filed April 25, 2019).                                                                                                                                      |
| 4.1         |  | Specimen of Common Stock certificate (incorporated by reference to Exhibit 4.1 to Form 10-K (File No. 811-01056) filed on June 14, 2002).                                                                                                                                                                               |
| 4.2         |  | Indenture, dated October 23, 2017, between the Company and U.S. Bank National Association, Trustee (incorporated by reference to Exhibit (d)(2) to Registration Statement on Form N-2 (Reg. No. 333-220385) filed on October 23, 2017).                                                                                 |
| 4.3         |  | Third Supplemental Indenture, dated as of December 29, 2020, relating to the 4.50% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on December 29, 2020).                                       |
| 4.4         |  | Form of Global Note with respect to the 4.50% Notes due 2026 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on December 29, 2020).                                                                                                                                                       |
| 4.5         |  | Fourth Supplemental Indenture, dated as of August 27, 2021, relating to the 3.375% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on August 27, 2021)..                                        |
| 4.6         |  | Form of Global Note with respect to the 3.375% Notes due 2026 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on August 27, 2021).                                                                                                                                                        |
| 10.1        |  | Form of Second Amendment, dated November 2, 2021, to Third and Amended Restated Equity Distribution Agreement between the Company and each of Jefferies LLC and Raymond James & Associates, Inc., respectively (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on November 2, 2021). |
| 10.2        |  | Form of Second Amendment, dated November 2, 2021, to Amended and Restated Equity Distribution Agreement between the Company and each of JMP Securities LLC and B. Riley Securities, Inc., respectively (incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on November 2, 2021).             |
| 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 |
|                  |  |                               |                                                  |
| February 1, 2022 |  | By:                       | /s/ Bowen S. Diehl                       |
| Date             |  |                               | Bowen S. Diehl                                   |
|                  |  |                               | President and Chief Executive Officer            |
|                  |  |                               |                                                  |
| February 1, 2022 |  | By:                       | /s/ Michael S. Sarner                    |
| Date             |  |                               | Michael S. Sarner                                |
|                  |  |                               | Chief Financial Officer, Secretary and Treasurer |