0000017313false2025Q33/31.040.0447828http://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherLiabilitiesnilxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purecswc:investmentcswc:facilitycswc:lendercswc:tradingDaycswc:consecutiveTradingDaycswc:poolingDatecswc:sales_agentutr:sqft00000173132024-04-012024-12-310000017313us-gaap:CommonStockMember2024-04-012024-12-310000017313cswc:August2028NotesMember2024-04-012024-12-3100000173132025-01-310000017313us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310000017313us-gaap:InvestmentUnaffiliatedIssuerMember2024-03-310000017313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310000017313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310000017313us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310000017313us-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-3100000173132024-12-3100000173132024-03-310000017313cswc:SmallBusinessAdministrationDebenturesMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesMember2024-03-310000017313cswc:January2026NotesMember2024-12-310000017313cswc:January2026NotesMember2024-03-310000017313cswc:October2026NotesMember2024-12-310000017313cswc:October2026NotesMember2024-03-310000017313cswc:August2028NotesMember2024-12-310000017313cswc:August2028NotesMember2024-03-310000017313cswc:A2029ConvertibleNotesMember2024-12-310000017313cswc:A2029ConvertibleNotesMember2024-03-310000017313us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012024-12-310000017313us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012023-12-310000017313us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-12-310000017313us-gaap:InvestmentUnaffiliatedIssuerMember2023-04-012023-12-310000017313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012024-12-310000017313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012023-12-310000017313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-12-310000017313us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-04-012023-12-310000017313us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012024-12-310000017313us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012023-12-310000017313us-gaap:InvestmentAffiliatedIssuerControlledMember2024-04-012024-12-310000017313us-gaap:InvestmentAffiliatedIssuerControlledMember2023-04-012023-12-3100000173132024-10-012024-12-3100000173132023-10-012023-12-3100000173132023-04-012023-12-310000017313us-gaap:CommonStockMember2023-03-310000017313us-gaap:TreasuryStockCommonMember2023-03-310000017313us-gaap:AdditionalPaidInCapitalMember2023-03-310000017313us-gaap:RetainedEarningsMember2023-03-3100000173132023-03-310000017313us-gaap:CommonStockMember2023-04-012023-06-300000017313us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-3000000173132023-04-012023-06-300000017313us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000017313us-gaap:RetainedEarningsMember2023-04-012023-06-300000017313us-gaap:CommonStockMember2023-06-300000017313us-gaap:TreasuryStockCommonMember2023-06-300000017313us-gaap:AdditionalPaidInCapitalMember2023-06-300000017313us-gaap:RetainedEarningsMember2023-06-3000000173132023-06-300000017313us-gaap:CommonStockMember2023-07-012023-09-300000017313us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-3000000173132023-07-012023-09-300000017313us-gaap:RetainedEarningsMember2023-07-012023-09-300000017313us-gaap:CommonStockMember2023-09-300000017313us-gaap:TreasuryStockCommonMember2023-09-300000017313us-gaap:AdditionalPaidInCapitalMember2023-09-300000017313us-gaap:RetainedEarningsMember2023-09-3000000173132023-09-300000017313us-gaap:CommonStockMember2023-10-012023-12-310000017313us-gaap:AdditionalPaidInCapitalMember2023-10-012023-12-310000017313us-gaap:RetainedEarningsMember2023-10-012023-12-310000017313us-gaap:CommonStockMember2023-12-310000017313us-gaap:TreasuryStockCommonMember2023-12-310000017313us-gaap:AdditionalPaidInCapitalMember2023-12-310000017313us-gaap:RetainedEarningsMember2023-12-3100000173132023-12-310000017313us-gaap:CommonStockMember2024-03-310000017313us-gaap:TreasuryStockCommonMember2024-03-310000017313us-gaap:AdditionalPaidInCapitalMember2024-03-310000017313us-gaap:RetainedEarningsMember2024-03-310000017313us-gaap:CommonStockMember2024-04-012024-06-300000017313us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000000173132024-04-012024-06-300000017313us-gaap:RetainedEarningsMember2024-04-012024-06-300000017313us-gaap:CommonStockMember2024-06-300000017313us-gaap:TreasuryStockCommonMember2024-06-300000017313us-gaap:AdditionalPaidInCapitalMember2024-06-300000017313us-gaap:RetainedEarningsMember2024-06-3000000173132024-06-300000017313us-gaap:CommonStockMember2024-07-012024-09-300000017313us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-3000000173132024-07-012024-09-300000017313us-gaap:RetainedEarningsMember2024-07-012024-09-300000017313us-gaap:CommonStockMember2024-09-300000017313us-gaap:TreasuryStockCommonMember2024-09-300000017313us-gaap:AdditionalPaidInCapitalMember2024-09-300000017313us-gaap:RetainedEarningsMember2024-09-3000000173132024-09-300000017313us-gaap:CommonStockMember2024-10-012024-12-310000017313us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310000017313us-gaap:RetainedEarningsMember2024-10-012024-12-310000017313us-gaap:CommonStockMember2024-12-310000017313us-gaap:TreasuryStockCommonMember2024-12-310000017313us-gaap:AdditionalPaidInCapitalMember2024-12-310000017313us-gaap:RetainedEarningsMember2024-12-310000017313EDGE AUTONOMY HOLDINGS, LLC, Revolving Loan2024-12-310000017313EDGE AUTONOMY HOLDINGS, LLC, First Lien - Term Loan A2024-12-310000017313EDGE AUTONOMY HOLDINGS, LLC, First Lien - Term Loan B2024-12-310000017313EDGE AUTONOMY HOLDINGS, LLC, First Lien2024-12-310000017313cswc:EDGEAUTONOMYHOLDINGSLLCMember2024-12-310000017313STELLANT MIDCO, LLC, First Lien 12024-12-310000017313STELLANT MIDCO, LLC, First Lien 22024-12-310000017313cswc:STELLANTMIDCOLLCMember2024-12-310000017313cswc:AerospaceAndDefenseSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313BRANDNER DESIGN, LLC, Revolving Loan2024-12-310000017313BRANDNER DESIGN, LLC, First Lien2024-12-310000017313cswc:BrandnerDesignLlcMember2024-12-310000017313MAKO STEEL LP, Revolving Loan2024-12-310000017313MAKO STEEL LP, First Lien2024-12-310000017313cswc:MakoSteelLPMember2024-12-310000017313cswc:BuildingInfrastructureProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313DYNAMIC COMMUNITIES, LLC6, First Lien - Term Loan A2024-12-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B2024-12-310000017313cswc:DynamicCommunitiesLLCDebtInvestmentsMember2024-12-310000017313GAINS INTERMEDIATE, LLC, Revolving Loan2024-12-310000017313GAINS INTERMEDIATE, LLC, First Lien - Term Loan A2024-12-310000017313GAINS INTERMEDIATE, LLC, First Lien - Term Loan B2024-12-310000017313cswc:GAINSINTERMEDIATELLCMember2024-12-310000017313SPOTLIGHT AR, LLC, Revolving Loan2024-12-310000017313SPOTLIGHT AR, LLC, First Lien2024-12-310000017313cswc:SpotlightARLLCMember2024-12-310000017313US COURTSCRIPT HOLDINGS, INC., First Lien2024-12-310000017313WINTER SERVICES OPERATIONS, LLC, Revolving Loan2024-12-310000017313WINTER SERVICES OPERATIONS, LLC, First Lien - Term Loan A2024-12-310000017313WINTER SERVICES OPERATIONS, LLC, First Lien - Term Loan B2024-12-310000017313WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:WinterServicesOperationsLLCMember2024-12-310000017313cswc:BusinessServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313LEHR UPFITTERS, LLC, Revolving Loan2024-12-310000017313LEHR UPFITTERS, LLC, First Lien2024-12-310000017313LEHR UPFITTERS, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:LEHRUPFITTERSLLCMember2024-12-310000017313cswc:CommercialServicesAndSuppliesMemberus-gaap:DebtSecuritiesMember2024-12-310000017313ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note2024-12-310000017313HEAT TRAK, LLC, First Lien - Term Loan A2024-12-310000017313HYBRID APPAREL, LLC, Second Lien2024-12-310000017313LASH OPCO, LLC, Revolving Loan2024-12-310000017313LASH OPCO, LLC, First Lien2024-12-310000017313cswc:LashOpCoLLCMember2024-12-310000017313REVO BRANDS, INC., Revolving Loan2024-12-310000017313REVO BRANDS, INC., First Lien - Term Loan A2024-12-310000017313REVO BRANDS, INC., First Lien - Term Loan B2024-12-310000017313REVO BRANDS, INC., First Lien - Term Loan C2024-12-310000017313cswc:RevoBrandsINCMember2024-12-310000017313TRU FRAGRANCE & BEAUTY LLC, Revolving Loan2024-12-310000017313TRU FRAGRANCE & BEAUTY LLC, First Lien - Term Loan A2024-12-310000017313TRU FRAGRANCE & BEAUTY LLC, First Lien - Term Loan B2024-12-310000017313cswc:TruFragranceBeautyLLCMember2024-12-310000017313YS GARMENTS, LLC, First Lien2024-12-310000017313cswc:ConsumerProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2024-12-310000017313AIR CONDITIONING SPECIALIST, INC., First Lien2024-12-310000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2024-12-310000017313cswc:AirConditioningSpecialistIncMember2024-12-310000017313ROOF OPCO, LLC, Revolving Loan2024-12-310000017313ROOF OPCO, LLC, First Lien - Term Loan A2024-12-310000017313ROOF OPCO, LLC, First Lien - Term Loan B2024-12-310000017313cswc:AppleRoofingAdministrativeServicesLlcFkaRoofOpcoLlcMember2024-12-310000017313CAMPANY ROOF MAINTENANCE, LLC, Revolving Loan2024-12-310000017313CAMPANY ROOF MAINTENANCE, LLC, First Lien2024-12-310000017313cswc:CAMPANYROOFMAINTENANCELLCMember2024-12-310000017313LIFT BRANDS, INC., Tranche A Term Loan2024-12-310000017313LIFT BRANDS, INC., Tranche B Term Loan2024-12-310000017313LIFT BRANDS, INC., Tranche C Loan2024-12-310000017313cswc:LiftBrandsINCMember2024-12-310000017313POOL SERVICE HOLDINGS, LLC, Revolving Loan2024-12-310000017313POOL SERVICE HOLDINGS, LLC, First Lien2024-12-310000017313POOL SERVICE HOLDINGS, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:POOLSERVICEHOLDINGSLLCMember2024-12-310000017313RED DOG OPERATIONS HOLDING COMPANY LLC, Revolving Loan2024-12-310000017313RED DOG OPERATIONS HOLDING COMPANY LLC, First Lien2024-12-310000017313cswc:REDDOGOPERATIONSHOLDINGCOMPANYLLCMember2024-12-310000017313TMT BHC BUYER, INC., Revolving Loan2024-12-310000017313TMT BHC BUYER, INC., First Lien2024-12-310000017313TMT BHC BUYER, INC., Delayed Draw Term Loan2024-12-310000017313cswc:TMTBHCBUYERINC.Member2024-12-310000017313ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A2024-12-310000017313ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B2024-12-310000017313cswc:ZipsCarWashLLCMember2024-12-310000017313cswc:ConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC., Revolving Loan2024-12-310000017313BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC., First Lien2024-12-310000017313cswc:BURNINGGLASSINTERMEDIATEHOLDINGCOMPANYINC.Member2024-12-310000017313LIGHTBOX INTERMEDIATE, L.P., First Lien2024-12-310000017313cswc:DataProcessingOutsourcedServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313KMS, INC., First Lien2024-12-310000017313cswc:DistributionSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313MUSIKER DISCOVERY PROGRAMS, INC., Revolving Loan2024-12-310000017313MUSIKER DISCOVERY PROGRAMS, INC., First Lien - Term Loan A2024-12-310000017313MUSIKER DISCOVERY PROGRAMS, INC., First Lien - Term Loan B2024-12-310000017313MUSIKER DISCOVERY PROGRAMS, INC., Delayed Draw Term Loan2024-12-310000017313cswc:MUSIKERDISCOVERYPROGRAMSINC.Member2024-12-310000017313STUDENT RESOURCE CENTER LLC, First Lien2024-12-310000017313WALL STREET PREP, INC., Revolving Loan2024-12-310000017313WALL STREET PREP, INC., First Lien2024-12-310000017313cswc:WallStreetPrepIncDebtInvestmentsMember2024-12-310000017313cswc:EducationSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313ACE GATHERING, INC., Second Lien2024-12-310000017313PIPELINE TECHNIQUE LTD, Revolving Loan2024-12-310000017313PIPELINE TECHNIQUE LTD., First Lien2024-12-310000017313cswc:PIPELINETECHNIQUELTDMember2024-12-310000017313VEREGY CONSOLIDATED, INC., First Lien2024-12-310000017313WELL-FOAM, INC., Revolving Loan2024-12-310000017313WELL-FOAM, INC., First Lien2024-12-310000017313cswc:WellFoamIncMember2024-12-310000017313cswc:EnergyServicesMidstreamSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313ARBORWORKS, LLC, Revolving Loan2024-12-310000017313ARBORWORKS, LLC, First Lien2024-12-310000017313cswc:ArborWorksLLCDebtInvestmentsMember2024-12-310000017313ISLAND PUMP AND TANK, LLC, Revolving Loan2024-12-310000017313ISLAND PUMP AND TANK, LLC, First Lien - Term Loan A2024-12-310000017313ISLAND PUMP AND TANK, LLC, First Lien - Term Loan B2024-12-310000017313ISLAND PUMP AND TANK, LLC, First Lien - Term Loan C2024-12-310000017313cswc:ISLANDPUMPANDTANKLLCMember2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Revolving Loan2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, First Lien2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Second Lien2024-12-310000017313cswc:LIGHTINGRETROFITINTERNATIONALLLCDebtInvestmentsMember2024-12-310000017313cswc:EnvironmentalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313INSURE HOMES CORPORATION, Tranche B Term Loan2024-12-310000017313JACKSON HEWITT TAX SERVICE, INC., First Lien2024-12-310000017313NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A2024-12-310000017313NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B2024-12-310000017313cswc:NATIONALCREDITCARELLCMember2024-12-310000017313NINJATRADER, INC., Revolving Loan2024-12-310000017313NINJATRADER, INC., First Lien2024-12-310000017313cswc:NinjaTraderIncMember2024-12-310000017313us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A2024-12-310000017313AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B2024-12-310000017313cswc:AMERICANNUTSOPERATIONSLLCMember2024-12-310000017313FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien - Term Loan A2024-12-310000017313FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien - Term Loan B2024-12-310000017313FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien - Term Loan C2024-12-310000017313cswc:FoodPharmaSubsidiaryHoldingsLLCMember2024-12-310000017313GULF PACIFIC ACQUISITION, LLC, Revolving Loan2024-12-310000017313GULF PACIFIC ACQUISITION, LLC, First Lien2024-12-310000017313cswc:GulfPacificAcquisitionLLCMember2024-12-310000017313INW MANUFACTURING, LLC, First Lien2024-12-310000017313MAMMOTH BORROWCO, INC., Revolving Loan2024-12-310000017313MAMMOTH BORROWCO, INC., First Lien - Term Loan A2024-12-310000017313MAMMOTH BORROWCO, INC., First Lien - Term Loan B2024-12-310000017313MAMMOTH BORROWCO, INC., Delayed Draw Term Loan2024-12-310000017313cswc:MAMMOTHBORROWCOINCMember2024-12-310000017313MUENSTER MILLING COMPANY, LLC, Revolving Loan2024-12-310000017313MUENSTER MILLING COMPANY, LLC, First Lien2024-12-310000017313cswc:MUENSTERMILLINGCOMPANYLLCMember2024-12-310000017313NEW SKINNY MIXES, LLC, Revolving Loan2024-12-310000017313NEW SKINNY MIXES, LLC, First Lien2024-12-310000017313cswc:NEWSKINNYMIXESLLCMember2024-12-310000017313cswc:FoodAgricultureAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, Revolving Loan2024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, First Lien2024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan2024-12-310000017313cswc:CentralMedicalSupplyLLCMember2024-12-310000017313COMMAND GROUP ACQUISITION, LLC, First Lien2024-12-310000017313LKC TECHNOLOGIES, INC., Revolving Loan2024-12-310000017313LKC TECHNOLOGIES, INC., First Lien2024-12-310000017313cswc:LKCTECHNOLOGIESINCMember2024-12-310000017313SCRIP INC., First Lien2024-12-310000017313cswc:HealthcareEquipmentSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313ISAGENIX INTERNATIONAL, LLC, First Lien2024-12-310000017313LIGHTNING INTERMEDIATE II, LLC, Revolving Loan2024-12-310000017313LIGHTNING INTERMEDIATE II, LLC, First Lien2024-12-310000017313cswc:LIGHTNINGINTERMEDIATEIILLCMember2024-12-310000017313MICROBE FORMULAS LLC, Revolving Loan2024-12-310000017313MICROBE FORMULAS LLC, First Lien 12024-12-310000017313MICROBE FORMULAS LLC, First Lien 22024-12-310000017313cswc:MicrobeFormulasLLCMember2024-12-310000017313cswc:HealthcareProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313AAC NEW HOLDCO INC., First Lien2024-12-310000017313AAC NEW HOLDCO INC., Delayed Draw Term Loan2024-12-310000017313cswc:AACNEWHOLDCOINC.Member2024-12-310000017313CAVALIER BUYER, INC., Revolving Loan2024-12-310000017313CAVALIER BUYER, INC., First Lien2024-12-310000017313cswc:CAVALIERBUYERINCMember2024-12-310000017313CDC DENTAL MANAGEMENT CO., LLC, Revolving Loan2024-12-310000017313CDC DENTAL MANAGEMENT CO., LLC, First Lien - Term Loan A2024-12-310000017313CDC DENTAL MANAGEMENT CO., LLC, First Lien - Term Loan B2024-12-310000017313cswc:CDCDENTALMANAGEMENTCOLLCMember2024-12-310000017313CITYVET, INC., First Lien2024-12-310000017313CITYVET, INC., Delayed Draw Term Loan2024-12-310000017313cswc:CityVetIncMember2024-12-310000017313CUMBRIA CAPITAL MSO, LLC, Revolving Loan2024-12-310000017313CUMBRIA CAPITAL MSO, LLC, First Lien2024-12-310000017313CUMBRIA CAPITAL MSO, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:CUMBRIACAPITALMSOLLCMember2024-12-310000017313HH-INSPIRE ACQUISITION, INC., Revolving Loan2024-12-310000017313HH-INSPIRE ACQUISITION, INC., First Lien2024-12-310000017313cswc:HHINSPIREACQUISITIONINCMember2024-12-310000017313INSTITUTES OF HEALTH, LLC, Revolving Loan2024-12-310000017313INSTITUTES OF HEALTH, LLC, First Lien - Term Loan A2024-12-310000017313INSTITUTES OF HEALTH, LLC, First Lien - Term Loan B2024-12-310000017313cswc:INSTITUTESOFHEALTHLLCMember2024-12-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC, Revolving Loan2024-12-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC, First Lien - Term Loan A2024-12-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC, First Lien - Term Loan B2024-12-310000017313MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:MIDFLORIDAENDODONTICSMANAGEMENTCOMPANYLLCMember2024-12-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan2024-12-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan A2024-12-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan B2024-12-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan C2024-12-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan D2024-12-310000017313cswc:NEUROPSYCHIATRICHOSPITALSLLCMember2024-12-310000017313ROSELAND MANAGEMENT, LLC, Revolving Loan2024-12-310000017313ROSELAND MANAGEMENT, LLC, First Lien2024-12-310000017313cswc:ROSELANDMANAGEMENTLLCMember2024-12-310000017313SPECTRUM OF HOPE, LLC, First Lien - Superpriority Term Loan2024-12-310000017313SPECTRUM OF HOPE, LLC, First Lien2024-12-310000017313cswc:SPECTRUMOFHOPELLCMember2024-12-310000017313SUPERIOR HEALTH PARENT LLC, Revolving Loan2024-12-310000017313SUPERIOR HEALTH PARENT LLC, First Lien2024-12-310000017313SUPERIOR HEALTH PARENT LLC, Delayed Draw Term Loan2024-12-310000017313cswc:SUPERIORHEALTHPARENTLLCMember2024-12-310000017313TALKNY MANAGEMENT HOLDINGS, LLC, First Lien2024-12-310000017313cswc:HealthcareServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313C&M CONVEYOR, INC., First Lien - Term Loan A2024-12-310000017313C&M CONVEYOR, INC., First Lien - Term Loan B2024-12-310000017313C&M CONVEYOR, INC., First Lien - Term Loan C2024-12-310000017313C&M CONVEYOR, INC., First Lien - Term Loan D2024-12-310000017313cswc:CMCONVEYORINCMember2024-12-310000017313DRIVE LINE SERVICE OF PORTLAND, LLC, Revolving Loan2024-12-310000017313DRIVE LINE SERVICE OF PORTLAND, LLC, First Lien2024-12-310000017313cswc:DRIVELINESERVICEOFPORTLANDLLCMember2024-12-310000017313SUREKAP, LLC, First Lien - Term Loan A2024-12-310000017313SUREKAP, LLC, First Lien - Term Loan B2024-12-310000017313SUREKAP, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:SUREKAPLLCMember2024-12-310000017313SYSTEC CORPORATION, Revolving Loan2024-12-310000017313SYSTEC CORPORATION, First Lien 12024-12-310000017313SYSTEC CORPORATION, First Lien 22024-12-310000017313cswc:SystecCorporationMember2024-12-310000017313cswc:IndustrialMachinerySectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313DAMOTECH INC., Revolving Loan2024-12-310000017313DAMOTECH INC., First Lien - Term Loan A2024-12-310000017313DAMOTECH INC., First Lien - Term Loan B2024-12-310000017313DAMOTECH INC., Delayed Draw Term Loan2024-12-310000017313cswc:DAMOTECHINC.Member2024-12-310000017313GPT INDUSTRIES, LLC, Revolving Loan2024-12-310000017313GPT INDUSTRIES, LLC, First Lien2024-12-310000017313cswc:GPTINDUSTRIESLLCMember2024-12-310000017313LLFLEX, LLC, First Lien2024-12-310000017313SERVERLIFT, LLC, Revolving Loan2024-12-310000017313SERVERLIFT, LLC, First Lien - Term Loan A2024-12-310000017313SERVERLIFT, LLC, First Lien - Term Loan B2024-12-310000017313cswc:SERVERLIFTLLCMember2024-12-310000017313cswc:IndustrialProductsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313BP LOENBRO HOLDINGS INC., Revolving Loan2024-12-310000017313BP LOENBRO HOLDINGS INC., First Lien2024-12-310000017313BP LOENBRO HOLDINGS INC., Delayed Draw Term Loan2024-12-310000017313cswc:BPLoenbroHoldingsInc.Member2024-12-310000017313UPS INTERMEDIATE, LLC, First Lien2024-12-310000017313cswc:IndustrialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313360 QUOTE TOPCO, LLC, Revolving Loan2024-12-310000017313360 QUOTE TOPCO, LLC, First Lien2024-12-310000017313cswc:A360QuoteTopCoLLCMember2024-12-310000017313ACCELERATION PARTNERS, LLC, First Lien2024-12-310000017313BOND BRAND LOYALTY ULC, Revolving Loan2024-12-310000017313BOND BRAND LOYALTY ULC, First Lien - Term Loan A2024-12-310000017313BOND BRAND LOYALTY ULC, First Lien - Term Loan B2024-12-310000017313cswc:BONDBRANDLOYALTYULCDebtInvestmentsMember2024-12-310000017313EXACT BORROWER, LLC, Revolving Loan2024-12-310000017313EXACT BORROWER, LLC, First Lien - Term Loan A2024-12-310000017313EXACT BORROWER, LLC, First Lien - Term Loan B2024-12-310000017313EXACT BORROWER, LLC, First Lien - Term Loan C2024-12-310000017313EXACT BORROWER, LLC, Delayed Draw Term Loan 12024-12-310000017313EXACT BORROWER, LLC, Delayed Draw Term Loan 22024-12-310000017313EXACT BORROWER, LLC, Promissory Note2024-12-310000017313cswc:EXACTBORROWERLLCMember2024-12-310000017313FMT SOLUTIONS, LLC, First Lien2024-12-310000017313IGNITE VISIBILITY LLC, Revolving Loan2024-12-310000017313IGNITE VISIBILITY LLC, First Lien - Term Loan A2024-12-310000017313IGNITE VISIBILITY LLC, First Lien - Term Loan B2024-12-310000017313cswc:IGNITEVISIBILITYLLCMember2024-12-310000017313cswc:MediaAndMarketingSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313CRAFTY APES, LLC, First Lien2024-12-310000017313CRAFTY APES, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:CRAFTYAPESLLC6Member2024-12-310000017313cswc:MoviesEntertainmentSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313LGM PHARMA, LLC, Revolving Loan2024-12-310000017313LGM PHARMA, LLC, First Lien - Term Loan A2024-12-310000017313LGM PHARMA, LLC, First Lien - Term Loan B2024-12-310000017313LGM PHARMA, LLC, First Lien2024-12-310000017313LGM PHARMA, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:LGMPHARMALLCMember2024-12-310000017313STATINMED, LLC, First Lien2024-12-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313FS VECTOR LLC, Revolving Loan2024-12-310000017313FS VECTOR LLC, First Lien - Term Loan A2024-12-310000017313FS VECTOR LLC, First Lien - Term Loan B2024-12-310000017313cswc:FSVECTORLLCMember2024-12-310000017313THE GOBEL GROUP, LLC, Revolving Loan2024-12-310000017313THE GOBEL GROUP, LLC, First Lien2024-12-310000017313cswc:THEGOBELGROUPLLCDebtSecuritiesMember2024-12-310000017313cswc:ResearchConsultingServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313ONE GROUP, LLC, First Lien2024-12-310000017313ONE GROUP, LLC, Delayed Draw Term Loan2024-12-310000017313cswc:ONEGROUPLLCMember2024-12-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC, Revolving Loan2024-12-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC, First Lien - Term Loan A2024-12-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC, First Lien - Term Loan B2024-12-310000017313cswc:SWENSONSDRIVEINRESTAURANTSLLCMember2024-12-310000017313cswc:RestaurantsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313ACACIA BUYERCO V LLC, Revolving Loan2024-12-310000017313ACACIA BUYERCO V LLC, First Lien - Term Loan A2024-12-310000017313cswc:ACACIABUYERCOVLLCMember2024-12-310000017313CADMIUM, LLC, Revolving Loan2024-12-310000017313CADMIUM, LLC, First Lien2024-12-310000017313cswc:CadmiumLLCMember2024-12-310000017313COREL, INC., First Lien2024-12-310000017313GRAMMATECH, INC., Revolving Loan2024-12-310000017313GRAMMATECH, INC., First Lien2024-12-310000017313cswc:GrammaTechInc.Member2024-12-310000017313INFOGAIN CORPORATION, First Lien2024-12-310000017313ISI ENTERPRISES, LLC, Revolving Loan2024-12-310000017313ISI ENTERPRISES, LLC, First Lien2024-12-310000017313cswc:ISIEnterprisesLLCMember2024-12-310000017313ZENFOLIO INC., Revolving Loan2024-12-310000017313ZENFOLIO INC., First Lien2024-12-310000017313cswc:ZenfolioIncMember2024-12-310000017313cswc:SoftwareAndITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313ATS OPERATING, LLC, Revolving Loan2024-12-310000017313ATS OPERATING, LLC, First Lien - Term Loan A2024-12-310000017313ATS OPERATING, LLC, First Lien - Term Loan B2024-12-310000017313cswc:ATSOperatingLLCMember2024-12-310000017313CATBIRD NYC, LLC, Revolving Loan2024-12-310000017313CATBIRD NYC, LLC, First Lien2024-12-310000017313cswc:CatbirdNYCLLCMember2024-12-310000017313cswc:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC., First Lien - Term B Loan2024-12-310000017313TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien2024-12-310000017313us-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313BROAD SKY NETWORKS LLC, Unsecured Convertible Note2024-12-310000017313LOGIX HOLDINGS COMPANY, LLC, First Lien2024-12-310000017313MERCURY ACQUISITION 2021, LLC, First Lien2024-12-310000017313MERCURY ACQUISITION 2021, LLC, Second Lien2024-12-310000017313cswc:MERCURYACQUISITION2021LLCMember2024-12-310000017313U.S. TELEPACIFIC CORP., First Lien2024-12-310000017313U.S. TELEPACIFIC CORP., Third Lien2024-12-310000017313cswc:U.S.TELEPACIFICCORPMember2024-12-310000017313cswc:TelecommunicationsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien2024-12-310000017313GUARDIAN FLEET SERVICES, INC., First Lien2024-12-310000017313ITA HOLDINGS GROUP, LLC, Revolving Loan2024-12-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan2024-12-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan2024-12-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A2024-12-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B2024-12-310000017313cswc:ITAHoldingsGroupLLCDebtInvestmentsMember2024-12-310000017313LAB LOGISTICS, LLC, Revolving Loan2024-12-310000017313LAB LOGISTICS, LLC, First Lien2024-12-310000017313cswc:LABLOGISTICSLLCMember2024-12-310000017313us-gaap:TransportationSectorMemberus-gaap:DebtSecuritiesMember2024-12-310000017313us-gaap:DebtSecuritiesMember2024-12-310000017313BRANDNER DESIGN, LLC, Class A Units 2024-12-310000017313cswc:BuildingInfrastructureProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313DYNAMIC COMMUNITIES, LLC, Class A Preferred Units2024-12-310000017313DYNAMIC COMMUNITIES, LLC, Class B Preferred Units2024-12-310000017313DYNAMIC COMMUNITIES, LLC, Class C Preferred Units2024-12-310000017313DYNAMIC COMMUNITIES, LLC, Common units2024-12-310000017313cswc:DynamicCommunitiesLLCMember2024-12-310000017313SPOTLIGHT AR, LLC, Common Units2024-12-310000017313US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units2024-12-310000017313US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units2024-12-310000017313US COURTSCRIPT HOLDINGS, INC., Class D-5 LP Units2024-12-310000017313cswc:USCOURTSCRIPTHOLDINGSINCMember2024-12-310000017313cswc:BusinessServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313LEHR UPFITTERS, LLC, Class A Units2024-12-310000017313cswc:CommercialServicesAndSuppliesMemberus-gaap:EquitySecuritiesMember2024-12-310000017313ALLIANCE SPORTS GROUP, L.P., Membership preferred interest2024-12-310000017313HEAT TRAK, LLC, Warrants2024-12-310000017313SHEARWATER RESEARCH, INC., Class A Preferred Units2024-12-310000017313SHEARWATER RESEARCH, INC., Class A Common Units2024-12-310000017313cswc:ShearwaterResearchInc.Member2024-12-310000017313TRU FRAGRANCE & BEAUTY LLC, Preferred Units2024-12-310000017313cswc:ConsumerProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313AIR CONDITIONING SPECIALIST, INC. Preferred Units2024-12-310000017313ROOF OPCO, LLC, Class A Units2024-12-310000017313ROOF OPCO, LLC, Class B Units2024-12-310000017313ROOF OPCO, LLC, Class A-1 Units2024-12-310000017313cswc:RoofOpCoLLCEquityInvestmentsMember2024-12-310000017313CAMPANY ROOF MAINTENANCE, LLC, Class A Units2024-12-310000017313LIFT BRANDS, INC., Common units2024-12-310000017313POOL SERVICE PARTNERS, INC., Common units2024-12-310000017313RED DOG OPERATIONS HOLDING COMPANY LLC, Class A Units2024-12-310000017313TMT BHC BUYER, INC., Class A Units2024-12-310000017313cswc:ConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313RESEARCH NOW GROUP, LLC, common stock2024-12-310000017313RESEARCH NOW GROUP, LLC, Warrants 2024-12-310000017313cswc:RESEARCHNOWGROUPLLCMember2024-12-310000017313cswc:DataProcessingOutsourcedServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313BINSWANGER HOLDING CORP., common stock2024-12-310000017313cswc:DistributionSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313STUDENT RESOURCE CENTER LLC, Senior Preferred Units2024-12-310000017313STUDENT RESOURCE CENTER LLC, Preferred Units 12024-12-310000017313STUDENT RESOURCE CENTER LLC, Preferred Units 22024-12-310000017313cswc:StudentResourceCenterLLCMember2024-12-310000017313WALL STREET PREP, INC., Class A-1 Preferred Shares2024-12-310000017313cswc:EducationSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313ARBORWORKS, LLC, Class A Units2024-12-310000017313ARBORWORKS, LLC, Class A-1 Preferred Units2024-12-310000017313ARBORWORKS, LLC, Class B-1 Preferred Units2024-12-310000017313ARBORWORKS, LLC, Class A-1 Common Units2024-12-310000017313cswc:ArborWorksLLCEquityInvestmentsMember2024-12-310000017313ISLAND PUMP AND TANK, LLC, Preferred units2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Series A Preferred units2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Common units2024-12-310000017313cswc:LIGHTINGRETROFITINTERNATIONALLLCEquityInvestmentsMember2024-12-310000017313cswc:EnvironmentalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units2024-12-310000017313NINJATRADER, INC., Preferred Units2024-12-310000017313us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock2024-12-310000017313FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units2024-12-310000017313MAMMOTH BORROWCO, INC., Class A Preferred Units2024-12-310000017313MUENSTER MILLING COMPANY, LLC, Class A units2024-12-310000017313MUENSTER MILLING COMPANY, LLC, Class A-1 Units2024-12-310000017313MUENSTER MILLING COMPANY, LLC, Class A-2 Units2024-12-310000017313cswc:MuensterMillingCompanyLLCEquityInvestmentsMember2024-12-310000017313cswc:FoodAgricultureAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, Preferred Units2024-12-310000017313COMMAND GROUP ACQUISITION, LLC, Preferred Units2024-12-310000017313LKC TECHNOLOGIES, INC., Class A units2024-12-310000017313SCRIP INC., Shares of common stock2024-12-310000017313cswc:HealthcareEquipmentSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313LIGHTNING INTERMEDIATE II, LLC, LLC interest2024-12-310000017313cswc:HealthcareProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313AAC NEW HOLDCO INC., Shares common stock2024-12-310000017313AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025)2024-12-310000017313cswc:AACNEWHOLDCOINCEquityInvestmentsMember2024-12-310000017313ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units2024-12-310000017313CAVALIER BUYER, INC., Preferred Units2024-12-310000017313CAVALIER BUYER, INC., Class A-1 Units2024-12-310000017313cswc:CAVALIERBUYERINCEquityInvestmentsMember2024-12-310000017313CDC DENTAL MANAGEMENT CO., LLC, Class Y Preferred Units2024-12-310000017313DELPHI LENDER HOLDCO LLC, Common units2024-12-310000017313HH-INSPIRE ACQUISITION, INC., Preferred units2024-12-310000017313INSTITUTES OF HEALTH, LLC, Class A Preferred Units2024-12-310000017313OPCO BORROWER, LLC, shares of common stock2024-12-310000017313ROSELAND MANAGEMENT, LLC, Class A-2 Units2024-12-310000017313ROSELAND MANAGEMENT, LLC, Class A-1 Units2024-12-310000017313ROSELAND MANAGEMENT, LLC, Class A Units2024-12-310000017313cswc:RoselandManagementLLCEquityInvestmentsMember2024-12-310000017313SPECTRUM OF HOPE, LLC, Common units2024-12-310000017313TALKNY MANAGEMENT HOLDINGS, LLC, 1,500,000 Class A-1 Preferred Units2024-12-310000017313cswc:HealthcareServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313DRIVE LINE SERVICE OF PORTLAND, LLC, Class A Units2024-12-310000017313SUREKAP, LLC, Common units2024-12-310000017313cswc:IndustrialMachinerySectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313DAMOTECH INC., Preferred units2024-12-310000017313DAMOTECH INC., Class A Common units2024-12-310000017313cswc:DAMOTECHINCEquityInvestmentsMember2024-12-310000017313GPT INDUSTRIES, LLC, Class A Preferred Units2024-12-310000017313SERVERLIFT, LLC, Class A units2024-12-310000017313THE PRODUCTO GROUP, LLC, Class A units2024-12-310000017313cswc:IndustrialProductsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313ACCELERATION, LLC, Preferred Units2024-12-310000017313ACCELERATION, LLC, Common Units2024-12-310000017313cswc:AccelerationLLCEquityInvestmentsMember2024-12-310000017313ACCELERATION PARTNERS, LLC, Preferred Units2024-12-310000017313ACCELERATION PARTNERS, LLC, Class A Common Units2024-12-310000017313cswc:ACCELERATIONPARTNERSLLCMember2024-12-310000017313BOND BRAND LOYALTY ULC, Preferred units2024-12-310000017313BOND BRAND LOYALTY ULC, Class A common units2024-12-310000017313cswc:BONDBRANDLOYALTYULCEquityInvestmentsMember2024-12-310000017313EXACT BORROWER, LLC, Common units2024-12-310000017313IGNITE VISIBILITY LLC, Preferred Units2024-12-310000017313IGNITE VISIBILITY LLC, Class A Common Units2024-12-310000017313cswc:IGNITEVISIBILITYLLCEquityInterestMember2024-12-310000017313INFOLINKS MEDIA BUYCO, LLC, LP interest2024-12-310000017313OUTERBOX, LLC, Class A common units2024-12-310000017313SONOBI, INC., Class A Common Units2024-12-310000017313VISTAR MEDIA INC., Shares of Series A preferred stock2024-12-310000017313cswc:MediaAndMarketingSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313CRAFTY APES, LLC6., Class A Units2024-12-310000017313cswc:MoviesEntertainmentSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313LGM PHARMA, LLC, Units of Class A common stock2024-12-310000017313STATINMED, LLC, Class A Preferred Units2024-12-310000017313STATINMED, LLC, Class B Preferred Units2024-12-310000017313cswc:STATINMEDLLCMember2024-12-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313FS VECTOR LLC, Common units2024-12-310000017313THE GOBEL GROUP, LLC, Class A-1 Preferred Units2024-12-310000017313THE GOBEL GROUP, LLC, Class A Common Units2024-12-310000017313cswc:THEGOBELGROUPLLCEquitySecuritiesMember2024-12-310000017313cswc:ResearchConsultingServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313ACACIA BUYERCO V LLC, Class B-2 Units2024-12-310000017313GRAMMATECH, INC., Class A units2024-12-310000017313GRAMMATECH, INC., Class A-1 units2024-12-310000017313cswc:GrammaTechIncEquityInvestmentsMember2024-12-310000017313ISI ENTERPRISES, LLC, Series A Preferred units2024-12-310000017313ISI ENTERPRISES, LLC, Series A-1 Preferred units2024-12-310000017313cswc:ISIEnterprisesLLCEquityInvestmentsMember2024-12-310000017313VTX HOLDINGS, INC., Series A Preferred units2024-12-310000017313cswc:SoftwareAndITServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313ATS OPERATING, LLC, Preferred units2024-12-310000017313CATBIRD NYC, LLC, Class A units2024-12-310000017313CATBIRD NYC, LLC, Class B units2024-12-310000017313cswc:CATBIRDNYCLLCEquityInvestmentsMember2024-12-310000017313cswc:SpecialtyRetailSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313FLIP ELECTRONICS, LLC, Common Units2024-12-310000017313TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units2024-12-310000017313us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313BROAD SKY NETWORKS LLC, Series A Preferred units2024-12-310000017313BROAD SKY NETWORKS LLC, Series C Preferred units2024-12-310000017313BROAD SKY NETWORKS LLC, Series D Preferred units2024-12-310000017313cswc:BROADSKYNETWORKSLLCMember2024-12-310000017313MERCURY ACQUISITION 2021, LLC, Series A Units2024-12-310000017313cswc:TelecommunicationsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313GUARDIAN FLEET SERVICES, INC., Class A Units2024-12-310000017313GUARDIAN FLEET SERVICES, INC., Warrants (Expiration - February 10, 2033)2024-12-310000017313GUARDIAN FLEET SERVICES, INC., Warrants (Expiration - November 30, 2033)2024-12-310000017313GUARDIAN FLEET SERVICES, INC., Warrants (Expiration - January 24, 2034)2024-12-310000017313GUARDIAN FLEET SERVICES, INC., Warrants (Expiration - December 18, 2034)2024-12-310000017313cswc:GUARDIANFLEETSERVICESINCMember2024-12-310000017313ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)2024-12-310000017313ITA HOLDINGS GROUP, LLC, Warrants (Expiration - June 21, 2033)2024-12-310000017313ITA HOLDINGS GROUP, LLC, Class A Membership Interest2024-12-310000017313cswc:ITAHoldingsGroupLLCEquityInvestmentsMember2024-12-310000017313us-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2024-12-310000017313us-gaap:EquitySecuritiesMember2024-12-310000017313srt:MinimumMember2024-12-310000017313srt:MaximumMember2024-12-310000017313ADS TACTICAL, INC., First Lien2024-03-310000017313EDGE AUTONOMY HOLDINGS, LLC, Revolving Loan2024-03-310000017313EDGE AUTONOMY HOLDINGS, LLC, First Lien - Term Loan A2024-03-310000017313EDGE AUTONOMY HOLDINGS, LLC, First Lien - Term Loan B2024-03-310000017313cswc:EDGEAUTONOMYHOLDINGSLLCMember2024-03-310000017313STELLANT MIDCO, LLC, First Lien 12024-03-310000017313STELLANT MIDCO, LLC, First Lien 22024-03-310000017313cswc:STELLANTMIDCOLLCMember2024-03-310000017313cswc:AerospaceAndDefenseSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313MAKO STEEL LP, Revolving Loan2024-03-310000017313MAKO STEEL LP, First Lien2024-03-310000017313cswc:MakoSteelLPMember2024-03-310000017313cswc:BuildingInfrastructureProductsSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313DYNAMIC COMMUNITIES, LLC6, First Lien - Term Loan A2024-03-310000017313DYNAMIC COMMUNITIES, LLC6, First Lien - Term Loan B2024-03-310000017313cswc:DynamicCommunitiesLLCDebtInvestmentsMember2024-03-310000017313GAINS INTERMEDIATE, LLC, Revolving Loan2024-03-310000017313GAINS INTERMEDIATE, LLC, First Lien - Term Loan A2024-03-310000017313GAINS INTERMEDIATE, LLC, First Lien - Term Loan B2024-03-310000017313cswc:GAINSINTERMEDIATELLCMember2024-03-310000017313SPOTLIGHT AR, LLC, Revolving Loan2024-03-310000017313SPOTLIGHT AR, LLC, First Lien2024-03-310000017313cswc:SpotlightARLLCMember2024-03-310000017313US COURTSCRIPT HOLDINGS, INC., First Lien2024-03-310000017313WINTER SERVICES OPERATIONS, LLC, Revolving Loan2024-03-310000017313WINTER SERVICES OPERATIONS, LLC, First Lien - Term Loan A2024-03-310000017313WINTER SERVICES OPERATIONS, LLC, First Lien - Term Loan B2024-03-310000017313WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan2024-03-310000017313cswc:WinterServicesOperationsLLCMember2024-03-310000017313cswc:BusinessServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note2024-03-310000017313HEAT TRAK, LLC, First Lien2024-03-310000017313HYBRID APPAREL, LLC, Second Lien2024-03-310000017313LASH OPCO, LLC, Revolving Loan2024-03-310000017313LASH OPCO, LLC, First Lien2024-03-310000017313cswc:LashOpCoLLCMember2024-03-310000017313REVO BRANDS, INC., Revolving Loan2024-03-310000017313REVO BRANDS, INC., First Lien - Term Loan A2024-03-310000017313REVO BRANDS, INC., First Lien - Term Loan B2024-03-310000017313REVO BRANDS, INC., First Lien - Term Loan C2024-03-310000017313cswc:RevoBrandsINCMember2024-03-310000017313TRU FRAGRANCE & BEAUTY LLC, Revolving Loan2024-03-310000017313TRU FRAGRANCE & BEAUTY LLC, First Lien - Term Loan A2024-03-310000017313TRU FRAGRANCE & BEAUTY LLC, First Lien - Term Loan B2024-03-310000017313cswc:TruFragranceBeautyLLCMember2024-03-310000017313YS GARMENTS, LLC, First Lien2024-03-310000017313cswc:ConsumerProductsSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2024-03-310000017313AIR CONDITIONING SPECIALIST, INC., First Lien2024-03-310000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan102024-03-310000017313cswc:AirConditioningSpecialistIncMember2024-03-310000017313LIFT BRANDS, INC., Tranche A Term Loan2024-03-310000017313LIFT BRANDS, INC., Tranche B Term Loan2024-03-310000017313LIFT BRANDS, INC., Tranche C Loan2024-03-310000017313cswc:LiftBrandsINCMember2024-03-310000017313POOL SERVICE HOLDINGS, LLC, Revolving Loan2024-03-310000017313POOL SERVICE HOLDINGS, LLC, First Lien2024-03-310000017313POOL SERVICE HOLDINGS, LLC, Delayed Draw Term Loan2024-03-310000017313cswc:POOLSERVICEHOLDINGSLLCMember2024-03-310000017313ROOF OPCO, LLC, Revolving Loan2024-03-310000017313ROOF OPCO, LLC, First Lien - Term Loan A2024-03-310000017313ROOF OPCO, LLC, First Lien - Term Loan B2024-03-310000017313cswc:AppleRoofingAdministrativeServicesLlcFkaRoofOpcoLlcMember2024-03-310000017313TMT BHC BUYER, INC., Revolving Loan2024-03-310000017313TMT BHC BUYER, INC., First Lien2024-03-310000017313TMT BHC BUYER, INC., Delayed Draw Term Loan2024-03-310000017313cswc:TMTBHCBUYERINC.Member2024-03-310000017313ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A2024-03-310000017313ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B2024-03-310000017313cswc:ZipsCarWashLLCMember2024-03-310000017313cswc:ConsumerServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC., Revolving Loan2024-03-310000017313BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC., First Lien2024-03-310000017313cswc:BURNINGGLASSINTERMEDIATEHOLDINGCOMPANYINC.Member2024-03-310000017313LIGHTBOX INTERMEDIATE, L.P., First Lien2024-03-310000017313RESEARCH NOW GROUP, INC., First Lien2024-03-310000017313RESEARCH NOW GROUP, INC., Second Lien2024-03-310000017313cswc:RESEARCHNOWGROUPINCMember2024-03-310000017313RETAIL SERVICES WIS CORPORATION, First Lien2024-03-310000017313cswc:DataProcessingOutsourcedServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313KMS, INC., First Lien2024-03-310000017313cswc:DistributionSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313STUDENT RESOURCE CENTER LLC, First Lien2024-03-310000017313WALL STREET PREP, INC., Revolving Loan2024-03-310000017313WALL STREET PREP, INC., First Lien2024-03-310000017313cswc:WallStreetPrepIncDebtInvestmentsMember2024-03-310000017313cswc:EducationSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313ACE GATHERING, INC., Second Lien2024-03-310000017313PIPELINE TECHNIQUE LTD, Revolving Loan2024-03-310000017313PIPELINE TECHNIQUE LTD., First Lien2024-03-310000017313cswc:PIPELINETECHNIQUELTDMember2024-03-310000017313VEREGY CONSOLIDATED, INC., First Lien2024-03-310000017313WELL-FOAM, INC., Revolving Loan2024-03-310000017313WELL-FOAM, INC., First Lien2024-03-310000017313cswc:WellFoamIncMember2024-03-310000017313cswc:EnergyServicesMidstreamSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313ARBORWORKS, LLC, Revolving Loan2024-03-310000017313ARBORWORKS, LLC, First Lien2024-03-310000017313cswc:ArborWorksLLCDebtInvestmentsMember2024-03-310000017313ISLAND PUMP AND TANK, LLC, Revolving Loan2024-03-310000017313ISLAND PUMP AND TANK, LLC, First Lien - Term Loan A2024-03-310000017313ISLAND PUMP AND TANK, LLC, First Lien - Term Loan B2024-03-310000017313ISLAND PUMP AND TANK, LLC, First Lien - Term Loan C2024-03-310000017313cswc:ISLANDPUMPANDTANKLLCMember2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Revolving Loan2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, First Lien2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Second Lien2024-03-310000017313cswc:LIGHTINGRETROFITINTERNATIONALLLCDebtInvestmentsMember2024-03-310000017313cswc:EnvironmentalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313JACKSON HEWITT TAX SERVICE, INC., First Lien2024-03-310000017313NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A2024-03-310000017313NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B2024-03-310000017313cswc:NATIONALCREDITCARELLCMember2024-03-310000017313NINJATRADER, INC., Revolving Loan2024-03-310000017313NINJATRADER, INC., First Lien2024-03-310000017313cswc:NinjaTraderIncMember2024-03-310000017313VIDA CAPITAL, INC., First Lien2024-03-310000017313us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A2024-03-310000017313AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B2024-03-310000017313cswc:AMERICANNUTSOPERATIONSLLCMember2024-03-310000017313FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien2024-03-310000017313GULF PACIFIC ACQUISITION, LLC, Revolving Loan2024-03-310000017313GULF PACIFIC ACQUISITION, LLC, First Lien2024-03-310000017313GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan2024-03-310000017313cswc:GulfPacificAcquisitionLLCMember2024-03-310000017313INW MANUFACTURING, LLC, First Lien2024-03-310000017313MAMMOTH BORROWCO, INC., Revolving Loan2024-03-310000017313MAMMOTH BORROWCO, INC., First Lien - Term Loan A2024-03-310000017313MAMMOTH BORROWCO, INC., First Lien - Term Loan B2024-03-310000017313MAMMOTH BORROWCO, INC., Delayed Draw Term Loan2024-03-310000017313cswc:MAMMOTHBORROWCOINCMember2024-03-310000017313MUENSTER MILLING COMPANY, LLC, Revolving Loan2024-03-310000017313MUENSTER MILLING COMPANY, LLC, First Lien2024-03-310000017313cswc:MUENSTERMILLINGCOMPANYLLCMember2024-03-310000017313NEW SKINNY MIXES, LLC, Revolving Loan2024-03-310000017313NEW SKINNY MIXES, LLC, First Lien2024-03-310000017313NEW SKINNY MIXES, LLC, Delayed Draw Term Loan2024-03-310000017313cswc:NEWSKINNYMIXESLLCMember2024-03-310000017313cswc:FoodAgricultureAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313CENTRAL MEDICAL SUPPLY LLC, Revolving Loan2024-03-310000017313CENTRAL MEDICAL SUPPLY LLC, First Lien2024-03-310000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan2024-03-310000017313cswc:CentralMedicalSupplyLLCMember2024-03-310000017313COMMAND GROUP ACQUISITION, LLC, First Lien2024-03-310000017313LKC TECHNOLOGIES, INC., Revolving Loan2024-03-310000017313LKC TECHNOLOGIES, INC., First Lien2024-03-310000017313cswc:LKCTECHNOLOGIESINCMember2024-03-310000017313SCRIP INC., First Lien2024-03-310000017313cswc:HealthcareEquipmentSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313ISAGENIX INTERNATIONAL, LLC, First Lien2024-03-310000017313LIGHTNING INTERMEDIATE II, LLC, Revolving Loan2024-03-310000017313LIGHTNING INTERMEDIATE II, LLC, First Lien2024-03-310000017313cswc:LIGHTNINGINTERMEDIATEIILLCMember2024-03-310000017313MICROBE FORMULAS LLC, Revolving Loan2024-03-310000017313MICROBE FORMULAS LLC, First Lien2024-03-310000017313cswc:MicrobeFormulasLLCMember2024-03-310000017313cswc:HealthcareProductsSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313AAC NEW HOLDCO INC., First Lien2024-03-310000017313AAC NEW HOLDCO INC., Delayed Draw Term Loan2024-03-310000017313cswc:AACNEWHOLDCOINC.Member2024-03-310000017313CAVALIER BUYER, INC., Revolving Loan2024-03-310000017313CAVALIER BUYER, INC., First Lien2024-03-310000017313cswc:CAVALIERBUYERINCMember2024-03-310000017313CDC DENTAL MANAGEMENT CO., LLC, Revolving Loan2024-03-310000017313CDC DENTAL MANAGEMENT CO., LLC, First Lien - Term Loan A2024-03-310000017313CDC DENTAL MANAGEMENT CO., LLC, First Lien - Term Loan B2024-03-310000017313cswc:CDCDENTALMANAGEMENTCOLLCMember2024-03-310000017313CITYVET, INC., First Lien2024-03-310000017313CITYVET, INC., Delayed Draw Term Loan2024-03-310000017313cswc:CityVetIncMember2024-03-310000017313HH-INSPIRE ACQUISITION, INC., Revolving Loan2024-03-310000017313HH-INSPIRE ACQUISITION, INC., First Lien2024-03-310000017313cswc:HHINSPIREACQUISITIONINCMember2024-03-310000017313INSTITUTES OF HEALTH, LLC, Revolving Loan2024-03-310000017313INSTITUTES OF HEALTH, LLC, First Lien - Term Loan A2024-03-310000017313INSTITUTES OF HEALTH, LLC, First Lien - Term Loan B2024-03-310000017313cswc:INSTITUTESOFHEALTHLLCMember2024-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan2024-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan A2024-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan B2024-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan C2024-03-310000017313NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien - Term Loan D2024-03-310000017313cswc:NEUROPSYCHIATRICHOSPITALSLLCMember2024-03-310000017313OPCO BORROWER, LLC, Revolving Loan2024-03-310000017313OPCO BORROWER, LLC, First Lien2024-03-310000017313OPCO BORROWER, LLC, Second Lien2024-03-310000017313cswc:OpcoBorrowerLLCMember2024-03-310000017313ROSELAND MANAGEMENT, LLC, Revolving Loan2024-03-310000017313ROSELAND MANAGEMENT, LLC, First Lien2024-03-310000017313cswc:ROSELANDMANAGEMENTLLCMember2024-03-310000017313SPECTRUM OF HOPE, LLC, First Lien2024-03-310000017313VERSICARE MANAGEMENT LLC, Revolving Loan2024-03-310000017313VERSICARE MANAGEMENT LLC, First Lien - Term Loan A2024-03-310000017313VERSICARE MANAGEMENT LLC, First Lien - Term Loan B2024-03-310000017313cswc:VersicareManagementLLCMember2024-03-310000017313cswc:HealthcareServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313C&M CONVEYOR, INC., First Lien - Term Loan A152024-03-310000017313C&M CONVEYOR, INC., First Lien - Term Loan B152024-03-310000017313cswc:CMCONVEYORINCMember2024-03-310000017313SYSTEC CORPORATION, Revolving Loan2024-03-310000017313SYSTEC CORPORATION, First Lien2024-03-310000017313cswc:SystecCorporationMember2024-03-310000017313cswc:IndustrialMachinerySectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313DAMOTECH INC., Revolving Loan2024-03-310000017313DAMOTECH INC., First Lien - Term Loan A2024-03-310000017313DAMOTECH INC., First Lien - Term Loan B2024-03-310000017313DAMOTECH INC., Delayed Draw Term Loan2024-03-310000017313cswc:DAMOTECHINC.Member2024-03-310000017313GPT INDUSTRIES, LLC, Revolving Loan2024-03-310000017313GPT INDUSTRIES, LLC, First Lien2024-03-310000017313cswc:GPTINDUSTRIESLLCMember2024-03-310000017313LLFLEX, LLC, First Lien2024-03-310000017313THE PRODUCTO GROUP, LLC, First Lien2024-03-310000017313cswc:IndustrialProductsSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313BP LOENBRO HOLDINGS INC., Revolving Loan2024-03-310000017313BP LOENBRO HOLDINGS INC., First Lien2024-03-310000017313BP LOENBRO HOLDINGS INC., Delayed Draw Term Loan2024-03-310000017313cswc:BPLoenbroHoldingsInc.Member2024-03-310000017313USA DEBUSK, LLC, First Lien 12024-03-310000017313USA DEBUSK, LLC, First Lien 22024-03-310000017313cswc:USADEBUSKLLCMember2024-03-310000017313cswc:IndustrialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313360 QUOTE TOPCO, LLC, Revolving Loan2024-03-310000017313360 QUOTE TOPCO, LLC, First Lien2024-03-310000017313cswc:A360QuoteTopCoLLCMember2024-03-310000017313ACCELERATION, LLC, Revolving Loan2024-03-310000017313ACCELERATION, LLC, First Lien - Term Loan A2024-03-310000017313ACCELERATION, LLC, First Lien - Term Loan B2024-03-310000017313ACCELERATION, LLC, First Lien - Term Loan C2024-03-310000017313cswc:ACCELERATIONLLCDebtInvestmentsMember2024-03-310000017313ACCELERATION PARTNERS, LLC, First Lien2024-03-310000017313BOND BRAND LOYALTY ULC, Revolving Loan2024-03-310000017313BOND BRAND LOYALTY ULC, First Lien - Term Loan A2024-03-310000017313BOND BRAND LOYALTY ULC, First Lien - Term Loan B2024-03-310000017313cswc:BONDBRANDLOYALTYULCDebtInvestmentsMember2024-03-310000017313EXACT BORROWER, LLC, Revolving Loan2024-03-310000017313EXACT BORROWER, LLC, First Lien - Term Loan A2024-03-310000017313EXACT BORROWER, LLC, First Lien - Term Loan B2024-03-310000017313EXACT BORROWER, LLC, Delayed Draw Term Loan2024-03-310000017313EXACT BORROWER, LLC, Promissory Note2024-03-310000017313cswc:EXACTBORROWERLLCMember2024-03-310000017313IGNITE VISIBILITY LLC, Revolving Loan2024-03-310000017313IGNITE VISIBILITY LLC, First Lien - Term Loan A2024-03-310000017313IGNITE VISIBILITY LLC, First Lien - Term Loan B2024-03-310000017313IGNITE VISIBILITY LLC, Delayed Draw Term Loan2024-03-310000017313cswc:IGNITEVISIBILITYLLCMember2024-03-310000017313INFOLINKS MEDIA BUYCO, LLC, First Lien2024-03-310000017313OUTERBOX, LLC, Revolving Loan2024-03-310000017313OUTERBOX, LLC, First Lien2024-03-310000017313cswc:OuterboxLLCMember2024-03-310000017313cswc:MediaAndMarketingSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313CRAFTY APES, LLC, First Lien2024-03-310000017313cswc:MoviesEntertainmentSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313LGM PHARMA, LLC, Revolving Loan2024-03-310000017313LGM PHARMA, LLC, First Lien - Term Loan A2024-03-310000017313LGM PHARMA, LLC, First Lien - Term Loan B2024-03-310000017313LGM PHARMA, LLC, First Lien2024-03-310000017313LGM PHARMA, LLC, Delayed Draw Term Loan2024-03-310000017313LGM PHARMA, LLC, Unsecured convertible note2024-03-310000017313cswc:LGMPHARMALLCMember2024-03-310000017313STATINMED, LLC, First Lien2024-03-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313FS VECTOR LLC, Revolving Loan2024-03-310000017313FS VECTOR LLC, First Lien - Term Loan A2024-03-310000017313FS VECTOR LLC, First Lien - Term Loan B2024-03-310000017313cswc:FSVECTORLLCMember2024-03-310000017313cswc:ResearchConsultingServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313ONE GROUP, LLC, First Lien2024-03-310000017313ONE GROUP, LLC, Delayed Draw Term Loan2024-03-310000017313cswc:ONEGROUPLLCMember2024-03-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC, Revolving Loan2024-03-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC, First Lien - Term Loan A2024-03-310000017313SWENSONS DRIVE-IN RESTAURANTS, LLC, First Lien - Term Loan B2024-03-310000017313cswc:SWENSONSDRIVEINRESTAURANTSLLCMember2024-03-310000017313cswc:RestaurantsSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313ACACIA BUYERCO V LLC, Revolving Loan2024-03-310000017313ACACIA BUYERCO V LLC, First Lien - Term Loan A2024-03-310000017313ACACIA BUYERCO V LLC, Delayed Draw Term Loan2024-03-310000017313cswc:ACACIABUYERCOVLLCMember2024-03-310000017313CADMIUM, LLC, Revolving Loan2024-03-310000017313CADMIUM, LLC, First Lien2024-03-310000017313cswc:CadmiumLLCMember2024-03-310000017313COREL, INC., First Lien2024-03-310000017313GRAMMATECH, INC., Revolving Loan2024-03-310000017313GRAMMATECH, INC., First Lien2024-03-310000017313cswc:GrammaTechInc.Member2024-03-310000017313ISI ENTERPRISES, LLC, Revolving Loan2024-03-310000017313ISI ENTERPRISES, LLC, First Lien2024-03-310000017313cswc:ISIEnterprisesLLCMember2024-03-310000017313ZENFOLIO INC., Revolving Loan2024-03-310000017313ZENFOLIO INC., First Lien2024-03-310000017313cswc:ZenfolioIncMember2024-03-310000017313cswc:SoftwareAndITServicesSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313SOUTH COAST TERMINALS, LLC, Revolving Loan2024-03-310000017313SOUTH COAST TERMINALS, LLC, First Lien2024-03-310000017313cswc:SouthCoastTerminalsLLCMember2024-03-310000017313us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313ATS OPERATING, LLC, Revolving Loan2024-03-310000017313ATS OPERATING, LLC, First Lien - Term Loan A2024-03-310000017313ATS OPERATING, LLC, First Lien - Term Loan B2024-03-310000017313cswc:ATSOperatingLLCMember2024-03-310000017313CATBIRD NYC, LLC, Revolving Loan2024-03-310000017313CATBIRD NYC, LLC, First Lien2024-03-310000017313cswc:CatbirdNYCLLCMember2024-03-310000017313RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan2024-03-310000017313RTIC SUBSIDIARY HOLDINGS, LLC, First Lien2024-03-310000017313cswc:RTICSubsidiaryHoldingsLLCMember2024-03-310000017313cswc:SpecialtyRetailSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC., First Lien - Term B Loan2024-03-310000017313TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien2024-03-310000017313TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note2024-03-310000017313cswc:TRAFERALLCFKATRINITY3LLCDebtInvestmentsMember2024-03-310000017313cswc:TechnologyProductsComponentsMemberus-gaap:DebtSecuritiesMember2024-03-310000017313INTERMEDIA HOLDINGS, INC., First Lien2024-03-310000017313LOGIX HOLDINGS COMPANY, LLC, First Lien2024-03-310000017313MERCURY ACQUISITION 2021, LLC, First Lien2024-03-310000017313MERCURY ACQUISITION 2021, LLC, Second Lien2024-03-310000017313cswc:MERCURYACQUISITION2021LLCMember2024-03-310000017313U.S. TELEPACIFIC CORP., First Lien2024-03-310000017313U.S. TELEPACIFIC CORP., Third Lien2024-03-310000017313cswc:U.S.TELEPACIFICCORPMember2024-03-310000017313cswc:TelecommunicationsSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien2024-03-310000017313GUARDIAN FLEET SERVICES, INC., First Lien2024-03-310000017313ITA HOLDINGS GROUP, LLC, Revolving Loan2024-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan2024-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan2024-03-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A2024-03-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B2024-03-310000017313cswc:ITAHoldingsGroupLLCDebtInvestmentsMember2024-03-310000017313LAB LOGISTICS, LLC, First Lien2024-03-310000017313us-gaap:TransportationSectorMemberus-gaap:DebtSecuritiesMember2024-03-310000017313us-gaap:DebtSecuritiesMember2024-03-310000017313DYNAMIC COMMUNITIES, LLC, Class A Preferred Units2024-03-310000017313DYNAMIC COMMUNITIES, LLC, Class B Preferred Units2024-03-310000017313DYNAMIC COMMUNITIES, LLC, Class C Preferred Units2024-03-310000017313DYNAMIC COMMUNITIES, LLC, Common units2024-03-310000017313cswc:DynamicCommunitiesLLCMember2024-03-310000017313SPOTLIGHT AR, LLC, Common Units2024-03-310000017313US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units2024-03-310000017313US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units2024-03-310000017313US COURTSCRIPT HOLDINGS, INC., Class D-5 LP Units2024-03-310000017313cswc:USCOURTSCRIPTHOLDINGSINCMember2024-03-310000017313cswc:BusinessServicesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313ALLIANCE SPORTS GROUP, L.P., Membership preferred interest2024-03-310000017313HEAT TRAK, LLC, Warrants2024-03-310000017313SHEARWATER RESEARCH, INC., Class A Preferred Units2024-03-310000017313SHEARWATER RESEARCH, INC., Class A Common Units2024-03-310000017313cswc:ShearwaterResearchInc.Member2024-03-310000017313TRU FRAGRANCE & BEAUTY LLC, Preferred Units2024-03-310000017313cswc:ConsumerProductsSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313AIR CONDITIONING SPECIALIST, INC. Preferred Units2024-03-310000017313POOL SERVICE PARTNERS, INC., Common units2024-03-310000017313ROOF OPCO, LLC, Class A Units2024-03-310000017313ROOF OPCO, LLC, Class B Units2024-03-310000017313cswc:RoofOpCoLLCEquityInvestmentsMember2024-03-310000017313TMT BHC BUYER, INC., Class A Units2024-03-310000017313cswc:ConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313BINSWANGER HOLDING CORP., shares of common stock2024-03-310000017313cswc:DistributionSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313STUDENT RESOURCE CENTER LLC, Preferred Units 12024-03-310000017313STUDENT RESOURCE CENTER LLC, Preferred Units 22024-03-310000017313cswc:StudentResourceCenterLLCMember2024-03-310000017313WALL STREET PREP, INC., Class A-1 Preferred Shares2024-03-310000017313cswc:EducationSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313ARBORWORKS, LLC, Class A Units2024-03-310000017313ARBORWORKS, LLC, Class A-1 Preferred Units2024-03-310000017313ARBORWORKS, LLC, Class B-1 Preferred Units2024-03-310000017313ARBORWORKS, LLC, Class A-1 Common Units2024-03-310000017313cswc:ArborWorksLLCEquityInvestmentsMember2024-03-310000017313ISLAND PUMP AND TANK, LLC, Preferred units2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Series A Preferred units2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC, Common units2024-03-310000017313cswc:LIGHTINGRETROFITINTERNATIONALLLCEquityInvestmentsMember2024-03-310000017313cswc:EnvironmentalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units2024-03-310000017313NINJATRADER, INC., Preferred Units2024-03-310000017313us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock2024-03-310000017313FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units2024-03-310000017313MAMMOTH BORROWCO, INC., Class A Preferred Units2024-03-310000017313MUENSTER MILLING COMPANY, LLC, Class A units2024-03-310000017313MUENSTER MILLING COMPANY, LLC, Class A-1 Units2024-03-310000017313cswc:MuensterMillingCompanyLLCEquityInvestmentsMember2024-03-310000017313cswc:FoodAgricultureAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313CENTRAL MEDICAL SUPPLY LLC, Preferred Units2024-03-310000017313COMMAND GROUP ACQUISITION, LLC, Preferred Units2024-03-310000017313LKC TECHNOLOGIES, INC., Class A units2024-03-310000017313SCRIP INC., Shares of common stock2024-03-310000017313cswc:HealthcareEquipmentSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313LIGHTNING INTERMEDIATE II, LLC, LLC interest2024-03-310000017313cswc:HealthcareProductsSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313AAC NEW HOLDCO INC., Shares common stock2024-03-310000017313AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025)2024-03-310000017313cswc:AACNEWHOLDCOINCEquityInvestmentsMember2024-03-310000017313ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units2024-03-310000017313CAVALIER BUYER, INC., Preferred Units2024-03-310000017313CAVALIER BUYER, INC., Class A-1 Units2024-03-310000017313cswc:CAVALIERBUYERINCEquityInvestmentsMember2024-03-310000017313CDC DENTAL MANAGEMENT CO., LLC, Class Y Preferred Units2024-03-310000017313DELPHI LENDER HOLDCO LLC, Common units2024-03-310000017313HH-INSPIRE ACQUISITION, INC., Preferred units2024-03-310000017313INSTITUTES OF HEALTH, LLC, Class A Preferred Units2024-03-310000017313OPCO BORROWER, LLC, Warrants (Expiration - August 19, 2029)2024-03-310000017313ROSELAND MANAGEMENT, LLC, Class A-2 Units2024-03-310000017313ROSELAND MANAGEMENT, LLC, Class A-1 Units2024-03-310000017313ROSELAND MANAGEMENT, LLC, Class A Units2024-03-310000017313cswc:RoselandManagementLLCEquityInvestmentsMember2024-03-310000017313SPECTRUM OF HOPE, LLC, Common units2024-03-310000017313cswc:HealthcareServicesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313DAMOTECH INC., Preferred units2024-03-310000017313DAMOTECH INC., Class A Common units2024-03-310000017313cswc:DAMOTECHINCEquityInvestmentsMember2024-03-310000017313GPT INDUSTRIES, LLC, Class A Preferred Units2024-03-310000017313THE PRODUCTO GROUP, LLC, Class A units2024-03-310000017313cswc:IndustrialProductsSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313ACCELERATION, LLC, Preferred Units2024-03-310000017313ACCELERATION, LLC, Common Units2024-03-310000017313cswc:AccelerationLLCEquityInvestmentsMember2024-03-310000017313ACCELERATION PARTNERS, LLC, Preferred Units2024-03-310000017313ACCELERATION PARTNERS, LLC, Class A Common Units2024-03-310000017313cswc:ACCELERATIONPARTNERSLLCMember2024-03-310000017313BOND BRAND LOYALTY ULC, Preferred units2024-03-310000017313BOND BRAND LOYALTY ULC, Class A common units2024-03-310000017313cswc:BONDBRANDLOYALTYULCEquityInvestmentsMember2024-03-310000017313EXACT BORROWER, LLC, Common units2024-03-310000017313IGNITE VISIBILITY LLC, Preferred Units2024-03-310000017313IGNITE VISIBILITY LLC, Class A Common Units2024-03-310000017313cswc:IGNITEVISIBILITYLLCEquityInterestMember2024-03-310000017313INFOLINKS MEDIA BUYCO, LLC, LP interest2024-03-310000017313OUTERBOX, LLC, Class A common units2024-03-310000017313SONOBI, INC., Class A Common Units2024-03-310000017313VISTAR MEDIA INC., Shares of Series A preferred stock2024-03-310000017313cswc:MediaAndMarketingSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313LGM PHARMA, LLC, Units of Class A common stock2024-03-310000017313STATINMED, LLC, Class A Preferred Units2024-03-310000017313STATINMED, LLC, Class B Preferred Units2024-03-310000017313cswc:STATINMEDLLCMember2024-03-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313FS VECTOR LLC, Common units2024-03-310000017313cswc:ResearchConsultingServicesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313ACACIA BUYERCO V LLC, Class B-2 Units2024-03-310000017313GRAMMATECH, INC., Class A units2024-03-310000017313GRAMMATECH, INC., Class A-1 units2024-03-310000017313cswc:GrammaTechIncEquityInvestmentsMember2024-03-310000017313ISI ENTERPRISES, LLC, Series A Preferred units2024-03-310000017313ISI ENTERPRISES, LLC, Series A-1 Preferred units2024-03-310000017313cswc:ISIEnterprisesLLCEquityInvestmentsMember2024-03-310000017313VTX HOLDINGS, INC., Series A Preferred units2024-03-310000017313cswc:SoftwareAndITServicesSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313ATS OPERATING, LLC, Preferred units2024-03-310000017313CATBIRD NYC, LLC, Class A units2024-03-310000017313CATBIRD NYC, LLC, Class B