|                                                                |  |                                      |  |  |  |  |  |  |
|----------------------------------------------------------------|--|--------------------------------------|--|--|--|--|--|--|
| Texas                                                          |  | 75-1072796                           |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |

|                                                          |  |            |  |  |  |  |  |  |
|----------------------------------------------------------|--|------------|--|--|--|--|--|--|
| 5400 Lyndon B Johnson Freeway, Suite 1300, Dallas, Texas |  | 75240      |
| (Address of principal executive offices)                 |  | (Zip Code) |

|                                                                 |                   |                                           |  |  |  |  |  |  |
|-----------------------------------------------------------------|-------------------|-------------------------------------------|--|--|--|--|--|--|
| Securities registered pursuant to Section 12(b) of the Act: |                   |                                           |
|                                                            |                   |                                      |
| Title of Each Class                                             | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common Stock, $0.25 par value per share                         | CSWC              | The Nasdaq Global Select Market           |
| 5.95% Notes due 2022                                            | CSWCL             | The Nasdaq Global Select Market           |

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

----

|            |  |                                                                                                                         |  |      |  |  |  |  |  |  |  |  |  |  |
|------------|--|-------------------------------------------------------------------------------------------------------------------------|--|------|--|--|--|--|--|--|--|--|--|--|
|            |  |                                                                                                                         |  | Page |
| PART I     |  | FINANCIAL INFORMATION                                                                                                   |  |      |
|            |  |                                                                                                                         |  |      |
| Item 1.    |  | Consolidated Financial Statements                                                                                       |  | 3    |
|            |  | Consolidated Statements of Assets and Liabilities as of June 30, 2020 (Unaudited) and March 31, 2020                    |  | 3    |
|            |  | Consolidated Statements of Operations (Unaudited) for the three months ended June 30, 2020 and 2019                     |  | 4    |
|            |  | Consolidated Statements of Changes in Net Assets (Unaudited) for the three months ended June 30, 2020 and 2019          |  | 5    |
|            |  | Consolidated Statements of Cash Flows (Unaudited) for the three months ended June 30, 2020 and 2019                     |  | 6    |
|            |  | Consolidated Schedule of Investments as of June 30, 2020 (Unaudited) and March 31, 2020                                 |  | 7    |
|            |  | Notes to Consolidated Financial Statements (Unaudited)                                                                  |  | 25   |
|            |  | Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the three months ended June 30, 2020 |  | 63   |
| Item 2.    |  | Management's Discussion and Analysis of Financial Condition and Results of Operations                                   |  | 65   |
| Item 3.    |  | Quantitative and Qualitative Disclosures About Market Risk                                                              |  | 81   |
| Item 4.    |  | Controls and Procedures                                                                                                 |  | 82   |
|            |  |                                                                                                                         |  |      |
| PART II    |  | OTHER INFORMATION                                                                                                       |  |      |
|            |  |                                                                                                                         |  |      |
| Item 1.    |  | Legal Proceedings                                                                                                       |  | 83   |
| Item1A.    |  | Risk Factors                                                                                                            |  | 83   |
| Item 2.    |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                             |  | 83   |
| Item 3.    |  | Defaults Upon Senior Securities                                                                                         |  | 83   |
| Item 4.    |  | Mine Safety Disclosures                                                                                                 |  | 83   |
| Item 5.    |  | Other Information                                                                                                       |  | 83   |
| Item 6.    |  | Exhibits                                                                                                                |  | 84   |
|            |  |                                                                                                                         |  |      |
| Signatures |  |                                                                                                                         |  | 85   |

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Table of Contents

|                                                                                                                                                          |               |               |                |               |        |               |        |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|---------------|----------------|---------------|--------|---------------|--------|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                                                           |               |               |                |
| CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES                                                                                                        |               |               |                |
| (In thousands, except shares and per share data)                                                                                                         |               |               |                |
|                                                                                                                                                          |               |               |                |
|                                                                                                                                                          | June 30,      |               | March 31, |
|                                                                                                                                                          | 2020          |               | 2020           |
|                                                                                                                                                          | (Unaudited)   |               |                |
| Assets                                                                                                                                                   |               |               |                |
| Investments at fair value:                                                                                                                           |               |               |                |
| Non-control/Non-affiliate investments (Cost: $434,664 and $436,463, respectively)                                                                | $             | 426,386  |           |               | $      | 421,280  |   |
| Affiliate investments (Cost: $109,701 and $94,724, respectively)                                                                                     | 104,041  |          |                | 92,032   |   |
| Control investments (Cost: $80,800 and $68,000, respectively)                                                                                        | 56,751   |          |                | 39,760   |   |
| Total investments (Cost: $625,165 and $599,187, respectively)                                                                                        | 587,178  |          |                | 553,072  |   |
| Cash and cash equivalents                                                                                                                                | 14,986   |          |                | 13,744   |   |
| Receivables:                                                                                                                                         |               |               |                |
| Dividends and interest                                                                                                                                   | 9,927    |          |                | 10,389   |   |
| Escrow                                                                                                                                                   | 1,150    |          |                | 1,643    |   |
| Other                                                                                                                                                    | 203      |          |                | 51       |   |
| Income tax receivable                                                                                                                                    | 347      |          |                | 147      |   |
| Deferred tax asset                                                                                                                                       | 1,298    |          |                | 1,402    |   |
| Debt issuance costs (net of accumulated amortization of $2,932 and $2,720, respectively)                                                                 | 2,768    |          |                | 2,980    |   |
| Other assets                                                                                                                                             | 1,239    |          |                | 1,531    |   |
| Total assets                                                                                                                                             | $             | 619,096  |           |               | $      | 584,959  |   |
|                                                                                                                                                          |               |               |                |
| Liabilities                                                                                                                                              |               |               |                |
| December 2022 Notes (Par value: $77,136 and $77,136, respectively)                                                                                   | $             | 75,936   |           |               | $      | 75,812   |   |
| October 2024 Notes (Par value: $75,000 and $75,000, respectively)                                                                                    | 73,575   |          |                | 73,484   |   |
| Credit facility                                                                                                                                          | 182,000  |          |                | 154,000  |   |
| Other liabilities                                                                                                                                        | 4,688    |          |                | 4,883    |   |
|                                                                                                                                                          |               |               |                |
| Accrued restoration plan liability                                                                                                                       | 3,047    |          |                | 3,082    |   |
| Income tax payable                                                                                                                                       | 467      |          |                | 513      |   |
| Deferred tax liability                                                                                                                                   | 1,524    |          |                | 963      |   |
| Total liabilities                                                                                                                                        | 341,237  |          |                | 312,737  |   |
|                                                                                                                                                          |               |               |                |
| Commitments and contingencies (Note 10)                                                                                                                  |               |               |                |
|                                                                                                                                                          |               |               |                |
| Net Assets                                                                                                                                               |               |               |                |
| Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 20,927,652 shares at June 30, 2020 and 20,337,610 shares at March 31, 2020 | 5,232    |          |                | 5,085    |   |
| Additional paid-in capital                                                                                                                               | 316,939  |          |                | 310,846  |   |
| Total distributable earnings                                                                                                                             | (20,375)      |          |                | (19,772)      |   |
| Treasury stock - at cost, 2,339,512 shares                                                                                                               | (23,937)      |          |                | (23,937)      |   |
| Total net assets                                                                                                                                         | 277,859  |          |                | 272,222  |   |
| Total liabilities and net assets                                                                                                                         | $             | 619,096  |           |               | $      | 584,959  |   |
| Net asset value per share (18,588,140 shares outstanding at June 30, 2020 and 17,998,098 shares outstanding at March 31, 2020)                           | $             | 14.95    |           |               | $      | 15.13    |   |

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Table of Contents

|                                                                             |                    |              |        |                  |        |             |        |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------------|--------------------|--------------|--------|------------------|--------|-------------|--------|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                              |                    |              |        |                  |        |             |        |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                       |                    |              |        |                  |        |             |        |
| (Unaudited)                                                                 |                    |              |        |                  |        |             |        |
| (In thousands, except shares and per share data)                            |                    |              |        |                  |        |             |        |
|                                                                             |                    |              |        |                  |        |             |        |
|                                                                             | Three Months Ended |              |        |                  |        |             |        |
|                                                                             | June 30,           |              |        |                  |        |             |        |
|                                                                             | 2020               |              | 2019   |                  |        |             |        |
| Investment income:                                                      |                    |              |        |                  |        |             |        |
| Interest income:                                                        |                    |              |        |                  |        |             |        |
| Non-control/Non-affiliate investments                                   | $                  | 10,069  |   |                  | $      | 9,031  |   |  |  |  |  |
| Affiliate investments                                                       | 2,576         |         |        | 2,050       |   |             |        |  |  |
| Control investments                                                         | —       |         |        | 265         |   |             |        |  |  |
| Dividend income:                                                        |                    |              |        |                  |        |             |        |
| Non-control/Non-affiliate investments                                   | 183           |         |        | 87          |   |             |        |  |  |
| Affiliate investments                                                       | —       |         |        | 19          |   |             |        |  |  |
| Control investments                                                         | 1,774         |         |        | 3,913       |   |             |        |  |  |
| Interest income from cash and cash equivalents                              | 3             |         |        | 16          |   |             |        |  |  |
| Fees and other income                                                       | 559           |         |        | 418         |   |             |        |  |  |
| Total investment income                                                     | 15,164        |         |        | 15,799      |   |             |        |  |  |
| Operating expenses:                                                     |                    |              |        |                  |        |             |        |
| Compensation                                                                | 1,720         |         |        | 2,021       |   |             |        |  |  |
| Share-based compensation                                                    | 612           |         |        | 837         |   |             |        |  |  |
| Interest                                                                    | 4,328         |         |        | 3,806       |   |             |        |  |  |
| Professional fees                                                           | 570           |         |        | 626         |   |             |        |  |  |
| Net pension expense                                                         | 33            |         |        | 36          |   |             |        |  |  |
| General and administrative                                                  | 732           |         |        | 789         |   |             |        |  |  |
| Total operating expenses                                                    | 7,995         |         |        | 8,115       |   |             |        |  |  |
| Income before taxes                                                         | 7,169         |         |        | 7,684       |   |             |        |  |  |
| Income tax expense                                                          | 350           |         |        | 324         |   |             |        |  |  |
| Net investment income                                                       | $                  | 6,819   |   |                  | $      | 7,360  |   |  |  |  |  |
|                                                                             |                    |              |        |                  |        |             |        |
| Realized (loss) gain                                                        |                    |              |        |                  |        |             |        |
| Non-control/Non-affiliate investments                                   | $                  | (5,547)      |   |                  | $      | 1,049  |   |  |  |  |  |
| Affiliate investments                                                       | —       |         |        | 1           |   |             |        |  |  |
| Control investments                                                         | —       |         |        | 167         |   |             |        |  |  |
|                                                                             |                    |              |        |                  |        |             |        |
| Total net realized (loss) gain on investments, net of tax                   | (5,547)            |         |        | 1,217       |   |             |        |  |  |
|                                                                             |                    |              |        |                  |        |             |        |
| Net unrealized appreciation (depreciation) on investments                   |                    |              |        |                  |        |             |        |
| Non-control/Non-affiliate investments                                   | 6,905         |         |        | (2,972)          |   |             |        |  |  |
| Affiliate investments                                                       | (2,967)            |         |        | 1,206       |   |             |        |  |  |
| Control investments                                                         | 4,191         |         |        | 85          |   |             |        |  |  |
| Income tax (provision) benefit                                              | (524)              |         |        | (183)            |   |             |        |  |  |
| Total net unrealized appreciation (depreciation) on investments, net of tax | 7,605         |         |        | (1,864)          |   |             |        |  |  |
|                                                                             |                    |              |        |                  |        |             |        |
| Net realized and unrealized gains (losses) on investments                   | $                  | 2,058   |   |                  | $      | (647)       |   |  |  |  |  |
|                                                                             |                    |              |        |                  |        |             |        |
| Net increase in net assets from operations                                  | $                  | 8,877   |   |                  | $      | 6,713  |   |  |  |  |  |
|                                                                             |                    |              |        |                  |        |             |        |
| Pre-tax net investment income per share - basic and diluted                 | $                  | 0.40    |   |                  | $      | 0.44   |   |  |  |  |  |
| Net investment income per share – basic and diluted                   | $                  | 0.38    |   |                  | $      | 0.42   |   |  |  |  |  |
| Net increase in net assets from operations – basic and diluted        | $                  | 0.49    |   |                  | $      | 0.38   |   |  |  |  |  |
| Weighted average shares outstanding – basic                           | 18,147,888    |         |        | 17,535,924  |   |             |        |  |  |
| Weighted average shares outstanding – diluted                         | 18,147,888    |         |        | 17,535,924  |   |             |        |  |  |

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Table of Contents

|                                                                          |             |               |        |             |        |               |        |  |  |  |  |
|--------------------------------------------------------------------------|-------------|---------------|--------|-------------|--------|---------------|--------|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                           |             |               |        |
| CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS                         |             |               |        |
| (Unaudited)                                                              |             |               |        |
| (In thousands)                                                           |             |               |        |
|                                                                          |             |               |        |
|                                                                          | 2020        |               | 2019   |
|                                                                          |             |               |        |
| Net assets, March 31                                                     | $           | 272,222  |   |             | $      | 325,963  |   |
| Operations:                                                          |             |               |        |
| Net investment income                                                    | 6,819  |          |        | 7,360  |   |
| Net realized (loss) gain on investments                                  | (5,547)     |          |        | 1,217  |   |
| Net unrealized appreciation (depreciation) on investments, net of tax    | 7,605  |          |        | (1,864)     |   |
| Net increase in net assets from operations                               | 8,877  |          |        | 6,713  |   |
| Dividends to shareholders ($0.51 and $0.49 per share, respectively)      | (9,480)     |          |        | (8,629)     |   |
| Capital share transactions:                                          |             |               |        |
| Change in restoration plan liability                                     | 9      |          |        | 7      |   |
| Issuance of common stock                                                 | 5,622  |          |        | 3,972  |   |
|                                                                          |             |               |        |
| Share-based compensation expense                                         | 612    |          |        | 837    |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (3)         |          |        | (49)        |   |
| Increase (decrease) in net assets                                        | 5,637  |          |        | 2,851  |   |
| Net assets, June 30                                                      | $           | 277,859  |   |             | $      | 328,814  |   |
|                                                                          |             |               |        |
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|                                                                          |             |               |        |

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Table of Contents

|                                                                                                                   |                    |              |        |              |        |               |        |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------|--------------------|--------------|--------|--------------|--------|---------------|--------|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                    |                    |              |        |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                             |                    |              |        |
| (Unaudited)                                                                                                       |                    |              |        |
| (In thousands)                                                                                                    |                    |              |        |
|                                                                                                                   | Three Months Ended |              |        |
|                                                                                                                   | June 30,           |              |        |
|                                                                                                                   | 2020               |              | 2019   |
| Cash flows from operating activities                                                                              |                    |              |        |
| Net increase in net assets from operations                                                                        | $                  | 8,877   |   |              | $      | 6,713    |   |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |                    |              |        |
| Purchases and originations of investments                                                                         | (37,757)           |         |        | (35,170)     |   |
| Proceeds from sales and repayments of debt investments in portfolio companies                                     | 7,624         |         |        | 19,669  |   |
| Proceeds from sales and return of capital of equity investments in portfolio companies                            | —       |         |        | 6,539   |   |
| Payment of accreted original issue discounts                                                                      | 14            |         |        | 288     |   |
| Depreciation and amortization                                                                                     | 453           |         |        | 500     |   |
| Net pension benefit                                                                                               | (27)               |         |        | (17)         |   |
| Realized loss (gain) on investments before income tax                                                             | 5,560         |         |        | (1,217)      |   |
| Net unrealized depreciation (appreciation) on investments                                                         | (8,129)            |         |        | 1,399   |   |
| Accretion of discounts on investments                                                                             | (519)              |         |        | (472)        |   |
| Payment-in-kind interest and dividends                                                                            | (899)              |         |        | (696)        |   |
| Stock option and restricted awards expense                                                                        | 612           |         |        | 837     |   |
| Deferred income taxes                                                                                             | 664           |         |        | 321     |   |
| Changes in other assets and liabilities:                                                                      |                    |              |        |
| Decrease (increase) in dividend and interest receivable                                                           | 462           |         |        | (555)        |   |
| Decrease (increase) in escrow receivables                                                                         | 493           |         |        | (48)         |   |
| (Increase) decrease in tax receivable                                                                             | (200)              |         |        | 40      |   |
| (Increase) decrease in other receivables                                                                          | (151)              |         |        | 144     |   |
| Decrease (increase) in other assets                                                                               | 263           |         |        | (275)        |   |
| (Decrease) increase in taxes payable                                                                              | (46)               |         |        | 186     |   |
| Decrease in other liabilities                                                                                     | (193)              |         |        | (226)        |   |
| Decrease in payable for unsettled transaction                                                                     | —       |         |        | (1,040)      |   |
| Net cash used in operating activities                                                                             | (22,899)           |         |        | (3,080)      |   |
| Cash flows from financing activities                                                                              |                    |              |        |
| Proceeds from common stock offering                                                                               | 5,624         |         |        | 4,129   |   |
| Equity offering costs paid                                                                                        | —       |         |        | (105)        |   |
| Borrowings under credit facility                                                                                  | 28,000        |         |        | 30,000  |   |
| Repayments of credit facility                                                                                     | —       |         |        | (20,000)     |   |
| Debt issuance costs paid                                                                                          | —       |         |        | (221)        |   |
| Dividends to shareholders                                                                                         | (9,480)            |         |        | (8,629)      |   |
| Common stock withheld for payroll taxes upon vesting of restricted stock                                          | (3)                |         |        | (49)         |   |
| Net cash provided by financing activities                                                                         | 24,141        |         |        | 5,125   |   |
| Net increase in cash and cash equivalents                                                                         | 1,242         |         |        | 2,045   |   |
| Cash and cash equivalents at beginning of period                                                                  | 13,744        |         |        | 9,924   |   |
| Cash and cash equivalents at end of period                                                                        | $                  | 14,986  |   |              | $      | 11,969   |   |
| Supplemental cash flow disclosures:                                                                           |                    |              |        |
| Cash paid for income taxes                                                                                        | $                  | 379     |   |              | $      | —  |   |
| Cash paid for interest                                                                                            | 2,996         |         |        | 2,721   |   |
|                                                                                                                   |                    |              |        |
|                                                                                                                   |                    |              |        |

