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CSWC on Nasdaq

CAPITAL SOUTHWEST CORP

CAPITAL SOUTHWEST CORP is a corporation registered in the United States, based in Dallas, active since 1961.2 Its shares trade on Nasdaq under the symbol CSWC.2

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Last updated Oct 21, 2026.

Overview

$113.0MNet income, fiscal 20263

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  • TickerCSWC on Nasdaq2
  • HeadquartersDallas, United States2
  • Incorporated inTX4
  • Business address8333 Douglas Ave, Suite 1100, Dallas, Tx 752254
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation2
  • LEI54930023YZ4YEJEDBO562
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CT CORPORATION SYSTEM, 1999 BRYAN ST, SUITE 900, 75201 Dallas, United States2
  • Registered withCorporations Section (Texas Secretary of State), 00173857002

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Capital Southwest Corporation (“we,” “our,” “us,” “CSWC,” or the “Company”), a Texas corporation, is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Because CSWC is internally managed, all of the executive officers and other employees are employed by CSWC. Therefore, CSWC does not pay any external investment advisory fees, but instead directly incurs the operating costs associated with employing investment and portfolio management professionals.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

11.2%Return on equity3
1.12×Debt to equity3
-$193.8MFree cash flow3

Financial statements

Net income7893$113.0M in 2026+122% since 2021
0$50.0M$100.0M$150.0M2021: $50.9M$50.9M20212022: $42.8M$42.8M2022−16%2023: $33.1M$33.1M2023−23%2024: $83.4M$83.4M2024+152%2025: $70.5M$70.5M2025−15%2026: $113.0M$113.0M2026+60%

Every line of the income statement as filed: the last 5 fiscal years (annual) or 8 quarters (quarterly), latest first.3

Period ending2026-03-312025-03-312024-03-312023-03-312022-03-31
Other income$2.0M$2.4M$545.0K
Total investment income$232.1M$204.4M$178.1M
Compensation$11.9M$11.1M$10.6M
Share-based compensation$5.0M$7.0M$4.5M
Interest$66.6M$55.0M$43.1M
Professional fees$5.0M$4.7M$3.7M
General and administrative$7.0M$6.2M$5.2M
Total operating expenses$95.5M$84.0M$67.2M
Income before taxes$136.6M$120.4M$110.9M
Federal income, excise and other taxes$2.9M$1.4M$1.1M
Deferred taxes-$1.8M$841.0K-$191.0K
Total income tax provision$1.1M$2.3M$944.0K
Net investment income$135.5M$118.2M$110.0M
Income tax provision-$8.3M-$2.9M-$286.0K
Total net realized gain (loss) on investments, net of tax$5.5M-$49.6M-$39.9M
Income tax benefit (provision)$2.1M-$3.7M$17.0K
Total net unrealized (depreciation) appreciation on investments, net of tax-$25.8M$2.4M$13.6M
Net realized and unrealized (losses) gains on investments-$20.3M-$47.2M-$26.3M
Realized loss on extinguishment of debt-$2.2M-$387.0K-$361.0K
Realized loss on disposal of fixed assets-$2.0K-$20.0K$0
Net increase in net assets from operations$113.0M$70.5M$83.4M
Pre-tax net investment income per share - basic (in usd per share)$2$2$3
Net investment income per share basic (in usd per share)$2.37$2.46$2.70$2.29$1.87
Net increase in net assets from operations basic (in usd per share)$1.98$1.47$2.05
Net increase in net assets from operations - diluted (in usd per share)$1.90$1.47$2.05
Weighted average common shares outstanding basic (in shares)56.5M shares47.4M shares40.7M shares30.0M shares22.8M shares
Weighted average common shares outstanding diluted (in shares)65.8M shares51.2M shares40.7M shares30.0M shares22.8M shares

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Corporate structure

CAPITAL SOUTHWEST CORP sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • CAPITAL SOUTHWEST CORP Dallas, Texas, United States
    • Capital Southwest Equity Investments, Inc. Subsidiary · Delaware, United States
    • Capital Southwest SBIC I GP, LLC Subsidiary · Delaware, United States
    • Capital Southwest SBIC I, LP Subsidiary · Delaware, United States
    • Capital Southwest SBIC II, LP Subsidiary · Delaware, United States
    • Capital Southwest SPV LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What CAPITAL SOUTHWEST CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$3.7M3 Mar 31, 2026$3.9M3 Mar 31, 2025−5.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$29.0M3 Mar 31, 2026$43.2M3 Mar 31, 2025−32.8%

Properties, in its own words

We do not own any real estate or other physical properties. We maintain our offices at 8333 Douglas Avenue, Suite 1100, Dallas, Texas 75225, where we lease approximately 20,000 square feet of office space pursuant to a lease agreement expiring in September 2035. We believe that our offices are adequate to meet our current and expected future needs.