units2024-03-310000017313cswc:CATBIRDNYCLLCEquityInvestmentsMember2024-03-310000017313cswc:SpecialtyRetailSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313FLIP ELECTRONICS, LLC, Common Units2024-03-310000017313TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units2024-03-310000017313us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313BROAD SKY NETWORKS LLC, Series A Preferred units2024-03-310000017313BROAD SKY NETWORKS LLC, Series C Preferred units2024-03-310000017313cswc:BROADSKYNETWORKSLLCMember2024-03-310000017313MERCURY ACQUISITION 2021, LLC, Series A Units2024-03-310000017313cswc:TelecommunicationsSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313GUARDIAN FLEET SERVICES, INC., Class A Units2024-03-310000017313GUARDIAN FLEET SERVICES, INC., Warrants (Expiration - February 10, 2033)2024-03-310000017313GUARDIAN FLEET SERVICES, INC., Warrants (Expiration - November 30, 2033)2024-03-310000017313GUARDIAN FLEET SERVICES, INC., Warrants (Expiration - January 24, 2034)2024-03-310000017313cswc:GUARDIANFLEETSERVICESINCMember2024-03-310000017313ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)2024-03-310000017313ITA HOLDINGS GROUP, LLC, Warrants (Expiration - June 21, 2033)2024-03-310000017313ITA HOLDINGS GROUP, LLC, Class A Membership Interest2024-03-310000017313cswc:ITAHoldingsGroupLLCEquityInvestmentsMember2024-03-310000017313us-gaap:TransportationSectorMemberus-gaap:EquitySecuritiesMember2024-03-310000017313us-gaap:EquitySecuritiesMember2024-03-310000017313srt:MinimumMember2024-03-310000017313srt:MaximumMember2024-03-310000017313srt:MinimumMember2024-04-012024-12-310000017313srt:MaximumMember2024-04-012024-12-310000017313cswc:InvestmentOwnedNonAccrualStatusMemberus-gaap:CreditConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:InvestmentOwnedNonAccrualStatusMemberus-gaap:CreditConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:InvestmentOwnedNonAccrualStatusMemberus-gaap:CreditConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:InvestmentOwnedNonAccrualStatusMemberus-gaap:CreditConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-3100000173132023-04-012024-03-310000017313us-gaap:RestrictedStockMembercswc:A2010PlanMember2021-07-182021-07-180000017313cswc:DebtSecuritiesFirstLienMember2024-12-310000017313cswc:DebtSecuritiesFirstLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:DebtSecuritiesFirstLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:DebtSecuritiesSecondLienMember2024-12-310000017313cswc:DebtSecuritiesSecondLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:DebtSecuritiesSecondLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:SubordinatedDebtMember2024-12-310000017313us-gaap:SubordinatedDebtMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:SubordinatedDebtMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:PreferredStockMember2024-12-310000017313us-gaap:PreferredStockMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:PreferredStockMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:CommonEquityWarrantsMember2024-12-310000017313cswc:CommonEquityWarrantsMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:CommonEquityWarrantsMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:DebtSecuritiesFirstLienMember2024-03-310000017313cswc:DebtSecuritiesFirstLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:DebtSecuritiesFirstLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:DebtSecuritiesSecondLienMember2024-03-310000017313cswc:DebtSecuritiesSecondLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:DebtSecuritiesSecondLienMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:SubordinatedDebtMember2024-03-310000017313us-gaap:SubordinatedDebtMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:SubordinatedDebtMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:PreferredStockMember2024-03-310000017313us-gaap:PreferredStockMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:PreferredStockMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:CommonEquityWarrantsMember2024-03-310000017313cswc:CommonEquityWarrantsMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:CommonEquityWarrantsMembercswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:InvestmentTypeConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:FirstLienLoansLastOutMember2024-12-310000017313cswc:FirstLienLoansLastOutMember2024-03-310000017313cswc:FirstLienLoansSplitLienTermLoansMember2024-12-310000017313cswc:FirstLienLoansSplitLienTermLoansMember2024-03-310000017313cswc:SecondLienLoansSplitLienTermLoansMember2024-12-310000017313cswc:SecondLienLoansSplitLienTermLoansMember2024-03-310000017313cswc:UnsecuredConvertibleNotesMember2024-12-310000017313cswc:UnsecuredConvertibleNotesMember2024-03-310000017313cswc:HealthcareServicesSectorMember2024-12-310000017313cswc:HealthcareServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:HealthcareServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:MediaAndMarketingSectorMember2024-12-310000017313cswc:MediaAndMarketingSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:MediaAndMarketingSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:FoodAgricultureAndBeverageSectorMember2024-12-310000017313cswc:FoodAgricultureAndBeverageSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:FoodAgricultureAndBeverageSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:ConsumerServicesSectorMember2024-12-310000017313cswc:ConsumerServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:ConsumerServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:ConsumerProductsSectorMember2024-12-310000017313cswc:ConsumerProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:ConsumerProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:FinancialServicesSectorMember2024-12-310000017313us-gaap:FinancialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:FinancialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:IndustrialMachinerySectorMember2024-12-310000017313cswc:IndustrialMachinerySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:IndustrialMachinerySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:TransportationSectorMember2024-12-310000017313us-gaap:TransportationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:TransportationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:BusinessServicesSectorMember2024-12-310000017313cswc:BusinessServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:BusinessServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:IndustrialProductsSectorMember2024-12-310000017313cswc:IndustrialProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:IndustrialProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:HealthcareEquipmentSuppliesSectorMember2024-12-310000017313cswc:HealthcareEquipmentSuppliesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:HealthcareEquipmentSuppliesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:SoftwareAndITServicesSectorMember2024-12-310000017313cswc:SoftwareAndITServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:SoftwareAndITServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:AerospaceAndDefenseSectorMember2024-12-310000017313cswc:AerospaceAndDefenseSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:AerospaceAndDefenseSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:EnvironmentalServicesSectorMember2024-12-310000017313cswc:EnvironmentalServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:EnvironmentalServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:SpecialtyRetailSectorMember2024-12-310000017313cswc:SpecialtyRetailSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:SpecialtyRetailSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:ResearchConsultingServicesSectorMember2024-12-310000017313cswc:ResearchConsultingServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:ResearchConsultingServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:EducationSectorMember2024-12-310000017313cswc:EducationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:EducationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:HealthcareProductsSectorMember2024-12-310000017313cswc:HealthcareProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:HealthcareProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMember2024-12-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:EnergyServicesMidstreamSectorMember2024-12-310000017313cswc:EnergyServicesMidstreamSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:EnergyServicesMidstreamSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:RestaurantsSectorMember2024-12-310000017313cswc:RestaurantsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:RestaurantsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:IndustrialServicesSectorMember2024-12-310000017313cswc:IndustrialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:IndustrialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:TelecommunicationsSectorMember2024-12-310000017313cswc:TelecommunicationsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:TelecommunicationsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:CommercialServicesSuppliesMember2024-12-310000017313cswc:CommercialServicesSuppliesMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:CommercialServicesSuppliesMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:BuildingInfrastructureProductsSectorMember2024-12-310000017313cswc:BuildingInfrastructureProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:BuildingInfrastructureProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:TechnologySectorMember2024-12-310000017313us-gaap:TechnologySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:TechnologySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:DistributionSectorMember2024-12-310000017313cswc:DistributionSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:DistributionSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:DataProcessingOutsourcedServicesSectorMember2024-12-310000017313cswc:DataProcessingOutsourcedServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:DataProcessingOutsourcedServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:MoviesEntertainmentSectorMember2024-12-310000017313cswc:MoviesEntertainmentSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:MoviesEntertainmentSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313cswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313cswc:HealthcareServicesSectorMember2024-03-310000017313cswc:HealthcareServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:HealthcareServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:MediaAndMarketingSectorMember2024-03-310000017313cswc:MediaAndMarketingSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:MediaAndMarketingSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:ConsumerProductsSectorMember2024-03-310000017313cswc:ConsumerProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:ConsumerProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:BusinessServicesSectorMember2024-03-310000017313cswc:BusinessServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:BusinessServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:ConsumerServicesSectorMember2024-03-310000017313cswc:ConsumerServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:ConsumerServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:FoodAgricultureAndBeverageSectorMember2024-03-310000017313cswc:FoodAgricultureAndBeverageSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:FoodAgricultureAndBeverageSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:FinancialServicesSectorMember2024-03-310000017313us-gaap:FinancialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:FinancialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:TransportationSectorMember2024-03-310000017313us-gaap:TransportationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:TransportationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:IndustrialProductsSectorMember2024-03-310000017313cswc:IndustrialProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:IndustrialProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:SoftwareAndITServicesSectorMember2024-03-310000017313cswc:SoftwareAndITServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:SoftwareAndITServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:EnvironmentalServicesSectorMember2024-03-310000017313cswc:EnvironmentalServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:EnvironmentalServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:SpecialtyRetailSectorMember2024-03-310000017313cswc:SpecialtyRetailSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:SpecialtyRetailSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:HealthcareEquipmentSuppliesSectorMember2024-03-310000017313cswc:HealthcareEquipmentSuppliesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:HealthcareEquipmentSuppliesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:HealthcareProductsSectorMember2024-03-310000017313cswc:HealthcareProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:HealthcareProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMember2024-03-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:PharmaceuticalsBiotechnologyLifeSciencesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:EnergyServicesMidstreamSectorMember2024-03-310000017313cswc:EnergyServicesMidstreamSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:EnergyServicesMidstreamSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:AerospaceAndDefenseSectorMember2024-03-310000017313cswc:AerospaceAndDefenseSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:AerospaceAndDefenseSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:RestaurantsSectorMember2024-03-310000017313cswc:RestaurantsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:RestaurantsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:TelecommunicationsSectorMember2024-03-310000017313cswc:TelecommunicationsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:TelecommunicationsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:IndustrialMachinerySectorMember2024-03-310000017313cswc:IndustrialMachinerySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:IndustrialMachinerySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:IndustrialServicesSectorMember2024-03-310000017313cswc:IndustrialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:IndustrialServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:TechnologySectorMember2024-03-310000017313us-gaap:TechnologySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:TechnologySectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:ResearchConsultingServicesSectorMember2024-03-310000017313cswc:ResearchConsultingServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:ResearchConsultingServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:DistributionSectorMember2024-03-310000017313cswc:DistributionSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:DistributionSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:DataProcessingOutsourcedServicesSectorMember2024-03-310000017313cswc:DataProcessingOutsourcedServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:DataProcessingOutsourcedServicesSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:MoviesEntertainmentSectorMember2024-03-310000017313cswc:MoviesEntertainmentSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:MoviesEntertainmentSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:EducationSectorMember2024-03-310000017313cswc:EducationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:EducationSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:ChemicalsSectorMember2024-03-310000017313us-gaap:ChemicalsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:ChemicalsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:BuildingInfrastructureProductsSectorMember2024-03-310000017313cswc:BuildingInfrastructureProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:BuildingInfrastructureProductsSectorMembercswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313cswc:IndustryConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:NortheastRegionMember2024-12-310000017313us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:WestRegionMember2024-12-310000017313us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:SoutheastRegionMember2024-12-310000017313us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:SouthwestRegionMember2024-12-310000017313us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:MidwestRegionMember2024-12-310000017313us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:NonUsMember2024-12-310000017313us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2024-04-012024-12-310000017313us-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2024-04-012024-12-310000017313us-gaap:NortheastRegionMember2024-03-310000017313us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:NortheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:WestRegionMember2024-03-310000017313us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:WestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:SouthwestRegionMember2024-03-310000017313us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:SouthwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:MidwestRegionMember2024-03-310000017313us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:MidwestRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:SoutheastRegionMember2024-03-310000017313us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:SoutheastRegionMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:NonUsMember2024-03-310000017313us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:NonUsMemberus-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313us-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedFairValueMember2023-04-012024-03-310000017313us-gaap:GeographicConcentrationRiskMembercswc:InvestmentOwnedCostMember2023-04-012024-03-310000017313cswc:PrivatelyHeldDebtAndEquityInstrumentsMember2024-03-310000017313cswc:PrivatelyHeldDebtAndEquityInstrumentsMember2024-12-310000017313us-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-12-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-12-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-12-310000017313us-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-12-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-12-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-12-310000017313us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-12-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-12-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-12-310000017313us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-12-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-12-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-12-310000017313us-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-12-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-12-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-12-310000017313us-gaap:FairValueMeasurementsRecurringMember2024-12-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000017313us-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-03-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-03-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesFirstLienMember2024-03-310000017313us-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-03-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-03-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercswc:DebtSecuritiesSecondLienMember2024-03-310000017313us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-03-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-03-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:SubordinatedDebtMember2024-03-310000017313us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-03-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-03-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PreferredStockMember2024-03-310000017313us-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-03-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-03-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercswc:CommonEquityWarrantsMember2024-03-310000017313us-gaap:FairValueMeasurementsRecurringMember2024-03-310000017313us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000017313us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMembercswc:DebtSecuritiesFirstLienMember2024-12-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercswc:DebtSecuritiesFirstLienMember2024-12-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313us-gaap:FairValueInputsLevel3Membercswc:ValuationEnterpriseValueWaterfallApproachMembercswc:DebtSecuritiesFirstLienMember2024-12-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMembercswc:DebtSecuritiesSecondLienMember2024-12-310000017313srt:MinimumMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:SubordinatedDebtMember2024-12-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:SubordinatedDebtMember2024-12-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313us-gaap:FairValueInputsLevel3Membercswc:ValuationEnterpriseValueWaterfallApproachMemberus-gaap:SubordinatedDebtMember2024-12-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313us-gaap:FairValueInputsLevel3Membercswc:ValuationEnterpriseValueWaterfallApproachMemberus-gaap:PreferredStockMember2024-12-310000017313srt:MinimumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MinimumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:PreferredStockMember2024-12-310000017313srt:MinimumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313us-gaap:FairValueInputsLevel3Membercswc:ValuationEnterpriseValueWaterfallApproachMembercswc:CommonEquityWarrantsMember2024-12-310000017313srt:MinimumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MinimumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:MaximumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313srt:WeightedAverageMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercswc:CommonEquityWarrantsMember2024-12-310000017313srt:MinimumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:MaximumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313srt:WeightedAverageMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000017313us-gaap:FairValueInputsLevel3Member2024-12-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMembercswc:DebtSecuritiesFirstLienMember2024-03-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercswc:DebtSecuritiesFirstLienMember2024-03-310000017313srt:MinimumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesFirstLienMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMembercswc:DebtSecuritiesSecondLienMember2024-03-310000017313srt:MinimumMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MinimumMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMembercswc:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:SubordinatedDebtMember2024-03-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:IncomeApproachValuationTechniqueMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:SubordinatedDebtMember2024-03-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313us-gaap:FairValueInputsLevel3Membercswc:ValuationEnterpriseValueWaterfallApproachMemberus-gaap:SubordinatedDebtMember2024-03-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MaximumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313us-gaap:FairValueInputsLevel3Membercswc:ValuationEnterpriseValueWaterfallApproachMemberus-gaap:PreferredStockMember2024-03-310000017313srt:MinimumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MaximumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MinimumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MaximumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:PreferredStockMember2024-03-310000017313srt:MinimumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMemberus-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313us-gaap:FairValueInputsLevel3Membercswc:ValuationEnterpriseValueWaterfallApproachMembercswc:CommonEquityWarrantsMember2024-03-310000017313srt:MinimumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MaximumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:WeightedAverageMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MinimumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:MaximumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313srt:WeightedAverageMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembercswc:ValuationEnterpriseValueWaterfallApproachMember2024-03-310000017313us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembercswc:CommonEquityWarrantsMember2024-03-310000017313srt:MinimumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:MaximumMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313srt:WeightedAverageMembercswc:CommonEquityWarrantsMemberus-gaap:FairValueInputsLevel3Membercswc:MeasurementInputCostMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310000017313us-gaap:FairValueInputsLevel3Member2024-03-310000017313cswc:DebtSecuritiesFirstLienMember2024-03-310000017313cswc:DebtSecuritiesFirstLienMember2024-04-012024-12-310000017313cswc:DebtSecuritiesFirstLienMember2024-12-310000017313cswc:DebtSecuritiesSecondLienMember2024-03-310000017313cswc:DebtSecuritiesSecondLienMember2024-04-012024-12-310000017313cswc:DebtSecuritiesSecondLienMember2024-12-310000017313us-gaap:SubordinatedDebtMember2024-03-310000017313us-gaap:SubordinatedDebtMember2024-04-012024-12-310000017313us-gaap:SubordinatedDebtMember2024-12-310000017313us-gaap:PreferredStockMember2024-03-310000017313us-gaap:PreferredStockMember2024-04-012024-12-310000017313us-gaap:PreferredStockMember2024-12-310000017313cswc:CommonEquityWarrantsMember2024-03-310000017313cswc:CommonEquityWarrantsMember2024-04-012024-12-310000017313cswc:CommonEquityWarrantsMember2024-12-310000017313us-gaap:InvestmentsMember2024-03-310000017313us-gaap:InvestmentsMember2024-04-012024-12-310000017313us-gaap:InvestmentsMember2024-12-310000017313cswc:DebtSecuritiesFirstLienMember2023-03-310000017313cswc:DebtSecuritiesFirstLienMember2023-04-012023-12-310000017313cswc:DebtSecuritiesFirstLienMember2023-12-310000017313cswc:DebtSecuritiesSecondLienMember2023-03-310000017313cswc:DebtSecuritiesSecondLienMember2023-04-012023-12-310000017313cswc:DebtSecuritiesSecondLienMember2023-12-310000017313us-gaap:SubordinatedDebtMember2023-03-310000017313us-gaap:SubordinatedDebtMember2023-04-012023-12-310000017313us-gaap:SubordinatedDebtMember2023-12-310000017313us-gaap:PreferredStockMember2023-03-310000017313us-gaap:PreferredStockMember2023-04-012023-12-310000017313us-gaap:PreferredStockMember2023-12-310000017313cswc:CommonEquityWarrantsMember2023-03-310000017313cswc:CommonEquityWarrantsMember2023-04-012023-12-310000017313cswc:CommonEquityWarrantsMember2023-12-310000017313us-gaap:InvestmentsMember2023-03-310000017313us-gaap:InvestmentsMember2023-04-012023-12-310000017313us-gaap:InvestmentsMember2023-12-310000017313cswc:DebtSecuritiesFirstLienConvertedToWarrantsMember2024-04-012024-12-3100000173132019-04-250000017313cswc:SmallBusinessAdministrationDebenturesMemberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-12-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2024-12-310000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMember2024-12-310000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesMemberus-gaap:UnsecuredDebtMember2024-03-310000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-03-310000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-03-310000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2024-03-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2024-03-310000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMember2024-03-310000017313us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-10-012024-12-310000017313us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-04-012024-12-310000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-08-022023-08-020000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-08-010000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-08-020000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-12-070000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-12-060000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-09-120000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-09-110000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MinimumMember2024-03-012024-03-010000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2024-03-012024-03-010000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-03-010000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-10-012024-12-310000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-10-012023-12-310000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-04-012024-12-310000017313cswc:CorporateCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-04-012023-12-310000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-03-200000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-06-190000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-06-200000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMembercswc:BeforeMarch202027Member2024-03-202024-03-200000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMembercswc:AfterMarch202027Member2024-03-202024-03-200000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMembercswc:BeforeApril202024Member2024-03-202024-03-200000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMembercswc:AfterApril202024Member2024-03-202024-03-200000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-10-012024-12-310000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-10-012023-12-310000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2024-04-012024-12-310000017313cswc:SpecialPurposeVehicleFinancingCreditFacilityMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMember2023-04-012023-12-310000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2020-12-310000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2021-02-280000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2024-12-090000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2024-12-092024-12-090000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2024-10-012024-12-310000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2023-10-012023-12-310000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2024-04-012024-12-310000017313cswc:January2026NotesMemberus-gaap:MediumTermNotesMember2023-04-012023-12-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2021-08-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2021-11-300000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2024-10-012024-12-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2023-10-012023-12-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2024-04-012024-12-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2023-04-012023-12-310000017313cswc:October2026NotesMemberus-gaap:MediumTermNotesMember2021-08-012021-08-310000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMember2023-06-300000017313cswc:August2028NotesOverallotmentMemberus-gaap:MediumTermNotesMember2023-06-300000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMember2024-10-012024-12-310000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMember2023-10-012023-12-310000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMember2024-04-012024-12-310000017313cswc:August2028NotesMemberus-gaap:MediumTermNotesMember2023-04-012023-12-310000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-11-040000017313cswc:October2026NotesMemberus-gaap:ConvertibleDebtMember2024-11-040000017313cswc:A2029ConvertibleNotesOverallotementMemberus-gaap:ConvertibleDebtMember2024-11-040000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-04-012024-12-310000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-11-042024-11-040000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2024-10-012024-12-310000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2023-10-012023-12-310000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMember2023-04-012023-12-310000017313cswc:SmallBusinessAdministrationDebenturesMembercswc:SBICIMemberus-gaap:UnsecuredDebtMember2021-04-202021-04-200000017313cswc:SmallBusinessAdministrationDebenturesMembercswc:SBICIMemberus-gaap:UnsecuredDebtMember2021-04-200000017313cswc:SmallBusinessAdministrationDebenturesMembercswc:SBICIMemberus-gaap:UnsecuredDebtMember2021-05-250000017313cswc:SmallBusinessAdministrationDebenturesMembercswc:SBICIMemberus-gaap:UnsecuredDebtMember2022-01-280000017313cswc:SmallBusinessAdministrationDebenturesMembercswc:SBICIMemberus-gaap:UnsecuredDebtMember2022-11-220000017313cswc:SmallBusinessAdministrationDebenturesMembercswc:SBICIMemberus-gaap:UnsecuredDebtMember2023-12-200000017313cswc:SmallBusinessAdministrationDebenturesMembercswc:SBICIMemberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesMemberus-gaap:UnsecuredDebtMember2024-10-012024-12-310000017313cswc:SmallBusinessAdministrationDebenturesMemberus-gaap:UnsecuredDebtMember2023-10-012023-12-310000017313cswc:SmallBusinessAdministrationDebenturesMemberus-gaap:UnsecuredDebtMember2024-04-012024-12-310000017313cswc:SmallBusinessAdministrationDebenturesMemberus-gaap:UnsecuredDebtMember2023-04-012023-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueSeptember2031Memberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueMarch2032Memberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueSeptember2032Memberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueMarch2033Memberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueSeptember2033Memberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueMarch2034Memberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueSeptember2034PoolMemberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueMarch2025Memberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:SmallBusinessAdministrationDebenturesDueMarch2025Memberus-gaap:UnsecuredDebtMember2024-04-012024-12-310000017313cswc:A2029ConvertibleNotesMemberus-gaap:ConvertibleDebtMembersrt:MaximumMember2024-04-012024-12-310000017313cswc:SBADebenturesMemberus-gaap:UnsecuredDebtMember2024-12-310000017313cswc:CorporateCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310000017313cswc:A2029ConvertibleNotesMemberus-gaap:MediumTermNotesMember2024-12-3100000173132024-01-012024-03-3100000173132024-01-012024-12-3100000173132023-01-012023-03-3100000173132023-01-012023-12-3100000173132022-01-012022-03-3100000173132022-04-012022-06-3000000173132022-07-012022-09-3000000173132022-10-012022-12-3100000173132022-01-012022-12-310000017313cswc:O2025Q1SupplementalDividendsMember2024-04-012024-06-300000017313cswc:O2024Q2SupplementalDividendsMember2023-07-012023-09-300000017313cswc:O2024Q4SupplementalDividendsMember2024-01-012024-03-310000017313cswc:O2024Q3SupplementalDividendsMember2023-10-012023-12-310000017313cswc:O2025Q2SupplementalDividendsMember2024-07-012024-09-300000017313cswc:O2024Q1SupplementalDividendsMember2023-04-012023-06-300000017313cswc:O2025Q3SupplementalDividendsMember2024-10-012024-12-310000017313cswc:O2023Q3SupplementalDividendsMember2022-10-012022-12-310000017313cswc:O2023Q4SupplementalDividendsMember2023-01-012023-03-310000017313cswc:O2022Q1DividendsMember2022-04-012022-06-300000017313cswc:S2022Q1DividendsMember2022-04-012022-06-300000017313us-gaap:AdditionalPaidInCapitalMember2024-04-012024-12-310000017313us-gaap:AdditionalPaidInCapitalMember2023-04-012023-12-310000017313us-gaap:RetainedEarningsMember2024-04-012024-12-310000017313us-gaap:RetainedEarningsMember2023-04-012023-12-310000017313us-gaap:ConsolidatedEntityExcludingVieMember2024-12-310000017313srt:SubsidiariesMember2024-12-310000017313cswc:EquityATMProgramMember2019-03-040000017313cswc:EquityATMProgramMember2020-02-040000017313cswc:EquityATMProgramMember2020-02-042020-02-040000017313cswc:EquityATMProgramMember2021-05-260000017313cswc:EquityATMProgramMember2020-02-200000017313cswc:EquityATMProgramMember2022-08-020000017313cswc:EquityATMProgramMember2022-08-010000017313cswc:EquityATMProgramMember2024-05-210000017313cswc:EquityATMProgramMember2024-05-200000017313cswc:EquityATMProgramMember2024-10-012024-12-310000017313cswc:EquityATMProgramMember2023-10-012023-12-310000017313cswc:EquityATMProgramMember2024-04-012024-12-310000017313cswc:EquityATMProgramMember2023-04-012023-12-310000017313cswc:EquityATMProgramMember2024-12-310000017313cswc:EquityATMProgramMember2023-12-310000017313cswc:EquityATMProgramMember2019-03-042024-12-310000017313cswc:SharesRepurchasedRestrictedStockAwardsVestedMember2024-10-012024-12-310000017313cswc:SharesRepurchasedRestrictedStockAwardsVestedMember2023-10-012023-12-310000017313cswc:SharesRepurchasedRestrictedStockAwardsVestedMember2024-04-012024-12-310000017313cswc:SharesRepurchasedRestrictedStockAwardsVestedMember2023-04-012023-12-3100000173132021-07-2800000173132021-08-310000017313us-gaap:RestrictedStockMembercswc:A2010PlanMember2024-04-012024-12-310000017313us-gaap:RestrictedStockMembercswc:A2021EmployeePlanMember2021-07-180000017313us-gaap:RestrictedStockMembercswc:A2021EmployeePlanMember2024-12-310000017313us-gaap:RestrictedStockMembercswc:NonEmployeeDirectorPlanMember2024-04-012024-12-310000017313us-gaap:RestrictedStockMembercswc:NonEmployeeDirectorPlanMember2024-12-310000017313us-gaap:RestrictedStockMember2024-10-012024-12-310000017313us-gaap:RestrictedStockMembercswc:NonEmployeeDirectorPlanMember2024-10-012024-12-310000017313us-gaap:RestrictedStockMember2023-10-012023-12-310000017313us-gaap:RestrictedStockMembercswc:NonEmployeeDirectorPlanMember2023-10-012023-12-310000017313us-gaap:RestrictedStockMember2024-04-012024-12-310000017313us-gaap:RestrictedStockMember2023-04-012023-12-310000017313us-gaap:RestrictedStockMembercswc:NonEmployeeDirectorPlanMember2023-04-012023-12-310000017313us-gaap:RestrictedStockMember2024-12-310000017313us-gaap:RestrictedStockMembercswc:A2010PlanAnd2021EmployeePlanMember2024-03-310000017313us-gaap:RestrictedStockMembercswc:A2010PlanAnd2021EmployeePlanMember2023-04-012024-03-310000017313us-gaap:RestrictedStockMembercswc:A2010PlanAnd2021EmployeePlanMember2024-04-012024-12-310000017313us-gaap:RestrictedStockMembercswc:A2010PlanAnd2021EmployeePlanMember2024-12-310000017313us-gaap:RestrictedStockMembercswc:NonEmployeeDirectorPlanMember2024-03-310000017313us-gaap:RestrictedStockMembercswc:NonEmployeeDirectorPlanMember2023-04-012024-03-310000017313360 Quote TopCo, LLC, Revolving Loans2024-12-310000017313360 Quote TopCo, LLC, Revolving Loans2024-03-310000017313Acacia BuyerCo V LLC, Revolving Loans2024-12-310000017313Acacia BuyerCo V LLC, Revolving Loans2024-03-310000017313Acceleration, LLC, Revolving Loans2024-12-310000017313Acceleration, LLC, Revolving Loans2024-03-310000017313Air Conditioning Specialist, Inc., Revolving Loans2024-12-310000017313Air Conditioning Specialist, Inc., Revolving Loans2024-03-310000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC), Revolving Loans2024-12-310000017313Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC), Revolving Loans2024-03-310000017313ArborWorks, LLC, Revolving Loans2024-12-310000017313ArborWorks, LLC, Revolving Loans2024-03-310000017313ATS Operating, LLC, Revolving Loans2024-12-310000017313ATS Operating, LLC, Revolving Loans2024-03-310000017313Bond Brand Loyalty ULC, Revolving Loans2024-12-310000017313Bond Brand Loyalty ULC, Revolving Loans2024-03-310000017313BP Loenbro Holdings Inc., Revolving Loans2024-12-310000017313BP Loenbro Holdings Inc., Revolving Loans2024-03-310000017313Brandner Design, LLC, Revolving Loans2024-12-310000017313Brandner Design, LLC, Revolving Loans2024-03-310000017313Burning Glass Intermediate Holding Company, Inc., Revolving Loans2024-12-310000017313Burning Glass Intermediate Holding Company, Inc., Revolving Loans2024-03-310000017313Campany Roof Maintenance, LLC, Revolving Loans2024-12-310000017313Campany Roof Maintenance, LLC, Revolving Loans2024-03-310000017313Catbird NYC, LLC, Revolving Loans2024-12-310000017313Catbird NYC, LLC, Revolving Loans2024-03-310000017313Cavalier Buyer, Inc., Revolving Loans2024-12-310000017313Cavalier Buyer, Inc., Revolving Loans2024-03-310000017313CDC Dental Management Co., LLC, Revolving Loans2024-12-310000017313CDC Dental Management Co., LLC, Revolving Loans2024-03-310000017313Central Medical Supply LLC, Revolving Loans2024-12-310000017313Central Medical Supply LLC, Revolving Loans2024-03-310000017313Cumbria Capital MSO, LLC, Revolving Loans2024-12-310000017313Cumbria Capital MSO, LLC, Revolving Loans2024-03-310000017313Damotech Inc., Revolving Loans2024-12-310000017313Damotech Inc., Revolving Loans2024-03-310000017313Drive Line Service of Portland, LLC, Revolving Loans2024-12-310000017313Drive Line Service of Portland, LLC, Revolving Loans2024-03-310000017313Edge Autonomy Holdings, LLC, Revolving Loans2024-12-310000017313Edge Autonomy Holdings, LLC, Revolving Loans2024-03-310000017313Exact Borrower, LLC, Revolving Loans2024-12-310000017313Exact Borrower, LLC, Revolving Loans2024-03-310000017313FS Vector LLC, Revolving Loans2024-12-310000017313FS Vector LLC, Revolving Loans2024-03-310000017313Gains Intermediate, LLC, Revolving Loans2024-12-310000017313Gains Intermediate, LLC, Revolving Loans2024-03-310000017313GPT Industries, LLC, Revolving Loans2024-12-310000017313GPT Industries, LLC, Revolving Loans2024-03-310000017313GrammaTech, Inc., Revolving Loans2024-12-310000017313GrammaTech, Inc., Revolving Loans2024-03-310000017313Gulf Pacific Acquisition, LLC, Revolving Loans2024-12-310000017313Gulf Pacific Acquisition, LLC, Revolving Loans2024-03-310000017313HH-Inspire Acquisition, Inc., Revolving Loans2024-12-310000017313HH-Inspire Acquisition, Inc., Revolving Loans2024-03-310000017313Ignite Visibility LLC, Revolving Loans2024-12-310000017313Ignite Visibility LLC, Revolving Loans2024-03-310000017313Institutes of Health, LLC, Revolving Loans2024-12-310000017313Institutes of Health, LLC, Revolving Loans2024-03-310000017313ISI Enterprises, LLC, Revolving Loans2024-12-310000017313ISI Enterprises, LLC, Revolving Loans2024-03-310000017313Island Pump and Tank, LLC, Revolving Loans2024-12-310000017313Island Pump and Tank, LLC, Revolving Loans2024-03-310000017313ITA Holdings Group, LLC, Revolving Loans2024-12-310000017313ITA Holdings Group, LLC, Revolving Loans2024-03-310000017313LEHR Upfitters, LLC, Revolving Loans2024-12-310000017313LEHR Upfitters, LLC, Revolving Loans2024-03-310000017313LGM Pharma LLC, Revolving Loans2024-12-310000017313LGM Pharma LLC, Revolving Loans2024-03-310000017313Lighting Retrofit International, LLC, Revolving Loans2024-12-310000017313Lighting Retrofit International, LLC, Revolving Loans2024-03-310000017313Lightning Intermediate II, LLC, Revolving Loans2024-12-310000017313Lightning Intermediate II, LLC, Revolving Loans2024-03-310000017313LKC Technologies, Inc., Revolving Loans2024-12-310000017313LKC Technologies, Inc., Revolving Loans2024-03-310000017313Mako Steel LP, Revolving Loans2024-12-310000017313Mako Steel LP, Revolving Loans2024-03-310000017313Mammoth BorrowCo, Inc., Revolving Loans2024-12-310000017313Mammoth BorrowCo, Inc., Revolving Loans2024-03-310000017313Microbe Formulas LLC, Revolving Loans2024-12-310000017313Microbe Formulas LLC, Revolving Loans2024-03-310000017313Mid-Florida Endodontics Management Company, LLC, Revolving Loans2024-12-310000017313Mid-Florida Endodontics Management Company, LLC, Revolving Loans2024-03-310000017313Musiker Discovery Programs, Inc., Revolving Loans2024-12-310000017313Musiker Discovery Programs, Inc., Revolving Loans2024-03-310000017313NeuroPsychiatric Hospitals, LLC, Revolving Loans2024-12-310000017313NeuroPsychiatric Hospitals, LLC, Revolving Loans2024-03-310000017313New Skinny Mixes, LLC, Revolving Loans2024-12-310000017313New Skinny Mixes, LLC, Revolving Loans2024-03-310000017313NinjaTrader, Inc., Revolving Loans2024-12-310000017313NinjaTrader, Inc., Revolving Loans2024-03-310000017313Opco Borrower, LLC, Revolving Loans2024-12-310000017313Opco Borrower, LLC, Revolving Loans2024-03-310000017313Outerbox, LLC, Revolving Loans2024-12-310000017313Outerbox, LLC, Revolving Loans2024-03-310000017313Pipeline Technique Ltd., Revolving Loans2024-12-310000017313Pipeline Technique Ltd., Revolving Loans2024-03-310000017313Pool Service Holdings, LLC, Revolving Loans2024-12-310000017313Pool Service Holdings, LLC, Revolving Loans2024-03-310000017313Red Dog Operations Holding Company LLC, Revolving Loans2024-12-310000017313Red Dog Operations Holding Company LLC, Revolving Loans2024-03-310000017313Revo Brands, Inc., Revolving Loans2024-12-310000017313Revo Brands, Inc., Revolving Loans2024-03-310000017313Roseland Management, LLC, Revolving Loans2024-12-310000017313Roseland Management, LLC, Revolving Loans2024-03-310000017313RTIC Subsidiary Holdings LLC, Revolving Loans2024-12-310000017313RTIC Subsidiary Holdings LLC, Revolving Loans2024-03-310000017313ServerLIFT, LLC, Revolving Loans2024-12-310000017313ServerLIFT, LLC, Revolving Loans2024-03-310000017313South Coast Terminals LLC, Revolving Loans2024-12-310000017313South Coast Terminals LLC, Revolving Loans2024-03-310000017313Spotlight AR, LLC, Revolving Loans2024-12-310000017313Spotlight AR, LLC, Revolving Loans2024-03-310000017313Superior Health Parent LLC, Revolving Loans2024-12-310000017313Superior Health Parent LLC, Revolving Loans2024-03-310000017313Swensons Drive-In Restaurants, LLC, Revolving Loans2024-12-310000017313Swensons Drive-In Restaurants, LLC, Revolving Loans2024-03-310000017313The Gobel Group, LLC, Revolving Loans2024-12-310000017313The Gobel Group, LLC, Revolving Loans2024-03-310000017313TMT BHC Buyer, Inc., Revolving Loans2024-12-310000017313TMT BHC Buyer, Inc., Revolving Loans2024-03-310000017313Tru Fragrance & Beauty LLC, Revolving Loans2024-12-310000017313Tru Fragrance & Beauty LLC, Revolving Loans2024-03-310000017313Versicare Management LLC, Revolving Loans2024-12-310000017313Versicare Management LLC, Revolving Loans2024-03-310000017313Wall Street Prep, Inc., Revolving Loans2024-12-310000017313Wall Street Prep, Inc., Revolving Loans2024-03-310000017313Well-Foam, Inc., Revolving Loans2024-12-310000017313Well-Foam, Inc., Revolving Loans2024-03-310000017313Winter Services Operations, LLC, Revolving Loans2024-12-310000017313Winter Services Operations, LLC, Revolving Loans2024-03-310000017313Zenfolio Inc., Revolving Loans2024-12-310000017313Zenfolio Inc., Revolving Loans2024-03-310000017313us-gaap:RevolvingCreditFacilityMember2024-12-310000017313us-gaap:RevolvingCreditFacilityMember2024-03-310000017313AAC New Holdco Inc., Delayed Draw Term Loans2024-12-310000017313AAC New Holdco Inc., Delayed Draw Term Loans2024-03-310000017313Air Conditioning Specialist Inc., Delayed Draw Term Loans2024-12-310000017313Air Conditioning Specialist Inc., Delayed Draw Term Loans2024-03-310000017313BP Loenbro Holdings Inc., Delayed Draw Term Loans2024-12-310000017313BP Loenbro Holdings Inc., Delayed Draw Term Loans2024-03-310000017313Central Medical Supply LLC, Delayed Draw Term Loans2024-12-310000017313Central Medical Supply LLC, Delayed Draw Term Loans2024-03-310000017313CityVet, Inc., Delayed Draw Term Loans2024-12-310000017313CityVet, Inc., Delayed Draw Term Loans2024-03-310000017313Crafty Apes. LLC, Delayed Draw Term Loans2024-12-310000017313Crafty Apes. LLC, Delayed Draw Term Loans2024-03-310000017313Cumbria Capital MSO, LLC, Delayed Draw Term Loans2024-12-310000017313Cumbria Capital MSO, LLC, Delayed Draw Term Loans2024-03-310000017313Exact Borrower, LLC, Delayed Draw Term Loans2024-12-310000017313Exact Borrower, LLC, Delayed Draw Term Loans2024-03-310000017313Gulf Pacific Acquisition, LLC, Delayed Draw Term Loans2024-12-310000017313Gulf Pacific Acquisition, LLC, Delayed Draw Term Loans2024-03-310000017313Ignite Visibility LLC, Delayed Draw Term Loans2024-12-310000017313Ignite Visibility LLC, Delayed Draw Term Loans2024-03-310000017313ITA Holdings Group, LLC, Delayed Draw Term Loans2024-12-310000017313ITA Holdings Group, LLC, Delayed Draw Term Loans2024-03-310000017313LEHR Upfitters, LLC, Delayed Draw Term Loans2024-12-310000017313LEHR Upfitters, LLC, Delayed Draw Term Loans2024-03-310000017313Mammoth BorrowCo, Inc., Delayed Draw Term Loans2024-12-310000017313Mammoth BorrowCo, Inc., Delayed Draw Term Loans2024-03-310000017313Mid-Florida Endodontics Management Company, LLC, Delayed Draw Term Loans2024-12-310000017313Mid-Florida Endodontics Management Company, LLC, Delayed Draw Term Loans2024-03-310000017313Musiker Discovery Programs, Inc., Delayed Draw Term Loans2024-12-310000017313Musiker Discovery Programs, Inc., Delayed Draw Term Loans2024-03-310000017313New Skinny Mixes, LLC, Delayed Draw Term Loans2024-12-310000017313New Skinny Mixes, LLC, Delayed Draw Term Loans2024-03-310000017313One Group, LLC, Delayed Draw Term Loans2024-12-310000017313One Group, LLC, Delayed Draw Term Loans2024-03-310000017313Pool Service Holdings, LLC, Delayed Draw Term Loans2024-12-310000017313Pool Service Holdings, LLC, Delayed Draw Term Loans2024-03-310000017313Superior Health Parent LLC, Delayed Draw Term Loans2024-12-310000017313Superior Health Parent LLC, Delayed Draw Term Loans2024-03-310000017313SureKap, LLC, Delayed Draw Term Loans2024-12-310000017313SureKap, LLC, Delayed Draw Term Loans2024-03-310000017313TMT BHC Buyer, Inc., Delayed Draw Term Loans2024-12-310000017313TMT BHC Buyer, Inc., Delayed Draw Term Loans2024-03-310000017313us-gaap:DelayedDrawTermLoanMember2024-12-310000017313us-gaap:DelayedDrawTermLoanMember2024-03-310000017313Broad Sky Networks, LLC ,Other 2024-12-310000017313Broad Sky Networks, LLC ,Other 2024-03-310000017313cswc:UnusedCommitmentsToLendOtherMember2024-12-310000017313cswc:UnusedCommitmentsToLendOtherMember2024-03-310000017313cswc:FinancialCommitmentYearOneMember2024-12-310000017313cswc:FinancialCommitmentYearOneMember2024-03-310000017313cswc:FinancialCommitmentYearTwoMember2024-12-310000017313cswc:FinancialCommitmentYearTwoMember2024-03-310000017313cswc:FinancialCommitmentYearThreeMember2024-12-310000017313cswc:FinancialCommitmentYearThreeMember2024-03-310000017313cswc:FinancialCommitmentYearFourMember2024-12-310000017313cswc:FinancialCommitmentYearFourMember2024-03-310000017313cswc:FinancialCommitmentYearFiveMember2024-12-310000017313cswc:FinancialCommitmentYearFiveMember2024-03-310000017313cswc:FinancialCommitmentYearSixMember2024-12-310000017313cswc:FinancialCommitmentYearSixMember2024-03-310000017313cswc:FinancialCommitmentYearSevenMember2024-12-310000017313cswc:FinancialCommitmentYearSevenMember2024-03-310000017313Catbird NYC, LLC, Other2024-12-310000017313Catbird NYC, LLC, Other2024-03-310000017313Infolinks Media Buyco, LLC, Other2024-12-310000017313Infolinks Media Buyco, LLC, Other2024-03-310000017313cswc:UnfundedEquityCommitmentsMember2024-12-310000017313cswc:UnfundedEquityCommitmentsMember2024-03-310000017313us-gaap:FinancialStandbyLetterOfCreditMember2024-12-310000017313cswc:ExpirationTrancheOneMemberus-gaap:FinancialStandbyLetterOfCreditMember2024-12-310000017313cswc:ExpirationTrancheTwoMemberus-gaap:FinancialStandbyLetterOfCreditMember2024-12-310000017313cswc:ExpirationTrancheThreeMemberus-gaap:FinancialStandbyLetterOfCreditMember2024-12-3100000173132021-03-310000017313us-gaap:BuildingMember2023-12-310000017313cswc:I45SLFLLCMember2024-01-012024-03-310000017313us-gaap:CorporateJointVentureMember2024-01-012024-03-310000017313us-gaap:CorporateJointVentureMembercswc:DistributionReturnOfCapitalMember2024-03-310000017313us-gaap:CorporateJointVentureMember2024-04-012024-09-300000017313us-gaap:CorporateJointVentureMember2024-04-012024-06-300000017313us-gaap:CorporateJointVentureMember2024-01-012024-06-300000017313us-gaap:CorporateJointVentureMember2024-04-012024-12-310000017313us-gaap:SubsequentEventMember2025-01-292025-01-290000017313us-gaap:SubsequentEventMembercswc:O2025Q3DividendsMember2025-01-292025-01-290000017313us-gaap:SubsequentEventMembercswc:S2025Q3DividendsMember2025-01-292025-01-290000017313Brandner Design, LLC., Revolving Loan2024-12-310000017313Brandner Design, LLC., Revolving Loan2024-04-012024-12-310000017313Brandner Design, LLC., Revolving Loan2024-03-310000017313Brandner Design, LLC., First Lien2024-12-310000017313Brandner Design, LLC., First Lien2024-04-012024-12-310000017313Brandner Design, LLC., First Lien2024-03-310000017313Brandner Design, LLC., Class A Units2024-12-310000017313Brandner Design, LLC., Class A Units2024-04-012024-12-310000017313Brandner Design, LLC., Class A Units2024-03-310000017313AIR CONDITIONING SPECIALIST, INC., Revolving Loan2024-04-012024-12-310000017313AIR CONDITIONING SPECIALIST, INC., First Lien2024-04-012024-12-310000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2024-04-012024-12-310000017313AIR CONDITIONING SPECIALIST, INC., Delayed Draw Term Loan2024-03-310000017313AIR CONDITIONING SPECIALIST, INC., Preferred Units2024-12-310000017313AIR CONDITIONING SPECIALIST, INC., Preferred Units2024-04-012024-12-310000017313AIR CONDITIONING SPECIALIST, INC., Preferred Units2024-03-310000017313ArborWorks, LLC, Revolving Loan2024-12-310000017313ArborWorks, LLC, Revolving Loan2024-04-012024-12-310000017313ArborWorks, LLC, Revolving Loan2024-03-310000017313ArborWorks, LLC, First Lien2024-12-310000017313ArborWorks, LLC, First Lien2024-04-012024-12-310000017313ArborWorks, LLC, First Lien2024-03-310000017313ArborWorks, LLC, Class A Units2024-12-310000017313ArborWorks, LLC, Class A Units2024-04-012024-12-310000017313ArborWorks, LLC, Class A Units2024-03-310000017313ArborWorks, LLC, Class A-1 Preferred Units2024-12-310000017313ArborWorks, LLC, Class A-1 Preferred Units2024-04-012024-12-310000017313ArborWorks, LLC, Class A-1 Preferred Units2024-03-310000017313ArborWorks, LLC, Class B-1 Preferred Units2024-12-310000017313ArborWorks, LLC, Class B-1 Preferred Units2024-04-012024-12-310000017313ArborWorks, LLC, Class B-1 Preferred Units2024-03-310000017313ArborWorks, LLC, Class A-1 Common Units2024-12-310000017313ArborWorks, LLC, Class A-1 Common Units2024-04-012024-12-310000017313ArborWorks, LLC, Class A-1 Common Units2024-03-310000017313CATBIRD NYC, LLC. Revolving Loan2024-12-310000017313CATBIRD NYC, LLC. Revolving Loan2024-04-012024-12-310000017313CATBIRD NYC, LLC. Revolving Loan2024-03-310000017313CATBIRD NYC, LLC, First Lien2024-04-012024-12-310000017313CATBIRD NYC, LLC, Class A Units2024-12-310000017313CATBIRD NYC, LLC, Class A Units2024-04-012024-12-310000017313CATBIRD NYC, LLC, Class A Units2024-03-310000017313CATBIRD NYC, LLC, Class B Units2024-12-310000017313CATBIRD NYC, LLC, Class B Units2024-04-012024-12-310000017313CATBIRD NYC, LLC, Class B Units2024-03-310000017313CENTRAL MEDICAL SUPPLY LLC, Revolving Loan2024-04-012024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, First Lien2024-04-012024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan2024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan2024-04-012024-12-310000017313CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan2024-03-310000017313CENTRAL MEDICAL SUPPLY LLC, Preferred Units2024-04-012024-12-310000017313Command Group Acquisition, LLC, First Lien2024-12-310000017313Command Group Acquisition, LLC, First Lien2024-04-012024-12-310000017313Command Group Acquisition, LLC, First Lien2024-03-310000017313Command Group Acquisition, LLC, Preferred Units2024-12-310000017313Command Group Acquisition, LLC, Preferred Units2024-04-012024-12-310000017313Command Group Acquisition, LLC, Preferred Units2024-03-310000017313Crafty Apes, LLC, First Lien2024-12-310000017313Crafty Apes, LLC, First Lien2024-04-012024-12-310000017313Crafty Apes, LLC, First Lien2024-03-310000017313Crafty Apes, LLC, Delayed Draw Term Loan2024-12-310000017313Crafty Apes, LLC, Delayed Draw Term Loan2024-04-012024-12-310000017313Crafty Apes, LLC, Delayed Draw Term Loan2024-03-310000017313Crafty Apes, LLC, Class A Common Units2024-12-310000017313Crafty Apes, LLC, Class A Common Units2024-04-012024-12-310000017313Crafty Apes, LLC, Class A Common Units2024-03-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A2024-12-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A2024-04-012024-12-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A2024-03-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B2024-04-012024-12-310000017313DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B2024-03-310000017313Dynamic Communities, LLC, Class A Preferred units2024-12-310000017313Dynamic Communities, LLC, Class A Preferred units2024-04-012024-12-310000017313Dynamic Communities, LLC, Class A Preferred units2024-03-310000017313Dynamic Communities, LLC, Class B Preferred units2024-12-310000017313Dynamic Communities, LLC, Class B Preferred units2024-04-012024-12-310000017313Dynamic Communities, LLC, Class B Preferred units2024-03-310000017313Dynamic Communities, LLC, Class C Preferred units2024-12-310000017313Dynamic Communities, LLC, Class C Preferred units2024-04-012024-12-310000017313Dynamic Communities, LLC, Class C Preferred units2024-03-310000017313Dynamic Communities, LLC, Common units2024-12-310000017313Dynamic Communities, LLC, Common units2024-04-012024-12-310000017313Dynamic Communities, LLC, Common units2024-03-310000017313GPT Industries, LLC Revolving Loan2024-12-310000017313GPT Industries, LLC Revolving Loan2024-04-012024-12-310000017313GPT Industries, LLC Revolving Loan2024-03-310000017313GPT Industries, LLC First Lien2024-12-310000017313GPT Industries, LLC First Lien2024-04-012024-12-310000017313GPT Industries, LLC First Lien2024-03-310000017313GPT Industries, LLC Class A Preferred Units2024-12-310000017313GPT Industries, LLC Class A Preferred Units2024-04-012024-12-310000017313GPT Industries, LLC Class A Preferred Units2024-03-310000017313GRAMMATECH, INC., Revolving Loan2024-04-012024-12-310000017313GRAMMATECH, INC., First Lien2024-04-012024-12-310000017313GRAMMATECH, INC., Class A units2024-04-012024-12-310000017313GRAMMATECH, INC., Class A-1 units2024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, Revolving loan2024-12-310000017313ITA HOLDINGS GROUP, LLC, Revolving loan2024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, Revolving loan2024-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan - 22024-12-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan - 22024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan - 22024-03-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B - 22024-12-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B - 22024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B - 22024-03-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - A2024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, Delayed Draw Term Loan - B2024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 12024-12-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 12024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 12024-03-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 22024-12-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 22024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, Warrants - 22024-03-310000017313ITA HOLDINGS GROUP, LLC, Class A membership interest2024-12-310000017313ITA HOLDINGS GROUP, LLC, Class A membership interest2024-04-012024-12-310000017313ITA HOLDINGS GROUP, LLC, Class A membership interest2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2024-04-012024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2024-04-012024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2024-04-012024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units2024-04-012024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units2024-03-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units2024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units2024-04-012024-12-310000017313LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units2024-03-310000017313OUTERBOX, LLC, Affiliated, Revolving Loan2024-12-310000017313OUTERBOX, LLC, Affiliated, Revolving Loan2024-04-012024-12-310000017313OUTERBOX, LLC, Affiliated, Revolving Loan2024-03-310000017313OUTERBOX, LLC, Affiliated, First Lien2024-12-310000017313OUTERBOX, LLC, Affiliated, First Lien2024-04-012024-12-310000017313OUTERBOX, LLC, Affiliated, First Lien2024-03-310000017313OUTERBOX, LLC, Affiliated, Class A common units2024-12-310000017313OUTERBOX, LLC, Affiliated, Class A common units2024-04-012024-12-310000017313OUTERBOX, LLC, Affiliated, Class A common units2024-03-310000017313Pool Service Partners, Inc., Revolving Loan2024-12-310000017313Pool Service Partners, Inc., Revolving Loan2024-04-012024-12-310000017313Pool Service Partners, Inc., Revolving Loan2024-03-310000017313Pool Service Partners, Inc., First Lien2024-12-310000017313Pool Service Partners, Inc., First Lien2024-04-012024-12-310000017313Pool Service Partners, Inc., First Lien2024-03-310000017313Pool Service Partners, Inc., Delayed Draw Term Loan2024-12-310000017313Pool Service Partners, Inc., Delayed Draw Term Loan2024-04-012024-12-310000017313Pool Service Partners, Inc., Delayed Draw Term Loan2024-03-310000017313Pool Service Partners, Inc., Common Units2024-12-310000017313Pool Service Partners, Inc., Common Units2024-04-012024-12-310000017313Pool Service Partners, Inc., Common Units2024-03-310000017313Red Dog Operations Holding Company LLC, Revolving Loan2024-12-310000017313Red Dog Operations Holding Company LLC, Revolving Loan2024-04-012024-12-310000017313Red Dog Operations Holding Company LLC, Revolving Loan2024-03-310000017313Red Dog Operations Holding Company LLC, First Lien2024-12-310000017313Red Dog Operations Holding Company LLC, First Lien2024-04-012024-12-310000017313Red Dog Operations Holding Company LLC, First Lien2024-03-310000017313Red Dog Operations Holding Company LLC, Class A Preferred units2024-12-310000017313Red Dog Operations Holding Company LLC, Class A Preferred units2024-04-012024-12-310000017313Red Dog Operations Holding Company LLC, Class A Preferred units2024-03-310000017313ROSELAND MANAGEMENT, LLC, Revolving Loan2024-04-012024-12-310000017313ROSELAND MANAGEMENT, LLC, First Lien2024-04-012024-12-310000017313Roseland Management, LLC, Class A-2 units2024-12-310000017313ROSELAND MANAGEMENT, LLC, Class A-2 Units2024-04-012024-12-310000017313Roseland Management, LLC, Class A-1 Units2024-12-310000017313Roseland Management, LLC, Class A-1 Units2024-04-012024-12-310000017313Roseland Management, LLC, Class A-1 Units2024-03-310000017313ROSELAND MANAGEMENT, LLC, Class A Units2024-04-012024-12-310000017313Sonobi, Inc., Class A Common units2024-12-310000017313Sonobi, Inc., Class A Common units2024-04-012024-12-310000017313Sonobi, Inc., Class A Common units2024-03-310000017313STATINMED, LLC, First Lien2024-04-012024-12-310000017313STATINMED, LLC, Class A Preferred Units2024-04-012024-12-310000017313STATINMED, LLC, Class B Preferred Units2024-04-012024-12-310000017313Student Resource Center LLC, First Lien2024-12-310000017313Student Resource Center LLC, First Lien2024-04-012024-12-310000017313Student Resource Center LLC, First Lien2024-03-310000017313Student Resource Center LLC, Preferred units 12024-12-310000017313Student Resource Center LLC, Preferred units 12024-04-012024-12-310000017313Student Resource Center LLC, Preferred units 12024-03-310000017313Student Resource Center LLC, Preferred units 22024-12-310000017313Student Resource Center LLC, Preferred units 22024-04-012024-12-310000017313Student Resource Center LLC, Preferred units 22024-03-310000017313Student Resource Center LLC, Preferred units 32024-12-310000017313Student Resource Center LLC, Preferred units 32024-04-012024-12-310000017313Student Resource Center LLC, Preferred units 32024-03-310000017313TalkNY Management Holdings, LLC, First Lien2024-12-310000017313TalkNY Management Holdings, LLC, First Lien2024-04-012024-12-310000017313TalkNY Management Holdings, LLC, First Lien2024-03-310000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2024-12-310000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2024-04-012024-12-310000017313TalkNY Management Holdings, LLC, Class A-1 Preferred Units2024-03-310000017313us-gaap:InvestmentAffiliatedIssuerMember2024-12-310000017313us-gaap:InvestmentAffiliatedIssuerMember2024-04-012024-12-310000017313us-gaap:InvestmentAffiliatedIssuerMember2024-03-310000017313cswc:CreditFacilityMember2024-04-012024-12-310000017313us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-12-310000017313cswc:January2026NotesMember2024-04-012024-12-310000017313cswc:October2026NotesMember2024-04-012024-12-310000017313cswc:August2028NotesMember2024-04-012024-12-310000017313cswc:A2029ConvertibleNotesMember2024-04-012024-12-310000017313cswc:SBADebenturesMember2024-04-012024-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ……………..to ……………..