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Table of Contents

|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |               |             |              |               |        |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|------------------------------------------|--|--------------------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|-------------|--------------|---------------|-------------|--------------|---------------|--------|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |               |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |               |             |
| (Unaudited)                                    |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |               |             |
| June 30, 2020                                  |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |               |             |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |               |             |
| Portfolio Company1                        |  | Type of Investment2                      |  | Industry                             |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |             | Cost17       |               | Fair Value4 |
| Non-control/Non-affiliate Investments5     |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |               |             |
| AAC HOLDINGS, INC.                             |  | First Lien - DIP10                       |  | Healthcare services                  |  | 10.00%, 8.00% PIK                                             |  | 6/25/2020  |  | 3/25/2021  |  | $             | 2,136  |         |               | $           | 2,073   |          |        | $ | 2,136  |   |
|                                                |  | First Lien - Priming Facility            |  |                                      |  | P+10.00% (Floor 1.00%)/Q, Current Coupon 13.25%           |  | 3/21/2019  |  | 4/15/2020  |  | 1,968    |        |              | 1,968    |        |              | 1,968    |   |
|                                                |  | First Lien16                             |  |                                      |  | L+6.75% (Floor 1.00%)/Q, 4.00% PIK, Current Coupon 13.33% |  | 6/28/2017  |  | 6/30/2023  |  | 9,079    |        |              | 8,916    |        |              | 4,067    |   |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 12,957  |          |             | 8,171   |          |
| ACE GATHERING, INC.                            |  | Second Lien15                            |  | Energy services (midstream)          |  | L+8.50% (Floor 2.00%)/Q, Current Coupon 10.50%            |  | 12/13/2018 |  | 12/13/2023 |  | 9,625    |        |              | 9,478    |        |              | 9,365    |   |
| ADAMS PUBLISHING GROUP, LLC                    |  | First Lien                               |  | Media, marketing & entertainment |  | L+7.50% (Floor 1.75%)/Q, Current Coupon 9.25%             |  | 7/2/2018   |  | 7/2/2023   |  | 11,074   |        |              | 10,910   |        |              | 10,443   |   |
| AG KINGS HOLDINGS INC.                         |  | Revolving Loan10                         |  | Food, agriculture & beverage     |  | L+6.50% (Floor 1.00%)/M, 2.00% PIK                        |  | 6/9/2020   |  | 8/8/2021   |  | —  |        |              | —  |        |              | —  |   |
|                                                |  | First Lien16                             |  |                                      |  | L+9.00% (Floor 1.00%)/M, 2.00% PIK, Current Coupon 12.00% |  | 8/4/2016   |  | 8/8/2021   |  | 9,308    |        |              | 9,194    |        |              | 6,003    |   |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 9,194   |          |             | 6,003   |          |
| ALLIANCE SPORTS GROUP, L.P.                    |  | Senior subordinated debt                 |  | Consumer products & retail       |  | 11.00%                                                        |  | 8/1/2017   |  | 2/1/2023   |  | 10,100   |        |              | 9,989    |        |              | 9,747    |   |
|                                                |  | 3.88% membership preferred interest      |  |                                      |  | —                                                       |  | 8/1/2017   |  | —            |  | —  |        |              | 2,500    |        |              | 2,335    |   |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 12,489  |          |             | 12,082  |          |
| AMERICAN NUTS OPERATIONS LLC13                 |  | First Lien - Term Loan                   |  | Food, agriculture and beverage       |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.43%             |  | 4/10/2018  |  | 4/10/2023  |  | 17,150   |        |              | 16,935   |        |              | 16,910   |   |
|                                                |  | First Lien - Term Loan C10               |  |                                      |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.43%             |  | 12/21/2018 |  | 4/10/2023  |  | 1,804    |        |              | 1,782    |        |              | 1,778    |   |
|                                                |  | 3,000,000 units of Class A common stock9 |  |                                      |  | —                                                       |  | 4/10/2018  |  | —            |  | —  |        |              | 3,000    |        |              | 2,305    |   |
|                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 21,717  |          |             | 20,993  |          |

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Table of Contents

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|-------------------------------------------------------------------------------|--|--------------------------------|--|--------------------------|--|----------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--------|--------------|--------------|-------------|--------------|--------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                          |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        |              |              |             |
| (Unaudited)                                                                   |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        |              |              |             |
| June 30, 2020                                                                 |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        |              |              |             |
|                                                                               |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        |              |              |             |
| Portfolio Company1                                                       |  | Type of Investment2            |  | Industry                 |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity           |  | Principal     |        | Cost17       |              | Fair Value4 |
| AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) |  | First Lien                     |  | Telecommunications       |  | L+6.50% (Floor 1.00%)/Q, Current Coupon 7.82%              |  | 9/21/2016  |  | 6/8/2023   |  | 5,923    |   |              | 5,858   |        |              | 3,844   |   |
|                                                                               |  | Second Lien                    |  |                          |  | 0.5%, L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 10.81%   |  | 11/3/2016  |  | 6/6/2024   |  | 2,170    |   |              | 2,134   |        |              | 1,118   |   |
|                                                                               |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        | 7,992   |         |             | 4,962   |         |
| AMWARE FULFILLMENT LLC                                                        |  | First Lien                     |  | Distribution             |  | L+9.50% (Floor 1.00%)/M, Current Coupon 10.50%             |  | 7/29/2016  |  | 12/31/2020 |  | 11,846   |   |              | 11,820  |        |              | 11,846  |   |
| ASC ORTHO MANAGEMENT COMPANY, LLC13                                           |  | Revolving Loan                 |  | Healthcare services      |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.93%              |  | 8/31/2018  |  | 8/31/2023  |  | 1,500    |   |              | 1,481   |        |              | 1,407   |   |
|                                                                               |  | First Lien                     |  |                          |  | L+7.50% (Floor 1.00%)/Q, Current Coupon 8.93%              |  | 8/31/2018  |  | 8/31/2023  |  | 9,028    |   |              | 8,903   |        |              | 8,469   |   |
|                                                                               |  | Second Lien                    |  |                          |  | 13.25% PIK                                                     |  | 8/31/2018  |  | 12/1/2023  |  | 3,831    |   |              | 3,775   |        |              | 3,383   |   |
|                                                                               |  | 2,042 Common Units9            |  |                          |  | —                                                        |  | 8/31/2018  |  | —            |  | —  |   |              | 750     |        |              | 356     |   |
|                                                                               |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        | 14,909  |         |             | 13,615  |         |
| BINSWANGER HOLDING CORP.                                                      |  | First Lien                     |  | Distribution             |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%              |  | 3/9/2017   |  | 3/9/2022   |  | 11,438   |   |              | 11,347  |        |              | 11,141  |   |
|                                                                               |  | 900,000 shares of common stock |  |                          |  | —                                                        |  | 3/9/2017   |  | —            |  | —  |   |              | 900     |        |              | 636     |   |
|                                                                               |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        | 12,247  |         |             | 11,777  |         |
| BLASCHAK COAL CORP.                                                           |  | Second Lien- Term Loan15       |  | Commodities & mining |  | L+11.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 13.45% |  | 7/30/2018  |  | 7/30/2023  |  | 8,645    |   |              | 8,526   |        |              | 8,472   |   |
|                                                                               |  | Second Lien- Term Loan B15     |  |                          |  | L+11.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 13.43% |  | 3/30/2020  |  | 7/30/2023  |  | 2,000    |   |              | 1,963   |        |              | 1,960   |   |
|                                                                               |  |                                |  |                          |  |                                                                |  |                    |  |                    |  |               |        | 10,489  |         |             | 10,432  |         |

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Table of Contents

|                                                |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        |              |              |             |              |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-------------------------------|--|--------------------------------------|--|-----------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--------|--------------|--------------|-------------|--------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        |              |              |             |
| (Unaudited)                                    |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        |              |              |             |
| June 30, 2020                                  |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        |              |              |             |
|                                                |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        |              |              |             |
| Portfolio Company1                        |  | Type of Investment2           |  | Industry                             |  | Current Interest Rate3                              |  | Acquisition Date14 |  | Maturity          |  | Principal     |        | Cost17       |              | Fair Value4 |
| CALIFORNIA PIZZA KITCHEN, INC.                 |  | Priority First Lien10         |  | Restaurants                          |  | L+10.00% (Floor 1.50%)/M, Current Coupon 11.50% |  | 4/27/2020  |  | 8/23/2022 |  | 383      |   |              | 371     |        |              | 383      |   |
|                                                |  | Priority First Lien Rolled Up |  |                                      |  | L+10.00% (Floor 1.50%)/M, Current Coupon 11.50% |  | 5/12/2020  |  | 8/23/2022 |  | 679      |   |              | 676     |        |              | 673      |   |
|                                                |  | First Lien16                  |  |                                      |  | L+6.00% (Floor 1.00%)/M, Current Coupon 7.62%   |  | 8/19/2016  |  | 8/23/2022 |  | 4,156    |   |              | 4,138   |        |              | 1,218    |   |
|                                                |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        | 5,185   |         |             | 2,274   |          |
| CAPITAL PAWN HOLDINGS, LLC                     |  | First Lien                    |  | Consumer products & retail       |  | L+8.25% (Floor 1.00%)/Q, Current Coupon 9.68%   |  | 12/21/2017 |  | 7/8/2023  |  | 11,097   |   |              | 11,074  |        |              | 11,097   |   |
| CLICKBOOTH.COM, LLC                            |  | Revolving Loan                |  | Media, marketing & entertainment |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.95%   |  | 12/5/2017  |  | 1/31/2025 |  | 1,086    |   |              | 1,079   |        |              | 1,086    |   |
|                                                |  | First Lien                    |  |                                      |  | L+8.50% (Floor 1.00%)/Q, Current Coupon 9.95%   |  | 12/5/2017  |  | 1/31/2025 |  | 18,881   |   |              | 18,629  |        |              | 18,881   |   |
|                                                |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        | 19,708  |         |             | 19,967  |          |
| COASTAL TELEVISION BROADCASTING HOLDINGS LLC   |  | Revolving Loan10              |  | Media, marketing & entertainment |  | L+10.00% (Floor 2.00%)                              |  | 6/4/2020   |  | 6/4/2025  |  | —  |   |              | (10)         |        |              | —  |   |
|                                                |  | First Lien                    |  |                                      |  | L+10.00% (Floor 2.00%)/Q, Current Coupon 12.00% |  | 6/4/2020   |  | 6/4/2025  |  | 8,900    |   |              | 8,725   |        |              | 8,725    |   |
|                                                |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        | 8,715   |         |             | 8,725   |          |
| DANFORTH ADVISORS, LLC13                       |  | Revolving Loan10              |  | Business services                    |  | L+7.25% (Floor 2.00%)                               |  | 9/28/2018  |  | 9/28/2023 |  | —  |   |              | (13)         |        |              | —  |   |
|                                                |  | First Lien                    |  |                                      |  | L+7.25% (Floor 2.00%)/Q, Current Coupon 9.25%   |  | 9/28/2018  |  | 9/28/2023 |  | 6,634    |   |              | 6,540   |        |              | 6,634    |   |
|                                                |  | 875 Class A equity units9     |  |                                      |  | —                                             |  | 9/28/2018  |  | —           |  | —  |   |              | 875     |        |              | 1,677    |   |
|                                                |  |                               |  |                                      |  |                                                     |  |                    |  |                   |  |               |        | 7,402   |         |             | 8,311   |          |
| DRIVEN, INC.                                   |  | First Lien                    |  | Business Services                    |  | L+8.00% (Floor 2.00%)/Q, Current Coupon 10.00%  |  | 6/28/2019  |  | 6/28/2024 |  | 11,910   |   |              | 11,710  |        |              | 11,910   |   |
| 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    |   |              | 2,967   |        |              | 3,000    |   |

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Table of Contents

|                                                    |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |              |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|--|-----------------------------|--|---------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--------|--------------|--------------|-------------|--------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES     |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS               |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| (Unaudited)                                        |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| June 30, 2020                                      |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
|                                                    |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| Portfolio Company1                            |  | Type of Investment2         |  | Industry            |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |        | Cost17       |              | Fair Value4 |
| ENVIRONMENTAL PEST SERVICE MANAGEMENT COMPANY, LLC |  | First Lien                  |  | Consumer services   |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.45%   |  | 6/22/2018  |  | 6/22/2023  |  | 15,251   |   |              | 15,075  |        |              | 15,251   |   |
|                                                    |  | Delayed Draw Term Loan10    |  |                     |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.45%   |  | 6/22/2018  |  | 6/22/2023  |  | 6,095    |   |              | 6,002   |        |              | 6,095    |   |
|                                                    |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        | 21,077  |         |             | 21,346  |          |
| 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    |   |              | 5,257   |        |              | 5,099    |   |
|                                                    |  | First Lien - Term Loan B    |  |                     |  | L+8.50%(Floor 1.75%)/Q, Current Coupon 10.25%  |  | 1/31/2020  |  | 1/31/2025  |  | 5,350    |   |              | 5,257   |        |              | 5,099    |   |
|                                                    |  | Delayed Draw Term Loan A110 |  |                     |  | L+6.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025  |  | —  |   |              | (10)         |        |              | —  |   |
|                                                    |  | Delayed Draw Term Loan A210 |  |                     |  | L+8.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025  |  | —  |   |              | (10)         |        |              | —  |   |
|                                                    |  | Delayed Draw Term Loan B1   |  |                     |  | L+6.50%(Floor 1.75%), Current Coupon 8.25%         |  | 1/31/2020  |  | 1/31/2025  |  | 500      |   |              | 490     |        |              | 476      |   |
|                                                    |  | Delayed Draw Term Loan B2   |  |                     |  | L+8.50%(Floor 1.75%), Current Coupon 10.25%        |  | 1/31/2020  |  | 1/31/2025  |  | 500      |   |              | 490     |        |              | 476      |   |
|                                                    |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        | 11,474  |         |             | 11,150  |          |
| FAST SANDWICH, LLC                                 |  | Revolving Loan10            |  | Restaurants         |  | L+9.00% (Floor 1.00%)                              |  | 5/24/2018  |  | 5/23/2023  |  | —  |   |              | (40)         |        |              | —  |   |
|                                                    |  | First Lien                  |  |                     |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.43% |  | 5/24/2018  |  | 5/23/2023  |  | 3,421    |   |              | 3,385   |        |              | 3,284    |   |
|                                                    |  |                             |  |                     |  |                                                    |  |                    |  |                    |  |               |        | 3,345   |         |             | 3,284   |          |
| GS OPERATING, LLC                                  |  | First Lien                  |  | Distribution        |  | L+6.50%(Floor 1.50%)/M, Current Coupon 8.00%   |  | 3/6/2020   |  | 2/24/2025  |  | 7,980    |   |              | 7,829   |        |              | 7,924    |   |
| ICS DISTRIBUTION, LLC8                             |  | First Lien                  |  | Industrial services |  | L+8.20%(Floor 2.00%)/Q, Current Coupon 10.20%  |  | 10/31/2019 |  | 10/29/2024 |  | 18,000   |   |              | 17,634  |        |              | 17,640   |   |
| IENERGIZER LIMITED                                 |  | First Lien9                 |  | Business services   |  | L+6.00%(Floor 1.00%)/M, Current Coupon 7.00%   |  | 4/17/2019  |  | 4/17/2024  |  | 11,250   |   |              | 11,160  |        |              | 11,250   |   |
| JVMC HOLDINGS CORP.                                |  | First Lien                  |  | Financial services  |  | L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%  |  | 2/28/2019  |  | 2/28/2024  |  | 7,390    |   |              | 7,331   |        |              | 7,390    |   |

