西南资本 2026年季度报告

(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedDecember31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ……………..to …………….. Commission File Number:814-00061 Registrant's telephone number, including area code:(214) 238-5700 Securities registered pursuant to Section 12(b) of the Act: Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which RegisteredCommon Stock, $0.25 par value per shareCSWCThe Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reportingcompany☐Emerging growthcompany If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 60,162,020 shares of Common Stock, $0.25 value per share, as of January 29, 2026. TABLE OF CONTENTS Item 1.Consolidated Financial Statements3Consolidated Statements of Assets and Liabilities as of December 31, 2025 (Unaudited) and March 31, 20253Consolidated Statements of Operations (Unaudited) for the three and nine months ended December 31, 2025 and20244Consolidated Statements of Changes in Net Assets (Unaudited) for the nine months ended December 31, 2025and 20245Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2025 and 20246Consolidated Schedule of Investments as of December 31, 2025 (Unaudited) and March 31, 20257Notes to Consolidated Financial Statements (Unaudited)56Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months endedDecember 31, 202595Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations102Item 3.Quantitative and Qualitative Disclosures About Market Risk119Item 4.Controls and Procedures120 Item 1.Legal Proceedings121Item1A.Risk Factors121Item 2.Unregistered Sales of Equity Securities and Use of Proceeds121Item 3.Defaults Upon Senior Securities121Item 4.Mine Safety Disclosures121Item 5.Other Information121Item 6.Exhibits122 Signatures CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS The accompanying Notes are an integral part of these Consolidated Financial Statements. All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.(1) All of the Company’s investments and the investments of Capital Southwest SPV LLC ("SPV"), SBIC I (as defined below) and SBIC II (as definedbelow) 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) The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) andreset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and thecurrent contractual interest rate in effect at December 31, 2025. Certain investments are subject to an interest rate floor. As noted above, certaininvestments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a