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INVESTMENTS (Tables)
12 Months Ended
Mar. 31, 2024
Schedule of Investments [Abstract]  
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 ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage 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 equity71,127 4.8 9.4 56,708 3.8 
Common equity & warrants60,875 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 equity63,393 5.2 10.7 43,634 3.6 
Common equity & warrants54,144 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 ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2024:
Healthcare Services$210,947 14.3 %27.9 %$221,937 15.0 %
Business Services173,722 11.8 23.0 183,650 12.4 
Media & Marketing169,080 11.5 22.4 164,435 11.1 
Consumer Products and Retail158,825 10.8 21.0 157,926 10.7 
Consumer Services114,459 7.8 15.1 119,512 8.1 
Food, Agriculture & Beverage93,384 6.3 12.4 103,371 7.0 
Healthcare Products87,378 5.9 11.6 84,177 5.7 
Financial Services64,384 4.4 8.5 48,479 3.3 
Environmental Services58,322 3.9 7.7 57,116 3.9 
Transportation & Logistics57,612 3.9 7.6 50,136 3.4 
Industrial Products52,148 3.5 6.9 39,614 2.7 
Software & IT Services37,882 2.6 5.0 36,149 2.4 
Aerospace & Defense26,715 1.8 3.5 25,995 1.8 
Restaurants25,556 1.7 3.4 25,553 1.7 
Telecommunications23,995 1.6 3.2 28,313 2.0 
Industrial Services22,648 1.5 3.0 22,491 1.5 
Technology Products & Components18,969 1.3 2.5 13,277 0.9 
Distribution16,490 1.1 2.2 18,620 1.3 
Education14,627 1.0 1.9 25,481 1.7 
Specialty Chemicals14,269 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 & Packaging9,176 0.6 1.2 10,662 0.7 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2023:
Media & Marketing$149,357 12.4 %25.3 %$139,750 11.5 %
Business Services146,727 12.2 24.9 147,056 12.1 
Healthcare Services126,971 10.5 21.5 143,455 11.8 
Consumer Services91,913 7.6 15.6 91,142 7.5 
Consumer Products and Retail86,385 7.2 14.6 86,607 7.1 
Food, Agriculture & Beverage68,833 5.7 11.7 73,223 6.0 
Healthcare Products66,355 5.5 11.2 67,555 5.5 
Technology Products & Components59,718 5.0 10.1 43,016 3.5 
I-45 SLF LLC1
51,256 4.2 8.7 80,800 6.6 
Transportation & Logistics48,494 4.0 8.2 42,049 3.4 
Software & IT Services47,641 3.9 8.1 47,563 3.9 
Financial Services40,420 3.3 6.8 30,950 2.5 
Industrial Products32,518 2.7 5.5 25,827 2.1 
Environmental Services29,753 2.5 5.0 34,869 2.9 
Education26,357 2.2 4.5 25,995 2.1 
Industrial Services25,460 2.1 4.3 24,920 2.0 
Energy Services (Midstream)22,829 1.9 3.9 23,337 1.9 
Specialty Chemicals17,839 1.5 3.0 17,531 1.4 
Energy Services (Upstream)17,730 1.5 3.0 17,402 1.4 
Telecommunications17,386 1.4 2.9 21,796 1.9 
Distribution16,315 1.4 2.8 18,755 1.5 
Containers & Packaging10,131 0.8 1.7 10,656 0.9 
Aerospace & Defense6,000 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 ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2024:
Northeast$381,897 25.9 %50.5 %$370,566 25.1 %
West325,666 22.1 43.1 322,616 21.8 
Southwest247,526 16.7 32.8 259,991 17.6 
Midwest241,828 16.4 32.0 243,971 16.5 
Southeast231,842 15.7 30.7 233,042 15.8 
International47,802 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 %
Southeast235,782 19.5 39.9 236,333 19.4 
Southwest234,127 19.4 39.6 231,467 19.0 
West233,079 19.3 39.5 232,109 19.0 
Midwest156,233 13.1 26.4 158,989 13.0 
I-45 SLF LLC1
51,256 4.2 8.7 80,800 6.6 
International26,342 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.