Item 2 of the 10-K filed May 19, 2026.6

Leadership

Who has led CAPITAL SOUTHWEST CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William R. Thomas2007
  2. Gary L. Martin2013
  3. Joseph B. Armes2013–2015
  4. Bowen S. Diehl2015–2024
  5. Michael Scott Sarner2025–now

Chair

  1. Gary L. Martin2008–2012

President

  1. William R. Thomas2007
  2. Gary L. Martin2007–2012
  3. Joseph B. Armes2013–2015
  4. Bowen S. Diehl2015–2024
  5. Michael Scott Sarner2025–now

Chief financial officer

  1. Tracy L. Morris2008–2013
  2. Kelly Tacke2013–2014
  3. Michael Scott Sarner2015–2024
  4. Chris Rehberger2025–now
2010201520202025
Board members and other officers (30)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Capital Southwest Equity Investments, Inc. Delaware5
  • Capital Southwest SBIC I GP, LLC Delaware5
  • Capital Southwest SBIC I, LP Delaware5
  • Capital Southwest SBIC II, LP Delaware5
  • Capital Southwest SPV LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 15, 20268-K Results of operations50
  2. Sep 15, 20268-K Entered a material agreement; New debt or obligation51
  3. Sep 2, 20268-K Entered a material agreement; New debt or obligation; Other events52
  4. Sep 1, 20268-K Bylaws or fiscal year changed; Shareholder vote; Regulation FD disclosure53
  5. Aug 27, 20268-K Regulation FD disclosure54
  6. Aug 7, 20268-K Entered a material agreement55
  7. Aug 3, 20268-K Results of operations; Regulation FD disclosure56
  8. Jul 22, 20268-K Shareholder vote57
  9. Jul 16, 20268-K Results of operations58
  10. May 27, 20268-K Regulation FD disclosure59
  11. May 19, 20268-K Entered a material agreement60
  12. May 13, 20268-K Results of operations; Regulation FD disclosure61
  13. Jun 10, 2025New chief executive Michael Scott Sarner becomes CEO12
  14. Oct 16, 2015New chief executive Bowen S. Diehl becomes CEO13
  15. Jul 17, 2013New chief executive Joseph B. Armes becomes CEO15
  16. Mar 12, 2013New chief executive Gary L. Martin becomes CEO14
  17. Feb 14, 2007New chief executive William R. Thomas becomes CEO16
  18. Apr 19, 1961Founded CAPITAL SOUTHWEST CORP is founded2

Calendar

Coming up

  1. Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.57 a share, on Nov 3, 2025.62
  2. Nov 13, 2026Dividend Ex-dividend; $0.1934 a share; paid 2026-11-30.63
  3. Dec 15, 2026Dividend Ex-dividend; $0.2534 a share; paid 2026-12-31.63

When it reported results

  1. Oct 15, 2026Reported quarterly or annual results50
  2. Aug 3, 2026Reported quarterly or annual results56
  3. Jul 16, 2026Reported quarterly or annual results58
  4. May 13, 2026Reported quarterly or annual results61
  5. Apr 16, 2026Reported quarterly or annual results64
  6. Feb 2, 2026Reported quarterly or annual results65
  7. Jan 15, 2026Reported quarterly or annual results66
  8. Nov 3, 2025Reported quarterly or annual results67

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

303 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 83 major events, 84 insider forms, 116 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 1, 20264 EDGAR
  3. Sep 15, 20268-K EDGAR
  4. Sep 11, 2026424B2 EDGAR
  5. Sep 11, 2026497AD EDGAR
  6. Sep 11, 2026497AD EDGAR
  7. Sep 10, 2026FWP EDGAR
  8. Sep 10, 2026424B2 EDGAR
  9. Sep 2, 20268-K EDGAR
  10. Sep 1, 20268-K EDGAR
  11. Aug 27, 20268-K EDGAR
  12. Aug 25, 2026DEFA14A EDGAR
  13. Aug 25, 2026DEFA14A EDGAR
  14. Aug 25, 2026DEFA14A EDGAR
  15. Aug 14, 2026DEFA14A EDGAR
  16. Aug 12, 20264 EDGAR
  17. Aug 11, 20264 EDGAR
  18. Aug 11, 20264 EDGAR
  19. Aug 11, 20264 EDGAR
  20. Aug 11, 20264 EDGAR

