Schedule of Investments |
The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of March 31, 2024 and March 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Percentage of Total Portfolio at Fair Value | | Percentage of Net Assets at Fair Value | | Cost | | Percentage of Total Portfolio at Cost | | (dollars in thousands) | March 31, 2024: | | | | | | | | | | First lien loans1,2 | $ | 1,309,449 | | | 88.7 | % | | 173.3 | % | | $ | 1,340,555 | | | 90.8 | % | Second lien loans2 | 33,774 | | | 2.3 | | | 4.5 | | | 41,654 | | | 2.8 | | Subordinated debt3 | 1,336 | | | 0.1 | | | 0.2 | | | 1,007 | | | 0.1 | | Preferred equity | 71,127 | | | 4.8 | | | 9.4 | | | 56,708 | | | 3.8 | | Common equity & warrants | 60,875 | | | 4.1 | | | 8.0 | | | 36,779 | | | 2.5 | | | | | | | | | | | | | $ | 1,476,561 | | | 100.0 | % | | 195.4 | % | | $ | 1,476,703 | | | 100.0 | % | | | | | | | | | | | March 31, 2023: | | | | | | | | | | First lien loans1,2 | $ | 1,000,984 | | | 83.0 | % | | 169.5 | % | | $ | 1,018,595 | | | 83.5 | % | Second lien loans2 | 35,820 | | | 3.0 | | | 6.1 | | | 44,038 | | | 3.6 | | Subordinated debt3 | 791 | | | 0.1 | | | 0.1 | | | 763 | | | 0.1 | | Preferred equity | 63,393 | | | 5.2 | | | 10.7 | | | 43,634 | | | 3.6 | | Common equity & warrants | 54,144 | | | 4.5 | | | 9.2 | | | 32,322 | | | 2.6 | | I-45 SLF LLC4 | 51,256 | | | 4.2 | | | 8.7 | | | 80,800 | | | 6.6 | | | $ | 1,206,388 | | | 100.0 | % | | 204.3 | % | | $ | 1,220,152 | | | 100.0 | % |
1Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of March 31, 2024 and March 31, 2023, the fair value of the first lien last out loans are $35.3 million and $50.1 million, respectively. 2Included in first lien loans and second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of March 31, 2024 and March 31, 2023, the fair value of the split lien term loans included in first lien loans is $43.7 million and $45.0 million, respectively. As of March 31, 2024 and March 31, 2023, the fair value of the split lien term loans included in second lien loans is $20.7 million and $20.2 million, respectively. 3Included in subordinated debt are unsecured convertible notes with a fair value of $0.4 million as of both March 31, 2024 and March 31, 2023. 4I-45 SLF LLC was a joint venture between CSWC and Main Street Capital Corporation ("I-45 SLF"). This entity primarily invested in syndicated senior secured loans to the upper middle market. The portfolio companies held by I-45 SLF represented a diverse set of industry classifications, which are similar to those in which CSWC invests directly. The following tables show the composition of the investment portfolio by industry, at fair value and cost (with corresponding percentage of total portfolio investments) as of March 31, 2024 and March 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Percentage of Total Portfolio at Fair Value | | Percentage of Net Assets at Fair Value | | Cost | | Percentage of Total Portfolio at Cost | | (dollars in thousands) | March 31, 2024: | | | | | | | | | | Healthcare Services | $ | 210,947 | | | 14.3 | % | | 27.9 | % | | $ | 221,937 | | | 15.0 | % | Business Services | 173,722 | | | 11.8 | | | 23.0 | | | 183,650 | | | 12.4 | | Media & Marketing | 169,080 | | | 11.5 | | | 22.4 | | | 164,435 | | | 11.1 | | Consumer Products and Retail | 158,825 | | | 10.8 | | | 21.0 | | | 157,926 | | | 10.7 | | Consumer Services | 114,459 | | | 7.8 | | | 15.1 | | | 119,512 | | | 8.1 | | Food, Agriculture & Beverage | 93,384 | | | 6.3 | | | 12.4 | | | 103,371 | | | 7.0 | | Healthcare Products | 87,378 | | | 5.9 | | | 11.6 | | | 84,177 | | | 5.7 | | Financial Services | 64,384 | | | 4.4 | | | 8.5 | | | 48,479 | | | 3.3 | | Environmental Services | 58,322 | | | 3.9 | | | 7.7 | | | 57,116 | | | 3.9 | | Transportation & Logistics | 57,612 | | | 3.9 | | | 7.6 | | | 50,136 | | | 3.4 | | Industrial Products | 52,148 | | | 3.5 | | | 6.9 | | | 39,614 | | | 2.7 | | Software & IT Services | 37,882 | | | 2.6 | | | 5.0 | | | 36,149 | | | 2.4 | | Aerospace & Defense | 26,715 | | | 1.8 | | | 3.5 | | | 25,995 | | | 1.8 | | Restaurants | 25,556 | | | 1.7 | | | 3.4 | | | 25,553 | | | 1.7 | | Telecommunications | 23,995 | | | 1.6 | | | 3.2 | | | 28,313 | | | 2.0 | | Industrial Services | 22,648 | | | 1.5 | | | 3.0 | | | 22,491 | | | 1.5 | | Technology Products & Components | 18,969 | | | 1.3 | | | 2.5 | | | 13,277 | | | 0.9 | | Distribution | 16,490 | | | 1.1 | | | 2.2 | | | 18,620 | | | 1.3 | | Education | 14,627 | | | 1.0 | | | 1.9 | | | 25,481 | | | 1.7 | | Specialty Chemicals | 14,269 | | | 1.0 | | | 1.9 | | | 14,222 | | | 1.0 | | Energy Services (Midstream) | 13,432 | | | 0.9 | | | 1.8 | | | 13,232 | | | 0.9 | | Energy Services (Upstream) | 12,541 | | | 0.8 | | | 1.7 | | | 12,355 | | | 0.8 | | Containers & Packaging | 9,176 | | | 0.6 | | | 1.2 | | | 10,662 | | | 0.7 | | | | | | | | | | | | | $ | 1,476,561 | | | 100.0 | % | | 195.4 | % | | $ | 1,476,703 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Percentage of Total Portfolio at Fair Value | | Percentage of Net Assets at Fair Value | | Cost | | Percentage of Total Portfolio at Cost | | (dollars in thousands) | March 31, 2023: | | | | | | | | | | Media & Marketing | $ | 149,357 | | | 12.4 | % | | 25.3 | % | | $ | 139,750 | | | 11.5 | % | Business Services | 146,727 | | | 12.2 | | | 24.9 | | | 147,056 | | | 12.1 | | Healthcare Services | 126,971 | | | 10.5 | | | 21.5 | | | 143,455 | | | 11.8 | | Consumer Services | 91,913 | | | 7.6 | | | 15.6 | | | 91,142 | | | 7.5 | | Consumer Products and Retail | 86,385 | | | 7.2 | | | 14.6 | | | 86,607 | | | 7.1 | | Food, Agriculture & Beverage | 68,833 | | | 5.7 | | | 11.7 | | | 73,223 | | | 6.0 | | Healthcare Products | 66,355 | | | 5.5 | | | 11.2 | | | 67,555 | | | 5.5 | | Technology Products & Components | 59,718 | | | 5.0 | | | 10.1 | | | 43,016 | | | 3.5 | | I-45 SLF LLC1 | 51,256 | | | 4.2 | | | 8.7 | | | 80,800 | | | 6.6 | | Transportation & Logistics | 48,494 | | | 4.0 | | | 8.2 | | | 42,049 | | | 3.4 | | Software & IT Services | 47,641 | | | 3.9 | | | 8.1 | | | 47,563 | | | 3.9 | | Financial Services | 40,420 | | | 3.3 | | | 6.8 | | | 30,950 | | | 