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

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

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

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|------------|
|            |  |  |  |  |
|       |   |   |   | Page |
| PART I     |   | FINANCIAL INFORMATION |   |   |
|       |   |   |   |   |
| Item 1.    |   | Consolidated Financial Statements |   | 3 |
|       |   | Consolidated Statements of Assets and Liabilities as of December 31, 2019 (Unaudited) and March 31, 2019 |   | 3 |
|       |   | Consolidated Statements of Operations (Unaudited) for the three and nine months ended December 31, 2019 and 2018 |   | 4 |
|       |   | Consolidated Statements of Changes in Net Assets (Unaudited) for the nine months ended December 31, 2019 and 2018 |   | 5 |
|       |   | Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2019 and 2018 |   | 6 |
|       |   | Consolidated Schedule of Investments as of December 31, 2019 (Unaudited) and March 31, 2019 |   | 7 |
|       |   | Notes to Consolidated Financial Statements (Unaudited) |   | 23 |
|       |   | Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months ended December 31, 2019 |   | 65 |
| Item 2.    |   | Management's Discussion and Analysis of Financial Condition and Results of Operations |   | 67 |
| Item 3.    |   | Quantitative and Qualitative Disclosures About Market Risk |   | 82 |
| Item 4.    |   | Controls and Procedures |   | 84 |
|       |   |   |   |   |
| PART II    |   | OTHER INFORMATION |   |   |
|       |   |   |   |   |
| Item 1.    |   | Legal Proceedings |   | 85 |
| Item1A.    |   | Risk Factors |   | 85 |
| Item 2.    |   | Unregistered Sales of Equity Securities and Use of Proceeds |   | 85 |
| Item 3.    |   | Defaults Upon Senior Securities |   | 85 |
| Item 4.    |   | Mine Safety Disclosures |   | 85 |
| Item 5.    |   | Other Information |   | 85 |
| Item 6.    |   | Exhibits |   | 86 |
|       |   |   |   |   |
| Signatures |   |   |   | 87 |

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|         |                                   |
|---------|-----------------------------------|
| Item 1. | Consolidated Financial Statements |

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|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                            |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                                                                                                             |
| CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES                                                                                                                                                          |
| (In thousands, except shares and per share data)                                                                                                                                                           |
|                                                                                                                                                                                                       |   |   |   |
|                                                                                                                                                                                                       | December 31, |   | March 31, |
|                                                                                                                                                                                                       | 2019 |   | 2019 |
|                                                                                                                                                                                                       | (Unaudited) |   |   |
| Assets                                                                                                                                                                                                     |   |   |   |
| Investments at fair value:                                                                                                                                                                                 |   |   |   |
| Non-control/Non-affiliate investments (Cost: $415,222 and $305,596, respectively)                                                                                                                          | $ | 409,388 |  |   | $ | 304,663 |  |
| Affiliate investments (Cost: $89,481 and $79,277, respectively)                                                                                                                                            | 90,870 |  |   | 80,905 |  |
| Control investments (Cost: $68,000 and $93,182, respectively)                                                                                                                                              | 58,294 |  |   | 138,503 |  |
| Total investments (Cost: $572,703 and $478,055, respectively),                                                                                                                                             | 558,552 |  |   | 524,071 |  |
| Cash and cash equivalents                                                                                                                                                                                  | 22,966 |  |   | 9,924 |  |
| Receivables:                                                                                                                                                                                               |   |   |   |
| Dividends and interest                                                                                                                                                                                     | 10,045 |  |   | 9,252 |  |
| Escrow                                                                                                                                                                                                     | 1,424 |  |   | 370 |  |
| Other                                                                                                                                                                                                      | 175 |  |   | 1,244 |  |
| Income tax receivable                                                                                                                                                                                      | 155 |  |   | 183 |  |
| Deferred tax asset                                                                                                                                                                                         | 1,336 |  |   | 1,807 |  |
| Debt issuance costs (net of accumulated amortization of $2,384 and $1,814, respectively)                                                                                                                   | 3,016 |  |   | 3,364 |  |
| Other assets                                                                                                                                                                                               | 1,679 |  |   | 1,628 |  |
| Total assets                                                                                                                                                                                               | $ | 599,348 |  |   | $ | 551,843 |  |
|                                                                                                                                                                                                       |   |   |   |
| Liabilities                                                                                                                                                                                                |   |   |   |
| December 2022 Notes (Par value: $77,136 and $77,136, respectively)                                                                                                                                         | $ | 75,688 |  |   | $ | 75,099 |  |
| October 2024 Notes (Par value: $75,000 and $0, respectively)                                                                                                                                               | 73,393 |  |   | — |  |
| Credit facility                                                                                                                                                                                            | 124,000 |  |   | 141,000 |  |
| Other liabilities                                                                                                                                                                                          | 5,737 |  |   | 6,516 |  |
| Accrued restoration plan liability                                                                                                                                                                         | 2,992 |  |   | 3,073 |  |
| Income tax payable                                                                                                                                                                                         | 4,560 |  |   | 192 |  |
| Deferred tax liability                                                                                                                                                                                     | 1,122 |  |   | — |  |
| Total liabilities                                                                                                                                                                                          | 287,492 |  |   | 225,880 |  |
|                                                                                                                                                                                                       |   |   |   |
| Commitments and contingencies (Note 10)                                                                                                                                                                    |   |   |   |
|                                                                                                                                                                                                       |   |   |   |
| Net Assets                                                                                                                                                                                                 |   |   |   |
| Common stock, $0.25 par value: authorized, 40,000,000 shares at December 31, 2019 and 25,000,000 at March 31, 2019; issued, 20,967,227 shares at December 31, 2019 and 19,842,528 shares at March 31, 2019 | 5,242 |  |   | 4,961 |  |
| Additional paid-in capital                                                                                                                                                                                 | 316,322 |  |   | 281,205 |  |
| Total distributable earnings                                                                                                                                                                               | 14,229 |  |   | 63,734 |  |
| Treasury stock - at cost, 2,339,512 shares                                                                                                                                                                 | (23,937 | ) |   | (23,937 | ) |
| Total net assets                                                                                                                                                                                           | 311,856 |  |   | 325,963 |  |
| Total liabilities and net assets                                                                                                                                                                           | $ | 599,348 |  |   | $ | 551,843 |  |
| Net asset value per share (18,627,715 shares outstanding at December 31, 2019 and 17,503,016 shares outstanding at March 31, 2019)                                                                         | $ | 16.74 |  |   | $ | 18.62 |  |

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|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                  |
| CONSOLIDATED STATEMENTS OF OPERATIONS                                           |
| (Unaudited)                                                                     |
| (In thousands, except shares and per share data)                                |
|                                                                            |   |   |   |   |   |   |   |
|                                                                            | Three Months Ended |   | Nine Months Ended |
|                                                                            | December 31, |   | December 31, |
|                                                                            | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Investment income:                                                              |   |   |   |   |   |   |   |
| Interest income:                                                                |   |   |   |   |   |   |   |
| Non-control/Non-affiliate investments                                           | $ | 9,526 |  |   | $ | 7,744 |  |   | $ | 27,793 |  |   | $ | 20,825 |  |
| Affiliate investments                                                           | 2,159 |  |   | 1,886 |  |   | 6,210 |  |   | 5,136 |  |
| Control investments                                                             | — |  |   | 440 |  |   | 265 |  |   | 983 |  |
| Dividend income:                                                                |   |   |   |   |   |   |   |
| Non-control/Non-affiliate investments                                           | (15 | ) |   | 95 |  |   | 140 |  |   | 120 |  |
| Affiliate investments                                                           | 122 |  |   | — |  |   | 141 |  |   | 82 |  |
| Control investments                                                             | 2,581 |  |   | 3,257 |  |   | 10,013 |  |   | 9,383 |  |
| Interest income from cash and cash equivalents                                  | 21 |  |   | 12 |  |   | 49 |  |   | 21 |  |
| Fees and other income                                                           | 1,590 |  |   | 437 |  |   | 2,390 |  |   | 1,022 |  |
| Total investment income                                                         | 15,984 |  |   | 13,871 |  |   | 47,001 |  |   | 37,572 |  |
| Operating expenses:                                                             |   |   |   |   |   |   |   |
| Compensation                                                                    | 2,034 |  |   | 2,007 |  |   | 5,763 |  |   | 5,880 |  |
| Share-based compensation                                                        | 690 |  |   | 607 |  |   | 2,212 |  |   | 1,564 |  |
| Interest                                                                        | 4,142 |  |   | 3,347 |  |   | 11,664 |  |   | 8,829 |  |
| Professional fees                                                               | 479 |  |   | 390 |  |   | 1,567 |  |   | 1,285 |  |
| Net pension expense                                                             | 36 |  |   | 40 |  |   | 107 |  |   | 119 |  |
| General and administrative                                                      | 728 |  |   | 704 |  |   | 2,748 |  |   | 2,322 |  |
| Total operating expenses                                                        | 8,109 |  |   | 7,095 |  |   | 24,061 |  |   | 19,999 |  |
| Income before taxes                                                             | 7,875 |  |   | 6,776 |  |   | 22,940 |  |   | 17,573 |  |
| Income tax expense                                                              | 761 |  |   | 101 |  |   | 1,651 |  |   | 736 |  |
| Net investment income                                                           | $ | 7,114 |  |   | $ | 6,675 |  |   | $ | 21,289 |  |   | $ | 16,837 |  |
|                                                                            |   |   |   |   |   |   |   |
| Realized gain                                                                   |   |   |   |   |   |   |   |
| Non-control/Non-affiliate investments                                           | $ | (157 | ) |   | $ | 1,849 |  |   | $ | 1,159 |  |   | $ | 2,066 |  |
| Affiliate investments                                                           | 40 |  |   | — |  |   | 57 |  |   | 77 |  |
| Control investments                                                             | 44,399 |  |   | 34 |  |   | 44,566 |  |   | 18,653 |  |
| Taxes on deemed distribution of long-term capital gains                         | (3,464 | ) |   | — |  |   | (3,464 | ) |   | — |  |
| Total net realized gain on investments, net of tax                              | 40,818 |  |   | 1,883 |  |   | 42,318 |  |   | 20,796 |  |
|                                                                            |   |   |   |   |   |   |   |
| Net unrealized (depreciation) appreciation on investments                       |   |   |   |   |   |   |   |
| Non-control/Non-affiliate investments                                           | (1,118 | ) |   | (4,860 | ) |   | (4,899 | ) |   | 1,549 |  |
| Affiliate investments                                                           | (1,265 | ) |   | (95 | ) |   | (240 | ) |   | (1,634 | ) |
| Control investments                                                             | (52,208 | ) |   | 564 |  |   | (55,027 | ) |   | (15,523 | ) |
| Income tax (provision) benefit                                                  | (174 | ) |   | 153 |  |   | (832 | ) |   | 535 |  |
| Total net unrealized (depreciation) appreciation on investments, net of tax     | (54,765 | ) |   | (4,238 | ) |   | (60,998 | ) |   | (15,073 | ) |
|                                                                            |   |   |   |   |   |   |   |
| Net realized and unrealized (losses) gains on investments                       | $ | (13,947 | ) |   | $ | (2,355 | ) |   | $ | (18,680 | ) |   | $ | 5,723 |  |
|                                                                            |   |   |   |   |   |   |   |
| Net (decrease) increase in net assets from operations                           | $ | (6,833 | ) |   | $ | 4,320 |  |   | $ | 2,609 |  |   | $ | 22,560 |  |
|                                                                            |   |   |   |   |   |   |   |
| Pre-tax net investment income per share - basic and diluted                     | $ | 0.44 |  |   | $ | 0.40 |  |   | $ | 1.29 |  |   | $ | 1.06 |  |
| Net investment income per share – basic and diluted                       | $ | 0.39 |  |   | $ | 0.39 |  |   | $ | 1.20 |  |   | $ | 1.02 |  |
| Net (decrease) increase in net assets from operations – basic and diluted | $ | (0.38 | ) |   | $ | 0.25 |  |   | $ | 0.15 |  |   | $ | 1.36 |  |
| Weighted average shares outstanding – basic                               | 18,100,176 |  |   | 17,120,357 |  |   | 17,803,005 |  |   | 16,541,102 |  |
| Weighted average shares outstanding – diluted                             | 18,100,176 |  |   | 17,122,925 |  |   | 17,803,005 |  |   | 16,543,524 |  |

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|                                                                          |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                           |
| CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS                         |
| (Unaudited)                                                              |
| (In thousands)                                                           |
|                                                                     |   |   |   |
|                                                                     | 2019 |   | 2018 |
|                                                                     |   |   |   |
| Net assets, March 31                                                     | $ | 325,963 |  |   | $ | 308,288 |  |
| Operations:                                                              |   |   |   |
| Net investment income                                                    | 7,360 |  |   | 4,617 |  |
| Net realized gain on investments                                         | 1,217 |  |   | 18,819 |  |
| Net unrealized depreciation on investments, net of tax                   | (1,864 | ) |   | (11,783 | ) |
| Net increase in net assets from operations                               | 6,713 |  |   | 11,653 |  |
| Dividends to shareholders ($0.49 and $0.89 per share, respectively)      | (8,629 | ) |   | (14,503 | ) |
| Capital share transactions:                                              |   |   |   |
| Change in restoration plan liability                                     | 7 |  |   | 11 |  |
| Issuance of common stock                                                 | 3,972 |  |   | — |  |
| Exercise of employee stock options                                       | — |  |   | 1,457 |  |
| Share-based compensation expense                                         | 837 |  |   | 475 |  |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (49 | ) |   | — |  |
| Increase (decrease) in net assets                                        | 2,851 |  |   | (907 | ) |
| Net assets, June 30                                                      | $ | 328,814 |  |   | $ | 307,381 |  |
| Operations:                                                              |   |   |   |
| Net investment income                                                    | 6,815 |  |   | 5,546 |  |
| Net realized gain on investments                                         | 283 |  |   | 94 |  |
| Net unrealized (depreciation) appreciation on investments, net of tax    | (4,369 | ) |   | 948 |  |
| Net increase in net assets from operations                               | 2,729 |  |   | 6,588 |  |
| Dividends to shareholders ($0.50 and $0.44 per share, respectively)      | (8,964 | ) |   | (7,191 | ) |
| Capital share transactions:                                              |   |   |   |
| Change in pension plan funded status                                     | 8 |  |   | 12 |  |
| Issuance of common stock                                                 | 4,827 |  |   | — |  |
| Exercise of employee stock options                                       | — |  |   | 576 |  |
| Share-based compensation expense                                         | 685 |  |   | 482 |  |
| (Decrease) increase in net assets                                        | (715 | ) |   | 467 |  |
| Net assets, September 30                                                 | $ | 328,099 |  |   | $ | 307,848 |  |
| Operations:                                                              |   |   |   |
| Net investment income                                                    | 7,114 |  |   | 6,675 |  |
| Net realized gain on investments                                         | 44,282 |  |   | 1,883 |  |
| Taxes on deemed distribution of long-term capital gains                  | (3,464 | ) |   | — |  |
| Net unrealized (depreciation) appreciation on investments, net of tax    | (54,765 | ) |   | (4,238 | ) |
| Net (decrease) increase in net assets from operations                    | (6,833 | ) |   | 4,320 |  |
| Dividends to shareholders ($1.25 and $0.46 per share, respectively)      | (23,258 | ) |   | (7,932 | ) |
| Capital share transactions:                                              |   |   |   |
| Change in pension plan funded status                                     | 8 |  |   | 11 |  |
| Issuance of common stock                                                 | 13,518 |  |   | 13,124 |  |
| Exercise of employee stock options                                       | — |  |   | 69 |  |
| Share-based compensation expense                                         | 690 |  |   | 607 |  |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (368 | ) |   | (186 | ) |
| Repurchase of common stock                                               | — |  |   | (185 | ) |
| Decrease (increase) in net assets                                        | (16,243 | ) |   | 9,828 |  |
| Net assets, December 31                                                  | $ | 311,856 |  |   | $ | 317,676 |  |

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Table of Contents

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|                                                                                                               |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                                                |
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                         |
| (Unaudited)                                                                                                   |
| (In thousands)                                                                                                |
|                                                                                                          |   |   |   |
|                                                                                                          | Nine Months Ended |
|                                                                                                          | December 31, |
|                                                                                                          | 2019 |   | 2018 |
| Cash flows from operating activities                                                                          |   |   |   |
| Net increase in net assets from operations                                                                    | $ | 2,609 |  |   | $ | 22,560 |  |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |   |   |   |
| Purchases and originations of investments                                                                     | (154,415 | ) |   | (197,088 | ) |
| Proceeds from sales and repayments of debt investments in portfolio companies                                 | 50,965 |  |   | 64,986 |  |
| Proceeds from sales and return of capital of equity investments in portfolio companies                        | 55,960 |  |   | 33,928 |  |
| Payment of accreted original issue discounts                                                                  | 736 |  |   | 465 |  |
| Depreciation and amortization                                                                                 | 1,610 |  |   | 1,052 |  |
| Net pension benefit                                                                                           | (58 | ) |   | (38 | ) |
| Realized gain on investments before income tax                                                                | (45,782 | ) |   | (20,796 | ) |
| Taxes payable on deemed distribution of long-term capital gains                                               | 3,464 |  |   | — |  |
| Net unrealized depreciation (appreciation) on investments                                                     | 60,166 |  |   | 15,608 |  |
| Accretion of discounts on investments                                                                         | (1,427 | ) |   | (1,054 | ) |
| Payment-in-kind interest and dividends                                                                        | (1,469 | ) |   | (383 | ) |
| Stock option and restricted awards expense                                                                    | 2,212 |  |   | 1,564 |  |
| Deferred income taxes                                                                                         | 1,592 |  |   | (434 | ) |
| Changes in other assets and liabilities:                                                                      |   |   |   |
| Decrease (increase) in dividend and interest receivable                                                       | (793 | ) |   | (2,426 | ) |
| Increase in escrow receivables                                                                                | 71 |  |   | 310 |  |
| Decrease in tax receivable                                                                                    | 28 |  |   | (58 | ) |
| Decrease (increase) in other receivables                                                                      | 1,069 |  |   | (233 | ) |
| (Increase) decrease in other assets                                                                           | (780 | ) |   | 4,442 |  |
| Increase in taxes payable                                                                                     | 905 |  |   | 683 |  |
| Decrease in other liabilities                                                                                 | 321 |  |   | (648 | ) |
| Decrease in payable for unsettled transaction                                                                 | (1,158 | ) |   | — |  |
| Net cash used in operating activities                                                                         | (24,174 | ) |   | (77,560 | ) |
| Cash flows from financing activities                                                                          |   |   |   |
| Proceeds from common stock offering                                                                           | 22,532 |  |   | 13,230 |  |
| Equity offering costs paid                                                                                    | (106 | ) |   | (92 | ) |
| Borrowings under credit facility                                                                              | 102,000 |  |   | 127,000 |  |
| Repayments of credit facility                                                                                 | (119,000 | ) |   | (45,000 | ) |
| Debt issuance costs paid                                                                                      | (442 | ) |   | (1,816 | ) |
| Proceeds from notes                                                                                           | 73,500 |  |   | 19,524 |  |
| Dividends to shareholders                                                                                     | (40,851 | ) |   | (34,151 | ) |
| Proceeds from exercise of employee stock options                                                              | — |  |   | 2,103 |  |
| Repurchase of common stock                                                                                    | — |  |   | (185 | ) |
| Common stock withheld for payroll taxes upon vesting of restricted stock                                      | (417 | ) |   | (186 | ) |
| Net cash provided by financing activities                                                                     | 37,216 |  |   | 80,427 |  |
| Net increase in cash and cash equivalents                                                                     | 13,042 |  |   | 2,867 |  |
| Cash and cash equivalents at beginning of period                                                              | 9,924 |  |   | 7,907 |  |
| Cash and cash equivalents at end of period                                                                    | $ | 22,966 |  |   | $ | 10,774 |  |
| Supplemental cash flow disclosures:                                                                           |   |   |   |
| Cash paid for income taxes                                                                                    | $ | — |  |   | $ | 11 |  |
| Cash paid for interest                                                                                        | 9,132 |  |   | 7,647 |  |