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Table of Contents

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|-----------------------------------------------------|--|--------------------------------------------|--|--------------------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--------|--------------|--------------|-------------|--------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES      |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        |              |              |             |
| (Unaudited)                                         |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        |              |              |             |
| June 30, 2020                                       |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        |              |              |             |
|                                                     |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        |              |              |             |
| Portfolio Company1                             |  | Type of Investment2                        |  | Industry                             |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |        | Cost17       |              | Fair Value4 |
| LANDPOINT HOLDCO, INC.                              |  | First Lien                                 |  | Business Services                    |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.43%              |  | 12/30/2019 |  | 12/30/2024 |  | 19,335   |   |              | 18,981  |        |              | 18,523   |   |
| LGM PHARMA, LLC13                                   |  | First Lien                                 |  | Healthcare products                  |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%             |  | 11/15/2017 |  | 11/15/2022 |  | 11,512   |   |              | 11,382  |        |              | 11,512   |   |
|                                                     |  | 110,000 units of Class A common stock9     |  |                                      |  | —                                                       |  | 11/15/2017 |  | —            |  | —  |   |              | 1,100   |        |              | 1,722    |   |
|                                                     |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        | 12,482  |         |             | 13,234  |          |
| LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) |  | First Lien                                 |  | Environmental services               |  | 6.75%, L+2.25% PIK (Floor 2.00%)/Q, Current Coupon 11.00% |  | 6/30/2017  |  | 6/30/2022  |  | 13,608   |   |              | 13,542  |        |              | 12,288   |   |
|                                                     |  | 25,603 shares of Series C preferred stock  |  |                                      |  | —                                                       |  | 8/13/2018  |  | —            |  | —  |   |              | 25      |        |              | —  |   |
|                                                     |  | 396,825 shares of Series B preferred stock |  |                                      |  | —                                                       |  | 6/30/2017  |  | —            |  | —  |   |              | 500     |        |              | —  |   |
|                                                     |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        | 14,067  |         |             | 12,288  |          |
| MEDIA RECOVERY, INC.                                |  | Earnout                                    |  | Industrial products                  |  | —                                                       |  | 11/25/2019 |  | —            |  | —  |   |              | 1,517   |        |              | —  |   |
| NINJATRADER, INC.13                                 |  | Revolving Loan10                           |  | Financial services                   |  | L+6.00% (Floor 1.50%)                                         |  | 12/18/2019 |  | 12/18/2024 |  | —  |   |              | (6)          |        |              | —  |   |
|                                                     |  | First Lien                                 |  |                                      |  | L+6.00% (Floor 1.50%)/Q, Current Coupon 7.50%             |  | 12/18/2019 |  | 12/18/2024 |  | 18,250   |   |              | 17,917  |        |              | 18,250   |   |
|                                                     |  | 2,000,000 Preferred Units9                 |  |                                      |  | —                                                       |  | 12/18/2019 |  | —            |  | —  |   |              | 2,000   |        |              | 2,681    |   |
|                                                     |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        | 19,911  |         |             | 20,931  |          |
| 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   |   |              | 9,923   |        |              | 10,206   |   |
| SCRIP INC.8                                         |  | First Lien                                 |  | Healthcare products                  |  | L+9.82% (Floor 2.00%)/M, Current Coupon 11.82%            |  | 3/21/2019  |  | 3/21/2024  |  | 16,750   |   |              | 16,353  |        |              | 16,482   |   |
|                                                     |  | 100 shares of common stock                 |  |                                      |  | —                                                       |  | 3/21/2019  |  | —            |  | —  |   |              | 1,000   |        |              | 616      |   |
|                                                     |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        | 17,353  |         |             | 17,098  |          |
| TAX ADVISORS GROUP, LLC13                           |  | 143.3 Class A units9                       |  | Financial services                   |  | —                                                       |  | 6/23/2017  |  | —            |  | —  |   |              | 541     |        |              | 1,282    |   |
| TRINITY 3, LLC13                                    |  | First Lien                                 |  | Technology products & components |  | L+7.50% (Floor 1.50%)/Q, Current Coupon 9.00%             |  | 11/15/2019 |  | 11/15/2024 |  | 14,072   |   |              | 13,818  |        |              | 13,959   |   |
|                                                     |  | 562.5 Class A units9                       |  |                                      |  | —                                                       |  | 11/15/2019 |  | —            |  | —  |   |              | 563     |        |              | 734      |   |
|                                                     |  |                                            |  |                                      |  |                                                               |  |                    |  |                    |  |               |        | 14,381  |         |             | 14,693  |          |

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|                                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |              |               |               |        |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|--------------------------------------------|--|--------------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|---------------|--------------|---------------|-------------|--------------|---------------|---------------|--------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES  |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS            |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |
| (Unaudited)                                     |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |
| June 30, 2020                                   |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |
|                                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |
| Portfolio Company1                         |  | Type of Investment2                        |  | Industry                             |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |               | Cost17       |               | Fair Value4 |
| TINUITI INC.                                    |  | 1,114 Preferred Units                      |  | Media, marketing & entertainment |  | —                                            |  | 2/1/2017   |  | —            |  | —  |          |              | 1,114    |        |              | 3,100    |          |
|                                                 |  | 1,443 Common Units                         |  |                                      |  | —                                            |  | 2/1/2017   |  | —            |  | —  |          |              | 277      |        |              | 1,756    |          |
|                                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               | 1,391   |          |             | 4,856   |          |
| USA DEBUSK, LLC                                 |  | First Lien                                 |  | Industrial Services                  |  | L+5.75% (Floor 1.00%)/M, Current Coupon 6.75%  |  | 2/25/2020  |  | 10/22/2024 |  | 7,960    |          |              | 7,820    |        |              | 7,817    |          |
| VISTAR MEDIA INC.                               |  | First Lien                                 |  | Media, marketing & entertainment |  | L+7.50% (Floor 2.00%)/M, Current Coupon 9.50%  |  | 2/17/2017  |  | 4/3/2023   |  | 11,234   |          |              | 10,485   |        |              | 11,234   |          |
|                                                 |  | 171,617 shares of Series A preferred stock |  |                                      |  | —                                            |  | 4/3/2019   |  | —            |  | —  |          |              | 1,874    |        |              | 4,174    |          |
|                                                 |  | Warrants (Expiration - April 3, 2029)      |  |                                      |  | —                                            |  | 4/3/2019   |  | —            |  | —  |          |              | 620      |        |              | 2,120    |          |
|                                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               | 12,979  |          |             | 17,528  |          |
| VTX HOLDINGS, INC.8                             |  | First Lien                                 |  | Software & IT services           |  | L+9.15% (Floor 2.00%)/Q, Current Coupon 11.15% |  | 7/23/2019  |  | 7/23/2024  |  | 21,575   |          |              | 21,107   |        |              | 21,575   |          |
|                                                 |  | 1,397,707 Series A Preferred units         |  |                                      |  | —                                            |  | 7/23/2019  |  | —            |  | —  |          |              | 1,398    |        |              | 1,398    |          |
|                                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               | 22,505  |          |             | 22,973  |          |
|                                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |
| Total Non-control/Non-affiliate Investments |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               | $            | 434,664  |        |              | $             | 426,386  |   |
| Affiliate Investments6                          |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               |              |               |             |
| CENTRAL MEDICAL SUPPLY LLC13                    |  | Revolving Loan10                           |  | Healthcare services                  |  | L+7.00% (Floor 1.75%)                              |  | 5/22/2020  |  | 5/22/2025  |  | $             | —  |         |               | $           | (29)         |          |               | $      | —  |   |
|                                                 |  | First Lien                                 |  |                                      |  | L+7.00% (Floor 1.75%)/Q, Current Coupon 8.75%  |  | 5/22/2020  |  | 5/22/2025  |  | 7,500    |          |              | 7,353    |        |              | 7,353    |          |
|                                                 |  | Delayed Draw Capex Term Loan10             |  |                                      |  | L+7.00% (Floor 1.75%)/Q                        |  | 5/22/2020  |  | 5/22/2025  |  | —  |          |              | (29)          |        |              | —  |          |
|                                                 |  | 875,000 Preferred Units9                   |  |                                      |  | —                                            |  | 5/22/2020  |  | 5/22/2025  |  | —  |          |              | 875      |        |              | 875      |          |
|                                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |               | 8,170   |          |             | 8,228   |          |
| CHANDLER SIGNS, LLC13                           |  | 1,500,000 units of Class A-1 common stock9 |  | Business services                    |  | —                                            |  | 1/4/2016   |  | —            |  | —  |          |              | 1,500    |        |              | 3,110    |          |

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Table of Contents

|                                                |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        |              |              |             |              |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-----------------------------------------|--|--------------------------------|--|---------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--------|--------------|--------------|-------------|--------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        |              |              |             |
| (Unaudited)                                    |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        |              |              |             |
| June 30, 2020                                  |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        |              |              |             |
|                                                |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        |              |              |             |
| Portfolio Company1                        |  | Type of Investment2                     |  | Industry                       |  | Current Interest Rate3                                  |  | Acquisition Date14 |  | Maturity          |  | Principal     |        | Cost17       |              | Fair Value4 |
| DELPHI BEHAVIORAL HEALTH GROUP, LLC            |  | First Lien                              |  | Healthcare services            |  | P+10.00% (Floor 2.00%) PIK/M, Current Coupon 13.25% |  | 4/8/2020   |  | 4/7/2023  |  | 1,381    |   |              | 1,381   |        |              | 1,382    |   |
|                                                |  | First Lien                              |  |                                |  | P+8.00% (Floor 2.00%) PIK/M, Current Coupon 11.12%  |  | 4/8/2020   |  | 4/7/2023  |  | 1,543    |   |              | 1,543   |        |              | 1,543    |   |
|                                                |  | 1,681.04 Common Units                   |  |                                |  | —                                                 |  | 4/8/2020   |  | —           |  | —  |   |              | 3,615   |        |              | 3,614    |   |
|                                                |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        | 6,539   |         |             | 6,539   |          |
| DYNAMIC COMMUNITIES, LLC13                     |  | Revolving Loan10                        |  | Business services              |  | L+8.50% (Floor 1.00%)                                   |  | 7/17/2018  |  | 7/17/2023 |  | —  |   |              | (3)          |        |              | —  |   |
|                                                |  | First Lien                              |  |                                |  | L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%       |  | 7/17/2018  |  | 7/17/2023 |  | 10,710   |   |              | 10,566  |        |              | 9,650    |   |
|                                                |  | 2,000,000 Preferred Units9              |  |                                |  | —                                                 |  | 7/17/2018  |  | —           |  | —  |   |              | 2,000   |        |              | 1,274    |   |
|                                                |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        | 12,563  |         |             | 10,924  |          |
| GRAMMATECH, INC.                               |  | Revolving Loan                          |  | Software & IT services     |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%       |  | 11/1/2019  |  | 11/1/2024 |  | 2,500    |   |              | 2,462   |        |              | 2,460    |   |
|                                                |  | First Lien                              |  |                                |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%       |  | 11/1/2019  |  | 11/1/2024 |  | 11,500   |   |              | 11,320  |        |              | 11,316   |   |
|                                                |  | 1,000 Class A units                     |  |                                |  | —                                                 |  | 11/1/2019  |  | —           |  | —  |   |              | 1,000   |        |              | 1,000    |   |
|                                                |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        | 14,782  |         |             | 14,776  |          |
| ITA HOLDINGS GROUP, LLC13                      |  | Revolving Loan10                        |  | Transportation & logistics |  | L+9.00% (Floor 1.00%)                                   |  | 2/14/2018  |  | 2/14/2023 |  | —  |   |              | (29)         |        |              | —  |   |
|                                                |  | First Lien - Term Loan                  |  |                                |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.43%       |  | 2/14/2018  |  | 2/14/2023 |  | 10,030   |   |              | 9,920   |        |              | 9,900    |   |
|                                                |  | First Lien - Term B Loan                |  |                                |  | L+11.00% (Floor 1.00%)/Q, Current Coupon 12.43%     |  | 6/5/2018   |  | 2/14/2023 |  | 5,015    |   |              | 4,946   |        |              | 5,070    |   |
|                                                |  | First Lien - PIK Note A                 |  |                                |  | 10.00% PIK                                              |  | 3/29/2019  |  | 2/14/2023 |  | 2,485    |   |              | 2,024   |        |              | 2,256    |   |
|                                                |  | First Lien - PIK Note B                 |  |                                |  | 10.00% PIK                                              |  | 3/29/2019  |  | 2/14/2023 |  | 98       |   |              | 98      |        |              | 89       |   |
|                                                |  | Warrants (Expiration - March 29, 2029)9 |  |                                |  | —                                                 |  | 3/29/2019  |  | —           |  | —  |   |              | 538     |        |              | 2,762    |   |
|                                                |  | 9.25% Class A Membership Interest9      |  |                                |  | —                                                 |  | 2/14/2018  |  | —           |  | —  |   |              | 1,500   |        |              | 2,099    |   |
|                                                |  |                                         |  |                                |  |                                                         |  |                    |  |                   |  |               |        | 18,997  |         |             | 22,176  |          |

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|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |              |               |               |              |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|----------------------------------|--|-----------------------|--|----------------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--------|--------------|---------------|--------------|--------------|---------------|---------------|--------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| (Unaudited)                                    |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| June 30, 2020                                  |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| Portfolio Company1                        |  | Type of Investment2              |  | Industry              |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity          |  | Principal     |        | Cost17       |               | 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      |   |              | 477      |         |              | 500      |          |
|                                                |  | First Lien                       |  |                       |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%              |  | 11/9/2018  |  | 11/9/2023 |  | 10,342   |   |              | 10,210   |         |              | 10,342   |          |
|                                                |  | 10,000 Class A Units             |  |                       |  | —                                                        |  | 11/9/2018  |  | —           |  | —  |   |              | 1,000    |         |              | 1,334    |          |
|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        | 11,687  |          |              | 12,176  |          |
| SIMR, LLC                                      |  | First Lien                       |  | Healthcare services   |  | L+10.00% (Floor 2.00%)/M, 7.00% PIK, Current Coupon 19.00% |  | 9/7/2018   |  | 9/7/2023  |  | 11,901   |   |              | 11,740   |         |              | 11,175   |          |
|                                                |  | 9,374,510.2 Class B Common Units |  |                       |  | —                                                        |  | 9/7/2018   |  | —           |  | —  |   |              | 6,107    |         |              | —  |          |
|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        | 17,847  |          |              | 11,175  |          |
| ZENFOLIO INC.                                  |  | Revolving Loan                   |  | Business services     |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.45%             |  | 7/17/2017  |  | 7/17/2022 |  | 2,000    |   |              | 1,992    |         |              | 1,844    |          |
|                                                |  | First Lien                       |  |                       |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.45%             |  | 7/17/2017  |  | 7/17/2022 |  | 13,906   |   |              | 13,724   |         |              | 12,821   |          |
|                                                |  | 190 shares of common stock       |  |                       |  | —                                                        |  | 7/17/2017  |  | —           |  | —  |   |              | 1,900    |         |              | 272      |          |
|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        | 17,616  |          |              | 14,937  |          |
|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| Total Affiliate Investments                    |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        | $            | 109,701  |         |              | $             | 104,041  |         |
|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| Control Investments7                           |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| I-45 SLF LLC9, 11                              |  | 80% LLC equity interest          |  | Multi-sector holdings |  | —                                                        |  | 10/20/2015 |  | —           |  | —  |   |              | $             | 80,800  |         |               | $             | 56,751  |   |
| Total Control Investments                      |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        | $            | 80,800   |         |              | $             | 56,751   |         |
|                                                |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| TOTAL INVESTMENTS12                            |  |                                  |  |                       |  |                                                                |  |                    |  |                   |  |               |        | $            | 625,165  |         |              | $             | 587,178  |         |