The 303 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

34 open-market trades by officers, directors and large owners since October 2021: 33 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 30, 2026Rogers-Windsor Ramona LynnDirectorBuy211$23.70$5.0KForm 4
Jun 17, 2026BATTIST CHRISTINEDirectorBuy860$23.23$20.0KForm 4
Jun 5, 2026Thomas William R IIIDirectorBuy5,000$23.40$117.0KForm 4
Jun 5, 2026Thomas William R IIIDirectorSale4,661$23.29$108.6KForm 4
Jun 1, 2026Rogers-Windsor Ramona LynnDirectorBuy213$23.42$5.0KForm 4
Feb 27, 2026Sarner Michael ScottPresident and CEOBuy2,695$21.90$59.0KForm 4
Feb 9, 2026BATTIST CHRISTINEDirectorBuy600$23.16$13.9KForm 4
Oct 1, 2025Rogers-Windsor Ramona LynnDirectorBuy463$21.55$10.0KForm 4
Aug 20, 2025BATTIST CHRISTINEDirectorBuy667$22.45$15.0KForm 4
Jun 23, 2025Rogers-Windsor Ramona LynnDirectorBuy471$21.19$10.0KForm 4
May 27, 2025BATTIST CHRISTINEDirectorBuy476$20.87$9.9KForm 4
Mar 26, 2025Rogers-Windsor Ramona LynnDirectorBuy450$22.52$10.1KForm 4
Dec 12, 2024Rogers-Windsor Ramona LynnDirectorBuy250$22.67$5.7KForm 4
Nov 8, 2024BATTIST CHRISTINEDirectorBuy256$23.13$5.9KForm 4
Nov 7, 2024Rogers-Windsor Ramona LynnDirectorBuy500$23.07$11.5KForm 4
Sep 16, 2024Rogers-Windsor Ramona LynnDirectorBuy250$25.03$6.3KForm 4
Aug 9, 2024BATTIST CHRISTINEDirectorBuy406$23.94$9.7KForm 4
Jun 28, 2024Rogers-Windsor Ramona LynnDirectorBuy200$26.13$5.2KForm 4
Jun 21, 2024BATTIST CHRISTINEDirectorBuy197$24.96$4.9KForm 4
Jun 3, 2024Thomas William R IIIDirectorBuy9,400$25.87$243.2KForm 4

All 34 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2026Michael S. Sarner,$500.0K$3.8M68
2026Joshua S. Weinstein,$450.0K$3.1M68
2026Chris T. Rehberger,$350.0K$2.2M68
2025President and Chief$500.0K$3.4M68
2025Chief Investment Officer$450.0K$2.9M68
2025Chief Financial Officer,$300.0K$1.4M68
2024Executive Officer$425.0K$2.7M68
2024Chief Investment Officer$400.0K$2.4M68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Van Eck Associates Corp1,526,667$36.3M0.0%+399,106
UBS Group AG1,218,244$29.0M0.0%+364,113
Two Sigma Investments, LP1,180,391$28.1M0.0%−1,169,257
Sound Income Strategies, LLC934,321$22.2M1.0%+30,992
Sanders Morris Harris LLC759,992$18.1M10.5%−351,181
Empowered Funds, LLC525,697$12.5M0.1%−93,401
Empirical Finance, LLC525,500$12.5M0.5%−93,366
Legal & General Group Plc499,715$11.9M0.0%+56,577
Cetera Investment Advisers490,926$11.7M0.0%+38,228
Muzinich & Co., Inc.435,909$10.4M3.5%+9,666
Envestnet Asset Management Inc417,574$9.9M0.0%+14,648
LPL Financial LLC402,585$9.6M0.0%+170,872
Franklin Resources Inc379,686$9.0M0.0%+50,565
Melia Wealth LLC377,760$9.0M5.2%−137,718
Columbus Macro, LLC374,871$8.9M0.9%+17,090
Tectonic Advisors LLC355,370$8.4M0.4%New
BlackRock, Inc.300,377$7.1M0.0%+23,887
Epiq Partners, LLC294,003$7.0M3.0%−18,323
Sumitomo Mitsui Trust Group, Inc.291,778$6.9M0.0%+7,000
Raymond James Financial Inc269,532$6.4M0.0%+4,873
Union Bancaire Privee, UBP SA1,685$6.3M0.1%No change
Womack Financial LLC230,538$5.5M3.6%−1,737
Morgan Stanley215,970$5.1M0.0%+31,942
Beacon Pointe Advisors, LLC197,768$4.7M0.0%+1,000
First Manhattan Co. Llc.167,842$4.0M0.0%−21,017