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Table of Contents

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|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2019                              |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| Non-control/Non-affiliate Investments5         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AAC HOLDINGS, INC.                             |   | First Lien16 |   | Healthcare services |   | L+6.75% (Floor 1.00%)/Q, 4.00% PIK, Current Coupon 13.33% |   | 6/28/2017 |   | 6/30/2023 |   | $ | 9,079 |  |   | $ | 8,916 |  |   | $ | 5,901 |  |
|                                           |   | First Lien - Priming Facility |   |   |   | L+14.50% (Floor 1.00%)/Q, Current Coupon 16.31% |   | 3/21/2019 |   | 4/15/2020 |   | 1,405 |  |   | 1,401 |  |   | 1,405 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 10,317 |  |   | 7,306 |  |
| 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 |   | 9,750 |  |   | 9,586 |  |   | 9,750 |  |
| ADAMS PUBLISHING GROUP, LLC                    |   | First Lien |   | Media, marketing & entertainment |   | L+7.50% (Floor 1.00%)/Q, Current Coupon 9.44% |   | 7/2/2018 |   | 7/2/2023 |   | 10,824 |  |   | 10,651 |  |   | 10,737 |  |
|                                           |   | Delayed Draw Term Loan10 |   |   |   | L+7.50% (Floor 1.00%)/Q, Current Coupon 9.45% |   | 7/2/2018 |   | 7/2/2023 |   | 347 |  |   | 322 |  |   | 344 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 10,973 |  |   | 11,081 |  |
| 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 |  |   | 5,948 |  |
| ALLIANCE SPORTS GROUP, L.P.                    |   | Senior subordinated debt |   | Consumer products & retail |   | 11.00% |   | 8/1/2017 |   | 2/1/2023 |   | 10,100 |  |   | 9,971 |  |   | 9,615 |  |
|                                           |   | 3.88% preferred membership interest |   |   |   | — |   | 8/1/2017 |   | — |   | — |  |   | 2,500 |  |   | 2,335 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 12,471 |  |   | 11,950 |  |
| AMERICAN NUTS OPERATIONS LLC13                 |   | First Lien - Term Loan |   | Food, agriculture and beverage |   | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.60% |   | 4/10/2018 |   | 4/10/2023 |   | 17,238 |  |   | 16,990 |  |   | 16,824 |  |
|                                           |   | First Lien - Term Loan C10 |   |   |   | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.60% |   | 12/21/2018 |   | 4/10/2023 |   | 1,804 |  |   | 1,780 |  |   | 1,760 |  |
|                                           |   | 3,000,000 units of Class A common stock9 |   |   |   | — |   | 4/10/2018 |   | — |   | — |  |   | 3,000 |  |   | 1,523 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 21,770 |  |   | 20,107 |  |

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Table of Contents

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|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                          |
| (Unaudited)                                                                   |
| December 31, 2019                                                             |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                                                       |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) |   | First Lien |   | Telecommunications |   | L+6.50% (Floor 1.00%)/Q, Current Coupon 8.40% |   | 9/21/2016 |   | 6/8/2023 |   | 5,929 |  |   | 5,853 |  |   | 3,569 |  |
|                                                                          |   | Second Lien |   |   |   | 0.50%, L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 11.48% |   | 11/3/2016 |   | 6/6/2024 |   | 2,052 |  |   | 2,010 |  |   | 770 |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   | 7,863 |  |   | 4,339 |  |
| AMWARE FULFILLMENT LLC                                                        |   | First Lien |   | Distribution |   | L+9.50% (Floor 1.00%)/M, Current Coupon 11.41% |   | 7/29/2016 |   | 12/31/2020 |   | 12,209 |  |   | 12,156 |  |   | 12,111 |  |
| ASC ORTHO MANAGEMENT COMPANY, LLC13                                           |   | Revolving Loan10 |   | Healthcare services |   | L+7.50% (Floor 1.00%) |   | 8/31/2018 |   | 8/31/2023 |   | — |  |   | (22 | ) |   | — |  |
|                                                                          |   | First Lien |   |   |   | L+7.50% (Floor 1.00%)/Q, Current Coupon 9.60% |   | 8/31/2018 |   | 8/31/2023 |   | 9,087 |  |   | 8,944 |  |   | 8,932 |  |
|                                                                          |   | Second Lien |   |   |   | 13.25% PIK |   | 8/31/2018 |   | 12/1/2023 |   | 3,586 |  |   | 3,523 |  |   | 3,579 |  |
|                                                                          |   | 2,042 Common Units9 |   |   |   | — |   | 8/31/2018 |   | — |   | — |  |   | 750 |  |   | 569 |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   | 13,195 |  |   | 13,080 |  |
| BINSWANGER HOLDING CORP.                                                      |   | First Lien |   | Distribution |   | L+8.50% (Floor 1.00%)/M, Current Coupon 10.41% |   | 3/9/2017 |   | 3/9/2022 |   | 11,687 |  |   | 11,570 |  |   | 11,243 |  |
|                                                                          |   | 900,000 shares of common stock |   |   |   | — |   | 3/9/2017 |   | — |   | — |  |   | 900 |  |   | 636 |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   | 12,470 |  |   | 11,879 |  |
| BLASCHAK COAL CORP.                                                           |   | Second Lien15 |   | Commodities & mining |   | L+10.00%/Q, 1.00% PIK, Current Coupon 13.09% |   | 7/30/2018 |   | 7/30/2023 |   | 8,601 |  |   | 8,468 |  |   | 8,257 |  |
| CALIFORNIA PIZZA KITCHEN, INC.                                                |   | First Lien |   | Restaurants |   | L+6.00% (Floor 1.00%)/M, Current Coupon 7.91% |   | 8/19/2016 |   | 8/23/2022 |   | 4,837 |  |   | 4,813 |  |   | 4,223 |  |
| CAPITAL PAWN HOLDINGS, LLC                                                    |   | First Lien |   | Consumer products & retail |   | L+9.50%/Q, Current Coupon 11.60% |   | 12/21/2017 |   | 7/8/2020 |   | 11,448 |  |   | 11,391 |  |   | 11,425 |  |

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Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES     |
| CONSOLIDATED SCHEDULE OF INVESTMENTS               |
| (Unaudited)                                        |
| December 31, 2019                                  |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                            |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| CLICKBOOTH.COM, LLC                                |   | Revolving Loan10 |   | Media, marketing & entertainment |   | L+8.50% (Floor 1.00%) |   | 12/5/2017 |   | 12/5/2022 |   | — |  |   | (12 | ) |   | — |  |
|                                               |   | First Lien |   |   |   | L+8.50% (Floor 1.00%)/Q, Current Coupon 10.59% |   | 12/5/2017 |   | 12/5/2022 |   | 15,533 |  |   | 15,328 |  |   | 15,533 |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   | 15,316 |  |   | 15,533 |  |
| DANFORTH ADVISORS, LLC13                           |   | Revolving Loan10 |   | Business services |   | L+7.25% (Floor 2.00%) |   | 9/28/2018 |   | 9/28/2023 |   | — |  |   | (15 | ) |   | — |  |
|                                               |   | First Lien |   |   |   | L+7.25% (Floor 2.00%)/Q, Current Coupon 9.35% |   | 9/28/2018 |   | 9/28/2023 |   | 7,250 |  |   | 7,135 |  |   | 7,250 |  |
|                                               |   | 875 Class A equity units9 |   |   |   | — |   | 9/28/2018 |   | — |   | — |  |   | 875 |  |   | 1,445 |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   | 7,995 |  |   | 8,695 |  |
| DELPHI INTERMEDIATE HEALTHCO, LLC                  |   | Revolving Loan10 |   | Healthcare services |   | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.97% |   | 10/2/2019 |   | 10/3/2022 |   | 408 |  |   | 408 |  |   | 408 |  |
|                                               |   | First Lien16 |   |   |   | L+9.50% (Floor 1.00%)/Q, Current Coupon 11.20% |   | 11/3/2017 |   | 10/3/2022 |   | 10,605 |  |   | 10,533 |  |   | 6,321 |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   | 10,941 |  |   | 6,729 |  |
| DIGITAL RIVER, INC.                                |   | First Lien |   | Software & IT services |   | L+6.00% (Floor 1.00%)/Q, Current Coupon 7.90% |   | 1/25/2016 |   | 2/12/2021 |   | 12,662 |  |   | 12,657 |  |   | 12,637 |  |
| DRIVEN, INC.                                       |   | First Lien |   | Business services |   | L+8.00% (Floor 2.00%)/Q, Current Coupon 10.10% |   | 6/28/2019 |   | 6/28/2024 |   | 11,970 |  |   | 11,750 |  |   | 11,755 |  |
| DUNN PAPER, INC.                                   |   | Second Lien |   | Paper & forest products |   | L+8.75% (Floor 1.00%)/M, Current Coupon 10.55% |   | 9/28/2016 |   | 8/25/2023 |   | 3,000 |  |   | 2,963 |  |   | 3,000 |  |
| ENVIRONMENTAL PEST SERVICE MANAGEMENT COMPANY, LLC |   | First Lien |   | Consumer services |   | L+7.00%/Q, Current Coupon 9.09% |   | 6/22/2018 |   | 6/22/2023 |   | 15,332 |  |   | 15,131 |  |   | 15,332 |  |
|                                               |   | Delayed Draw Term Loan10 |   |   |   | L+7.00%/Q, Current Coupon 9.09% |   | 6/22/2018 |   | 6/22/2023 |   | 6,127 |  |   | 6,028 |  |   | 6,127 |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   | 21,159 |  |   | 21,459 |  |

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Table of Contents

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES      |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                |
| (Unaudited)                                         |
| December 31, 2019                                   |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                             |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| FAST SANDWICH, LLC                                  |   | Revolving Loan10 |   | Restaurants |   | L+9.00% (Floor 1.00%) |   | 5/24/2018 |   | — |   | — |  |   | (47 | ) |   | — |  |
|                                                |   | First Lien |   |   |   | L+9.00% (Floor 1.00%)/Q, 5.00% PIK, Current Coupon 16.10% |   | 5/24/2018 |   | 5/23/2023 |   | 3,413 |  |   | 3,373 |  |   | 3,359 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   | 3,326 |  |   | 3,359 |  |
| ICS DISTRIBUTION, LLC8                              |   | First Lien |   | Industrial services |   | L+8.22% (Floor 2.00%)/Q, Current Coupon 10.22% |   | 10/31/2019 |   | 10/29/2024 |   | 18,000 |  |   | 17,601 |  |   | 17,601 |  |
| IENERGIZER LIMITED9                                 |   | First Lien |   | Business services |   | L+6.00% (Floor 1.00%)/M, Current Coupon 7.79% |   | 4/17/2019 |   | 4/17/2024 |   | 12,750 |  |   | 12,637 |  |   | 12,750 |  |
| JVMC HOLDINGS CORP.                                 |   | First Lien |   | Financial services |   | L+6.50% (Floor 1.00%)/M, Current Coupon 8.30% |   | 2/28/2019 |   | 2/28/2024 |   | 8,526 |  |   | 8,452 |  |   | 8,526 |  |
| LANDPOINT LLC                                       |   | First Lien |   | Business services |   | L+7.00% (Floor 1.00%)/Q, Current Coupon 8.96% |   | 12/30/2019 |   | 12/30/2024 |   | 19,500 |  |   | 19,110 |  |   | 19,110 |  |
| LGM PHARMA, LLC13                                   |   | First Lien |   | Healthcare products |   | L+8.50% (Floor 1.00%)/M, Current Coupon 10.21% |   | 11/15/2017 |   | 11/15/2022 |   | 11,571 |  |   | 11,419 |  |   | 11,444 |  |
|                                                |   | 110,000 units of Class A common stock9 |   |   |   | — |   | 11/15/2017 |   | — |   | — |  |   | 1,100 |  |   | 821 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   | 12,519 |  |   | 12,265 |  |
| LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) |   | First Lien |   | Environmental services |   | 6.00% (Floor 2.00%)/Q, L+3.00% PIK, Current Coupon 11.00% |   | 6/30/2017 |   | 6/30/2022 |   | 13,270 |  |   | 13,189 |  |   | 12,514 |  |
|                                                |   | 25,603 shares of Series C preferred stock |   |   |   | — |   | 8/13/2018 |   | — |   | — |  |   | 26 |  |   | 31 |  |
|                                                |   | 396,825 shares of Series B preferred stock |   |   |   | — |   | 6/30/2017 |   | — |   | — |  |   | 500 |  |   | 160 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   | 13,715 |  |   | 12,705 |  |
| MEDIA RECOVERY, INC.                                |   | Earnout |   | Industrial products |   | — |   |   |   | — |   | — |  |   | 1,517 |  |   | 1,517 |  |

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Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2019                              |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| NINJATRADER, LLC13                             |   | 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 |  |   | 1,078 |  |
|                                           |   | First Lien |   |   |   | L+6.00% (Floor 1.50%)/Q, Current Coupon 7.90% |   | 12/18/2019 |   | 12/18/2024 |   | 18,250 |  |   | 17,887 |  |   | 17,887 |  |
|                                           |   | 2,000,000 Preferred units9 |   |   |   | — |   | 12/18/2019 |   | — |   | — |  |   | 2,000 |  |   | 2,000 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 20,980 |  |   | 20,965 |  |
| RESEARCH NOW GROUP, INC.                       |   | Second Lien |   | Business services |   | L+9.50% (Floor 1.00%)/M, Current Coupon 11.41% |   | 12/8/2017 |   | 12/20/2025 |   | 10,500 |  |   | 9,887 |  |   | 10,216 |  |
| SCRIP INC.8                                    |   | First Lien |   | Healthcare products |   | L+9.91% (Floor 2.00%)/M, Current Coupon 11.91% |   | 3/21/2019 |   | 3/21/2024 |   | 16,750 |  |   | 16,310 |  |   | 16,650 |  |
|                                           |   | 100 shares of common stock |   |   |   | — |   | 3/21/2019 |   | — |   | — |  |   | 1,000 |  |   | 1,000 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 17,310 |  |   | 17,650 |  |
| TAX ADVISORS GROUP, LLC13                      |   | 143.3 Class A units9 |   | Financial services |   | — |   | 6/23/2017 |   | — |   | — |  |   | 541 |  |   | 1,053 |  |
| TINUITI INC.                                   |   | 1,114 Preferred Units |   | Media, marketing & entertainment |   | — |   | 2/1/2017 |   | — |   | — |  |   | 1,114 |  |   | 2,944 |  |
|                                           |   | 1,443 Common Units |   |   |   | — |   | 2/1/2017 |   | — |   | — |  |   | 277 |  |   | 2,390 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,391 |  |   | 5,334 |  |
| TRINITY 3, LLC13                               |   | First Lien |   | Technology products & components |   | L+7.50% (Floor 1.50%)/Q, Current Coupon 9.41% |   | 11/15/2019 |   | 11/15/2024 |   | 14,250 |  |   | 13,971 |  |   | 13,971 |  |
|                                           |   | 562.5 Class A units9 |   |   |   | — |   | 11/15/2019 |   | — |   | — |  |   | 563 |  |   | 563 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 14,534 |  |   | 14,534 |  |
| VISTAR MEDIA INC.                              |   | First Lien |   | Media, marketing & entertainment |   | L+8.00% (Floor 2.00%)/M, Current Coupon 10.00% |   | 2/17/2017 |   | 4/3/2023 |   | 12,131 |  |   | 11,205 |  |   | 12,131 |  |
|                                           |   | 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 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 13,699 |  |   | 19,625 |  |

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Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2019                              |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| VTX HOLDINGS, INC.8                            |   | First Lien |   | Software & IT services |   | L+8.91% (Floor 2.00%)/Q, Current Coupon 11.01% |   | 7/23/2019 |   | 7/23/2024 |   | 20,075 |  |   | 19,555 |  |   | 19,914 |  |
|                                           |   | 1,000,000 Series A Preferred Units |   |   |   | — |   | 7/23/2019 |   | — |   | — |  |   | 1,000 |  |   | 1,000 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 20,555 |  |   | 20,914 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-control/Non-affiliate Investments    |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 415,222 |  |   | $ | 409,388 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Affiliate Investments6                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CHANDLER SIGNS, LLC13                          |   | 1,500,000 units of Class A-1 common stock9 |   | Business services |   | — |   | 1/4/2016 |   | — |   | — |  |   | $ | 1,500 |  |   | $ | 2,886 |  |
| DYNAMIC COMMUNITIES, LLC13                     |   | Revolving Loan10 |   | Business services |   | L+8.00% (Floor 1.00%) |   | 7/17/2018 |   | 7/17/2023 |   | — |  |   | (4 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+8.00% (Floor 1.00%)/M, Current Coupon 9.80% |   | 7/17/2018 |   | 7/17/2023 |   | 10,850 |  |   | 10,684 |  |   | 10,601 |  |
|                                           |   | 2,000,000 Preferred Units9 |   |   |   | — |   | 7/17/2018 |   | — |   | — |  |   | 2,000 |  |   | 2,552 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 12,680 |  |   | 13,153 |  |
| GRAMMATECH, INC.                               |   | Revolving Loan10 |   | Software & IT services |   | L+7.00% (Floor 2.00%) |   | 11/1/2019 |   | 11/1/2024 |   | — |  |   | (42 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00% |   | 11/1/2019 |   | 11/1/2024 |   | 11,500 |  |   | 11,304 |  |   | 11,304 |  |
|                                           |   | 1,000 Class A units |   |   |   | — |   | 11/1/2019 |   | — |   | — |  |   | 1,000 |  |   | 1,000 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 12,262 |  |   | 12,304 |  |