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|-------------------------------------------------------------------------------|--|------------------------------------------|--|--------------------------------------|--|---------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|-------------|--------------|--------------|-------------|--------------|--------------|--------|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                          |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| (Unaudited)                                                                   |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| March 31, 2020                                                                |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| Portfolio Company1                                                       |  | Type of Investment2                      |  | Industry                             |  | Current Interest Rate3                                        |  | Acquisition Date14 |  | Maturity           |  | Principal     |             | Cost17       |              | Fair Value4 |
| Non-control/Non-affiliate Investments5                                    |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             |              |              |             |
| AAC HOLDINGS, INC.                                                            |  | First Lien - Priming Facility            |  | Healthcare services                  |  | P +13.50% (Floor 1.00%)/Q, Current Coupon 16.75%          |  | 3/21/2019  |  | 4/15/2020  |  | $             | 1,968  |         |              | $           | 1,969   |         |        | $ | 1,968  |   |
|                                                                               |  | First Lien16                             |  |                                      |  | L+6.75% (Floor 1.00%)/Q, 4.00% PIK, Current Coupon 13.33% |  | 6/28/2017  |  | 6/30/2023  |  | 9,079    |        |              | 8,915   |        |              | 3,977   |   |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 10,884  |         |             | 5,945   |         |
| ACE GATHERING, INC.                                                           |  | Second Lien15                            |  | Energy services (midstream)          |  | L+8.50% (Floor 2.00%)/Q, Current Coupon 10.50%            |  | 12/13/2018 |  | 12/13/2023 |  | 9,688    |        |              | 9,532   |        |              | 9,445   |   |
| ADAMS PUBLISHING GROUP, LLC                                                   |  | First Lien                               |  | Media, marketing & entertainment |  | L+7.50% (Floor 1.75%)/Q, Current Coupon 9.29%             |  | 7/2/2018   |  | 7/2/2023   |  | 10,730   |        |              | 10,572  |        |              | 10,312  |   |
|                                                                               |  | Delayed Draw Term Loan                   |  |                                      |  | L+7.50% (Floor 1.75%)/Q, Current Coupon 9.25%             |  | 7/2/2018   |  | 7/2/2023   |  | 344      |        |              | 320     |        |              | 330     |   |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 10,892  |         |             | 10,642  |         |
| AG KINGS HOLDINGS INC.8,16                                                    |  | First Lien                               |  | Food, agriculture & beverage     |  | L+10.02% (Floor 1.00%)/M, Current Coupon 12.69%           |  | 8/4/2016   |  | 8/8/2021   |  | 9,308    |        |              | 9,194   |        |              | 5,445   |   |
| ALLIANCE SPORTS GROUP, L.P.                                                   |  | Senior subordinated debt                 |  | Consumer products & retail       |  | 11.00%                                                        |  | 8/1/2017   |  | 2/1/2023   |  | 10,100   |        |              | 9,980   |        |              | 9,747   |   |
|                                                                               |  | 3.88% membership preferred interest      |  |                                      |  | —                                                       |  | 8/1/2017   |  | —            |  | —  |        |              | 2,500   |        |              | 2,335   |   |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 12,480  |         |             | 12,082  |         |
| AMERICAN NUTS OPERATIONS LLC13                                                |  | First Lien - Term Loan                   |  | Food, agriculture and beverage       |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.41%            |  | 4/10/2018  |  | 4/10/2023  |  | 17,194   |        |              | 16,963  |        |              | 16,884  |   |
|                                                                               |  | First Lien - Term Loan C10               |  |                                      |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.41%            |  | 12/21/2018 |  | 4/10/2023  |  | 1,804    |        |              | 1,781   |        |              | 1,771   |   |
|                                                                               |  | 3,000,000 units of Class A common stock9 |  |                                      |  | —                                                       |  | 4/10/2018  |  | —            |  | —  |        |              | 3,000   |        |              | 1,523   |   |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 21,744  |         |             | 20,178  |         |
| AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) |  | First Lien                               |  | Telecommunications                   |  | L+6.50% (Floor 1.00%)/Q, Current Coupon 8.24%             |  | 9/21/2016  |  | 6/8/2023   |  | 5,926    |        |              | 5,856   |        |              | 3,348   |   |
|                                                                               |  | Second Lien                              |  |                                      |  | 0.5%, L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 11.35%  |  | 11/3/2016  |  | 6/6/2024   |  | 2,111    |        |              | 2,072   |        |              | 792     |   |
|                                                                               |  |                                          |  |                                      |  |                                                               |  |                    |  |                    |  |               |             | 7,928   |         |             | 4,140   |         |

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Table of Contents

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

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Table of Contents

|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        |              |              |             |              |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|--|-----------------------------|--|-----------------------------|--|----------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--------|--------------|--------------|-------------|--------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES     |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS               |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        |              |              |             |
| (Unaudited)                                        |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        |              |              |             |
| March 31, 2020                                     |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        |              |              |             |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        |              |              |             |
| Portfolio Company1                            |  | Type of Investment2         |  | Industry                    |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity          |  | Principal     |        | Cost17       |              | Fair Value4 |
| DANFORTH ADVISORS, LLC13                           |  | Revolving Loan10            |  | Business services           |  | L+7.25% (Floor 2.00%)/Q, Current Coupon 9.25%  |  | 9/28/2018  |  | 9/28/2023 |  | 500      |   |              | 486     |        |              | 500      |   |
|                                                    |  | First Lien                  |  |                             |  | L+7.25% (Floor 2.00%)/Q, Current Coupon 9.25%  |  | 9/28/2018  |  | 9/28/2023 |  | 7,250    |   |              | 7,141   |        |              | 7,250    |   |
|                                                    |  | 875 Class A equity units9   |  |                             |  | —                                            |  | 9/28/2018  |  | —           |  | —  |   |              | 875     |        |              | 1,445    |   |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        | 8,502   |         |             | 9,195   |          |
| DELPHI INTERMEDIATE HEALTHCO, LLC16                |  | Revolving Loan              |  | Healthcare services         |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.97% |  | 10/2/2019  |  | 10/3/2022 |  | 1,223    |   |              | 1,223   |        |              | 1,223    |   |
|                                                    |  | First Lien                  |  |                             |  | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.20% |  | 11/3/2017  |  | 10/3/2022 |  | 10,605   |   |              | 10,533  |        |              | 5,101    |   |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        | 11,756  |         |             | 6,324   |          |
| DRIVEN, INC.                                       |  | First Lien                  |  | Business Services           |  | L+8.00% (Floor 2.00%)/Q, Current Coupon 10.00% |  | 6/28/2019  |  | 6/28/2024 |  | 11,940   |   |              | 11,730  |        |              | 11,940   |   |
| DUNN PAPER, INC.                                   |  | Second Lien                 |  | Paper & forest products |  | L+8.75% (Floor 1.00%)/M, Current Coupon 9.75%  |  | 9/28/2016  |  | 8/26/2023 |  | 3,000    |   |              | 2,965   |        |              | 3,000    |   |
| ENVIRONMENTAL PEST SERVICE MANAGEMENT COMPANY, LLC |  | First Lien                  |  | Consumer services           |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.91%   |  | 6/22/2018  |  | 6/22/2023 |  | 15,292   |   |              | 15,103  |        |              | 15,292   |   |
|                                                    |  | Delayed Draw Term Loan10    |  |                             |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.91%   |  | 6/22/2018  |  | 6/22/2023 |  | 6,110    |   |              | 6,015   |        |              | 6,111    |   |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        | 21,118  |         |             | 21,403  |          |
| ESCP DTFS, INC.                                    |  | First Lien - Term Loan A    |  | Industrial services         |  | L+6.50%(Floor 1.75%)/Q, Current Coupon 8.27%   |  | 1/31/2020  |  | 1/31/2025 |  | 5,350    |   |              | 5,253   |        |              | 5,253    |   |
|                                                    |  | First Lien - Term Loan B    |  |                             |  | L+8.50%(Floor 1.75%)/Q, Current Coupon 10.27%  |  | 1/31/2020  |  | 1/31/2025 |  | 5,350    |   |              | 5,253   |        |              | 5,253    |   |
|                                                    |  | Delayed Draw Term Loan A110 |  |                             |  | L+6.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |   |              | (10)         |        |              | —  |   |
|                                                    |  | Delayed Draw Term Loan A210 |  |                             |  | L+8.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |   |              | (10)         |        |              | —  |   |
|                                                    |  | Delayed Draw Term Loan B110 |  |                             |  | L+6.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |   |              | (3)          |        |              | —  |   |
|                                                    |  | Delayed Draw Term Loan B210 |  |                             |  | L+8.50%(Floor 1.75%)                               |  | 1/31/2020  |  | 1/31/2025 |  | —  |   |              | (3)          |        |              | —  |   |
|                                                    |  |                             |  |                             |  |                                                    |  |                    |  |                   |  |               |        | 10,480  |         |             | 10,506  |          |

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Table of Contents

|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        |              |              |             |              |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------|--|--------------------------------------------|--|------------------------|--|-------------------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--------|--------------|--------------|-------------|--------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES      |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        |              |              |             |
| (Unaudited)                                         |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        |              |              |             |
| March 31, 2020                                      |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        |              |              |             |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        |              |              |             |
| Portfolio Company1                             |  | Type of Investment2                        |  | Industry               |  | Current Interest Rate3                                      |  | Acquisition Date14 |  | Maturity           |  | Principal     |        | Cost17       |              | Fair Value4 |
| FAST SANDWICH, LLC                                  |  | Revolving Loan10                           |  | Restaurants            |  | L+9.00% (Floor 1.00%)/Q, 5.0% PIK                       |  | 5/24/2018  |  | 5/23/2023  |  | —  |   |              | (43)         |        |              | —  |   |
|                                                     |  | First Lien                                 |  |                        |  | L+9.00% (Floor 1.00%)/Q, 5.0% PIK,Current Coupon 15.91% |  | 5/24/2018  |  | 5/23/2023  |  | 3,393    |   |              | 3,354   |        |              | 3,179    |   |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        | 3,311   |         |             | 3,179   |          |
| GS OPERATING, LLC                                   |  | First Lien                                 |  | Distribution           |  | L+6.50%(Floor 1.50%)/M, Current Coupon 8.00%            |  | 3/6/2020   |  | 2/24/2025  |  | 8,000    |   |              | 7,842   |        |              | 7,842    |   |
| ICS DISTRIBUTION, LLC8                              |  | First Lien                                 |  | Industrial services    |  | L+8.21%(Floor 2.00%)/Q, Current Coupon 10.21%           |  | 10/31/2019 |  | 10/29/2024 |  | 18,000   |   |              | 17,617  |        |              | 17,617   |   |
| IENERGIZER LIMITED                                  |  | First Lien9                                |  | Business services      |  | L+6.00%(Floor 1.00%)/M, Current Coupon 7.00%            |  | 4/17/2019  |  | 4/17/2024  |  | 12,000   |   |              | 11,899  |        |              | 12,000   |   |
| JVMC HOLDINGS CORP.                                 |  | First Lien                                 |  | Financial services     |  | L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%           |  | 2/28/2019  |  | 2/28/2024  |  | 8,183    |   |              | 8,115   |        |              | 8,183    |   |
| LANDPOINT HOLDCO, INC.                              |  | First Lien                                 |  | Business Services      |  | L+7.00%(Floor 1.00%)/Q, Current Coupon 8.96%            |  | 12/30/2019 |  | 12/30/2024 |  | 19,500   |   |              | 19,128  |        |              | 19,110   |   |
| LGM PHARMA, LLC13                                   |  | First Lien                                 |  | Healthcare products    |  | L+8.50% (Floor 1.00%)/M, Current Coupon 10.02%          |  | 11/15/2017 |  | 11/15/2022 |  | 11,541   |   |              | 11,400  |        |              | 11,472   |   |
|                                                     |  | 110,000 units of Class A common stock9     |  |                        |  | —                                                     |  | 11/15/2017 |  | —            |  | —  |   |              | 1,100   |        |              | 821      |   |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        | 12,500  |         |             | 12,293  |          |
| LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) |  | First Lien                                 |  | Environmental services |  | 6%, L+3.00% PIK (Floor 2.00%)/Q, Current Coupon 11.00%  |  | 6/30/2017  |  | 6/30/2022  |  | 13,439   |   |              | 13,364  |        |              | 12,149   |   |
|                                                     |  | 25,603 shares of Series C preferred stock  |  |                        |  | —                                                     |  | 8/13/2018  |  | —            |  | —  |   |              | 25      |        |              | —  |   |
|                                                     |  | 396,825 shares of Series B preferred stock |  |                        |  | —                                                     |  | 6/30/2017  |  | —            |  | —  |   |              | 500     |        |              | —  |   |
|                                                     |  |                                            |  |                        |  |                                                             |  |                    |  |                    |  |               |        | 13,889  |         |             | 12,149  |          |
| MEDIA RECOVERY, INC.                                |  | Earnout                                    |  | Industrial products    |  | —                                                     |  | 11/25/2019 |  | —            |  | —  |   |              | 1,517   |        |              | —  |   |

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Table of Contents

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|------------------------------------------------|--|--------------------------------------------|--|--------------------------------------|--|----------------------------------------------------|--|--------------------|--|--------------------|--|---------------|--------|--------------|--------------|-------------|--------------|--------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| (Unaudited)                                    |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| March 31, 2020                                 |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        |              |              |             |
| Portfolio Company1                        |  | Type of Investment2                        |  | Industry                             |  | Current Interest Rate3                             |  | Acquisition Date14 |  | Maturity           |  | Principal     |        | Cost17       |              | Fair Value4 |
| NINJATRADER, INC.13                            |  | Revolving Loan10                           |  | Financial Services                   |  | L+6.00% (Floor 1.50%)/Q, Current Coupon 7.90%  |  | 12/18/2019 |  | 12/18/2024 |  | 1,100    |   |              | 1,093   |        |              | 1,100   |   |
|                                                |  | First Lien                                 |  |                                      |  | L+6.00% (Floor 1.50%)/Q, Current Coupon 7.90%  |  | 12/18/2019 |  | 12/18/2024 |  | 18,250   |   |              | 17,902  |        |              | 18,250  |   |
|                                                |  | 2,000,000 Preferred Units9                 |  |                                      |  | —                                            |  | 12/18/2019 |  |                    |  | —  |   |              | 2,000   |        |              | 2,000   |   |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        | 20,995  |         |             | 21,350  |         |
| RESEARCH NOW GROUP, INC.                       |  | Second Lien                                |  | Business services                    |  | L+9.50% (Floor 1.00%)/M, Current Coupon 11.26% |  | 12/8/2017  |  | 12/20/2025 |  | 10,500   |   |              | 9,904   |        |              | 10,217  |   |
| SCRIP INC.8                                    |  | First Lien                                 |  | Healthcare products                  |  | L+9.86% (Floor 2.00%)/M, Current Coupon 11.86% |  | 3/21/2019  |  | 3/21/2024  |  | 16,750   |   |              | 16,332  |        |              | 16,482  |   |
|                                                |  | 100 shares of common stock                 |  |                                      |  | —                                            |  | 3/21/2019  |  | —            |  | —  |   |              | 1,000   |        |              | 1,000   |   |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        | 17,332  |         |             | 17,482  |         |
| TAX ADVISORS GROUP, LLC13                      |  | 143.3 Class A units9                       |  | Financial services                   |  | —                                            |  | 6/23/2017  |  | —            |  | —  |   |              | 541     |        |              | 1,053   |   |
| TRINITY 3, LLC                                 |  | First Lien                                 |  | Technology products & components |  | L+7.50% (Floor 1.50%)/Q, Current Coupon 9.41%  |  | 11/15/2019 |  | 11/15/2024 |  | 14,161   |   |              | 13,894  |        |              | 14,048  |   |
|                                                |  | 562.5 Class A units9                       |  |                                      |  | —                                            |  | 11/15/2019 |  |                    |  | —  |   |              | 563     |        |              | 563     |   |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        | 14,457  |         |             | 14,611  |         |
| TINUITI INC.                                   |  | 1,114 Preferred Units                      |  | Media, marketing & entertainment |  |                                                    |  | 2/1/2017   |  | —            |  | —  |   |              | 1,114   |        |              | 3,100   |   |
|                                                |  | 1,443 Common Units                         |  |                                      |  |                                                    |  | 2/1/2017   |  |                    |  |               |        | 277     |         |             | 1,756   |         |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        | 1,391   |         |             | 4,856   |         |
| USA DEBUSK, LLC                                |  | First Lien                                 |  | Industrial Services                  |  | L+5.75% (Floor 1.00%)/M, Current Coupon 6.75%  |  | 2/25/2020  |  | 10/22/2024 |  | 7,980    |   |              | 7,833   |        |              | 7,833   |   |
| VISTAR MEDIA INC.                              |  | First Lien                                 |  | Media, marketing & entertainment |  | L+7.5% (Floor 2.00%)/M, Current Coupon 9.5%    |  | 2/17/2017  |  | 4/3/2023   |  | 11,416   |   |              | 10,605  |        |              | 11,416  |   |
|                                                |  | 171,617 shares of Series A preferred stock |  |                                      |  | —                                            |  | 4/3/2019   |  |                    |  | —  |   |              | 1,874   |        |              | 4,776   |   |
|                                                |  | Warrants (Expiration - April 3, 2029)      |  |                                      |  | —                                            |  | 4/3/2019   |  | —            |  | —  |   |              | 620     |        |              | 2,718   |   |
|                                                |  |                                            |  |                                      |  |                                                    |  |                    |  |                    |  |               |        | 13,099  |         |             | 18,910  |         |