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How CAPITAL SOUTHWEST CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCAPITAL SOUTHWEST CORP1
  • CIK0000017313
  • Employer ID (EIN)75-10727966
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inTexas6
  • Fiscal year endsMarch 311
  • Business address8333 Douglas Ave, Suite 1100, Dallas, TX 752251
  • Phone21423857001
  • Shares outstanding63,733,867 as of Jul 30, 202611
  • Public float$1.2B as of Sep 30, 20256
  • AuditorRSM US LLP, Chicago, Illinois PCAOB ID 49; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceFeb 14, 19941
  • Filings1,365 in all: 4 (460), 8-K (252), 10-Q (93), SC 13G/A (80), 497AD (43), 40-17F2 (38), DEF 14A (32), 3 (30)1
    All 56 form types

    DEFA14A (29), SC 13G (29), 10-K (27), 40-17G (23), 424B3 (22), 424B2 (20), 40-APP/A (16), 497 (15), CORRESP (14), FWP (14), 4/A (13), SC 13D/A (11), 40-APP (9), N-23C-2 (8), S-8 (8), SC 13D (8), PRE 14A (7), POS EX (6), 10-K/A (5), 10-K405 (4), 8-K/A (4), EFFECT (4), N-2 (3), N-2/A (3), 10-Q/A (2), 424B5 (2), 5 (2), 5/A (2), 8-A12B (2), APP WD (2), APP WDG (2), N-2ASR (2), POS 8C (2), PRER14A (2), RW (2), 10-K405/A (1), 144 (1), 25-NSE (1), 25-NSE/A (1), 40-17F1 (1), 40-17G/A (1), APP NTC (1), APP ORDR (1), CERT (1), DEL AM (1), N-23C-2/A (1), NSAR-A (1), NT 10-Q (1)

  • Latest filingsAnnual report (10-K) May 19, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Proxy statement (DEF 14A) May 27, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.25 par value per shareCSWCThe Nasdaq Global Select Market

From the cover page of the 10-K filed May 19, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks CAPITAL SOUTHWEST CORP names in Item 1A of its 10-K filed May 19, 2026: 68 risks under these headings, as written.6