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Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2019                              |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| ITA HOLDINGS GROUP, LLC13                      |   | Revolving Loan10 |   | Transportation & logistics |   | L+9.00% (Floor 1.00%) |   | 2/14/2018 |   | 2/14/2023 |   | — |  |   | (32 | ) |   | — |  |
|                                           |   | First Lien - Term Loan |   |   |   | L+8.00% (Floor 1.00%)/Q, Current Coupon 10.10% |   | 2/14/2018 |   | 2/14/2023 |   | 10,030 |  |   | 9,898 |  |   | 9,970 |  |
|                                           |   | First Lien - Term B Loan |   |   |   | L+11.00% (Floor 1.00%)/Q, Current Coupon 13.10% |   | 6/5/2018 |   | 2/14/2023 |   | 5,015 |  |   | 4,935 |  |   | 5,065 |  |
|                                           |   | First Lien - PIK Note A |   |   |   | 10.00% PIK |   | 3/29/2019 |   | 2/14/2023 |   | 2,365 |  |   | 1,866 |  |   | 2,212 |  |
|                                           |   | First Lien - PIK Note B |   |   |   | 10.00% PIK |   | 3/29/2019 |   | 2/14/2023 |   | 93 |  |   | 93 |  |   | 87 |  |
|                                           |   | Warrants (Expiration - March 29, 2029)9 |   |   |   | — |   | 3/29/2019 |   | — |   | — |  |   | 539 |  |   | 2,762 |  |
|                                           |   | 9.25% Class A Membership Interest9 |   |   |   | — |   | 2/14/2018 |   | — |   | — |  |   | 1,500 |  |   | 2,099 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 18,799 |  |   | 22,195 |  |
| ROSELAND MANAGEMENT, LLC                       |   | Revolving Loan10 |   | Healthcare services |   | L+7.00% (Floor 2.00%) |   | 11/9/2018 |   | 11/9/2023 |   | — |  |   | (27 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.10% |   | 11/9/2018 |   | 11/9/2023 |   | 10,395 |  |   | 10,247 |  |   | 10,395 |  |
|                                           |   | 10,000 Class A Units |   |   |   | — |   | 11/9/2018 |   | — |   | — |  |   | 1,000 |  |   | 1,789 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 11,220 |  |   | 12,184 |  |
| 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 |   | 11,520 |  |   | 11,340 |  |   | 11,024 |  |
|                                           |   | 9,374,510.2 Class B Common Units |   |   |   | — |   | 9/7/2018 |   | — |   | — |  |   | 6,107 |  |   | 3,322 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 17,447 |  |   | 14,346 |  |

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Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| December 31, 2019                              |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2 |   | Industry |   | Current Interest Rate3 |   | Acquisition Date14 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| ZENFOLIO INC.                                  |   | Revolving Loan10 |   | Business services |   | L+9.00% (Floor 1.00%) |   | 7/17/2017 |   | 7/17/2022 |   | — |  |   | (10 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+9.00% (Floor 1.00%)/Q, Current Coupon 11.09% |   | 7/17/2017 |   | 7/17/2022 |   | 13,906 |  |   | 13,683 |  |   | 13,530 |  |
|                                           |   | 190 shares of common stock |   |   |   | — |   | 7/17/2017 |   | — |   | — |  |   | 1,900 |  |   | 272 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   | 15,573 |  |   | 13,802 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Affiliate Investments                    |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 89,481 |  |   | $ | 90,870 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Control Investments7                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| I-45 SLF LLC9,11                               |   | 80% LLC equity interest |   | Multi-sector holdings |   | — |   | 10/20/2015 |   | — |   | — |  |   | $ | 68,000 |  |   | $ | 58,294 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Control Investments                      |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 68,000 |  |   | $ | 58,294 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL INVESTMENTS12                            |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 572,703 |  |   | $ | 558,552 |  |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| 1  | All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted. |
|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| 2  | All of the Company’s investments, unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3  | The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S).  For each the Company has provided the spread over LIBOR or Prime and the current contractual interest rate in effect at December 31, 2019.  Certain investments are subject to a LIBOR or Prime interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4  | The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5  | Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2019, approximately 73.3% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 131.3%. |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6  | Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At December 31, 2019, approximately 16.3% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 29.1%. |
|         |                                                                                                                                                                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7  | Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At December 31, 2019, approximately 10.4% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 18.7%. |
|         |                                                                  |
|---------|------------------------------------------------------------------|
| 8  | The investment is structured as a first lien last out term loan. |
|         |                                                                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9  | Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act.  Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2019, approximately 15.0% of the Company's assets are non-qualifying assets. |
|          |                                                                                                                                                  |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| 10  | The investment has an unfunded commitment as of December 31, 2019. Refer to Note 10 - Commitments and Contingencies for further discussion. |
|          |                                                      |
|----------|------------------------------------------------------|
| 11  | Income producing through dividends or distributions. |
|          |                                                                                                                                                                                                                                                                                                                                                 |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12  | As of December 31, 2019, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $20.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $32.9 million.  Cumulative net unrealized depreciation is $12.4 million, based on a tax cost of $570.9 million. |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13  | ASC Ortho Management Company, LLC common units, Danforth Advisors, LLC common units, American Nuts Operations LLC Class A common stock, LGM Pharma, LLC Class A common stock, NinjaTrader, LLC preferred units, Trinity 3, LLC Class A units, Tax Advisors Group, LLC Class A units, Chandler Signs, LP Class A-1 common stock, Dynamic Communities, LLC Preferred units, and ITA Holdings Group, LLC membership interest are held through a wholly-owned taxable subsidiary. |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 14  | The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which as of December 31, 2019 represented 179.1% of the Company's net assets or 93.2% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act. |
|          |                                                                                                                                                                                                               |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 15  | The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. |
|          |                                                                                                                                                  |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| 16  | Investment is on non-accrual status as of December 31, 2019, meaning the Company has ceased to recognize interest income on the investment. |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES                                |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                                          |
| (Unaudited)                                                                   |
| March 31, 2019                                                                |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                                                       |   | Type of Investment2, 14 |   | Industry |   | Current Interest Rate3 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| Non-control/Non-affiliate Investments5                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AAC HOLDINGS, INC.                                                            |   | First Lien |   | Healthcare services |   | L+6.75% (Floor 1.00%)/Q, 4.00% PIK, Current Coupon 13.49% |   | 6/30/2023 |   | $ | 9,084 |  |   | $ | 8,912 |  |   | $ | 8,403 |  |
|                                                                          |   | First Lien |   |   |   | L+11.00% (Floor 1.00%)/M |   | 3/31/2020 |   | 1,170 |  |   | 1,158 |  |   | 1,182 |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   | 10,070 |  |   | 9,585 |  |
| ACE GATHERING, INC.                                                           |   | Second Lien15 |   | Energy services (midstream) |   | L+8.50% (Floor 2.00%)/Q, Current Coupon 11.09% |   | 12/13/2023 |   | 9,938 |  |   | 9,747 |  |   | 9,783 |  |
| ADAMS PUBLISHING GROUP, LLC                                                   |   | First Lien |   | Media, marketing & entertainment |   | L+7.50% (Floor 1.00%)/Q, Current Coupon 10.30% |   | 7/2/2023 |   | 13,566 |  |   | 13,320 |  |   | 13,308 |  |
|                                                                          |   | Delayed Draw Term Loan10 |   |   |   | L+7.50% (Floor 1.00%) |   | 7/2/2023 |   | — |  |   | (29 | ) |   | — |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   | 13,291 |  |   | 13,308 |  |
| AG KINGS HOLDINGS INC.8,16                                                    |   | First Lien |   | Food, agriculture & beverage |   | L+10.02% (Floor 1.00%)/M, Current Coupon 12.69% |   | 8/8/2021 |   | 9,308 |  |   | 9,194 |  |   | 8,330 |  |
| ALLIANCE SPORTS GROUP, L.P.                                                   |   | Senior subordinated debt |   | Consumer products & retail |   | 11.00% |   | 2/1/2023 |   | 10,100 |  |   | 9,946 |  |   | 9,807 |  |
|                                                                          |   | 3.88% preferred membership interest |   |   |   | — |   | — |   | — |  |   | 2,500 |  |   | 2,500 |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   | 12,446 |  |   | 12,307 |  |
| AMERICAN NUTS OPERATIONS LLC13                                                |   | First Lien - Term Loan |   | Food, agriculture and beverage |   | L+9.50% (Floor 1.00%)/Q, Current Coupon 12.30% |   | 4/10/2023 |   | 17,369 |  |   | 17,075 |  |   | 16,822 |  |
|                                                                          |   | First Lien - Term Loan C10 |   |   |   | L+9.50% (Floor 1.00%)/Q, Current Coupon 12.30% |   | 4/10/2023 |   | 1,750 |  |   | 1,723 |  |   | 1,695 |  |
|                                                                          |   | 3,000,000 units of Class A common stock9 |   |   |   | — |   | — |   | — |  |   | 3,000 |  |   | 1,505 |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   | 21,798 |  |   | 20,022 |  |
| AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) |   | First Lien |   | Telecommunications |   | L+6.50% (Floor 1.00%)/Q, Current Coupon 9.24% |   | 12/8/2021 |   | 6,023 |  |   | 5,922 |  |   | 3,953 |  |
|                                                                          |   | Second Lien |   |   |   | L+9.50% (Floor 1.00%)/Q, Current Coupon 12.30% |   | 6/6/2022 |   | 2,006 |  |   | 1,954 |  |   | 1,103 |  |
|                                                                          |   |   |   |   |   |   |   |   |   |   |   | 7,876 |  |   | 5,056 |  |

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Table of Contents

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| March 31, 2019                                 |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2, 14 |   | Industry |   | Current Interest Rate3 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| AMWARE FULFILLMENT LLC                         |   | First Lien |   | Distribution |   | L+9.50% (Floor 1.00%)/M, Current Coupon 12.10% |   | 12/31/2020 |   | 12,753 |  |   | 12,666 |  |   | 12,651 |  |
| ASC ORTHO MANAGEMENT COMPANY, LLC13            |   | Revolving Loan10 |   | Healthcare services |   | L+7.50% (Floor 1.00%) |   | 8/31/2023 |   | — |  |   | (27 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+7.50% (Floor 1.00%)/Q, Current Coupon 10.30% |   | 8/31/2023 |   | 9,261 |  |   | 9,094 |  |   | 9,095 |  |
|                                           |   | Second Lien |   |   |   | 13.25% PIK |   | 12/1/2023 |   | 3,250 |  |   | 3,178 |  |   | 3,178 |  |
|                                           |   | 2,042 Common Units9 |   |   |   | — |   | — |   | — |  |   | 750 |  |   | 750 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 12,995 |  |   | 13,023 |  |
| BINSWANGER HOLDING CORP.                       |   | First Lien |   | Distribution |   | L+8.00% (Floor 1.00%)/M, Current Coupon 10.60% |   | 3/9/2022 |   | 12,150 |  |   | 11,992 |  |   | 12,016 |  |
|                                           |   | 900,000 shares of common stock |   |   |   | — |   | — |   | — |  |   | 900 |  |   | 1,013 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 12,892 |  |   | 13,029 |  |
| BLASCHAK COAL CORP.                            |   | Second Lien15 |   | Commodities & mining |   | L+10.00%/Q, 1.00% PIK, Current Coupon 13.81% |   | 7/30/2023 |   | 8,537 |  |   | 8,383 |  |   | 8,511 |  |
| CALIFORNIA PIZZA KITCHEN, INC.                 |   | First Lien |   | Restaurants |   | L+6.00% (Floor 1.00%)/M, Current Coupon 8.50% |   | 8/23/2022 |   | 4,875 |  |   | 4,844 |  |   | 4,723 |  |
| CAPITAL PAWN HOLDINGS, LLC                     |   | First Lien |   | Consumer products & retail |   | L+9.50%/Q, Current Coupon 12.30% |   | 7/8/2020 |   | 11,448 |  |   | 11,315 |  |   | 11,310 |  |
| CLICKBOOTH.COM, LLC                            |   | Revolving Loan10 |   | Media, marketing & entertainment |   | L+8.50% (Floor 1.00%) |   | 12/5/2022 |   | — |  |   | (15 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+8.50% (Floor 1.00%)/Q, Current Coupon 11.31% |   | 12/5/2022 |   | 16,953 |  |   | 16,684 |  |   | 17,292 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 16,669 |  |   | 17,292 |  |
| DANFORTH ADVISORS, LLC13                       |   | Revolving Loan10 |   | Business services |   | L+7.25% (Floor 2.00%) |   | 9/28/2023 |   | — |  |   | (18 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+7.25% (Floor 2.00%)/Q, Current Coupon 10.05% |   | 9/28/2023 |   | 7,250 |  |   | 7,117 |  |   | 7,145 |  |
|                                           |   | 875 Class A equity units9 |   |   |   | — |   | — |   | — |  |   | 875 |  |   | 875 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 7,974 |  |   | 8,020 |  |

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Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES     |
| CONSOLIDATED SCHEDULE OF INVESTMENTS               |
| (Unaudited)                                        |
| March 31, 2019                                     |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                            |   | Type of Investment2, 14 |   | Industry |   | Current Interest Rate3 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
| DELPHI INTERMEDIATE HEALTHCO, LLC                  |   | First Lien |   | Healthcare services |   | L+7.50% (Floor 1.00%)/Q, Current Coupon 10.23% |   | 10/3/2022 |   | 11,400 |  |   | 11,310 |  |   | 11,023 |  |
| DIGITAL RIVER, INC.                                |   | First Lien |   | Software & IT services |   | L+6.00% (Floor 1.00%)/Q, Current Coupon 8.60% |   | 2/12/2021 |   | 6,285 |  |   | 6,277 |  |   | 6,128 |  |
| DUNN PAPER, INC.                                   |   | Second Lien |   | Paper & forest products |   | L+8.75% (Floor 1.00%)/M, Current Coupon 11.25% |   | 8/25/2023 |   | 3,000 |  |   | 2,957 |  |   | 2,883 |  |
| ELITE SEM, INC.8                                   |   | First Lien |   | Media, marketing & entertainment |   | L+8.40% (Floor 1.00%)/M, Current Coupon 11.00% |   | 2/1/2022 |   | 14,000 |  |   | 13,717 |  |   | 14,000 |  |
|                                               |   | 1,443 Investment Units (Preferred) |   |   |   | 12.00% PIK |   | — |   | — |  |   | 2,068 |  |   | 4,457 |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   | 15,785 |  |   | 18,457 |  |
| ENVIRONMENTAL PEST SERVICE MANAGEMENT COMPANY, LLC |   | First Lien |   | Consumer services |   | L+7.25%/Q, Current Coupon 10.06% |   | 6/22/2023 |   | 16,169 |  |   | 15,921 |  |   | 16,169 |  |
|                                               |   | Delayed Draw Term Loan10 |   |   |   | L+7.25%/Q, Current Coupon 10.06% |   | 6/22/2023 |   | 6,461 |  |   | 6,353 |  |   | 6,461 |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   | 22,274 |  |   | 22,630 |  |
| FAST SANDWICH, LLC                                 |   | Revolving Loan10 |   | Restaurants |   | L+9.00% (Floor 1.00%) |   | — |   | — |  |   | (57 | ) |   | — |  |
|                                               |   | First Lien |   |   |   | L+9.00% (Floor 1.00%)/Q, Current Coupon 11.80% |   | 5/23/2023 |   | 3,238 |  |   | 3,191 |  |   | 3,190 |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   | 3,134 |  |   | 3,190 |  |
| JVMC HOLDINGS CORP.                                |   | First Lien |   | Financial services |   | L+6.50% (Floor 1.00%)/M, Current Coupon 9.00% |   | 2/28/2024 |   | 9,152 |  |   | 9,062 |  |   | 9,062 |  |
|                                               |   | Delayed Draw Term Loan10 |   |   |   | L+6.50% (Floor 1.00%) |   | 2/28/2024 |   | — |  |   | (7 | ) |   | — |  |
|                                               |   |   |   |   |   |   |   |   |   |   |   | 9,055 |  |   | 9,062 |  |
| LGM PHARMA, LLC13                                  |   | First Lien |   | Healthcare products |   | L+8.50% (Floor 1.00%)/M, Current Coupon 10.99% |   | 11/15/2022 |   | 9,875 |  |   | 9,723 |  |   | 10,073 |  |
|                                               |   | Delayed Draw Term Loan |   |   |   | L+8.50% (Floor 1.00%)/M, Current Coupon 10.99% |   | 11/15/2022 |   | 1,785 |  |   | 1,753 |  |   | 1,820 |  |
|                                               |   | 110,000 units of Class A common stock9 |   |   |   | — |   | — |   | — |  |   | 1,100 |  |   | 821 |  |

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Table of Contents

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES      |
| CONSOLIDATED SCHEDULE OF INVESTMENTS                |
| (Unaudited)                                         |
| March 31, 2019                                      |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                             |   | Type of Investment2, 14 |   | Industry |   | Current Interest Rate3 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
|                                                |   |   |   |   |   |   |   |   |   |   |   | 12,576 |  |   | 12,714 |  |
| LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) |   | First Lien |   | Environmental services |   | L+9.25% (Floor 1.00%)/Q, Current Coupon 11.84% |   | 6/30/2022 |   | 13,688 |  |   | 13,580 |  |   | 12,606 |  |
|                                                |   | 25,603 shares of Series C preferred stock |   |   |   | — |   | — |   | — |  |   | 26 |  |   | 28 |  |
|                                                |   | 396,825 shares of Series B preferred stock |   |   |   | — |   | — |   | — |  |   | 500 |  |   | 307 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   | 14,106 |  |   | 12,941 |  |
| RESEARCH NOW GROUP, INC.                            |   | Second Lien |   | Business services |   | L+9.50% (Floor 1.00%)/M, Current Coupon 12.00% |   | 12/20/2025 |   | 10,500 |  |   | 9,838 |  |   | 10,437 |  |
| SCRIP INC.8                                         |   | First Lien |   | Healthcare products |   | L+10.00% (Floor 2.00%)/M, Current Coupon 12.49% |   | 3/21/2024 |   | 16,750 |  |   | 16,250 |  |   | 16,250 |  |
|                                                |   | 100 shares of common stock |   |   |   | — |   | — |   | — |  |   | 1,000 |  |   | 1,000 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   | 17,250 |  |   | 17,250 |  |
| TAX ADVISORS GROUP, LLC13                           |   | 143.3 Class A units9 |   | Financial services |   | — |   | — |   | — |  |   | 541 |  |   | 645 |  |
| VISTAR MEDIA INC.                                   |   | First Lien |   | Media, marketing & entertainment |   | L+10.00% (Floor 1.00%)/M, Current Coupon 12.60% |   | 2/16/2022 |   | 7,975 |  |   | 7,447 |  |   | 7,975 |  |
|                                                |   | Warrants (Expiration - February 17, 2027) |   |   |   | — |   | — |   | — |  |   | 886 |  |   | 2,378 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   | 8,333 |  |   | 10,353 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Non-control/Non-affiliate Investments         |   |   |   |   |   |   |   |   |   |   |   | $ | 305,596 |  |   | $ | 304,663 |  |
| Affiliate Investments6                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| CHANDLER SIGNS, LLC13                               |   | Senior subordinated debt |   | Business services |   | 12.00% / 1.00% PIK |   | 7/4/2021 |   | $ | 4,557 |  |   | $ | 4,512 |  |   | $ | 4,480 |  |
|                                                |   | 1,500,000 units of Class A-1 common stock9 |   |   |   | — |   | — |   | — |  |   | 1,500 |  |   | 1,937 |  |
|                                                |   |   |   |   |   |   |   |   |   |   |   | 6,012 |  |   | 6,417 |  |
| DYNAMIC COMMUNITIES, LLC13                          |   | Revolving Loan10 |   | Business services |   | L+8.00% (Floor 1.00%) |   | 7/17/2023 |   | — |  |   | (4 | ) |   | — |  |
|                                                |   | First Lien |   |   |   | L+8.00% (Floor 1.00%)/M, Current Coupon 10.59% |   | 7/17/2023 |   | 11,060 |  |   | 10,863 |  |   | 10,972 |  |
|                                                |   | 2,000,000 Preferred Units9 |   |   |   | — |   | — |   | — |  |   | 2,000 |  |   | 2,849 |  |

