Capital Southwest Corporation
(NASDAQ:CSWC)

Capital Southwest Corporation is a business development company specializing in credit and private equity and venture capital investments in middle market companies, mezzanine, later stage, mature, late venture, emerging growth, buyouts, recapitalizations and growth capital investments. It does not ...

Website: http://www.capitalsouthwest.com

Full Time Employees: 22

Sector: Financial Services

Industry: Asset Management

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-03-31	2022-06-30	2022-03-31	2021-12-31	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2018-12-31	2018-06-30	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2014-09-30

investment income:
interest income:
non-control/non-affiliate investments	40,746,000	41,238,000	38,606,000	37,789,000	38,621,000	37,936,000	35,405,000	33,627,000		15,748,000	15,263,000	14,805,000	13,953,000		11,879,000	10,069,000		9,236,000	9,031,000	7,744,000	6,032,000	3,384,000	2,433,000	2,082,000	9,232,000	1,282,000	842,000	403,000	1,882,000	1,282,000
affiliate investments	6,831,000	5,256,000	5,762,000	4,767,000	4,727,000	4,759,000	4,518,000	4,214,000		2,512,000	2,348,000	2,116,000	1,648,000		2,003,000	2,576,000		2,001,000	2,050,000	1,886,000	1,452,000	141,000	141,000	140,000	2,181,000	-2,142,000		684,000	1,593,000	-2,142,000
control investments	681,000	621,000	251,000	333,000	350,000	292,000	1,544,000	2,129,000		1,535,000									265,000	440,000	159,000	57,000	1,995,000	1,769,000	7,930,000	1,612,000		300,000	1,577,000	1,612,000
payment-in-kind interest income:
dividend income:
fee income:
other income	618,000	287,000	288,000	1,048,000	491,000	542,000	213,000	193,000		2,000	5,000	4,000
total investment income	56,945,000	55,947,000	52,406,000	51,973,000	48,706,000	51,354,000	46,431,000	48,566,000		22,543,000	21,029,000	22,311,000	18,579,000		16,685,000	15,164,000		15,218,000	15,799,000	13,871,000	11,107,000	6,865,000	4,726,000	4,157,000	18,125,000	3,307,000	1,078,000	964,000
operating expenses:
compensation	2,631,000	3,956,000	3,299,000	2,388,000	1,990,000	3,466,000	1,869,000	3,919,000		1,542,000	1,755,000	3,353,000	1,432,000		1,961,000	1,720,000		1,708,000	2,021,000	2,007,000	1,910,000	1,509,000	1,404,000	1,582,000	701,000	1,675,000	3,411,000	1,212,000	1,402,000	1,675,000
share-based compensation	1,270,000	1,143,000	2,657,000	1,544,000	1,538,000	1,224,000	1,131,000	1,188,000		821,000	737,000	849,000	1,076,000		853,000	612,000		685,000	837,000	607,000	475,000	321,000	255,000	239,000	274,000	195,000	370,000	359,000	258,000	195,000
interest	16,020,000	15,264,000	15,208,000	14,717,000	12,587,000	12,447,000	11,453,000	11,473,000		5,484,000	4,909,000	4,655,000	4,955,000		4,397,000	4,328,000		3,716,000	3,806,000	3,347,000	2,373,000	343,000	103,000
professional fees	1,341,000	1,210,000	1,235,000	998,000	1,095,000	1,357,000	842,000	919,000		849,000	533,000	607,000	701,000		583,000	570,000		462,000	626,000	390,000	488,000	404,000	331,000	518,000
general and administrative	1,666,000	1,657,000	1,543,000	1,643,000	1,482,000	1,574,000	1,367,000	1,301,000		1,217,000	1,109,000	1,010,000	976,000		754,000	732,000		1,231,000	789,000	704,000	825,000	664,000	641,000	685,000	920,000	1,316,000	1,175,000	1,025,000	1,291,000	1,354,000
total operating expenses	22,928,000	23,230,000	23,942,000	21,290,000	18,692,000	20,068,000	16,662,000	18,800,000		9,913,000	9,043,000	10,474,000	9,140,000		8,581,000	7,995,000		7,837,000	8,115,000	7,095,000	6,111,000	3,456,000	2,949,000	3,239,000	-4,215,000	3,934,000	10,325,000	3,764,000
income before taxes	34,017,000	32,717,000	28,464,000	30,683,000	30,014,000	31,286,000	29,769,000	29,766,000		12,630,000	11,986,000	11,837,000	9,439,000		8,104,000	7,169,000		7,381,000	7,684,000	6,776,000	4,996,000	3,409,000	1,777,000	918,000
federal income, excise and other taxes	1,149,000	1,099,000	408,000	474,000	325,000	217,000	294,000	392,000		73,000	-102,000	68,000	200,000
deferred taxes	884,000	-271,000	214,000	-107,000	-1,476,000	2,210,000	79,000	515,000		119,000	69,000	-130,000	196,000
total income tax provision	2,033,000	828,000	622,000	367,000	-1,151,000	2,427,000	373,000	907,000		192,000	-33,000	-62,000
net investment income	31,984,000	31,889,000	27,842,000	30,316,000	31,165,000	28,859,000	29,396,000	28,859,000		12,438,000	12,019,000	11,899,000	9,043,000		8,319,000	6,819,000		6,815,000	7,360,000	6,675,000	4,617,000	2,873,000	1,365,000	371,000	20,072,000	-20,000	-9,335,000	-2,830,000	1,497,000	-20,000