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|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |              |               |               |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------|--|--------------------------------------------|--|--------------------------------|--|-----------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--------|--------------|---------------|-------------|--------------|---------------|---------------|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES  |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |
| CONSOLIDATED SCHEDULE OF INVESTMENTS            |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |
| (Unaudited)                                     |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |
| March 31, 2020                                  |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |
| Portfolio Company1                         |  | Type of Investment2                        |  | Industry                       |  | Current Interest Rate3                              |  | Acquisition Date14 |  | Maturity          |  | Principal     |        | Cost17       |               | Fair Value4 |
| VTX HOLDINGS, INC.8                             |  | First Lien                                 |  | Software & IT services     |  | L+8.87% (Floor 2.00%)/Q, Current Coupon 10.87%  |  | 7/23/2019  |  | 7/23/2024 |  | 20,075   |   |              | 19,581   |        |              | 19,914   |          |
|                                                 |  | 1,000,000 series A Preferred units         |  |                                |  |                                                     |  | 7/23/2019  |  |                   |  | —  |   |              | 1,000    |        |              | 1,000    |          |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        | 20,581  |          |             | 20,914  |          |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |
| Total Non-control/Non-affiliate Investments |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        | $            | 436,463  |        |              | $             | 421,280  |        |
| Affiliate Investments6                          |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        |              |               |             |
| CHANDLER SIGNS, LLC13                           |  | 1,500,000 units of Class A-1 common stock9 |  | Business services              |  | —                                             |  | 1/4/2016   |  | —           |  | —  |   |              | $             | 1,500  |         |               | $             | 3,110  |   |
| DYNAMIC COMMUNITIES, LLC13                      |  | Revolving Loan10                           |  | Business services              |  | L+8.00% (Floor 1.00%)                               |  | 7/17/2018  |  | 7/17/2023 |  | —  |   |              | (3)           |        |              | —  |          |
|                                                 |  | First Lien                                 |  |                                |  | L+8.00% (Floor 1.00%)/M, Current Coupon 9.00%   |  | 7/17/2018  |  | 7/17/2023 |  | 10,780   |   |              | 10,625   |        |              | 9,928    |          |
|                                                 |  | 2,000,000 Preferred Units9                 |  |                                |  | —                                             |  | 7/17/2018  |  | —           |  | —  |   |              | 2,000    |        |              | 1,850    |          |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        | 12,622  |          |             | 11,778  |          |
| GRAMMATECH, INC.                                |  | Revolving Loan                             |  | Software & IT services     |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%   |  | 11/1/2019  |  | 11/1/2024 |  | 2,500    |   |              | 2,460    |        |              | 2,460    |          |
|                                                 |  | First Lien                                 |  |                                |  | L+7.50% (Floor 2.00%)/Q, Current Coupon 9.50%   |  | 11/1/2019  |  | 11/1/2024 |  | 11,500   |   |              | 11,312   |        |              | 11,316   |          |
|                                                 |  | 1,000 Class A units                        |  |                                |  |                                                     |  | 11/1/2019  |  |                   |  | —  |   |              | 1,000    |        |              | 1,000    |          |
|                                                 |  |                                            |  |                                |  |                                                     |  |                    |  |                   |  |               |        | 14,772  |          |             | 14,776  |          |
| ITA HOLDINGS GROUP, LLC13                       |  | Revolving Loan10                           |  | Transportation & logistics |  | L+9.00% (Floor 1.00%)                               |  | 2/14/2018  |  | 2/14/2023 |  | —  |   |              | (31)          |        |              | —  |          |
|                                                 |  | First Lien - Term Loan                     |  |                                |  | L+8.00% (Floor 1.00%)/Q, Current Coupon 9.91%   |  | 2/14/2018  |  | 2/14/2023 |  | 10,030   |   |              | 9,910    |        |              | 9,900    |          |
|                                                 |  | First Lien - Term B Loan                   |  |                                |  | L+11.00% (Floor 1.00%)/Q, Current Coupon 12.91% |  | 6/5/2018   |  | 2/14/2023 |  | 5,015    |   |              | 4,940    |        |              | 5,136    |          |
|                                                 |  | First Lien - PIK Note A                    |  |                                |  | 10.00% PIK                                          |  | 3/29/2019  |  | 2/14/2023 |  | 2,425    |   |              | 1,950    |        |              | 2,233    |          |
|                                                 |  | First Lien - PIK Note B                    |  |                                |  | 10.00% PIK                                          |  | 3/29/2019  |  | 2/14/2023 |  | 96       |   |              | 96       |        |              | 88       |          |

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|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |              |               |               |              |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|-----------------------------------------|--|-----------------------|--|----------------------------------------------------------------|--|--------------------|--|-------------------|--|---------------|--------|--------------|---------------|--------------|--------------|---------------|---------------|--------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| (Unaudited)                                    |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| March 31, 2020                                 |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| Portfolio Company1                        |  | Type of Investment2                     |  | Industry              |  | Current Interest Rate3                                         |  | Acquisition Date14 |  | Maturity          |  | Principal     |        | Cost17       |               | Fair Value4  |
|                                                |  | Warrants (Expiration - March 29, 2029)9 |  |                       |  | —                                                        |  | 3/29/2019  |  | —           |  | —  |   |              | 538      |         |              | 2,762    |          |
|                                                |  | 9.25% Class A Membership Interest9      |  |                       |  | —                                                        |  | 2/14/2018  |  | —           |  | —  |   |              | 1,500    |         |              | 2,099    |          |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        | 18,903  |          |              | 22,218  |          |
| ROSELAND MANAGEMENT, LLC                       |  | Revolving Loan10                        |  | Healthcare services   |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%              |  | 11/9/2018  |  | 11/9/2023 |  | 500      |   |              | 475      |         |              | 500      |          |
|                                                |  | First Lien                              |  |                       |  | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%              |  | 11/9/2018  |  | 11/9/2023 |  | 10,369   |   |              | 10,228   |         |              | 10,369   |          |
|                                                |  | 10,000 Class A Units                    |  |                       |  | —                                                        |  | 11/9/2018  |  | —           |  | —  |   |              | 1,000    |         |              | 1,334    |          |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        | 11,703  |          |              | 12,203  |          |
| SIMR, LLC                                      |  | First Lien                              |  | Healthcare services   |  | L+10.00% (Floor 2.00%)/M, 7.00% PIK, Current Coupon 19.00% |  | 9/7/2018   |  | 9/7/2023  |  | 11,693   |   |              | 11,522   |         |              | 11,190   |          |
|                                                |  | 9,374,510.2 Class B Common Units        |  |                       |  | —                                                        |  | 9/7/2018   |  | —           |  | —  |   |              | 6,107    |         |              | 1,742    |          |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        | 17,629  |          |              | 12,932  |          |
| ZENFOLIO INC.                                  |  | Revolving Loan                          |  | Business services     |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.34%             |  | 7/17/2017  |  | 7/17/2022 |  | 2,000    |   |              | 1,991    |         |              | 1,888    |          |
|                                                |  | First Lien                              |  |                       |  | L+9.00% (Floor 1.00%)/Q, Current Coupon 10.91%             |  | 7/17/2017  |  | 7/17/2022 |  | 13,906   |   |              | 13,704   |         |              | 13,127   |          |
|                                                |  | 190 shares of common stock              |  |                       |  | —                                                        |  | 7/17/2017  |  | —           |  | —  |   |              | 1,900    |         |              | —  |          |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        | 17,595  |          |              | 15,015  |          |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| Total Affiliate Investments                    |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        | $            | 94,724   |         |              | $             | 92,032   |         |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| Control Investments7                           |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| I-45 SLF LLC9, 11                              |  | 80% LLC equity interest                 |  | Multi-sector holdings |  | —                                                        |  | 10/20/2015 |  | —           |  | —  |   |              | $             | 68,000  |         |               | $             | 39,760  |   |
| Total Control Investments                      |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        | $            | 68,000   |         |              | $             | 39,760   |         |
|                                                |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        |              |               |              |
| TOTAL INVESTMENTS12                            |  |                                         |  |                       |  |                                                                |  |                    |  |                   |  |               |        | $            | 599,187  |         |              | $             | 553,072  |         |

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|                              |                                  |               |                                    |               |                          |   |               |             |                                    |              |        |               |            |        |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|----------------------------------|---------------|------------------------------------|---------------|--------------------------|---|---------------|-------------|------------------------------------|--------------|--------|---------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              | Fair Value                  |               | Percentage of Total Portfolio |               | Percentage of Net Assets |   | Cost          |             | Percentage of Total Portfolio |
|                              | (dollars in thousands) |               |                                    |               |                          |   |               |             |                                    |
| June 30, 2020:           |                                  |               |                                    |               |                          |   |               |             |                                    |
| First lien loans1            | $                                | 439,944  |                               |               | 74.9                | % |               | 158.3  | %                                  |              | $      | 455,020  |       |        | 72.8   | % |
| Second lien loans2           | 37,504                      |          |                                    | 6.4      |                     |   | 13.5     |        |                                    | 38,766  |   |               | 6.3   |   |
| Subordinated debt            | 9,747                       |          |                                    | 1.6      |                     |   | 3.5      |        |                                    | 9,989   |   |               | 1.6   |   |
| Preferred equity             | 17,570                      |          |                                    | 3.0      |                     |   | 6.3      |        |                                    | 13,849  |   |               | 2.2   |   |
| Common equity & warrants | 25,662                      |          |                                    | 4.4      |                     |   | 9.3      |        |                                    | 25,224  |   |               | 4.0   |   |
| Financial instruments3       | —                     |          |                                    | —  |                     |   | —  |        |                                    | 1,517   |   |               | 0.2   |   |
| I-45 SLF LLC4                | 56,751                      |          |                                    | 9.7      |                     |   | 20.4     |        |                                    | 80,800  |   |               | 12.9  |   |
|                              | $                                | 587,178  |                               |               | 100.0               | % |               | 211.3  | %                                  |              | $      | 625,165  |       |        | 100.0  | % |
|                              |                                  |               |                                    |               |                          |   |               |             |                                    |
| March 31, 2020:          |                                  |               |                                    |               |                          |   |               |             |                                    |
| First lien loans1            | $                                | 427,447  |                               |               | 77.3                | % |               | 157.0  | %                                  |              | $      | 446,925  |       |        | 74.6   | % |
| Second lien loans2           | 37,139                      |          |                                    | 6.7      |                     |   | 13.6     |        |                                    | 38,580  |   |               | 6.4   |   |
| Subordinated debt            | 9,747                       |          |                                    | 1.8      |                     |   | 3.6      |        |                                    | 9,980   |   |               | 1.7   |   |
| Preferred equity             | 16,624                      |          |                                    | 3.0      |                     |   | 6.1      |        |                                    | 12,576  |   |               | 2.1   |   |
| Common equity & warrants | 22,355                      |          |                                    | 4.0      |                     |   | 8.2      |        |                                    | 21,609  |   |               | 3.6   |   |
| Financial instruments3       | —                     |          |                                    | —  |                     |   | —  |        |                                    | 1,517   |   |               | 0.3   |   |
| I-45 SLF LLC4                | 39,760                      |          |                                    | 7.2      |                     |   | 14.6     |        |                                    | 68,000  |   |               | 11.3  |   |
|                              | $                                | 553,072  |                               |               | 100.0               | % |               | 203.1  | %                                  |              | $      | 599,187  |       |        | 100.0  | % |

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|                                       |                                  |               |                      |               |                    |   |               |             |                      |              |        |               |            |        |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------|----------------------------------|---------------|----------------------|---------------|--------------------|---|---------------|-------------|----------------------|--------------|--------|---------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                       |                                  |               | Percentage of   |               | Percentage of |   |               |             | Percentage of   |
|                                       | Fair Value                  |               | Total Portfolio |               | Net Assets         |   | Cost          |             | Total Portfolio |
|                                       | (dollars in thousands) |               |                      |               |                    |   |               |             |                      |
| June 30, 2020:                    |                                  |               |                      |               |                    |   |               |             |                      |
| Business Services                     | $                                | 89,171   |                 |               | 15.2          | % |               | 32.1   | %                    |              | $      | 90,854   |       |        | 14.5   | % |
| Media, Marketing, & Entertainment | 61,518                      |          |                      | 10.5     |               |   | 22.1     |        |                      | 53,703  |   |               | 8.6   |   |
| Healthcare Services                   | 59,904                      |          |                      | 10.2     |               |   | 21.6     |        |                      | 72,107  |   |               | 11.5  |   |
| I-45 SLF LLC1                         | 56,751                      |          |                      | 9.7      |               |   | 20.4     |        |                      | 80,800  |   |               | 12.9  |   |
| Software & IT Services            | 37,749                      |          |                      | 6.4      |               |   | 13.6     |        |                      | 37,288  |   |               | 6.0   |   |
| Industrial Services                   | 36,607                      |          |                      | 6.2      |               |   | 13.2     |        |                      | 36,929  |   |               | 5.9   |   |
| Distribution                          | 31,547                      |          |                      | 5.4      |               |   | 11.3     |        |                      | 31,897  |   |               | 5.1   |   |
| Healthcare Products                   | 30,332                      |          |                      | 5.2      |               |   | 10.9     |        |                      | 29,835  |   |               | 4.8   |   |
| Financial Services                    | 29,603                      |          |                      | 5.1      |               |   | 10.7     |        |                      | 27,783  |   |               | 4.4   |   |
| Food, Agriculture & Beverage      | 26,997                      |          |                      | 4.6      |               |   | 9.7      |        |                      | 30,911  |   |               | 4.9   |   |
| Consumer Products & Retail        | 23,179                      |          |                      | 3.9      |               |   | 8.3      |        |                      | 23,563  |   |               | 3.8   |   |
| Transportation & Logistics        | 22,176                      |          |                      | 3.8      |               |   | 7.9      |        |                      | 18,997  |   |               | 3.0   |   |
| Consumer Services                     | 21,346                      |          |                      | 3.6      |               |   | 7.7      |        |                      | 21,077  |   |               | 3.4   |   |
| Technology Products & Components  | 14,693                      |          |                      | 2.5      |               |   | 5.3      |        |                      | 14,380  |   |               | 2.3   |   |
| Environmental Services                | 12,288                      |          |                      | 2.1      |               |   | 4.4      |        |                      | 14,067  |   |               | 2.3   |   |
| Commodities & Mining              | 10,432                      |          |                      | 1.8      |               |   | 3.8      |        |                      | 10,489  |   |               | 1.7   |   |
| Energy Services (Midstream)           | 9,365                       |          |                      | 1.6      |               |   | 3.4      |        |                      | 9,479   |   |               | 1.5   |   |
| Restaurants                           | 5,558                       |          |                      | 0.9      |               |   | 2.0      |        |                      | 8,530   |   |               | 1.4   |   |
| Telecommunications                    | 4,962                       |          |                      | 0.8      |               |   | 1.8      |        |                      | 7,992   |   |               | 1.3   |   |
| Paper & Forest Products           | 3,000                       |          |                      | 0.5      |               |   | 1.1      |        |                      | 2,967   |   |               | 0.5   |   |
| Industrial Products                   | —                     |          |                      | —  |               |   | —  |        |                      | 1,517   |   |               | 0.2   |   |
|                                       | $                                | 587,178  |                 |               | 100.0         | % |               | 211.3  | %                    |              | $      | 625,165  |       |        | 100.0  | % |

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

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|                     |                                  |               |                      |            |                    |   |            |             |                      |               |        |               |            |        |             |   |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------|----------------------------------|---------------|----------------------|------------|--------------------|---|------------|-------------|----------------------|---------------|--------|---------------|------------|--------|-------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                     |                                  |               | Percentage of   |            | Percentage of |   |            |             | Percentage of   |
|                     | Fair Value                  |               | Total Portfolio |            | Net Assets         |   | Cost       |             | Total Portfolio |
|                     | (dollars in thousands) |               |                      |            |                    |   |            |             |                      |
| June 30, 2020:  |                                  |               |                      |            |                    |   |            |             |                      |
| Southwest           | $                                | 167,599  |                 |            | 28.5          | % |            | 60.3   | %                    |               | $      | 170,223  |       |        | 27.2   | % |
| Northeast           | 131,624                     |          |                      | 22.4  |               |   | 47.4  |        |                      | 128,485  |   |               | 20.6  |   |
| Southeast           | 109,628                     |          |                      | 18.7  |               |   | 39.5  |        |                      | 118,944  |   |               | 19.0  |   |
| West                | 67,860                      |          |                      | 11.6  |               |   | 24.4  |        |                      | 73,143   |   |               | 11.7  |   |
| I-45 SLF LLC1       | 56,751                      |          |                      | 9.7   |               |   | 20.4  |        |                      | 80,800   |   |               | 12.9  |   |
| Midwest             | 42,466                      |          |                      | 7.2   |               |   | 15.3  |        |                      | 42,410   |   |               | 6.8   |   |
| International       | 11,250                      |          |                      | 1.9   |               |   | 4.0   |        |                      | 11,160   |   |               | 1.8   |   |
|                     | $                                | 587,178  |                 |            | 100.0         | % |            | 211.3  | %                    |               | $      | 625,165  |       |        | 100.0  | % |
|                     |                                  |               |                      |            |                    |   |            |             |                      |
| March 31, 2020: |                                  |               |                      |            |                    |   |            |             |                      |
| Southwest           | $                                | 167,082  |                 |            | 30.2          | % |            | 61.3   | %                    |               | $      | 167,192  |       |        | 27.9   | % |
| Northeast           | 124,250                     |          |                      | 22.4  |               |   | 45.6  |        |                      | 121,201  |   |               | 20.2  |   |
| Southeast           | 107,541                     |          |                      | 19.4  |               |   | 39.5  |        |                      | 122,547  |   |               | 20.5  |   |
| I-45 SLF LLC1       | 39,760                      |          |                      | 7.2   |               |   | 14.6  |        |                      | 68,000   |   |               | 11.3  |   |
| West                | 58,985                      |          |                      | 10.7  |               |   | 21.7  |        |                      | 65,135   |   |               | 10.9  |   |
| Midwest             | 43,454                      |          |                      | 7.9   |               |   | 16.0  |        |                      | 43,214   |   |               | 7.2   |   |
| International       | 12,000                      |          |                      | 2.2   |               |   | 4.4   |        |                      | 11,898   |   |               | 2.0   |   |
|                     | $                                | 553,072  |                 |            | 100.0         | % |            | 203.1  | %                    |               | $      | 599,187  |       |        | 100.0  | % |

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|                                          |              |               |                                                                    |               |                                                    |               |                                               |        |   |               |        |  |   |               |        |  |  |  |  |  |  |  |  |
|------------------------------------------|--------------|---------------|--------------------------------------------------------------------|---------------|----------------------------------------------------|---------------|-----------------------------------------------|--------|---|---------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|
|                                          |              |               | Fair Value Measurements                                  |               |                                                    |               |                                               |
|                                          |              |               | at June 30, 2020 Using                                             |               |                                                    |               |                                               |
| Asset Category                      | Total        |               | Quoted Prices in Active Markets for Identical Assets(Level 1) |               | Significant Other Observable Inputs (Level 2) |               | Significant Unobservable Inputs(Level 3) |
| First lien loans                         | $            | 439,944  |                                                               |               | $                                                  | —  |                                          |        | $ | —  |   |  | $ | 439,944  |   |
| Second lien loans                        | 37,504  |          |                                                                    | —  |                                               |               | —                                  |   |   | 37,504   |   |
| Subordinated debt                        | 9,747   |          |                                                                    | —  |                                               |               | —                                  |   |   | 9,747    |   |
| Preferred equity                         | 17,570  |          |                                                                    | —  |                                               |               | —                                  |   |   | 17,570   |   |
| Common equity & warrants             | 25,662  |          |                                                                    | —  |                                               |               | —                                  |   |   | 25,662   |   |
| Investments measured at net asset value1 | 56,751  |          |                                                                    | —  |                                               |               | —                                  |   |   | —  |   |
| Total Investments                        | $            | 587,178  |                                                               |               | $                                                  | —  |                                          |        | $ | —  |   |  | $ | 530,427  |   |