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|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| March 31, 2019                                 |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2, 14 |   | Industry |   | Current Interest Rate3 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 12,859 |  |   | 13,821 |  |
| ITA HOLDINGS GROUP, LLC13                      |   | Revolving Loan10 |   | Transportation & logistics |   | L+9.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 12.60% |   | 2/14/2023 |   | 2,000 |  |   | 1,960 |  |   | 2,000 |  |
|                                           |   | First Lien - Term Loan |   |   |   | L+8.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 11.60% |   | 2/14/2023 |   | 7,659 |  |   | 7,533 |  |   | 7,475 |  |
|                                           |   | First Lien - Term B Loan |   |   |   | L+11.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 14.60% |   | 2/14/2023 |   | 3,830 |  |   | 3,762 |  |   | 3,829 |  |
|                                           |   | First Lien - PIK Note A |   |   |   | 10.00% PIK |   | 2/14/2023 |   | 2,250 |  |   | 1,692 |  |   | 2,005 |  |
|                                           |   | First Lien - PIK Note B |   |   |   | 10.00% PIK |   | 2/14/2023 |   | 89 |  |   | 89 |  |   | 79 |  |
|                                           |   | Warrants (Expiration - March 29, 2029)9 |   |   |   | — |   | — |   | — |  |   | 538 |  |   | 1,557 |  |
|                                           |   | 9.25% Class A Membership Interest9 |   |   |   | — |   | — |   | — |  |   | 1,500 |  |   | 923 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 17,074 |  |   | 17,868 |  |
| ROSELAND MANAGEMENT, LLC                       |   | Revolving Loan10 |   | Healthcare services |   | L+7.00% (Floor 2.00%) |   | 11/9/2023 |   | — |  |   | (32 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+7.00% (Floor 2.00%)/Q, Current Coupon 9.80% |   | 11/9/2023 |   | 10,474 |  |   | 10,302 |  |   | 10,474 |  |
|                                           |   | 10,000 Class A Units |   |   |   | — |   | — |   | — |  |   | 1,000 |  |   | 1,487 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 11,270 |  |   | 11,961 |  |
| SIMR, LLC                                      |   | First Lien |   | Healthcare services |   | L+9.00% (Floor 2.00%)/M, Current Coupon 11.62% |   | 9/7/2023 |   | 11,542 |  |   | 11,332 |  |   | 11,403 |  |
|                                           |   | 5,724,000 Class B Common Units |   |   |   | — |   | — |   | — |  |   | 5,724 |  |   | 5,724 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 17,056 |  |   | 17,127 |  |
| ZENFOLIO INC.                                  |   | Revolving Loan10 |   | Business services |   | L+9.00% (Floor 1.00%) |   | 7/17/2022 |   | — |  |   | (13 | ) |   | — |  |
|                                           |   | First Lien |   |   |   | L+9.00% (Floor 1.00%)/Q, Current Coupon 11.60% |   | 7/17/2022 |   | 13,298 |  |   | 13,119 |  |   | 13,165 |  |
|                                           |   | 190 shares of common stock |   |   |   | — |   | — |   | — |  |   | 1,900 |  |   | 546 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 15,006 |  |   | 13,711 |  |

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|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES |
| CONSOLIDATED SCHEDULE OF INVESTMENTS           |
| (Unaudited)                                    |
| March 31, 2019                                 |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Company1                        |   | Type of Investment2, 14 |   | Industry |   | Current Interest Rate3 |   | Maturity |   | Principal |   | Cost |   | Fair Value4 |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Affiliate Investments                    |   |   |   |   |   |   |   |   |   |   |   | $ | 79,277 |  |   | $ | 80,905 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Control Investments7                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| I-45 SLF LLC9,11                               |   | 80% LLC equity interest |   | Multi-sector holdings |   | — |   | — |   | — |  |   | $ | 68,000 |  |   | $ | 65,743 |  |
| MEDIA RECOVERY, INC.11                         |   | 800,000 shares of Series A convertible preferred stock |   | Industrial products |   | — |   | — |   | — |  |   | 800 |  |   | 7,795 |  |
|                                           |   | 4,000,002 shares of common stock |   |   |   | — |   | — |   | — |  |   | 4,615 |  |   | 44,965 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 5,415 |  |   | 52,760 |  |
| PRISM SPECTRUM HOLDINGS, LLC13                 |   | First Lien |   | Environmental services |   | L+9.50% (Floor 2.25%)/M, Current Coupon 12.12% |   | 2/6/2023 |   | 13,461 |  |   | 13,229 |  |   | 13,461 |  |
|                                           |   | 96,498.32 Class A units9 |   |   |   | — |   | — |   | — |  |   | 6,538 |  |   | 6,539 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   | 19,767 |  |   | 20,000 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Control Investments                      |   |   |   |   |   |   |   |   |   |   |   | 93,182 |  |   | 138,503 |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TOTAL INVESTMENTS12                            |   |   |   |   |   |   |   |   |   |   |   | $ | 478,055 |  |   | $ | 524,071 |  |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted. |
|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| 2  | All of the Company’s investments, unless otherwise noted, are encumbered as security for the Company’s senior secured credit facility. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3  | The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S).  For each the Company has provided the spread over LIBOR or Prime and the current contractual interest rate in effect at March 31, 2019.  Certain investments are subject to a LIBOR or Prime interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4  | The Company's investment portfolio is comprised entirely of privately held debt and equity securities for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5  | Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940 (the “1940 Act”) as investments that are neither control investments nor affiliate investments. At March 31, 2019, approximately 58.2% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 93.5%. |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6  | Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2019, approximately 15.4% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 24.8%. |
|         |                                                                                                                                                                                                                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7  | Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2019, approximately 26.4% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 42.5%. |
|         |                                                                  |
|---------|------------------------------------------------------------------|
| 8  | The investment is structured as a first lien last out term loan. |
|         |                                                                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9  | Indicates assets that are considered "non-qualifying assets” under section 55(a) of the 1940 Act.  Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2019, approximately 16.1% of the Company's investment assets are non-qualifying assets. |
|          |                                                                                                                                               |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| 10  | The investment has an unfunded commitment as of March 31, 2019. Refer to Note 12 - Commitments and Contingencies for further discussion. |
|          |                                                      |
|----------|------------------------------------------------------|
| 11  | Income producing through dividends or distributions. |
|          |                                                                                                                                                                                                                                                                                                                                     |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12  | As of March 31, 2019, the cumulative gross unrealized appreciation for federal income tax purposes is approximately $56.6 million; cumulative gross unrealized depreciation for federal income tax purposes is $11.6 million.  Cumulative net unrealized appreciation is $45.0 million, based on a tax cost of $477.8 million. |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13  | ASC Ortho Management Company, LLC common units, Danforth Advisors, LLC common units, American Nuts Operations LLC Class A common stock, LGM Pharma, LLC Class A common stock, Tax Advisors Group, LLC Class A units, Chandler Signs, LP Class A-1 common stock, Dynamic Communities, LLC Preferred units, ITA Holdings Group, LLC membership interest, and Prism Spectrum Holdings LLC Class A units are held through a wholly-owned taxable subsidiary. |
|          |                                                                                                                                                                                                                                                                                                                    |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 14  | The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act. |
|          |                                                                                                                                                                                                               |
|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 15  | The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. |
|          |                                                                                                                                                |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------|
| 16  | Investment was on non-accrual status as of March 31, 2019, meaning the Company has ceased to recognize interest income on the investment. |

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|    |                                        |
|----|----------------------------------------|
| 1. | ORGANIZATION AND BASIS OF PRESENTATION |

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|    |                                            |
|----|--------------------------------------------|
| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         |   |   | Percentage of |   | Percentage of |   |   |   | Percentage of |
|                         | Fair Value |   | Total Portfolio |   | Net Assets |   | Cost |   | Total Portfolio |
|                         | (dollars in thousands) |
| December 31, 2019:      |   |   |   |   |   |   |   |   |   |
| First lien loans1            | $ | 410,908 |  |   | 73.6 | % |   | 131.8 | % |   | $ | 422,592 |  |   | 73.8 | % |
| Second lien loans2           | 35,572 |  |   | 6.4 |  |   | 11.4 |  |   | 36,437 |  |   | 6.4 |  |
| Subordinated debt            | 9,615 |  |   | 1.7 |  |   | 3.1 |  |   | 9,972 |  |   | 1.7 |  |
| Preferred equity             | 17,361 |  |   | 3.1 |  |   | 5.5 |  |   | 12,576 |  |   | 2.2 |  |
| Common equity & warrants | 25,285 |  |   | 4.5 |  |   | 8.1 |  |   | 21,609 |  |   | 3.8 |  |
| Financial instruments3       | 1,517 |  |   | 0.3 |  |   | 0.5 |  |   | 1,517 |  |   | 0.3 |  |
| I-45 SLF LLC4                | 58,294 |  |   | 10.4 |  |   | 18.7 |  |   | 68,000 |  |   | 11.8 |  |
|                         | $ | 558,552 |  |   | 100.0 | % |   | 179.1 | % |   | $ | 572,703 |  |   | 100.0 | % |
|                         |   |   |   |   |   |   |   |   |   |
| March 31, 2019:         |   |   |   |   |   |   |   |   |   |
| First lien loans1            | $ | 317,544 |  |   | 60.6 | % |   | 97.4 | % |   | $ | 319,278 |  |   | 66.8 | % |
| Second lien loans2           | 35,896 |  |   | 6.8 |  |   | 11.0 |  |   | 36,057 |  |   | 7.5 |  |
| Subordinated debt            | 14,287 |  |   | 2.7 |  |   | 4.4 |  |   | 14,458 |  |   | 3.0 |  |
| Preferred equity             | 17,936 |  |   | 3.4 |  |   | 5.5 |  |   | 7,894 |  |   | 1.7 |  |
| Common equity & warrants | 72,665 |  |   | 14.0 |  |   | 22.3 |  |   | 32,368 |  |   | 6.8 |  |
| I-45 SLF LLC4                | 65,743 |  |   | 12.5 |  |   | 20.1 |  |   | 68,000 |  |   | 14.2 |  |
|                         | $ | 524,071 |  |   | 100.0 | % |   | 160.7 | % |   | $ | 478,055 |  |   | 100.0 | % |

|         |                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of December 31, 2019 and March 31, 2019, the fair value of the first lien last out loans are $60.1 million and $38.6 million, respectively. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2  | Included in second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of December 31, 2019 and March 31, 2019, the fair value of the split lien term loans are $18.0 million and $18.3 million, respectively. |
|   |                                                                                                               |
|---|---------------------------------------------------------------------------------------------------------------|
| 3 | Included in financial instruments is the earnout received in connection with the sale of Media Recovery, Inc. |
|         |                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4  | I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. |

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|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                  |   |   | Percentage of |   | Percentage of |   |   |   | Percentage of |
|                                  | Fair Value |   | Total Portfolio |   | Net Assets |   | Cost |   | Total Portfolio |
|                                  | (dollars in thousands) |
| December 31, 2019:               |   |   |   |   |   |   |   |   |   |
| Business Services                     | $ | 92,367 |  |   | 16.5 | % |   | 29.6 | % |   | $ | 91,132 |  |   | 15.9 | % |
| I-45 SLF LLC1                         | 58,294 |  |   | 10.4 |  |   | 18.7 |  |   | 68,000 |  |   | 11.9 |  |
| Healthcare Services                   | 53,645 |  |   | 9.6 |  |   | 17.2 |  |   | 63,120 |  |   | 11.0 |  |
| Media, Marketing, & Entertainment | 51,573 |  |   | 9.2 |  |   | 16.5 |  |   | 41,380 |  |   | 7.2 |  |
| Software & IT Services            | 45,855 |  |   | 8.2 |  |   | 14.7 |  |   | 45,473 |  |   | 7.9 |  |
| Financial Services                    | 30,545 |  |   | 5.5 |  |   | 9.8 |  |   | 29,973 |  |   | 5.2 |  |
| Healthcare Products                   | 29,914 |  |   | 5.3 |  |   | 9.6 |  |   | 29,829 |  |   | 5.2 |  |
| Food, Agriculture & Beverage      | 26,055 |  |   | 4.7 |  |   | 8.4 |  |   | 30,964 |  |   | 5.4 |  |
| Distribution                          | 23,990 |  |   | 4.3 |  |   | 7.7 |  |   | 24,625 |  |   | 4.3 |  |
| Consumer Products and Retail          | 23,375 |  |   | 4.2 |  |   | 7.5 |  |   | 23,863 |  |   | 4.2 |  |
| Transportation & Logistics        | 22,195 |  |   | 4.0 |  |   | 7.1 |  |   | 18,799 |  |   | 3.3 |  |
| Consumer Services                     | 21,459 |  |   | 3.8 |  |   | 6.9 |  |   | 21,160 |  |   | 3.7 |  |
| Industrial Services                   | 17,601 |  |   | 3.2 |  |   | 5.6 |  |   | 17,601 |  |   | 3.1 |  |
| Technology Products & Components  | 14,534 |  |   | 2.6 |  |   | 4.7 |  |   | 14,534 |  |   | 2.5 |  |
| Environmental Services                | 12,705 |  |   | 2.3 |  |   | 4.1 |  |   | 13,715 |  |   | 2.4 |  |
| Energy Services (Midstream)           | 9,750 |  |   | 1.7 |  |   | 3.1 |  |   | 9,585 |  |   | 1.7 |  |
| Commodities & Mining              | 8,257 |  |   | 1.5 |  |   | 2.6 |  |   | 8,468 |  |   | 1.5 |  |
| Restaurants                           | 7,582 |  |   | 1.4 |  |   | 2.4 |  |   | 8,139 |  |   | 1.4 |  |
| Telecommunications                    | 4,339 |  |   | 0.8 |  |   | 1.4 |  |   | 7,863 |  |   | 1.4 |  |
| Paper & Forest Products           | 3,000 |  |   | 0.5 |  |   | 1.0 |  |   | 2,963 |  |   | 0.5 |  |
| Industrial Products                   | 1,517 |  |   | 0.3 |  |   | 0.5 |  |   | 1,517 |  |   | 0.3 |  |
|                                  | $ | 558,552 |  |   | 100.0 | % |   | 179.1 | % |   | $ | 572,703 |  |   | 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, 2019:                  |   |   |   |   |   |   |   |   |   |
| I-45 SLF LLC1                         | $ | 65,743 |  |   | 12.5 | % |   | 20.2 | % |   | $ | 68,000 |  |   | 14.2 | % |
| Healthcare Services                   | 62,719 |  |   | 12.0 |  |   | 19.2 |  |   | 62,701 |  |   | 13.1 |  |
| Media, Marketing, & Entertainment | 59,410 |  |   | 11.3 |  |   | 18.2 |  |   | 54,079 |  |   | 11.3 |  |
| Industrial Products                   | 52,760 |  |   | 10.1 |  |   | 16.2 |  |   | 5,415 |  |   | 1.1 |  |
| Business Services                     | 52,405 |  |   | 10.0 |  |   | 16.1 |  |   | 51,688 |  |   | 10.8 |  |
| Environmental Services                | 32,941 |  |   | 6.3 |  |   | 10.1 |  |   | 33,873 |  |   | 7.1 |  |
| Healthcare Products                   | 29,964 |  |   | 5.7 |  |   | 9.2 |  |   | 29,826 |  |   | 6.2 |  |
| Food, Agriculture & Beverage      | 28,352 |  |   | 5.4 |  |   | 8.7 |  |   | 30,991 |  |   | 6.5 |  |
| Distribution                          | 25,680 |  |   | 4.9 |  |   | 7.9 |  |   | 25,558 |  |   | 5.4 |  |
| Consumer Products and Retail          | 23,618 |  |   | 4.5 |  |   | 7.2 |  |   | 23,762 |  |   | 5.0 |  |
| Consumer Services                     | 22,630 |  |   | 4.3 |  |   | 6.9 |  |   | 22,274 |  |   | 4.7 |  |
| Transportation & Logistics        | 17,869 |  |   | 3.4 |  |   | 5.5 |  |   | 17,074 |  |   | 3.6 |  |
| Energy Services (Midstream)           | 9,783 |  |   | 1.9 |  |   | 3.0 |  |   | 9,747 |  |   | 2.0 |  |
| Financial Services                    | 9,707 |  |   | 1.8 |  |   | 3.0 |  |   | 9,596 |  |   | 2.0 |  |
| Commodities & Mining              | 8,511 |  |   | 1.6 |  |   | 2.6 |  |   | 8,383 |  |   | 1.8 |  |
| Restaurants                           | 7,912 |  |   | 1.5 |  |   | 2.4 |  |   | 7,978 |  |   | 1.7 |  |
| Software & IT Services            | 6,128 |  |   | 1.2 |  |   | 1.9 |  |   | 6,277 |  |   | 1.3 |  |
| Telecommunications                    | 5,056 |  |   | 1.0 |  |   | 1.5 |  |   | 7,876 |  |   | 1.6 |  |
| Paper & Forest Products           | 2,883 |  |   | 0.6 |  |   | 0.9 |  |   | 2,957 |  |   | 0.6 |  |
|                                  | $ | 524,071 |  |   | 100.0 | % |   | 160.7 | % |   | $ | 478,055 |  |   | 100.0 | % |

|         |                                                                                                                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies in I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                    |   |   | Percentage of |   | Percentage of |   |   |   | Percentage of |
|                    | Fair Value |   | Total Portfolio |   | Net Assets |   | Cost |   | Total Portfolio |
|                    | (dollars in thousands) |
| December 31, 2019: |   |   |   |   |   |   |   |   |   |
| Southwest               | $ | 143,724 |  |   | 25.7 | % |   | 46.1 | % |   | $ | 140,234 |  |   | 24.5 | % |
| Northeast               | 121,048 |  |   | 21.7 |  |   | 38.8 |  |   | 115,161 |  |   | 20.1 |  |
| Southeast               | 106,933 |  |   | 19.1 |  |   | 34.3 |  |   | 117,258 |  |   | 20.5 |  |
| West                    | 59,098 |  |   | 10.6 |  |   | 18.9 |  |   | 63,135 |  |   | 11.0 |  |
| I-45 SLF LLC1           | 58,294 |  |   | 10.4 |  |   | 18.7 |  |   | 68,000 |  |   | 11.9 |  |
| Midwest                 | 56,705 |  |   | 10.2 |  |   | 18.2 |  |   | 56,278 |  |   | 9.8 |  |
| International           | 12,750 |  |   | 2.3 |  |   | 4.1 |  |   | 12,637 |  |   | 2.2 |  |
|                    | $ | 558,552 |  |   | 100.0 | % |   | 179.1 | % |   | $ | 572,703 |  |   | 100.0 | % |
|                    |   |   |   |   |   |   |   |   |   |
| March 31, 2019:    |   |   |   |   |   |   |   |   |   |
| Southwest               | $ | 139,306 |  |   | 26.6 | % |   | 42.7 | % |   | $ | 89,399 |  |   | 18.7 | % |
| Northeast               | 125,657 |  |   | 24.0 |  |   | 38.5 |  |   | 122,404 |  |   | 25.6 |  |
| Southeast               | 119,280 |  |   | 22.8 |  |   | 36.6 |  |   | 120,889 |  |   | 25.3 |  |
| I-45 SLF LLC1           | 65,743 |  |   | 12.5 |  |   | 20.2 |  |   | 68,000 |  |   | 14.2 |  |
| West                    | 38,455 |  |   | 7.3 |  |   | 11.8 |  |   | 41,647 |  |   | 8.7 |  |
| Midwest                 | 35,630 |  |   | 6.8 |  |   | 10.9 |  |   | 35,716 |  |   | 7.5 |  |
|                    | $ | 524,071 |  |   | 100.0 | % |   | 160.7 | % |   | $ | 478,055 |  |   | 100.0 | % |

|         |                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. |
|    |                         |
|----|-------------------------|
| 4. | FAIR VALUE MEASUREMENTS |