Commission File Number: 814-00061

CAPITAL SOUTHWEST CORPORATION
(Exact name of registrant as specified in its charter)
Texas75-1072796
(State or other jurisdiction of incorporation
or organization)
(I.R.S. Employer
Identification No.)

8333 Douglas Avenue, Suite 1100, Dallas, Texas
75225
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (214) 238-5700
Securities registered pursuant to Section 12(b) of the Act:
  
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.25 par value per shareCSWCThe Nasdaq Global Select Market
7.75% Notes due 2028CSWCZThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

50,581,840 shares of Common Stock, $0.25 value per share, as of January 31, 2025.
1


TABLE OF CONTENTS
Page


2

Table of Contents
PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except shares and per share data)
December 31,March 31,
20242024
(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $1,481,051 and $1,276,690, respectively)
$1,471,215 $1,286,355 
Affiliate investments (Cost: $223,612 and $200,013, respectively)
221,044 190,206 
Control investments (Cost: $8,619 and $0, respectively)
9,027  
Total investments (Cost: $1,713,282 and $1,476,703, respectively)
1,701,286 1,476,561 
Cash and cash equivalents36,013 32,273 
Receivables:
Dividends and interest28,237 22,928 
Escrow 16 
Other4,056 7,276 
Income tax receivable668 336 
Debt issuance costs (net of accumulated amortization of $9,685 and $7,741, respectively)
9,938 10,928 
Other assets8,867 6,440 
Total assets$1,789,065 $1,556,758 
Liabilities
SBA Debentures (net of $4,279 and $4,305, respectively, of unamortized debt issuance costs)
$170,721 $148,695 
January 2026 Notes (net of $0 and $612, respectively, of unamortized debt issuance costs)
 139,388 
October 2026 Notes (net of $1,346 and $1,923, respectively, of unamortized debt issuance costs)
148,654 148,077 
August 2028 Notes (net of $1,800 and $2,182, respectively, of unamortized debt issuance costs)
70,075 69,693 
2029 Convertible Notes (net of $7,256 and $0, respectively, of unamortized debt issuance costs)
222,744  
Credit Facilities308,000 265,000 
Other liabilities20,993 17,381 
Accrued restoration plan liability556 570 
Income tax payable1,251 281 
Deferred tax liability15,629 11,997 
Total liabilities958,623 801,082 
Commitments and contingencies (Note 11)
Net Assets
Common stock, $0.25 par value: authorized, 75,000,000 shares at December 31, 2024 and March 31, 2024; issued, 50,051,332 shares at December 31, 2024 and 45,050,759 shares at March 31, 2024
12,513 11,263 
Additional paid-in capital903,513 796,945 
Total distributable (loss) earnings(85,584)(52,532)
Total net assets830,442 755,676 
Total liabilities and net assets$1,789,065 $1,556,758 
Net asset value per share (50,051,332 shares outstanding at December 31, 2024 and 45,050,759 shares outstanding at March 31, 2024)
$16.59 $16.77 

The accompanying Notes are an integral part of these Consolidated Financial Statements.
3

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except shares and per share data)
Three Months EndedNine Months Ended
December 31,December 31,
2024202320242023
Investment income:
Interest income:
Non-control/Non-affiliate investments$37,789 $33,627 $114,346 $97,924 
Affiliate investments4,767 4,214 14,253 12,691 
Control investments333  975  
Payment-in-kind interest income:
Non-control/Non-affiliate investments2,717 3,452 7,025 5,329 
Affiliate investments529 621 1,670 1,926 
Dividend income:
Non-control/Non-affiliate investments586 2,447 3,525 3,233 
Affiliate investments 96 51 187 
Control investments 2,129  6,439 
Fee income:
Non-control/Non-affiliate investments3,671 1,655 6,589 2,949 
Affiliate investments525 115 1,443 632 
Control investments8 17 75 62 
Other income1,048 193 2,081 332 
Total investment income51,973 48,566 152,033 131,704 
Operating expenses:
Compensation2,388 3,919 7,844 8,762 
Share-based compensation1,544 1,188 4,306 3,387 
Interest14,717 11,473 39,751 31,635 
Professional fees998 919 3,450 2,863 
General and administrative1,643 1,301 4,699 3,877 
Total operating expenses21,290 18,800 60,050 50,524 
Income before taxes30,683 29,766 91,983 81,180 
Federal income, excise and other taxes474 392 1,016 841 
Deferred taxes(107)515 627 (270)
Total income tax provision367 907 1,643 571 
Net investment income$30,316 $28,859 $90,340 $80,609 
Realized (loss) gain
Non-control/Non-affiliate investments$(12,889)$(7,849)$(22,374)$(13,445)
Affiliate investments84  251 (6,503)
Control investments  (260) 
Income tax benefit (provision) 7  (286)
Total net realized (loss) gain on investments, net of tax(12,805)(7,842)(22,383)(20,234)
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments(5,229)8,569 (19,455)4,648 
Affiliate investments7,745 (6,829)7,193 1,302 
Control investments(354)778 408 2,944 
Income tax (provision) benefit (3,009)(51)(2,720)1,012 
Total net unrealized (depreciation) appreciation on investments, net of tax(847)2,467 (14,574)9,906 
Net realized and unrealized (losses) gains on investments(13,652)(5,375)(36,957)(10,328)
Realized loss on extinguishment of debt(387) (387)(361)
Realized loss on disposal of fixed assets(9) (9) 
Net increase in net assets from operations$16,268 $23,484 $52,987 $69,920 
Pre-tax net investment income per share - basic$0.64 $0.72 $1.95 $2.05 
Net investment income per share – basic$0.63 $0.70 $1.92 $2.04 
Net increase in net assets from operations – basic$0.34 $0.57 $1.13 $1.77 
Net increase in net assets from operations - diluted$0.34 $0.57 $1.12 $1.77 
Weighted average shares outstanding – basic48,315,228 41,513,773 47,079,617 39,610,643 
Weighted average shares outstanding – diluted54,121,844 41,513,773 49,022,194 39,610,643 

The accompanying Notes are an integral part of these Consolidated Financial Statements.
4

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
(In thousands, except shares)
Common StockTreasury StockAdditional Paid-In CapitalTotal Distributable Earnings (Loss)Total Net Asset Value
Number of SharesPar ValueNumber of SharesPar Value
Balances at March 31, 2023
36,076,425$9,604 2,339,512$(23,937)$646,586 $(41,845)$590,408 
Issuance of common stock2,527,45863244,24044,872
Cancellation of treasury stock(585)(2,339,512)23,937(23,352)
Share-based compensation963963
Issuance of common stock under restricted stock plan, net of forfeitures282,61671(71)
Common stock withheld for payroll taxes upon vesting of restricted stock(46,581)(12)(914)(926)
Dividends to shareholders(22,916)(22,916)
Change in restoration plan liability(12)(12)
Net investment income24,55624,556
Net realized loss on investments
(12,782)(12,782)
Net unrealized appreciation on investments
12,03812,038
Balances at June 30, 2023
38,839,918$9,710 $ $667,440 $(40,949)$636,201 
Issuance of common stock1,100,00027522,21822,493
Share-based compensation1,2361,236
Issuance of common stock under restricted stock plan, net of forfeitures11,2003(3)
Dividends to shareholders(24,769)(24,769)
Change in restoration plan liability(11)(11)
Net investment income27,19427,194
Net realized gain on investments and extinguishment of debt
2929
Net unrealized depreciation on investments
(4,599)(4,599)
Balances at September 30, 2023
39,951,118$9,988 $ $690,880 $(43,094)$657,774 
Issuance of common stock3,036,237$759 $— $64,768 $— $65,527 
Share-based compensation— — 1,188 — 1,188 
Issuance of common stock under restricted stock plan, net of forfeitures— — — — — 
Common stock withheld for payroll taxes upon vesting of restricted stock(6,216)(2)— (136)— (138)
Dividends to shareholders— — — (26,858)(26,858)
Change in restoration plan liability— — (12)(12)
Reclassification for certain permanent book-to-tax differences— — (5,277)5,277  
Net investment income— — — 28,859 28,859 
Net realized loss on investments
— — — (7,842)(7,842)
Net unrealized appreciation on investments
— — — 2,467 2,467 
Balances at December 31, 2023
42,981,139$10,745 $ $751,411 $(41,191)$720,965 
Balances at March 31, 2024
45,050,759$11,263 $ $796,945 $(52,532)$755,676 
Issuance of common stock1,498,98137537,40337,778
Share-based compensation1,2241,224
Issuance of common stock under restricted stock plan, net of forfeitures359,00089(89)
Common stock withheld for payroll taxes upon vesting of restricted stock(71,229)(18)(1,844)(1,862)
Dividends to shareholders(29,508)(29,508)
Change in restoration plan liability(12)(12)
Net investment income28,85928,859
Net realized gain on investments
711711
Net unrealized depreciation on investments
(15,535)(15,535)
Balances at June 30, 2024
46,837,511$11,709 $ $833,627 $(68,005)$777,331 
Issuance of common stock839,099210 — 20,027 — 20,237 
Share-based compensation— — 1,538 — 1,538 
Issuance of common stock under restricted stock plan, net of forfeitures10,0753 — (3)—  
Dividends to shareholders— — — (30,520)(30,520)
Change in restoration plan liability— — (12)— (12)
Net investment income— — — 31,165 31,165 
Net realized loss on investments and extinguishment of debt
— — — (10,289)(10,289)
Net unrealized appreciation on investments
— — — 1,808 1,808 
Balances at September 30, 2024
47,686,685$11,922 $ $855,177 $(75,841)$791,258 
Issuance of common stock2,364,147$591 $— $52,324 $— $52,915 
Share-based compensation— — 1,544 — 1,544 
Issuance of common stock under restricted stock plan, net of forfeitures500— — — — — 
Dividends to shareholders— — — (31,532)(31,532)
Change in restoration plan liability— — (11)— (11)
Reclassification for certain permanent book-to-tax differences— — (5,521)5,521  
Net investment income— — — 30,316 30,316 
Net realized loss on investments and extinguishment of debt
— — — (13,201)(13,201)
Net unrealized depreciation on investments
— — — (847)(847)
Balances at December 31, 2024
50,051,332$12,513 $ $903,513 $(85,584)$830,442 
5

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Nine Months Ended
December 31,
20242023
Cash flows from operating activities
Net increase in net assets from operations$52,987 $69,920 
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:
Purchases and originations of investments(466,893)(317,853)
Proceeds from sales and repayments of debt investments in portfolio companies226,909 154,536 
Proceeds from sales and return of capital of equity investments in portfolio companies 4,131 
Payment of accreted original issue discounts1,839 1,733 
Payment of accrued payment-in-kind interest23  
Depreciation and amortization4,193 3,128 
Net pension benefit(49)(49)
Realized loss (gain) investments before income tax22,431 20,180 
Realized loss on extinguishment of debt387 361 
Realized loss on disposal of fixed assets9  
Net unrealized depreciation (appreciation) on investments before income tax11,854 (8,894)
Accretion of discounts on investments(4,731)(3,911)
Payment-in-kind interest(8,804)(8,164)
Share-based compensation expense4,306 3,387 
Deferred income taxes3,631 (1,191)
Changes in other assets and liabilities:
Increase in dividend and interest receivable(5,994)(5,510)
Decrease in escrow receivables23 272 
(Increase) decrease in tax receivable(332)19 
Increase in other receivables(3,455)(617)
Increase in other assets(1,447)(142)
Increase in taxes payable969 646 
Increase in other liabilities3,614 1,615 
Net cash provided by (used in) operating activities(158,530)(86,403)
Cash flows from investing activities
Acquisition of fixed assets(1,270)(3)
Net cash used in investing activities(1,270)(3)
Cash flows from financing activities
Proceeds from common stock offering110,951 132,940 
Borrowings under Credit Facilities274,000 195,000 
Repayments of Credit Facilities(231,000)(235,000)
Debt issuance costs paid(1,553)(8,382)
Proceeds from issuance of SBA Debentures21,464 9,756 
Proceeds from issuance of 2029 Convertible Notes223,100  
Proceeds from issuance of August 2028 Notes 69,719 
Redemption of January 2026 Notes(140,000) 
Dividends to shareholders(91,560)(74,543)
Common stock withheld for payroll taxes upon vesting of restricted stock(1,862)(1,064)
Net cash provided by (used in) financing activities163,540 88,426 
Net increase (decrease) in cash and cash equivalents3,740 2,020 
Cash and cash equivalents at beginning of period32,273 21,585 
Cash and cash equivalents at end of period$36,013 $23,605 
Supplemental cash flow disclosures:
Cash paid for income taxes$184 $374 
Cash paid for interest32,494 25,985 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
6