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

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|                              |                                     |  |                         |               |                          |                    |               |                    |              |       |       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|-------------------------------------|--|-------------------------|---------------|--------------------------|--------------------|---------------|--------------------|--------------|-------|-------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              |                                     |  | Fair Value at |               | Significant              |                    |               |                    |              |
|                              | Valuation                           |  | June 30, 2020           |               | Unobservable             |                    |               |                    | Weighted     |
| Type                         | Technique                           |  | (in thousands)     |               | Inputs                   |                    | Range         |                    | Average      |
|                              |                                     |  |                         |               |                          |                    |               |                    |              |
| First lien loans             | Income Approach                     |  | $                       | 412,420  |                     |               | Discount Rate |               | 7.3% - 26.5% |       | 11.0% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                    | 29.3 - 99.0   |                    | 54.5         |
|                              | Market Approach                     |  | 27,524             |          |                          | Cost               |               | 98.0 - 100.0       |              | 98.5  |
|                              |                                     |  |                         |               | Exit Value               |                    | 64.5          |                    | 64.5         |
| Second lien loans            | Income Approach                     |  | 37,504             |          |                     | Discount Rate      |          | 10.3% - 17.7%      |              | 13.3% |
|                              |                                     |  |                         |               | Third Party Broker Quote |                    | 51.5          |                    | 51.5         |
| Subordinated debt            | Income Approach                     |  | 9,747              |          |                     | Discount Rate      |          | 18.2%              |              | 18.2% |
| Preferred equity             | Enterprise Value Waterfall Approach |  | 16,696             |          |                     | EBITDA Multiple    |          |  6.7x - 12.0x |              | 9.5x  |
|                              |                                     |  |                         |               | Discount Rate            |                    | 16.6% - 20.6% |                    | 18.9%        |
|                              | Market Approach                     |  | 875                |          |                          | Cost               |               |                    |              |       |
| Common equity & warrants | Enterprise Value Waterfall Approach |  | 21,775             |          |                     | EBITDA Multiple    |          | 6.0x - 12.0x       |              | 8.6x  |
|                              |                                     |  |                         |               | Discount Rate            |                    | 16.9% - 22.5% |                    | 19.4%        |
|                              | Market Approach                     |  | 3,886              |          |                          | Cost               |               |                    |              |       |
| Financial instruments        | Option Pricing Model                |  | —            |          |                          | Assumed Volatility |               | 2.0%               |              | 2.0%  |
| Total Level 3 Investments    |                                     |  | $                       | 530,427  |                     |                    |               |                    |              |       |       |

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

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|                              |                           |               |                                          |               |                           |           |               |        |                          |               |              |  |                                             |          |                          |               |                                                                              |           |               |        |   |               |        |  |               |               |        |  |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------|---------------------------|---------------|------------------------------------------|---------------|---------------------------|-----------|---------------|--------|--------------------------|---------------|--------------|--|---------------------------------------------|----------|--------------------------|---------------|------------------------------------------------------------------------------|-----------|---------------|--------|---|---------------|--------|--|---------------|---------------|--------|--|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                              | Fair Value March 31, 2020 |               | Realized & Unrealized Gains (Losses) |               | Purchases of Investments1 |           | Repayments    |        | PIK Interest Capitalized |               | Divestitures |  | Conversion/Reclassification of Security |          | Fair Value June 30, 2020 |               | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $                         | 427,447  |                                     |               | $                         | (1,158)   |          |        | $                        | 24,150   |         |  | $                                           | (7,576)  |                     |               | $                                                                            | 696  |          |        | $ | —  |   |  | $             | (3,615)       |   |  | $ | 439,944  |   |  | $ | (1,031)     |   |
| Second lien loans            | 37,139               |          |                                          | 179      |                      |           | 45       |   |                          | (62)          |         |  | 203                                    |     |                          | —  |                                                                         |           | —  |   |   | 37,504   |   |  | 179      |          |
| Subordinated debt            | 9,747                |          |                                          | (9)           |                      |           | 9        |   |                          | —  |         |  | —                                |     |                          | —  |                                                                         |           | —  |   |   | 9,747    |   |  | (9)           |          |
| Preferred equity             | 16,624               |          |                                          | (326)         |                      |           | 1,272    |   |                          | —  |         |  | —                                |     |                          | —  |                                                                         |           | —  |   |   | 17,570   |   |  | (326)         |          |
| Common equity & warrants | 22,355               |          |                                          | (308)         |                      |           | —  |   |                          | —  |         |  | —                                |     |                          | —  |                                                                         |           | 3,615    |   |   | 25,662   |   |  | (308)         |          |
| Financial instruments        | —              |          |                                          | —  |                      |           | —  |   |                          | —  |         |  | —                                |     |                          | —  |                                                                         |           | —  |   |   | —  |   |  | —  |          |
| Total Investments            | $                         | 513,312  |                                     |               | $                         | (1,622)   |          |        | $                        | 25,476   |         |  | $                                           | (7,638)  |                     |               | $                                                                            | 899  |          |        | $ | —  |   |  | $             | —  |   |  | $ | 530,427  |   |  | $ | (1,495)     |   |
|                              |                           |               |                                          |               |                           |           |               |        |                          |               |              |  |                                             |          |                          |               |                                                                              |
|                              | Fair Value March 31, 2019 |               | Realized & Unrealized Gains (Losses) |               | Purchases of Investments1 |           | Repayments    |        | PIK Interest Capitalized |               | Divestitures |  | Conversion/Reclassification of Security |          | Fair Value June 30, 2019 |               | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $                         | 317,544  |                                     |               | $                         | (1,358)   |          |        | $                        | 34,971   |         |  | $                                           | (19,894) |                     |               | $                                                                            | 197  |          |        | $ | —  |   |  | $             | —  |   |  | $ | 331,460  |   |  | $ | (1,413)     |   |
| Second lien loans            | 35,896               |          |                                          | (91)          |                      |           | 39       |   |                          | (63)          |         |  | 128                                    |     |                          | —  |                                                                         |           | —  |   |   | 35,909   |   |  | (91)          |          |
| Subordinated debt            | 14,287               |          |                                          | 24       |                      |           | 12       |   |                          | —  |         |  | 12                                     |     |                          | —  |                                                                         |           | —  |   |   | 14,335   |   |  | 24       |          |
| Preferred equity             | 17,936               |          |                                          | 1,236    |                      |           | —  |   |                          | —  |         |  | 60                                     |     |                          | —  |                                                                         |           | 1,874    |   |   | 21,106   |   |  | 1,236    |          |
| Common equity & warrants | 72,665               |          |                                          | 996      |                      |           | 620      |   |                          | —  |         |  | —                                |     |                          | (6,539)       |                                                                         |           | (1,874)       |   |   | 65,868   |   |  | 1,500    |          |
| Financial instruments        | —              |          |                                          | —  |                      |           | —  |   |                          | —  |         |  | —                                |     |                          | —  |                                                                         |           | —  |   |   | —  |   |  | —  |          |
| Total Investments            | $                         | 458,328  |                                     |               | $                         | 807  |          |        | $                        | 35,642   |         |  | $                                           | (19,957) |                     |               | $                                                                            | 397  |          |        | $ | (6,539)       |   |  | $             | —  |   |  | $ | 468,678  |   |  | $ | 1,256  |   |

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|                                                             |               |               |                |              |        |               |        |  |  |  |  |
|-------------------------------------------------------------|---------------|---------------|----------------|--------------|--------|---------------|--------|--|--|--|--|
|                                                             | June 30, 2020 |               | March 31, 2020 |
| Credit Facility                                             | $             | 182,000  |           |              | $      | 154,000  |   |
|                                                             |               |               |                |
| December 2022 Notes                                         | 77,136   |          |                | 77,136  |   |
| Less: Unamortized debt issuance costs and debt discount | (1,200)       |          |                | (1,324)      |   |
| Total December 2022 Notes                                   | 75,936   |          |                | 75,812  |   |
|                                                             |               |               |                |
| October 2024 Notes                                          | 75,000   |          |                | 75,000  |   |
| Less: Unamortized debt issuance costs and debt discount | (1,425)       |          |                | (1,516)      |   |
| Total October 2024 Notes                                    | 73,575   |          |                | 73,484  |   |
|                                                             |               |               |                |
| Total Borrowings                                            | $             | 331,511  |           |              | $      | 303,296  |   |

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|                                                                                |                             |             |        |               |        |             |        |  |  |  |  |
|--------------------------------------------------------------------------------|-----------------------------|-------------|--------|---------------|--------|-------------|--------|--|--|--|--|
|                                                                                | Three Months Ended June 30, |             |        |
| Reconciliation of RIC Taxable Income1                                          | 2020                        |             | 2019   |
| Net increase in net assets from operations                                     | $                           | 8,877  |   |               | $      | 6,713  |   |
| Net unrealized (appreciation) depreciation on investments                      | (7,605)                     |        |        | 1,864    |   |
| Income/gain (expense/loss) recognized for tax on pass-through entities | (58)                        |        |        | 92       |   |
| Loss (gain) recognized on dispositions                                         | 192                    |        |        | (930)         |   |
| Capital loss carryover                                                         | 5,590                  |        |        | —  |   |
| Net operating (income) loss - management company and taxable subsidiary        | (42)                        |        |        | 33       |   |
| Non-deductible tax expense                                                     | 210                    |        |        | 187      |   |
| Other book/tax differences                                                 | (203)                       |        |        | 100      |   |
| Estimated taxable income before deductions for distributions                   | $                           | 6,961  |   |               | $      | 8,059  |   |

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

|                                   |                            |        |                                    |             |                           |        |               |           |        |  |  |  |  |  |  |  |  |
|-----------------------------------|----------------------------|--------|------------------------------------|-------------|---------------------------|--------|---------------|-----------|--------|--|--|--|--|--|--|--|--|
|                                   |                            |        | Weighted Average              |             | Weighted Average     |
|                                   |                            |        | Fair Value Per           |             | Remaining Vesting    |
| Restricted Stock Awards | Number of Shares |        | Share at grant date |             | Term (in Years) |
| Unvested at March 31, 2020        | 359,586               |   |                                    | $           | 18.64                |   |               | 2.4  |   |
| Granted                           | 239,574               |   |                                    | 15.18  |                      |        | 3.9      |      |
| Vested                            | (2,625)                    |   |                                    | 16.11  |                      |        | 3.0      |      |
| Forfeited                         | (22,505)                   |   |                                    | 18.93  |                      |        | —  |      |
| Unvested at June 30, 2020         | 574,030               |   |                                    | $           | 17.19                |   |               | 2.9  |   |

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|                                                    |                              |  |             |              |           |               |        |               |        |  |  |  |  |  |  |  |  |
|----------------------------------------------------|------------------------------|--|-------------|--------------|-----------|---------------|--------|---------------|--------|--|--|--|--|--|--|--|--|
|                                                    |                              |  | June 30,    |              | March 31, |
| Portfolio Company                                  | Investment Type              |  | 2020        |              | 2020      |
| AAC Holdings                                       | Delayed Draw Term Loan       |  | $           | 3,095   |      |               | $      | —  |   |
| AG Kings                                           | Revolving Loan               |  | 1,315  |         |           | —  |   |
| American Nuts Operations LLC                       | Term Loan C                  |  | 384    |         |           | 384      |   |
|                                                    |                              |  |             |              |           |
| California Pizza Kitchen                           | Delayed Draw Term Loan       |  | 285    |         |           | —  |   |
| Central Medical Supply LLC                         | Revolving Loan               |  | 1,500  |         |           | —  |   |
| Central Medical Supply LLC                         | Delayed Draw Capex Term Loan |  | 1,500  |         |           | —  |   |
|                                                    |                              |  |             |              |           |
| Coastal Television Broadcasting Holdings LLC       | Revolving Loan               |  | 500    |         |           | —  |   |
| Danforth Advisors, LLC                             | Revolving Loan               |  | 1,000  |         |           | 500      |   |
| Dynamic Communities, LLC                           | Revolving Loan               |  | 500    |         |           | 500      |   |
| Environmental Pest Service Management Company, LLC | Delayed Draw Term Loan       |  | 525    |         |           | 525      |   |
| ESCP DTFS Inc.                                     | Delayed Draw Term Loan       |  | 4,250  |         |           | 5,250    |   |
| Fast Sandwich, LLC                                 | Revolving Loan               |  | 3,400  |         |           | 4,150    |   |
|                                                    |                              |  |             |              |           |
| ITA Holdings Group, LLC                            | Revolving Loan               |  | 2,000  |         |           | 2,000    |   |
| NinjaTrader, LLC                                   | Revolving Loan               |  | 1,500  |         |           | 400      |   |
| Roseland Management, LLC                           | Revolving Loan               |  | 1,500  |         |           | 1,500    |   |
|                                                    |                              |  |             |              |           |
| Total unused commitments to extend financing       |                              |  | $           | 23,254  |      |               | $      | 15,209   |   |

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|                                            |                      |           |        |  |  |
|--------------------------------------------|----------------------|-----------|--------|--|--|
| Year ending March 31,  | Rent Commitment |
| 2021                                       | $                    | 201  |   |
| 2022                                       | 248             |      |
| Total                                      | $                    | 449  |   |

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|                                                                        |                    |             |        |               |        |             |        |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|--------------------|-------------|--------|---------------|--------|-------------|--------|--|--|--|--|--|--|--|--|
|                                                                        | Three Months Ended |             |        |               |        |             |        |
|                                                                        | June 30,           |             |        |               |        |             |        |
| Per Share Data:                                                    | 2020               |             | 2019   |               |        |             |        |
| Investment income1                                                     | $                  | 0.84   |   |               | $      | 0.90   |   |  |  |  |  |
| Operating expenses1                                                    | (0.44)             |        |        | (0.46)        |   |             |        |  |  |
| Income taxes1                                                          | (0.02)             |        |        | (0.02)        |   |             |        |  |  |
| Net investment income1                                                 | 0.38          |        |        | 0.42     |   |             |        |  |  |
| Net realized (loss) gain1                                              | (0.31)             |        |        | 0.07     |   |             |        |  |  |
| Net unrealized appreciation (depreciation) on investments, net of tax1 | 0.42          |        |        | (0.11)        |   |             |        |  |  |
| Total increase from investment operations                              | 0.49          |        |        | 0.38     |   |             |        |  |  |
| Accretive effect of share issuances and repurchases                    | —       |        |        | 0.03     |   |             |        |  |  |
| Dividends to shareholders                                              | (0.51)             |        |        | (0.49)        |   |             |        |  |  |
|                                                                        |                    |             |        |               |        |             |        |
| Issuance of restricted stock1,2                                        | (0.18)             |        |        | —  |   |             |        |  |  |
| Share based compensation expense                                       | 0.03          |        |        | 0.05     |   |             |        |  |  |
| Other3                                                                 | (0.01)             |        |        | (0.01)        |   |             |        |  |  |
| Decrease in net asset value                                            | (0.18)             |        |        | (0.04)        |   |             |        |  |  |
| Net asset value                                                        |                    |             |        |               |        |             |        |
| Beginning of period                                                    | 15.13         |        |        | 18.62    |   |             |        |  |  |
| End of period                                                          | $                  | 14.95  |   |               | $      | 18.58  |   |  |  |  |  |
|                                                                        |                    |             |        |               |        |             |        |
| Ratios and Supplemental Data                                           |                    |             |        |               |        |             |        |
| Ratio of operating expenses to average net assets4                     | 2.91          | %           |        | 2.47     | %      |             |        |  |  |
| Ratio of net investment income to average net assets4                  | 2.48          | %           |        | 2.24     | %      |             |        |  |  |
| Portfolio turnover                                                     | 1.34          | %           |        | 4.98     | %      |             |        |  |  |
| Total investment return4,5                                             | 22.50         | %           |        | 1.90     | %      |             |        |  |  |
| Total return based on change in NAV4,6                                 | 2.18          | %           |        | 2.42     | %      |             |        |  |  |
|                                                                        |                    |             |        |               |        |             |        |
| Per share market value at the end of the period                        | $                  | 13.48  |   |               | $      | 20.95  |   |  |  |  |  |
| Weighted-average common shares outstanding                             | 18,148        |        |        | 17,536   |   |             |        |  |  |
| Weighted-average fully diluted shares outstanding                      | 18,148        |        |        | 17,536   |   |             |        |  |  |
| Common shares outstanding at end of period                             | 18,588        |        |        | 17,697   |   |             |        |  |  |