realized gain
income tax provision	-759,000									-244,000		-1,442,000
total net realized gain on investments, net of tax	-4,926,000	15,704,000	-27,267,000	-12,805,000	-10,289,000	711,000	-19,661,000	-7,842,000		2,320,000	575,000	2,715,000			-1,279,000	-5,547,000
net unrealized (depreciation) appreciation on investments
income tax benefit	-1,058,000	-6,229,000			13,000	276,000	303,000	7,000			-1,185,000	679,000	-435,000		-725,000	-524,000		-475,000	-183,000	153,000	319,000	-25,000		-522,000
total net unrealized (depreciation) appreciation on investments, net of tax	-1,437,000	-20,592,000	-3,643,500	-847,000		-15,535,000				-12,248,000	1,076,500	-2,054,000						-4,369,000	-1,864,000	-4,238,000
net realized and unrealized gains on investments	-6,363,000	-4,888,000	-10,270,000	-13,652,000	-8,481,000	-14,824,000	-15,927,000	-5,375,000		-9,928,000	7,736,000	661,000	6,099,000		8,357,000	2,058,000		-4,086,000	-647,000	-2,355,000	7,036,000	5,012,000
realized loss on disposal of fixed assets	-2,000		-11,000	-9,000
net increase in net assets from operations	25,619,000	27,001,000	17,561,000	16,268,000	22,684,000	14,035,000	13,469,000	23,484,000		2,510,000	19,669,000	12,560,000	15,142,000		16,390,000	8,877,000		2,729,000	6,713,000	4,320,000	11,653,000	7,885,000	6,918,000	2,697,000	31,388,000	-1,130,000	-8,948,000	2,164,000
pre-tax net investment income per share - basic	0.61	0.61	0.55	0.64
net investment income per share – basic	0.57	0.59	0.54	0.63
net increase in net assets from operations – basic	0.46	0.5	0.34	0.34
net increase in net assets from operations - diluted	0.44	0.48	0.35	0.34
weighted-average common shares outstanding – basic	55,544,095	53,516,995	47,448,093
weighted-average common shares outstanding – diluted	64,830,413	62,777,430	51,187,714
realized loss on extinguishment of debt				-387,000
weighted-average shares outstanding – basic				48,315,228											18,600,443	18,147,888	17,999,836	17,770,011	17,535,924	17,120,357	16,180,291	15,868,977	15,726,419	15,724,620	15,824,879	15,663,297	15,583,332	15,573,291
weighted-average shares outstanding – diluted				54,121,844											18,600,443	18,147,888	17,999,836	17,770,011	17,535,924	17,122,925	16,201,443	15,931,501	15,805,577	15,791,299	15,877,331	15,751,241	15,671,664	15,676,513	15,723,617
net unrealized appreciation (depreciation) on investments
total net unrealized appreciation (depreciation) on investments, net of tax					1,808,000		3,734,000	2,467,000					7,051,000		9,636,000	7,605,000
pre-tax net investment income per share - basic and diluted					0.64	0.69	0.67	0.72		0.5	0.5	0.51	0.45		0.44	0.4		0.42	0.44	0.4	0.31	0.21	0.11	0.06	1.42	-0.04	-0.59	-0.18
net investment income per share – basic and diluted					0.66	0.63	0.66	0.7		0.49	0.343	0.51	0.43		0.45	0.38		0.38	0.42	0.39	0.29	0.18	0.09	0.02	-0.195		-0.6	-0.18	0.09
net increase in net assets from operations – basic and diluted					0.48	0.31	0.28	0.57		0.1	0.258	0.54	0.71		0.88	0.49		0.15	0.38	0.25	0.72	0.5	0.44	0.17	-0.128	-0.07	-0.57	0.14
weighted-average shares outstanding – basic and diluted					47,242,863	45,665,387	40,727,133	41,513,773	30,015,533	25,513,534	22,839,835	23,432,522	21,201,884
interest income from cash and cash equivalents													1,000		4,000	3,000		12,000	16,000	12,000	4,000	29,000	56,000	70,000	-126,000	133,000	103,000	56,000	94,000	133,000
fees and other income													320,000		939,000	559,000		382,000	418,000	437,000	385,000	176,000	101,000	96,000	366,000	280,000	133,000	205,000	123,000	280,000
total income tax expense													396,000
total net realized loss on investments, net of tax													-952,000
net pension expense															33,000	33,000		35,000	36,000	40,000	40,000	43,000	43,000	43,000	303,000	38,000	-105,000	-70,000
income tax (benefit) expense															-215,000
realized losses on extinguishment of debt															-286,000
income tax expense																350,000		566,000	324,000	101,000	379,000	536,000	412,000	547,000	2,268,000	-607,000	88,000	30,000	-789,000	-607,000
total net realized gain on investments before income tax																		283,000	1,217,000	1,883,000	18,819,000	72,000	3,527,000	199,000	18,714,000	-8,170,000	-3,396,000	749,000	16,000	-8,170,000
spin-off compensation plan																						172,000	172,000	172,000	-441,000	461,000			172,000	461,000
change in unrealized appreciation of investments