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Debt Investments
Aerospace & Defense
EDGE AUTONOMY HOLDINGS, LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
4/21/20234/21/2028$ $(79)$ 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.17%
4/21/20234/21/202817,500 17,161 17,752 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.17%
4/21/20234/21/202817,500 17,164 17,500 
First Lien
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 12.24%
10/31/20244/21/202817,500 17,248 17,248 
51,494 52,500 
STELLANT MIDCO, LLCFirst Lien
P+4.50% (Floor 0.75%)/M, Current Coupon 12.00%
3/7/202410/2/20281,780 1,769 1,771 
First Lien
P+4.75% (Floor 0.75%)/M, Current Coupon 12.25%
3/7/202410/2/2028790 777 786 
2,546 2,557 
Subtotal: Aerospace & Defense (6.63%)*
54,040 55,057 
Building & Infrastructure Products
BRANDNER DESIGN, LLC7
Revolving Loan10
SOFR+10.00% (Floor 2.00%)
4/15/20244/13/2029 (13) 
First Lien
SOFR+10.00% (Floor 2.00%)/Q, Current Coupon 14.59%
4/15/20244/13/20298,750 8,632 8,715 
8,619 8,715 
MAKO STEEL LP
Revolving Loan10
SOFR+7.50% (Floor 0.75%)
3/15/20213/13/2026 (9) 
First Lien
SOFR+7.50% (Floor 0.75%)/Q, Current Coupon 12.00%
3/15/20213/13/20267,526 7,482 7,458 
7,473 7,458 
Subtotal: Building & Infrastructure Products (1.95%)*
16,092 16,173 
7

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Business Services
DYNAMIC COMMUNITIES, LLC6
First Lien - Term Loan A
SOFR+7.00% PIK (Floor 2.00%)/M, Current Coupon 11.46%
12/20/202212/31/20264,634 4,620 4,634 
First Lien - Term Loan B
SOFR+9.00% PIK (Floor 2.00%)/M, Current Coupon 13.46%
12/20/202212/31/20264,824 4,801 4,824 
9,421 9,458 
GAINS INTERMEDIATE, LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
12/15/202212/15/2027 (30) 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.35%
12/15/202212/15/20277,099 7,005 6,673 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.35%
12/15/202212/15/20277,099 7,003 6,673 
13,978 13,346 
SPOTLIGHT AR, LLC
Revolving Loan10
SOFR+6.75% (Floor 1.00%)
12/8/20216/8/2026 (13) 
First Lien
SOFR+6.75% (Floor 1.00%)/Q, Current Coupon 11.49%
12/8/20216/8/20265,831 5,788 5,831 
5,775 5,831 
US COURTSCRIPT HOLDINGS, INC.First Lien
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 10.85%
5/17/20225/17/202714,800 14,616 14,800 
WINTER SERVICES OPERATIONS, LLC
Revolving Loan10
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 12.81%20
11/19/202111/19/20264,400 4,323 4,048 
First Lien - Term Loan A
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 11.85%
1/16/202411/19/202614,479 14,265 13,321 
First Lien - Term Loan B
SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 13.85%
1/16/202411/19/202614,479 14,269 13,321 
Delayed Draw Term Loan
SOFR+8.00% (Floor 1.00%/Q, Current Coupon 12.85%
11/19/202111/19/20263,748 3,689 3,448 
36,546 34,138 
Subtotal: Business Services (9.34%)*
80,336 77,573 
8

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Commercial Services & Supplies
LEHR UPFITTERS, LLC
Revolving Loan10
SOFR+6.00% (Floor 1.50%)
9/19/20249/19/2029 (50) 
First Lien
SOFR+6.00% (Floor 1.50%)/Q, Current Coupon 10.33%
9/19/20249/19/202915,824 15,518 15,824 
Delayed Draw Term Loan10
SOFR+6.00% (Floor 1.50%)
10/31/20249/19/2029 (50) 
15,418 15,824 
Subtotal: Commercial Services & Supplies (1.91%)*
15,418 15,824 
Consumer Products
ALLIANCE SPORTS GROUP, L.P.Unsecured Convertible Note
6.00% PIK
7/15/202012/31/2026173 173 173 
HEAT TRAK, LLCFirst Lien - Term Loan A
SOFR+10.00% (Floor 2.00%)/Q, Current Coupon 14.74%
6/12/20236/9/202811,500 10,397 10,419 
HYBRID APPAREL, LLC
Second Lien15
SOFR+8.25% (Floor 1.00%)/Q, Current Coupon 13.10%
6/30/202112/31/202715,999 15,829 15,999 
LASH OPCO, LLCRevolving Loan
SOFR+2.65%, 5.10% PIK (Floor 1.00%)/Q, Current Coupon 12.94%
12/29/20213/18/2026855 850 812 
First Lien
SOFR+2.65%, 5.10% PIK (Floor 1.00%)/Q, Current Coupon 12.94%
12/29/20213/18/202617,392 17,199 16,522 
18,049 17,334 
REVO BRANDS, INC.
Revolving Loan10
SOFR+7.50% (Floor 1.50%)/Q, Current Coupon 12.09%20
2/21/20242/21/20293,600 3,484 3,596 
First Lien - Term Loan A
SOFR+6.50% (Floor 1.50%)/Q, Current Coupon 11.09%
2/21/20242/21/202910,874 10,684 10,689 
First Lien - Term Loan B
SOFR+7.50% (Floor 1.50%)/Q, Current Coupon 12.09%
2/21/20242/21/202910,874 10,683 10,689 
First Lien - Term Loan C
SOFR+8.50% (Floor 1.50%)/Q, Current Coupon 13.09%
2/21/20242/21/202910,874 10,683 10,678 
35,534 35,652 
9

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
TRU FRAGRANCE & BEAUTY LLC
Revolving Loan10
SOFR+6.25% (Floor 1.50%)
3/22/20243/21/2029 (68) 
First Lien - Term Loan A
SOFR+5.25% (Floor 1.50%)/Q, Current Coupon 9.84%
3/22/20243/21/202915,137 14,871 15,016 
First Lien - Term Loan B
SOFR+7.25% (Floor 1.50%)/Q, Current Coupon 11.84%
3/22/20243/21/202915,137 14,869 15,001 
29,672 30,017 
YS GARMENTS, LLCFirst Lien
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.25%
3/19/20248/9/20262,723 2,719 2,197 
Subtotal: Consumer Products (13.46%)*
112,373 111,791 
Consumer Services
AIR CONDITIONING SPECIALIST, INC.6
Revolving Loan10
SOFR+5.50% (Floor 1.00%)
11/9/202111/19/2029 (13) 
First Lien
SOFR+5.50% (Floor 1.00%)/Q, Current Coupon 9.99%
11/9/202111/19/202921,130 20,893 21,045 
Delayed Draw Term Loan10
SOFR+5.50% (Floor 1.00%)/Q, Current Coupon 10.01%
11/19/202411/19/20292,944 2,944 2,933 
23,824 23,978 
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (fka ROOF OPCO, LLC)
Revolving Loan10
SOFR+8.00% (Floor 1.00%)
8/27/20218/27/2026 (20) 
First Lien - Term Loan A
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 11.85%
8/27/20218/27/202613,261 13,136 11,935 
First Lien - Term Loan B
SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 13.85%
4/12/20238/27/202613,261 13,136 11,935 
26,252 23,870 
CAMPANY ROOF MAINTENANCE, LLC
Revolving Loan10
SOFR+6.75% (Floor 1.50%)
7/26/202411/27/2028 (22) 
First Lien
SOFR+6.75% (Floor 1.50%)/M, Current Coupon 11.21%
7/26/202411/27/202815,561 15,228 15,234 
15,206 15,234 
LIFT BRANDS, INC.Tranche A Term Loan
SOFR+7.50% (Floor 1.00%)/M, Current Coupon 11.96%
2/1/20246/29/20252,433 2,433 2,428 
Tranche B Term Loan
9.50% PIK
2/1/20246/29/2025710 710 689 
Tranche C Loan%2/1/20246/29/2025565 565 548 
3,708 3,665 
10

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
POOL SERVICE HOLDINGS, LLC6
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
12/20/202312/20/2028 (25) 
First Lien
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.59%
12/20/202312/20/20285,000 4,916 4,765 
Delayed Draw Term Loan10
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.59%
12/20/202312/20/20283,100 2,971 2,954 
7,862 7,719 
RED DOG OPERATIONS HOLDING COMPANY LLC6
Revolving Loan10
SOFR+6.50% (Floor 2.00%)
11/15/202411/15/2029 (19) 
First Lien
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.02%
11/15/202411/15/20297,500 7,426 7,426 
7,407 7,426 
TMT BHC BUYER, INC.
Revolving Loan10
SOFR+6.00% (Floor 1.50%)
3/7/20243/7/2029 (84) 
First Lien
SOFR+6.00% (Floor 1.50%)/Q, Current Coupon 10.59%
3/7/20243/7/202910,000 9,825 10,000 
Delayed Draw Term Loan10
SOFR+6.00% (Floor 1.50%)
3/7/20243/7/2029 (42) 
9,699 10,000 
ZIPS CAR WASH, LLCDelayed Draw Term Loan - A
SOFR+3.75%, 3.50% PIK (Floor 1.00%)/M, Current Coupon 11.91%
2/11/20221/16/202516,207 16,049 15,073 
Delayed Draw Term Loan - B
SOFR+3.75%, 3.50% PIK (Floor 1.00%)/M, Current Coupon 11.91%
2/11/20221/16/20254,063 4,025 3,778 
20,074 18,851 
Subtotal: Consumer Services (13.34%)*
114,032 110,743 
Data Processing & Outsourced Services
BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC.
Revolving Loan10
SOFR+5.00% (Floor 1.00%)
2/22/20246/10/2028 (3) 
First Lien
SOFR+5.00% (Floor 1.00%)/M, Current Coupon 9.46%
2/22/20246/10/20282,211 2,189 2,211 
2,186 2,211 
11

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LIGHTBOX INTERMEDIATE, L.P.First Lien
SOFR+5.00%/Q, Current Coupon 9.44%
3/4/20245/9/20265,401 5,385 5,131 
Subtotal: Data Processing & Outsourced Services (0.88%)*
7,571 7,342 
Distribution
KMS, INC.
First Lien15,16
SOFR+9.75% PIK (Floor 1.00%)/Q, Current Coupon 14.23%
10/4/202110/2/202619,593 19,466 9,797 
Subtotal: Distribution (1.18%)*
19,466 9,797 
Education
MUSIKER DISCOVERY PROGRAMS, INC.
Revolving Loan10
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 12.02%
10/29/202410/29/20292,000 1,952 1,952 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.10%
10/29/202410/29/202911,500 11,388 11,388 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.10%
10/29/202410/29/202911,500 11,388 11,388 
Delayed Draw Term Loan10
SOFR+7.50% (Floor 2.00%)
10/29/202410/29/2029   
24,728 24,728 
STUDENT RESOURCE CENTER LLC6
First Lien16
8.50% PIK
12/31/202212/30/20279,644 9,503 3,761 
WALL STREET PREP, INC.
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
7/19/20217/20/2026 (6) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 11.74%
7/19/20217/20/20264,466 4,433 4,466 
4,427 4,466 
Subtotal: Education (3.97%)*
38,658 32,955 
Energy Services
ACE GATHERING, INC.
Second Lien15
SOFR+8.00% (Floor 2.00%)/M, Current Coupon 12.85%
12/13/201812/14/20264,163 4,133 4,163 
PIPELINE TECHNIQUE LTD.9,22
Revolving Loan10
SOFR+8.25% (Floor 1.00%)/Q, Current Coupon 13.08%20
8/23/20228/19/20272,389 2,354 2,255 
First Lien
SOFR+8.25% (Floor 1.00%)/Q, Current Coupon 13.03%
8/23/20228/19/20276,222 6,138 5,874 
8,492 8,129 
VEREGY CONSOLIDATED, INC.First Lien
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 10.85%
2/29/202411/3/20271,536 1,533 1,536 
12

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
WELL-FOAM, INC.
Revolving Loan10
SOFR+8.00% (Floor 1.00%)
9/9/20219/9/2026 (31) 
First Lien
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 12.74%
9/9/20219/9/202611,806 11,711 11,806 
11,680 11,806 
Subtotal: Energy Services (3.09%)*
25,838 25,634 
Environmental Services
ARBORWORKS, LLC6
Revolving Loan10
15.00% PIK
11/6/202311/6/2028853 853 853 
First Lien
SOFR+6.50% PIK (Floor 1.00%)/M, Current Coupon 11.08%
11/6/202311/6/20283,419 3,419 3,419 
4,272 4,272 
ISLAND PUMP AND TANK, LLC
Revolving Loan10
SOFR+6.50% (Floor 2.00%)
3/2/20235/17/2029 (46) 
First Lien - Term Loan A
SOFR+5.50% (Floor 2.00%)/Q Current Coupon 10.35%
2/23/20245/17/202912,000 11,823 12,000 
First Lien - Term Loan B
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.35%
2/23/20245/17/202912,000 11,823 12,000 
First Lien - Term Loan C
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 12.35%
2/23/20245/17/202912,000 11,819 12,000 
35,419 36,000 
LIGHTING RETROFIT INTERNATIONAL, LLC6
Revolving Loan10
7.50%12/31/202112/31/2025729 729 701 
First Lien7.50%12/31/202112/31/20255,052 5,052 4,855 
Second Lien16
10.00% PIK
12/31/202112/31/20265,208 5,208 3,802 
10,989 9,358 
Subtotal: Environmental Services (5.98%)*
50,680 49,630 
Financial Services
INSURE HOMES CORPORATIONTranche B Term Loan
SOFR+7.50% (Floor 2.00%)/M, Current Coupon 12.05%
8/6/20248/6/202924,750 24,401 24,404 
JACKSON HEWITT TAX SERVICE, INC.First Lien
SOFR+8.50% (Floor 2.50%)/Q, Current Coupon 13.09%
9/14/20239/14/202810,000 9,880 10,000 
13

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
NATIONAL CREDIT CARE, LLCFirst Lien - Term Loan A
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.19%
12/23/202112/23/202611,875 11,769 11,875 
First Lien - Term Loan B
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.19%
12/23/202112/23/202611,875 11,768 9,500 
23,537 21,375 
NINJATRADER, INC.
Revolving Loan10
SOFR+6.50% (Floor 1.00%)
12/18/201912/18/2026 (2) 
First Lien
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.24%
12/18/201912/18/202634,047 33,735 34,047 
33,733 34,047 
Subtotal: Financial Services (10.82%)*
91,551 89,826 
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC
First Lien - Term Loan A16
SOFR+9.75% PIK (Floor 1.00%)/Q, Current Coupon 14.49%
3/11/20224/10/202612,944 12,903 12,944 
First Lien - Term Loan B16
SOFR+11.75% PIK (Floor 1.00%)/Q, Current Coupon 16.49%
3/11/20224/10/202612,106 12,057 1,961 
24,960 14,905 
FOOD PHARMA SUBSIDIARY HOLDINGS, LLCFirst Lien - Term Loan A
SOFR+6.00% (Floor 2.00%)/M, Current Coupon 10.57%20
6/21/202412/31/202614,197 14,015 14,197 
First Lien - Term Loan B
SOFR+7.00% (Floor 2.00%)/M, Current Coupon 11.57%20
6/21/202412/31/202614,197 13,969 14,197 
First Lien - Term Loan C
SOFR+8.00% (Floor 2.00%)/M, Current Coupon 12.57%20
6/21/202412/31/202614,197 13,971 14,197 
41,955 42,591 
GULF PACIFIC ACQUISITION, LLC
Revolving Loan10
SOFR+6.00% (Floor 1.00%)/M, Current Coupon 10.50%20
9/30/20229/29/2028707 694 601 
First Lien
SOFR+6.00% (Floor 1.00%)/M, Current Coupon 10.46%20
9/30/20229/29/20283,876 3,813 3,295 
4,507 3,896 
INW MANUFACTURING, LLCFirst Lien
SOFR+5.75% (Floor 0.75%)/Q, Current Coupon 10.34%
3/6/20243/25/20272,010 1,980 1,845 
14

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
MAMMOTH BORROWCO, INC.
Revolving Loan10
SOFR+6.25% (Floor 1.50%)/Q, Current Coupon 10.74%20
11/30/202311/30/20281,250 1,177 1,200 
First Lien - Term Loan A
SOFR+5.25% (Floor 1.50%)/Q, Current Coupon 9.76%
11/30/202311/30/202810,669 10,448 10,243 
First Lien - Term Loan B
SOFR+7.25% (Floor 1.50%)/Q, Current Coupon 11.76%
11/30/202311/30/202810,669 10,446 10,243 
Delayed Draw Term Loan
SOFR+6.25% (Floor 1.50%)/Q, Current Coupon 10.76%20
11/30/202311/30/20282,861 2,796 2,746 
24,867 24,432 
MUENSTER MILLING COMPANY, LLCRevolving Loan
SOFR+9.00% (Floor 1.00%)
8/10/20212/10/2027 (38) 
First Lien
SOFR+9.00% PIK (Floor 1.00%)/Q, Current Coupon 13.74%
8/10/20212/10/202721,800 21,572 20,710 
21,534 20,710 
NEW SKINNY MIXES, LLC
Revolving Loan10
SOFR+8.00% (Floor 2.00%)
12/21/202212/21/2027 (47) 
First Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.79%
12/21/202212/21/202713,000 12,825 13,000 
12,778 13,000 
Subtotal: Food, Agriculture & Beverage (14.62%)*
132,581 121,379 
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC6
Revolving Loan10
SOFR+7.00% (Floor 1.75%)/Q, Current Coupon 11.59%20
5/22/20205/22/20251,450 1,436 1,447 
First Lien
SOFR+7.00% (Floor 1.75%)/Q, Current Coupon 11.59%
5/22/20205/22/202516,290 16,222 16,258 
Delayed Draw Capex Term Loan10
SOFR+7.00% (Floor 1.75%)/Q, Current Coupon 11.59%
5/22/20205/22/2025101 98 100 
17,756 17,805 
COMMAND GROUP ACQUISITION, LLC6
First Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.59%
2/15/20242/15/20296,000 5,895 5,718 
15

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LKC TECHNOLOGIES, INC.
Revolving Loan10
SOFR+6.75% (Floor 2.00%)
6/7/20236/7/2028 (27) 
First Lien
SOFR+6.75% (Floor 2.00%)/Q, Current Coupon 11.43%20
6/7/20236/7/202817,000 16,819 17,000 
16,792 17,000 
SCRIP INC.First Lien
SOFR+8.00% (Floor 2.00%)/M, Current Coupon 12.46%
3/21/20193/19/202717,882 17,822 16,630 
Subtotal: Healthcare Equipment & Supplies (6.88%)*
58,265 57,153 
Healthcare Products
ISAGENIX INTERNATIONAL, LLC
First Lien16
2.50%, SOFR+4.10% PIK (Floor 1.00%)/Q, Current Coupon 11.25%
3/6/20244/14/2028772 772 162 
LIGHTNING INTERMEDIATE II, LLC
Revolving Loan10
SOFR+6.50% (Floor 1.00%)
6/6/20226/7/2027 (18) 
First Lien
SOFR+6.50% (Floor 1.00%)/S, Current Coupon 11.03%
6/6/20226/7/202721,701 21,460 21,007 
21,442 21,007 
MICROBE FORMULAS LLC
Revolving Loan10
SOFR+5.75% (Floor 1.00%)
4/4/20224/3/2028 (18) 
First Lien
SOFR+5.75% (Floor 1.00%)/M, Current Coupon 10.21%
4/4/20224/3/20288,958 8,851 8,878 
First Lien
SOFR+5.75% (Floor 1.00%)/M, Current Coupon 10.22%
11/20/20244/3/20285,031 4,982 4,982 
13,815 13,860 
Subtotal: Healthcare Products (4.22%)*
36,029 35,029 
Healthcare Services
AAC NEW HOLDCO INC.First Lien
18.00% PIK
12/11/20206/25/202516,480 16,480 16,380 
Delayed Draw Term Loan10
18.00% PIK
1/31/20236/25/2025577 575 573 
17,055 16,953 
CAVALIER BUYER, INC.
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
2/10/20232/10/2028 (25) 
First Lien
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.59%20
2/10/20232/10/202810,500 10,381 10,500 
10,356 10,500 
16

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
CDC DENTAL MANAGEMENT CO., LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 12.13%
10/31/202310/31/2028500 469 490 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.09%
10/31/202310/31/20285,500 5,410 5,390 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.09%
10/31/202310/31/20285,500 5,409 5,390 
11,288 11,270 
CITYVET, INC.First Lien
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.69%
9/6/20239/6/202820,000 19,674 20,000 
Delayed Draw Term Loan
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.70%20
6/20/20249/6/202815,000 14,719 15,000 
34,393 35,000 
CUMBRIA CAPITAL MSO, LLC
Revolving Loan10
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 10.85%
10/28/202410/29/2029500 486 486 
First Lien
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.12%
10/28/202410/29/20295,400 5,347 5,347 
Delayed Draw Term Loan10
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 10.85%20
10/28/202410/29/2029950 941 941 
6,774 6,774 
HH-INSPIRE ACQUISITION, INC.
Revolving Loan10
SOFR+8.00%, 2.00% PIK (Floor 2.00%)/M, Current Coupon 12.68%20
4/3/20234/3/2028419 412 376 
First Lien
SOFR+8.00%, 2.00% PIK (Floor 2.00%)/M, Current Coupon 12.58%20
4/3/20234/3/20288,221 8,064 7,374 
8,476 7,750 
INSTITUTES OF HEALTH, LLC
Revolving Loan10
SOFR+8.00% (Floor 2.00%)
9/29/20239/29/2028 (15) 
First Lien - Term Loan A
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.59%
9/29/20239/29/20287,500 7,379 7,350 
First Lien - Term Loan B
SOFR+9.00% (Floor 2.00%)/Q, Current Coupon 13.59%
9/29/20239/29/20287,500 7,378 7,350 
14,742 14,700 
17

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
MID-FLORIDA ENDODONTICS MANAGEMENT COMPANY, LLC
Revolving Loan10
SOFR+6.50% (Floor 2.00%)
12/11/202412/11/2029 (30) 
First Lien - Term Loan A
SOFR+5.50% (Floor 2.00%)/Q, Current Coupon 9.90%
12/11/202412/11/20298,050 7,970 7,970 
First Lien - Term Loan B
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 11.90%
12/11/202412/11/20298,050 7,970 7,970 
Delayed Draw Term Loan10
SOFR+6.50% (Floor 2.00%)
12/11/202412/11/2029   
15,910 15,940 
NEUROPSYCHIATRIC HOSPITALS, LLC
Revolving Loan10
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.24%
5/14/20215/14/20263,000 2,968 3,000 
First Lien - Term Loan A
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.24%
3/21/20235/14/20267,399 7,354 7,399 
First Lien - Term Loan B
SOFR+8.50% (Floor 1.00%)/Q, Current Coupon 13.24%
3/21/20235/14/20267,399 7,354 7,399 
First Lien - Term Loan C
SOFR+10.00% (Floor 1.00%)/Q, Current Coupon 14.74%
3/21/20235/14/20265,130 5,064 5,130 
First Lien - Term Loan D
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.24%
10/27/20235/14/202612,929 12,740 12,929 
35,480 35,857 
ROSELAND MANAGEMENT, LLC6
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
11/9/201811/10/2025 (4) 
First Lien
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.74%
11/9/201811/10/202514,797 14,797 14,797 
14,793 14,797 
SPECTRUM OF HOPE, LLCFirst Lien - Superpriority Term Loan
SOFR+8.50% PIK (Floor 1.00%)/Q, Current Coupon 13.24%
12/23/20246/11/2026411 411 411 
First Lien16
SOFR+8.50% PIK (Floor 1.00%)/Q, Current Coupon 13.24%
9/6/20226/11/202622,240 22,208 13,344 
22,619 13,755 
18

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
SUPERIOR HEALTH PARENT LLC
Revolving Loan10
SOFR+6.00% (Floor 1.50%)/Q, Current Coupon 10.33%
12/26/202412/26/20301,000 978 978 
First Lien
SOFR+6.00% (Floor 1.50%)/Q, Current Coupon 10.33%
12/26/202412/26/203017,500 17,369 17,369 
Delayed Draw Term Loan10
SOFR+6.00% (Floor 1.50%)
12/26/202412/26/2030 (87) 
18,260 18,347 
TALKNY MANAGEMENT HOLDINGS, LLC6
First Lien
SOFR+7.25% (Floor 3.00%)/Q, Current Coupon 11.84%
6/14/20246/14/20297,500 7,397 7,312 
Subtotal: Healthcare Services (25.16%)*
217,543 208,955 
Industrial Machinery
C&M CONVEYOR, INC.
First Lien - Term Loan A15
SOFR+6.00% (Floor 1.50%)/M, Current Coupon 10.67%
1/3/20239/30/20266,500 6,432 6,500 
First Lien - Term Loan B15
SOFR+8.00% (Floor 1.50%)/M, Current Coupon 12.67%
1/3/20239/30/20266,500 6,432 6,500 
First Lien - Term Loan C15
SOFR+6.00% (Floor 1.50%)/M, Current Coupon 10.67%
10/2/20249/30/20267,810 7,740 7,740 
First Lien - Term Loan D15
SOFR+8.00% (Floor 1.50%)/M, Current Coupon 12.67%
10/2/20249/30/20267,810 7,740 7,740 
28,344 28,480 
DRIVE LINE SERVICE OF PORTLAND, LLC
Revolving Loan10
SOFR+8.00% (Floor 2.00%)
12/16/202412/14/2029 (20) 
First Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.36%
12/16/202412/14/20298,000 7,921 7,921 
7,901 7,921 
SUREKAP, LLCFirst Lien - Term Loan A
SOFR+5.00% (Floor 1.50%)/Q, Current Coupon 9.56%20
6/24/20246/25/202919,089 18,925 19,089 
First Lien - Term Loan B
SOFR+7.00% (Floor 1.50%)/Q, Current Coupon 11.56%20
6/24/20246/25/202919,089 18,924 19,089 
Delayed Draw Term Loan10
SOFR+6.00% (Floor 1.50%)
6/24/20246/25/2029   
37,849 38,178 
19

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
SYSTEC CORPORATIONRevolving Loan
SOFR+ 8.00% PIK (Floor 1.00%)/Q, Current Coupon 12.74%
8/13/20218/13/20252,000 1,994 1,800 
First Lien
SOFR+8.00% PIK (Floor 1.00%)/Q, Current Coupon 12.74%
8/13/20218/13/20256,940 6,915 6,246 
First Lien%11/15/20248/13/20251,000 1,000 1,000 
9,909 9,046 
Subtotal: Industrial Machinery (10.07%)*
84,003 83,625 
Industrial Products
DAMOTECH INC.9,22
Revolving Loan10
SOFR+6.75% (Floor 2.00%)
7/7/20237/7/2028 (42) 
First Lien - Term Loan A
SOFR+5.75% (Floor 2.00%)/Q, Current Coupon 10.49%
7/7/20237/7/20285,100 5,022 5,100 
First Lien - Term Loan B
SOFR+7.75% (Floor 2.00%)/Q, Current Coupon 12.49%
7/7/20237/7/20285,100 5,022 5,100 
Delayed Draw Term Loan
SOFR+6.75% (Floor 2.00%)/Q, Current Coupon 11.49%
7/7/20237/7/20283,000 2,949 3,000 
12,951 13,200 
GPT INDUSTRIES, LLC6
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
1/30/20231/31/2028 (37) 
First Lien19
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.85%
1/30/20231/31/20285,900 5,815 5,900 
5,778 5,900 
LLFLEX, LLC
First Lien15
SOFR+5.00%, 3.00% PIK (Floor 1.00%)/Q, Current Coupon 12.74%
8/16/20218/14/202610,026 9,941 7,891 
SERVERLIFT, LLC
Revolving Loan10
SOFR+6.00% (Floor 2.00%)
12/31/202412/31/2029 (44) 
First Lien - Term Loan A
SOFR+5.00% (Floor 2.00%)/Q, Current Coupon 9.33%
12/31/202412/31/202916,000 15,860 15,860 
First Lien - Term Loan B
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.33%
12/31/202412/31/202916,000 15,860 15,860 
31,676 31,720 
Subtotal: Industrial Products (7.07%)*
60,346 58,711 
20

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Industrial Services
BP LOENBRO HOLDINGS INC.
Revolving Loan10
SOFR+6.25% (Floor 1.50%)/M, Current Coupon 10.68%
2/9/20242/1/2029440 422 438 
First Lien
SOFR+6.25% (Floor 1.50%)/Q, Current Coupon 10.92%
2/9/20242/1/20299,614 9,448 9,566 
Delayed Draw Term Loan10
SOFR+6.25% (Floor 1.50%)
2/9/20242/1/2029 (9) 
9,861 10,004 
UPS INTERMEDIATE, LLC
First Lien15
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 10.36%
7/31/20247/27/20299,950 9,763 9,652 
Subtotal: Industrial Services (2.37%)*
19,624 19,656 
Media & Marketing
360 QUOTE TOPCO, LLC
Revolving Loan10
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 10.98%
6/16/20226/16/20274,346 4,291 3,911 
First Lien19
SOFR+6.50%, 2.00% PIK (Floor 1.00%)/Q, Current Coupon 12.98%
6/16/20226/16/202724,537 24,336 22,082 
28,627 25,993 
ACCELERATION PARTNERS, LLC
First Lien8
SOFR+8.03% (Floor 1.00%)/Q, Current Coupon 12.77%20
12/1/202012/31/202619,749 19,552 19,749 
BOND BRAND LOYALTY ULC9,22
Revolving Loan10
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 11.65%
5/1/20235/1/2028800 773 800 
First Lien - Term Loan A
SOFR+6.00% (Floor 2.00%)/Q, Current Coupon 10.74%
5/1/20235/1/20288,888 8,757 8,888 
First Lien - Term Loan B
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.74%
5/1/20235/1/20288,888 8,756 8,888 
18,286 18,576 
21

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
EXACT BORROWER, LLC
Revolving Loan10
SOFR+6.50% (Floor 2.00%)
12/7/20228/6/2027 (28) 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.24%
12/7/20228/6/20276,824 6,737 6,824 
First Lien - Term Loan B
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.24%
12/7/20228/6/20276,824 6,737 6,824 
First Lien - Term Loan C
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 10.98%
12/31/20248/6/202711,500 11,385 11,385 
Delayed Draw Term Loan
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.24%
12/7/20228/6/20271,814 1,775 1,814 
Delayed Draw Term Loan10
SOFR+6.50% (Floor 2.00%)
12/31/20248/6/2027   
Promissory Note13.574%12/7/202212/6/2028385 385 385 
26,991 27,232 
FMT SOLUTIONS, LLCFirst Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.49%
11/19/202411/19/20296,750 6,684 6,684 
IGNITE VISIBILITY LLC
Revolving Loan10
SOFR+6.00% (Floor 1.50%)
12/1/202312/1/2028 (23) 
First Lien - Term Loan A
SOFR+5.00% (Floor 1.50%)/Q, Current Coupon 9.59%
12/1/202312/1/20285,000 4,938 4,900 
First Lien - Term Loan B
SOFR+7.00% (Floor 1.50%)/Q, Current Coupon 11.59%
12/1/202312/1/20285,000 4,938 4,900 
9,853 9,800 
Subtotal: Media & Marketing (13.01%)*
109,993 108,034 
Movies & Entertainment
CRAFTY APES, LLC6
First Lien8
SOFR+6.50% PIK (Floor 1.00%)/M, Current Coupon 11.02%
11/20/20246/1/20273,729 3,554 3,554 
Delayed Draw Term Loan8,10
SOFR+6.50% PIK (Floor 1.00%)
11/20/20246/1/2027   
3,554 3,554 
Subtotal: Movies & Entertainment (0.43%)*
3,554 3,554 
22

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC
Revolving Loan10
SOFR+8.00% (Floor 1.00%)
11/28/202311/20/2026 (19) 
First Lien - Term Loan A
SOFR+7.00% (Floor 1.00%)/M, Current Coupon 11.65%
11/28/202311/20/20264,836 4,807 4,836 
First Lien - Term Loan B
SOFR+9.00% (Floor 1.00%)/M, Current Coupon 13.65%
11/28/202311/20/20264,836 4,807 4,836 
First Lien
SOFR+8.00% (Floor 1.00%)/M, Current Coupon 12.65%
11/28/202311/20/20264,950 4,882 4,950 
Delayed Draw Term Loan
SOFR+8.00% (Floor 1.00%)/M, Current Coupon 12.65%
3/16/201811/20/20264,236 4,199 4,236 
18,676 18,858 
STATINMED, LLC6
First Lien16
SOFR+9.50% PIK (Floor 2.00%)/M, Current Coupon 14.14%
7/1/20227/1/20277,560 7,560  
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences (2.27%)*
26,236 18,858 
Research & Consulting Services
FS VECTOR LLC
Revolving Loan10
SOFR+5.75% (Floor 2.00%)
4/26/20234/26/2028 (65) 
First Lien - Term Loan A
SOFR+4.75% (Floor 2.00%)/Q, Current Coupon 9.40%20
4/26/20234/26/202815,000 14,778 15,000 
First Lien - Term Loan B
SOFR+6.75% (Floor 2.00%)/Q, Current Coupon 11.40%20
4/26/20234/26/202815,000 14,780 15,000 
29,493 30,000 
THE GOBEL GROUP, LLC
Revolving Loan10
SOFR+6.75% (Floor 2.00%)
10/29/202410/29/2029 (10) 
First Lien
SOFR+6.75% (Floor 2.00%)/Q, Current Coupon 11.35%
10/29/202410/29/20294,000 3,961 3,961 
3,951 3,961 
Subtotal: Research & Consulting Services (4.09%)*
33,444 33,961 
23

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Restaurants
ONE GROUP, LLCFirst Lien
SOFR+8.25% (Floor 1.00%)/M, Current Coupon 12.72%
2/22/202410/29/20269,719 9,649 9,661 
Delayed Draw Term Loan10
SOFR+8.25% (Floor 1.00%)
2/22/202410/29/2026   
9,649 9,661 
SWENSONS DRIVE-IN RESTAURANTS, LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
9/27/20239/27/2028 (22) 
First Lien - Term Loan A
SOFR+ 6.50% (Floor 2.00%)/Q, Current Coupon 11.09%
9/27/20239/27/20288,000 7,871 7,936 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.09%
9/27/20239/27/20288,000 7,870 7,936 
15,719 15,872 
Subtotal: Restaurants (3.07%)*
25,368 25,533 
Software & IT Services
ACACIA BUYERCO V LLCRevolving Loan
SOFR+8.00% (Floor 1.00%)
11/25/202211/26/2027 (23) 
First Lien - Term Loan A
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 12.85%
11/25/202211/26/202710,000 9,842 9,480 
9,819 9,480 
CADMIUM, LLCRevolving Loan
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 12.59%
1/7/202212/22/2026615 613 601 
First Lien
SOFR+2.00%, 6.00% PIK (Floor 1.00%)/Q, Current Coupon 12.59%
1/7/202212/22/20267,938 7,902 7,747 
8,515 8,348 
COREL, INC.9,22
First Lien
SOFR+5.00% /Q, Current Coupon 9.61%
3/4/20247/2/20262,500 2,452 2,115 
GRAMMATECH, INC.6
Revolving Loan10
SOFR+9.50% (Floor 2.00%)
11/1/201912/31/2025 (8) 
First Lien
SOFR+9.50% (Floor 2.00%)/Q, Current Coupon 14.24%
11/1/201912/31/2025750 750 750 
742 750 
INFOGAIN CORPORATIONFirst Lien
SOFR+5.75% (Floor 1.00%)/M, Current Coupon 10.21%
5/24/20247/28/20283,692 3,659 3,692 
24

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
ISI ENTERPRISES, LLC
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
10/1/202110/1/2026 (14) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 11.85%
10/1/202110/1/20263,816 3,786 3,816 
3,772 3,816 
ZENFOLIO INC.
Revolving Loan10
SOFR+7.75% (Floor 1.00%)/Q, Current Coupon 12.51%
7/17/201712/31/20261,500 1,482 1,500 
First Lien
SOFR+7.75% (Floor 1.00%)/Q, Current Coupon 12.51%
7/17/201712/31/202619,744 19,614 19,744 
21,096 21,244 
Subtotal: Software & IT Services (5.95%)*
50,055 49,445 
Specialty Retail
ATS OPERATING, LLC
Revolving Loan10
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 10.59%
1/18/20221/18/2027500 480 500 
First Lien - Term Loan A
SOFR+5.00% (Floor 1.00%)/Q, Current Coupon 9.85%
1/18/20221/18/20279,250 9,166 9,250 
First Lien - Term Loan B
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 11.85%
1/18/20221/18/20279,250 9,164 9,250 
18,810 19,000 
CATBIRD NYC, LLC6
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
10/15/202110/15/2026 (29) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 11.74%
10/15/202110/15/202614,800 14,675 14,800 
14,646 14,800 
Subtotal: Specialty Retail (4.07%)*
33,456 33,800 
Technology Products & Components
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC.First Lien - Term B Loan
SOFR+6.25% (Floor 1.00%)/Q, Current Coupon 10.71%
3/12/202412/29/20273,427 3,396 2,741 
TRAFERA, LLC (FKA TRINITY 3, LLC)
First Lien15
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 11.74%
9/30/20209/30/20275,600 5,582 5,550 
Subtotal: Technology Products & Components (1.00%)*
8,978 8,291 
Telecommunications
BROAD SKY NETWORKS LLC
Unsecured convertible note9,10,13
20.00% PIK
4/19/202412/13/202862 62 59 
LOGIX HOLDINGS COMPANY, LLCFirst Lien
P+4.75% (Floor 2.00%)/Q, Current Coupon 12.25%
3/11/202412/22/20243,555 3,555 2,830 
25

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
MERCURY ACQUISITION 2021, LLCFirst Lien
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 12.85%
12/6/202112/7/202612,957 12,849 11,338 
Second Lien
SOFR+11.00% (Floor 1.00%)/Q, Current Coupon 15.85%
12/6/202112/7/20262,927 2,902 2,195 
15,751 13,533 
U.S. TELEPACIFIC CORP.First Lien
SOFR+1.00%, 6.25% PIK (Floor 1.00%)/Q, Current Coupon 11.90%
3/19/20245/2/20262,507 2,507 998 
Third Lien—%3/18/20245/2/2027230 230 57 
2,737 1,055 
Subtotal: Telecommunications (2.10%)*
22,105 17,477 
Transportation & Logistics
EVEREST TRANSPORTATION SYSTEMS, LLCFirst Lien
SOFR+8.00% (Floor 1.00%)/M, Current Coupon 12.46%
11/9/20218/26/20266,146 6,121 5,015 
GUARDIAN FLEET SERVICES, INC.First Lien
SOFR+7.25%, 1.75% PIK (Floor 2.50%)/Q, Current Coupon 13.74%
2/10/20232/10/202810,701 10,485 10,444 
ITA HOLDINGS GROUP, LLC6
Revolving Loan
SOFR+9.00% (Floor 2.00%)/Q, Current Coupon 13.74%
6/21/20236/21/20273,525 3,468 3,525 
First Lien - Term Loan
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.74%
6/21/20236/21/202713,336 11,821 13,336 
First Lien - Term B Loan
SOFR+10.00% (Floor 2.00%)/Q, Current Coupon 14.74%
6/21/20236/21/202713,336 11,800 13,336 
Delayed Draw Term Loan - A
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.74%
6/21/20236/21/20271,484 1,465 1,484 
Delayed Draw Term Loan - B
SOFR+10.00% (Floor 2.00%)/Q, Current Coupon 14.74%
6/21/20236/21/20271,484 1,456 1,484 
30,010 33,165 
26

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LAB LOGISTICS, LLCRevolving Loan
SOFR+7.25% (Floor 1.00%)/M, Current Coupon 11.71%20
9/17/202412/31/2025279 279 276 
First Lien
SOFR+7.25% (Floor 1.00%)/M, Current Coupon 11.71%
2/22/202412/31/20257,897 7,895 7,818 
8,174 8,094 
Subtotal: Transportation & Logistics (6.83%)*
54,790 56,718 
Total: Debt Investments (185.75%)*
$1,602,425 $1,542,524 
27

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Equity Investments
Building & Infrastructure Products
BRANDNER DESIGN, LLC7
27,000 Class A Units9,13
4/15/2024$— $ $312 
Subtotal: Building & Infrastructure Products (0.04%)*
 312 
Business Services
DYNAMIC COMMUNITIES, LLC6
250,000 Class A Preferred Units9,13
12/20/2022— 250 317 
5,435,211.03 Class B Preferred Units9,13
12/20/2022— 2,218  
255,984.22 Class C Preferred Units9,13
12/20/2022—   
2,500,000 Common units9,13
12/20/2022—   
2,468 317 
SPOTLIGHT AR, LLC
750 Common Units9,11,13
12/8/2021— 750 1,366 
US COURTSCRIPT HOLDINGS, INC.
1,000,000 Class D-3 LP Units9,13
5/17/2022— 1,000 1,971 
211,862.61 Class D-4 LP Units9,13
10/31/2022— 212 401 
211,465.87 Class D-5 LP Units9,13
1/10/2023— 211 395 
1,423 2,767 
Subtotal: Business Services (0.54%)*
4,641 4,450 
Commercial Services & Supplies
LEHR UPFITTERS, LLC
7,250 Class A Units9,13
9/19/2024— 725 1,043 
Subtotal: Commercial Services & Supplies (0.13%)*
725 1,043 
Consumer Products
ALLIANCE SPORTS GROUP, L.P.
3.88% membership preferred interest
8/1/2017— 2,500 2,502 
HEAT TRAK, LLC
Warrants (Expiration - October 11, 2034)9,13
6/12/2023— 1,267  
SHEARWATER RESEARCH, INC.22
1,200,000 Class A Preferred Units9,13
4/30/2021— 603 675 
40,000 Class A Common Units9,13
4/30/2021— 33 1,349 
636 2,024 
TRU FRAGRANCE & BEAUTY LLC
1,018,821.50 Preferred Units9,13
3/22/2024— 1,019 1,019 
Subtotal: Consumer Products (0.67%)*
5,422 5,545 
28

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Consumer Services
AIR CONDITIONING SPECIALIST, INC.6
1,006,045.85 Preferred Units9,13
11/9/2021— 1,344 3,657 
APPLE ROOFING ADMINISTRATIVE SERVICES, LLC (fka ROOF OPCO, LLC)
535,714.29 Class A Units9,13
9/23/2022— 750 732 
250,000 Class B Units9,13
4/13/2023— 250  
169,584.62 Class A-1 Units9,13
5/30/2024— 88  
1,088 732 
CAMPANY ROOF MAINTENANCE, LLC
2,951.56 Class A Units9,13
7/26/2024— 295 441 
LIFT BRANDS, INC.
1,051 shares of common stock
4/2/2024— 749 263 
POOL SERVICE PARTNERS, INC.6
10,000 Common units9,13
12/20/2023— 1,000 594 
RED DOG OPERATIONS HOLDING COMPANY LLC6
1,000 Class A Units9,13
11/15/2024— 1,000 1,000 
TMT BHC BUYER, INC.
500,000.00 Class A Units9,13
3/7/2024— 500 682 
Subtotal: Consumer Services (0.89%)*
5,976 7,369 
Data Processing & Outsourced Services
RESEARCH NOW GROUP, LLC
64,634 shares of common stock
7/15/2024— 1,062 1,062 
Warrants (Expiration - July 15, 2029)7/15/2024—   
1,062 1,062 
Subtotal: Data Processing & Outsourced Services (0.13%)*
1,062 1,062 
Distribution
BINSWANGER HOLDING CORP.
900,000 shares of common stock
3/9/2017— 900 598 
Subtotal: Distribution (0.07%)*
900 598 
Education
STUDENT RESOURCE CENTER LLC6
355,555.56 Senior Preferred Units
9/11/2024— 356  
10,502,487.46 Preferred Units
12/31/2022— 5,845  
2,000,000.00 Preferred Units9,13
12/31/2022—   
6,201  
WALL STREET PREP, INC.
1,000,000 Class A-1 Preferred Shares9,13
7/19/2021— 1,000 2,832 
Subtotal: Education (0.34%)*
7,201 2,832 
Environmental Services
ARBORWORKS, LLC6
100 Class A Units9,13
11/17/2021— 100 4 
13,898.32 Class A-1 Preferred Units
11/6/2023— 3,170 2,411 
13,898.32 Class B-1 Preferred Units
11/6/2023—   
1,666.67 Class A-1 Common Units
11/6/2023—   
3,270 2,415 
ISLAND PUMP AND TANK, LLC
1,326,389.30 Preferred units9,13
3/2/2023— 1,451 2,702 
29

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LIGHTING RETROFIT INTERNATIONAL, LLC6
208,333.3333 Series A Preferred units9,13
12/31/2021—   
203,124.9999 Common units9,13
12/31/2021—   
  
Subtotal: Environmental Services (0.62%)*
4,721 5,117 
Financial Services
NATIONAL CREDIT CARE, LLC
191,049.33 Class A-3 Preferred units9,13
3/17/2022— 2,000 539 
NINJATRADER, INC.
2,000,000 Preferred Units9,11,13
12/18/2019— 2,000 16,268 
Subtotal: Financial Services (2.02%)*
4,000 16,807 
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC
3,000,000 units of Class A common stock9,13
4/10/2018— 3,000  
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC
75,000 Class A Units9,11,13
6/1/2021— 750 1,708 
MAMMOTH BORROWCO, INC.
1,121,655.44 Class A Preferred Units9,13
11/30/2023— 1,122 739 
MUENSTER MILLING COMPANY, LLC
1,000,000 Class A units9,13
12/15/2022— 1,000 147 
1,130,387.32 Class A-1 Units9,13
12/20/2023— 500 73 
130,444 Class A-2 Units9,13
12/18/2024— 130 19 
1,630 239 
Subtotal: Food, Agriculture & Beverage (0.32%)*
6,502 2,686 
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC6
2,620,670 Preferred Units9,13
5/22/2020— 1,224 3,163 
COMMAND GROUP ACQUISITION, LLC6
1,250,000 Preferred Units9,13
2/15/2024— 1,250 860 
LKC TECHNOLOGIES, INC.
1,000,000 Class A units9,11,13
6/7/2023— 1,000 1,728 
SCRIP INC.
100 shares of common stock
3/21/2019— 1,000 439 
Subtotal: Healthcare Equipment & Supplies (0.75%)*
4,474 6,190 
Healthcare Products
LIGHTNING INTERMEDIATE II, LLC
0.42% LLC interest9,13
6/6/2022— 600 263 
Subtotal: Healthcare Products (0.03%)*
600 263 
Healthcare Services
AAC NEW HOLDCO INC.
617,803 shares of common stock
12/11/2020— 2,944  
Warrants (Expiration - December 11, 2025)12/11/2020— 2,584  
5,528  
30