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|                                          |  |                                        |  |                               |  |                    |  |                                   |  |             |             |        |             |                  |             |             |        |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|--|----------------------------------------|--|-------------------------------|--|--------------------|--|-----------------------------------|--|-------------|-------------|--------|-------------|------------------|-------------|-------------|--------|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                          |  |                                        |  |                               |  |                    |  | Current                           |  |             |             |        |             |                  |
|                                          |  |                                        |  | Investment                    |  | Maturity           |  | Interest                          |  |             |             |        |             |                  |
| Portfolio Company                   |  | Industry                               |  | Type                          |  | Date               |  | Rate1                             |  | Principal   |             | Cost   |             | Fair Value2 |
| AAC Holdings, Inc.                       |  | Healthcare services                    |  | First Lien - Priming Facility |  | 4/15/2020  |  | P+10.00% (Floor 1.00%)            |  | $           | 1,598  |   |             | $                | 1,591  |        |        | $ | 1,598  |   |
|                                          |  |                                        |  | First Lien6                   |  | 6/30/2023  |  | L+ 6.75% (Floor 1.00%), 4.00% PIK |  | 7,371  |        |        | 7,264  |             |             | 3,298  |   |
| ADS Tactical, Inc.                       |  | Aerospace & defense                |  | First Lien                    |  | 7/26/2023  |  | L+6.25% (Floor 0.75%)             |  | 4,934  |        |        | 4,917  |             |             | 4,861  |   |
| ALKU, LLC                                |  | Business services                      |  | First Lien                    |  | 7/29/2026  |  | L+5.50% (Floor 1.00%)             |  | 2,992  |        |        | 2,966  |             |             | 2,903  |   |
| American Teleconferencing Services, Ltd. |  | Telecommunications                     |  | First Lien                    |  | 6/8/2023   |  | L+6.50%(Floor 1.00%)              |  | 6,768  |        |        | 6,642  |             |             | 4,392  |   |
| ATX Canada Acquisitionco Inc.            |  | Technology products & components   |  | First Lien                    |  | 6/11/2021  |  | L+7.00% (Floor 1.00%), 1.00% PIK  |  | 4,541  |        |        | 4,531  |             |             | 4,155  |   |
| California Pizza Kitchen, Inc.           |  | Restaurants                            |  | Priority First Lien3          |  | 8/23/2022  |  | L+10.00% (Floor 1.50%)            |  | 537    |        |        | 537    |             |             | 537    |   |
|                                          |  |                                        |  | Priority First Lien Rolled Up |  | 8/23/2022  |  | L+10.00% (Floor 1.50%)            |  | 946    |        |        | 946    |             |             | 937    |   |
|                                          |  |                                        |  | First Lien6                   |  | 8/23/2022  |  | L+6.00%(Floor 1.00%)              |  | 5,823  |        |        | 5,809  |             |             | 1,706  |   |
| Corel Inc.                               |  | Software & IT services             |  | First Lien                    |  | 7/2/2026   |  | L+5.00%                           |  | 4,938  |        |        | 4,691  |             |             | 4,678  |   |
| Geo Parent Corporation                   |  | Building & infrastructure products |  | First Lien                    |  | 12/19/2025 |  | L+5.25%                           |  | 4,938  |        |        | 4,899  |             |             | 4,740  |   |
| Go Wireless Holdings, Inc.               |  | Consumer products & retail         |  | First Lien                    |  | 12/22/2024 |  | L+6.50% (Floor 1.00%)             |  | 6,125  |        |        | 6,085  |             |             | 5,163  |   |
| Hunter Defense Technologies, Inc.        |  | Aerospace & defense                |  | First Lien                    |  | 3/29/2023  |  | L+7.00% (Floor 1.00%)             |  | 5,776  |        |        | 5,698  |             |             | 5,665  |   |
| Imagine! Print Solutions, LLC            |  | Media, marketing & entertainment   |  | Second Lien                   |  | 6/21/2023  |  | L+8.75% (Floor 1.00%)             |  | 3,000  |        |        | 2,978  |             |             | 157    |   |
| InfoGroup Inc.                           |  | Software & IT services             |  | First Lien                    |  | 4/3/2023   |  | L+5.00% (Floor 1.00%)             |  | 2,902  |        |        | 2,889  |             |             | 2,419  |   |
| Integro Parent Inc.                      |  | Business services                      |  | First Lien                    |  | 10/31/2022 |  | L+5.75% (Floor 1.00%)             |  | 3,289  |        |        | 3,249  |             |             | 3,092  |   |
| Intermedia Holdings, Inc.                |  | Software & IT services             |  | First Lien                    |  | 7/21/2025  |  | L+6.00% (Floor 1.00%)             |  | 5,779  |        |        | 5,752  |             |             | 5,673  |   |

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|                                            |  |                                |  |                         |  |                    |  |                                  |  |               |        |      |             |                  |  |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|--|--------------------------------|--|-------------------------|--|--------------------|--|----------------------------------|--|---------------|--------|------|-------------|------------------|--|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                            |  |                                |  |                         |  |                    |  | Current                          |  |               |        |      |             |                  |
|                                            |  |                                |  | Investment              |  | Maturity           |  | Interest                         |  |               |        |      |             |                  |
| Portfolio Company                     |  | Industry                       |  | Type                    |  | Date               |  | Rate1                            |  | Principal     |        | Cost |             | Fair Value2 |
| Isagenix International, LLC                |  | Consumer products & retail |  | First Lien              |  | 6/14/2025  |  | L+5.75% (Floor 1.00%)            |  | 1,926    |   |      | 1,912  |             |  | 767    |   |
| JAB Wireless, Inc.                         |  | Telecommunications             |  | First Lien              |  | 5/2/2023   |  | L+8.00% (Floor 1.00%)            |  | 7,790    |   |      | 7,745  |             |  | 7,498  |   |
| KORE Wireless Group Inc.                   |  | Telecommunications             |  | First Lien              |  | 12/20/2024 |  | L+5.50%                          |  | 4,742    |   |      | 4,710  |             |  | 4,446  |   |
| Lab Logistics, LLC                         |  | Healthcare services            |  | First Lien              |  | 9/25/2023  |  | L+6.50% (Floor 1.00%)            |  | 5,389    |   |      | 5,349  |             |  | 5,125  |   |
| Lift Brands, Inc.                          |  | Consumer services              |  | Tranche A               |  | 6/29/2025  |  | L+7.50% (Floor 1.00%), 1.00% PIK |  | 2,521    |   |      | 2,521  |             |  | 2,470  |   |
|                                            |  |                                |  | Tranche B               |  | 6/29/2025  |  | 9.50% PIK                        |  | 494      |   |      | 494    |             |  | 420    |   |
|                                            |  |                                |  | Tranche C               |  | 6/29/2025  |  | —                          |  | 565      |   |      | 565    |             |  | 480    |   |
|                                            |  |                                |  | Equity                  |  | —            |  | —                          |  | —  |   |      | 749    |             |  | 749    |   |
| Lightbox Intermediate, L.P.                |  | Software & IT services     |  | First Lien              |  | 5/9/2026   |  | L+5.00%                          |  | 2,970    |   |      | 2,932  |             |  | 2,747  |   |
| LOGIX Holdings Company, LLC                |  | Telecommunications             |  | First Lien              |  | 12/23/2024 |  | L+5.75% (Floor 1.00%)            |  | 5,937    |   |      | 5,904  |             |  | 5,017  |   |
| LSF9 Atlantis Holdings, LLC                |  | Telecommunications             |  | First Lien              |  | 5/1/2023   |  | L+6.00% (Floor 1.00%)            |  | 6,436    |   |      | 6,405  |             |  | 5,491  |   |
| Lulu's Fashion Lounge, LLC                 |  | Consumer products & retail |  | First Lien              |  | 8/26/2022  |  | L+9.00% (Floor 1.00%)            |  | 3,778    |   |      | 3,711  |             |  | 3,230  |   |
| Mills Fleet Farm Group LLC                 |  | Consumer products & retail |  | First Lien              |  | 10/24/2024 |  | L+6.25% (Floor 1.00%), 0.75% PIK |  | 4,655    |   |      | 4,588  |             |  | 4,143  |   |
| NBG Acquisition, Inc.                      |  | Wholesale                      |  | First Lien              |  | 4/26/2024  |  | L+5.50% (Floor 1.00%)            |  | 2,794    |   |      | 2,763  |             |  | 1,289  |   |
| Novetta Solutions, LLC                     |  | Software & IT services     |  | First Lien              |  | 10/17/2022 |  | L+5.00% (Floor 1.00%)            |  | 4,883    |   |      | 4,809  |             |  | 4,789  |   |
| PaySimple, Inc.                            |  | Software & IT services     |  | Delayed Draw Term Loan4 |  | 8/23/2025  |  | L+5.50%                          |  | 1,293    |   |      | 1,272  |             |  | 1,164  |   |
|                                            |  |                                |  | First Lien              |  | 8/23/2025  |  | L+5.50%                          |  | 4,252    |   |      | 4,198  |             |  | 3,827  |   |
| Peraton Corp. (fka MHVC Acquisition Corp.) |  | Aerospace & defense        |  | First Lien              |  | 4/29/2024  |  | L+5.25% (Floor 1.00%)            |  | 6,313    |   |      | 6,295  |             |  | 6,092  |   |
| Pet Supermarket, Inc.                      |  | Consumer products & retail |  | First Lien              |  | 7/5/2022   |  | L+5.50% (Floor 1.00%)            |  | 4,798    |   |      | 4,781  |             |  | 3,982  |   |
| PT Network, LLC                            |  | Healthcare products            |  | First Lien              |  | 11/30/2023 |  | L+5.50% (Floor 1.00%), 2.00% PIK |  | 4,430    |   |      | 4,430  |             |  | 4,181  |   |
| Signify Health, LLC                        |  | Healthcare services            |  | First Lien              |  | 12/23/2024 |  | L+4.50% (Floor 1.00%)            |  | 5,083    |   |      | 5,050  |             |  | 4,803  |   |

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|                                |  |                                |  |                              |  |                   |  |                                  |  |             |        |      |               |                  |  |             |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|--|--------------------------------|--|------------------------------|--|-------------------|--|----------------------------------|--|-------------|--------|------|---------------|------------------|--|-------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                |  |                                |  |                              |  |                   |  | Current                          |  |             |        |      |               |                  |
|                                |  |                                |  | Investment                   |  | Maturity          |  | Interest                         |  |             |        |      |               |                  |
| Portfolio Company         |  | Industry                       |  | Type                         |  | Date              |  | Rate1                            |  | Principal   |        | Cost |               | Fair Value2 |
| Tacala, LLC                    |  | Consumer products & retail |  | Second Lien                  |  | 2/7/2028  |  | L+7.50%                          |  | 4,500  |   |      | 4,493    |             |  | 4,320  |          |
| TestEquity, LLC                |  | Capital equipment              |  | First Lien                   |  | 4/28/2022 |  | L+5.50% (Floor 1.00%)            |  | 3,816  |   |      | 3,802    |             |  | 3,053  |          |
|                                |  |                                |  | First Lien - Term Loan B     |  | 4/28/2022 |  | L+5.50%                          |  | 957    |   |      | 953      |             |  | 765    |          |
| TGP Holdings III LLC           |  | Durable consumer goods         |  | Second Lien                  |  | 9/25/2025 |  | L+8.50% (Floor 1.00%)            |  | 2,500  |   |      | 2,475    |             |  | 2,238  |          |
| The Hoover Group, Inc.         |  | Energy services (midstream)    |  | First Lien                   |  | 1/28/2021 |  | L+7.25% (Floor 1.00%)            |  | 6,353  |   |      | 6,299    |             |  | 5,877  |          |
| Time Manufacturing Acquisition |  | Capital equipment              |  | First Lien                   |  | 2/3/2023  |  | L+5.00% (Floor 1.00%)            |  | 4,835  |   |      | 4,815    |             |  | 4,569  |          |
| UniTek Global Services, Inc.   |  | Telecommunications             |  | First Lien                   |  | 8/26/2024 |  | L+5.50% (Floor 1.00%), 1.00% PIK |  | 2,970  |   |      | 2,950    |             |  | 2,684  |          |
| U.S. TelePacific Corp.         |  | Telecommunications             |  | First Lien                   |  | 5/2/2023  |  | L+6.00% (Floor 1.00%)            |  | 5,200  |   |      | 5,161    |             |  | 4,175  |          |
| Vida Capital, Inc.             |  | Financial services             |  | First Lien                   |  | 10/1/2026 |  | L+6.00%                          |  | 3,930  |   |      | 3,877    |             |  | 3,920  |          |
| VIP Cinema Holdings, Inc.      |  | Hotel, gaming & leisure    |  | First Lien - Superiority DIP |  | 8/7/2020  |  | L+8.00%                          |  | 432    |   |      | 432      |             |  | 432    |          |
|                                |  |                                |  | First Lien - Roll-Up DIP6    |  | 8/7/2020  |  | L+8.00%                          |  | 1,308  |   |      | 1,308    |             |  | 102    |          |
|                                |  |                                |  | First Lien6                  |  | 3/1/2023  |  | P+7.00% (Floor 1.00%)            |  | 3,067  |   |      | 3,060    |             |  | 240    |          |
| Wireless Vision Holdings, LLC5 |  | Telecommunications             |  | First Lien                   |  | 9/29/2022 |  | L+8.91% (Floor 1.00%), 1.00% PIK |  | 7,166  |   |      | 7,101    |             |  | 7,166  |          |
| YS Garments, LLC               |  | Consumer products & retail |  | First Lien                   |  | 8/9/2024  |  | L+6.00%(Floor 1.00%)             |  | 4,728  |   |      | 4,696    |             |  | 4,326  |          |
| Total Investments              |  |                                |  |                              |  |                   |  |                                  |  |             |        | $    | 204,049  |             |  | $           | 172,551  |   |

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

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

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

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|                                                         |               |               |                |              |        |               |        |  |  |  |  |
|---------------------------------------------------------|---------------|---------------|----------------|--------------|--------|---------------|--------|--|--|--|--|
|                                                         | June 30, 2020 |               | March 31, 2020 |
| Selected Balance Sheet Information:                 |               |               |                |
| Investments, at fair value (cost $204,049 and $207,768) | $             | 172,551  |           |              | $      | 170,860  |   |
| Cash and cash equivalents                               | 5,013    |          |                | 3,739   |   |
| Due from broker                                         | —  |          |                | 38      |   |
| Deferred financing costs and other assets               | 1,913    |          |                | 2,095   |   |
| Interest receivable                                     | 1,069    |          |                | 1,076   |   |
| Total assets                                            | $             | 180,546  |           |              | $      | 177,808  |   |
|                                                         |               |               |                |
| Senior credit facility payable                          | $             | 107,000  |           |              | $      | 125,000  |   |
| Other liabilities                                       | 2,537    |          |                | 3,029   |   |
| Total liabilities                                       | $             | 109,537  |           |              | $      | 128,029  |   |
| Members’ equity                                   | 71,009   |          |                | 49,779  |   |
| Total liabilities and members' equity                   | $             | 180,546  |           |              | $      | 177,808  |   |

|                                                                 |                    |             |               |             |        |             |        |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|--------------------|-------------|---------------|-------------|--------|-------------|--------|--|--|--|--|--|--|--|--|
|                                                                 | Three Months Ended |             |               |             |        |             |        |
|                                                                 | June 30, 2020      |             | June 30, 2019 |             |        |             |        |
| Selected Statement of Operations Information:               |                    |             |               |             |        |             |        |
| Total revenues                                                  | $                  | 3,766  |          |             | $      | 5,642  |   |  |  |  |  |
| Total expenses                                                  | (1,293)            |        |               | (2,240)     |   |             |        |  |  |
| Net investment income                                           | 2,473         |        |               | 3,402  |   |             |        |  |  |
| Net unrealized appreciation (depreciation)                      | 5,410         |        |               | (971)       |   |             |        |  |  |
| Net realized (losses) gains                                     | (306)              |        |               | 125    |   |             |        |  |  |
| Net increase in members’ equity resulting from operations | $                  | 7,577  |          |             | $      | 2,556  |   |  |  |  |  |