total net change in unrealized appreciation of investments, net of tax																					-11,783,000	4,940,000	2,026,000
net realized and unrealized gain on investments																							5,553,000	2,326,000	11,316,000	-1,110,000	387,000	4,994,000	3,166,000	-1,110,000
unrealized appreciation of investments
total net increase in unrealized appreciation of investments, net of tax																								2,127,000	3,772,000	7,060,000
interest and dividends
spin-off professional fees																									1,740,250	249,000	5,474,000	1,238,000	79,000	249,000
income before income taxes																									22,340,000	-627,000	-9,247,000	-2,800,000	708,000	-627,000
portfolio company investments																									-7,075,000	7,060,000	3,783,000	4,245,000
total net increase in unrealized appreciation of investments																											3,783,000	4,245,000
operating expenses: - sum																													4,505,500	3,934,000
realized gain:
net increase in unrealized appreciation of investments																													3,150,000	7,060,000
increase in net assets from operations																													-2,515,750	-1,130,000
·
type
preferred & common equity
warrants
debt
partnership interests
total
recent transaction price
net asset value
asset category
preferred equity
common equity
total investments
4.
5.
6.
7.
date of issuance
2009 plan*
july 18, 2011
july 19, 2010
march 22, 2010
october 19, 2009
july 15, 2013
january 20, 2014
march 17, 2014
1999 plan
july 30, 2008
july 21, 2008
july 16, 2007
july 17, 2006
may 15, 2006
2009 plan
balance at march 31, 2012
granted
exercised
canceled/forfeited
balance at march 31, 2013
balance at march 31, 2014
balance at september 30, 2014
combined balance at september 30, 2014
¹see note 6.
september 30, 2014
outstanding
exercisable
restricted stock available for issuance as of march 31, 2014
restricted stock granted during the six months ended september 30, 2014
restricted stock forfeited during the six months ended september 30, 2014
restricted stock available for issuance as of september 30, 2014
restricted stock awards
unvested at march 31, 2014
vested
forfeited
unvested at september 30, 2014
phantom stock awards
forfeited or expired
8.
9.
per share data																															2,014
investment income
operating expenses
income taxes
net investment loss
distributions from undistributed net investment income
net realized gains
net increase in unrealized appreciation of investment
capital share transactions:
exercise of employee stock options
issuance of restricted stock*
stock option expense
increase in net asset value
beginning of period
end of period
alamo group, inc.
capitala finance corporation
encore wire corporation
north american energy partners
the rectorseal corporation
tci holdings, inc.
the whitmore manufacturing company
cinatra clean technologies, inc.
discovery alliance, llc
startech seed fund ii
tristate capital holdings, inc.
total realized gain
imemories, inc.
instawares holding company
kbi biopharma, inc.
media recovery, inc.
titanliner, inc.
wellogix, inc.
the whitmore manufacturing company.
item 3.
item 4.
item 1.
item 1a.
item 6.
exhibit no.
10.1
10.2
10.3
10.4
10.5
31.1
31.2
32.1
32.2
november 7, 2014
date

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-03-31	2022-12-31	2022-09-30

assets
investments at fair value:
non-control/non-affiliate investments	1,488,403,000	1,449,483,000	1,436,316,000	1,471,215,000	1,297,261,000	1,274,554,000	1,286,355,000	1,124,887,000	966,627,000	929,089,000	859,250,000
affiliate investments	334,811,000	276,771,000	292,891,000	221,044,000	201,870,000	184,193,000	190,206,000	185,950,000	188,505,000	173,332,000	146,784,000
control investments	54,693,000	53,944,000	56,092,000	9,027,000	9,376,000	9,379,000		54,200,000	51,256,000	47,625,000	50,897,000
total investments	1,877,907,000	1,780,198,000	1,785,299,000	1,701,286,000	1,508,507,000	1,468,126,000	1,476,561,000	1,365,037,000	1,206,388,000	1,150,046,000	1,056,931,000
cash and cash equivalents	87,429,000	46,889,000	43,221,000	36,013,000	47,237,000	33,299,000	32,273,000	23,605,000	21,585,000	21,686,000	30,238,000
restricted cash	1,650,000	1,650,000	1,650,000
receivables:
dividends and interest	33,031,000	30,141,000	30,303,000	28,237,000	29,981,000	24,459,000	22,928,000	23,609,000	18,430,000	16,352,000	14,686,000