  • RISKS RELATED TO OUR BUSINESS AND STRUCTURE
  • Our financial condition and results of operations will depend on our ability to effectively allocate and manage capital.
  • Any unrealized losses we experience may be an indication of future realized losses, which could reduce our income available to make distributions.
  • Our business model depends to a significant extent upon strong referral relationships. Our inability to develop or maintain these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • All of our assets are subject to security interests under our Corporate Credit Facility and our SPV Credit Facility, except for assets held by the SBIC Subsidiaries, and if we default on our obligations under the Corporate Credit Facility or the SPV Credit Facility, we may suffer adverse consequences, including foreclosure on our assets.
  • In addition to regulatory limitations on our ability to raise capital, our current debt obligations contain various covenants that, if not complied with, could accelerate our repayment obligations under the Corporate Credit Facility and/or the SPV Credit Facility, and thereby materially and adversely affect our liquidity, financial condition, results of operations and ability to pay distributions.
  • Because we borrow money to make investments, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.
  • Assumed Return on Our Portfolio(1)
  • (net of expenses)
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • A failure on our part to maintain our status as a BDC would significantly reduce our operating flexibility.
  • We will be subject to U.S. federal income tax imposed at corporate rates on our earnings if we are unable to qualify as a RIC under subchapter M of the Code.
The other 59 risks
  • Even if the Company qualifies as a RIC, it may face tax liabilities that reduce its cash flow.
  • Our portfolio investments generally are not publicly traded. As a result, the fair value of these investments may not be readily determinable and will be recorded at fair value as determined in good faith by the Valuation Committee, subject to the oversight of our Board of Directors. As a result, there may be uncertainty as to the value of our portfolio investments.
  • We are currently operating in a period of economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and results of operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.
  • Political, social and economic uncertainty creates and exacerbates risks.
  • Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.
  • Climate change and related transition and physical risks could adversely affect our operations and those of our portfolio companies and increase costs (including insurance costs).
  • Environmental, social and governance factors may adversely affect our business or cause us to alter our business strategy.
  • Downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our liquidity, financial condition, and results of operations.
  • Our business is dependent on bank relationships and any strain on the banking system may adversely impact us.
  • Changes in the laws or regulations governing our business or the operations of our portfolio companies, changes in the interpretations thereof or of newly enacted laws or regulations, and any failure by us to comply with these laws or regulations could require changes to certain business practices of us or our portfolio companies, negatively affect the profitability of the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies.
  • We operate in a highly competitive market for investment opportunities.
  • Our success depends on attracting and retaining qualified personnel in a competitive environment.
  • Our asset coverage requirement is 150%, which could increase the risk of investing in the Company.
  • We expend significant financial and other resources to comply with the requirements of being a public company.
  • Our ability to enter into transactions with our affiliates is restricted.
  • Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital.
  • Each SBIC Subsidiary has an SBIC license and is subject to SBA regulations, and any failure to comply with SBA regulations could have an adverse effect on our operations.
  • Shareholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities that are convertible to shares of our common stock.
  • Illustration: Example of Dilutive Effect of the Issuance of Shares Below NAV.
  • Legislative or other actions relating to taxes could have a negative effect on us.
  • We are highly dependent on information systems and operational risks including systems failures could significantly disrupt our business, which may, in turn, have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay distributions to our shareholders.
  • A failure of cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.
  • We may be subject to risks associated with artificial intelligence.
  • Terrorist attacks, acts of war or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition.
  • Our business and operations may be negatively affected if we become subject to securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of our investment strategy and impact our stock price.
  • RISKS RELATED TO OUR INVESTMENTS
  • Our investments in portfolio companies involve a number of significant risks.
  • We are subject to risks associated with our investments in senior loans.
  • The lack of liquidity in our investments may adversely affect our business.
  • Defaults by our portfolio companies could harm our operating results.
  • We may not realize gains from our equity investments.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • The loans we make in portfolio companies may become non-performing.
  • We are exposed to risks associated with changes in interest rates.
  • There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • As a RIC, we may have certain regulatory restrictions that could preclude us from making additional investments in our portfolio companies.
  • We generally will not control our portfolio companies.
  • Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. Further, in cases where we invest in unsecured subordinated debt, we would not have any lien on the collateral. In each of these cases, if there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in those companies.
  • We may be subject to risks associated with co-investments alongside our joint venture.
  • Changes in healthcare laws and other regulations, or the enforcement or interpretation of such laws or regulations, applicable to some of our portfolio companies’ businesses may constrain their ability to offer their products and services.
  • We may be subject to risks associated with our investments in the business services industry.
  • RISKS RELATED TO OUR SECURITIES
  • The market price of our common stock may fluctuate significantly.
  • Investing in shares of our common stock may involve an above average degree of risk.
  • Shares of closed-end investment companies, including BDCs, may trade at a discount to their NAV.
  • The Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under our Corporate Credit Facility.
  • The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries, including the SBA-guaranteed debentures and the SPV Credit Facility.
  • The respective indentures under which the 2029 Convertible Notes and the September 2030 Notes were issued contain limited protection for holders of the 2029 Convertible Notes and the September 2030 Notes.
  • We may not have the ability to raise the funds necessary to settle conversions of the 2029 Convertible Notes in cash or to repurchase the 2029 Convertible Notes upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the 2029 Convertible Notes.
  • The Corporate Credit Facility may limit our ability to pay any cash amount upon the conversion or repayment of the 2029 Convertible Notes.
  • We may not be able to repurchase the September 2030 Notes upon a Change of Control Repurchase Event.
  • Conversion of the 2029 Convertible Notes may dilute the ownership interest of our stockholders or may otherwise depress the price of our common stock.
  • While a trading market developed after issuing the 2029 Convertible Notes and the September 2030 Notes, we cannot assure you that an active trading market for the 2029 Convertible Notes and the September 2030 Notes will be maintained.
  • If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.
  • Terms relating to redemption may materially adversely affect the return on our debt securities.
  • We currently intend to pay quarterly dividends. However, in the future we may not pay any dividends depending on a variety of factors.
  • We currently pay dividends in cash. However, in the future we may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.
  • We may not be able to invest a significant portion of the net proceeds from future capital raises on acceptable terms, which could harm our financial condition and operating results.
  • Provisions of Texas law and our charter could deter takeover attempts and have an adverse impact on the price of our common stock.

Legal proceedings

We and our subsidiaries may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. As of the date hereof, we and our subsidiaries are not a party to, and none of our assets are subject to, any material pending legal proceedings and are not aware of any claims that could have a materially adverse effect on our financial position, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.6

Sources

The numbers on this page point here. Each one links to the record it came from.

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