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|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1: Investments whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities. |
|         |                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2: Investments whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3: Investments whose values are based on unobservable inputs that are significant to the overall fair value measurement. |
|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers; |

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|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | Current and projected financial condition of the portfolio company; |
|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Current and projected ability of the portfolio company to service its debt obligations; |
|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Type and amount of collateral, if any, underlying the investment; |
|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment; |
|         |                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------|
| • | Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio); |
|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | Indicative dealer quotations from brokers, banks, and other market participants; |
|         |                                                    |
|---------|----------------------------------------------------|
| • | Market yields on other securities of similar risk; |
|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | Pending debt or capital restructuring of the portfolio company; |
|         |                                                       |
|---------|-------------------------------------------------------|
| • | Projected operating results of the portfolio company; |
|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Current information regarding any offers to purchase the investment; |
|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | Current ability of the portfolio company to raise any additional financing as needed; |
|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | Changes in the economic environment which may have a material impact on the operating results of the portfolio company; |
|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company; |
|         |                                           |
|---------|-------------------------------------------|
| • | Qualitative assessment of key management; |
|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | Contractual rights, obligations or restrictions associated with the investment; and |
|         |                                |
|---------|--------------------------------|
| • | Other factors deemed relevant. |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   |   | Fair Value Measurements |
|                                     |   |   | at December 31, 2019 Using |
|                                     |   |   | Quoted Prices in |   | Significant |   |   |
|                                     |   |   | Active Markets |   | Other |   | Significant |
|                                     |   |   | for Identical |   | Observable |   | Unobservable |
|                                     |   |   | Assets |   | Inputs |   | Inputs |
| Asset Category                      | Total |   | (Level 1) |   | (Level 2) |   | (Level 3) |
| First lien loans                         | $ | 410,908 |  |   | $ | — |  |   | $ | — |  |   | $ | 410,908 |  |
| Second lien loans                        | 35,572 |  |   | — |  |   | — |  |   | 35,572 |  |
| Subordinated debt                        | 9,615 |  |   | — |  |   | — |  |   | 9,615 |  |
| Preferred equity                         | 17,361 |  |   | — |  |   | — |  |   | 17,361 |  |
| Common equity & warrants             | 25,285 |  |   | — |  |   | — |  |   | 25,285 |  |
| Financial instruments                    | 1,517 |  |   | — |  |   | — |  |   | 1,517 |  |
| Investments measured at net asset value1 | 58,294 |  |   | — |  |   | — |  |   | — |  |
| Total Investments                        | $ | 558,552 |  |   | $ | — |  |   | $ | — |  |   | $ | 500,258 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   |   |   |   |   |   |   |
|                                     |   |   | Fair Value Measurements |
|                                     |   |   | at March 31, 2019 Using |
|                                     |   |   | Quoted Prices in |   | Significant |   |   |
|                                     |   |   | Active Markets |   | Other |   | Significant |
|                                     |   |   | for Identical |   | Observable |   | Unobservable |
|                                     |   |   | Assets |   | Inputs |   | Inputs |
| Asset Category                      | Total |   | (Level 1) |   | (Level 2) |   | (Level 3) |
| First lien loans                         | $ | 317,544 |  |   | $ | — |  |   | $ | — |  |   | $ | 317,544 |  |
| Second lien loans                        | 35,896 |  |   | — |  |   | — |  |   | 35,896 |  |
| Subordinated debt                        | 14,287 |  |   | — |  |   | — |  |   | 14,287 |  |
| Preferred equity                         | 17,936 |  |   | — |  |   | — |  |   | 17,936 |  |
| Common equity & warrants             | 72,665 |  |   | — |  |   | — |  |   | 72,665 |  |
| Investments measured at net asset value1 | 65,743 |  |   | — |  |   | — |  |   | — |  |
| Total Investments                        | $ | 524,071 |  |   | $ | — |  |   | $ | — |  |   | $ | 458,328 |  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For the investment valued at net asset value per share at December 31, 2019 and March 31, 2019, the redemption restrictions dictate that we cannot withdraw our membership interest without unanimous approval. We are permitted to sell or transfer our membership interest and must deliver written notice of such transfer to the other member no later than 60 business days prior to the sale or transfer. |

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |
|                         |   |   | Fair Value at |   | Significant |   |   |   |   |
|                         | Valuation |   | December 31, 2019 |   | Unobservable |   |   |   | Weighted |
| Type                         | Technique |   | (in thousands) |   | Inputs |   | Range |   | Average |
|                         |   |   |   |   |   |   |   |   |   |
| First lien loans             | Income Approach |   | $ | 329,956 |  |   | Discount Rate |   | 8.0% - 41.9% |   | 12.2% |
|                         |   |   |   |   | Third Party Broker Quote |   | 60.2 - 99.8 |   | 84.6 |
|                         | Market Approach |   | 80,952 |  |   | Cost |   | 97.8 - 98.3 |   | 98.0 |
| Second lien loans            | Income Approach |   | 35,572 |  |   | Discount Rate |   | 10.8% - 14.3% |   | 12.4% |
|                         |   |   |   |   | Third Party Broker Quote |   | 37.5 - 97.3 |   | 93.1 |
| Subordinated debt            | Income Approach |   | 9,615 |  |   | Discount Rate |   | 12.8% |   | 12.8% |
| Preferred equity             | Enterprise Value Waterfall Approach |   | 13,798 |  |   | EBITDA Multiple |   |  8.2x - 11.3x |   | 10.2x |
|                         |   |   |   |   | Discount Rate |   | 15.0% - 20.5% |   | 16.8% |
|                         | Market Approach |   | 3,563 |  |   | Cost |   |   |   |   |
| Common equity & warrants | Enterprise Value Waterfall Approach |   | 25,285 |  |   | EBITDA Multiple |   | 6.2x - 11.3x |   | 8.7x |
|                         |   |   |   |   | Discount Rate |   | 13.5% - 20.5% |   | 17.5% |
| Financial instruments        | Option Pricing Model |   | 1,517 |  |   | Assumed Volatility |   | 35.0% |   | 35.0% |
| Total Level 3 Investments    |   |   | $ | 500,258 |  |   |   |   |   |   |   |

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |
|                         |   |   | Fair Value at |   | Significant |   |   |   |   |
|                         | Valuation |   | March 31, 2019 |   | Unobservable |   |   |   | Weighted |
| Type                         | Technique |   | (in thousands) |   | Inputs |   | Range |   | Average |
|                         |   |   |   |   |   |   |   |   |   |
| First lien loans             | Income Approach |   | $ | 248,404 |  |   | Discount Rate |   | 9.6% - 20.5% |   | 12.1% |
|                         |   |   |   |   | Third Party Broker Quote |   | 65.6 - 97.5 |   | 90.1 |
|                         | Market Approach |   | 69,140 |  |   | Cost |   | 97.0 - 99.0 |   | 97.7 |
|                         |   |   |   |   | Exit Value |   | 100.0 - 102.0 |   | 101.4 |
| Second lien loans            | Income Approach |   | 35,896 |  |   | Discount Rate |   | 11.5% - 41.9% |   | 13.9% |
|                         |   |   |   |   | Third Party Broker Quote |   | 55 |   | 55.0 |
| Subordinated debt            | Income Approach |   | 14,287 |  |   | Discount Rate |   | 12.6% - 15.0% |   | 13.4% |
| Preferred equity             | Enterprise Value Waterfall Approach |   | 17,936 |  |   | EBITDA Multiple |   | 7.7x - 10.2x |   | 9.5x |
|                         |   |   |   |   | Discount Rate |   | 15.5% - 19.3% |   | 17.8% |
| Common equity & warrants | Enterprise Value Waterfall Approach |   | 71,665 |  |   | EBITDA Multiple |   | 4.6x - 10.7x |   | 8.8x |
|                         |   |   |   |   | Discount Rate |   | 13.9% - 21.0% |   | 18.4% |
|                         | Market Approach |   | 1,000 |  |   | Cost |   | 100.0 |   | 100.0 |
| Total Level 3 Investments    |   |   | $ | 458,328 |  |   |   |   |   |   |   |

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | Fair Value 3/31/2019 |   | Realized & Unrealized Gains (Losses) |   | Purchases of Investments1 |   | Repayments |   | PIK Interest Capitalized |   | Divestitures |   | Conversion/Reclassification of Security |   | Fair Value 12/31/2019 |   | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $ | 317,544 |  |   | $ | (9,247 | ) |   | $ | 148,601 |  |   | $ | (46,944 | ) |   | $ | 954 |  |   | $ | — |  |   | $ | — |  |   | $ | 410,908 |  |   | $ | (9,427 | ) |
| Second lien loans            | 35,896 |  |   | (704 | ) |   | 120 |  |   | (188 | ) |   | 448 |  |   | — |  |   | — |  |   | 35,572 |  |   | (704 | ) |
| Subordinated debt            | 14,287 |  |   | (153 | ) |   | 38 |  |   | (4,569 | ) |   | 12 |  |   | — |  |   | — |  |   | 9,615 |  |   | (217 | ) |
| Preferred equity             | 17,936 |  |   | 1,291 |  |   | 4,563 |  |   | — |  |   | 55 |  |   | (8,081 | ) |   | 1,597 |  |   | 17,361 |  |   | 1,738 |  |
| Common equity & warrants | 72,665 |  |   | 2,147 |  |   | 1,003 |  |   | — |  |   | — |  |   | (48,933 | ) |   | (1,597 | ) |   | 25,285 |  |   | 5,221 |  |
| Financial instruments        | — |  |   | — |  |   | 1,517 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 1,517 |  |   | — |  |
| Total Investments            | $ | 458,328 |  |   | $ | (6,666 | ) |   | $ | 155,842 |  |   | $ | (51,701 | ) |   | $ | 1,469 |  |   | $ | (57,014 | ) |   | $ | — |  |   | $ | 500,258 |  |   | $ | (3,389 | ) |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                         | Fair Value 3/31/2018 |   | Realized & Unrealized Gains (Losses) |   | Purchases of Investments1 |   | Repayments |   | PIK Interest Earned |   | Divestitures |   | Conversion/Reclassification of Security |   | Fair Value 12/31/2018 |   | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
| First lien loans             | $ | 197,110 |  |   | $ | (2,460 | ) |   | $ | 158,005 |  |   | $ | (23,545 | ) |   | $ | — |  |   | $ | (28,805 | ) |   | $ | — |  |   | $ | 300,305 |  |   | $ | (2,491 | ) |
| Second lien loans            | 23,229 |  |   | 103 |  |   | 21,238 |  |   | (8,500 | ) |   | 50 |  |   | — |  |   | — |  |   | 36,120 |  |   | 101 |  |
| Subordinated debt            | 18,783 |  |   | (4 | ) |   | 46 |  |   | (4,600 | ) |   | 35 |  |   | — |  |   | — |  |   | 14,260 |  |   | 8 |  |
| Preferred equity             | 38,541 |  |   | 9,707 |  |   | 2,657 |  |   | — |  |   | 170 |  |   | (34,490 | ) |   | — |  |   | 16,585 |  |   | 3,165 |  |
| Common equity & warrants | 48,319 |  |   | 1,838 |  |   | 16,196 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 66,353 |  |   | 1,838 |  |
| Total Investments            | $ | 325,982 |  |   | $ | 9,184 |  |   | $ | 198,142 |  |   | $ | (36,645 | ) |   | $ | 255 |  |   | $ | (63,295 | ) |   | $ | — |  |   | $ | 433,623 |  |   | $ | 2,621 |  |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| 1  | Includes purchases of new investments, as well as discount accretion on existing investments. |

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|    |            |
|----|------------|
| 5. | BORROWINGS |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
|                                                    | December 31, 2019 |   | March 31, 2019 |
| Credit Facility                                         | $ | 124,000 |  |   | $ | 141,000 |  |
|                                                    |   |   |   |
| December 2022 Notes                                     | 77,136 |  |   | 77,136 |  |
| Less: Unamortized debt issuance costs and debt discount | (1,448 | ) |   | (2,037 | ) |
| Total December 2022 Notes                               | 75,688 |  |   | 75,099 |  |
|                                                    |   |   |   |
| October 2024 Notes                                      | 75,000 |  |   | — |  |
| Less: Unamortized debt issuance costs and debt discount | (1,607 | ) |   | — |  |
| Total October 2024 Notes                                | 73,393 |  |   | — |  |
|                                                    |   |   |   |
| Total Borrowings                                        | $ | 273,081 |  |   | $ | 216,099 |  |

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|    |              |
|----|--------------|
| 6. | INCOME TAXES |

----

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
|                         | Twelve Months Ended December 31, |
|                         | 2019 |   | 2018 |
| Additional capital           | $ | 11,262 |  |   | $ | (1,382 | ) |
| Total distributable earnings | (11,262 | ) |   | 1,382 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Twelve Months Ended December 31, |
|                                     | 2019 |   | 2018 |
| Ordinary income                          | $ | 22,405 |  |   | $ | 11,723 |  |
| Distributions of long term capital gains | 25,703 |  |   | 21,625 |  |
| Distributions on tax basis               | $ | 48,108 |  |   | $ | 33,348 |  |

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |
|                                                                    | Nine Months Ended December 31, |
| Reconciliation of RIC Taxable Income1                                   | 2019 |   | 2018 |
| Net increase in net assets from operations                              | $ | 2,609 |  |   | $ | 22,560 |  |
| Net unrealized depreciation (appreciation) on investments               | 60,998 |  |   | 15,073 |  |
| Income/gain (expense/loss) recognized for tax on pass-through entities  | 147 |  |   | 187 |  |
| (Gain) loss recognized on dispositions                                  | (3,235 | ) |   | 464 |  |
| Net operating (income) loss - management company and taxable subsidiary | (700 | ) |   | (291 | ) |
| Non-deductible tax expense                                              | 4,311 |  |   | 683 |  |
| Other book/tax differences                                              | 307 |  |   | 98 |  |
| Estimated taxable income before deductions for distributions            | $ | 64,437 |  |   | $ | 38,774 |  |

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|         |                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | The calculation of taxable income for each period is an estimate and will not be finally determined until the Company files its tax return each year. Final taxable income may be different than this estimate. |

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|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |
|                                        | December 31, 2019 |   | March 31, 2019 |
| Deferred tax asset:                         |   |   |   |
| Net operating loss carryforwards            | $ | 33 |  |   | $ | 132 |  |
| Compensation                                | 648 |  |   | 1,020 |  |
| Pension liability                           | 628 |  |   | 596 |  |
| Net unrealized depreciation on investments  | — |  |   | 27 |  |
| Other                                       | 27 |  |   | 32 |  |
| Total deferred tax asset                    | 1,336 |  |   | 1,807 |  |
| Less valuation allowance                    | — |  |   | — |  |
| Total net deferred tax asset                | 1,336 |  |   | 1,807 |  |
| Deferred tax liabilities:                   |   |   |   |
| Net unrealized appreciation on investments  | (1,122 | ) |   | — |  |
| Total deferred tax liabilities              | (1,122 | ) |   | — |  |
| Total net deferred tax assets (liabilities) | $ | 214 |  |   | $ | 1,807 |  |

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|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |
|                                                |   | Nine Months Ended December 31, |
| Components of Income Tax Expense                    |   | 2019 |   | 2018 |
| Statutory federal income tax                        |   | $ | 273 |  |   | $ | 55 |  |
| 162(m) limitation                                   |   | 1,115 |  |   | 328 |  |
| Excise tax                                          |   | 847 |  |   | 683 |  |
| Valuation allowance                                 |   | — |  |   | — |  |
| Tax expense (benefit) related to Taxable Subsidiary |   | 317 |  |   | (115 | ) |
| Compensation benefits                               |   | (911 | ) |   | (221 | ) |
| Other                                               |   | 10 |  |   | 6 |  |
| Total income tax expense                            |   | $ | 1,651 |  |   | $ | 736 |  |

|    |                      |
|----|----------------------|
| 7. | SHAREHOLDERS' EQUITY |

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|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |
|                                                       |   | Nine Months Ended December 31, |
| Repurchases of Common Stock                                |   | 2019 | 2018 |
| Number of shares repurchased                               |   | — |  | 10,452 |  |
| Cost of shares repurchased, including commissions          |   | $ | — |  | $ | 185,217 |  |
| Weighted average price per share                           |   | $ | — |  | $ | 17.72 |  |
| Net asset value per share at prior quarter end             |   | N/A | $ | 18.84 |  |
| Weighted average discount to prior quarter net asset value |   | N/A | 5.9 | % |

|    |                                         |
|----|-----------------------------------------|
| 8. | EMPLOYEE STOCK BASED COMPENSATION PLANS |

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|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |
| Restricted stock available for issuance as of March 31, 2019    | 657,627 |  |
| Additional restricted stock approved under the plan                       | — |  |
| Restricted stock granted during the nine months ended December 31, 2019   | (97,845 | ) |
| Restricted stock forfeited during the nine months ended December 31, 2019 | 3,250 |  |
| Restricted stock available for issuance as of December 31, 2019      | 563,032 |  |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |
|                               |   |   | 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, 2019    | 454,027 |  |   | $ | 17.33 |  |   | 2.8 |  |
| Granted                            | 97,845 |  |   | 21.11 |  |   | 3.9 |  |
| Vested                             | (172,010 | ) |   | 16.58 |  |   | 2.3 |  |
| Forfeited                          | (3,250 | ) |   | 18.22 |  |   | — |  |
| Unvested at December 31, 2019 | 376,612 |  |   | $ | 18.64 |  |   | 2.7 |  |

