On March 4, 2019, Capital Southwest Corporation (the “Company”) established an “at-the-market” offering (the “ATM Program”) through which the Company may sell, from time to time through sales agents, shares of the Company’s common stock, par value $0.25 per share (the “Shares”).

On May 21, 2024, the Company increased the maximum amount of Shares to be sold through the ATM Program to $1,000,000,000 from $650,000,000 and amended the term “Settlement Date” to reflect that, on or after May 28, 2024, the settlement of shares will occur on the first trading day following the date on which such sales were made. In connection therewith, on May 21, 2024, the Company entered into separate fourth amendments (the “Fourth Amendments”) to (i) the third amended and restated equity distribution agreements, each dated May 26, 2021 (the “Third Amended and Restated Agreements”) with each of Jefferies LLC (“Jefferies”) and Raymond James & Associates, Inc. (“Raymond James”), and (ii) the amended and restated equity distribution agreements, each dated May 26, 2021 (together with the Third Amended and Restated Agreements, each as amended on each of August 3, 2021, November 2, 2021, and August 2, 2022, collectively, the “Equity Distribution Agreements”) with each of Citizens JMP Securities, LLC (f/k/a JMP Securities LLC) (“Citizens JMP”) and B. Riley Securities, Inc. (“B. Riley” and, together with Jefferies, Raymond James and Citizens JMP, the “Sales Agents”). The Equity Distribution Agreements with each of the Sales Agents, each as amended by the respective Fourth Amendments, are on substantially the same terms and conditions as one another. Under the Equity Distribution Agreements, each as amended by the respective Fourth Amendments, the Company may, but has no obligation to, issue and sell up to $1.0 billion in aggregate amount of Shares in the ATM Program, from time to time through Sales Agents, or to them, as principal for their own account. As of May 21, 2024, after giving effect to the Fourth Amendments, up to approximately $471.1 million in aggregate amount of the Shares remained available for sale under the ATM Program.