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|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |               |        |               |               |               |               |        |             |             |        |   |              |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------|-------------------------------------------|--|-------------------------------------------------------------|-------------|------------------------------|---------------|---------------------|---------------|----------------------|--------|----------------------------------------|---------------|--------------------------------------|--|-----------------------------|---------------|--------|---------------|---------------|---------------|---------------|--------|-------------|-------------|--------|---|--------------|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company           | Type of Investment (1)     |  | Amount of Interest or Dividends Credited in Income (2) |             | Fair Value at March 31, 2020 |               | Gross Additions (3) |               | Gross Reductions (4) |        | Amount of Realized Gain/(Loss) (5) |               | Amount of Unrealized Gain/(Loss) |  | Fair Value at June 30, 2020 |
| Control Investments         |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| I-45 SLF LLC                     | 80% LLC equity interest                   |  | $                                                           | 1,774  |                         |               | $                   | 39,760   |                 |        | $                                      | 12,800   |                                 |  | $                           | —  |   |               | $             | —  |          |        | $           | 4,191  |   |   | $            | 56,751   |   |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Total Control Investments        |                                           |  | $                                                           | 1,774  |                         |               | $                   | 39,760   |                 |        | $                                      | 12,800   |                                 |  | —                |          |        | $             | —  |          |               | $      | 4,191  |        |        | $ | 56,751  |          |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Affiliate Investments            |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Central Medical Supply LLC       | Revolving Loan                            |  | $                                                           | 1      |                         |               | $                   | —  |                 |        | $                                      | (29)          |                                 |  | $                           | —  |   |               | $             | —  |          |        | $           | 29     |   |   | $            | —  |   |
|                                  | First Lien                                |  | 76                                                     |        |                              | —  |                |               | 7,353           |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 7,353    |   |
|                                  | Delayed Draw Term Loan                    |  | 1                                                      |        |                              | —  |                |               | (29)                 |   |                                        | —  |                                 |  | —                |          |        | 29       |          |               | —  |   |
|                                  | 875,000 Preferred Units                   |  | —                                                |        |                              | —  |                |               | 875             |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 875      |   |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Chandler Signs, LLC              | 1,500,000 units of Class A-1 common stock |  | —                                                |        |                              | 3,110    |                |               | —         |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 3,110    |   |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Delphi Intermediate Healthco LLC | First Lien                                |  | 42                                                     |        |                              | —  |                |               | 1,381           |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 1,381    |   |
|                                  | First Lien                                |  | 39                                                     |        |                              | —  |                |               | 1,543           |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 1,543    |   |
|                                  | 1,681.04 Common Units                     |  | —                                                |        |                              | —  |                |               | 3,615           |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 3,615    |   |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Dynamic Communities, LLC         | Revolving Loan                            |  | 1                                                      |        |                              | —  |                |               | —         |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | —  |   |
|                                  | First Lien                                |  | 263                                                    |        |                              | 9,928    |                |               | 11              |   |                                        | (70)          |                                 |  | —                |          |        | (219)         |          |               | 9,650    |   |
|                                  | 2,000,000 Preferred units                 |  | —                                                |        |                              | 1,850    |                |               | —         |   |                                        | —  |                                 |  | —                |          |        | (576)         |          |               | 1,274    |   |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| GrammaTech, Inc.                 | Revolving Loan                            |  | 62                                                     |        |                              | 2,460    |                |               | 2               |   |                                        | —  |                                 |  | —                |          |        | (2)           |          |               | 2,460    |   |
|                                  | First Lien                                |  | 285                                                    |        |                              | 11,316   |                |               | 8               |   |                                        | —  |                                 |  | —                |          |        | (8)           |          |               | 11,316   |   |
|                                  | 1,000 Class A units                       |  | —                                                |        |                              | 1,000    |                |               | —         |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 1,000    |   |
|                                  |                                           |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| ITA Holdings Group, LLC          | Revolving loan                            |  | 41                                                     |        |                              | —  |                |               | 1,502           |   |                                        | (1,500)       |                                 |  | —                |          |        | (2)           |          |               | —  |   |
|                                  | First Lien - Term Loan                    |  | 249                                                    |        |                              | 9,900    |                |               | 10              |   |                                        | —  |                                 |  | —                |          |        | (10)          |          |               | 9,900    |   |
|                                  | First Lien - Term Loan B                  |  | 163                                                    |        |                              | 5,136    |                |               | 5               |   |                                        | —  |                                 |  | —                |          |        | (71)          |          |               | 5,070    |   |
|                                  | First Lien - PIK Note A                   |  | 76                                                     |        |                              | 2,233    |                |               | 74              |   |                                        | —  |                                 |  | —                |          |        | (51)          |          |               | 2,256    |   |
|                                  | First Lien - PIK Note B                   |  | 3                                                      |        |                              | 88       |                |               | 2               |   |                                        | —  |                                 |  | —                |          |        | (1)           |          |               | 89       |   |
|                                  | Warrants                                  |  | —                                                |        |                              | 2,762    |                |               | —         |   |                                        | —  |                                 |  | —                |          |        | —  |          |               | 2,762    |   |

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|                                           |                                       |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |         |        |               |        |               |               |        |   |             |        |  |   |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|---------------------------------------|--|-------------------------------------------------------------|-------------|------------------------------|---------------|---------------------|---------------|----------------------|--------|----------------------------------------|---------------|--------------------------------------|--|-----------------------------|---------|--------|---------------|--------|---------------|---------------|--------|---|-------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Portfolio Company                    | Type of Investment (1) |  | Amount of Interest or Dividends Credited in Income (2) |             | Fair Value at March 31, 2020 |               | Gross Additions (3) |               | Gross Reductions (4) |        | Amount of Realized Gain/(Loss) (5) |               | Amount of Unrealized Gain/(Loss) |  | Fair Value at June 30, 2020 |
|                                           | 9.25% Class A membership interest     |  | —                                                |        |                              | 2,099    |                |               | —         |   |                                        | —  |                                 |  | —                |    |        | —  |   |               | 2,099    |   |
|                                           |                                       |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Roseland Management, LLC                  | Revolving loan                        |  | 15                                                     |        |                              | 500      |                |               | 2               |   |                                        | —  |                                 |  | —                |    |        | (2)           |   |               | 500      |   |
|                                           | First lien                            |  | 244                                                    |        |                              | 10,369   |                |               | 7               |   |                                        | (26)          |                                 |  | —                |    |        | (8)           |   |               | 10,342   |   |
|                                           | 10,000 Class A Units                  |  | —                                                |        |                              | 1,334    |                |               | —         |   |                                        | —  |                                 |  | —                |    |        | —  |   |               | 1,334    |   |
|                                           |                                       |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| SIMR, LLC                                 | First lien                            |  | 578                                                    |        |                              | 11,190   |                |               | 218             |   |                                        | —  |                                 |  | —                |    |        | (233)         |   |               | 11,175   |   |
|                                           | 9,374,510.2 Class B Common Units      |  | —                                                |        |                              | 1,742    |                |               | —         |   |                                        | —  |                                 |  | —                |    |        | (1,742)       |   |               | —  |   |
|                                           |                                       |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Zenfolio Inc.                             | Revolving Loan                        |  | 53                                                     |        |                              | 1,888    |                |               | 1               |   |                                        | —  |                                 |  | —                |    |        | (45)          |   |               | 1,844    |   |
|                                           | First Lien                            |  | 384                                                    |        |                              | 13,127   |                |               | 21              |   |                                        | —  |                                 |  | —                |    |        | (327)         |   |               | 12,821   |   |
|                                           | 190 shares of common stock            |  | —                                                |        |                              | —  |                |               | —         |   |                                        | —  |                                 |  | —                |    |        | 272      |   |               | 272      |   |
|                                           |                                       |  |                                                             |             |                              |               |                     |               |                      |        |                                        |               |                                      |  |                             |
| Total Affiliate Investments               |                                       |  | $                                                           | 2,576  |                         |               | $                   | 92,032   |                 |        | $                                      | 16,572   |                                 |  | $                           | (1,596) |   |               | $      | —  |          |        | $ | (2,967)     |   |  | $ | 104,041  |   |
| Total Control & Affiliate Investments |                                       |  | $                                                           | 4,350  |                         |               | $                   | 131,792  |                 |        | $                                      | 29,372   |                                 |  | $                           | (1,596) |   |               | $      | —  |          |        | $ | 1,224  |   |  | $ | 160,792  |   |

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|                                                     |                        |               |        |            |   |              |        |  |  |  |  |
|-----------------------------------------------------|------------------------|---------------|--------|------------|---|--------------|--------|--|--|--|--|
|                                                     | As of June 30, 2020    |               |        |
|                                                     | LMM (a)                |               | UMM    |
|                                                     | (dollars in thousands) |               |        |
| Number of portfolio companies                       | 36                     |               | 11     |
| Fair value                                          | $                      | 452,372  |   |            | $ | 78,055  |   |
| Cost                                                | $                      | 452,387  |   |            | $ | 91,978  |   |
| % of portfolio at cost - debt                       | 91.8              | %             |        | 96.1  | % |
| % of portfolio at cost - equity                     | 8.2               | %             |        | 3.9   | % |
| % of debt investments at cost secured by first lien | 84.4              | %             |        | 79.7  | % |
| Weighted average annual effective yield (b)         | 10.8              | %             |        | 6.8   | % |
| Weighted average EBITDA (c)                         | $                      | 8,186    |   |            | $ | 73,121  |   |
| Weighted average leverage through CSWC security (d) | 4.1x                   |               | 4.4x   |

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

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|                        |                                     |               |                                   |            |             |   |  |  |  |  |  |
|------------------------|-------------------------------------|---------------|-----------------------------------|------------|-------------|---|--|--|--|--|--|
|                        | As of June 30, 2020                 |               |                                   |
| Investment Rating | Debt Investments at Fair Value |               | Percentage of Debt Portfolio |
|                        | (dollars in thousands)    |               |                                   |
| 1                      | $                                   | 77,447   |                              |            | 15.9   | % |
| 2                      | 342,435                        |          |                                   | 70.3  |        |
| 3                      | 57,242                         |          |                                   | 11.7  |        |
| 4                      | 10,071                         |          |                                   | 2.1   |        |
| Total                  | $                                   | 487,195  |                              |            | 100.0  | % |

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

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|                                                              |                  |               |                   |               |                   |              |                               |        |                       |               |               |  |               |              |        |               |        |               |               |        |   |              |        |  |   |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------|---------------|-------------------|---------------|-------------------|--------------|-------------------------------|--------|-----------------------|---------------|---------------|--|---------------|--------------|--------|---------------|--------|---------------|---------------|--------|---|--------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Three months ended June 30, 2020                             | First Lien Loans |               | Second Lien Loans |               | Subordinated Debt |              | Preferred & Common Equity |        | Financial Instruments |               | I-45 SLF, LLC |  | Total         |
| Fair value, beginning of period                              | $                | 427,447  |              |               | $                 | 37,139  |                          |        | $                     | 9,747    |          |  | $             | 38,979  |   |               | $      | —  |          |        | $ | 39,760  |   |  | $ | 553,072  |   |
| New investments                                              | 23,685      |          |                   | —  |              |              | —                  |   |                       | 1,272    |          |  | —  |         |        | 12,800   |   |               | 37,757   |   |
| Proceeds from sales of investments                           | —     |          |                   | —  |              |              | —                  |   |                       | —  |          |  | —  |         |        | —  |   |               | —  |   |
| Principal repayments received                                | (7,576)          |          |                   | (62)          |              |              | —                  |   |                       | —  |          |  | —  |         |        | —  |   |               | (7,638)       |   |
| Conversion of security                                       | (3,615)          |          |                   | —  |              |              | —                  |   |                       | 3,615    |          |  | —  |         |        | —  |   |               | —  |   |
| PIK interest earned                                          | 696         |          |                   | 203      |              |              | —                  |   |                       | —  |          |  | —  |         |        | —  |   |               | 899      |   |
| Accretion of loan discounts                                  | 465         |          |                   | 45       |              |              | 9                        |   |                       | —  |          |  | —  |         |        | —  |   |               | 519      |   |
| Realized (loss) gain                                         | (5,560)          |          |                   | —  |              |              | —                  |   |                       | —  |          |  | —  |         |        | —  |   |               | (5,560)       |   |
| Unrealized gain (loss)                                       | 4,402       |          |                   | 179      |              |              | (9)                           |   |                       | (634)         |          |  | —  |         |        | 4,191    |   |               | 8,129    |   |
| Fair value, end of period                                    | $                | 439,944  |              |               | $                 | 37,504  |                          |        | $                     | 9,747    |          |  | $             | 43,232  |   |               | $      | —  |          |        | $ | 56,751  |   |  | $ | 587,178  |   |
| Weighted average yield on debt investments at end of period  |                  |               |                   |               |                   |              |                               |        |                       |               |               |  | 10.08    | %            |
| Weighted average yield on total investments at end of period |                  |               |                   |               |                   |              |                               |        |                       |               |               |  | 10.36    | %            |

|                                                              |                  |               |                   |               |                   |              |                               |        |                       |               |               |  |               |              |        |               |        |               |              |        |   |              |        |  |   |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------|---------------|-------------------|---------------|-------------------|--------------|-------------------------------|--------|-----------------------|---------------|---------------|--|---------------|--------------|--------|---------------|--------|---------------|--------------|--------|---|--------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Three months ended June 30, 2019                             | First Lien Loans |               | Second Lien Loans |               | Subordinated Debt |              | Preferred & Common Equity |        | Financial Instruments |               | I-45 SLF, LLC |  | Total         |
| Fair value, beginning of period                              | $                | 317,544  |              |               | $                 | 35,896  |                          |        | $                     | 14,287   |          |  | $             | 90,601  |   |               | $      | —  |         |        | $ | 65,743  |   |  | $ | 524,071  |   |
| New investments                                              | 34,550      |          |                   | —  |              |              | —                  |   |                       | 620      |          |  | —  |         |        | —  |   |               | 35,170  |   |
| Proceeds from sales of investments                           | —     |          |                   | —  |              |              | —                  |   |                       | (6,539)       |          |  | —  |         |        | —  |   |               | (6,539)      |   |
| Principal repayments received                                | (19,894)         |          |                   | (63)          |              |              | —                  |   |                       | —  |          |  | —  |         |        | —  |   |               | (19,957)     |   |
| PIK interest earned                                          | 197         |          |                   | 128      |              |              | 12                       |   |                       | 60       |          |  | —  |         |        | —  |   |               | 397     |   |
| Accretion of loan discounts                                  | 421         |          |                   | 39       |              |              | 12                       |   |                       | —  |          |  | —  |         |        | —  |   |               | 472     |   |
| Realized gain                                                | 287         |          |                   | —  |              |              | —                  |   |                       | 988      |          |  | —  |         |        | —  |   |               | 1,275   |   |
| Unrealized gain (loss)                                       | (1,645)          |          |                   | (91)          |              |              | 24                       |   |                       | 1,244    |          |  | —  |         |        | (930)         |   |               | (1,398)      |   |
| Fair value, end of period                                    | $                | 331,460  |              |               | $                 | 35,909  |                          |        | $                     | 14,335   |          |  | $             | 86,974  |   |               | $      | —  |         |        | $ | 64,813  |   |  | $ | 533,491  |   |
| Weighted average yield on debt investments at end of period  |                  |               |                   |               |                   |              |                               |        |                       |               |               |  | 11.73    | %            |
| Weighted average yield on total investments at end of period |                  |               |                   |               |                   |              |                               |        |                       |               |               |  | 11.62    | %            |

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|                                                                       |                     |              |        |             |                 |              |             |        |   |             |        |  |            |   |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------------|---------------------|--------------|--------|-------------|-----------------|--------------|-------------|--------|---|-------------|--------|--|------------|---|--|--|--|--|--|--|--|--|--|
|                                                                       | Three Months Ended  |              |        |             |                 |              |             |
|                                                                       | June 30,            |              |        |             | Net Change |              |             |
|                                                                       | 2020                |              | 2019   |             | Amount          |              | %           |
|                                                                       | (in thousands) |              |        |             |                 |              |             |
| Total investment income                                               | $                   | 15,164  |   |             | $               | 15,799  |        |        | $ | (635)       |   |  | (4.0)      | % |
| Interest expense                                                      | (4,328)             |         |        | (3,806)     |            |              | (522)       |   |   | 13.7   | %      |
| Other operating expenses                                              | (3,667)             |         |        | (4,309)     |            |              | 642    |   |   | 14.9   | %      |
| Income before taxes                                                   | 7,169          |         |        | 7,684  |            |              | (515)       |   |   | (6.7)       | %      |
| Income tax expense                                                    | 350            |         |        | 324    |            |              | 26     |   |   | 8.0    | %      |
| Net investment income                                                 | 6,819          |         |        | 7,360  |            |              | (541)       |   |   | (7.4)       | %      |
| Net realized (loss) gain on investments, net of tax                   | (5,547)             |         |        | 1,217  |            |              | (6,764)     |   |   | (555.8)     | %      |
| Net unrealized appreciation (depreciation) on investments, net of tax | 7,605          |         |        | (1,864)     |            |              | 9,469  |   |   | (508.0)     | %      |
| Net increase in net assets from operations                            | $                   | 8,877   |   |             | $               | 6,713   |        |        | $ | 2,164  |   |  | 32.2  | % |

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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  | $                                     | 449      |      |             | $              | 269     |           |        | $              | 180      |   |  | $             | —  |   |  | $ | —  |   |
| Credit Facility (1)          | 205,591                          |          |           | 6,791  |           |              | 13,582    |   |                | 185,218  |   |  | —  |          |
| December 2022 Notes (2)      | 88,322                           |          |           | 4,590  |           |              | 83,732    |   |                | —  |   |  | —  |          |
| October 2024 Notes (2)       | 93,141                           |          |           | 4,031  |           |              | 8,063     |   |                | 81,047   |   |  | —  |          |
|                              | $                                     | 387,503  |      |             | $              | 15,681  |           |        | $              | 105,557  |   |  | $             | 266,265  |   |  | $ | —  |   |

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

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|                |  |                               |                                                  |  |  |  |  |  |  |  |  |
|----------------|--|-------------------------------|--------------------------------------------------|--|--|--|--|--|--|--|--|
|                |  | CAPITAL SOUTHWEST CORPORATION |                                                  |
|                |  |                               |                                                  |
| August 4, 2020 |  | By:                       | /s/ Bowen S. Diehl                       |
| Date           |  |                               | Bowen S. Diehl                                   |
|                |  |                               | President and Chief Executive Officer            |
|                |  |                               |                                                  |
| August 4, 2020 |  | By:                       | /s/ Michael S. Sarner                    |
| Date           |  |                               | Michael S. Sarner                                |
|                |  |                               | Chief Financial Officer, Secretary and Treasurer |