escrow	1,855,000	2,003,000	1,926,000			16,000	16,000	16,000	363,000	362,000	363,000
other	2,698,000	3,705,000	2,018,000	4,056,000	1,477,000	1,048,000	7,276,000	1,264,000	647,000	3,203,000	893,000
income tax receivable	48,000	95,000	94,000	668,000	484,000	380,000	336,000	349,000	368,000	238,000	158,000
debt issuance costs	8,277,000	8,981,000	9,266,000	9,938,000	10,611,000	10,805,000	10,928,000	9,655,000	3,717,000	3,996,000	4,044,000
other assets	8,429,000	8,750,000	9,063,000	8,867,000	6,201,000	5,899,000	6,440,000	5,952,000	6,186,000	6,274,000	5,858,000
total assets	2,021,324,000	1,882,412,000	1,882,840,000	1,789,065,000	1,604,498,000	1,544,032,000	1,556,758,000	1,429,487,000	1,257,684,000	1,202,157,000	1,113,171,000
liabilities
sba debentures	170,912,000	171,115,000	170,918,000	170,721,000	149,064,000	148,880,000	148,695,000	126,081,000	116,330,000	100,582,000	77,553,000
october 2026 notes	149,231,000	149,038,000	148,846,000	148,654,000	148,462,000	148,269,000	148,077,000	147,884,000	147,263,000	147,078,000	146,893,000
august 2028 notes	70,446,000	70,320,000	70,194,000	70,075,000	69,948,000	69,820,000	69,693,000	69,566,000
2029 convertible notes	223,847,000	223,477,000	223,107,000	222,744,000
september 2030 notes	343,322,000
credit facilities	77,000,000	312,000,000	343,000,000	308,000,000	278,000,000	229,000,000	265,000,000
other liabilities	21,079,000	19,136,000	23,038,000	20,993,000	14,259,000	16,301,000	17,381,000	18,376,000	16,761,000	14,568,000	22,434,000
accrued restoration plan liability	545,000	550,000	555,000	556,000	561,000	566,000	570,000	584,000	598,000	2,639,000	2,628,000
income tax payable	3,077,000	7,383,000	2,769,000	1,251,000	799,000	449,000	281,000	802,000	156,000	409,000	258,000
deferred tax liability	14,861,000	12,919,000	16,780,000	15,629,000	12,590,000	13,944,000	11,997,000	10,925,000	12,117,000	11,427,000	8,798,000
total liabilities	1,074,320,000	965,938,000	999,207,000	958,623,000	813,240,000	766,701,000	801,082,000	708,522,000	667,276,000	640,670,000	637,447,000
commitments and contingencies
net assets
common stock	14,242,000	13,807,000	13,228,000	12,513,000	11,922,000	11,709,000	11,263,000	10,745,000	9,604,000	9,225,000	7,780,000
additional paid-in capital	1,040,244,000	999,728,000	959,123,000	903,513,000	855,177,000	833,627,000	796,945,000	751,411,000	646,586,000	616,590,000	521,072,000
total distributable earnings	-107,482,000	-97,061,000	-88,718,000	-85,584,000	-75,841,000	-68,005,000	-52,532,000	-41,191,000	-41,845,000	-40,391,000	-29,191,000
total net assets	947,004,000	916,474,000	883,633,000	830,442,000	791,258,000	777,331,000	755,676,000	720,965,000	590,408,000	561,487,000	475,724,000
total liabilities and net assets	2,021,324,000	1,882,412,000	1,882,840,000	1,789,065,000	1,604,498,000	1,544,032,000	1,556,758,000	1,429,487,000	1,257,684,000	1,202,157,000	1,113,171,000
net asset value per share	16,620	16,590	16,700	16,590	16,590	16,600	16,770	16,770	16,370	16,250	16,530
january 2026 notes					139,557,000	139,472,000	139,388,000	139,304,000	139,051,000	138,967,000	138,883,000
treasury stock									-23,937,000	-23,937,000	-23,937,000
credit facility								195,000,000	235,000,000	225,000,000	240,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2020-09-30	2020-06-30	2016-06-30	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30

cash flows from operating activities
net increase in net assets from operations	25,619,000	27,001,000	17,561,000	16,268,000	22,684,000	14,035,000	13,469,000	23,484,000	22,624,000	23,812,000	18,176,000	2,949,000	9,458,000	2,510,000	19,669,000	12,560,000	-4,556,000	15,142,000	16,390,000	8,877,000	2,697,000
adjustments to reconcile net increase in net assets from operations to net cash from operating activities:
purchases and originations of investments	-142,845,000	-94,866,000	-153,571,000	-272,844,000	-102,813,000	-91,236,000	-179,633,000	-111,842,000	-101,905,000	-104,106,000	-89,798,000	-126,579,000	-81,867,000	-134,956,000	-89,152,000	-220,537,000	-82,244,000	-107,285,000	-61,865,000	-37,757,000	-5,836,000
proceeds from sales and repayments of debt investments in portfolio companies	40,946,000	73,799,000	50,015,000	73,856,000	57,671,000	95,382,000	36,871,000	99,745,000	30,138,000	24,653,000	32,402,000	21,776,000	29,952,000	54,921,000	37,696,000	154,618,000	62,724,000	4,120,000	29,000,000	7,624,000
proceeds from sales and return of capital of equity investments in portfolio companies	4,615,000	26,303,000					0	729,000	0	3,402,000	0	915,000	6,000	1,743,000	0	6,510,000	3,739,000	1,632,000