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
ASC ORTHO MANAGEMENT COMPANY, LLC
2,572 Common Units9,13
8/31/2018— 1,026 234 
CAVALIER BUYER, INC.
871,972.67 Preferred Units9,13
2/10/2023— 930 1,017 
871,972.67 Class A-1 Units9,13
2/10/2023—   
930 1,017 
CDC DENTAL MANAGEMENT CO., LLC
1,568.70 Class Y Preferred Units9,13
10/31/2023— 1,000 1,065 
DELPHI LENDER HOLDCO LLC
254 Common units
6/9/2023—   
HH-INSPIRE ACQUISITION, INC.
136,944.04 Preferred units9,13
4/3/2023— 372 121 
INSTITUTES OF HEALTH, LLC
100,000 Class A Preferred Units9,13
9/29/2023— 1,000 971 
OPCO BORROWER, LLC
1,111.11 shares of common stock11
4/26/2024— 207 1,006 
ROSELAND MANAGEMENT, LLC6
3,364 Class A-2 Units
3/31/2023— 202 802 
1,100 Class A-1 Units
9/26/2022— 66 196 
16,084 Class A Units
11/9/2018— 1,517 941 
1,785 1,939 
SPECTRUM OF HOPE, LLC
1,145,229 Common units9,13
2/17/2023— 1,145  
TALKNY MANAGEMENT HOLDINGS, LLC6
1,500,000 Class A-1 Preferred Units9,13
6/14/2024— 1,500 1,082 
Subtotal: Healthcare Services (0.90%)*
14,493 7,435 
Industrial Machinery
DRIVE LINE SERVICE OF PORTLAND, LLC
1,000,000 Class A Units9,13
12/16/2024— 1,000 1,000 
SUREKAP, LLC
430,144.53 Common units9,13
6/24/2024— 500 1,157 
Subtotal: Industrial Machinery (0.26%)*
1,500 2,157 
Industrial Products
DAMOTECH INC.22
1,127 Preferred units9,13
7/7/2023— 1,127 1,336 
1,127 Class A Common units9,13
7/7/2023—  1,959 
1,127 3,295 
GPT INDUSTRIES, LLC6
1,000,000 Class A Preferred Units9,13
1/30/2023— 1,000 2,587 
SERVERLIFT, LLC
500,000 Class A Units9,13
12/31/2024— 500 500 
THE PRODUCTO GROUP, LLC
1,500,000 Class A units9,11,13
12/31/2021— 1,500 8,880 
Subtotal: Industrial Products (1.84%)*
4,127 15,262 
Media & Marketing
ACCELERATION, LLC
13,451.22 Preferred Units9,13
6/13/2022— 893 1,646 
1,611.22 Common Units9,13
6/13/2022— 107 28 
1,000 1,674 
ACCELERATION PARTNERS, LLC
1,019 Preferred Units9,13
12/1/2020— 1,019 1,063 
1,019 Class A Common Units9,13
12/1/2020— 14  
1,033 1,063 
31

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
BOND BRAND LOYALTY ULC22
1,000 Preferred units9,13
5/1/2023— 1,000 799 
1,000 Class A common units9,13
5/1/2023—   
1,000 799 
EXACT BORROWER, LLC
615.156 Common units
12/7/2022— 615 945 
IGNITE VISIBILITY LLC
833 Preferred Units9,13
12/1/2023— 833 620 
833 Class A Common Units9,13
12/1/2023— 167  
1,000 620 
INFOLINKS MEDIA BUYCO, LLC
1.67% LP interest9,10,11,13
10/29/2021— 588 960 
OUTERBOX, LLC
11,008.6744 Class A common units9,13
6/8/2022— 1,313 1,830 
SONOBI, INC.6
500,000 Class A Common Units9,13
9/17/2020— 500  
VISTAR MEDIA INC.
171,617 shares of Series A preferred stock9,13
4/3/2019— 1,874 13,936 
Subtotal: Media & Marketing (2.63%)*
8,923 21,827 
Movies & Entertainment
CRAFTY APES, LLC6
1,519.07 Class A Units
11/20/2024— 4,730 4,730 
Subtotal: Movies & Entertainment (0.57%)*
4,730 4,730 
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC
161,825.84 units of Class A common stock9,11,13
11/15/2017— 1,753 7,620 
STATINMED, LLC6
4,718.62 Class A Preferred Units
7/1/2022— 4,838  
39,097.96 Class B Preferred Units
7/1/2022— 1,400  
6,238  
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences (0.92%)*
7,991 7,620 
Research & Consulting Services
FS VECTOR LLC
1,280.58 Common units9,11,13
4/26/2023— 1,332 1,415 
THE GOBEL GROUP, LLC
500,000 Class A-1 Preferred Units9,13
10/29/2024— 500 500 
500,000 Class A Common Units9,13
10/29/2024—   
500 500 
Subtotal: Research & Consulting Services (0.23%)*
1,832 1,915 
Software & IT Services
ACACIA BUYERCO V LLC
1,000,000 Class B-2 Units9,13
11/25/2022— 1,000 552 
GRAMMATECH, INC.6
1,000 Class A units
11/1/2019— 1,000  
360.06 Class A-1 units
1/10/2022— 360  
1,360  
32

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
ISI ENTERPRISES, LLC
1,000,000 Series A Preferred units
10/1/2021— 1,000 1,296 
166,667 Series A-1 Preferred units
6/7/2023— 167 706 
1,167 2,002 
VTX HOLDINGS, INC.
1,597,707 Series A Preferred units9,13
7/23/2019— 1,598 3,247 
Subtotal: Software & IT Services (0.70%)*
5,125 5,801 
Specialty Retail
ATS OPERATING, LLC
1,000,000 Preferred units9,13
1/18/2022— 1,000 1,220 
CATBIRD NYC, LLC6
1,000,000 Class A units9,11,13
10/15/2021— 1,000 1,634 
500,000 Class B units9,10,11,13
10/15/2021— 500 712 
1,500 2,346 
Subtotal: Specialty Retail (0.43%)*
2,500 3,566 
Technology Products & Components
FLIP ELECTRONICS, LLC
2,446,170 Common Units9,13
1/4/2021— 2,892 2,376 
TRAFERA, LLC (FKA TRINITY 3, LLC)
896.43 Class A units9,13
11/15/2019— 1,205 1,012 
Subtotal: Technology Products & Components (0.41%)*
4,097 3,388 
Telecommunications
BROAD SKY NETWORKS LLC
1,131,579 Series A Preferred units9,13
12/11/2020— 1,132 1,493 
89,335 Series C Preferred units9,13
10/21/2022— 89 100 
93,790 Series D Preferred units9,13
4/19/2024— 119 193 
1,340 1,786 
MERCURY ACQUISITION 2021, LLC
12,059,033 Series A Units9,13
12/6/2021—   
Subtotal: Telecommunications (0.22%)*
1,340 1,786 
Transportation & Logistics
GUARDIAN FLEET SERVICES, INC.
2,000,000 Class A Units9,13
2/10/2023— 2,000 2,189 
Warrants (Expiration - February 10, 2033)9,13
2/10/2023— 80 99 
Warrants (Expiration - November 30, 2033)9,13
11/30/2023— 20 55 
Warrants (Expiration - January 24, 2034)9,13
1/24/2024— 24 55 
Warrants (Expiration - December 18, 2034)9,13
12/18/2024— 22 22 
2,146 2,420 
33

Table of Contents
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
ITA HOLDINGS GROUP, LLC6
Warrants (Expiration - March 29, 2029)9,13
3/29/2019— 538 8,875 
Warrants (Expiration - June 21, 2033)9,13
6/21/2023— 3,791 10,109 
9.25% Class A Membership Interest9,11,13
2/14/2018— 1,500 7,597 
5,829 26,581 
Subtotal: Transportation & Logistics (3.49%)*
7,975 29,001 
Total: Equity Investments (19.12%)*
$110,857 $158,762 
Total: Investments (204.87%)*
$1,713,282 $1,701,286 

*Value as a percent of net assets. All amounts are stated in U.S. Dollars.

1.All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
2.All of the Company’s investments, the investments of Capital Southwest SPV LLC ("SPV") and the investments of SBIC I (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, the Company's wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.
3.The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at December 31, 2024. Certain investments are subject to an interest rate floor. As noted, certain investments accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.
4.The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
5.Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. At December 31, 2024, the Company held $1,471.2 million of non-control/non-affiliate investments, which represented approximately 86.5% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 177.2%.
6.Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At December 31, 2024, the Company held $221.0 million of affiliate investments, which represented approximately 13.0% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 26.6%.
34

Table of Contents
7.Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At December 31, 2024, the Company held $9.0 million of control investments, which represented approximately 0.5% of the Company's investment assets. The fair value of these investments as a percent of net assets is 1.1%.
8.The investment is structured as a first lien last out term loan.
9.Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2024, approximately 10.3% of the Company's total assets (at fair value) were non-qualifying assets.
10.The investment has an unfunded commitment as of December 31, 2024. Refer to Note 11 - Commitments and Contingencies for further discussion.
11.Income producing through dividends or distributions.
12.As of December 31, 2024, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $114.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $140.2 million. Cumulative net unrealized depreciation was $25.9 million, based on a tax cost of $1,727.2 million.
13.Investment is held through a wholly-owned taxable subsidiary that has elected to be treated as a corporation for U.S. federal income tax purposes. Refer to Note 1 - Organization and Basis for Presentation for further discussion.
14.The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which, as of December 31, 2024, represented 204.9% of the Company's net assets or 95.1% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.
15.The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
16.Investment is on non-accrual status as of December 31, 2024, meaning the Company has ceased to recognize interest income on the investment.
17.Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
18.Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
19.The investment is structured as a first lien first out term loan.
20.The rate presented represents a weighted average rate for borrowings under the facility as of December 31, 2024.
21.Unless otherwise noted, all portfolio company headquarters are based in the United States.
22.Portfolio company headquarters are located outside of the United States.
As of December 31, 2024, there were no investments that represented greater than 5% of our total assets.

The accompanying Notes are an integral part of these Consolidated Financial Statements.
35

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Debt Investments
Aerospace & Defense
ADS TACTICAL, INC.First Lien
SOFR+5.75% (Floor 1.00%)/M, Current Coupon 11.19%
3/5/20243/19/2026$1,625 $1,609 $1,625 
EDGE AUTONOMY HOLDINGS, LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
4/21/20234/21/2028 (97) 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.98%
4/21/20234/21/202811,250 10,959 11,250 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.98%
4/21/20234/21/202811,250 10,962 11,250 
21,824 22,500 
STELLANT MIDCO, LLCFirst Lien
SOFR+5.50% (Floor 0.75%)/S, Current Coupon 11.04%
3/7/202410/2/20281,794 1,781 1,794 
First Lien
SOFR+5.75% (Floor 0.75%)/S, Current Coupon 11.19%
3/7/202410/2/2028796 781 796 
2,562 2,590 
Subtotal: Aerospace & Defense (3.54%)*
25,995 26,715 
Building & Infrastructure Products
MAKO STEEL LP
Revolving Loan10
SOFR+7.50% (Floor 0.75%)
3/15/20213/13/2026 (15) 
First Lien
SOFR+7.50% (Floor 0.75%)/Q, Current Coupon 12.98%
3/15/20213/13/20267,727 7,658 7,727 
7,643 7,727 
Subtotal: Building & Infrastructure Products (1.02%)*
7,643 7,727 
Business Services
DYNAMIC COMMUNITIES, LLC6
First Lien - Term Loan A
SOFR+5.50% PIK (Floor 2.00%)/M, Current Coupon 10.93%
12/20/202212/31/20264,250 4,234 4,249 
First Lien - Term Loan B
SOFR+7.50% PIK (Floor 2.00%)/M, Current Coupon 12.93%
12/20/202212/31/20264,359 4,336 4,359 
8,570 8,608 
36

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
GAINS INTERMEDIATE, LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
12/15/202212/15/2027 (37) 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 12.09%
12/15/202212/15/20277,125 7,012 7,125 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 14.09%
12/15/202212/15/20277,125 7,011 7,125 
13,986 14,250 
SPOTLIGHT AR, LLC
Revolving Loan10
SOFR+6.75% (Floor 1.00%)
12/8/20216/8/2026 (19) 
First Lien
SOFR+6.75% (Floor 1.00%)/Q, Current Coupon 12.23%
12/8/20216/8/20266,637 6,566 6,637 
6,547 6,637 
US COURTSCRIPT HOLDINGS, INC.First Lien
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 11.59%
5/17/20225/17/202714,800 14,589 14,800 
WINTER SERVICES OPERATIONS, LLC
Revolving Loan10
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.58%20
11/19/202111/19/20263,556 3,447 3,449 
First Lien - Term Loan A
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.59%20
1/16/202411/19/202615,967 15,675 15,488 
First Lien - Term Loan B
SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 14.59%20
1/16/202411/19/202615,967 15,674 15,488 
Delayed Draw Term Loan
SOFR+8.00% (Floor 1.00%/Q, Current Coupon 13.59%
11/19/202111/19/20264,133 4,067 4,009 
38,863 38,434 
Subtotal: Business Services (10.95%)*
82,555 82,729 
Consumer Products
ALLIANCE SPORTS GROUP, L.P.Unsecured convertible Note
6.00% PIK
7/15/20209/30/2024173 173 173 
HEAT TRAK, LLCFirst Lien
SOFR+9.50% (Floor 2.00%)/Q, Current Coupon 14.98%
6/12/20236/9/202811,500 10,308 11,270 
HYBRID APPAREL, LLC
Second Lien15
SOFR+8.25% (Floor 1.00%)/Q, Current Coupon 13.84%
6/30/20216/30/202615,929 15,769 15,929 
37

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LASH OPCO, LLCRevolving Loan
SOFR+7.75% (Floor 1.00%)/Q, Current Coupon 13.17%20
12/29/20219/18/2025824 814 808 
First Lien
SOFR+2.65%, 5.10% PIK (Floor 1.00%)/Q, Current Coupon 13.16%
12/29/20213/18/202616,733 16,477 16,399 
17,291 17,207 
REVO BRANDS, INC.
Revolving Loan10
SOFR+7.50% (Floor 1.50%)
2/21/20242/21/2029 (137) 
First Lien - Term Loan A
SOFR+6.50% (Floor 1.50%)/Q, Current Coupon 11.81%
2/21/20242/21/202911,167 10,947 10,947 
First Lien - Term Loan B
SOFR+7.50% (Floor 1.50%)/Q, Current Coupon 12.81%
2/21/20242/21/202911,167 10,947 10,947 
First Lien - Term Loan C
SOFR+8.50% (Floor 1.50%)/Q, Current Coupon 13.81%
2/21/20242/21/202911,167 10,947 10,947 
32,704 32,841 
TRU FRAGRANCE & BEAUTY LLC
Revolving Loan10
SOFR+6.25% (Floor 1.50%)/Q, Current Coupon 11.58%
3/22/20243/21/2029100 20 98 
First Lien - Term Loan A
SOFR+5.25% (Floor 1.50%)/Q, Current Coupon 10.58%
3/22/20243/21/202915,251 14,948 14,948 
First Lien - Term Loan B
SOFR+7.25% (Floor 1.50%)/Q, Current Coupon 12.58%
3/22/20243/21/202915,251 14,948 14,948 
29,916 29,994 
YS GARMENTS, LLCFirst Lien
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.92%
3/19/20248/9/20262,953 2,946 2,401 
Subtotal: Consumer Products (14.53%)*
109,107 109,815 
Consumer Services
AIR CONDITIONING SPECIALIST, INC.6
Revolving Loan10
SOFR+7.25% (Floor 1.00%)/Q, Current Coupon 12.84%
11/9/202111/9/2026825 813 825 
First Lien
SOFR+7.25% (Floor 1.00%)/Q, Current Coupon 12.84%
11/9/202111/9/202624,407 24,116 24,407 
Delayed Draw Term Loan10
SOFR+7.25% (Floor 1.00%)
12/15/202311/9/2026   
24,929 25,232 
38

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LIFT BRANDS, INC.Tranche A Term Loan
SOFR+7.50% (Floor 1.00%)/M, Current Coupon 12.93%
2/1/20246/29/20252,452 2,452 2,403 
Tranche B Term Loan
9.50% PIK
2/1/20246/29/2025661 661 601 
Tranche C Loan—%2/1/20246/29/2025565 565 514 
3,678 3,518 
POOL SERVICE HOLDINGS, LLC6
Revolving Loan
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.82%20
12/20/202312/20/20281,000 981 980 
First Lien
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.83%
12/20/202312/20/20285,000 4,904 4,900 
Delayed Draw Term Loan10
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.81%
12/20/202312/20/2028600 517 588 
6,402 6,468 
ROOF OPCO, LLC
Revolving Loan10
SOFR+7.50% (Floor 1.00%)
8/27/20218/27/2026 (29) 
First Lien - Term Loan A
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 12.09%
8/27/20218/27/202613,261 13,079 12,638 
First Lien - Term Loan B
SOFR+8.50% (Floor 1.00%)/Q, Current Coupon 14.09%
4/12/20238/27/202613,261 13,079 12,638 
26,129 25,276 
TMT BHC BUYER, INC.
Revolving Loan10
SOFR+6.00% (Floor 1.50%)
3/7/20243/7/2029 (99) 
First Lien
SOFR+6.00% (Floor 1.50%)/Q, Current Coupon 11.33%
3/7/20243/7/202910,000 9,802 9,802 
Delayed Draw Term Loan10
SOFR+6.00% (Floor 1.50%)
3/7/20243/7/2029 (49) 
9,654 9,802 
ZIPS CAR WASH, LLCDelayed Draw Term Loan - A
SOFR+7.25% (Floor 1.00%)/M, Current Coupon 12.68%
2/11/202212/31/202415,719 15,519 15,656 
Delayed Draw Term Loan - B
SOFR+7.25% (Floor 1.00%)/M, Current Coupon 12.68%20
2/11/202212/31/20243,940 3,891 3,924 
19,410 19,580 
Subtotal: Consumer Services (11.89%)*
90,202 89,876 
39

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Data Processing & Outsourced Services
BURNING GLASS INTERMEDIATE HOLDING COMPANY, INC.
Revolving Loan10
SOFR+5.00% (Floor 1.00%)
2/22/20246/10/2028 (3) 
First Lien
SOFR+5.00% (Floor 1.00%)/M, Current Coupon 10.43%
2/22/20246/10/20282,500 2,471 2,500 
2,468 2,500 
LIGHTBOX INTERMEDIATE, L.P.First Lien
SOFR+5.00%/Q, Current Coupon 10.56%
3/4/20245/9/20265,444 5,419 5,281 
RESEARCH NOW GROUP, INC.First Lien
SOFR+5.50% (Floor 1.00%)/Q, Current Coupon 11.07%
3/18/202412/20/20244,649 4,636 2,804 
Second Lien16
SOFR+9.50% (Floor 1.00%)/Q, Current Coupon 15.07%
12/8/201712/20/202510,500 10,245 2,940 
14,881 5,744 
RETAIL SERVICES WIS CORPORATIONFirst Lien
SOFR+8.35% (Floor 1.00%)/Q, Current Coupon 13.81%
3/7/20245/20/20252,676 2,658 2,651 
Subtotal: Data Processing & Outsourced Services (2.14%)*
25,426 16,176 
Distribution
KMS, INC.
First Lien15
SOFR+9.25% (Floor 1.00%)/Q, Current Coupon 14.70%
10/4/202110/2/202617,856 17,720 15,892 
Subtotal: Distribution (2.10%)*
17,720 15,892 
Education
STUDENT RESOURCE CENTER LLC6
First Lien16
8.50% PIK
12/31/202212/30/20279,644 9,503 3,376 
WALL STREET PREP, INC.
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
7/19/20217/20/2026 (9) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.48%
7/19/20217/20/20269,239 9,142 9,239 
9,133 9,239 
Subtotal: Education (1.67%)*
18,636 12,615 
Energy Services
ACE GATHERING, INC.
Second Lien15
SOFR+8.00% (Floor 2.00%)/M, Current Coupon 13.59%
12/13/201812/14/20264,793 4,749 4,793 
40

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
PIPELINE TECHNIQUE LTD.9,22
Revolving Loan10
SOFR+7.25% (Floor 1.00%)/Q, Current Coupon 12.77%20
8/23/20228/19/20271,056 1,010 1,056 
First Lien
SOFR+7.25% (Floor 1.00%)/Q, Current Coupon 12.84%
8/23/20228/19/20277,583 7,473 7,583 
8,483 8,639 
VEREGY CONSOLIDATED, INC.First Lien
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 11.57%
2/29/202411/3/20271,546 1,544 1,515 
WELL-FOAM, INC.
Revolving Loan10
SOFR+8.00% (Floor 1.00%)
9/9/20219/9/2026 (46) 
First Lien
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.48%
9/9/20219/9/202612,541 12,401 12,541 
12,355 12,541 
Subtotal: Energy Services (3.64%)*
27,131 27,488 
Environmental Services
ARBORWORKS, LLC6
Revolving Loan10
15.00% PIK
11/6/202311/6/20281,569 1,569 1,569 
First Lien
SOFR+6.50% PIK (Floor 1.00%)/Q, Current Coupon 11.94%
11/6/202311/6/20283,123 3,123 3,123 
4,692 4,692 
ISLAND PUMP AND TANK, LLC
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
3/2/20238/3/2026 (20) 
First Lien - Term Loan A
SOFR+6.00% (Floor 2.00%)/Q Current Coupon 11.59%20
2/23/20248/3/202612,000 11,797 12,000 
First Lien - Term Loan B
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 12.59%20
2/23/20248/3/202612,000 11,797 12,000 
First Lien - Term Loan C
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.59%20
2/23/20248/3/202612,000 11,796 12,000 
35,370 36,000 
LIGHTING RETROFIT INTERNATIONAL, LLC6
Revolving Loan10
7.50%12/31/202112/31/2025729 729 714 
First Lien7.50%12/31/202112/31/20255,091 5,091 4,984 
Second Lien16
10.00% PIK
12/31/202112/31/20265,208 5,208 4,917 
11,028 10,615 
Subtotal: Environmental Services (6.79%)*
51,090 51,307 
Financial Services
JACKSON HEWITT TAX SERVICE, INC.First Lien
SOFR+8.50% (Floor 2.50%)/Q, Current Coupon 13.83%
9/14/20239/14/202810,000 9,862 9,850 
41

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
NATIONAL CREDIT CARE, LLCFirst Lien - Term Loan A
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.93%
12/23/202112/23/202611,875 11,734 11,875 
First Lien - Term Loan B
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.93%
12/23/202112/23/202611,875 11,732 5,106 
23,466 16,981 
NINJATRADER, INC.
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
12/18/201912/18/2026 (3) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.48%
12/18/201912/18/202634,698 34,278 34,698 
34,275 34,698 
VIDA CAPITAL, INC.First Lien
SOFR+6.00%/M, Current Coupon 11.44%
3/15/202410/1/20262,362 2,342 2,065 
Subtotal: Financial Services (8.42%)*
69,945 63,594 
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC
First Lien - Term Loan A16
SOFR+8.75%, 1.00% PIK (Floor 1.00%)/Q, Current Coupon 15.23%
3/11/20224/10/202612,944 12,903 10,356 
First Lien - Term Loan B16
SOFR+10.75%, 1.00% PIK (Floor 1.00%)/Q, Current Coupon 17.23%
3/11/20224/10/202612,106 12,057 7,276 
24,960 17,632 
FOOD PHARMA SUBSIDIARY HOLDINGS, LLCFirst Lien
SOFR+6.50% (Floor 1.00%)/M, Current Coupon 11.93%
6/1/20216/1/20267,030 6,930 7,030 
GULF PACIFIC ACQUISITION, LLC
Revolving Loan10
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 11.46%20
9/30/20229/29/2028454 439 436 
First Lien
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 11.45%
9/30/20229/29/20283,606 3,547 3,461 
Delayed Draw Term Loan10
SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 11.48%
9/30/20229/29/2028300 286 288 
4,272 4,185 
INW MANUFACTURING, LLCFirst Lien
SOFR+5.75% (Floor 0.75%)/Q, Current Coupon 11.31%
3/6/20243/25/20272,100 2,062 1,681 
42

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
MAMMOTH BORROWCO, INC.
Revolving Loan10
SOFR+6.25% (Floor 1.50%)/Q, Current Coupon 11.57%20
11/30/202311/30/20281,800 1,713 1,755 
First Lien - Term Loan A
SOFR+5.25% (Floor 1.50%)/Q, Current Coupon 10.59%
11/30/202311/30/202810,750 10,495 10,481 
First Lien - Term Loan B
SOFR+7.25% (Floor 1.50%)/Q, Current Coupon 12.59%
11/30/202311/30/202810,750 10,495 10,481 
Delayed Draw Term Loan10
SOFR+6.25% (Floor 1.50%)/Q, Current Coupon 11.58%20
11/30/202311/30/20281,550 1,497 1,511 
24,200 24,228 
MUENSTER MILLING COMPANY, LLCRevolving Loan
SOFR+8.00% (Floor 1.00%)
8/10/20218/10/2026 (47) 
First Lien
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.48%
8/10/20218/10/202621,800 21,536 21,364 
21,489 21,364 
NEW SKINNY MIXES, LLC
Revolving Loan10
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.53%
12/21/202212/21/2027500 440 500 
First Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.53%
12/21/202212/21/202713,000 12,791 13,000 
Delayed Draw Term Loan10
SOFR+8.00% (Floor 2.00%)
12/21/202212/21/2027 (23) 
13,208 13,500 
Subtotal: Food, Agriculture & Beverage (11.86%)*
97,121 89,620 
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC6
Revolving Loan10
SOFR+9.00% (Floor 1.75%)/Q, Current Coupon 14.46%20
5/22/20205/22/2025700 693 700 
First Lien
SOFR+9.00% (Floor 1.75%)/Q, Current Coupon 14.48%
5/22/20205/22/20257,540 7,500 7,540 
Delayed Draw Capex Term Loan10
SOFR+9.00% (Floor 1.75%)/Q, Current Coupon 14.48%
5/22/20205/22/2025101 94 101 
8,287 8,341 
COMMAND GROUP ACQUISITION, LLC6
First Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.31%
2/15/20242/15/20296,000 5,882 5,882 
43

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LKC TECHNOLOGIES, INC.
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
6/7/20236/7/2028 (33) 
First Lien
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 12.59%
6/7/20236/7/20285,917 5,813 5,917 
5,780 5,917 
SCRIP INC.First Lien
SOFR+8.00% (Floor 2.00%)/M, Current Coupon 13.45%
3/21/20193/19/202716,583 16,505 16,416 
Subtotal: Healthcare Equipment & Supplies (4.84%)*
36,454 36,556 
Healthcare Products
ISAGENIX INTERNATIONAL, LLCFirst Lien
SOFR+5.50% (Floor 1.00%)/S, Current Coupon 11.04%
3/6/20244/14/2028724 724 634 
LIGHTNING INTERMEDIATE II, LLC
Revolving Loan10
SOFR+6.50% (Floor 1.00%)
6/6/20226/7/2027 (23) 
First Lien
SOFR+6.50% (Floor 1.00%)/S, Current Coupon 11.93%
6/6/20226/7/202722,135 21,826 21,029 
21,803 21,029 
MICROBE FORMULAS LLC
Revolving Loan10
SOFR+6.00% (Floor 1.00%)
4/4/20224/3/2028 (22) 
First Lien
SOFR+6.00% (Floor 1.00%)/M, Current Coupon 11.43%
4/4/20224/3/202810,016 9,873 10,016 
9,851 10,016 
Subtotal: Healthcare Products (4.19%)*
32,378 31,679 
Healthcare Services
AAC NEW HOLDCO INC.First Lien
18.00% PIK
12/11/20206/25/202514,364 14,364 14,206 
Delayed Draw Term Loan
18.00% PIK
1/31/20236/25/2025433 430 428 
14,794 14,634 
CAVALIER BUYER, INC.
Revolving Loan10
SOFR+8.00% (Floor 2.00%)
2/10/20232/10/2028 (31) 
First Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.45%
2/10/20232/10/20286,500 6,392 6,500 
6,361 6,500 
CDC DENTAL MANAGEMENT CO., LLC
Revolving Loan10
SOFR+8.00% (Floor 2.00%)
10/31/202310/31/2028 (37) 
First Lien - Term Loan A
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 12.33%
10/31/202310/31/20285,500 5,397 5,390 
44

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
First Lien - Term Loan B
SOFR+9.00% (Floor 2.00%)/Q, Current Coupon 14.33%
10/31/202310/31/20285,500 5,396 5,390 
10,756 10,780 
CITYVET, INC.First Lien
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 12.43%
9/6/20239/6/202815,000 14,725 15,000 
Delayed Draw Term Loan10
SOFR+7.00% (Floor 2.00%)
9/6/20239/6/2028 (44) 
14,681 15,000 
HH-INSPIRE ACQUISITION, INC.
Revolving Loan10
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.44%20
4/3/20234/3/2028719 703 653 
First Lien
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.48%
4/3/20234/3/20287,975 7,796 7,242 
8,499 7,895 
INSTITUTES OF HEALTH, LLC
Revolving Loan10
SOFR+8.00% (Floor 2.00%)
9/29/20239/29/2028 (18) 
First Lien - Term Loan A
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 12.33%
9/29/20239/29/20287,500 7,361 7,297 
First Lien - Term Loan B
SOFR+9.00% (Floor 2.00%)/Q, Current Coupon 14.33%
9/29/20239/29/20287,500 7,361 7,297 
14,704 14,594 
NEUROPSYCHIATRIC HOSPITALS, LLCRevolving Loan
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.48%
5/14/20215/14/20265,000 4,955 5,000 
First Lien - Term Loan A
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.48%
3/21/20235/14/20267,424 7,355 7,395 
First Lien - Term Loan B
SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 14.48%
3/21/20235/14/20267,424 7,355 7,424 
First Lien - Term Loan C
SOFR+10.00% (Floor 1.00%)/Q, Current Coupon 15.48%
3/21/20235/14/20265,148 5,051 5,148 
First Lien - Term Loan D
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.48%
10/27/20235/14/202612,973 12,695 12,973 
37,411 37,940 
45

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
OPCO BORROWER, LLC
Revolving Loan10
SOFR+6.50% (Floor 1.00%)
8/19/20228/19/2027 (6) 
First Lien
SOFR+6.50% (Floor 1.00%)/M, Current Coupon 11.91%
8/19/20228/19/20278,661 8,600 8,661 
Second Lien
12.50%
8/19/20222/19/20283,000 2,792 3,000 
11,386 11,661 
ROSELAND MANAGEMENT, LLC6
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
11/9/201811/12/2024   
First Lien
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 12.48%
11/9/201811/12/202414,906 14,889 14,906 
14,889 14,906 
SPECTRUM OF HOPE, LLCFirst Lien
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.48%
9/6/20226/11/202422,188 22,130 20,833 
VERSICARE MANAGEMENT LLC
Revolving Loan10
SOFR+8.00% (Floor 1.00%)
8/18/20228/18/2027 (34) 
First Lien - Term Loan A
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.59%
8/18/20228/18/202712,200 11,994 12,200 
First Lien - Term Loan B
SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 14.59%
7/14/20238/18/202712,200 11,994 12,200 
23,954 24,400 
Subtotal: Healthcare Services (23.71%)*
179,565 179,143 
Industrial Machinery
C&M CONVEYOR, INC.
First Lien - Term Loan A15
SOFR+5.50% (Floor 1.50%)/M, Current Coupon 10.94%
1/3/20239/30/20266,500 6,406 6,500 
First Lien - Term Loan B15
SOFR+7.50% (Floor 1.50%)/M, Current Coupon 12.94%
1/3/20239/30/20266,500 6,407 6,500 
12,813 13,000 
SYSTEC CORPORATIONRevolving Loan
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.98%20
8/13/20218/13/20252,000 1,986 1,984 
First Lien
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.98%
8/13/20218/13/20258,440 8,375 8,372 
10,361 10,356 
Subtotal: Industrial Machinery (3.09%)*
23,174 23,356 
46

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Industrial Products
DAMOTECH INC.9,22
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
7/7/20237/7/2028 (51) 
First Lien - Term Loan A
SOFR+6.00% (Floor 2.00%)/Q, Current Coupon 11.48%
7/7/20237/7/20285,100 5,009 4,998 
First Lien - Term Loan B
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.48%
7/7/20237/7/20285,100 5,009 4,998 
Delayed Draw Term Loan
SOFR+7.00% (Floor 2.00%)/Q, Current Coupon 12.48%
7/7/20237/7/20283,000 2,944 3,000 
12,911 12,996 
GPT INDUSTRIES, LLC6
Revolving Loan10
SOFR+8.00% (Floor 2.00%)
1/30/20231/31/2028 (45) 
First Lien19
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.59%
1/30/20231/31/20286,004 5,903 6,004 
5,858 6,004 
LLFLEX, LLC
First Lien15
SOFR+9.00%, 0.50% PIK (Floor 1.00%)/Q, Current Coupon 14.98%
8/16/20218/14/202610,795 10,662 9,176 
THE PRODUCTO GROUP, LLCFirst Lien
SOFR+8.00% (Floor 1.00%)/M, Current Coupon 13.44%
12/31/202112/31/202617,447 17,218 17,447 
Subtotal: Industrial Products (6.04%)*
46,649 45,623 
Industrial Services
BP LOENBRO HOLDINGS INC.
Revolving Loan10
SOFR+6.25% (Floor 1.50%)
2/9/20242/1/2029 (21) 
First Lien
SOFR+6.25% (Floor 1.50%)/Q, Current Coupon 11.66%
2/9/20242/1/20299,798 9,607 9,607 
Delayed Draw Term Loan10
SOFR+6.25% (Floor 1.50%)
2/9/20242/1/2029 (11) 
9,575 9,607 
USA DEBUSK, LLCFirst Lien
SOFR+6.00% (Floor 1.00%)/M, Current Coupon 11.43%
2/25/20209/8/202611,381 11,285 11,381 
First Lien
SOFR+6.50% (Floor 1.00%)/M, Current Coupon 11.93%
11/21/20239/8/20261,660 1,631 1,660 
12,916 13,041 
Subtotal: Industrial Services (3.00%)*
22,491 22,648 
47

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Media & Marketing
360 QUOTE TOPCO, LLCRevolving Loan
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.95%
6/16/20226/16/20273,346 3,313 2,676 
First Lien19
SOFR+6.50%, 3.00% PIK (Floor 1.00%)/Q, Current Coupon 14.95%
6/16/20226/16/202723,372 23,131 18,698 
26,444 21,374 
ACCELERATION, LLC
Revolving Loan10
SOFR+8.75% (Floor 1.00%)
6/13/20226/14/2027 (64) 
First Lien - Term Loan A
SOFR+7.75% (Floor 1.00%)/Q, Current Coupon 13.34%
6/13/20226/14/20278,917 8,791 8,917 
First Lien - Term Loan B
SOFR+8.75% (Floor 1.00%)/Q, Current Coupon 14.34%
6/13/20226/14/20278,917 8,790 8,917 
First Lien - Term Loan C
SOFR+9.75% (Floor 1.00%)/Q, Current Coupon 15.34%
6/13/20226/14/20278,917 8,789 8,917 
26,306 26,751 
ACCELERATION PARTNERS, LLC
First Lien8
SOFR+8.11% (Floor 1.00%)/Q, Current Coupon 13.59%20
12/1/202012/1/202519,550 19,283 19,550 
BOND BRAND LOYALTY ULC9,22
Revolving Loan10
SOFR+7.00% (Floor 2.00%)
5/1/20235/1/2028 (32) 
First Lien - Term Loan A
SOFR+6.00% (Floor 2.00%)/Q, Current Coupon 11.48%
5/1/20235/1/20288,955 8,801 8,785 
First Lien - Term Loan B
SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 13.48%
5/1/20235/1/20288,955 8,800 8,776 
17,569 17,561 
EXACT BORROWER, LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
12/7/20228/6/2027 (35) 
First Lien - Term Loan A
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 12.98%
12/7/20228/6/20277,777 7,656 7,777 
First Lien - Term Loan B
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 12.98%
12/7/20228/6/20277,777 7,655 7,777 
Delayed Draw Term Loan
SOFR+7.50% (Floor 2.00%)/Q, Current Coupon 12.98%
12/7/20228/6/20272,068 2,025 2,068 
Promissory Note13.574%12/7/202212/6/2028385 385 385 
17,686 18,007 
48

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
IGNITE VISIBILITY LLC
Revolving Loan10
SOFR+6.00% (Floor 1.50%)
12/1/202312/1/2028 (27) 
First Lien - Term Loan A
SOFR+5.00% (Floor 1.50%)/M, Current Coupon 10.33%
12/1/202312/1/20285,000 4,929 4,930 
First Lien - Term Loan B
SOFR+7.00% (Floor 1.50%)/M, Current Coupon 12.33%
12/1/202312/1/20285,000 4,929 4,930 
Delayed Draw Term Loan10
SOFR+6.00% (Floor 1.50%)
12/1/202312/1/2028 (18) 
9,813 9,860 
INFOLINKS MEDIA BUYCO, LLCFirst Lien
SOFR+5.75% (Floor 1.00%)/M, Current Coupon 11.18%
11/1/202110/30/20268,171 8,068 8,171 
OUTERBOX, LLC6
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
6/8/20226/8/2027 (19) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.59%
6/8/20226/8/202714,625 14,468 14,522 
14,449 14,522 
Subtotal: Media & Marketing (17.97%)*
139,618 135,796 
Movies & Entertainment
CRAFTY APES, LLC
First Lien8
SOFR+9.25% PIK (Floor 1.00%)/M, Current Coupon 14.58%
6/9/202110/31/202516,644 16,576 15,778 
Subtotal: Movies & Entertainment (2.09%)*
16,576 15,778 
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC
Revolving Loan10
SOFR+8.00% (Floor 1.00%)
11/28/202311/20/2026 (26) 
First Lien - Term Loan A
SOFR+7.00% (Floor 1.00%)/M, Current Coupon 12.43%
11/28/202311/20/20264,872 4,834 4,872 
First Lien - Term Loan B
SOFR+9.00% (Floor 1.00%)/M, Current Coupon 14.43%
11/28/202311/20/20264,872 4,834 4,872 
First Lien
SOFR+8.00% (Floor 1.00%)/M, Current Coupon 13.43%
11/28/202311/20/20264,988 4,897 4,987 
Delayed Draw Term Loan
SOFR+8.00% (Floor 1.00%)/M, Current Coupon 13.43%
3/16/201811/20/20264,269 4,223 4,269 
Unsecured convertible note9,13
25.00% PIK
12/21/202112/31/2024144 144 136 
18,906 19,136 
49

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
STATINMED, LLC6
First Lien16
SOFR+9.50% PIK (Floor 2.00%)/M, Current Coupon 14.94%
7/1/20227/1/20277,560 7,560 4,914 
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences (3.18%)*
26,466 24,050 
Research & Consulting Services
FS VECTOR LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
4/26/20234/26/2028 (33) 
First Lien - Term Loan A
SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.98%
4/26/20234/26/20289,000 8,845 8,919 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.98%
4/26/20234/26/20289,000 8,846 8,919 
17,658 17,838 
Subtotal: Research & Consulting Services (2.36%)*
17,658 17,838 
Restaurants
ONE GROUP, LLCFirst Lien
SOFR+7.00% (Floor 1.00%)/M, Current Coupon 12.44%
2/22/202410/29/20269,972 9,876 9,876 
Delayed Draw Term Loan10
SOFR+7.00% (Floor 1.00%)
2/22/202410/29/2026   
9,876 9,876 
SWENSONS DRIVE-IN RESTAURANTS, LLC
Revolving Loan10
SOFR+7.50% (Floor 2.00%)
9/27/20239/27/2028 (27) 
First Lien - Term Loan A
SOFR+ 6.50% (Floor 2.00%)/Q, Current Coupon 11.83%
9/27/20239/27/20288,000 7,852 7,840 
First Lien - Term Loan B
SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.83%
9/27/20239/27/20288,000 7,852 7,840 
15,677 15,680 
Subtotal: Restaurants (3.38%)*
25,553 25,556 
Software & IT Services
ACACIA BUYERCO V LLC
Revolving Loan10
SOFR+6.50% (Floor 1.00%)
11/25/202211/26/2027 (29) 
First Lien - Term Loan A
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 12.09%
11/25/202211/26/20275,000 4,921 5,000 
Delayed Draw Term Loan
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 12.09%
11/25/202211/26/20277,500 7,350 7,500 
12,242 12,500 
50

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
CADMIUM, LLCRevolving Loan
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.56%
1/7/202212/22/2026615 612 615 
First Lien
SOFR+0.00%, 8.00% PIK (Floor 1.00%)/Q, Current Coupon 13.56%
1/7/202212/22/20267,505 7,461 7,505 
8,073 8,120 
COREL, INC.9,22
First Lien
SOFR+5.00% /Q, Current Coupon 10.44%
3/4/20247/2/20264,862 4,791 4,794 
GRAMMATECH, INC.6
Revolving Loan10
SOFR+9.50% (Floor 2.00%)
11/1/201911/1/2024 (5) 
First Lien
SOFR+9.50% (Floor 2.00%)/Q, Current Coupon 14.98%
11/1/201911/1/20241,000 998 1,000 
993 1,000 
ISI ENTERPRISES, LLC
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
10/1/202110/1/2026 (20) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.59%
10/1/202110/1/20265,000 4,945 5,000 
4,925 5,000 
ZENFOLIO INC.
Revolving Loan10
SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 14.48%
7/17/201712/31/20262,000 1,976 1,980 
First Lien
SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 14.48%20
7/17/201712/31/202619,744 19,577 19,547 
21,553 21,527 
Subtotal: Software & IT Services (7.01%)*
52,577 52,941 
Specialty Chemicals
SOUTH COAST TERMINALS, LLC
Revolving Loan10
SOFR+6.00% (Floor 1.00%)
12/13/202112/11/2026 (21) 
First Lien
SOFR+6.00% (Floor 1.00%)/M, Current Coupon 11.43%
12/13/202112/11/202614,413 14,243 14,269 
14,222 14,269 
Subtotal: Specialty Chemicals (1.89%)*
14,222 14,269 
51

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Specialty Retail
ATS OPERATING, LLC
Revolving Loan10
SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 12.09%
1/18/20221/18/2027500 472 500 
First Lien - Term Loan A
SOFR+5.50% (Floor 1.00%)/Q, Current Coupon 11.09%
1/18/20221/18/20279,250 9,139 9,250 
First Lien - Term Loan B
SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 13.09%
1/18/20221/18/20279,250 9,136 9,250 
18,747 19,000 
CATBIRD NYC, LLC6
Revolving Loan10
SOFR+7.00% (Floor 1.00%)
10/15/202110/15/2026 (41) 
First Lien
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.48%
10/15/202110/15/202615,100 14,926 15,100 
14,885 15,100 
RTIC SUBSIDIARY HOLDINGS, LLC
Revolving Loan10
SOFR+7.75% (Floor 1.25%)/M, Current Coupon 13.17%20
9/1/20209/1/20251,068 1,063 1,060 
First Lien
SOFR+7.75% (Floor 1.25%)/M, Current Coupon 13.18%
9/1/20209/1/20255,684 5,660 5,639 
6,723 6,699 
Subtotal: Specialty Retail (5.40%)*
40,355 40,799 
Technology Products & Components
EMERALD TECHNOLOGIES (U.S.) ACQUISITIONCO, INC.First Lien - Term B Loan
SOFR+6.25% (Floor 1.00%)/Q, Current Coupon 11.74%
3/12/202412/29/20273,496 3,460 3,216 
TRAFERA, LLC (FKA TRINITY 3, LLC)
First Lien15
SOFR+7.00% (Floor 1.00%)/Q, Current Coupon 12.48%
9/30/20209/30/20255,675 5,645 5,590 
Unsecured convertible note9,13
12.00% PIK
2/7/20223/31/202675 75 75 
5,720 5,665 
Subtotal: Technology Products & Components (1.18%)*
9,180 8,881 
Telecommunications
INTERMEDIA HOLDINGS, INC.First Lien
SOFR+6.00% (Floor 1.00%)/M, Current Coupon 11.43%
3/14/20247/21/20255,231 5,209 5,178 
LOGIX HOLDINGS COMPANY, LLCFirst Lien
P+4.75% (Floor 2.00%)/Q, Current Coupon 13.25%
3/11/202412/22/20243,555 3,551 2,755 
52

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
MERCURY ACQUISITION 2021, LLCFirst Lien
SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 13.59%
12/6/202112/7/202612,957 12,802 11,338 
Second Lien
SOFR+11.00% (Floor 1.00%)/Q, Current Coupon 16.59%
12/6/202112/7/20262,927 2,891 2,195 
15,693 13,533 
U.S. TELEPACIFIC CORP.First Lien
SOFR+1.00%, 6.00% PIK (Floor 1.00%)/Q, Current Coupon 12.49%
3/19/20245/2/20262,409 2,409 923 
Third Lien3/18/20245/2/2027230 230 54 
2,639 977 
Subtotal: Telecommunications (2.97%)*
27,092 22,443 
Transportation & Logistics
EVEREST TRANSPORTATION SYSTEMS, LLCFirst Lien
SOFR+8.00% (Floor 1.00%)/M, Current Coupon 13.43%
11/9/20218/26/20266,521 6,483 5,934 
GUARDIAN FLEET SERVICES, INC.First Lien
SOFR+7.25%, 1.75% PIK (Floor 2.50%)/Q, Current Coupon 14.48%
2/10/20232/10/20289,575 9,361 9,096 
ITA HOLDINGS GROUP, LLC6
Revolving Loan10
SOFR+9.00%, 2.00% PIK (Floor 2.00%)/Q, Current Coupon 16.48%
6/21/20236/21/20272,468 2,411 2,468 
First Lien - Term Loan
SOFR+8.00%, 2.00% PIK (Floor 2.00%)/Q, Current Coupon 15.48%
6/21/20236/21/202713,038 11,186 13,038 
First Lien - Term B Loan
SOFR+10.00%, 2.00% PIK (Floor 2.00%)/Q, Current Coupon 17.48%
6/21/20236/21/202713,038 11,174 13,038 
Delayed Draw Term Loan - A10
SOFR+8.00%, 2.00% PIK (Floor 2.00%)/Q, Current Coupon 15.48%
6/21/20236/21/20271,058 1,034 1,058 
Delayed Draw Term Loan - B10
SOFR+10.00%, 2.00% PIK (Floor 2.00%)/Q, Current Coupon 17.48%
6/21/20236/21/20271,058 1,034 1,058 
26,839 30,660 
53

