Capital Southwest (CSWC)
Provides flexible capital across the lower-middle-market capital structure.
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Provides flexible capital to lower-middle-market companies across the capital structure. The internally managed BDC has focused on credit investing since the 2015 separation of CSW Industrials.
Flexible capital for lower-middle-market companies is provided across the capital structure through an internally managed, credit-focused business development company. The model centers on financing portfolio-company growth over long periods using a public-company capital base.
Based in Dallas, the company is focused on lower-middle-market credit investing. Its current structure dates to the 2015 distribution of CSW Industrials, which left CSWC as the credit-focused listed vehicle; it elected BDC treatment in 1988. Michael S. Sarner has been president and chief executive officer since 2025. Internally managed BDC status and a focus on flexible capital across the capital structure shape the business.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Nov 5, 2025 | Loop Capital Markets | Target | Target: — | Target: $23 |
| Nov 4, 2025 | Capital One Financial | Target | Target: — | Target: $22 |
| Oct 14, 2025 | UBS | Reiterate | Rating: —Target: — | Target: $21.50 |
| Jun 24, 2025 | JMP Securities | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $58.5M · Total debt $483.9M · Total assets $2.32B · Shareholders' equity $1.06B
- Revenue
- $61.4M
- Operating income
- $43.6M
- Net income
- $24.7M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 26.80% | 17.08M shares | |
|---|---|---|---|
| 197 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 2.10% | 1.34M shares | |
| 8 holders · as of Aug 12, 2026 | |||
| Other | ≈ 71.10% | 45.32M shares | |
| remainder | |||
63.73M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Van Eck Associates CorpInstitution | 2.40% | 1.53M | as of Jun 30, 2026 |
UBS Group AGInstitution | 1.91% | 1.22M | as of Jun 30, 2026 |
Two Sigma Investments, LPInstitution | 1.85% | 1.18M | as of Jun 30, 2026 |
Sound Income Strategies, LLCInstitution | 1.47% | 934,321 | as of Jun 30, 2026 |
Sanders Morris Harris LLCInstitution | 1.19% | 759,992 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 30, 2026 | Ramona Lynn Rogers-Windsor | director | +211 | $23.70 |
| Jun 17, 2026 | Christine Battist | director | +860 | $23.23 |
| Jun 5, 2026 | William R. III Thomas | director | −4,661 | $23.29 |
| Jun 5, 2026 | William R. III Thomas | director | +5,000 | $23.40 |
| Jun 1, 2026 | Ramona Lynn Rogers-Windsor | director | +213 | $23.42 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Capital Southwest | $23.13 | −0.92% | $1.45B | 12.9 | 9.9 | 6.3 | +9.1% |
| Main Street Capital | $55.26 | −1.32% | $5.21B | 11.3 | 14.5 | 7.4 | −26.1% |
| Ares Capital | $19.22 | −0.75% | $13.90B | 14.3 | 10.0 | 6.0 | +32.6% |
| Golub Capital BDC | $12.45 | −0.62% | $3.26B | 22.8 | 9.7 | 4.6 | −14.2% |
| New Mountain Finance | $7.04 | −0.92% | $670.6M | — | 6.8 | 3.9 | −36.5% |
| Blue Owl Capital | $10.97 | −1.57% | $5.53B | 19.9 | 8.5 | 3.9 | −20.8% |
| Median | 17.1 | 9.7 | 4.6 | −20.8% |