payment of accreted original issue discounts	271,000	940,000	614,000	86,000	707,000	1,046,000	430,000	1,208,000	302,000	223,000	126,000	171,000	186,000	1,087,000	559,000	1,820,000	1,272,000	41,000	350,000	14,000	27,000
payment of accrued payment-in-kind interest	0	510,000	952,000								0	1,027,000			1,421,000	1,744,000
depreciation and amortization	1,752,000	1,684,000	1,672,000	1,595,000	1,319,000	1,279,000	1,176,000	1,187,000	1,162,000	779,000	748,000	674,000	677,000	651,000	602,000	541,000	585,000	502,000	499,000	453,000	23,000	27,000	20,000	16,000	34,000	14,000	5,000	2,000	18,000	0	-1,000	6,000	11,000	19,000	1,000	0	5,000
net pension benefit	-16,000	-17,000	-17,000	-16,000	-16,000	-17,000	-17,000	-16,000	-17,000	-16,000	19,000	19,000	-31,000	-31,000	-33,000	-33,000	-33,000	-33,000	-26,000	-27,000		-12,000					-378,000	44,000			106,000	-9,000	-75,000	-225,000	2,000	-4,000	-73,000
realized loss on investments before income tax						-696,000	19,803,000							-2,392,000
realized loss on disposal of fixed assets			11,000
net unrealized depreciation on investments before income tax	379,000	24,180,000
accretion of discounts on investments	-2,054,000	-2,711,000	-1,922,000	-1,640,000	-1,560,000	-1,531,000	-1,252,000	-1,291,000	-1,448,000	-1,172,000	-969,000	-1,062,000	-963,000	-848,000	-828,000	-758,000	-731,000	-688,000	-544,000	-519,000	-75,000
payment-in-kind interest	-3,110,000	-3,005,000	-4,126,000	-2,739,000	-2,474,000	-3,591,000	-3,070,000	-5,451,000	-714,000	-1,999,000	-2,074,000	-1,915,000	-1,166,000	-810,000		-866,000
share-based compensation expense	1,270,000	1,143,000	2,657,000	1,544,000	1,538,000	1,224,000	1,131,000	1,188,000	1,236,000	963,000	832,000	992,000	1,060,000	821,000		849,000	923,000	1,076,000				194,000	370,000	359,000
deferred income taxes	1,942,000	-3,860,000	1,151,000	3,039,000	-1,354,000	1,946,000	1,072,000	567,000	-1,496,000	-262,000	689,000	2,630,000	1,849,000	1,201,000	1,253,000	-808,000	1,326,000	631,000	341,000	664,000
changes in other assets and liabilities:
increase in dividend and interest receivable			-2,084,000	1,591,000	-5,975,000	-1,610,000	681,000	573,000	-4,436,000	-1,647,000		-2,083,000					-1,019,000	-622,000				-399,000	-201,000	-18,000		-7,039,000						-41,000	-435,000	3,813,000
decrease in escrow receivables			-1,926,000	0			0	-2,000					773,000	-17,000			0	209,000			1,600,000
decrease in tax receivable			573,000	-184,000	-105,000	-43,000	12,000	-13,000	-234,000	266,000
decrease in other receivables	1,021,000	102,000																						70,000
decrease in other assets	271,000	333,000			110,000	480,000								-301,000		-681,000	-571,000	100,000						69,000				58,000				32,000
increase in taxes payable	-4,306,000	4,615,000	1,518,000	451,000	351,000	167,000	-520,000	339,000	-414,000	721,000	-254,000	151,000	101,000	-1,083,000	-286,000	1,411,000	-1,000	67,000	182,000	-46,000
decrease in other liabilities	1,639,000	-3,904,000			-2,041,000	-1,079,000				-1,630,000							-332,000	-2,277,000		-193,000	-1,257,000			-2,711,000				-834,000				-916,000					22,000
net cash from operating activities	-71,224,000	30,493,000	-58,728,000	-165,824,000	-23,831,000	31,125,000	-102,093,000	18,014,000	-48,791,000	-55,626,000	-33,452,000	-98,090,000	-25,755,000	-69,803,000	-43,572,000	-35,314,000	-3,496,000	-100,293,000	-23,900,000	-22,899,000	2,958,000				11,949,000	93,266,000	33,171,000	1,528,000	6,434,000	173,000	8,558,000	-10,539,000	66,154,000	12,154,000	-7,155,000	27,872,000	-9,322,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0				0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	-71,224,000	30,493,000	-58,728,000	-165,824,000	-23,831,000	31,125,000	-102,093,000	18,014,000	-48,791,000	-55,626,000	-33,452,000	-98,090,000	-25,755,000	-69,803,000	-43,572,000	-35,314,000	-3,496,000	-100,293,000	-23,900,000	-22,899,000	2,958,000				11,949,000	93,266,000	33,171,000	1,528,000	6,434,000	173,000	8,558,000	-10,539,000	66,154,000	12,154,000	-7,155,000	27,872,000	-9,322,000
cash flows from investing activities
acquisition of fixed assets	-81,000	-141,000	-396,000	-748,000	-497,000	-25,000	-10,000	-1,000	0	-2,000	-122,000	-3,000	0	-156,000
net cash from investing activities	-81,000	-141,000	-396,000	-748,000	-497,000	-25,000	-10,000	-1,000	0	-2,000	-122,000	-3,000	0	-156,000
cash flows from financing activities