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
LAB LOGISTICS, LLCFirst Lien
SOFR+7.25% (Floor 1.00%)/M, Current Coupon 12.68%20
2/22/20249/25/20247,958 7,954 7,959 
Subtotal: Transportation & Logistics (7.10%)*
50,637 53,649 
Total: Debt Investments (177.93%)*
$1,383,216 $1,344,559 
54

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Equity Investments
Business Services
DYNAMIC COMMUNITIES, LLC6
250,000 Class A Preferred Units9,13
12/20/2022$— $250 $317 
5,435,211.03 Class B Preferred Units9,13
12/20/2022— 2,218  
255,984.22 Class C Preferred Units9,13
12/20/2022—   
2,500,000 Common units9,13
12/20/2022—   
2,468 317 
SPOTLIGHT AR, LLC
750 Common Units9,11,13
12/8/2021— 750 1,164 
US COURTSCRIPT HOLDINGS, INC.
1,000,000 Class D-3 LP Units9,13
5/17/2022— 1,000 1,346 
211,862.61 Class D-4 LP Units9,13
10/31/2022— 212 273 
211,465.87 Class D-5 LP Units9,13
1/10/2023— 211 269 
1,423 1,888 
Subtotal: Business Services (0.45%)*
4,641 3,369 
Consumer Products
ALLIANCE SPORTS GROUP, L.P.
3.88% membership preferred interest
8/1/2017— 2,500 646 
HEAT TRAK, LLC
Warrants (Expiration - June 9, 2033)9,13
6/12/2023— 1,104 742 
SHEARWATER RESEARCH, INC.22
1,200,000 Class A Preferred Units9,11,13
4/30/2021— 603 644 
40,000 Class A Common Units9,13
4/30/2021— 33 787 
636 1,431 
TRU FRAGRANCE & BEAUTY LLC
1,000,000 Preferred Units9,13
3/22/2024— 1,000 1,000 
Subtotal: Consumer Products (0.51%)*
5,240 3,819 
Consumer Services
AIR CONDITIONING SPECIALIST, INC.6
1,006,045.85 Preferred Units9,13
11/9/2021— 1,344 3,319 
POOL SERVICE PARTNERS, INC.6
10,000 Common units9,13
12/20/2023— 1,000 1,384 
ROOF OPCO, LLC
535,714.29 Class A Units9,13
9/23/2022— 750 775 
250,000 Class B Units9,13
4/13/2023— 250 262 
1,000 1,037 
TMT BHC BUYER, INC.
500,000.00 Class A Units9,13
3/7/2024— 500 500 
Subtotal: Consumer Services (0.83%)*
3,844 6,240 
Distribution
BINSWANGER HOLDING CORP.
900,000 shares of common stock
3/9/2017— 900 598 
Subtotal: Distribution (0.08%)*
900 598 
55

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Education
STUDENT RESOURCE CENTER LLC6
10,502,487.46 Preferred Units
12/31/2022— 5,845  
2,000,000.00 Preferred Units9,13
12/31/2022—   
5,845  
WALL STREET PREP, INC.
1,000,000 Class A-1 Preferred Shares9,13
7/19/2021— 1,000 2,012 
Subtotal: Education (0.27%)*
6,845 2,012 
Environmental Services
ARBORWORKS, LLC6
100 Class A Units9,13
11/17/2021— 100 5 
13,898.32 Class A-1 Preferred Units
11/6/2023— 3,170 3,170 
13,898.32 Class B-1 Preferred Units
11/6/2023—   
1,666.67 Class A-1 Common Units
11/6/2023—   
3,270 3,175 
ISLAND PUMP AND TANK, LLC
1,204,099.26 Preferred units9,13
3/2/2023— 1,212 2,325 
LIGHTING RETROFIT INTERNATIONAL, LLC6
208,333.3333 Series A Preferred units9,13
12/31/2021—   
203,124.9999 Common units9,13
12/31/2021—   
  
Subtotal: Environmental Services (0.73%)*
4,482 5,500 
Financial Services
NATIONAL CREDIT CARE, LLC
191,049.33 Class A-3 Preferred units9,11,13
3/17/2022— 2,000 1,362 
NINJATRADER, INC.
2,000,000 Preferred Units9,11,13
12/18/2019— 2,000 17,771 
Subtotal: Financial Services (2.53%)*
4,000 19,133 
Food, Agriculture & Beverage
AMERICAN NUTS OPERATIONS LLC
3,000,000 units of Class A common stock9,13
4/10/2018— 3,000  
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC
75,000 Class A Units9,13
6/1/2021— 750 1,815 
MAMMOTH BORROWCO, INC.
1,000,000 Class A Preferred Units9,13
11/30/2023— 1,000 1,000 
MUENSTER MILLING COMPANY, LLC
1,000,000 Class A units9,13
12/15/2022— 1,000 633 
1,130,387.32 Class A-1 Units9,13
12/20/2023— 500 316 
1,500 949 
Subtotal: Food, Agriculture & Beverage (0.50%)*
6,250 3,764 
Healthcare Equipment & Supplies
CENTRAL MEDICAL SUPPLY LLC6
2,620,670 Preferred Units9,13
5/22/2020— 1,224 1,360 
COMMAND GROUP ACQUISITION, LLC6
1,250,000 Preferred Units9,13
2/15/2024— 1,250 1,250 
LKC TECHNOLOGIES, INC.
1,000,000 Class A units9,13
6/7/2023— 1,000 1,460 
56

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
SCRIP INC.
100 shares of common stock
3/21/2019— 1,000 751 
Subtotal: Healthcare Equipment & Supplies (0.64%)*
4,474 4,821 
Healthcare Products
LIGHTNING INTERMEDIATE II, LLC
0.42% LLC interest9,11,13
6/6/2022— 600 263 
Subtotal: Healthcare Products (0.03%)*
600 263 
Healthcare Services
AAC NEW HOLDCO INC.
374,543 shares common stock
12/11/2020— 1,785 1,173 
Warrants (Expiration - December 11, 2025)12/11/2020— 2,198 1,030 
3,983 2,203 
ASC ORTHO MANAGEMENT COMPANY, LLC
2,572 Common Units9,13
8/31/2018— 1,026 619 
CAVALIER BUYER, INC.
690,324 Preferred Units9,13
2/10/2023— 690 726 
690,324 Class A-1 Units9,13
2/10/2023—   
690 726 
CDC DENTAL MANAGEMENT CO., LLC
1,568.70 Class Y Preferred Units9,13
10/31/2023— 1,000 1,000 
DELPHI LENDER HOLDCO LLC
254 Common units
6/9/2023—   
HH-INSPIRE ACQUISITION, INC.
108,211.4 Preferred units9,13
4/3/2023— 343 323 
INSTITUTES OF HEALTH, LLC
100,000 Class A Preferred Units9,13
9/29/2023— 1,000 1,000 
OPCO BORROWER, LLCWarrants (Expiration - August 19, 2029)8/19/2022— 207 1,006 
ROSELAND MANAGEMENT, LLC6
3,364 Class A-2 Units
3/31/2023— 202 762 
1,100 Class A-1 Units
9/26/2022— 66 183 
16,084 Class A Units
11/9/2018— 1,517 747 
1,785 1,692 
SPECTRUM OF HOPE, LLC
1,074,786 Common units9,13
2/17/2023— 1,075 661 
Subtotal: Healthcare Services (1.22%)*
11,109 9,230 
Industrial Products
DAMOTECH INC.22
1,127 Preferred units9,13
7/7/2023— 1,127 1,228 
1,127 Class A Common units9,13
7/7/2023—  355 
1,127 1,583 
GPT INDUSTRIES, LLC6
1,000,000 Class A Preferred Units9,13
1/30/2023— 1,000 2,064 
THE PRODUCTO GROUP, LLC
1,500,000 Class A units9,11,13
12/31/2021— 1,500 12,054 
Subtotal: Industrial Products (2.08%)*
3,627 15,701 
Media & Marketing
ACCELERATION, LLC
13,451.22 Preferred Units9,13
6/13/2022— 893 1,554 
1,611.22 Common Units9,13
6/13/2022— 107  
1,000 1,554 
57

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
ACCELERATION PARTNERS, LLC
1,019 Preferred Units9,13
12/1/2020— 1,019 1,063 
1,019 Class A Common Units9,13
12/1/2020— 14  
1,033 1,063 
BOND BRAND LOYALTY ULC22
1,000 Preferred units9,13
5/1/2023— 1,000 799 
1,000 Class A common units9,13
5/1/2023—   
1,000 799 
EXACT BORROWER, LLC
615.156 Common units
12/7/2022— 615 945 
IGNITE VISIBILITY LLC
833 Preferred Units9,13
12/1/2023— 833 833 
833 Class A Common Units9,13
12/1/2023— 167 167 
1,000 1,000 
INFOLINKS MEDIA BUYCO, LLC
1.67% LP interest9,10,11,13
10/29/2021— 588 1,121 
OUTERBOX, LLC6
6,308.2584 Class A common units9,13
6/8/2022— 631 581 
SONOBI, INC.6
500,000 Class A Common Units9,13
9/17/2020— 500 1,958 
VISTAR MEDIA INC.
171,617 shares of Series A preferred stock9,13
4/3/2019— 1,874 8,485 
Subtotal: Media & Marketing (2.32%)*
8,241 17,506 
Pharmaceuticals, Biotechnology & Life Sciences
LGM PHARMA, LLC
142,278.89 units of Class A common stock9,13
11/15/2017— 1,600 5,258 
STATINMED, LLC6
4,718.62 Class A Preferred Units
7/1/2022— 4,838  
39,097.96 Class B Preferred Units
7/1/2022— 1,400  
6,238  
Subtotal: Pharmaceuticals, Biotechnology & Life Sciences (0.70%)*
7,838 5,258 
Research & Consulting Services
FS VECTOR LLC
1,000 Common units9,11,13
4/26/2023— 1,000 1,000 
Subtotal: Research & Consulting Services (0.13%)*
1,000 1,000 
Software & IT Services
ACACIA BUYERCO V LLC
1,000,000 Class B-2 Units9,13
11/25/2022— 1,000 1,000 
GRAMMATECH, INC.6
1,000 Class A units
11/1/2019— 1,000  
360.06 Class A-1 units
1/10/2022— 360  
1,360  
ISI ENTERPRISES, LLC
1,000,000 Series A Preferred units
10/1/2021— 1,000 1,296 
166,667 Series A-1 Preferred units
6/7/2023— 167 706 
1,167 2,002 
58

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
VTX HOLDINGS, INC.
1,597,707 Series A Preferred units9,13
7/23/2019— 1,598 3,466 
Subtotal: Software & IT Services (0.86%)*
5,125 6,468 
Specialty Retail
ATS OPERATING, LLC
1,000,000 Preferred units9,13
1/18/2022— 1,000 1,220 
CATBIRD NYC, LLC6
1,000,000 Class A units9,11,13
10/15/2021— 1,000 1,781 
500,000 Class B units9,10,11,13
10/15/2021— 500 757 
1,500 2,538 
Subtotal: Specialty Retail (0.50%)*
2,500 3,758 
Technology Products & Components
FLIP ELECTRONICS, LLC
2,446,170 Common Units9,11,13
1/4/2021— 2,892 9,505 
TRAFERA, LLC (FKA TRINITY 3, LLC)
896.43 Class A units9,13
11/15/2019— 1,205 583 
Subtotal: Technology Products & Components (1.33%)*
4,097 10,088 
Telecommunications
BROAD SKY NETWORKS LLC
1,131,579 Series A Preferred units9,13
12/11/2020— 1,132 1,393 
89,335 Series C Preferred units9,13
10/21/2022— 89 159 
1,221 1,552 
MERCURY ACQUISITION 2021, LLC
12,059,033 Series A Units9,13
12/6/2021—   
Subtotal: Telecommunications (0.21%)*
1,221 1,552 
Transportation & Logistics
GUARDIAN FLEET SERVICES, INC.
1,500,000 Class A Units9,13
2/10/2023— 1,500 1,584 
Warrants (Expiration - February 10, 2033)9,13
2/10/2023— 80 42 
Warrants (Expiration - November 30, 2033)9,13
11/30/2023— 20 24 
Warrants (Expiration - January 24, 2034)9,13
1/24/2024— 24 24 
1,624 1,674 
ITA HOLDINGS GROUP, LLC6
Warrants (Expiration - March 29, 2029)9,13
3/29/2019— 538 4,005 
Warrants (Expiration - June 21, 2033)9,13
6/21/2023— 3,791 3,869 
9.25% Class A Membership Interest9,11,13
2/14/2018— 1,500 2,374 
5,829 10,248 
Subtotal: Transportation & Logistics (1.58%)*
7,453 11,922 
Total: Equity Investments (17.47%)*
$93,487 $132,002 
59

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2024
Portfolio Company1,5,6,7,18,21
Type of Investment2
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost12,17
Fair Value4
Total: Investments (195.40%)*
$1,476,703 $1,476,561 

*Value as a percent of net assets. All amounts are stated in U.S. Dollars.

1.All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
2.All of the Company’s investments, the investments of Capital Southwest SPV LLC ("SPV") and the investments of SBIC I (as defined below) are pledged as collateral for the Company’s senior secured revolving credit facility, the SPV's financing credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, the Company's wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.
3.The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR or Prime and the current contractual interest rate in effect at March 31, 2024. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. SOFR based contracts may include a credit spread adjustment (the "Adjustment") that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.00% to 0.26161%.
4.The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
5.Non-Control/Non-Affiliate investments are generally defined by the 1940 Act, as investments that are neither control investments nor affiliate investments. At March 31, 2024, the Company held $1,286.4 million of non-control/non-affiliate investments, which represented approximately 87.1% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 170.2%.
6.Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2024, the Company held $190.2 million of affiliate investments, which represented approximately 12.9% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 25.2%.
7.Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2024, the Company did not hold any control investments.
8.The investment is structured as a first lien last out term loan.
9.Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2024, approximately 10.6% of the Company's total assets (at fair value) were non-qualifying assets.
10.The investment has an unfunded commitment as of March 31, 2024. Refer to Note 11 - Commitments and Contingencies for further discussion.
11.Income producing through dividends or distributions.
60

Table of Contents
12.As of March 31, 2024, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $96.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $96.4 million. Cumulative net unrealized depreciation was $0.1 million, based on a tax cost of $1,471.1 million.
13.Investment is held through a wholly-owned taxable subsidiary.
14.The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments, which, as of March 31, 2024, represented 195.4% of the Company's net assets or 94.8% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.
15.The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.
16.Investment is on non-accrual status as of March 31, 2024, meaning the Company has ceased to recognize interest income on the investment.
17.Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
18.Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
19.The investment is structured as a first lien first out term loan.
20.The rate presented represents a weighted average rate for borrowings under the facility as of March 31, 2024.
21.Unless otherwise noted, all portfolio company headquarters are based in the United States.
22.Portfolio company headquarters are located outside of the United States.
As of March 31, 2024, there were no investments that represented greater than 5% of our total assets.


The accompanying Notes are an integral part of these Consolidated Financial Statements.
61

Table of Contents
Notes to Consolidated Financial Statements

1.    ORGANIZATION AND BASIS OF PRESENTATION

    References in this Annual Report on Form 10-K to “we,” “our,” “us,” “CSWC,” or the “Company” refer to Capital Southwest Corporation, unless the context requires otherwise.

Organization

Capital Southwest Corporation is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. CSWC has elected to be regulated as a business development company under the 1940 Act. Our common stock currently trades on The Nasdaq Global Select Market under the ticker symbol “CSWC.”

We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). As such, we generally will not have to pay U.S. federal income tax at corporate rates on any ordinary income or capital gains that we distribute to our shareholders as dividends. To continue to maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and timely distribute annually at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. We may be subject to U.S. federal income tax and a 4% U.S. federal excise tax on any income that we do not timely distribute to our shareholders. Our U.S. federal income tax liability may be reduced to the extent that we make certain distributions during the following calendar year and satisfy other procedural requirements.

We focus on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Our core business is to target senior debt investments and equity investments in lower middle market (“LMM”) companies. Our target companies typically have annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) generally between $3.0 million and $25.0 million, and our investments generally range in size from $5.0 million to $50.0 million. We make available significant managerial assistance to the companies in which we invest as we believe that providing managerial assistance to an investee company is critical to its business development activities.

Capital Southwest Equity Investments, Inc. (the “Taxable Subsidiary”), Capital Southwest SPV LLC (“SPV”), and Capital Southwest SBIC I, LP (“SBIC I”) are wholly owned subsidiaries of the Company and are consolidated in its financial statements. The Taxable Subsidiary was formed to permit us to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities) and still allow us to satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. The Taxable Subsidiary has elected to be treated as a corporation for U.S. federal income tax purposes and is subject to U.S. federal income tax at corporate rates based on its taxable income. SPV is a special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities.

On April 20, 2021, SBIC I received a license from the U.S. Small Business Administration (the “SBA”) to operate as a small business investment company ("SBIC") under Section 301(c) of the Small Business Investment Act of 1958, as amended. SBIC I has an investment strategy substantially similar to ours and makes similar types of investments in accordance with SBA regulations. SBIC I and its general partner are consolidated for financial reporting purposes under generally accepted accounting principles in the United States ("U.S. GAAP"), and the portfolio investments held by it are included in the consolidated financial statements.

On December 9, 2024, the Company received a "green light" letter from the SBA inviting the Company to file its application to obtain a license to operate a second SBIC subsidiary. Receipt of a green light letter provides no assurances that the SBA will ultimately issue an SBIC license, and the Company has received no assurance or indication from the SBA as such, or of a timeframe in which it would receive its second SBIC license, should one be granted.

Basis of Presentation

The consolidated financial statements have been prepared in accordance with U.S. GAAP. We meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”).
62

Table of Contents
Under rules and regulations applicable to investment companies, we are generally precluded from consolidating any entity other than another investment company, subject to certain exceptions. One of the exceptions to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Accordingly, the consolidated financial statements include the Taxable Subsidiary, SPV, and SBIC I.

The consolidated financial statements are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of our management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of consolidated financial statements for the interim periods included herein. The results of operations for the three and nine months ended December 31, 2024 are not necessarily indicative of the operating results to be expected for the full fiscal year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal years ended March 31, 2024 and 2023. Consolidated financial statements prepared in accordance with U.S. GAAP require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Portfolio Investment Classification

We classify our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are generally defined as investments in which we own more than 25% of the voting securities; “Affiliate Investments” are generally defined as investments in which we own between 5% and 25% of the voting securities, and the investments are not classified as “Control Investments”; and “Non-Control/Non-Affiliate Investments” are generally defined as investments that are neither “Control Investments” nor “Affiliate Investments.”

Under the 1940 Act, a BDC must meet certain requirements, including investing at least 70% of its total assets in qualifying assets. As of December 31, 2024, the Company had 89.7% of its total assets (at fair value) in qualifying assets. The principal categories of qualifying assets relevant to our business are:

(1)securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an "eligible portfolio company," or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the Securities and Exchange Commission (the "SEC");
(2)securities of any eligible portfolio company that we control;
(3)securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements;
(4)securities of an eligible portfolio company purchased from any person in a private transaction if there is no readily available market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company;
(5)securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities; and
(6)cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.
Additionally, in order to qualify for RIC tax treatment for U.S. federal income tax purposes, we must, among other things meet the following requirements:
(1) continue to maintain our election as a BDC under the 1940 Act at all times during each taxable year;
(2) derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to our business of investing in such stock or securities; and
63

Table of Contents
(3) diversify our holdings in accordance with two diversification requirements: (a) diversify our holdings such that at the end of each quarter of the taxable year at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and such other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (b) diversify our holdings such that no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, (i) of one issuer, (ii) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of certain "qualified publicly traded partnerships" (collectively, the "Diversification Requirements");
The two Diversification Requirements must be satisfied quarterly. If a RIC satisfies the Diversification Requirements for one quarter, and then, due solely to fluctuations in market value, fails to meet one of the Diversification Requirements in the next quarter, it retains RIC tax treatment. A RIC that fails to meet the Diversification Requirements as a result of a non-qualified acquisition may be subject to excess taxes unless the non-qualified acquisition is disposed of and the Diversification Requirements are satisfied within 30 days of the close of the quarter in which the Diversification Requirements are failed.

For the quarter ended December 31, 2024, the Company satisfied all RIC requirements and had 11.1% of its total assets in nonqualified assets according to measurement criteria established in Section 851(d) of the Code.

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements of CSWC.

Fair Value Measurements We account for substantially all of our financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. We believe that the carrying amounts of our financial instruments such as cash, receivables and payables approximate the fair value of these items due to the short maturity of these instruments. This is considered a Level 1 valuation technique. The carrying value of our credit facilities approximates fair value (Level 3 input). See Note 4 - Fair Value Measurements below for further discussion regarding the fair value measurements and hierarchy.

Investments Investments are stated at fair value and are determined by the Valuation Committee as the Valuation Designee pursuant to Rule 2a-5 under the 1940 Act, subject to the oversight of our Board of Directors, as described in the Notes to the Consolidated Schedule of Investments, Note 3 - Investments and Note 4 - Fair Value Measurements below. Investments are recorded on a trade date basis.

Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

Cash and Cash Equivalents Cash and cash equivalents, which consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase, are carried at cost, which approximates fair value. Cash may be held in a money market fund from time to time, which is a Level 1 security. At December 31, 2024 and March 31, 2024, cash held in money market funds amounted to $22.1 million and $18.8 million, respectively. Cash and cash equivalents includes deposits at financial institutions. We deposit our cash balances in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. At December 31, 2024 and March 31, 2024, cash balances totaling $34.5 million and $30.7 million, respectively, exceeded FDIC insurance limits, subjecting us to risk related to the uninsured balance. All of our cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote.

Segment Information We operate and manage our business in a singular segment. As an investment company, we invest in portfolio companies in various industries and geographic areas as discussed in Note 3 - Investments.

64

Table of Contents
Consolidation As permitted under Regulation S-X and ASC 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to CSWC. Accordingly, we consolidate the results of the Taxable Subsidiary, SPV and SBIC I. All intercompany balances have been eliminated upon consolidation.

Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have identified investment valuation and revenue recognition as our most critical accounting estimates.

Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we generally will establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of December 31, 2024, investments on non-accrual status represented approximately 2.7% of our total investment portfolio at fair value and approximately 5.2% at cost. As of March 31, 2024, investments on non-accrual status represented approximately 2.3% of our total investment portfolio at fair value and approximately 3.9% at cost.

Payment-in-Kind Interest The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain PIK interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to shareholders to maintain its qualification as a RIC for U.S. federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the investment on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. For the three months ended December 31, 2024, we had two investments for which we stopped accruing PIK interest. For the nine months ended December 31, 2024, we had seven investments for which we stopped accruing PIK interest. For the year ended March 31, 2024, we had five investments for which we stopped accruing PIK interest. For the three months ended December 31, 2024 and 2023, approximately 6.2% and 8.4%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. For the nine months ended December 31, 2024 and 2023, approximately 5.7% and 5.5%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income.

Fee Income Fee income, generally collected in advance, includes fees for administration and valuation services rendered by the Company. These fees are typically charged annually and are amortized into income over the year. The Company recognizes nonrecurring fees, including prepayment penalties, waiver fees, arranger fees and amendment fees, as fee income when earned. In addition, the Company also may be entitled to an exit fee that is amortized into income over the life of the loan. Loan exit fees to be paid at the termination of the loan are accreted into fee income over the contractual life of the loan.

Warrants In connection with the Company's debt investments, the Company may receive warrants or other equity-related securities from the borrower. The Company determines the cost basis of warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment.

Debt Issuance Costs Debt issuance costs include commitment fees and other costs related to the Corporate Credit Facility (as defined below), the SPV Credit Facility (as defined below), the Company's unsecured notes (as discussed further in
65

Table of Contents
Note 5) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the Credit Facilities (as defined below) have been capitalized and are amortized into interest expense over the term of the respective credit facility. The costs in connection with the unsecured notes and the SBA Debentures are a direct deduction from the related debt liability and amortized into interest expense over the term of the January 2026 Notes (as defined below), the October 2026 Notes (as defined below), the August 2028 Notes (as defined below), the 2029 Convertible Notes (as defined below) and the SBA Debentures.

Equity Offering Costs Offering costs include SEC registration fees, legal fees and accounting fees incurred. The Company’s offering costs are charged against the proceeds from equity offerings when proceeds are received.

Earnings Per Share The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed using the if-converted method for convertible debt, which reflects the potential dilution that would occur if all of the notes were converted as of the beginning of the reporting period (or the date of issuance, if later). The if-converted method is computed by dividing the net increase (decrease) in net assets resulting from operations (adjusted to reverse any recognized interest expense), by the weighted average number of shares of common stock assuming all potential shares had been converted, and the additional shares of common stock were dilutive.

Realized Losses on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs and any "make-whole" premium payment) are recognized as a loss upon extinguishment of the underlying debt obligation).

Leases The Company is obligated under an operating lease pursuant to which it is leasing an office facility from a third party with a remaining term of approximately 10.8 years. The operating lease is included as an operating lease right-of-use ("ROU") asset and operating lease liability in the accompanying Consolidated Statements of Assets and Liabilities. The Company does not have any financing leases.

The ROU asset represents the Company’s right to use an underlying asset for the lease term and the operating lease liability represents the Company’s obligation to make lease payments arising from such lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company’s lease does not provide an implicit discount rate, and as such the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the remaining lease payments. Lease expense is recognized on a straight-line basis over the remaining lease term.

Federal Income Taxes CSWC has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subsection M of the Code. By meeting these requirements, we will not be subject to U.S. federal income taxes at corporate rates on ordinary income or capital gains timely distributed to shareholders. In order to qualify as a RIC, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, each year. Investment company taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Investment company taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in investment company taxable income until they are realized.

Depending on the level of taxable income or capital gains earned in a tax year, we may choose to carry forward taxable income or capital gains in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income or capital gains must be distributed through a dividend declared on or prior to the later of (1) the filing of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

In lieu of distributing our net capital gains for a year, we may decide to retain some or all of our net capital gains. We will be required to pay a 21% corporate rate U.S. federal income tax on any such retained net capital gains. We may elect to treat such retained capital gain as a deemed distribution to shareholders. Under such circumstances, shareholders will be required to include their share of such retained capital gain in income, but will receive a credit for the amount of U.S. federal income tax paid at corporate rates with respect to their shares. As an investment company that qualifies as a RIC, federal income taxes payable on security gains that we elect to retain are accrued only on the last day of our tax year, December 31.
66

Table of Contents
Any net capital gains actually distributed to shareholders and properly reported by us as capital gain dividends are generally taxable to the shareholders as long-term capital gains. See Note 6 - Income Taxes for further discussion.

The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is subject to U.S. federal income tax at the corporate rate of 21%. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on taxable income and, as a result of its activities, may generate an income tax provision or benefit. The taxable income, or loss, of the Taxable Subsidiary may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the CSWC level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current year. Management’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company has concluded that it does not have any uncertain tax positions that meet the recognition of measurement criteria of ASC Topic 740, Income Taxes, ("ASC 740") for the current period. Also, we account for interest and, if applicable, penalties for any uncertain tax positions as a component of income tax provision. No interest or penalties expense was recorded during the three and nine ended December 31, 2024 and 2023.

Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at the Taxable Subsidiary using statutory tax rates. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation was enacted. See Note 6 - Income Taxes for further discussion.

Stock-Based Compensation We account for our share-based compensation using the fair value method, as prescribed by ASC Topic 718, Compensation – Stock Compensation. Accordingly, we recognize share-based compensation cost on a straight-line basis for all share-based payments awards granted to employees. For restricted stock awards, we measure the fair value based upon the market price of our common stock on the date of the grant. For restricted stock awards, we amortize this fair value to share-based compensation expense over the vesting term. We recognize forfeitures as they occur. The unvested shares of restricted stock awarded pursuant to CSWC’s equity compensation plans are participating securities and are included in the basic and diluted earnings per share calculation.

The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Restricted Stock Award Plan (the “2010 Plan”) was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Employee Restricted Stock Award Plan (the "2021 Employee Plan"), which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan. In addition, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors.

Shareholder Distributions Distributions to common shareholders are recorded on the ex-dividend date. The amount of distributions, if any, is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, generally are distributed, although the Company may decide to retain such capital gains for investment.

Presentation Presentation of certain amounts in the consolidated financial statements and notes to the consolidated financial statements for the prior year comparative consolidated financial statements and notes to the consolidated financial statements are updated to conform to the current period presentation.

67

Table of Contents
Recently Issued or Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which was issued to enhance the transparency and decision usefulness of income tax disclosures, including an annual requirement to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The new guidance is effective for annual periods beginning after December 15, 2024. The Company has evaluated the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity's expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

3.    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 December 31, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2024:
First lien loans1,2
$1,515,142 89.1 %182.4 %$1,572,938 91.8 %
Second lien loans2
26,160 1.5 3.2 28,073 1.6 
Subordinated debt3
1,222 0.1 0.1 1,414 0.1 
Preferred equity85,216 5.0 10.3 63,438 3.7 
Common equity & warrants73,546 4.3 8.9 47,419 2.8 
$1,701,286 100.0 %204.9 %$1,713,282 100.0 %
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 %

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 December 31, 2024 and March 31, 2024, the fair value of the first lien last out loans are $23.3 million and $35.3 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 December 31, 2024 and March 31, 2024, the fair value of the split lien term loans included in first lien loans was $61.4 million and $43.7 million, respectively. As of December 31, 2024 and March 31, 2024, the fair value of the split lien term loans included in second lien loans was $20.2 million and $20.7 million, respectively.
3Included in subordinated debt are unsecured convertible notes with a fair value of $0.2 million and $0.4 million as of December 31, 2024 and March 31, 2024, respectively.

68

Table of Contents
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 December 31, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2024:
Healthcare Services$216,390 12.7 %26.1 %$232,036 13.5 %
Media & Marketing129,861 7.6 15.6 118,916 6.9 
Food, Agriculture & Beverage124,065 7.3 14.9 139,083 8.1 
Consumer Services118,112 7.0 14.2 120,008 7.0 
Consumer Products 117,336 6.9 14.1 117,795 6.9 
Financial Services106,633 6.3 12.9 95,551 5.6 
Industrial Machinery85,782 5.1 10.3 85,503 5.0 
Transportation & Logistics85,719 5.0 10.3 62,765 3.7 
Business Services82,023 4.8 9.9 84,977 5.0 
Industrial Products73,973 4.3 8.9 64,473 3.8 
Healthcare Equipment & Supplies63,343 3.7 7.6 62,739 3.7 
Software & IT Services55,246 3.3 6.7 55,180 3.2 
Aerospace & Defense55,057 3.2 6.6 54,040 3.1 
Environmental Services54,747 3.2 6.6 55,401 3.2 
Specialty Retail37,366 2.2 4.5 35,956 2.1 
Research & Consulting Services35,876 2.1 4.3 35,276 2.1 
Education35,787 2.1 4.3 45,859 2.7 
Healthcare Products35,292 2.1 4.3 36,629 2.1 
Pharmaceuticals, Biotechnology & Life Sciences26,478 1.5 3.2 34,227 2.0 
Energy Services25,634 1.5 3.1 25,838 1.5 
Restaurants25,533 1.5 3.1 25,368 1.5 
Industrial Services19,656 1.2 2.4 19,624 1.1 
Telecommunications19,263 1.1 2.3 23,445 1.4 
Commercial Services & Supplies16,867 1.0 2.0 16,143 0.9 
Building & Infrastructure Products16,485 1.0 2.0 16,092 0.9 
Technology Products & Components11,679 0.7 1.4 13,075 0.8 
Distribution10,395 0.6 1.3 20,366 1.2 
Data Processing & Outsourced Services8,404 0.5 1.0 8,633 0.5 
Movies & Entertainment8,284 0.5 1.0 8,284 0.5 
$1,701,286 100.0 %204.9 %$1,713,282 100.0 %
69

Table of Contents
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$188,373 12.8 %24.9 %$190,674 12.9 %
Media & Marketing153,302 10.4 20.3 147,859 10.0 
Consumer Products 113,634 7.7 15.0 114,347 7.7 
Business Services86,098 5.8 11.4 87,196 5.8 
Consumer Services96,116 6.5 12.7 94,046 6.4 
Food, Agriculture & Beverage93,384 6.3 12.4 103,371 7.0 
Financial Services82,727 5.6 10.9 73,945 5.0 
Transportation & Logistics65,571 4.4 8.7 58,090 3.9 
Industrial Products61,324 4.2 8.1 50,276 3.4 
Software & IT Services59,409 4.0 7.9 57,702 3.9 
Environmental Services56,807 3.8 7.5 55,572 3.8 
Specialty Retail44,557 3.0 5.9 42,855 2.9 
Healthcare Equipment & Supplies41,377 2.8 5.5 40,928 2.8 
Healthcare Products31,942 2.2 4.2 32,978 2.2 
Pharmaceuticals, Biotechnology & Life Sciences29,308 2.0 3.9 34,304 2.3 
Energy Services27,488 1.9 3.6 27,131 1.8 
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 Machinery23,356 1.6 3.1 23,174 1.6 
Industrial Services22,648 1.5 3.0 22,491 1.5 
Technology Products & Components18,969 1.3 2.5 13,277 0.9 
Research & Consulting Services18,838 1.3 2.5 18,658 1.3 
Distribution16,490 1.1 2.2 18,620 1.3 
Data Processing & Outsourced Services16,176 1.1 2.1 25,426 1.7 
Movies & Entertainment15,778 1.1 2.1 16,576 1.1 
Education14,627 1.0 1.9 25,481 1.7 
Specialty Chemicals14,269 1.0 1.9 14,222 1.0 
Building & Infrastructure Products7,727 0.5 1.0 7,643 0.5 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %


70

Table of Contents
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 December 31, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2024:
Northeast$448,665 26.4 %54.0 %$434,739 25.4 %
West360,362 21.2 43.4 358,255 20.9 
Southeast317,635 18.7 38.3 339,576 19.8 
Southwest311,483 18.3 37.5 306,613 17.9 
Midwest215,004 12.6 25.9 229,156 13.4 
International48,137 2.8 5.8 44,943 2.6 
$1,701,286 100.0 %204.9 %$1,713,282 100.0 %
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 %


4.    FAIR VALUE MEASUREMENTS

Investment Valuation Process

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Valuation Committee comprised of certain officers of the Company as the Valuation Designee to determine the fair value of the Company's investments that do not have readily available market quotations, subject to the oversight of the Board of Directors. The valuation process is led by the valuation team and the Valuation Committee in conjunction with the investment team. The process includes a quarterly review of each investment by our valuation team and the Valuation Committee. Valuations of each portfolio security are prepared quarterly by the valuation team using updated financial and other operational information collected from the investment team. In conjunction with the internal valuation process, the Valuation Committee also has engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews and an independent range of values for selected investments, which is presented to the Valuation Committee.

CSWC also uses a standard internal investment rating system in connection with its investment oversight, portfolio management, and investment valuation procedures for its debt portfolio. This system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein.

There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. While management believes our valuation methodologies are appropriate and consistent with market participants, the recorded fair values of our investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

71

Table of Contents
Fair Value Hierarchy

CSWC has established and documented processes for determining the fair values of portfolio company investments on a recurring basis in accordance with the 1940 Act and ASC 820. As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). CSWC conducts reviews of fair value hierarchy classifications on a quarterly basis. We also use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement.

The three levels of valuation inputs established by ASC 820 are as follows:

Level 1: Investments whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: Investments whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3: Investments whose values are based on unobservable inputs that are significant to the overall fair value measurement.
As of December 31, 2024 and March 31, 2024, 100% of CSWC's investment portfolio consisted of privately held debt and equity instruments for which inputs falling within the categories of Level 1 and Level 2 are generally not readily available. Therefore, the Valuation Committee determines the fair value of our investments in good faith using Level 3 inputs, pursuant to CSWC's valuation policy and procedures subject to the oversight of the Board of Directors.

Investment Valuation Inputs

ASC 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date excluding transaction costs. Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to the market as of the measurement date.

The Level 3 inputs to CSWC’s valuation process reflect our best estimate of the assumptions that would be used by market participants in pricing the investment in a transaction in the principal or most advantageous market for the asset.

The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:

financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;
current and projected financial condition of the portfolio company;
current and projected ability of the portfolio company to service its debt obligations;
type and amount of collateral, if any, underlying the investment;
current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;
current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);
indicative dealer quotations from brokers, banks, and other market participants;
market yields on other securities of similar risk;
pending debt or capital restructuring of the portfolio company;
projected operating results of the portfolio company;
current information regarding any offers to purchase the investment;
72

Table of Contents
current ability of the portfolio company to raise any additional financing as needed;
changes in the economic environment which may have a material impact on the operating results of the portfolio company;
internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;
qualitative assessment of key management;
contractual rights, obligations or restrictions associated with the investment; and
other factors deemed relevant.

CSWC uses several different valuation approaches depending on the security type including the Market Approach, the Income Approach, and the Enterprise Value Waterfall Approach.

Market Approach

Market Approach is a qualitative and quantitative analysis of the aforementioned unobservable inputs. It is a combination of the Enterprise Value Waterfall Approach and Income Approach as described in detail below. For investments recently originated (within a quarterly reporting period) or where the value has not departed significantly from its cost, we generally rely on our cost basis or recent transaction price to determine the fair value, unless a material event has occurred since origination.

Income Approach

In valuing debt securities, CSWC typically uses an Income Approach model, which considers some or all of the factors listed above. Under the Income Approach, CSWC develops an expectation of the yield that a hypothetical market participant would require when purchasing each debt investment (the “Required Market Yield”). The Required Market Yield is calculated in a two-step process. First, using quarterly market data we estimate the current market yield of similar debt securities. Next, based on the factors described above, we modify the current market yield for each security to produce a unique Required Market Yield for each of our investments. The resulting Required Market Yield is the significant Level 3 input to the Income Approach model. If, with respect to an investment, the unobservable inputs have not fluctuated significantly from the date the investment was made or have not fluctuated significantly from CSWC’s expectations on the date the investment was made, and there have been no significant fluctuations in the market pricing for such investments, we may conclude that the Required Market Yield for that investment is equal to the stated rate on the investment. In instances where CSWC determines that the Required Market Yield is different from the stated rate on the investment, we discount the contractual cash flows on the debt instrument using the Required Market Yield in order to estimate the fair value of the debt security.

In addition, under the Income Approach, CSWC also determines the appropriateness of the use of third-party broker quotes, if any, as a significant Level 3 input in determining fair value. In determining the appropriateness of the use of third-party broker quotes, CSWC evaluates the level of actual transactions used by the broker to develop the quote, whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes, the source of the broker quotes, and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. To the extent sufficient observable inputs are available to determine fair value, CSWC may use third-party broker quotes or other independent pricing to determine the fair value of certain debt investments.

Fair value measurements using the Income Approach model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in the Required Market Yield for a particular debt security may result in a lower (higher) fair value for that security. A significant increase (decrease) in a third-party broker quote for a particular debt security may result in a higher (lower) value for that security.

Enterprise Value Waterfall Approach

In valuing equity securities (including warrants), CSWC estimates fair value using an Enterprise Value Waterfall valuation model. CSWC estimates the enterprise value of a portfolio company and then allocates the enterprise value to the portfolio company’s securities in order of their relative liquidation preference. In addition, CSWC assumes that any outstanding debt or other securities that are senior to CSWC’s equity securities are required to be repaid at par. Additionally, we may estimate the fair value of non-performing debt securities using the Enterprise Value Waterfall approach as needed.

To estimate the enterprise value of the portfolio company, CSWC uses a weighted valuation model based on public comparable companies, observable transactions and discounted cash flow analyses. A main input into the valuation model is a
73

Table of Contents
measure of the portfolio company’s financial performance, which generally is either earnings before interest, taxes, depreciation and amortization, as adjusted (“Adjusted EBITDA”) or revenues. In addition, we consider other factors, including, but not limited to: (1) offers from third parties to purchase the portfolio company; and (2) the implied value of recent investments in the equity securities of the portfolio company. For certain non-performing assets, we may utilize the liquidation or collateral value of the portfolio company's assets in our estimation of its enterprise value.

The significant Level 3 inputs to the Enterprise Value Waterfall model are (1) an appropriate multiple derived from the comparable public companies and transactions, (2) discount rate assumptions used in the discounted cash flow model and (3) a measure of the portfolio company’s financial performance, which generally is either Adjusted EBITDA or revenues. Inputs can be based on historical operating results, projections of future operating results or a combination thereof. The operating results of a portfolio company may be unaudited, projected or pro forma financial information and may require adjustments for certain non-recurring items. CSWC also may consult with the portfolio company’s senior management to obtain updates on the portfolio company’s performance, including information such as industry trends, new product development, loss of customers and other operational issues. Fair value measurements using the Enterprise Value Waterfall model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in either the multiple, Adjusted EBITDA or revenues for a particular equity security would result in a higher (lower) fair value for that security.

The following fair value hierarchy tables set forth our investment portfolio by level as of December 31, 2024 and March 31, 2024 (in thousands):
Fair Value Measurements
at December 31, 2024 Using
Asset CategoryTotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
First lien loans$1,515,142 $ $ $1,515,142 
Second lien loans26,160   26,160 
Subordinated debt1,222   1,222 
Preferred equity85,216   85,216 
Common equity & warrants73,546   73,546 
Total Investments$1,701,286 $ $ $1,701,286 
Fair Value Measurements
at March 31, 2024 Using
Asset Category
TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
First lien loans$1,309,449 $ $ $1,309,449 
Second lien loans33,774   33,774 
Subordinated debt1,336   1,336 
Preferred equity71,127   71,127 
Common equity & warrants60,875   60,875 
Total Investments$1,476,561 $ $ $1,476,561 

74

Table of Contents
The tables below present the Valuation Techniques and Significant Level 3 Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at December 31, 2024 and March 31, 2024. Significant Level 3 Inputs were weighted by the relative fair value of the investments. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to our determination of fair value.
Fair Value atSignificant
ValuationDecember 31, 2024UnobservableWeighted
TypeTechnique(in thousands)InputsRangeAverage
First lien loansIncome Approach$1,322,677  Discount Rate 
5.2% - 73.9%
13.8%
Third Party Broker Quote
21.0 - 100.0
91.5
Market Approach177,560 Cost
95.3 - 100.0
98.9
Enterprise Value Waterfall Approach14,905 EBITDA Multiple
7.5x - 9.0x
7.5x
Discount Rate
18.9% - 45.4%
18.9%
Second lien loansIncome Approach26,160  Discount Rate 
10.6% - 38.6%
14.4%
Subordinated debtIncome Approach605  Discount Rate 
14.1% - 14.1%
14.1%
Third Party Broker Quote
24.8 - 24.8
24.8
Market Approach59 Cost
95.1 - 95.1
95.1
Enterprise Value Waterfall Approach558 EBITDA Multiple
6.1x - 7.8x
6.6x
Discount Rate
14.5% - 17.3%
15.4%
Preferred equityEnterprise Value Waterfall Approach82,716  EBITDA Multiple 
4.3x - 17.0x
9.7x
Discount Rate
12.2% - 45.4%
15.8%
Market Approach2,500 Cost
100.0 - 100.0
100.0
Common equity & warrantsEnterprise Value Waterfall Approach73,024  EBITDA Multiple 
4.0x - 15.5x
8.1x
Discount Rate
11.5% - 24.6%
15.0%
Market Approach522 Cost
100.0 - 100.0
100.0
Total Level 3 Investments$1,701,286 

           
75

Table of Contents
Fair Value atSignificant
ValuationMarch 31, 2024UnobservableWeighted
TypeTechnique(in thousands)InputsRangeAverage
First lien loansIncome Approach$1,211,447 Discount Rate
5.5% - 43.8%
13.4%
Third Party Broker Quote
38.3 - 100.0
92.4
Market Approach98,002 Cost
98.0 - 99.0
98.1
Second lien loansIncome Approach33,774 Discount Rate
13.4% - 33.3%
15.6%
Third Party Broker Quote
28.0 - 28.0
28.0
Subordinated debtIncome Approach568 Discount Rate
18.7% - 18.7%
18.7%
Third Party Broker Quote
23.3 - 23.3
23.3
Market Approach210 Cost
94.0 - 100.0
96.1
Enterprise Value Waterfall Approach558 EBITDA Multiple
5.7x - 7.9x
6.4x
Discount Rate
13.2% - 18.6%
14.8%
Preferred equityEnterprise Value Waterfall Approach68,877 EBITDA Multiple
4.3x - 17.0x
9.9x
Discount Rate
10.3% - 38.0%
16.7%
Market Approach2,250 Cost
100.0 - 100.0
100.0
Common equity & warrantsEnterprise Value Waterfall Approach60,375 EBITDA Multiple
4.7x - 15.6x
8.6x
Discount Rate
10.3% - 30.2%
16%
Market Approach500 Cost
100.0 - 100.0
100.0
Total Level 3 Investments$1,476,561 

Changes in Fair Value Levels
We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value level to another. During the three and nine ended December 31, 2024 and 2023, we had no transfers between fair value levels.

76

Table of Contents
The following tables provide a summary of changes in the fair value of investments measured using Level 3 inputs during the nine months ended December 31, 2024 and 2023 (in thousands):
Fair Value March 31, 2024Realized & Unrealized Gains (Losses)
Purchases of Investments1,2
RepaymentsPIK Interest CapitalizedDivestituresConversion/Exchange of SecurityFair Value December 31, 2024YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans$1,309,449 $(39,763)$466,533 $(197,759)$8,720 $(27,308)$(4,730)$1,515,142 $(28,533)
Second lien loans33,774 (3,011)18 (3,629)70  (1,062)26,160 (1,130)
Subordinated debt1,336 43 57 (75)14  (153)1,222 34 
Preferred equity71,127 7,359 6,730     85,216 7,359 
Common equity & warrants60,875 2,031 4,695    5,945 73,546 2,830 
Total Investments$1,476,561 $(33,341)$478,033 $(201,463)$8,804 $(27,308)$ $1,701,286 $(19,440)
Fair Value March 31, 2023Realized & Unrealized Gains (Losses)
Purchases of Investments1
RepaymentsPIK Interest CapitalizedDivestitures
Conversion/Exchange of Security3
Fair Value December 31, 2023YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans$1,000,984 $(9,874)$307,934 $(139,778)$7,925 $(13,875)$(6,961)$1,146,355 $(4,920)
Second lien loans35,820 989 187 (2,596)214   34,614 987 
Subordinated debt791 (28) (20)25   768 (28)
Preferred equity63,393 (5,532)7,886   (273)3,170 68,644 (5,430)
Common equity & warrants54,144 622 5,757   (3,858)3,791 60,456 390 
Total Investments$1,155,132 $(13,823)$321,764 $(142,394)$8,164 $(18,006)$ $1,310,837 $(9,001)

1Includes purchases of new investments, as well as discount accretion on existing investments.
2Included are distributions-in-kind of investments received in connection with the dissolution and liquidation of I-45 SLF LLC ("I-45 SLF"). See Note 11 - Related Party Transactions for more information.
3Includes $3.8 million of cost basis allocated from first lien debt to warrants.


