v3.26.1
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Assets    
Investments at fair value $ 2,097,446 [1],[2],[3],[4],[5] $ 1,785,299 [6],[7],[8],[9],[10]
Cash and cash equivalents 29,045 43,221
Restricted cash 400 1,650
Receivables:    
Dividends and interest 31,678 30,303
Escrow 612 1,926
Other 2,190 2,018
Income tax receivable 717 94
Debt issuance costs (net of accumulated amortization of $13,172 and $10,357, respectively) 6,870 9,266
Other assets 8,560 9,063
Total assets 2,177,518 1,882,840
Liabilities    
Credit Facilities 345,000 343,000
Other liabilities 21,629 23,038
Accrued restoration plan liability 529 555
Income tax payable 636 2,769
Deferred tax liability 12,507 16,780
Total liabilities 1,166,526 999,207
Commitments and contingencies (Note 12)
Net Assets    
Common stock, $0.25 par value: authorized, 75,000,000 shares at March 31, 2026 and March 31, 2025; issued, 60,577,181 shares at March 31, 2026 and 52,912,796 shares at March 31, 2025 15,144 13,228
Additional paid-in capital 1,074,854 959,123
Total distributable (loss) earnings (79,006) (88,718)
Total net assets 1,010,992 883,633
Total liabilities and net assets $ 2,177,518 $ 1,882,840
Net asset value per share (in usd per share) $ 16.69 $ 16.70
SBA Debentures    
Liabilities    
SBA Debentures (net of $5,333 and $4,082, respectively, of unamortized debt issuance costs) $ 217,667 $ 170,918
October 2026 Notes    
Liabilities    
Notes 0 148,846
August 2028 Notes    
Liabilities    
Notes 0 70,194
2029 Convertible Notes    
Liabilities    
Notes 224,587 223,107
September 2030 Notes    
Liabilities    
Notes 343,971 0
Non-control/Non-affiliate investments    
Assets    
Investments at fair value 1,682,425 1,436,316
Affiliate investments    
Assets    
Investments at fair value 340,760 292,891
Control investments    
Assets    
Investments at fair value $ 74,261 $ 56,092
[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 and the investments of Capital Southwest SPV LLC ("SPV"), SBIC I (as defined below) and SBIC II (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP ("SBIC I") and Capital Southwest SBIC II, LP ("SBIC II"), the Company's wholly-owned subsidiaries that operate as small business investment companies, respectively.
[2] Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At March 31, 2026, the Company held $1,682.4 million of non-control/non-affiliate investments, which represented approximately 80.2% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 166.5%.
[3] The Company's investment portfolio is comprised entirely of debt and equity securities, along with other financial instruments, 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 valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
[4] Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[5] Unless otherwise noted, all portfolio company headquarters are based in the United States.
[6] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[7] Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At March 31, 2025, the Company held $1,436.3 million of non-control/non-affiliate investments, which represented approximately 80.5% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 162.6%.
[8] 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 valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
[9] Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[10] Unless otherwise noted, all portfolio company headquarters are based in the United States.