proceeds from common stock offering	39,699,000	41,197,000	67,542,000	52,915,000	20,244,000	37,792,000	48,513,000	65,550,000	22,502,000	44,888,000	28,787,000	101,608,000	26,510,000	46,051,000	24,795,000	15,760,000	29,890,000	27,696,000	516,000	5,624,000
borrowings under credit facilities	150,000,000	49,000,000	94,000,000
repayments of credit facilities	-385,000,000	-80,000,000	-59,000,000
debt issuance costs paid	-1,023,000	-417,000	-7,000	-599,000	-458,000	-496,000	-1,801,000	-982,000	-7,078,000	-322,000	0	-725,000	0	-523,000	-420,000	-55,000	-2,986,000	-404,000
proceeds from issuance of september 2030 notes
dividends to shareholders	-36,039,000	-35,344,000	-33,707,000	-31,532,000	-30,520,000	-29,508,000	-28,382,000	-26,858,000	-24,769,000	-22,916,000	-20,925,000	-19,275,000	-14,287,000	-16,615,000	-11,777,000	-22,917,000	-12,402,000	-11,528,000	-9,498,000	-9,480,000
common stock withheld for payroll taxes upon vesting of restricted stock	0	-1,120,000	-846,000	0	0	-1,862,000	1,000	-138,000	0	-926,000	1,000	-381,000	0	-641,000	0	-862,000	-5,000	-541,000
net cash from financing activities	111,845,000	-26,684,000	67,982,000	155,348,000	38,266,000	-30,074,000	110,771,000	-17,428,000	50,533,000	55,321,000	33,473,000	89,541,000	37,223,000	77,298,000	38,330,000	27,142,000	13,793,000	85,223,000	24,925,000	24,141,000	-1,970,000	-2,000	-13,000,000	-1,155,000	-801,000	-1,580,000	1,642,000	-1,541,000	2,427,000			-1,065,000	-65,314,000	-2,651,000	-1,600,000	1,599,000	-1,501,000
net increase in cash, cash equivalents and restricted cash	40,540,000	3,668,000
cash and cash equivalents at beginning of period	0	44,871,000	0	0	0	32,273,000	0	0	0	21,585,000	0	0	0	11,431,000		0	0	31,613,000	0	13,744,000	95,969,000	0	0	225,797,000	-34,787,000	34,800,000	-13,000	88,163,000	13,585,000	-1,981,000	-11,604,000	81,767,000	64,895,000	-7,825,000	18,648,000	-10,823,000	45,498,000
cash, cash equivalents and restricted cash at end of period	40,540,000	48,539,000
supplemental cash flow disclosures:
cash paid for income taxes	6,235,000	2,717,000	1,259,000	69,000	0	115,000	802,000	59,000	250,000	65,000	415,000	81,000	0	1,400,000	311,000	0			160,000	379,000
cash paid for interest	14,832,000	14,846,000	14,092,000	9,948,000	13,272,000	9,274,000	11,768,000	9,573,000	10,437,000	5,975,000	9,529,000	7,973,000	3,444,000	4,520,000	4,660,000	1,126,000	8,079,000	4,539,000	2,633,000	2,996,000
realized gain on investments before income tax		-21,826,000							-225,000	12,461,000		11,015,000						1,135,000	1,279,000	5,560,000	-199,000					-64,836,000	-62,106,000	15,713,000				-55,000
decrease in dividend and interest receivable		160,000												154,000
increase in escrow receivables		-88,000								-105,000					0
increase in tax receivable																			3,000	-200,000
proceeds from return of capital of investment in i-45 slf llc
realized loss on extinguishment of debt			0				0	0							0	0
net unrealized (appreciation) depreciation on investments before income tax							-4,729,000	-2,518,000	5,682,000	-12,058,000								-7,486,000
increase in other assets			67,000				-564,000														-295,000				-218,000	-125,000							25,000				1,000
increase in other liabilities			2,045,000				-997,000	3,314,000			2,193,000	-7,866,000	9,200,000	-1,530,000	1,415,000							-2,971,000			1,806,000	-290,000			-1,808,000	951,000				349,000	-130,000
equity offering costs paid											0
proceeds from issuance of sba debentures			0				22,440,000	0	4,878,000	4,878,000	15,610,000	23,416,000	0	39,026,000	10,732,000	11,220,000
proceeds from issuance of 2029 convertible notes			0
proceeds from issuance of august 2028 notes							0	0	0	69,719,000
redemption of january 2026 notes			0
distributions in kind received
realized loss investments before income tax				12,807,000
net unrealized depreciation (appreciation) on investments before income tax				-2,162,000	-1,795,000	15,811,000					4,098,000	1,953,000
increase in other receivables				-2,592,000	-421,000	-442,000		-529,000	83,000	-171,000				-2,090,000	-1,963,000	2,052,000	2,780,000	-4,936,000	-98,000	-151,000	-60,000
net increase in cash and cash equivalents				-11,224,000	13,938,000	1,026,000	8,668,000	585,000	1,742,000	-307,000	-101,000	-8,552,000	11,468,000	7,339,000	-7,237,000	-8,172,000	10,297,000	-15,070,000	1,025,000	1,242,000	988,000	-40,431,000			11,148,000	91,686,000			8,861,000			-11,604,000	840,000	9,503,000	-8,755,000	29,471,000	-10,823,000