77

Table of Contents
5.    BORROWINGS

In accordance with the 1940 Act, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by SBIC I or any future SBIC subsidiary of the Company from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act. As of December 31, 2024, the Company’s asset coverage was 209%.

The Company had the following borrowings outstanding as of December 31, 2024 and March 31, 2024 (amounts in thousands):

Outstanding Balance
Unamortized Debt Issuance Costs and Debt Discount/Premium(1)
Recorded Value
Estimated Fair Value(2)
December 31, 2024
SBA Debentures$175,000 $(4,279)$170,721 $161,364 
Corporate Credit Facility190,000  190,000 190,000 
SPV Credit Facility118,000  118,000 118,000 
October 2026 Notes150,000 (1,346)148,654 129,411 
August 2028 Notes71,875 (1,800)70,075 74,118 
2029 Convertible Notes230,000 (7,256)222,744 222,976 
$934,875 $(14,681)$920,194 $895,869 
March 31, 2024
SBA Debentures$153,000 $(4,305)$148,695 $141,638 
Corporate Credit Facility265,000  265,000 265,000 
SPV Credit Facility    
January 2026 Notes140,000 (612)139,388 118,249 
October 2026 Notes150,000 (1,923)148,077 127,150 
August 2028 Notes71,875 (2,182)69,693 74,261 
$779,875 $(9,022)$770,853 $726,298 
o
(1)The unamortized debt issuance costs for the Corporate Credit Facility and the SPV Credit Facility are reflected as "Debt issuance costs" on the Consolidated Statements of Assets and Liabilities.
(2)Each estimated fair value for the SBA Debentures, the January 2026 Notes, the October 2026 Notes and the 2029 Convertible Notes is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The estimated fair value of the August 2028 Notes is based on the closing price of the security on The Nasdaq Global Select Market, which is a Level 1 input under ASC 820. The estimated fair value of the Corporate Credit Facility and the SPV Credit Facility approximates its recorded value due to its variable interest rate.

Credit Facilities

As of December 31, 2024, the Company had in place one revolving credit facility and one special purpose vehicle financing facility, the Corporate Credit Facility and the SPV Facility, respectively (each defined below and together, the "Credit Facilities"). For the three and nine months ended December 31, 2024, the weighted average interest rate on the Credit Facilities was 7.20% and 7.54%, respectively, and the average debt outstanding under the Credit Facilities was $283.9 million and $190.3 million, respectively.

Corporate Credit Facility

In August 2016, CSWC entered into a senior secured revolving credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities.
78

Table of Contents

On August 2, 2023, the Company entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, including the Amendment (as defined below), the "Credit Agreement"). Borrowings under the Corporate Credit Facility accrue interest at a rate equal to the applicable Adjusted Term SOFR plus 2.15% per annum. The Credit Agreement (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million from a diversified group of lenders; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility's revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants.

On December 7, 2023, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $435 million to $460 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to ten participants.

On March 1, 2024, the Company entered into Amendment No. 1 to the Credit Agreement (the "Amendment"). The Amendment amends the Credit Agreement and other related loan documents to, among other things, permit the Company to enter into special purpose vehicle financings and exclude assets held by any such special purpose vehicle from the assets pledged as collateral securing the Corporate Credit Facility.

On September 12, 2024, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $460 million to $485 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to 11 participants.

CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Corporate Credit Facility. The Corporate Credit Facility contains certain affirmative and negative covenants, including but not limited to: (1) certain reporting requirements; (2) maintaining RIC and BDC status; (3) maintaining a minimum senior coverage ratio of 2.00 to 1; (4) maintaining a minimum shareholders’ equity; (5) maintaining a minimum consolidated net worth; (6) maintaining a regulatory asset coverage of not less than 150%; and (7) maintaining an interest coverage ratio of at least 2.00 to 1.

The Credit Agreement also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions. If the Company defaults on its obligations under the Credit Agreement, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests.

The Corporate Credit Facility is secured by (1) all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in certain of the Company’s wholly-owned subsidiaries (except for the assets held by SBIC I and SPV). As of December 31, 2024, all of the Company’s assets were pledged as collateral for the Corporate Credit Facility, except for assets held by SBIC I and SPV. As of December 31, 2024 and 2023, CSWC was in compliance with all financial covenants under the Credit Agreement.

The summary information regarding the Corporate Credit Facility is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense and unused commitment fees$3,694 $4,712 $11,470 $13,232 
Amortization of deferred financing costs577 526 1,684 1,266 
Total interest and amortization of deferred financing costs$4,271 $5,238 $13,154 $14,498 
Weighted average effective interest rate7.19 %7.88 %7.53 %7.61 %
Average borrowings$179,511 $224,728 $134,665 $162,915 



79

Table of Contents
SPV Credit Facility

On March 20, 2024, SPV entered into a Loan Financing and Servicing Agreement (the “Loan Agreement”) for a special purpose vehicle financing credit facility (the “SPV Credit Facility”) to provide additional liquidity to support its investment and operational activities. The SPV Credit Facility included an initial commitment of $150.0 million. Pursuant to the terms of the Loan Agreement, on June 20, 2024, total commitments automatically increased from $150.0 million to $200.0 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.

The Loan Agreement contains customary terms and conditions, including affirmative and negative covenants. The Loan Agreement also contains customary events of default including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions.

The SPV Credit Facility is secured by all of the assets of SPV. As of December 31, 2024, SPV was in compliance with all financial covenants under the Loan Agreement.

The summary information regarding the SPV Credit Facility is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense and unused commitment fees$2,147 $ $5,067 $ 
Amortization of deferred financing costs114  318  
Total interest and amortization of deferred financing costs$2,261 $ $5,385 $ 
Weighted average effective interest rate7.23 % %7.54 % %
Average borrowings$104,435 $ $55,664 $ 

Unsecured Notes

The unsecured notes described below are the direct unsecured obligations of the Company, rank pari passu with the Company's other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of the Company's existing and future secured indebtedness, including borrowings under the Credit Facilities and the SBA Debentures.

January 2026 Notes

In December 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% Notes due 2026 (the "Existing January 2026 Notes"). The Existing January 2026 Notes were issued at par. In February 2021, the Company issued an additional $65.0 million in aggregate principal amount of the January 2026 Notes (the "Additional January 2026 Notes" together with the Existing January 2026 Notes, the "January 2026 Notes"). The Additional January 2026 Notes were issued at a price of 102.11% of the aggregate principal amount of the Additional January 2026 Notes, resulting in a yield-to-maturity of approximately 4.0% at issuance. The Additional January 2026 Notes were treated as a single series with the Existing January 2026 Notes under the indenture and had the same terms as the Existing January 2026 Notes. The maturity date of the January 2026 Notes was January 31, 2026, and the January 2026 Notes bore interest at a rate of 4.50% per year, payable semi-annually on January 31 and July 31 of each year.

On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding January 2026 Notes in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million
80

Table of Contents
during the quarter ended December 31, 2024. There was no "make-whole" premium required to be paid in connection with the redemption.

The summary information regarding the January 2026 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,208 $1,575 $4,358 $4,725 
Amortization of deferred financing costs56 84 224 253 
Total interest and amortization of deferred financing costs$1,264 $1,659 $4,582 $4,978 
Weighted average effective interest rate4.46 %4.46 %4.46 %4.46 %
Average borrowings1
$140,000 $140,000 $140,000 $140,000 
1Average borrowings for the three and nine months ended December 31, 2024 was calculated from October 1, 2024 through December 9, 2024 (the redemption date of the January 2026 Notes).

October 2026 Notes

In August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% Notes due 2026 (the "Existing October 2026 Notes"). The Existing October 2026 Notes were issued at a price of 99.418% of the aggregate principal amount of the Existing October 2026 Notes, resulting in a yield-to-maturity of 3.5%. In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes (the "Additional October 2026 Notes" together with the Existing October 2026 Notes, the "October 2026 Notes"). The Additional October 2026 Notes were issued at a price of 99.993% of the aggregate principal amount, resulting in a yield-to-maturity of approximately 3.375% at issuance. The Additional October 2026 Notes are treated as a single series with the Existing October 2026 Notes under the indenture and have the same terms as the Existing October 2026 Notes. The October 2026 Notes mature on October 1, 2026 and may be redeemed in whole or in part at any time prior to July 1, 2026, at par plus a "make-whole" premium, and thereafter at par. The October 2026 Notes bear interest at a rate of 3.375% per year, payable semi-annually in arrears on April 1 and October 1 of each year.

The summary information regarding the October 2026 Notes is as follows (dollars in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,266 $1,266 $3,797 $3,797 
Amortization of deferred financing costs192 251 577 621 
Total interest and amortization of deferred financing costs$1,458 $1,517 $4,374 $4,418 
Weighted average effective interest rate3.50 %3.50 %3.50 %3.50 %
Average borrowings$150,000 $150,000 $150,000 $150,000 

The indenture governing the October 2026 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the October 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the fourth supplemental indenture relating to the October 2026 Notes.

In addition, holders of the October 2026 Notes can require the Company to repurchase some or all of the October 2026 Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the fourth supplemental indenture relating to the October 2026 Notes.
81

Table of Contents

August 2028 Notes

In June 2023, the Company issued approximately $71.9 million in aggregate principal amount, including the underwriters' full exercise of their option to purchase an additional $9.4 million in aggregate principal amount to cover over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes"). The August 2028 Notes mature on August 1, 2028 and may be redeemed in whole or in part at any time, or from time to time, at the Company’s option on or after August 1, 2025. The August 2028 Notes bear interest at a rate of 7.75% per year, payable quarterly on February 1, May 1, August 1 and November 1 of each year. The August 2028 Notes are listed on the Nasdaq Global Select Market under the trading symbol "CSWCZ."

The summary information regarding the August 2028 Notes is as follows (dollars in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,393 $1,393 $4,178 $3,033 
Amortization of deferred financing costs127 127 382 296 
Total interest and amortization of deferred financing costs$1,520 $1,520 $4,560 $3,329 
Weighted average effective interest rate7.75 %7.75 %7.75 %7.75 %
Average borrowings1
$71,875 $71,875 $71,875 $71,875 
1Average borrowings for the nine months ended December 31, 2023 was calculated from June 14, 2023 (the issuance date of the August 2028 Notes) through December 31, 2023.

The indenture governing the August 2028 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the August 2028 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the fifth supplemental indenture relating to the August 2028 Notes.

2029 Convertible Notes

On November 4, 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the "2029 Convertible Notes"), including the underwriters' full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The 2029 Convertible Notes bear interest at a rate of 5.125% per year, payable quarterly on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2025. The 2029 Convertible Notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased.

At any time prior to the close of business on the business day immediately preceding November 15, 2029, holders may convert all or any portion of their 2029 Convertible Notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The conversion rate was initially 40.0000 shares of common stock per $1,000 principal amount of 2029 Convertible Notes (equivalent to an initial conversion price of $25.00 per share of common stock). The conversion rate is subject to adjustment upon certain events, such as share splits and combinations, mergers, tender or exchange offers, increases in dividends in excess of $0.58 per share per quarter for the 2029 Convertible Notes and certain changes in control. In no event will the total number of shares of common stock issuable upon conversion exceed 44.7828 per $1,000 principal amount of the 2029 Convertible Notes. The Company has determined that the embedded conversion option in the 2029 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

In addition, following certain corporate events that occur prior to the maturity date of the 2029 Convertible Notes or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Convertible Notes in connection with such a corporate event or notice of redemption, as the case may be.

82

Table of Contents
Certain key terms related to the convertible features of the 2029 Convertible Notes as of December 31, 2024 are as follows:
2029 Convertible Notes
Conversion premium12.0 %
Closing stock price at issuance$22.33 
Closing stock price dateNovember 4, 2024
Conversion price (1)$24.94 
Conversion rate (shares per $1,000 principal amount) (1)40.09 
Last conversion price calculation dateDecember 13, 2024
(1)Represents conversion price and conversion rate, as applicable, as of December 31, 2024, taking into account any applicable de minimis adjustments that will be made on the conversion date.

The Company may redeem for cash all or any portion of the 2029 Convertible Notes (subject to the partial redemption limitation), at its option, on a redemption date on or after November 20, 2027 and on or before the 45th scheduled trading day immediately prior to the maturity date of the 2029 Convertible Notes if the last reported sale price of its common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which it provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

As reflected in Note 8. Earnings Per Share, the issuance of the 2029 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share.

The summary information regarding the 2029 Convertible Notes is as follows (dollars in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense$1,703 $ $1,703 $ 
Amortization of deferred financing costs243  243  
Total interest and amortization of deferred financing costs$1,946 $ $1,946 $ 
Weighted average effective interest rate5.13 % %5.13 % %
Average borrowings1
$230,000 $ $230,000 $ 
1Average borrowings for the three and nine months ended December 31, 2024 were calculated from November 4, 2024 (the issuance date of the 2029 Convertible Notes) through December 31, 2024.

SBA Debentures

On April 20, 2021, SBIC I received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. The license allows SBIC I to obtain leverage by issuing SBA Debentures, subject to the issuance of a leverage commitment by the SBA. SBA Debentures are loans issued to an SBIC which have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. Interest on SBA Debentures is payable semi-annually on March 1 and September 1. Current statutes and regulations permit SBIC I to borrow up to $175 million in SBA Debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations).

On May 25, 2021, SBIC I received a leverage commitment from the SBA in the amount of $40.0 million to be issued on or prior to September 30, 2025. On January 28, 2022, SBIC I received an additional leverage commitment in the amount of $40.0 million to be issued on or prior to September 30, 2026. On November 22, 2022, SBIC I received an additional leverage commitment in the amount of $50.0 million to be issued on or prior to September 30, 2027. On December 20, 2023, SBIC I received an additional leverage commitment in the amount of $45.0 million to be issued on or prior to September 30, 2028. The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on SBIC I's full compliance, as determined by the SBA, with the terms and conditions set forth in the SBA regulations. As of December 31, 2024, SBIC I had regulatory capital of $87.5 million and leverageable capital of $87.5 million. As of December 31, 2024, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn.
83

Table of Contents

The summary information regarding the SBA Debentures is as follows (dollars in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Interest expense and fees$1,798 $1,356 $5,170 $3,955 
Amortization of deferred financing costs193 146 561 444 
Total interest and amortization of deferred financing costs$1,991 $1,502 $5,731 $4,399 
Weighted average effective interest rate4.40 %4.24 %4.39 %4.13 %
Average borrowings$163,293 $130,000 $156,444 $127,310 

As of December 31, 2024, SBIC I's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1)Maturity DateFixed Interest RateDebenture Amount
9/22/20219/1/20311.575%$15,000 
3/23/20223/1/20323.209%25,000 
9/21/20229/1/20324.435%40,000 
3/22/20233/1/20335.215%40,000 
9/20/20239/1/20335.735%10,000 
3/20/20243/1/20345.164%15,000 
9/25/20249/1/20344.509%8,000 
(2)(2)(2)22,000 
$175,000 
(1)The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)The Company issued $22.0 million in SBA Debentures that will pool in March 2025. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.16%.

84

Table of Contents
Contractual Payment Obligations

A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at December 31, 2024 is as follows:
Years Ending March 31,
20252026202720282029ThereafterTotal
SBA Debentures$ $ $ $ $ $175,000 $175,000 
Corporate Credit Facility    190,000  190,000 
SPV Credit Facility    118,000  118,000 
October 2026 Notes  150,000    150,000 
August 2028 Notes    71,875  71,875 
2029 Convertible Notes     230,000 230,000 
Total$ $ $150,000 $ $379,875 $405,000 $934,875 

6.    INCOME TAXES

We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code and have a tax year end of December 31. In order to qualify as a RIC, we must annually distribute at least 90% of our investment company taxable income, as defined by the Code, to our shareholders in a timely manner. Investment company income generally includes net short-term capital gains but excludes net long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and capital gains that is distributed to its shareholders, including “deemed distributions” as discussed below. As part of maintaining RIC tax treatment, undistributed taxable income and capital gain, which is subject to a 4% non-deductible U.S. federal excise tax, pertaining to a given fiscal year may be distributed up to 12 months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (1) the extended due date of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

As of December 31, 2024, CSWC qualified for RIC tax treatment. We intend to meet the applicable qualifications to be taxed as a RIC in future periods. However, the Company’s ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by the Company.

We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in that year on all of our taxable income, regardless of whether we made any distributions to our shareholders. Our distributions for the tax years ended December 31, 2024, 2023 and 2022 were as follows:

85

Table of Contents
Payment DateCash Dividend
Tax Year Ended December 31, 2024
March 31, 20241
$0.63 
June 30, 20241
0.63 
September 30, 20241
0.64 
December 31, 20242
0.63 
$2.53 
Tax Year Ended December 31, 2023
March 31, 20232
$0.58 
June 30, 20232
0.59 
September 30, 20231
0.62 
December 31, 20231
0.63 
$2.42 
Tax Year Ended December 31, 2022
March 31, 2022$0.48 
June 30, 20223
0.63 
September 30, 20220.50 
December 31, 20222
0.57 
$2.18 
1.On each of these dates, the dividend paid included a supplemental dividend of $0.06 per share.
2.On each of these dates, the dividend paid included a supplemental dividend of $0.05 per share.
3.On June 30, 2022, CSWC paid a regular dividend of $0.48 per share and a special dividend of $0.15 per share.

Book and tax basis differences relating to dividends and distributions to our shareholders and other permanent book and tax differences are typically reclassified among the CSWC’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP; accordingly, for the years ended December 31, 2024 and 2023, CSWC reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital and/or deemed distributions, tax treatment of investments upon disposition, and non-deductible expenses, as follows (amounts in thousands):
Nine Months Ended December 31,
20242023
Additional capital$(5,521)$(5,277)
Total distributable earnings5,521 5,277 

The determination of the tax attributes for CSWC’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, any determination made on an interim basis is forward-looking based on currently available facts, rules and assumptions and may not be representative of the actual tax attributes of distributions determined at tax year end.

Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital.



86

Table of Contents
The tax character of distributions paid for the tax years ended December 31, 2024 and 2023 was as follows (amounts in thousands):
Twelve Months Ended December 31,
20242023
Ordinary income$118,216 $94,139 
Distributions of long term capital gains  
Distributions on tax basis1
$118,216 $94,139 
1Includes only those distributions which reduce estimated taxable income.

As of December 31, 2024, CSWC estimates that it has cumulative undistributed taxable income of approximately $33.9 million, or $0.68 per share, that will be carried forward toward distributions to be paid in future periods. We intend to meet the applicable qualifications to be taxed as a RIC in future periods.

The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the nine months ended December 31, 2024 and 2023:
Nine Months Ended December 31,
Reconciliation of RIC Distributable Income1
20242023
Net increase in net assets from operations$52,987 $69,920 
Net unrealized depreciation (appreciation) on investments14,574 (9,906)
(Expense/loss) income/gain recognized for tax on pass-through entities(80)(4,123)
Realized loss (gain) book/tax differences8,580 (678)
Capital loss carryover2
12,987 24,429 
Net operating income - wholly-owned subsidiary(2,705)(4,931)
Dividend income from wholly-owned subsidiary(962) 
Non-deductible tax expense1,016 640 
Loss on extinguishment of debt(2,045)(2,045)
Non-deductible compensation5,164 2,772 
Compensation related book/tax differences(3,887)(466)
Interest on non-accrual loans10,513 3,959 
Other book/tax differences(237)1,434 
Estimated distributable income before deductions for distributions$95,905 $81,005 

1The calculation of taxable income for each period is an estimate and will not be finally determined until the Company files its tax return each year. Final taxable income may be different than this estimate.
2At December 31, 2024, the Company had long-term capital loss carryforwards of $72.3 million to offset future capital gains. These capital loss carryforwards are not subject to expiration.

A RIC may elect to retain all or a portion of its net capital gains by designating them as a “deemed distribution” to its shareholders and paying a federal tax on the net capital gains for the benefit of its shareholders. Shareholders then report their share of the retained capital gains on their income tax returns as if it had been received and report a tax credit for tax paid on their behalf by the RIC. Shareholders then add the amount of the “deemed distribution” net of such tax to the basis of their shares.
87

Table of Contents
In addition, the Taxable Subsidiary holds a portion of one or more of our portfolio investments that are listed on the Consolidated Schedule of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes in accordance with U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit us to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of a partnership or LLC (or other pass-through entity) portfolio investment would flow through directly to us. To the extent that our income did not consist of investment income, it could jeopardize our ability to qualify as a RIC and therefore cause us to incur significant amounts of U.S. federal income taxes at corporate rates. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, however, the income from those interests is taxed to the Taxable Subsidiary and does not flow through to us, thereby helping us preserve our RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for U.S. federal income tax purposes and may generate an income tax provision as a result of their ownership of the portfolio companies. The income tax provision, or benefit, and the related tax assets and liabilities, if any, are reflected in our Consolidated Statement of Operations.

As of December 31, 2024, the cost of investments held by the RIC for U.S. federal income tax purposes was $1,672.2 million, with such investments having gross unrealized appreciation of $15.1 million and gross unrealized depreciation of $126.9 million, resulting in net unrealized depreciation of $111.8 million. As of December 31, 2024, the cost of investments held by the Taxable Subsidiary for U.S. federal income tax purposes was $55.0 million, with such investments having gross unrealized appreciation of $99.2 million and gross unrealized depreciation of $13.3 million, resulting in net unrealized appreciation of $85.9 million. On a consolidated basis, the total investment portfolio has net unrealized depreciation of $25.9 million for U.S. federal income tax purposes.

The Taxable Subsidiary is not a RIC and is subject to U.S. federal income tax at the current corporate rate. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate an income tax provision or benefit.

The taxable income, or loss, of the Taxable Subsidiary may differ from book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements. The Taxable Subsidiary records valuation adjustments related to its investments on a quarterly basis. Deferred taxes related to the unrealized gain/loss on investments are also recorded on a quarterly basis. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Establishing a valuation allowance of a deferred tax asset requires management to make estimates related to expectations of future taxable income. As of December 31, 2024 and March 31, 2024, the Taxable Subsidiary had a deferred tax liability of $15.6 million and $12.0 million, respectively.

Based on our assessment of our unrecognized tax benefits, management believes that all benefits will be realized and they do not contain any uncertain tax positions.

The following table sets forth the significant components of the deferred tax assets and liabilities as of December 31, 2024 and March 31, 2024 (amounts in thousands):
December 31, 2024March 31, 2024
Deferred tax asset:
Net operating loss carryforwards$261 $159 
Interest1,811 965 
Total deferred tax asset2,072 1,124 
Deferred tax liabilities:
Net unrealized appreciation on investments(14,115)(11,395)
Net basis differences in portfolio investments(3,586)(1,726)
Total deferred tax liabilities(17,701)(13,121)
Total net deferred tax (liabilities) assets$(15,629)$(11,997)

88

Table of Contents
The income tax provision, or benefit, and the related tax assets and liabilities, generated by CSWC and the Taxable Subsidiary, if any, are reflected in CSWC’s consolidated financial statements. The following table sets forth the significant components of income tax provision as of December 31, 2024 and 2023 (amounts in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
Components of Income Tax Provision2024202320242023
Excise tax$451 $338 $943 $590 
Tax provision related to Taxable Subsidiary(107)519 627 (69)
Other23 50 73 50 
Total income tax provision$367 $907 $1,643 $571 

Although we believe our tax returns are correct, the final determination of tax examinations could be different from what was reported on the returns. In our opinion, we have made adequate tax provisions for years subject to examination. Generally, we are currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2021 through December 31, 2023.

7.    SHAREHOLDERS' EQUITY

Equity ATM Program

On March 4, 2019, the Company established the Equity ATM Program, pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock having an aggregate offering price of up to $50.0 million. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100.0 million from $50.0 million and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250.0 million from $100.0 million and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650.0 million from $250.0 million. On May 21, 2024, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $1.0 billion from $650.0 million and (ii) 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.

The following table summarizes certain information relating to shares sold under the Equity ATM Program:

Three Months Ended December 31,
20242023
Number of shares sold2,364,147 3,036,234 
Gross proceeds received (in thousands)$53,620 $66,549 
Net proceeds received (in thousands)$52,915 $65,551 
Weighted average price per share$22.68 $21.92 
Nine Months Ended December 31,
20242023
Number of shares sold4,702,227 6,663,692 
Gross proceeds received (in thousands)$112,540 $134,965 
Net proceeds received (in thousands)1
$110,951 $132,941 
Weighted average price per share$23.93 $20.25 

1Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of December 31, 2024, no proceeds remained receivable. As of December 31, 2023, 0.9 million in proceeds remained receivable and were included in other receivables in the Consolidated Statements of Assets and Liabilities.

89

Table of Contents
Cumulative to date, the Company has sold 30,048,664 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.35, raising $641.4 million of gross proceeds. Net proceeds were $631.5 million after commissions to the sales agents on shares sold. As of December 31, 2024, the Company has $358.6 million available under the Equity ATM Program.

Share Repurchases

Restricted Stock Awards

The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan, which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan.

In addition, the Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors.


90

Table of Contents
The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards:

Three Months Ended December 31,
20242023
Number of shares repurchased 6,216 
Aggregate cost of shares repurchased (in thousands)$ $138 
Weighted average price per share$ $22.17 
Nine Months Ended December 31,
20242023
Number of shares repurchased71,229 52,797 
Aggregate cost of shares repurchased (in thousands)$1,861 $1,063 
Weighted average price per share$26.13 $20.13 

Share Repurchase Program

On July 28, 2021, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate price for all shares purchased under the share repurchase program equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the three and nine months ended December 31, 2024 and 2023, the Company did not repurchase any shares under the share repurchase program.

91

Table of Contents
8.    EARNINGS PER SHARE

The following information sets forth the computation of the Company's basic and diluted net increase in net assets per share resulting from operations for the three and nine months ended December 31, 2024 and 2023 (dollars and shares in thousands):

Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Earnings per share - basic
Numerator for basic earnings per share$16,268 $23,484 $52,987 $69,920 
Denominator for basic earnings per share48,31541,51447,08039,611
Basic earnings per share$0.34 $0.57 $1.13 $1.77 
Earnings per share - diluted (1)
Numerator for increase in net assets per share$16,268 $23,484 $52,987 $69,920 
Adjustment for interest and amortization on 2029 Convertible Notes1,946  1,946  
Numerator for diluted earnings per share$18,214 $23,484 $54,933 $69,920 
Denominator for basic weighted average share48,31541,51447,08039,611
Adjustment for dilutive effect of 2029 Convertible Notes5,807 1,943 
Denominator for diluted weighted average shares54,12241,51449,02239,611
Diluted earnings per share$0.34 $0.57 $1.12 $1.77 

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and nine months ended December 31, 2024 and 2023, there was no anti-dilution.
92

Table of Contents
9.    STOCK BASED COMPENSATION PLANS

Under the 2010 Plan and the 2021 Employee Plan, a restricted stock award is an award of shares of our common stock, which have full voting and dividend rights but are restricted with regard to sale or transfer. Restricted stock awards are independent of stock grants and are generally subject to forfeiture if employment terminates prior to these restrictions lapsing. Unless otherwise specified in the award agreement, these shares vest in equal annual installments over a four-year period from the grant date and are expensed over the vesting period starting on the grant date.

The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms.

In connection with the termination of the 2010 Plan, the Board of Directors and shareholders approved the 2021 Employee Plan as part of the compensation packages for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. The 2021 Employee Plan makes available for issuance 1,200,000 shares of common stock. As of December 31, 2024, there are 363,142 shares of common stock available for issuance under the 2021 Employee Plan.

In addition, the Board of Directors and shareholders approved the Non-Employee Director Plan as part of the compensation package for non-employee directors of the Board of Directors. Under the Non-Employee Director Plan, at the beginning of each one-year term of service on our Board, each non-employee director will receive a number of shares equivalent to $50,000 based on the market value at the close of the Nasdaq Global Select Market on the date of grant. These shares will vest one year from the date of the grant and are expensed over the one-year term of non-employee directors. The Non-Employee Director Plan makes available for issuance 120,000 shares of common stock. As of December 31, 2024, there were 86,245 shares of common stock available for issuance under the Non-Employee Director Plan.

We expense the cost of the restricted stock awards, which is determined to equal the fair value of the restricted stock award at the date of grant on a straight-line basis over the requisite service period. For these purposes, the fair value of the restricted stock award is determined based upon the closing price of our common stock on the date of the grant.

For the three months ended December 31, 2024 and 2023, we recognized total share based compensation expense of $1.5 million (of which $0.1 million was related to restricted stock issued to non-employee directors) and $1.2 million (of which $0.1 million was related to restricted stock issued to non-employee directors), respectively, related to the restricted stock issued. For the nine months ended December 31, 2024 and 2023, we recognized total share based compensation expense of $4.3 million (of which $0.2 million was related to restricted stock issued to non-employee directors) and $3.4 million (of which $0.2 million was related to restricted stock issued to non-employee directors), respectively, related to the restricted stock issued.

As of December 31, 2024, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $13.6 million, which will be amortized over the weighted-average vesting period of approximately 2.7 years.

93

Table of Contents
The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of December 31, 2024:
Weighted AverageWeighted Average
Fair Value PerRemaining Vesting
Restricted Stock AwardsNumber of SharesShare at grant dateTerm (in Years)
Unvested at March 31, 2024
558,572 $20.90 2.4
Granted359,500 26.20 — 
Vested(209,021)20.54 — 
Forfeited(375)19.86 — 
Unvested at December 31, 2024
708,676 $23.70 2.7

The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of December 31, 2024:
Weighted AverageWeighted Average
Fair Value PerRemaining Vesting
Restricted Stock AwardsNumber of SharesShare at grant dateTerm (in Years)
Unvested at March 31, 2024
11,200 $22.33 0.4
Granted10,450 23.93 — 
Vested(11,200)22.33 — 
Forfeited  — 
Unvested at December 31, 2024
10,450 $23.93 0.6

10.    OTHER EMPLOYEE COMPENSATION

We established a 401(k) plan (the “401K Plan”) effective October 1, 2015. All full-time employees of CSWC are eligible to participate in the 401K Plan. The 401K Plan permits employees to defer a portion of their total annual compensation up to the Internal Revenue Service annual maximum based on age and eligibility. We made contributions to the 401K Plan of up to 4.5% of the Internal Revenue Service’s annual maximum eligible compensation, all of which is fully vested immediately. During the three months ended December 31, 2024 and 2023, we made matching contributions of approximately $33.3 thousand and $29.6 thousand, respectively. During the nine months ended December 31, 2024 and 2023, we made matching contributions of approximately $196.3 thousand and $171.2 thousand, respectively.

94

Table of Contents
11.    COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Because commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Additionally, our commitment to fund delayed draw term loans generally is triggered upon the satisfaction of certain pre-negotiated terms and conditions, such as meeting certain financial performance hurdles or financial covenants, which may limit a borrower's ability to draw on such delayed draw term loans.

The balances of unfunded debt commitments as of December 31, 2024 and March 31, 2024 were as follows (amounts in thousands):
December 31,March 31,
Portfolio Company20242024
Revolving Loans
360 Quote TopCo, LLC$500 $ 
Acacia BuyerCo V LLC 2,000 
Acceleration, LLC 5,000 
Air Conditioning Specialist, Inc.2,604 1,675 
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)3,056 3,056 
ArborWorks, LLC1,148 432 
ATS Operating, LLC1,640 1,640 
Bond Brand Loyalty ULC1,200 2,000 
BP Loenbro Holdings Inc.661 1,101 
Brandner Design, LLC1,000  
Burning Glass Intermediate Holding Company, Inc.296 296 
Campany Roof Maintenance, LLC1,064  
Catbird NYC, LLC4,000 4,000 
Cavalier Buyer, Inc.2,000 2,000 
CDC Dental Management Co., LLC1,500 2,000 
Central Medical Supply LLC1,050 800 
Cumbria Capital MSO, LLC1,000  
Damotech Inc.3,000 3,000 
Drive Line Service of Portland, LLC2,000  
Edge Autonomy Holdings, LLC4,000 4,000 
Exact Borrower, LLC2,500 2,500 
FS Vector LLC4,000 2,000 
Gains Intermediate, LLC2,500 2,500 
GPT Industries, LLC3,000 3,000 
GrammaTech, Inc.1,000 2,500 
Gulf Pacific Acquisition, LLC303 555 
HH-Inspire Acquisition, Inc.346 46 
Ignite Visibility LLC2,000 2,000 
Institutes of Health, LLC1,000 1,000 
ISI Enterprises, LLC2,000 2,000 
Island Pump and Tank, LLC3,479 1,500 
ITA Holdings Group, LLC 1,058 
LEHR Upfitters, LLC2,623  
LGM Pharma LLC1,500 1,500 
95

Table of Contents
December 31,March 31,
Portfolio Company20242024
Lighting Retrofit International, LLC1,354 1,354 
Lightning Intermediate II, LLC1,852 1,852 
LKC Technologies, Inc.2,000 2,000 
Mako Steel LP1,887 1,887 
Mammoth BorrowCo, Inc.2,500 1,950 
Microbe Formulas LLC1,627 1,627 
Mid-Florida Endodontics Management Company, LLC3,000  
Musiker Discovery Programs, Inc.3,000  
NeuroPsychiatric Hospitals, LLC2,000  
New Skinny Mixes, LLC4,000 3,500 
NinjaTrader, Inc.2,500 2,500 
Opco Borrower, LLC 833 
Outerbox, LLC 2,000 
Pipeline Technique Ltd.944 2,278 
Pool Service Holdings, LLC2,000  
Red Dog Operations Holding Company LLC2,000  
Revo Brands, Inc.5,400 7,000 
Roseland Management, LLC2,000 2,000 
RTIC Subsidiary Holdings LLC 301 
ServerLIFT, LLC5,000  
South Coast Terminals LLC 1,935 
Spotlight AR, LLC2,000 2,000 
Superior Health Parent LLC2,000  
Swensons Drive-In Restaurants, LLC1,500 1,500 
The Gobel Group, LLC1,000  
TMT BHC Buyer, Inc.4,717 4,717 
Tru Fragrance & Beauty LLC4,000 3,900 
Versicare Management LLC 2,500 
Wall Street Prep, Inc.1,000 1,000 
Well-Foam, Inc.4,500 4,500 
Winter Services Operations, LLC2,267 3,111 
Zenfolio Inc.1,500 1,000 
Total Revolving Loans125,518 112,404 
Delayed Draw Term Loans
AAC New Holdco Inc.117  
Air Conditioning Specialist Inc.3,229 750 
BP Loenbro Holdings Inc.1,101 1,101 
Central Medical Supply LLC1,400 1,400 
CityVet, Inc. 5,000 
Crafty Apes. LLC924  
Cumbria Capital MSO, LLC1,050  
Exact Borrower, LLC4,000  
96

Table of Contents
December 31,March 31,
Portfolio Company20242024
Gulf Pacific Acquisition, LLC 1,212 
Ignite Visibility LLC 2,000 
ITA Holdings Group, LLC 854 
LEHR Upfitters, LLC5,247  
Mammoth BorrowCo, Inc. 1,325 
Mid-Florida Endodontics Management Company, LLC10,000  
Musiker Discovery Programs, Inc.7,500  
New Skinny Mixes, LLC 3,000 
One Group, LLC545545 
Pool Service Holdings, LLC9,400 5,000 
Superior Health Parent LLC10,000  
SureKap, LLC7,222  
TMT BHC Buyer, Inc.5,000 5,000 
Total Delayed Draw Term Loans66,735 27,187 
Other
Broad Sky Networks, LLC 57  
Total Other57  
Total Unfunded Debt Commitments$192,310 $139,591 

The following table provides additional information regarding the expiration year of the Company’s unfunded debt commitments (amounts in thousands):
December 31, 2024March 31, 2024
Unfunded Debt Commitments
Expiring during:
2025$5,117 $26,462 
202632,484 8,242 
202763,464 31,417 
202818,220 31,021 
202944,319 42,449 
203026,706  
20312,000  
Total Unfunded Debt Commitments$192,310 $139,591 

The balances of unfunded equity commitments as of December 31, 2024 and March 31, 2024 were as follows (amounts in thousands):

December 31, 2024March 31, 2024
Unfunded Equity Commitments
Catbird NYC, LLC$125 $125 
Infolinks Media Buyco, LLC411 412 
Total Unfunded Equity Commitments$536 $537 

As of December 31, 2024, total revolving and delayed draw loan commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 2024, the Company had $0.9 million in letters of credit issued and outstanding under these commitments on behalf of portfolio companies. For all of these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $0.4 million expire in February 2025,
97

Table of Contents
$0.3 million expire in March 2025, and $0.2 million expire in April 2025. As of December 31, 2024, none of the letters of credit issued and outstanding were recorded as a liability on the Company's balance sheet as such letters of credit are considered in the valuation of the investments in the portfolio company.

In March 2021, the Company executed an agreement to lease office space that commenced on February 1, 2022 and expires September 30, 2035, including the three-year extension pursuant to the amendment described below. The Company identified the foregoing as an operating lease. ASC 842 indicates that an ROU asset and lease liability should be recorded based on the effective date. As such, CSWC recorded an ROU asset, which is included in "Other assets" on the Consolidated Statements of Assets and Liabilities, and a lease liability, which is included in "Other liabilities" on the Consolidated Statements of Assets and Liabilities, as of February 1, 2022. The Company has recorded lease expense on a straight-line basis.

In December 2023, the Company executed an agreement to lease additional office space, which commenced on October 1, 2024 and expires on September 30, 2035. The additional office space is approximately 7,100 square feet. This is an amendment of the Company's current lease, which is classified as an operating lease.

Total lease expense incurred for each of the three months ended December 31, 2024 and 2023 was $0.1 million. Total lease expense incurred for the nine months ended December 31, 2024 and 2023 was $0.3 million and $0.2 million, respectively. As of December 31, 2024 and March 31, 2024, the asset related to the operating lease was $4.0 million and $2.4 million, respectively, and as of December 31, 2024 and March 31, 2024, the lease liability was $5.5 million and $3.2 million, respectively. As of December 31, 2024, the remaining lease term was 10.8 years and the discount rate was 6.61%.

The following table shows future minimum payments under the Company's operating leases as of December 31, 2024 (in thousands):

Year ending March 31, Rent Commitment
2025$172 
2026697 
2027715 
2028733 
2029752 
Thereafter5,759 
Total$8,828 

Contingencies

We 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. To our knowledge, we have no currently pending material legal proceedings to which we are party or to which any of our assets are subject.

12.    RELATED PARTY TRANSACTIONS

As a BDC, we are obligated under the 1940 Act to make available to our portfolio companies significant managerial assistance. “Making available significant managerial assistance” refers to any arrangement whereby we offer to provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We also are deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us will vary according to the particular needs of each portfolio company. During each of the three and nine months ended December 31, 2024 and 2023, we did not receive any management fees from our portfolio companies.

During the quarter ended March 31, 2024, the board of managers of I-45 SLF approved the dissolution and liquidation of I-45 SLF and the wind up of its affairs, including distributing all of the assets of I-45 SLF to the Company and Main Street Capital Corporation in accordance with their respective residual percentage. In connection with the paydown of I-45 SLF's credit facility, the members of I-45 SLF made additional capital commitments totaling $47.0 million, of which $37.6 million was contributed by the Company. On January 24, 2024, I-45 SLF paid down the full outstanding balance and terminated its credit facility.

98

Table of Contents
In connection with the liquidation of I-45 SLF, the Company received return of capital distributions totaling $13.6 million, of which $0.8 million was receivable as of March 31, 2024. During the six months ended September 30, 2024, the remaining $0.8 million return of capital distributions were received by the Company. During the three months ended June 30, 2024 and March 31, 2024, the Company received $6.4 million and $72.5 million, respectively, of distributions-in-kind of investment assets for a total of $78.9 million. For the nine months ended December 31, 2024, the Company recognized a realized loss totaling $0.3 million relating to the dissolution of I-45 SLF.
99

Table of Contents
13.    SUMMARY OF PER SHARE INFORMATION

The following presents a summary of per share data for the nine months ended December 31, 2024 and 2023 (share amounts presented in thousands).
Nine Months Ended
December 31,
Per Share Data:20242023
Investment income1
$3.23 $3.33 
Operating expenses1
(1.27)(1.28)
Income taxes1
(0.04)(0.01)
Net investment income1
1.92 2.04 
Net realized (loss) gain, net of tax1
(0.47)(0.51)
Net unrealized (depreciation) appreciation on investments, net of tax1
(0.31)0.25 
Realized loss on extinguishment of debt1
(0.01)(0.01)
Total increase from investment operations1.13 1.77 
Accretive effect of share issuances and repurchases0.64 0.56 
Dividends to shareholders(1.90)(1.84)
Issuance of restricted stock2
(0.14)(0.13)
Common stock withheld for payroll taxes upon vesting of restricted stock(0.07)(0.05)
Share based compensation expense0.09 0.08 
Other3
0.07 0.01 
(Decrease) increase in net asset value(0.18)0.40 
Net asset value
Beginning of period16.77 16.37 
End of period$16.59 $16.77 
Ratios and Supplemental Data
Ratio of operating expenses to average net assets4
10.09 %10.19 %
Ratio of operating expenses (excluding interest expense) to average net assets4
3.41 %3.81 %
Ratio of net investment income to average net assets4
15.17 %16.25 %
Portfolio turnover14.97 %12.23 %
Total investment return5
(5.73)%44.44 %
Total return based on change in NAV6
10.26 %13.68 %
Per share market value at the end of the period$21.82 $23.70 
Weighted-average basic shares outstanding47,080 39,611 
Weighted-average diluted shares outstanding49,022 39,611 
Common shares outstanding at end of period50,051 42,981 

1Based on weighted average of common shares outstanding for the period.
2Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period.
3Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. The balance increases with the increase in variability of shares outstanding throughout the year due to share issuance and repurchase activity.
4The ratios reflect an annualized amount.
5Total investment return based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by CSWC’s dividend reinvestment plan during the period. As such, the total investment return is not annualized. The return does not reflect any sales load that may be paid by an investor.
6Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to shareholders and other non-operating changes during the period, as divided by the beginning NAV, and has not been annualized.

100

Table of Contents
14.    SUBSEQUENT EVENTS

On January 29, 2025, the Board of Directors declared a total dividend of $0.64 per share, comprised of a regular dividend of $0.58 and a supplemental dividend of $0.06, for the quarter ending March 31, 2025. The record date for the dividend is March 14, 2025. The payment date for the dividend is March 31, 2025.



101

Table of Contents
SCHEDULE 12-14
Schedule of Investments in and Advances to Affiliates
(In thousands)

Portfolio CompanyType of Investment (1)Industry December 31, 2024 Principal Amount - Debt InvestmentsAmount of Interest or Dividends Credited in Income (2)Fair Value at March 31, 2024Gross Additions (3)Gross Reductions (4)Amount of Realized Gain/(Loss) (5)Amount of Unrealized Gain/(Loss)Fair Value at December 31, 2024
Control Investments
Brandner Design, LLCRevolving LoanBuilding & Infrastructure Products$ $6 $ $(13)$ $ $13 $ 
First Lien8,750 969  8,632   83 8,715 
27,000 Class A Units
      312 312 
Total Control Investments$8,750 $975 $ $8,619 $ $ $408 $9,027 
Affiliate Investments
Air Conditioning Specialist, Inc.Revolving LoanConsumer Services$ $73 $825 $(1)$(825)$ $1 $ 
First Lien21,130 2,392 24,407 8,229 (11,537)84 (138)21,045 
Delayed Draw Term Loan2,944 51  3,702 (757) (12)2,933 
1,006,045.85 Preferred Units
  3,319    338 3,657 
ArborWorks, LLCRevolving LoanEnvironmental Services853 188 1,569 178 (894)  853 
First Lien3,419 294 3,123 296    3,419 
100 Class A Units
  5    (1)4 
13,898.32 Class A-1 Preferred Units
  3,170    (759)2,411 
13,898.32 Class B-1 Preferred Units
        
1,666.67 Class A-1 Common Units
        
Catbird NYC, LLCRevolving LoanSpecialty Retail 92  2,012 (2,000) (12) 
First Lien14,800 1,440 15,100 49 (300) (49)14,800 
1,000,000 Class A Units
 9 1,781    (147)1,634 
500,000 Class B Units
 4 757    (45)712 
102

Table of Contents
Portfolio CompanyType of Investment (1)Industry December 31, 2024 Principal Amount - Debt InvestmentsAmount of Interest or Dividends Credited in Income (2)Fair Value at March 31, 2024Gross Additions (3)Gross Reductions (4)Amount of Realized Gain/(Loss) (5)Amount of Unrealized Gain/(Loss)Fair Value at December 31, 2024
Central Medical Supply LLCRevolving LoanHealthcare Equipment & Supplies1,450 120 700 742   5 1,447 
First Lien16,290 1,060 7,540 8,723   (5)16,258 
Delayed Draw Term Loan101 20 101 4   (5)100 
2,620,670 Preferred Units
  1,360    1,803 3,163 
Command Group Acquisition, LLCFirst LienHealthcare Equipment & Supplies6,000 613 5,882 13   (177)5,718 
1,250,000 Preferred Units
  1,250    (390)860 
Crafty Apes, LLCFirst LienMovies & Entertainment3,729 55  3,554    3,554 
Delayed Draw Term Loan        
1,519.07 Class A Common Units
   4,730    4,730 
Dynamic Communities, LLCFirst Lien - Term Loan ABusiness Services4,634 377 4,249 387   (2)4,634 
First Lien - Term Loan B4,824 456 4,359 465    4,824 
250,000 Class A Preferred units
  317     317 
5,435,211.03 Class B Preferred units
        
255,984.22 Class C Preferred units
        
2,500,000 Common units
        
GPT Industries, LLCRevolving LoanIndustrial Products 20  9   (9) 
First lien5,900 596 6,004 16 (104) (16)5,900 
1,000,000 Class A Preferred Units
  2,064    523 2,587 
GrammaTech, Inc.Revolving LoanSoftware & IT Services (2) (3)  3  
First Lien750 109 1,000 2 (250) (2)750 
1,000 Class A units
        
360.06 Class A-1 units
        
103

Table of Contents
Portfolio CompanyType of Investment (1)Industry December 31, 2024 Principal Amount - Debt InvestmentsAmount of Interest or Dividends Credited in Income (2)Fair Value at March 31, 2024Gross Additions (3)Gross Reductions (4)Amount of Realized Gain/(Loss) (5)Amount of Unrealized Gain/(Loss)Fair Value at December 31, 2024
ITA Holdings Group, LLCRevolving LoanTransportation & Logistics3,525 450 2,468 1,762 (705)  3,525 
First Lien - Term Loan13,336 1,805 13,038 635   (337)13,336 
First Lien - Term Loan B13,336 1,999 13,038 627   (329)13,336 
Delayed Draw Term Loan - A1,484 143 1,058 424   2 1,484 
Delayed Draw Term Loan - B1,484 163 1,058 424   2 1,484 
Warrants  4,005    4,870 8,875 
Warrants  3,869    6,240 10,109 
9.25% Class A membership interest
 38 2,374    5,223 7,597 
Lighting Retrofit International, LLC (DBA Envocore)Revolving LoanEnvironmental Services729 47 714 469 (469) (13)701 
First Lien5,052 291 4,984  (39) (90)4,855 
Second Lien5,208  4,917    (1,115)3,802 
208,333.3333 Series A Preferred units
        
203,124.9999 Common units
        
Outerbox, LLCRevolving LoanMedia & Marketing 2  1  18 (19) 
First Lien 350 14,522 8 (14,625)149 (54) 
11,008.6744 Class A common units
  581  (581)   
Pool Service Partners, Inc.Revolving LoanConsumer Services 26 980 (6)(1,000) 26  
First Lien5,000 457 4,900 12   (147)4,765 
Delayed Draw Term Loan3,100 206 588 2,454   (88)2,954 
10,000 Common units
  1,384    (790)594 
Red Dog Operations Holding Company LLCRevolving LoanConsumer Services 2  (19)  19  
First Lien7,500 109  7,426    7,426 
1,000 Class A Preferred Units
   1,000    1,000 
104

Table of Contents
Portfolio CompanyType of Investment (1)Industry December 31, 2024 Principal Amount - Debt InvestmentsAmount of Interest or Dividends Credited in Income (2)Fair Value at March 31, 2024Gross Additions (3)Gross Reductions (4)Amount of Realized Gain/(Loss) (5)Amount of Unrealized Gain/(Loss)Fair Value at December 31, 2024
Roseland Management, LLCRevolving LoanHealthcare Services 3  (5)  5  
First Lien14,797 1,402 14,906 17 (109) (17)14,797 
3,364 Class A-2 Units
  762    40 802 
1,100 Class A-1 units
  183    13 196 
16,084 Class A units
  747    194 941 
Sonobi, Inc.
500,000 Class A Common units
Media & Marketing  1,958    (1,958) 
STATinMED, LLCFirst LienPharmaceuticals, Biotechnology & Life Sciences7,560  4,914    (4,914) 
4,718.62 Class A Preferred Units
        
39,097.96 Class B Preferred Units
        
Student Resource Center LLCFirst LienEducation9,644  3,376    385 3,761 
355,555.56 Senior Preferred units
   356   (356) 
10,502,487.46 Preferred units
        
2,000,000 Preferred units
        
TalkNY Management Holdings, LLCFirst LienHealthcare Services7,500 514  7,397   (85)7,312 
1,500,000 Class A-1 Preferred Units
   1,500   (418)1,082 
Total Affiliate Investments$186,079 $15,974 $190,206 $57,589 $(34,195)$251 $7,193 $221,044 
Total Control & Affiliate Investments$194,829 $16,949 $190,206 $66,208 $(34,195)$251 $7,601 $230,071 
(1)The principal amount and ownership detail as shown in the Consolidated Schedules of Investments.
(2)Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively.
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category.
(5)The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited.