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|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |  |
|                              |   |   | Weighted |   |   |
|                              |   |   | Average |   | Aggregate |
|                              |   |   | Exercise |   | Intrinsic |
|                              | Number of Shares |   | Price |   | Value |
| 2009 Plan                         |   |   |   |   |   |
| Balance at March 31, 2018    | 195,608 |  |   | $ | 11.09 |  |   |   |
| Granted                           | — |  |   | — |  |   |   |
| Exercised                         | (195,608 | ) |   | 11.09 |  |   | $ | 1,563,905 |  |
| Canceled/Forfeited                | — |  |   | — |  |   |   |
| Balance at March 31, 2019    | — |  |   | — |  |   |   |
| Granted                           | — |  |   | — |  |   |   |
| Exercised                         | — |  |   | — |  |   |   |
| Canceled/Forfeited                | — |  |   | — |  |   |   |
| Balance at December 31, 2019 | — |  |   | $ | — |  |   |   |

|    |                             |
|----|-----------------------------|
| 9. | OTHER EMPLOYEE COMPENSATION |

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|     |                               |
|-----|-------------------------------|
| 10. | COMMITMENTS AND CONTINGENCIES |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |
|                                               |   |   | December 31, |   | March 31, |
| Portfolio Company                                  | Investment Type |   | 2019 |   | 2019 |
| Adams Publishing Group, LLC                        | Delayed Draw Term Loan |   | $ | 1,338 |  |   | $ | 1,731 |  |
| American Nuts Operations LLC                       | Term Loan C |   | 384 |  |   | 438 |  |
| ASC Ortho Management Company, LLC                  | Revolving Loan |   | 1,500 |  |   | 1,500 |  |
| Clickbooth.com, LLC                                | Revolving Loan |   | 2,000 |  |   | 2,000 |  |
| Danforth Advisors, LLC                             | Revolving Loan |   | 1,000 |  |   | 1,000 |  |
| Delphi Intermediate Healthco, LLC                  | Revolving Loan |   | 60 |  |   | — |  |
| Dynamic Communities, LLC                           | Revolving Loan |   | 500 |  |   | 500 |  |
| Environmental Pest Service Management Company, LLC | Delayed Draw Term Loan |   | 525 |  |   | 525 |  |
| Fast Sandwich, LLC                                 | Revolving Loan |   | 4,150 |  |   | 4,150 |  |
| GrammaTech, Inc.                                   | Revolving Loan |   | 2,500 |  |   | — |  |
| ITA Holdings Group, LLC                            | Revolving Loan |   | 2,000 |  |   | 1,000 |  |
| JVMC Holdings Corp.                                | Delayed Draw Term Loan |   | — |  |   | 848 |  |
| NinjaTrader, LLC                                   | Revolving Loan |   | 400 |  |   | — |  |
| Roseland Management, LLC                           | Revolving Loan |   | 2,000 |  |   | 2,000 |  |
| Zenfolio Inc.                                      | Revolving Loan |   | 2,000 |  |   | 2,000 |  |
| Total unused commitments to extend financing       |   |   | $ | 20,357 |  |   | $ | 17,692 |  |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |
| Year ending March 31,  | Rent Commitment |
| 2020                                       | $ | 66 |  |
| 2021                                       | 266 |  |
| 2022                                       | 248 |  |
| Total                                      | $ | 580 |  |

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|     |                                  |
|-----|----------------------------------|
| 12. | SUMMARY OF PER SHARE INFORMATION |

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                     | Three Months Ended |   | Nine Months Ended |
|                                                                     | December 31, |   | December 31, |
| Per Share Data:                                                          | 2019 |   | 2018 |   | 2019 |   | 2018 |
| Investment income1                                                       | $ | 0.88 |  |   | $ | 0.81 |  |   | $ | 2.64 |  |   | $ | 2.27 |  |
| Operating expenses1                                                      | (0.44 | ) |   | (0.41 | ) |   | (1.35 | ) |   | (1.21 | ) |
| Income taxes1                                                            | (0.04 | ) |   | (0.01 | ) |   | (0.09 | ) |   | (0.04 | ) |
| Net investment income1                                                   | 0.40 |  |   | 0.39 |  |   | 1.20 |  |   | 1.02 |  |
| Net realized gain1                                                       | 2.26 |  |   | 0.11 |  |   | 2.38 |  |   | 1.26 |  |
| Net unrealized (depreciation) appreciation on investments, net of tax1   | (3.03 | ) |   | (0.25 | ) |   | (3.43 | ) |   | (0.91 | ) |
| Total (decrease) increase from investment operations                     | (0.37 | ) |   | 0.25 |  |   | 0.15 |  |   | 1.37 |  |
| Accretive effect of share issuances and repurchases                      | 0.11 |  |   | — |  |   | 0.19 |  |   | — |  |
| Dividends to shareholders                                                | (1.25 | ) |   | (0.46 | ) |   | (2.19 | ) |   | (1.79 | ) |
| Exercise of employee stock options2                                      | — |  |   | — |  |   | — |  |   | (0.12 | ) |
| Issuance of restricted stock1,3                                          | (0.11 | ) |   | (0.23 | ) |   | (0.11 | ) |   | (0.24 | ) |
| Share based compensation expense                                         | 0.04 |  |   | 0.04 |  |   | 0.12 |  |   | 0.09 |  |
| Common stock withheld for payroll taxes upon vesting of restricted stock | (0.02 | ) |   | (0.01 | ) |   | (0.02 | ) |   | (0.01 | ) |
| Repurchase of common stock                                               | — |  |   | (0.01 | ) |   | — |  |   | (0.01 | ) |
| Other4                                                                   | 0.04 |  |   | 0.01 |  |   | (0.02 | ) |   | 0.06 |  |
| Decrease in net asset value                                              | (1.56 | ) |   | (0.41 | ) |   | (1.88 | ) |   | (0.65 | ) |
| Net asset value                                                          |   |   |   |   |   |   |   |
| Beginning of period                                                      | 18.30 |  |   | 18.84 |  |   | 18.62 |  |   | 19.08 |  |
| End of period                                                            | $ | 16.74 |  |   | $ | 18.43 |  |   | $ | 16.74 |  |   | $ | 18.43 |  |
|                                                                     |   |   |   |   |   |   |   |
| Ratios and Supplemental Data                                             |   |   |   |   |   |   |   |
| Ratio of operating expenses to average net assets5                       | 2.53 |  % |   | 2.27 | % |   | 7.43 | % |   | 6.45 | % |
| Ratio of net investment income to average net assets5                    | 2.22 |  % |   | 2.13 | % |   | 6.58 | % |   | 5.43 | % |
| Portfolio turnover                                                       | 10.96 |  % |   | 4.40 | % |   | 19.88 | % |   | 22.04 | % |
| Total investment return5,6                                               | 1.19 |  % |   | 3.69 | % |   | 9.43 | % |   | 23.80 | % |
| Total return based on change in NAV5,7                                   | (1.69 | )% |   | 27.00 | % |   | 1.93 | % |   | 5.97 | % |
|                                                                     |   |   |   |   |   |   |   |
| Per share market value at the end of the period                          | $ | 20.81 |  |   | $ | 19.22 |  |   | $ | 20.81 |  |   | $ | 19.22 |  |
| Weighted-average common shares outstanding                               | 18,100 |  |   | 17,120 |  |   | 17,803 |  |   | 16,541 |  |
| Weighted-average fully diluted shares outstanding                        | 18,100 |  |   | 17,123 |  |   | 17,803 |  |   | 16,544 |  |
| Common shares outstanding at end of period                               | 18,628 |  |   | 17,233 |  |   | 18,628 |  |   | 17,233 |  |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| 1  | Based on weighted average of common shares outstanding for the period. |
|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| 2  | Net decrease is due to the exercise of employee stock options at prices less than beginning of period NAV. |
|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| 3  | Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period. |
|         |                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4  | Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. |

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|         |                 |
|---------|-----------------|
| 5  | Not annualized. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6  | Total investment return based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by CSWC’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor. |
|         |                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7  | Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to shareholders and other non-operating changes during the period, as divided by the beginning NAV, and has not been annualized. |
|     |                          |
|-----|--------------------------|
| 13. | SIGNIFICANT SUBSIDIARIES |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | December 31, 2019 |   | March 31, 2019 |
| Current Assets          | $ | — |  |   | $ | 8,489 |  |
| Non-Current Assets      | — |  |   | 23,527 |  |
| Current Liabilities     | — |  |   | 3,089 |  |
| Non-Current Liabilities | — |  |   | 1,627 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     | Three months ended |   | Nine months ended |
|                                     | December 31, 2019 |   | December 31, 2018 |   | December 31, 2019 |   | December 31, 2018 |
| Revenue                                  | $ | — |  |   | $ | 5,190 |  |   | $ | — |  |   | $ | 16,329 |  |
| Income (loss) from continuing operations | — |  |   | 443 |  |   | — |  |   | 1556 |  |
| Net income                               | — |  |   | 443 |  |   | — |  |   | 1556 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   |   |   |   |   |   |   | Current |   |   |   |   |   |   |
|                                     |   |   |   | Investment |   | Maturity |   | Interest |   |   |   |   |   |   |
| Portfolio Company                   |   | Industry |   | Type |   | Date |   | Rate1 |   | Principal |   | Cost |   | Fair Value2 |
| AAC Holdings, Inc.                       |   | Healthcare services |   | First Lien6 |   | 6/30/2023 |   | L+ 6.75%(Floor 1.00%), 4.00% PIK |   | $ | 7,371 |  |   | $ | 7,264 |  |   | $ | 4,791 |  |
|                                     |   |   |   | First Lien - Priming Facility |   | 3/31/2020 |   | L+11.00%(Floor 1.00%) |   | 1,140 |  |   | 1,138 |  |   | 1,140 |  |
| ADS Tactical, Inc.                       |   | Aerospace & defense |   | First Lien |   | 7/26/2023 |   | L+6.25%(Floor 1.00%) |   | 4,961 |  |   | 4,940 |  |   | 4,961 |  |
| ALKU, LLC                                |   | Business services |   | First Lien |   | 7/29/2026 |   | L+5.50% |   | 3,000 |  |   | 2,971 |  |   | 2,965 |  |
| Allen Media, LLC                         |   | Media, marketing & entertainment |   | First Lien |   | 8/30/2023 |   | L+6.50%(Floor 1.00%) |   | 5,423 |  |   | 5,306 |  |   | 5,288 |  |
| American Teleconferencing Services, Ltd. |   | Telecommunications |   | First Lien |   | 12/8/2021 |   | L+6.50% (Floor 1.00%) |   | 6,777 |  |   | 6,607 |  |   | 4,076 |  |
| ATI Investment Sub, Inc.                 |   | Technology products & components |   | First Lien |   | 6/22/2021 |   | L+7.25%(Floor 1.00%) |   | 1,443 |  |   | 1,428 |  |   | 1,427 |  |
| ATX Canada Acquisitionco Inc.            |   | Technology products & components |   | First Lien |   | 6/11/2021 |   | L+6.00% (Floor 1.00%) |   | 4,562 |  |   | 4,547 |  |   | 4,276 |  |
| California Pizza Kitchen, Inc.           |   | Restaurants |   | First Lien |   | 8/23/2022 |   | L+6.00%(Floor 1.00%) |   | 6,777 |  |   | 6,756 |  |   | 5,914 |  |
| Corel Inc.                               |   | Software & IT services |   | First Lien |   | 7/2/2026 |   | L+5.00% |   | 5,000 |  |   | 4,750 |  |   | 4,844 |  |
| Geo Parent Corporation                   |   | Building & infrastructure products |   | First Lien |   | 12/19/2025 |   | L+5.50% |   | 4,963 |  |   | 4,920 |  |   | 4,950 |  |
| Go Wireless Holdings, Inc.               |   | Consumer products & retail |   | First Lien |   | 12/22/2024 |   | L+6.50%(Floor 1.00%) |   | 6,300 |  |   | 6,255 |  |   | 6,074 |  |
| The Hoover Group, Inc.                   |   | Energy services (Midstream) |   | First Lien |   | 1/28/2021 |   | L+7.25%(Floor 1.00%) |   | 6,387 |  |   | 6,314 |  |   | 5,908 |  |
| Hunter Defense Technologies, Inc.        |   | Aerospace & defense |   | First Lien |   | 3/29/2023 |   | L+7.00%(Floor 1.00%) |   | 5,935 |  |   | 5,846 |  |   | 5,950 |  |
| Imagine! Print Solutions, LLC            |   | Media, marketing & entertainment |   | Second Lien |   | 6/21/2023 |   | L+8.75% (Floor 1.00%) |   | 3,000 |  |   | 2,974 |  |   | 563 |  |
| InfoGroup Inc.                           |   | Software & IT services |   | First Lien |   | 4/3/2023 |   | L+5.00%(Floor 1.50%) |   | 2,918 |  |   | 2,902 |  |   | 2,742 |  |
| Integro Parent Inc.                      |   | Business services |   | First Lien |   | 10/31/2022 |   | L+5.75% (Floor 1.00%) |   | 3,316 |  |   | 3,266 |  |   | 3,266 |  |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   |   |   |   |   |   |   | Current |   |   |   |   |   |   |
|                                       |   |   |   | Investment |   | Maturity |   | Interest |   |   |   |   |   |   |
| Portfolio Company                     |   | Industry |   | Type |   | Date |   | Rate1 |   | Principal |   | Cost |   | Fair Value2 |
| Intermedia Holdings, Inc.                  |   | Software & IT services |   | First Lien |   | 7/21/2025 |   | L+6.00%(Floor 1.00%) |   | 5,809 |  |   | 5,778 |  |   | 5,823 |  |
| Isagenix International, LLC                |   | Consumer products & retail |   | First Lien |   | 6/14/2025 |   | L+5.75% (Floor 1.00%) |   | 1,981 |  |   | 1,965 |  |   | 1,424 |  |
| JAB Wireless, Inc.                         |   | Telecommunications |   | First Lien |   | 5/2/2023 |   | L+8.00%(Floor 1.00%) |   | 7,880 |  |   | 7,827 |  |   | 7,880 |  |
| KORE Wireless Group Inc.                   |   | Telecommunications |   | First Lien |   | 12/20/2024 |   | L+5.50% |   | 4,766 |  |   | 4,731 |  |   | 4,736 |  |
| Lab Logistics, LLC3                        |   | Healthcare services |   | First Lien |   | 9/25/2023 |   | L+6.50(Floor 1.00%) |   | 1,599 |  |   | 1,585 |  |   | 1,599 |  |
|                                       |   |   |   | Delayed Draw Term Loan |   | 9/25/2023 |   | L+6.50(Floor 1.00%) |   | 3,818 |  |   | 3,781 |  |   | 3,818 |  |
| Lift Brands, Inc.                          |   | Consumer services |   | First Lien |   | 4/16/2023 |   | L+7.00%(Floor 1.00%), 0.5% PIK |   | 4,813 |  |   | 4,772 |  |   | 4,510 |  |
| Lightbox Intermediate, L.P.                |   | Software & IT services |   | First Lien |   | 5/9/2026 |   | L+5.00% |   | 2,985 |  |   | 2,944 |  |   | 2,948 |  |
| LOGIX Holdings Company, LLC                |   | Telecommunications |   | First Lien |   | 12/23/2024 |   | L+5.75% (Floor 1.00%) |   | 5,969 |  |   | 5,932 |  |   | 5,909 |  |
| LSF9 Atlantis Holdings, LLC                |   | Telecommunications |   | First Lien |   | 5/1/2023 |   | L+6.00%(Floor 1.00%) |   | 6,563 |  |   | 6,526 |  |   | 6,079 |  |
| Lulu's Fashion Lounge, LLC                 |   | Consumer products & retail |   | First Lien |   | 8/26/2022 |   | L+7.00%(Floor 1.00%) |   | 3,778 |  |   | 3,703 |  |   | 3,703 |  |
| Mills Fleet Farm Group LLC                 |   | Consumer products & retail |   | First Lien |   | 10/24/2024 |   | L+6.25%(Floor 1.00%), 0.75% PIK |   | 4,961 |  |   | 4,882 |  |   | 4,713 |  |
| NBG Acquisition, Inc.                      |   | Wholesale |   | First Lien |   | 4/26/2024 |   | L+5.50%(Floor 1.00%) |   | 2,831 |  |   | 2,796 |  |   | 2,199 |  |
| Nomad Buyer, Inc.                          |   | Healthcare services |   | First Lien |   | 8/1/2025 |   | L+5.00% |   | 2,963 |  |   | 2,819 |  |   | 2,955 |  |
| Novetta Solutions, LLC                     |   | Software & IT services |   | First Lien |   | 10/17/2022 |   | L+5.00%(Floor 1.00%) |   | 4,909 |  |   | 4,817 |  |   | 4,836 |  |
| PaySimple, Inc.4                           |   | Software & IT services |   | First Lien |   | 8/23/2025 |   | L+5.50% |   | 3,142 |  |   | 3,083 |  |   | 3,126 |  |
|                                       |   |   |   | Delayed Draw Term Loan |   | 8/23/2025 |   | L+5.50% |   | 295 |  |   | 289 |  |   | 293 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.) |   | Aerospace & defense |   | First Lien |   | 4/29/2024 |   | L+5.25%(Floor 1.00%) |   | 6,346 |  |   | 6,325 |  |   | 6,346 |  |
| Pet Supermarket, Inc.                      |   | Consumer products & retail |   | First Lien |   | 7/5/2022 |   | L+5.50%(Floor 1.00%) |   | 4,823 |  |   | 4,802 |  |   | 4,533 |  |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   |   |   |   |   |   |   | Current |   |   |   |   |   |   |
|                           |   |   |   | Investment |   | Maturity |   | Interest |   |   |   |   |   |   |
| Portfolio Company         |   | Industry |   | Type |   | Date |   | Rate1 |   | Principal |   | Cost |   | Fair Value2 |
| PT Network, LLC                |   | Healthcare services |   | First Lien |   | 11/30/2021 |   | L+5.50%, (Floor 1.00%), 2.00% PIK |   | 4,373 |  |   | 4,373 |  |   | 4,334 |  |
| Signify Health, LLC            |   | Healthcare services |   | First Lien |   | 12/23/2024 |   | L+4.50% (Floor 1.00%) |   | 5,109 |  |   | 5,072 |  |   | 5,103 |  |
| Tacala, LLC                    |   | Consumer products & retail |   | Second Lien |   | 1/30/2026 |   | L+7.00% |   | 5,500 |  |   | 5,487 |  |   | 5,486 |  |
| Terra Millennium Corporation   |   | Industrial products |   | First Lien |   | 10/31/2022 |   | L+6.75% (Floor 1.00%) |   | 6,880 |  |   | 6,843 |  |   | 6,820 |  |
| TestEquity, LLC                |   | Capital equipment |   | First Lien |   | 4/28/2022 |   | L+5.50%(Floor 1.00%) |   | 4,778 |  |   | 4,755 |  |   | 4,238 |  |
| TGP Holdings III LLC           |   | Durable consumer goods |   | Second Lien |   | 9/25/2025 |   | L+8.50% (Floor 1.00%) |   | 2,500 |  |   | 2,473 |  |   | 2,338 |  |
| Time Manufacturing Acquisition |   | Capital equipment |   | First Lien |   | 2/3/2023 |   | L+5.00% (Floor 1.00%) |   | 4,860 |  |   | 4,836 |  |   | 4,872 |  |
| UniTek Global Services, Inc.   |   | Telecommunications |   | First Lien |   | 8/26/2024 |   | L+5.50%  (Floor 1.00%) |   | 2,970 |  |   | 2,948 |  |   | 2,970 |  |
| U.S. TelePacific Corp.         |   | Telecommunications |   | First Lien |   | 5/2/2023 |   | L+5.00% (Floor 1.00%) |   | 5,200 |  |   | 5,155 |  |   | 5,005 |  |
| Vida Capital, Inc.             |   | Financial services |   | First Lien |   | 10/1/2026 |   | L+6.00% |   | 4,000 |  |   | 3,942 |  |   | 3,960 |  |
| VIP Cinema Holdings, Inc.      |   | Hotel, gaming & leisure |   | First Lien |   | 3/1/2023 |   | L+6.00% (Floor 1.00%) |   | 4,313 |  |   | 4,301 |  |   | 2,273 |  |
| Wireless Vision Holdings, LLC5 |   | Telecommunications |   | First Lien |   | 9/29/2022 |   | L+8.50% (Floor 1.00%) |   | 7,443 |  |   | 7,360 |  |   | 7,443 |  |
| YS Garments, LLC               |   | Consumer products & retail |   | First Lien |   | 8/9/2024 |   | L+6.00% (Floor 1.00%) |   | 4,844 |  |   | 4,806 |  |   | 4,801 |  |
|                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Investments              |   |   |   |   |   |   |   |   |   |   |   | $ | 219,892 |  |   | $ | 206,208 |  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | Represents the interest rate as of December 31, 2019. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“P”) which reset daily, monthly, quarterly, or semiannually. For each the Company has provided the spread over LIBOR or Prime in effect at December 31, 2019. Certain investments are subject to a LIBOR or Prime interest rate floor. |
|         |                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2  | Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein. |
|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| 3  | The investment has approximately $0.5 million in an unfunded delayed draw commitment as of December 31, 2019. |
|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| 4  | The investment has approximately $0.7 million in an unfunded delayed draw commitment as of December 31, 2019. |
|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| 5  | The investment is structured as a first lien last out term loan and may earn interest in addition to the stated rate. |
|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| 6  | Investment is on non-accrual status as of December 31, 2019, meaning the Company has ceased to recognize interest income on the investment. |