2.5 | | Industrial Products | 32,518 | | | 2.7 | | | 5.5 | | | 25,827 | | | 2.1 | | Environmental Services | 29,753 | | | 2.5 | | | 5.0 | | | 34,869 | | | 2.9 | | Education | 26,357 | | | 2.2 | | | 4.5 | | | 25,995 | | | 2.1 | | Industrial Services | 25,460 | | | 2.1 | | | 4.3 | | | 24,920 | | | 2.0 | | Energy Services (Midstream) | 22,829 | | | 1.9 | | | 3.9 | | | 23,337 | | | 1.9 | | Specialty Chemicals | 17,839 | | | 1.5 | | | 3.0 | | | 17,531 | | | 1.4 | | Energy Services (Upstream) | 17,730 | | | 1.5 | | | 3.0 | | | 17,402 | | | 1.4 | | Telecommunications | 17,386 | | | 1.4 | | | 2.9 | | | 21,796 | | | 1.9 | | Distribution | 16,315 | | | 1.4 | | | 2.8 | | | 18,755 | | | 1.5 | | Containers & Packaging | 10,131 | | | 0.8 | | | 1.7 | | | 10,656 | | | 0.9 | | Aerospace & Defense | 6,000 | | | 0.5 | | | 1.0 | | | 5,898 | | | 0.5 | | | $ | 1,206,388 | | | 100.0 | % | | 204.3 | % | | $ | 1,220,152 | | | 100.0 | % |
1I-45 SLF was a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invested in syndicated senior secured loans to the upper middle market. The portfolio companies in I-45 SLF represented a diverse set of industry classifications, which are similar to those in which CSWC invests directly. The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of March 31, 2024 and March 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Percentage of Total Portfolio at Fair Value | | Percentage of Net Assets at Fair Value | | Cost | | Percentage of Total Portfolio at Cost | | (dollars in thousands) | March 31, 2024: | | | | | | | | | | Northeast | $ | 381,897 | | | 25.9 | % | | 50.5 | % | | $ | 370,566 | | | 25.1 | % | West | 325,666 | | | 22.1 | | | 43.1 | | | 322,616 | | | 21.8 | | Southwest | 247,526 | | | 16.7 | | | 32.8 | | | 259,991 | | | 17.6 | | Midwest | 241,828 | | | 16.4 | | | 32.0 | | | 243,971 | | | 16.5 | | Southeast | 231,842 | | | 15.7 | | | 30.7 | | | 233,042 | | | 15.8 | | | | | | | | | | | | International | 47,802 | | | 3.2 | | | 6.3 | | | 46,517 | | | 3.2 | | | $ | 1,476,561 | | | 100.0 | % | | 195.4 | % | | $ | 1,476,703 | | | 100.0 | % | | | | | | | | | | | March 31, 2023: | | | | | | | | | | Northeast | $ | 269,569 | | | 22.3 | % | | 45.7 | % | | $ | 255,995 | | | 21.0 | % | Southeast | 235,782 | | | 19.5 | | | 39.9 | | | 236,333 | | | 19.4 | | Southwest | 234,127 | | | 19.4 | | | 39.6 | | | 231,467 | | | 19.0 | | West | 233,079 | | | 19.3 | | | 39.5 | | | 232,109 | | | 19.0 | | Midwest | 156,233 | | | 13.1 | | | 26.4 | | | 158,989 | | | 13.0 | | I-45 SLF LLC1 | 51,256 | | | 4.2 | | | 8.7 | | | 80,800 | | | 6.6 | | International | 26,342 | | | 2.2 | | | 4.5 | | | 24,459 | | | 2.0 | | | $ | 1,206,388 | | | 100.0 | % | | 204.3 | % | | $ | 1,220,152 | | | 100.0 | % |
1I-45 SLF was a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invested in syndicated senior secured loans to the upper middle market. The portfolio companies held by I-45 SLF represented a diverse set of geographic regions, which are similar to those in which CSWC invests directly.
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