cash and cash equivalents at end of period				-11,224,000	13,938,000	33,299,000	8,668,000	585,000	1,742,000	21,278,000	-101,000	-8,552,000	11,468,000	18,770,000		-8,172,000	10,297,000	16,543,000	1,025,000	14,986,000	96,957,000	-40,431,000	-28,512,000	212,623,000	-23,639,000	126,486,000	34,800,000	88,150,000	22,446,000	-2,465,000	-1,981,000	70,163,000	65,735,000	1,679,000	9,893,000	18,648,000	34,675,000
borrowings under credit facility					70,000,000	74,000,000	110,000,000	30,000,000	90,000,000	75,000,000	45,000,000	45,000,000	40,000,000	55,000,000	20,000,000	105,000,000	120,000,000	70,000,000	65,000,000	28,000,000
repayments of credit facility					-21,000,000	-110,000,000	-40,000,000	-85,000,000	-35,000,000	-115,000,000	-35,000,000	-60,000,000	-15,000,000	-45,000,000	-5,000,000	-130,000,000
proceeds from issuance of october 2026 notes															0	48,996,000
redemption of october 2024 notes															0	0
payment for debt extinguishment costs															0	0
decrease (increase) in other assets										260,000									95,000	263,000										-25,000
proceeds from issuance of october 2024 notes
proceeds from issuance of january 2026 notes
redemption of december 2022 notes
decrease (increase) in escrow receivables																			0	493,000
decrease (increase) in other receivables
net unrealized appreciation on investments before income tax														11,167,000		2,733,000
realized (gain) loss on investments before income tax															-559,000	-3,806,000								-749,000									-66,888,000				5,911,000
taxes payable on deemed distribution of long-term capital gains
net unrealized (appreciation) depreciation on investments
payment-in-kind interest and dividends																		-1,761,000	-2,149,000	-899,000
stock option and restricted awards expense																			853,000	612,000	239,000
increase in payable for unsettled transaction
repurchase of common stock
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
decrease (increase) in dividend and interest receivable																				462,000	368,000							565,000								22,000	-229,000
decrease (increase) in tax receivable																116,000	-135,000	140,000
partial redemption of december 2022 notes
capital southwest corporation and subsidiaries
consolidated schedule of investments
december 31, 2021
portfolio company1,18
non-control/non-affiliate investments5
aac new holdco inc.
acceleration partners, llc8,13
ace gathering, inc.
alliance sports group, l.p.
allover media, llc
american nuts operations llc13
september 30, 2021
portfolio company1,19
adams publishing group, llc
june 30, 2021
portfolio company1
realized losses on extinguishment of debt
decrease in payable for unsettled transaction																					-3,940,000
september 30, 2020
aac holdings, inc.
ag kings holdings inc.
net unrealized depreciation (appreciation) on investments																				-8,129,000
june 30, 2020
net proceeds from disposition of and return of capital on investments
principal repayments on debt investments																					11,253,000
net increase in unrealized appreciation of investments																					-2,127,000		-1,634,000	-4,245,000			112,661,000	-36,917,000	-39,724,000	-7,693,000	-35,223,000	-10,392,000		-29,837,000	-92,874,000
deferred income tax expense																					547,000
increase in deferred income taxes																								618,000		-159,000	-291,000	270,000		-990,000	-37,000	3,000	26,000	-150,000	-2,000	4,000	25,000
distributions from undistributed net investment income																					-625,000		0	-1,542,000	-1,542,000			-1,541,000	-1,525,000			-1,524,000	-1,505,000	-1,501,000			-1,501,000
proceeds from exercise of employee stock options																						0	0	387,000	741,000	-39,000			3,952,000			459,000	3,017,000
spin-off compensation plan distribution																					-1,345,000
supplemental disclosure of noncash financing activities:
dividend declared, not yet paid																					939,000
non-control/non-affiliate investments4
360 holdings iii corp.
alamo group inc.																					176,000
argon medical devices
cast and crew payroll, llc
deepwater corrosion services, inc.																					127,004,000
digital river, inc.
hygea holdings
imagine! print solutions, inc.
infogroup inc.
lti holdings, inc.
prepaid legal services, inc.
research now group, inc.
royal holdings, inc.
taxact, inc.7
titanliner, inc.
trax data refinery, inc.