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Table of Contents

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   |   |   |   |   |   |   | Current |   |   |   |   |   |   |
|                                     |   |   |   | Investment |   | Maturity |   | Interest |   |   |   |   |   |   |
| Portfolio Company                   |   | Industry |   | Type |   | Date |   | Rate1 |   | Principal |   | Cost |   | Fair Value2 |
| AAC Holdings, Inc.                       |   | Healthcare services |   | First Lien |   | 6/30/2023 |   | L+ 6.75%(Floor 1.00%),4.00% PIK |   | $ | 7,375 |  |   | $ | 7,253 |  |   | $ | 6,822 |  |
|                                     |   |   |   | First Lien |   | 3/31/2020 |   | L+11.00% (Floor 1.00%) |   | 950 |  |   | 940 |  |   | 959 |  |
| Allen Media, LLC                         |   | Media, marketing & entertainment |   | First Lien |   | 8/30/2023 |   | L+6.50% (Floor 1.00%) |   | 5,643 |  |   | 5,496 |  |   | 5,481 |  |
| American Scaffold Holdings, Inc.         |   | Aerospace & defense |   | First Lien |   | 3/31/2022 |   | L+6.50%(Floor 1.00%) |   | 2,625 |  |   | 2,605 |  |   | 2,612 |  |
| American Teleconferencing Services, Ltd. |   | Telecommunications |   | First Lien |   | 12/8/2021 |   | L+6.50%(Floor 1.00%) |   | 6,881 |  |   | 6,641 |  |   | 4,516 |  |
| ATI Investment Sub, Inc.                 |   | Technology products & components |   | First Lien |   | 6/22/2021 |   | L+7.25%(Floor 1.00%) |   | 1,818 |  |   | 1,795 |  |   | 1,691 |  |
| ATX Canada Acquisitionco Inc.            |   | Technology products & components |   | First Lien |   | 6/11/2021 |   | L+6.00%(Floor 1.00%) |   | 4,689 |  |   | 4,666 |  |   | 4,454 |  |
| California Pizza Kitchen, Inc.           |   | Restaurants |   | First Lien |   | 8/23/2022 |   | L+6.00%(Floor 1.00%) |   | 6,830 |  |   | 6,802 |  |   | 6,616 |  |
| Chloe Ox Parent, LLC (Censeo Health)     |   | Healthcare services |   | First Lien |   | 12/23/2024 |   | L+4.50%(Floor 1.00%) |   | 5,148 |  |   | 5,105 |  |   | 5,148 |  |
| CMN.com, LLC                             |   | Consumer services |   | First Lien |   | 11/3/2021 |   | L+6.00%(Floor 1.00%) |   | 9,431 |  |   | 9,347 |  |   | 9,431 |  |
| Digital River, Inc.                      |   | Software & IT services |   | First Lien |   | 2/12/2021 |   | L+6.50%(Floor 1.00%) |   | 8,003 |  |   | 7,998 |  |   | 7,803 |  |
| Geo Parent Corporation                   |   | Building & infrastructure products |   | First Lien |   | 12/19/2025 |   | L+5.50% |   | 5,000 |  |   | 4,952 |  |   | 4,988 |  |
| Go Wireless Holdings, Inc.               |   | Consumer products & retail |   | First Lien |   | 12/31/2024 |   | L+6.50%(Floor 1.00%) |   | 6,563 |  |   | 6,508 |  |   | 6,439 |  |
| Hunter Defense Technologies, Inc.        |   | Aerospace & defense |   | First Lien |   | 3/29/2023 |   | L+7.00%(Floor 1.00%) |   | 6,256 |  |   | 6,149 |  |   | 6,256 |  |
| iEnergizer Limited                       |   | Business services |   | First Lien |   | 5/1/2019 |   | L+6.00%(Floor 1.25%) |   | 7,307 |  |   | 7,300 |  |   | 7,307 |  |
| Imagine! Print Solutions, LLC            |   | Media, marketing & entertainment |   | Second Lien |   | 6/21/2023 |   | L+8.75%(Floor 1.00%) |   | 3,000 |  |   | 2,968 |  |   | 2,700 |  |
| InfoGroup Inc.                           |   | Software & IT services |   | First Lien |   | 4/3/2023 |   | L+5.00%(Floor 1.50%) |   | 2,940 |  |   | 2,920 |  |   | 2,892 |  |
| Integro Parent Inc.                      |   | Business services |   | First Lien |   | 10/28/2022 |   | L+5.75%(Floor 1.00%) |   | 4,839 |  |   | 4,746 |  |   | 4,839 |  |

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Table of Contents

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   |   |   |   |   |   |   | Current |   |   |   |   |   |   |
|                                       |   |   |   | Investment |   | Maturity |   | Interest |   |   |   |   |   |   |
| Portfolio Company                     |   | Industry |   | Type |   | Date |   | Rate1 |   | Principal |   | Cost |   | Fair Value2 |
| Intermedia Holdings, Inc.                  |   | Software & IT services |   | First Lien |   | 7/21/2025 |   | L+6.00%(Floor 1.00%) |   | 3,847 |  |   | 3,813 |  |   | 3,857 |  |
| Isagenix International, LLC                |   | Healthcare products |   | First Lien |   | 6/16/2025 |   | L+5.75% (Floor 1.00%) |   | 2,063 |  |   | 2,044 |  |   | 1,851 |  |
| JAB Wireless, Inc.                         |   | Telecommunications |   | First Lien |   | 5/2/2023 |   | L+8.00% (Floor 1.00%) |   | 7,920 |  |   | 7,855 |  |   | 7,920 |  |
| KORE Wireless Group Inc.                   |   | Telecommunications |   | First Lien |   | 12/20/2024 |   | L+5.50% |   | 3,325 |  |   | 3,293 |  |   | 3,308 |  |
| Lift Brands, Inc.                          |   | Consumer services |   | First Lien |   | 4/16/2023 |   | L+7.00% (Floor 1.00%) |   | 4,950 |  |   | 4,898 |  |   | 4,742 |  |
| LOGIX Holdings Company, LLC                |   | Telecommunications |   | First Lien |   | 12/23/2024 |   | L+5.75% (Floor 1.00%) |   | 6,017 |  |   | 5,973 |  |   | 6,062 |  |
| LSF9 Atlantis Holdings, LLC                |   | Telecommunications |   | First Lien |   | 5/1/2023 |   | L+6.00% (Floor 1.00%) |   | 6,694 |  |   | 6,648 |  |   | 6,246 |  |
| Lulu's Fashion Lounge, LLC                 |   | Consumer products & retail |   | First Lien |   | 8/26/2022 |   | L+7.00% (Floor 1.00%) |   | 4,034 |  |   | 3,940 |  |   | 3,913 |  |
| Mills Fleet Farm Group LLC                 |   | Consumer products & retail |   | First Lien |   | 10/24/2024 |   | L+6.25%(Floor 1.00%) |   | 4,988 |  |   | 4,895 |  |   | 4,988 |  |
| NBG Acquisition, Inc.                      |   | Wholesale |   | First Lien |   | 4/26/2024 |   | L+5.50% (Floor 1.00%) |   | 2,888 |  |   | 2,846 |  |   | 2,844 |  |
| New Era Technology, Inc.3                  |   | Software & IT services |   | First Lien |   | 6/22/2023 |   | L+6.50% (Floor 1.00%) |   | 4,407 |  |   | 4,336 |  |   | 4,349 |  |
|                                       |   |   |   | Delayed Draw Term Loan |   | 6/22/2023 |   | L+6.50% (Floor 1.00%) |   | 221 |  |   | 222 |  |   | 218 |  |
| New Media Holdings II LLC                  |   | Media, marketing & entertainment |   | First Lien |   | 7/14/2022 |   | L+6.25% (Floor 1.00%) |   | 9,312 |  |   | 9,298 |  |   | 9,277 |  |
| Nomad Buyer, Inc.                          |   | Healthcare services |   | First Lien |   | 8/1/2025 |   | L+5.00% |   | 2,985 |  |   | 2,821 |  |   | 2,907 |  |
| Novetta Solutions, LLC                     |   | Software & IT services |   | First Lien |   | 10/17/2022 |   | L+5.00% (Floor 1.00%) |   | 4,947 |  |   | 4,830 |  |   | 4,857 |  |
| Peraton Corp. (fka MHVC Acquisition Corp.) |   | Aerospace & defense |   | First Lien |   | 4/29/2024 |   | L+5.25% (Floor 1.00%) |   | 6,394 |  |   | 6,370 |  |   | 6,171 |  |
| Pet Supermarket, Inc.                      |   | Consumer products & retail |   | First Lien |   | 7/5/2022 |   | L+5.50% (Floor 1.00%) |   | 4,860 |  |   | 4,833 |  |   | 4,763 |  |
| PT Network, LLC                            |   | Healthcare services |   | First Lien |   | 11/30/2021 |   | L+5.50% (Floor 1.00%) |   | 4,369 |  |   | 4,369 |  |   | 4,125 |  |
| STL Parent Corp. (American Railcar)        |   | Transportation & logistics |   | First Lien |   | 12/5/2022 |   | L+7.00% |   | 3,975 |  |   | 3,846 |  |   | 3,856 |  |

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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 |   | 1/30/2026 |   | L+7.00% |   | 3,000 |  |   | 2,987 |  |   | 2,995 |  |
| Teleguam Holdings , LLC        |   | Telecommunications |   | Second Lien |   | 7/25/2024 |   | L+8.50% (Floor 1.00%) |   | 2,000 |  |   | 1,970 |  |   | 2,013 |  |
| Terra Millennium Corporation   |   | Industrial products |   | First Lien |   | 10/31/2022 |   | L+6.75% (Floor 1.00%) |   | 7,526 |  |   | 7,478 |  |   | 7,488 |  |
| TestEquity, LLC                |   | Capital equipment |   | First Lien |   | 4/28/2022 |   | L+5.50% (Floor 1.00%) |   | 4,804 |  |   | 4,774 |  |   | 4,766 |  |
| TGP Holdings III LLC           |   | Durable consumer goods |   | Second Lien |   | 9/25/2025 |   | L+8.50% (Floor 1.00%) |   | 2,500 |  |   | 2,470 |  |   | 2,400 |  |
| The Hoover Group, Inc.         |   | Energy services (midstream) |   | First Lien |   | 1/28/2021 |   | L+7.25% (Floor 1.00%) |   | 6,437 |  |   | 6,336 |  |   | 6,243 |  |
| Time Manufacturing Acquisition |   | Capital equipment |   | First Lien |   | 2/3/2023 |   | L+5.00% (Floor 1.00%) |   | 4,910 |  |   | 4,879 |  |   | 4,928 |  |
| Turning Point Brands, Inc.     |   | Consumer products & retail |   | Second Lien |   | 3/7/2024 |   | L+7.00% |   | 3,000 |  |   | 2,973 |  |   | 3,030 |  |
| UniTek Global Services, Inc.   |   | Telecommunications |   | First Lien |   | 8/20/2024 |   | L+5.50%(Floor 1.00%) |   | 2,985 |  |   | 2,960 |  |   | 2,958 |  |
| U.S. TelePacific Corp.         |   | Telecommunications |   | First Lien |   | 5/2/2023 |   | L+5.00% (Floor 1.00%) |   | 6,844 |  |   | 6,777 |  |   | 6,661 |  |
| VIP Cinema Holdings, Inc.      |   | Hotel, gaming & leisure |   | First Lien |   | 3/1/2023 |   | L+6.00% (Floor 1.00%) |   | 4,500 |  |   | 4,485 |  |   | 4,208 |  |
| Wireless Vision Holdings, LLC4 |   | Telecommunications |   | First Lien |   | 9/29/2022 |   | L+8.50% (Floor 1.00%), 1.00% PIK |   | 7,865 |  |   | 7,753 |  |   | 7,779 |  |
| YS Garments, LLC               |   | Consumer products & retail |   | First Lien |   | 8/9/2024 |   | L+6.00% (Floor 1.00%) |   | 4,938 |  |   | 4,893 |  |   | 4,870 |  |
| Total Investments              |   |   |   |   |   |   |   |   |   |   |   | $ | 242,061 |  |   | $ | 237,547 |  |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1  | Represents the interest rate as of March 31, 2019. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“Prime”) which reset daily, monthly, quarterly, or semiannually.  For each the Company has provided the spread over LIBOR or Prime in effect at March 31, 2019.  Certain investments are subject to a LIBOR or Prime interest rate floor. |
|         |                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2  | Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of the Joint Venture. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein. |
|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| 3  | The investment has approximately $0.3 million in an unfunded delayed draw commitment as of March 31, 2019. |
|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| 4  | The investment is structured as a first lien last out term loan and may earn interest in addition to the stated rate. |

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Table of Contents

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
|                                                    | December 31, 2019 |   | March 31, 2019 |
| Selected Balance Sheet Information:                     |   |   |   |
| Investments, at fair value (cost $219,892 and $242,061) | $ | 206,208 |  |   | $ | 237,547 |  |
| Cash and cash equivalents                               | 5,489 |  |   | 6,406 |  |
| Due from broker                                         | 38 |  |   | — |  |
| Deferred financing costs and other assets               | 2,283 |  |   | 1,615 |  |
| Interest receivable                                     | 979 |  |   | 979 |  |
| Total assets                                            | $ | 214,997 |  |   | $ | 246,547 |  |
|                                                    |   |   |   |
| Senior credit facility payable                          | $ | 139,000 |  |   | $ | 160,000 |  |
| Payable for unsettled transactions                      | 15 |  |   | 940 |  |
| Other liabilities                                       | 3,039 |  |   | 3,606 |  |
| Total liabilities                                       | $ | 142,054 |  |   | $ | 164,546 |  |
| Members’ equity                                   | 72,943 |  |   | 82,001 |  |
| Total liabilities and members' equity                   | $ | 214,997 |  |   | $ | 246,547 |  |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | Three Months Ended |   | Nine Months Ended |
|                                                                       | December 31, 2019 |   | December 31, 2018 |   | December 31, 2019 |   | December 31, 2018 |
| Selected Statement of Operations Information:                              |   |   |   |   |   |   |   |
| Total revenues                                                             | $ | 4,910 |  |   | $ | 5,413 |  |   | $ | 15,836 |  |   | $ | 15,434 |  |
| Total expenses                                                             | (1,948) |  |   | (2,216) |  |   | (6,270) |  |   | (6,346) |  |
| Net investment income                                                      | 2,962 |  |   | 3,197 |  |   | 9,566 |  |   | 9,088 |  |
| Net unrealized depreciation                                                | (4,709) |  |   | (4,316) |  |   | (9,171) |  |   | (5,583) |  |
| Net realized gains                                                         | 64 |  |   | 118 |  |   | 425 |  |   | 389 |  |
| Net (decrease) increase in members’ equity resulting from operations | $ | (1,683 | ) |   | $ | (1,001 | ) |   | $ | 820 |  |   | $ | 3,894 |  |

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Table of Contents

|     |                   |
|-----|-------------------|
| 14. | SUBSEQUENT EVENTS |

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Table of Contents

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company       | Type of Investment (1) |   | Amount of Interest or Dividends Credited in Income (2) |   | Fair Value at March 31, 2019 |   | Gross Additions (3) |   | Gross Reductions (4) |   | Amount of Realized Gain/(Loss) (5) |   | Amount of Unrealized Gain/(Loss) |   | Fair Value at December 31, 2019 |
| Control Investments     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| I-45 SLF LLC                 | 80% LLC equity interest |   | $ | 7,467 |  |   | $ | 65,743 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | (7,449 | ) |   | $ | 58,294 |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prism Spectrum Holdings, LLC | First Lien |   | 265 |  |   | 13,461 |  |   | 7 |  |   | (13,461 | ) |   | 226 |  |   | (233 | ) |   | — |  |
|                         | 96,498.32 Class A units |   | — |  |   | 6,539 |  |   | — |  |   | (6,539 | ) |   | — |  |   | — |  |   | — |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Media Recovery, Inc.         | 800,000 shares of Series A convertible preferred stock |   | 424 |  |   | 7,795 |  |   | — |  |   | (7,349 | ) |   | 6,549 |  |   | (6,995 | ) |   | — |  |
|                         | 4,000,002 shares of common stock |   | 2,122 |  |   | 44,965 |  |   | — |  |   | (42,394 | ) |   | 37,779 |  |   | (40,350 | ) |   | — |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Control Investments    |   |   | $ | 10,278 |  |   | $ | 138,503 |  |   | $ | 7 |  |   | $ | (69,743 | ) |   | $ | 44,554 |  |   | $ | (55,027 | ) |   | $ | 58,294 |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Affiliate Investments        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Chandler Signs, LLC          | Senior subordinated debt (12.00% cash) |   | $ | 421 |  |   | $ | 4,480 |  |   | $ | 25 |  |   | $ | (4,569 | ) |   | $ | 32 |  |   | $ | 32 |  |   | $ | — |  |
|                         | 1,500,000 units of Class A-1 common stock |   | 8 |  |   | 1,937 |  |   | — |  |   | — |  |   | — |  |   | 949 |  |   | 2,886 |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dynamic Communities, LLC     | Revolving Loan |   | 3 |  |   | — |  |   | 1 |  |   | — |  |   | — |  |   | (1 | ) |   | — |  |
|                         | First Lien |   | 877 |  |   | 10,972 |  |   | 31 |  |   | (210 | ) |   | — |  |   | (192 | ) |   | 10,601 |  |
|                         | 2,000,000 Preferred units |   | 133 |  |   | 2,849 |  |   | — |  |   | — |  |   | — |  |   | (297 | ) |   | 2,552 |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GrammaTech, Inc.             | Revolving Loan |   | 3 |  |   | — |  |   | (42 | ) |   | — |  |   | — |  |   | 42 |  |   | — |  |
|                         | First Lien |   | 181 |  |   | — |  |   | 11,304 |  |   | — |  |   | — |  |   | — |  |   | 11,304 |  |
|                         | 1,000 Class A units |   | — |  |   | — |  |   | 1,000 |  |   | — |  | — |  | — |  |   | — |  |   | 1,000 |  |
|                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ITA Holdings Group, LLC      | Revolving Loan |   | 197 |  |   | 2,000 |  |   | 1,458 |  |   | (3,450 | ) |   | — |  |   | (8 | ) |   | — |  |
|                         | First Lien - Term Loan |   | 716 |  |   | 7,475 |  |   | 3,022 |  |   | (666 | ) |   | 10 |  |   | 129 |  |   | 9,970 |  |
|                         | First Lien - Term B Loan |   | 441 |  |   | 3,829 |  |   | 1,500 |  |   | (333 | ) |   | 6 |  |   | 63 |  |   | 5,065 |  |

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|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company                    | Type of Investment (1) |   | Amount of Interest or Dividends Credited in Income (2) |   | Fair Value at March 31, 2019 |   | Gross Additions (3) |   | Gross Reductions (4) |   | Amount of Realized Gain/(Loss) (5) |   | Amount of Unrealized Gain/(Loss) |   | Fair Value at December 31, 2019 |
|                                      | First Lien - PIK Note A |   | 234 |  |   | 2,005 |  |   | 175 |  |   | — |  |   | — |  |   | 32 |  |   | 2,212 |  |
|                                      | First Lien - PIK Note B |   | 7 |  |   | 79 |  |   | 4 |  |   | — |  |   | — |  |   | 4 |  |   | 87 |  |
|                                      | Warrants |   | — |  |   | 1,557 |  |   | — |  |   | — |  |   | — |  |   | 1,205 |  |   | 2,762 |  |
|                                      | 9.25% Class A membership interest |   | — |  |   | 923 |  |   | — |  |   | — |  |   | — |  |   | 1,176 |  |   | 2,099 |  |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Roseland Management, LLC                  | Revolving Loan |   | 13 |  |   | — |  |   | 5 |  |   | — |  |   | — |  |   | (5 | ) |   | — |  |
|                                      | First Lien |   | 767 |  |   | 10,474 |  |   | 23 |  |   | (79 | ) |   | — |  |   | (23 | ) |   | 10,395 |  |
|                                      | 10,000 Class A Units |   | — |  |   | 1,487 |  |   | — |  |   | — |  |   | — |  |   | 302 |  |   | 1,789 |  |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SIMR, LLC                                 | First Lien |   | 1,043 |  |   | 11,403 |  |   | 342 |  |   | (335 | ) |   | 1 |  |   | (387 | ) |   | 11,024 |  |
|                                      | 9,374,510.2 Class B Common Units |   | — |  |   | 5,724 |  |   | 383 |  |   | — |  |   | — |  |   | (2,785 | ) |   | 3,322 |  |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Zenfolio Inc.                             | Revolving Loan |   | 11 |  |   | — |  |   | 3 |  |   | — |  |   | — |  |   | (3 | ) |   | — |  |
|                                      | First Lien |   | 1,296 |  |   | 13,165 |  |   | 1,056 |  |   | (500 | ) |   | 8 |  |   | (199 | ) |   | 13,530 |  |
|                                      | 190 shares of common stock |   | — |  |   | 546 |  |   | — |  |   | — |  |   | — |  |   | (274 | ) |   | 272 |  |
|                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Affiliate Investments               |   |   | $ | 6,351 |  |   | $ | 80,905 |  |   | $ | 20,290 |  |   | $ | (10,142 | ) |   | $ | 57 |  |   | $ | (240 | ) |   | $ | 90,870 |  |
| Total Control & Affiliate Investments |   |   | $ | 16,629 |  |   | $ | 219,408 |  |   | $ | 20,297 |  |   | $ | (79,885 | ) |   | $ | 44,611 |  |   | $ | (55,267 | ) |   | $ | 149,164 |  |

|     |                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------|
| (1) | The principal amount and ownership detail as shown in the Consolidated Schedules of Investments. |
|     |                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively. |
|     |                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category. |
|     |                                                                                                                                                                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category. |
|     |                                                                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited. |

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|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |

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|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | As of December 31, 2019 |
|                                                | LMM (a) |   | UMM |
|                                                | (dollars in thousands) |
| Number of portfolio companies                       | 32 |  |   | 11 |  |
| Fair value                                          | $ | 413,503 |  |   | $ | 86,755 |  |
| Cost                                                | $ | 404,006 |  |   | $ | 100,697 |  |
| % of portfolio at cost - debt                       | 91.2 | % |   | 100.0 | % |
| % of portfolio at cost - equity                     | 8.8 | % |   | 0.0 | % |
| % of debt investments at cost secured by first lien | 83.4 | % |   | 85.2 | % |
| Weighted average annual effective yield (b)         | 11.6 | % |   | 7.4 | % |
| Weighted average EBITDA (c)                         | $ | 7,918 |  |   | $ | 65,212 |  |
| Weighted average leverage through CSWC security (d) | 3.6x |  |   | 4.6x |  |

|     |                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------|
| (a) | At December 31, 2019, we had equity ownership in approximately 68.8% of our LMM investments. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The weighted-average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of December 31, 2019, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of December 31, 2019, there were three investments on non-accrual status. Weighted-average annual effective yield is not a return to shareholders and is higher than what an investor in shares in our common stock will realize on its investment because it does not reflect our expenses or any sales load paid by an investor. |
|     |                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | Weighted average EBITDA metric is calculated using investment cost basis weighting. For the quarter ended December 31, 2019, one portfolio company is excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | Includes CSWC debt investments only. Calculated as the amount of each portfolio company’s debt (including CSWC’s position and debt senior or pari passu to CSWC’s position, but excluding debt subordinated to CSWC’s position) in the capital structure divided by each portfolio company’s adjusted EBITDA. Weighted average leverage is calculated using investment cost basis weighting. Management uses this metric as a guide to evaluate relative risk of its position in each portfolio debt investment. For the quarter ended December 31, 2019, one portfolio company is excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. |

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|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |
|                                                | As of March 31, 2019 |
|                                                | LMM (a) |   | UMM |
|                                                | (dollars in thousands) |
| Number of portfolio companies                       | 26 |  |   | 10 |  |
| Fair value                                          | $ | 377,792 |  |   | $ | 80,536 |  |
| Cost                                                | $ | 325,343 |  |   | $ | 84,712 |  |
| % of portfolio at cost - debt                       | 87.5 | % |   | 100.0 | % |
| % of portfolio at cost - equity                     | 12.5 | % |   | — |  |
| % of debt investments at cost secured by first lien | 76.6 | % |   | 82.6 | % |
| Weighted average annual effective yield (b)         | 12.2 | % |   | 9.7 | % |
| Weighted average EBITDA (c)                         | $ | 9,200 |  |   | $ | 66,531 |  |
| Weighted average leverage through CSWC security (d) | 3.3x |  |   | 4.8x |  |

|     |                                                                                                |
|-----|------------------------------------------------------------------------------------------------|
| (a) | At March 31, 2019, we had equity ownership in approximately 73.1% of our LMM investments. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The weighted-average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of March 31, 2019, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of March 31, 2019, there was one investment on non-accrual status. Weighted-average annual effective yield is not a return to shareholders and is higher than what an investor in shares in our common stock will realize on its investment because it does not reflect our expenses or any sales load paid by an investor. |
|     |                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | Weighted average EBITDA metric is calculated using investment cost basis weighting. For the quarter ended September 30, 2019, one portfolio company is excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | Includes CSWC debt investments only. Calculated as the amount of each portfolio company’s debt (including CSWC’s position and debt senior or pari passu to CSWC’s position, but excluding debt subordinated to CSWC’s position) in the capital structure divided by each portfolio company’s adjusted EBITDA. Weighted average leverage is calculated using investment cost basis weighting. Management uses this metric as a guide to evaluate relative risk of its position in each portfolio debt investment. |
|         |                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 1 represents the least amount of risk in our portfolio. The investment is performing materially above underwriting expectations and the trends and risk factors are generally favorable. |
|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 2 indicates the investment is performing as expected at the time of underwriting and the trends and risk factors are generally favorable to neutral. |
|         |                                                                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 3 involves an investment performing below underwriting expectations and the trends and risk factors are generally neutral to negative. The portfolio company or investment may be out of compliance with financial covenants and interest payments may be impaired, however principal payments are generally not past due. |
|         |                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investment Rating 4 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are generally negative and the risk of the investment has increased substantially. Interest and principal payments on our investment are likely to be impaired. |

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|                        |
|------------------------|
|                        |  |  |  |  |  |  |
|                   | As of December 31, 2019 |
| Investment Rating | Debt Investments at Fair Value |   | Percentage of Debt Portfolio |
|                   | (dollars in thousands) |
| 1                      | $ | 49,123 |  |   | 10.8 | % |
| 2                      | 384,464 |  |   | 84.3 |  |
| 3                      | 16,560 |  |   | 3.6 |  |
| 4                      | 5,948 |  |   | 1.3 |  |
| Total                  | $ | 456,095 |  |   | 100.0 | % |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |
|                   | As of March 31, 2019 |
| Investment Rating | Debt Investments at Fair Value |   | Percentage of Debt Portfolio |
|                   | (dollars in thousands) |
| 1                      | $ | 61,897 |  |   | 16.8 | % |
| 2                      | 284,041 |  |   | 77.3 |  |
| 3                      | 21,789 |  |   | 5.9 |  |
| 4                      | — |  |   | — |  |
| Total                  | $ | 367,727 |  |   | 100.0 | % |

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|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nine months ended December 31, 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                                              | 147,332 |  |   | — |  |   | — |  |   | 5,566 |  |   | 1,517 |  |   | — |  |   | 154,415 |  |
| Proceeds from sales of investments                           | — |  |   | — |  |   | — |  |   | (57,014 | ) |   | — |  |   | — |  |   | (57,014 | ) |
| Principal repayments received                                | (46,944 | ) |   | (188 | ) |   | (4,569 | ) |   | — |  |   | — |  |   | — |  |   | (51,701 | ) |
| PIK interest earned                                          | 954 |  |   | 448 |  |   | 12 |  |   | 55 |  |   | — |  |   | — |  |   | 1,469 |  |
| Accretion of loan discounts                                  | 1,269 |  |   | 120 |  |   | 38 |  |   | — |  |   | — |  |   | — |  |   | 1,427 |  |
| Realized gain                                                | 703 |  |   | — |  |   | 32 |  |   | 45,316 |  |   | — |  |   | — |  |   | 46,051 |  |
| Unrealized gain (loss)                                       | (9,950 | ) |   | (704 | ) |   | (185 | ) |   | (41,878 | ) |   | — |  |   | (7,449 | ) |   | (60,166 | ) |
| Fair value, end of period                                    | $ | 410,908 |  |   | $ | 35,572 |  |   | $ | 9,615 |  |   | $ | 42,646 |  |   | $ | 1,517 |  |   | $ | 58,294 |  |   | $ | 558,552 |  |
| Weighted average yield on debt investments at end of period  |   |   |   |   |   |   |   |   |   |   |   |   | 11.26 | % |
| Weighted average yield on total investments at end of period |   |   |   |   |   |   |   |   |   |   |   |   | 10.69 | % |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Nine months ended December 31, 2018                          | First Lien Loans |   | Second Lien Loans |   | Subordinated Debt |   | Preferred & Common Equity |   | Financial Instruments |   | I-45 SLF, LLC |   | Total |
| Fair value, beginning of period                              | $ | 197,110 |  |   | $ | 23,229 |  |   | $ | 18,783 |  |   | $ | 86,860 |  |   | $ | — |  |   | $ | 67,113 |  |   | $ | 393,095 |  |
| New investments                                              | 157,076 |  |   | 21,159 |  |   | — |  |   | 18,853 |  |   | — |  |   | — |  |   | 197,088 |  |
| Proceeds from sales of investments                           | (28,805 | ) |   | — |  |   | — |  |   | (34,490 | ) |   | — |  |   | — |  |   | (63,295 | ) |
| Principal repayments received                                | (23,545 | ) |   | (8,500 | ) |   | (4,600 | ) |   | — |  |   | — |  |   | — |  |   | (36,645 | ) |
| PIK interest earned                                          | — |  |   | 50,000 |  |   | 35 |  |   | 170 |  |   | — |  |   | — |  |   | 255 |  |
| Accretion of loan discounts                                  | 929 |  |   | 79 |  |   | 46 |  |   | — |  |   | — |  |   | — |  |   | 1,054 |  |
| Realized gain                                                | 323 |  |   | 73 |  |   | 69 |  |   | 20,331 |  |   | — |  |   | — |  |   | 20,796 |  |
| Unrealized gain (loss)                                       | (2,783 | ) |   | 30 |  |   | (73 | ) |   | (8,786 | ) |   | — |  |   | (3,996 | ) |   | (15,608 | ) |
| Fair value, end of period                                    | $ | 300,305 |  |   | $ | 36,120 |  |   | $ | 14,260 |  |   | $ | 82,938 |  |   | $ | — |  |   | $ | 63,117 |  |   | $ | 496,740 |  |
| Weighted average yield on debt investments at end of period  |   |   |   |   |   |   |   |   |   |   |   |   | 11.56 | % |
| Weighted average yield on total investments at end of period |   |   |   |   |   |   |   |   |   |   |   |   | 11.08 | % |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended |   |   |   |   |
|                                                                  | December 31, |   | Net Change |
|                                                                  | 2019 |   | 2018 |   | Amount |   | % |
|                                                                  | (in thousands) |   |   |   |   |
| Total investment income                                               | $ | 15,984 |  |   | $ | 13,871 |  |   | $ | 2,113 |  |   | 15.2 |  % |
| Interest expense                                                      | (4,142 | ) |   | (3,347 | ) |   | (795 | ) |   | 23.8 |  % |
| Other operating expenses                                              | (3,967 | ) |   | (3,748 | ) |   | (219 | ) |   | 5.8 |  % |
| Income before taxes                                                   | 7,875 |  |   | 6,776 |  |   | 1,099 |  |   | 16.2 |  % |
| Income tax expense                                                    | 761 |  |   | 101 |  |   | 660 |  |   | 653.5 |  % |
| Net investment income                                                 | 7,114 |  |   | 6,675 |  |   | 439 |  |   | 6.6 |  % |
| Net realized gain on investments, net of tax                          | 40,818 |  |   | 1,883 |  |   | 38,935 |  |   | 2,067.7 |  % |
| Net unrealized (depreciation) appreciation on investments, net of tax | (54,765 | ) |   | (4,238 | ) |   | (50,527 | ) |   | 1,192.2 |  % |
| Net increase in net assets from operations                            | $ | (6,833 | ) |   | $ | 4,320 |  |   | $ | (11,153 | ) |   | (258.2 | )% |

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                  | Nine Months Ended |   |   |   |   |
|                                                                  | December 31, |   | Net Change |
|                                                                  | 2019 |   | 2018 |   | Amount |   | % |
|                                                                  | (in thousands) |   |   |   |   |
| Total investment income                                               | $ | 47,001 |  |   | $ | 37,572 |  |   | $ | 9,429 |  |   | 25.1 |  % |
| Interest expense                                                      | (11,664 | ) |   | (8,829 | ) |   | (2,835 | ) |   | 32.1 |  % |
| Other operating expenses                                              | (12,397 | ) |   | (11,170 | ) |   | (1,227 | ) |   | 11.0 |  % |
| Income before taxes                                                   | 22,940 |  |   | 17,573 |  |   | 5,367 |  |   | 30.5 |  % |
| Income tax expense                                                    | 1,651 |  |   | 736 |  |   | 915 |  |   | 124.3 |  % |
| Net investment income                                                 | 21,289 |  |   | 16,837 |  |   | 4,452 |  |   | 26.4 |  % |
| Net realized gain on investments, net of tax                          | 42,318 |  |   | 20,796 |  |   | 21,522 |  |   | 103.5 |  % |
| Net unrealized (depreciation) appreciation on investments, net of tax | (60,998 | ) |   | (15,073 | ) |   | (45,925 | ) |   | 304.7 |  % |
| Net increase in net assets from operations                            | $ | 2,609 |  |   | $ | 22,560 |  |   | $ | (19,951 | ) |   | (88.4 | )% |

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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  | $ | 580 |  |   | $ | 264 |  |   | $ | 316 |  |   | $ | — |  |   | $ | — |  |
| Credit Facility (1)          | 147,317 |  |   | 5,885 |  |   | 11,739 |  |   | 129,693 |  |   | — |  |
| December 2022 Notes (2)      | 90,905 |  |   | 4,666 |  |   | 86,239 |  |   | 0 |  |   | — |  |
| October 2024 Notes (2)       | 95,503 |  |   | 4,143 |  |   | 8,174 |  |   | 83,186 |  |   | — |  |
|                         | $ | 334,305 |  |   | $ | 14,958 |  |   | $ | 106,468 |  |   | $ | 212,879 |  |   | $ | — |  |

|     |                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Amounts include interest payments calculated at an average rate of 4.67% of outstanding credit facility borrowings, which were $124.0 million as of December 31, 2019. |
|     |                             |
|-----|-----------------------------|
| (2) | Includes interest payments. |
|         |                                                            |
|---------|------------------------------------------------------------|
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk |

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|         |                         |
|---------|-------------------------|
| Item 4. | Controls and Procedures |

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|         |                   |
|---------|-------------------|
| Item 1. | Legal Proceedings |
|          |              |
|----------|--------------|
| Item 1A. | Risk Factors |
|         |                                                              |
|---------|--------------------------------------------------------------|
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
|         |                                  |
|---------|----------------------------------|
| Item 3. | Defaults Upon Senior Securities. |
|         |                          |
|---------|--------------------------|
| Item 4. | Mine Safety Disclosures. |
|         |                    |
|---------|--------------------|
| Item 5. | Other Information. |

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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. |

|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ^ | The certifications, attached as Exhibits 32.1 and 32.2 accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed “filed” by the registrant for purposes of Section 18 of the Exchange Act, and are not to be incorporated by reference into any of the registrant’s filings under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in any such filing. |

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