vivid seats
increase in net assets from operations																								2,164,000	22,748,000	61,284,000	-50,311,000	19,721,000	52,442,000	15,144,000	35,179,000	9,245,000		40,934,000	76,526,000	-15,248,000	-10,455,000
adjustments to reconcile increase in net assets from operations to net cash from operating activities:
net realized loss on investments
net decrease in unrealized appreciation of investments																																	78,521,000				4,558,000
increase in income tax receivable																						-711,000	377,000	-589,000		193,000	405,000	-367,000
purchases of securities																						-45,951,000	-19,367,000	-14,769,000	-6,972,000			-76,000	-11,928,000	301,000	7,862,000	-8,842,000	-6,251,000	-11,800,000	101,000	8,144,000	-9,822,000
distributions from undistributed net realized gain
cash distribution to csw industrials
decrease in net assets from operations																																	-11,615,000
net proceeds from disposition of investments																							8,500,000	7,249,000	88,499,000	66,750,000	47,151,000	3,127,000				55,000	67,505,000	19,037,000	-5,083,000	18,461,000	39,000
return of capital on investments																							1,000	645,000				76,000
net realized (gain) losses on investments
increase in receivables from brokerage firm
decrease in deferred income taxes
net cash (used in ) provided by operating activities																							-15,512,000	-12,019,000
distribution to csw industrials
cost of investments spun-off
decrease in unrealized appreciation
net pension assets
decrease in deferred tax liabilities
net pension (benefit) expense																								-128,000	-410,000
net decrease in cash and cash equivalents																								-13,174,000				-13,000
company
atlantic capital bancshares, inc atlanta, georgia holding company of atlantic capital bank, a full service commercial bank.																								300,000,000		299,998,100	0	1,900		0	0	1,900	1,900
¥balco, inc. wichita, kansas specialty architectural products used in the construction and remodeling of commercial and institutional buildings.																								445,000,000		444,904,300	0	95,700		0	0	95,700	95,700
¥ capstar holdings corporation dallas, texas acquire, hold and manage real estate for potential development and sale.																								500,000		400,000	0	100,000				100,000
deepwater corrosion services, inc. houston, texas full-service corrosion control company providing the oil and gas industry with expertise in cathodic protection and asset integrity management.																								127,004,000		126,972,900	-200	31,300
imemories, inc. scottsdale, arizona enables online video and photo sharing and dvd creation for home movies recorded in analog and new digital format.																								17,391,304,000				23,300
return of capital on investment
realized gains on investments before income tax
taxes incurred on deemed capital gain distribution																									0				0
net decrease (increase) in unrealized appreciation of investments
increase in receivables from affiliates																									-17,848,000	14,717,000			5,000
dividends paid from capital gains
supplemental disclosure of cash flow information:
income taxes paid
a.
net decrease (increase)in unrealized appreciation of investments
stock option expense																										19,000	-40,000	116,000		-177,000	1,000	174,000	257,000	797,000	-6,000	14,000	245,000
*boxx technologies, inc. austin, texas workstations for computer graphic imaging and design.																										3,125,339,100	0	14,900		0	0	14,900	14,900
*†alamo group inc. seguin, texas tractor-mounted mowing and mobile excavation equipment for governmental, industrial and agricultural markets; street-sweeping equipment for municipalities.																											-4,600	22,000				22,000	22,000
*†encore wire corporation mckinney, texas electric wire and cable for residential, commercial and industrial construction use.																											-1,700	6,200					6,200
decrease in receivables from affiliates																												30,000									340,000
proceeds from repayment of loans																																					111,000
net pension expense																													132,000
stock option and restricted awards (benefit)expense
dividends paid from net realized capital gain
*†alamo group inc. seguin, texas tractor-mounted mowing and mobile excavation equipment for governmental, industrial and agricultural markets; street-sweeping and snow removal equipment for municipalities.																														0
¥ capstar holdings corporation dallas, texas acquires holds and manages real estate for potential development and sale.																														0
cinatra clean technologies, inc. houston, texas cleans above ground oil storage tanks with a patented, automated system.																																76,200	73,400
net proceeds (expenses) from disposition of investments
decrease (increase) in receivables from affiliates																															-631,000	201,000
decrease in commitment payable
dividends paid from net realized gain																																	-66,826,000
cinatra clean technologies, inc. houston, texas
cleans above ground oil storage tanks with a patented, automated system.
adjustments to reconcile decrease in net assets from operations to net cash from operating activities:
increase in commitment payable																																	5,950,000
income taxes
(increase) /decrease in receivables from affiliates and other receivables																																	-701,000
(decrease)/increase in other liabilities																																	-176,000
purchase of treasury stock
taxes payable on behalf of shareholders on deemed distribution																																		0
payment of federal income tax for deemed capital gains distribution
b.
total investments
proceeds from repayment of loan securities or investments
non-cash transaction:
this transaction had the following non-cash effect on the company’s consolidated statements of assets and liabilities:

Capital Southwest Corporation(NASDAQ:CSWC)

Capital Southwest Corporation
(NASDAQ:CSWC)