105

Table of Contents
Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

The information contained herein may contain “forward-looking statements” based on our current expectations, assumptions and estimates about us and our industry. These forward-looking statements involve risks and uncertainties. Words such as “may,” “predict,” “will,” “continue,” “likely,” “would,” “could,” “should,” “expect,” “anticipate,” “potential,” “estimate,” “indicate,” “seek,” “believe,” “target,” “intend,” “plan,” or “project” and other similar expressions identify forward-looking statements. These risks include risks related to changes in the markets in which the Company invests; changes in the financial and lending markets; interest rate volatility; the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy; the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest; the impact of geopolitical conditions and its impact on financial market volatility, global economic markets and various sectors and industries; regulatory changes; changes in tax treatment; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; and our ability to operate our wholly owned subsidiary, Capital Southwest SBIC I, LP, as a small business investment company. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results could differ materially from those we express in the forward-looking statements as a result of several factors more fully described in “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and in this Quarterly Report on Form 10-Q. The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. You should read the following discussion in conjunction with the consolidated financial statements and related footnotes and other financial information included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. We undertake no obligation to update publicly any forward-looking statements for any reason, whether as a result of new information, future events or otherwise, except as required by law.

OVERVIEW

We are an internally managed closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We specialize in providing customized debt and equity financing to LMM companies in a broad range of investment segments located primarily in the United States. Our investment objective is to produce attractive risk-adjusted returns by generating current income from our debt investments and capital appreciation from our equity and equity related investments. Our investment strategy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. We invest primarily in senior debt securities, secured by security interests in portfolio company assets. We also may invest in equity interests in our portfolio companies alongside our debt securities.

We focus on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. We primarily target senior debt and equity investments in LMM companies. Our target companies typically have annual EBITDA between $3.0 million and $25.0 million, and our investments generally range in size from $5.0 million to $50.0 million.

We seek to fill the financing gap for LMM companies, which, historically, have had more limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM creates the opportunity for us to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participations. Our ability to invest across a LMM company’s capital structure, from secured loans to equity securities, allows us to offer portfolio companies a comprehensive suite of financing options. Providing customized financing solutions is important to LMM companies. We generally seek to partner directly with financial sponsors, entrepreneurs, management teams and business owners in making our investments. Our LMM debt investments typically include senior loans with a first lien on the assets of the portfolio company. Our LMM debt investments typically have a term of up to five years from the original investment date. We also often seek to invest in the equity securities of our LMM portfolio companies.

Because we are internally managed, we do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing investment and portfolio management professionals. We believe that our internally managed structure provides us with a beneficial operating expense structure when compared to other publicly traded and privately held investment firms that are externally managed, and our internally managed structure allows us the opportunity to leverage our non-interest operating expenses as we grow our investment portfolio. For the nine months ended December 31,
106

Table of Contents
2024 and 2023, the ratio of our last twelve months ("LTM") operating expenses, excluding interest expense, as a percentage of our LTM average total assets was 1.61% and 1.84%, respectively.

CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES

The preparation of our consolidated financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods covered by the consolidated financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an on-going basis, we evaluate our estimates, including those related to the matters below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

Valuation of Investments

The most significant determination inherent in the preparation of our consolidated financial statements is the valuation of our investment portfolio and the related amounts of unrealized appreciation and depreciation. As of December 31, 2024 and March 31, 2024, our investment portfolio at fair value represented approximately 95.1% and 94.8% of our total assets, respectively. We are required to report our investments at fair value. We follow the provisions of ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. ASC 820 requires us to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market.  See Note 4 — Fair Value Measurements in the Notes to the Consolidated Financial Statements for a detailed discussion of our investment portfolio valuation process and procedures.

Due to the inherent uncertainty in the valuation process, our determination of fair value for our investment portfolio may differ materially from the values that would have been determined had a ready market for the securities actually existed. In addition, changes in the market environment, portfolio company performance, and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors designated a valuation committee (the "Valuation Committee") comprised of certain officers of the Company as its valuation designee to determine the fair value of the Company's investments that do not have readily available market quotations, subject to the oversight of the Board of Directors. Our Valuation Committee and the Board of Directors believe that our investment portfolio as of December 31, 2024 and March 31, 2024, respectively, reflects the fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates. 

Revenue Recognition

Interest and Dividend Income

Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of December 31, 2024, investments on non-accrual status represented approximately 2.7% of our total investment portfolio's fair value and approximately 5.2% of its cost. As of March 31, 2024, investments on non-accrual status represented approximately 2.3% of our total investment portfolio's fair value and approximately 3.9% of its cost.


107

Table of Contents
Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which was issued to enhance the transparency and decision usefulness of income tax disclosures, including an annual requirement to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. The new guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosure.

In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses," which requires additional disclosure of the nature of expenses included in the income statement in response to requests from investors for more information about an entity's expenses. The new standard requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The new guidance is effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of the new standard on the Company's consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosures.

INVESTMENT PORTFOLIO COMPOSITION

The total fair value of our investment portfolio was $1,701.3 million as of December 31, 2024, as compared to $1,476.6 million as of March 31, 2024. As of December 31, 2024, we had investments in 125 portfolio companies with an aggregate cost of $1,713.3 million. As of March 31, 2024, we had investments in 116 portfolio companies with an aggregate cost of $1,476.7 million.

As of December 31, 2024 and March 31, 2024, approximately $1,508.7 million, or 97.8%, and $1,310.0 million, or 97.4%, respectively, of our debt investment portfolio (at fair value) bore interest at floating rates, of which 99.2% and 99.1%, respectively, were subject to contractual minimum interest rates. As of December 31, 2024 and March 31, 2024, the weighted average contractual minimum interest rate is 1.46% and 1.28%, respectively. As of December 31, 2024 and March 31, 2024, approximately $33.8 million, or 2.2%, and $34.5 million, or 2.6%, respectively, of our debt investment portfolio (at fair value) bore interest at fixed rates.

The following tables provide a summary of our investments in portfolio companies as of December 31, 2024 and March 31, 2024:
December 31, 2024March 31, 2024
(dollars in thousands)
Number of portfolio companies (a)125116
Fair value$1,701,286 $1,476,561 
Cost$1,713,282 $1,476,703 
% of portfolio at fair value - debt90.7 %91.1 %
% of portfolio at fair value - equity9.3 %8.9 %
% of investments at fair value secured by first lien89.1 %88.7 %
Weighted average annual effective yield on debt investments (b)12.1 %13.3 %
Weighted average annual effective yield on total investments (c)12.1 %12.7 %
Weighted average EBITDA (d)$19,986 $22,988 
Weighted average leverage through CSWC security (e)3.6x3.6x

(a)At December 31, 2024 and March 31, 2024, we had equity ownership in approximately 61.6% and 56.0%, respectively, of our portfolio companies.
(b)The weighted average annual effective yield of debt investments is not the same as a return on investment for CSWC's shareholders, but rather relates to CSWC's investment portfolio and is calculated before the payment of all of CSWC's and subsidiaries' fees and expenses. The weighted average annual effective yields were computed using the effective interest rates during the quarter for all debt investments at cost as of December 31, 2024 and March 31, 2024, respectively, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of December 31, 2024, investments on non-accrual status represented approximately 2.7% of our total investment portfolio's fair value and approximately 5.2% of its cost. As of March 31, 2024, investments on non-accrual status represented approximately 2.3% of our total investment portfolio's fair value and approximately 3.9% of its cost. Weighted
108

Table of Contents
average annual effective yield is not a return to shareholders and is higher than what an investor in shares in our common stock will realize on its investment because it does not reflect our expenses or any sales load paid by an investor.
(c)The weighted average annual effective yield of total investments is not the same as a return on investment for CSWC's shareholders, but rather relates to CSWC's investment portfolio and is calculated before the payment of all of CSWC's and subsidiaries' fees and expenses. The weighted average annual effective yields on total investments were calculated by dividing total investment income, exclusive of non-recurring fees, by average total investments at fair value.
(d)Includes CSWC debt investments only. Weighted average EBITDA metric is calculated using investment cost basis weighting. For the three months ended December 31, 2024, 14 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. For the year ended March 31, 2024, 12 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful.
(e)Includes CSWC debt investments only. Calculated as the amount of each portfolio company’s debt (including CSWC’s position and debt senior or pari passu to CSWC’s position, but excluding debt subordinated to CSWC’s position) in the capital structure divided by each portfolio company’s adjusted EBITDA. Weighted average leverage is calculated using investment cost basis weighting. Management uses this metric as a guide to evaluate relative risk of its position in each portfolio debt investment. For the year ended December 31, 2024, 14 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful. For the year ended March 31, 2024, 12 portfolio companies are excluded from this calculation due to a reported debt to adjusted EBITDA ratio that was not meaningful.

Portfolio Asset Quality

We utilize an internally developed investment rating system to rate the performance and monitor the expected level of returns for each debt investment in our portfolio. The investment rating system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein, including each investment's expected level of returns and the collectability of our debt investments, comparisons to competitors and other industry participants and the portfolio company's future outlook. The ratings are not intended to reflect the performance or expected level of returns of our equity investments.

Investment Rating 1 represents the least amount of risk in our portfolio. The investment is performing materially above underwriting expectations and the trends and risk factors are generally favorable. The investment generally has a higher probability of being prepaid in part or in full.
Investment Rating 2 indicates the investment is performing as expected at the time of underwriting and the trends and risk factors are generally favorable to neutral. All new loans are initially rated 2.
Investment Rating 3 involves an investment performing below underwriting expectations and the trends and risk factors are generally neutral to negative. The investment may be out of compliance with financial covenants and interest payments may be impaired, however principal payments are generally not past due.
Investment Rating 4 indicates that the investment is performing materially below underwriting expectations, the trends and risk factors are generally negative and the risk of the investment has increased substantially. Interest and principal payments on our investment are likely to be impaired.

We continue to observe supply chain disruptions, labor and resource shortages, commodity inflation, elements of financial market instability (including elevated interest rates and volatility in the banking systems, particularly with small and regional banks), an uncertain economic outlook for the United States (which may include a recession), and elements of geopolitical instability (including the ongoing war in Ukraine, conflict in the Middle East, and U.S. and China relations). In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities, and we have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.

The following table shows the distribution of our debt portfolio investments on the 1 to 4 investment rating scale at fair value as of December 31, 2024 and March 31, 2024:
109

Table of Contents
As of December 31, 2024
Investment RatingDebt Investments at Fair ValuePercentage of Debt Portfolio
(dollars in thousands)
1$414,008 26.9 %
21,047,886 67.9 
378,669 5.1 
41,961 0.1 
Total$1,542,524 100.0 %
As of March 31, 2024
Investment RatingDebt Investments at Fair ValuePercentage of Debt Portfolio
(dollars in thousands)
1$197,212 14.7 %
21,075,717 80.0 
368,690 5.1 
42,940 0.2 
Total$1,344,559 100.0 %

Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due.

As of December 31, 2024, investments on non-accrual status represented approximately 2.7% of our total investment portfolio's fair value and approximately 5.2% of its cost. As of March 31, 2024, investments on non-accrual status represented approximately 2.3% of our total investment portfolio's fair value and approximately 3.9% of its cost.

Investment Activity

During the nine months ended December 31, 2024, we made debt investments totaling $420.3 million and equity investments totaling $9.1 million. We received contractual principal repayments totaling approximately $40.8 million and full prepayments of approximately $131.1 million. We funded $37.5 million on revolving loans and received $29.6 million in repayments on revolving loans. In addition, we received proceeds from sales of debt investments totaling $27.3 million.

During the nine months ended December 31, 2023, we made debt investments totaling $276.8 million and equity investments totaling $13.6 million. We received contractual principal repayments totaling approximately $42.6 million and full prepayments of approximately $79.7 million. We funded $27.4 million on revolving loans and received $20.1 million in repayments on revolving loans. In addition, we received proceeds from sales of debt and equity investments totaling $18.0 million.
110

Table of Contents
Total portfolio investment activity for the nine months ended December 31, 2024 and 2023 was as follows (dollars in thousands):
Nine months ended December 31, 2024First Lien LoansSecond Lien LoansSubordinated DebtPreferred
& Common Equity
Total
Fair value, beginning of period$1,309,449 $33,774 $1,336 $132,002 $1,476,561 
New investments457,705 — 57 9,131 466,893 
Proceeds from sales of investments(27,308)— — — (27,308)
Principal repayments received(197,759)(3,629)(75)— (201,463)
Distributions-in-kind1
4,115 — — 2,294 6,409 
Conversion/exchange of security(4,730)(1,062)(153)5,945 — 
PIK interest earned8,720 70 14 — 8,804 
Accretion of loan discounts4,713 18 — — 4,731 
Realized (loss) gain(12,509)(8,978)— — (21,487)
Unrealized gain (loss)(27,254)5,967 43 9,390 (11,854)
Fair value, end of period$1,515,142 $26,160 $1,222 $158,762 $1,701,286 
1In connection with the dissolution and liquidation of I-45 SLF LLC ("I-45 SLF"), the joint venture between CSWC and Main Street Capital Corporation, the Company received distributions-in-kind of investments of $6.4 million.

Nine months ended December 31, 2023First Lien LoansSecond Lien LoansSubordinated DebtPreferred
& Common Equity
I-45 SLF LLCTotal
Fair value, beginning of period$1,000,984 $35,820 $791 $117,537 $51,256 $1,206,388 
New investments304,210 — — 13,643 — 317,853 
Proceeds from sales of investments(13,875)— — (4,131)— (18,006)
Principal repayments received(139,778)(2,596)(20)— — (142,394)
Conversion of security2
(6,961)— — 6,961 — — 
PIK interest earned7,925 214 25 — — 8,164 
Accretion of loan discounts3,724 187 — — — 3,911 
Realized (loss) gain(17,917)— (1,859)— (19,773)
Unrealized (loss) gain8,043 986 (28)(3,051)2,944 8,894 
Fair value, end of period$1,146,355 $34,614 $768 $129,100 $54,200 $1,365,037 
2Includes $3.8 million of cost basis allocated from first lien debt to warrants.
111

Table of Contents
RESULTS OF OPERATIONS

The composite measure of our financial performance in the Consolidated Statements of Operations is captioned “Net increase in net assets from operations” and consists of four elements. The first is “Net investment income,” which is the difference between income from interest, dividends and fees and our combined operating and interest expenses, net of applicable income taxes. The second element is “Net realized (loss) gain on investments, net of tax,” which is the difference between the proceeds received from the disposition of portfolio securities and their stated cost. The third element is the “Net unrealized (depreciation) appreciation on investments, net of tax,” which is the net change in the market or fair value of our investment portfolio, compared with the stated cost. The “Net realized (loss) gain on investments before income tax” and “Net unrealized appreciation (depreciation) on investments, net of tax” are directly related in that when an appreciated portfolio security is sold to realize a gain, a corresponding decrease in net unrealized appreciation occurs by transferring the gain associated with the transaction from being “unrealized” to being “realized.” Conversely, when a loss is realized on a depreciated portfolio security, an increase in net unrealized appreciation occurs. The fourth element is the “Realized loss on extinguishment of debt”, which is the acceleration of unamortized deferred fees associated with amendments to the Corporate Credit Facility that trigger a debt extinguishment or, with respect to the full redemption of the January 2026 Notes, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs.

Comparison of three months ended December 31, 2024 and December 31, 2023
Three Months Ended
December 31,Net Change
20242023Amount%
(in thousands)
Total investment income$51,973 $48,566 $3,407 7.0 %
Interest expense14,717 11,473 3,244 28.3 %
Other operating expenses6,573 7,327 (754)(10.3)%
Income before taxes30,683 29,766 917 3.1 %
Income tax provision (benefit)367 907 (540)59.5 %
Net investment income30,316 28,859 1,457 5.0 %
Net realized (loss) gain on investments, net of tax(12,805)(7,842)(4,963)63.3 %
Net unrealized (depreciation) appreciation on investments, net of tax(847)2,467 (3,314)134.3 %
Realized loss on extinguishment of debt387 — 387 100.0 %
Realized loss on disposal of fixed assets— 100.0 %
Net increase in net assets from operations$16,268 $23,484 $(7,216)(30.7)%

Investment Income

Total investment income for the three months ended December 31, 2024 was approximately $52.0 million, a $3.4 million, or 7.0%, increase as compared to the three months ended December 31, 2023. Investment income primarily consists of interest income, dividend income, fee income and other income for each applicable period.

The following table summarizes the components of investment income for the three months ended December 31, 2024 and 2023:
Three Months Ended December 31,
20242023
Interest income$41,248 $36,550 
PIK interest income3,246 4,073 
Amortization of purchase discounts and fees1,641 1,291 
Dividend income586 4,672 
Fee income4,204 1,787 
Other investment income1,048 193 
Total investment income$51,973 $48,566 

112

Table of Contents
Interest income (including PIK interest income and amortization of purchase discounts and fees) for the three months ended December 31, 2024 totaled $46.1 million as compared to $41.9 million for the three months ended December 31, 2023. The increase was primarily due to a 24.6% increase in the average monthly cost basis of debt investments held by us from $1,210.4 million to $1,508.0 million year-over-year, partially offset by a decrease in the weighted average yield on debt investments from 13.5% to 12.1% year-over-year. Dividend income for the three months ended December 31, 2024 decreased $4.1 million as compared to the three months ended December 31, 2023 primarily due to the liquidation of I-45 SLF during the quarter ended March 31, 2024 and a non-recurring dividend received during the quarter ended December 31, 2023. Fee income for the three months ended December 31, 2024 increased $2.4 million as compared to the three months ended December 31, 2023 primarily due to an increase in amendment and other fees in the current quarter. Other income for the three months ended December 31, 2024 increased $0.9 million as compared to the three months ended December 31, 2023 primarily due to an increase in interest income on cash balances held.

Operating Expenses

Due to the nature of our business, the majority of our operating expenses are related to interest and fees on our borrowings, employee compensation (including both cash and share-based compensation) and general and administrative expenses.

Interest and Fees on our Borrowings

For the three months ended December 31, 2024, our total interest expense was $14.7 million, an increase of $3.2 million, as compared to the total interest expense of $11.5 million for the three months ended December 31, 2023. The increase was primarily attributable to an increase in average borrowings outstanding, partially offset by a decrease in the weighted average interest rate on our total debt from 5.60% to 5.49% for the three months ended December 31, 2023 and December 31, 2024, respectively. This decrease in the weighted average interest rate on our total debt was primarily due to the issuance of the 2029 Convertible Notes.

Salaries, General and Administrative Expenses

For the three months ended December 31, 2024, our total employee compensation expense (including both cash and share-based compensation) decreased by $1.2 million, or 23.0%, as compared to the total employee compensation expense for the three months ended December 31, 2023. The decrease was primarily due to a decrease in accrued bonus compensation based on the Company's projected performance compared to its plan. For the three months ended December 31, 2024, our total general and administrative expense was $2.6 million, an increase of $0.4 million or 19.0%, as compared to the total general and administrative expense of $2.2 million for the three months ended December 31, 2023. The increase was primarily attributable to individually immaterial increases across various professional fees, as well as the write off of deferred offering costs related to our previous shelf registration statement during the current quarter.

Net Investment Income

For the three months ended December 31, 2024, income before taxes increased by $0.9 million, or 3.1%. Net investment income increased from the prior year period by $1.5 million, or 5.0%, to $30.3 million as a result of a $3.4 million increase in total investment income and a $0.5 million decrease in income tax provision, partially offset by a $3.2 million increase in interest expense.

Net Realized Gains (Losses) on Investments

The following table provides a summary of the primary components of the total net realized loss on investments of $12.8 million for the three months ended December 31, 2024:

Three Months Ended December 31, 2024
Full ExitsPartial ExitsRestructuringOtherTotal
Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)Net Gain (Loss) Net Gain (Loss)
Debt$125 $(193)$(12,737)$— $(12,805)
Equity— — — — — 
Total net realized (loss) gain$125 $(193)$(12,737)$— $(12,805)

113

Table of Contents

The following table provides a summary of the primary components of the total net realized loss on investments of $7.8 million for the three months ended December 31, 2023:

Three Months Ended December 31, 2023
Full ExitsPartial ExitsRestructuringOther (1)Total
Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)
Debt$1,008 $244 $(9,054)$94 $(7,708)
Equity(44)— — (90)(134)
Total net realized (loss) gain$964 $244 $(9,054)$$(7,842)
(1)Included in "Other" is a $7.0 thousand income tax provision related to realized gains on equity investments, as well as realized gains and losses from transactions, which are not considered to be significant individually or in the aggregate.

Net Unrealized Gains (Losses) on Investments

The following table provides a summary of the total net unrealized depreciation on investments of $0.8 million for the three months ended December 31, 2024 (amounts in thousands):

Three Months Ended December 31, 2024
DebtEquityI-45 SLF LLCTotal
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to net realized losses (gains) recognized during the current period$5,797 $— $— $5,797 
Net unrealized (depreciation) appreciation relating to portfolio investments(19,018)
12,3741
— (6,644)
Total net unrealized (depreciation) appreciation on investments$(13,221)$12,374 $— $(847)
1Includes a deferred tax provision of $3.0 million associated with the Taxable Subsidiary.

The following table provides a summary of the total net unrealized appreciation on investments of $2.5 million for the three months ended December 31, 2023 (amounts in thousands):
Three Months Ended December 31, 2023
DebtEquityI-45 SLF LLCTotal
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to net realized losses (gains) recognized during the current period$7,998 $89 $— $8,087 
Net unrealized (depreciation) appreciation relating to portfolio investments(5,870)
(529)1
779 (5,620)
Total net unrealized appreciation (depreciation) on investments$2,128 $(440)$779 $2,467 
1 Includes a deferred tax provision of $0.1 million associated with the Taxable Subsidiary.

Realized Losses on Extinguishment of Debt

During the three months ended December 31, 2024, we recognized a loss on extinguishment of debt of $0.4 million due to the full redemption of the January 2026 Notes. During the three months ended December 31, 2023, the Company did not recognize any loss on extinguishment of debt.

114

Table of Contents
Comparison of nine months ended December 31, 2024 and December 31, 2023

Nine Months Ended
December 31,Net Change
20242023Amount%
(in thousands)
Total investment income$152,033 $131,704 $20,329 15.4 %
Interest expense39,751 31,635 8,116 25.7 %
Other operating expenses20,299 18,889 1,410 7.5 %
Income before taxes91,983 81,180 10,803 13.3 %
Income tax provision (benefit)1,643 571 1,072 (187.7)%
Net investment income90,340 80,609 9,731 12.1 %
Net realized (loss) gain on investments, net of tax(22,383)(20,234)(2,149)10.6 %
Net unrealized (depreciation) appreciation on investments, net of tax(14,574)9,906 (24,480)(247.1)%
Realized loss on extinguishment of debt387 361 26 7.2 %
Realized loss on disposal of fixed assets— 100.0 %
Net increase in net assets from operations$52,987 $69,920 $(16,933)(24.2)%

Investment Income

Total investment income for the nine months ended December 31, 2024 was approximately $152.0 million, a $20.3 million, or 15.4%, increase as compared to the nine months ended December 31, 2023. Investment income primarily consists of interest income, dividend income, fee income and other income for each applicable period.

The following table summarizes the components of investment income for the years ended December 31, 2024 and 2024:

Nine Months Ended December 31,
20242023
Interest income$124,842 $106,704 
PIK interest income8,695 7,255 
Amortization of purchase discounts and fees4,732 3,911 
Dividend income3,576 9,859 
Fee income8,107 3,643 
Other investment income2,081 332 
Total investment income$152,033 $131,704 

Interest income (including PIK interest income and amortization of purchase discounts and fees) for the nine months ended December 31, 2024 totaled $138.3 million as compared to $117.9 million for the nine months ended December 31, 2023. The increase was primarily due to a 24.3% increase in the average monthly cost basis of debt investments held by us from $1,154.4 million to $1,435.1 million year-over-year, partially offset by a decrease in weighted average yield on debt investments from 13.5% to 12.1% year-over-year. Dividend income for the nine months ended December 31, 2024 decreased $6.3 million as compared to the nine months ended December 31, 2023 primarily due to the liquidation of I-45 SLF during the quarter ended March 31, 2024.

Operating Expenses

Due to the nature of our business, the majority of our operating expenses are related to interest and fees on our borrowings, employee compensation (including both cash and share-based compensation) and general and administrative expenses.


115

Table of Contents
Interest and Fees on our Borrowings

For the nine months ended December 31, 2024, our total interest expense was $39.8 million, an increase of $8.1 million, as compared to the total interest expense of $31.6 million for the nine months ended December 31, 2023. The increase was primarily attributable to an increase in average borrowings outstanding and an increase in the weighted average interest rate on our total debt from 5.40% to 5.54% for the nine months ended December 31, 2023 and December 31, 2024, respectively. The increase in the weighted average interest rate was primarily due to an increase in the base rate on the Corporate Credit Facility and the addition of the SPV Credit Facility.

Salaries, General and Administrative Expenses

For the nine months ended December 31, 2024, our total employee compensation expense (including both cash and share-based compensation) remained relatively flat as compared to the total employee compensation expense for the nine months ended December 31, 2023. For the nine months ended December 31, 2024, our total general and administrative expense was $8.1 million, an increase of $1.4 million, or 20.9%, as compared to the total general and administrative expense of $6.7 million for the nine months ended December 31, 2023. The increase was primarily attributable to an increase in professional fees incurred in connection with the compensation consultant engaged by the Compensation Committee, an increase in audit fees, an increase in rent expense due to additional office space, and the write off of deferred offering costs related to our previous shelf registration statement during the current quarter, as well as individually immaterial increases across several general operating expenses.

Net Investment Income

For the nine months ended December 31, 2024, income before taxes increased by $10.8 million, or 13.3%. Net investment income increased from the prior year period by $9.7 million, or 12.1%, to $90.3 million as a result of a $20.3 million increase in total investment income, partially offset by a $8.1 million increase in interest expense and a $1.1 million increase in income tax provision.

Net Realized Gains (Losses) on Investments

The following table provides a summary of the primary components of the total net realized loss on investments of $22.4 million for the nine months ended December 31, 2024:

Nine Months Ended December 31, 2024
Full ExitsPartial ExitsRestructuringOtherTotal
Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)
Debt$1,646 $40 $(23,748)$(57)$(22,119)
Equity— — — (264)(264)
Total net realized (loss) gain$1,646 $40 $(23,748)$(321)$(22,383)

The following table provides a summary of the primary components of the total net realized loss on investments of $20.2 million for the nine months ended December 31, 2023:

Nine Months Ended December 31, 2023
Full ExitsPartial ExitsRestructuringOther (1)Total
Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)Net Gain (Loss)
Debt$(5,019)$769 $(13,998)$117 $(18,131)
Equity1,858 — (3,615)(346)(2,103)
Total net realized (loss) gain$(3,161)$769 $(17,613)$(229)$(20,234)
(1)Included in "Other" is a $0.3 million income tax provision related to realized gains on equity investments, as well as realized gains and losses from transactions, which are not considered to be significant individually or in the aggregate.


116

Table of Contents
Net Unrealized Gains (Losses) on Investments

The following table provides a summary of the total net unrealized depreciation on investments of $14.6 million for the nine months ended December 31, 2024 (amounts in thousands):

Nine Months Ended December 31, 2024
DebtEquityI-45 SLF LLCTotal
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains) losses recognized during the current period$16,372 $— $— $16,372 
Net unrealized (depreciation) appreciation relating to portfolio investments(37,616)
6,6701
— (30,946)
Total net unrealized (depreciation) appreciation on investments$(21,244)$6,670 $— $(14,574)
1Includes a deferred tax provision of $2.7 million associated with the Taxable Subsidiary.

The following table provides a summary of the total net unrealized appreciation on investments of $9.9 million for the nine months ended December 31, 2023 (amounts in thousands):
Nine Months Ended December 31, 2023
DebtEquityI-45 SLF LLCTotal
Accounting reversals of net unrealized depreciation (appreciation) recognized in prior periods due to net realized losses (gains) recognized during the current period$18,421 $1,988 $— $20,409 
Net unrealized (depreciation) appreciation relating to portfolio investments(9,419)
(4,028)1
2,944 (10,503)
Total net unrealized appreciation (depreciation) on investments$9,002 $(2,040)$2,944 $9,906 
1 Includes a deferred tax provision of $1.0 million associated with the Taxable Subsidiary.


Realized Losses on Extinguishment of Debt

During the nine months ended December 31, 2024, we recognized a loss on extinguishment of debt of $0.4 million due to the full redemption of the January 2026 Notes. During the nine months ended December 31, 2023, we recognized a loss on extinguishment of debt of $0.4 million due to two non-extending lenders in connection with the Credit Agreement relating to the Corporate Credit Facility entered into on August 2, 2023.
117

Table of Contents
FINANCIAL LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are generated primarily from cash flows from operations, the net proceeds of public offerings of equity securities and debt securities, including debt securities convertible into common stock, advances from our credit facilities and our continued access to the debentures guaranteed by the Small Business Administration (the "SBA Debentures"). Management believes that the Company’s cash and cash equivalents, cash available from investments, and commitments under our credit facilities are adequate to meet its needs for the next twelve months. We anticipate that we will continue to fund our investment activities through existing cash and cash equivalents, cash flows generated through our ongoing operating activities, utilization of available borrowings under our credit facilities and future issuances of debt and equity on terms we believe are favorable to the Company and our shareholders (including our Equity ATM Program, as described below). Our primary uses of funds will be investments in portfolio companies and operating expenses. Due to the diverse capital sources available to us at this time, we believe we have adequate liquidity to support our near-term capital requirements. We continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This "Financial Liquidity and Capital Resources" section should be read in conjunction with the notes of our consolidated financial statements.

In accordance with the 1940 Act, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by SBIC I or any future SBIC subsidiary of the Company from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act. As of December 31, 2024, the Company’s asset coverage was 209%.

Cash Flows

For the nine months ended December 31, 2024, we experienced a net increase in cash and cash equivalents in the amount of $3.7 million. During the foregoing period, our operating activities used $158.5 million in cash, consisting primarily of new portfolio investments made by the Company of $466.9 million, partially offset by $226.9 million from sales and repayments received from debt investments in portfolio companies. In addition, our financing activities provided cash of $163.5 million, consisting primarily of net proceeds from the issuance of the 2029 Convertible Notes of $223.1 million, net proceeds from the Equity ATM Program of $111.0 million, net borrowings on our Credit Facilities of $43.0 million and net proceeds from the issuance of SBA Debentures of $21.5 million, partially offset by the full redemption of the January 2026 Notes of $140.0 million and cash dividends paid in the amount of $91.6 million. At December 31, 2024, the Company had cash and cash equivalents of approximately $36.0 million.

For the nine months ended December 31, 2023, we experienced a net increase in cash and cash equivalents in the amount of $2.0 million. During that period, our operating activities used $86.4 million in cash, consisting primarily of new portfolio investments made by the Company of $317.9 million, partially offset by $154.5 million from sales and repayments received from debt investments in portfolio companies and $4.1 million from sales and return of capital relating to our equity investments in portfolio companies. In addition, our financing activities provided cash of $88.4 million, consisting primarily of net proceeds from the issuance of the August 2028 Notes of $69.7 million, net proceeds from the Equity ATM Program of $132.9 million and net proceeds from the issuance of SBA debentures of $9.8 million, partially offset by cash dividends paid in the amount of $74.5 million and net repayments on our Corporate Credit Facility of $40.0 million. At December 31, 2023, the Company had cash and cash equivalents of approximately $23.6 million.

Capital Resources

As of December 31, 2024, we had $36.0 million in cash and cash equivalents and $376.2 million of unused capacity under the Credit Facilities that we maintain to support our investment and operating activities.

Credit Facilities

As of December 31, 2024, we had $190.0 million outstanding and $294.2 million of undrawn commitments under the Corporate Credit Facility, and $118.0 million outstanding and $82.0 million of undrawn commitments under the SPV Credit Facility. Availability under the Credit Facilities is subject to certain leverage and borrowing base limitations, various covenants, reporting requirements and other customary requirements for similar credit facilities. For more information on our Credit
118

Table of Contents
Facilities, including material terms and financial covenants, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.

Unsecured Notes

In December 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% Notes due 2026 (the "January 2026 Notes"). In February 2021, the Company issued an additional $65.0 million in aggregate principal amount of the January 2026 Notes. The outstanding aggregate principal amount of January 2026 Notes was $140.0 million as of March 31, 2024. On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding January 2026 Notes in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the quarter ended December 31, 2024.

In August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% Notes due 2026 (the "October 2026 Notes"). In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes. The outstanding aggregate principal amount of the October 2026 Notes was $150.0 million as of both December 31, 2024 and March 31, 2024.

In June 2023, the Company issued approximately $71.9 million in aggregate principal amount, including the underwriters' full exercise of their option to purchase an additional $9.4 million in aggregate principal amount to cover over-allotments, of 7.75% notes due 2028 (the "August 2028 Notes"). The outstanding aggregate principal amount of the August 2028 Notes was $71.9 million as of both December 31, 2024 and March 31, 2024.

In November 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the "2029 Convertible Notes"), including the underwriters' full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The outstanding aggregate principal amount of the 2029 Convertible Notes as of December 31, 2024 was $230.0 million.

For more information on each of the January 2026 Notes, the October 2026 Notes, the August 2028 Notes, and the 2029 Convertible Notes, including material terms, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.

SBA Debentures

On April 20, 2021, SBIC I received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. The license allows SBIC I to obtain leverage by issuing SBA Debentures, subject to the issuance of a leverage commitment by the SBA. Current SBA regulations permit SBIC I to borrow up to $175 million in SBA Debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations). As of December 31, 2024, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn. SBA Debentures have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. Interest on SBA Debentures is payable semi-annually on March 1 and September 1. The first maturity date related to the SBA Debentures occurs in September 2031.

For more information on the SBA Debentures, refer to Note 5 - Borrowings in the Notes to the Consolidated Financial Statements.

Equity Capital Activities

Equity ATM Program

On March 4, 2019, the Company established an at-the-market offering (the "Equity ATM Program") pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock having an aggregate offering price of up to $50.0 million. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100.0 million from $50.0 million and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250.0 million from $100.0 million and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the
119

Table of Contents
Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650.0 million from $250.0 million. On May 21, 2024, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $1.0 billion from $650.0 million and (ii) 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.

The following table summarizes certain information relating to shares sold under the Equity ATM Program:

Three Months Ended December 31,
20242023
Number of shares sold2,364,147 3,036,234 
Gross proceeds received (in thousands)$53,620 $66,549 
Net proceeds received (in thousands)1
$52,915 $65,551 
Weighted average price per share$22.68 $21.92 
Nine Months Ended December 31,
20242023
Number of shares sold4,702,227 6,663,692 
Gross proceeds received (in thousands)$112,540 $134,965 
Net proceeds received (in thousands)1
$110,951 $132,941 
Weighted average price per share$23.93 $20.25 

1Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold. As of December 31, 2024, no amounts remained receivable. As of December 31, 2023, 0.9 million in proceeds remained receivable and were included in other receivables in the Consolidated Statements of Assets and Liabilities.

Cumulative to date, the Company has sold 30,048,664 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.35, raising $641.4 million of gross proceeds. Net proceeds were $631.5 million after commissions to the sales agents on shares sold. As of December 31, 2024, the Company had $358.6 million available under the Equity ATM Program.

Share Repurchases

On July 28, 2021, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate price for all shares purchased under the share repurchase program equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the three and nine ended December 31, 2024 and 2023, the Company did not repurchase any shares under the share repurchase program.

OFF-BALANCE SHEET ARRANGEMENTS

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. Because commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Additionally, our commitment to fund delayed draw term loans generally is triggered upon the satisfaction of certain pre-negotiated terms and conditions, such as meeting certain financial performance hurdles or financial covenants, which may limit a borrower's ability to draw on such delayed draw term loans.

At December 31, 2024 and March 31, 2024, we had a total of approximately $192.8 million and $140.1 million, respectively, in currently unfunded commitments (as discussed in Note 11 - Commitments and Contingencies to the Consolidated Financial Statements). As of December 31, 2024, the total unfunded commitments included commitments to issue
120

Table of Contents
letters of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 2024, we had $0.9 million in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For the letters of credit issued and outstanding, we would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $0.4 million expire in February 2025, $0.3 million expire in March 2025, and $0.2 million expire in April 2025. As of December 31, 2024, none of the letters of credit issued and outstanding were recorded as a liability on the Company's balance sheet as such letters of credit are considered in the valuation of the investments in the portfolio company.

Contractual Obligations

As shown below, we had the following contractual obligations as of December 31, 2024. For information on our unfunded investment commitments, see Note 11 - Commitments and Contingencies in the Notes to Consolidated Financial Statements.
Payments Due By Period
(in thousands)
TotalLess than1-3 Years3-5 YearsMore Than
Contractual Obligations1 Year5 Years
Operating lease obligations$8,828 $692 $1,439 $1,513 $5,184 
Corporate Credit Facility190,000 — — 190,000 — 
Interest due on Corporate Credit Facility (1)49,647 13,844 27,687 8,116 — 
SPV Credit Facility118,000 — — 118,000 — 
Interest due on SPV Credit Facility (2)36,490 8,654 17,309 10,527 — 
October 2026 Notes150,000 — 150,000 — — 
Interest due on October 2026 Notes10,125 5,062 5,063 — — 
August 2028 Notes71,875 — — 71,875 — 
Interest due on August 2028 Notes20,889 5,570 11,141 4,178 — 
2029 Convertible Notes230,000 — — 230,000 — 
Interest due on 2029 Convertible Notes59,167 12,017 23,575 23,575 — 
SBA Debentures175,000 — — — 175,000 
Interest due on SBA Debentures (3)55,719 6,584 13,215 13,233 22,687 
$1,175,740 $52,423 $249,429 $671,017 $202,871 

(1)Amounts include interest payments calculated at an average rate of 7.19% of outstanding borrowings under the Corporate Credit Facility, which were $190.0 million as of December 31, 2024.
(2)Amounts include interest payments calculated at an average rate of 7.23% of outstanding borrowings under the SPV Credit Facility, which were $118.0 million as of December 31, 2024.
(3)Includes only fixed interest on pooled debt.

RECENT DEVELOPMENTS

On January 29, 2025, the Board of Directors declared a total dividend of $0.64 per share, comprised of a regular dividend of $0.58 and a supplemental dividend of $0.06, for the quarter ending March 31, 2025. The record date for the dividend is March 14, 2025. The payment date for the dividend is March 31, 2025.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest; conditions affecting the general economy; overall market changes, including an increase in market volatility; interest rate volatility, including elevated interest rates; inflationary pressures; legislative reform; and local, regional, national or geopolitical, social or economic instability.

Interest Rate Risk
121

Table of Contents

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we currently borrow, and plan to borrow in the future, to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in interest rates will not have a material adverse effect on our net investment income. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rate indices, including SOFR and Prime rates, to the extent our debt investments include floating interest rates. Our interest expenses also will be affected by changes in the published SOFR rate in connection with our Credit Facilities. The interest rates on the October 2026 Notes, the August 2028 Notes, the 2029 Convertible Notes and the SBA Debentures are fixed for the life of such debt.

In September 2024, the Federal Reserve decreased interest rates by 0.50%. Most recently, in December 2024, the Federal Reserve decreased interest rates by an additional 0.25% and has indicated it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. Additionally, there can be no assurance that the Federal Reserve will not make upwards adjustments to the federal funds rate in the future. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding decrease in the interest rate of our floating interest rate liabilities tied to SOFR. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly assess our interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of December 31, 2024, we were not a party to any hedging arrangements.

As of December 31, 2024, approximately 97.8% of our debt investment portfolio (at fair value) bore interest at floating rates, 99.2% of which were subject to contractual minimum interest rates. Our Corporate Credit Facility bears interest on a per annum basis equal to the applicable Adjusted Term SOFR rate plus 2.15%. We pay unused commitment fees of 0.50% to 1.00% per annum, based on utilization. The SPV Credit Facility bears interest at a three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility. The following table shows the approximate annualized increase or decrease in net investment income due to hypothetical base rate changes in interest rates (considering interest rate floors for variable rate instruments), assuming no changes in our investments and borrowings as of December 31, 2024.

Basis Point ChangeIncrease (decrease) in net investment income (in thousands)Increase (decrease) net investment income per share
(200 bps)$(24,005)$(0.48)
(150 bps)(18,034)(0.36)
(100 bps)(12,023)(0.24)
(50 bps)(6,011)(0.12)
50 bps6,011 0.12 

Although we believe that the foregoing analysis is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets in our portfolio. It also does not adjust for other business developments, including future borrowings that could affect the net increase in net assets resulting from operations, or net income. It also does not assume any repayments or fees from borrowers. Accordingly, no assurances can be given that actual results would not differ materially from the table above.


122

Table of Contents
Item 4.    Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the President and Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act of 1934). Based upon this evaluation, management, including our President and Chief Executive Officer and our Chief Financial Officer, concluded that our current disclosure controls and procedures are effective as of December 31, 2024.

During the three months ended December 31, 2024, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

123

Table of Contents
PART II. – OTHER INFORMATION

Item 1.    Legal Proceedings

We 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. We have no currently pending material legal proceedings to which we are party or to which any of our assets is subject.

Item 1A.    Risk Factors

Investing in our common stock involves a number of significant risks. There have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 that we filed with the SEC on May 21, 2024, other than the risk factors listed below:

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.

Holders of the 2029 Convertible Notes will have the right to require us to repurchase all or any portion of their 2029 Convertible Notes upon the occurrence of a fundamental change at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, upon conversion of the 2029 Convertible Notes, unless we elect to deliver solely shares of our common stock to settle such conversion (other than paying cash in lieu of delivering any fractional share), we will be required to make cash payments in respect of the 2029 Convertible Notes being converted. However, we may not have enough available cash or be able to obtain financing at the time we are required to make repurchases of 2029 Convertible Notes surrendered therefor or pay cash with respect to 2029 Convertible Notes being converted. In addition, our ability to repurchase the 2029 Convertible Notes or to pay cash upon conversions of the 2029 Convertible Notes may be limited by law, by regulatory authority or by agreements governing our future indebtedness. Our failure to repurchase 2029 Convertible Notes at a time when the repurchase is required by the indenture governing the 2029 Convertible Notes or to pay any cash payable on future conversions of the 2029 Convertible Notes as required by the indenture governing the 2029 Convertible Notes would constitute a default under the indenture governing the 2029 Convertible Notes. A default under the indenture governing the 2029 Convertible Notes or the fundamental change itself could also lead to a default under agreements governing our future indebtedness. If the repayment of the related indebtedness were to be accelerated after any applicable notice or grace periods, we may not have sufficient funds to repay the indebtedness and repurchase the 2029 Convertible Notes or make cash payments upon conversions thereof.

The Corporate Credit Facility may limit our ability to pay any cash amount upon the conversion or repayment of the 2029 Convertible Notes.

The Corporate Credit Facility may limit our ability to make cash payments on the conversion or repayment of the 2029 Convertible Notes if an event of default exists under the Corporate Credit Facility or if, after giving effect to such conversion or repayment (and any additional indebtedness incurred in connection with such conversion or a repayment), we would not be in pro forma compliance with our financial covenants under the Corporate Credit Facility. Any new credit facility that we may enter into may have similar restrictions. Our failure to make cash payments upon the conversion or repayment of the 2029 Convertible Notes as required under the terms of the 2029 Convertible Notes would permit holders of the 2029 Convertible Notes to accelerate our obligations under the 2029 Convertible Notes.

Redemption may adversely affect the return on the 2029 Convertible Notes.

We may not redeem the 2029 Convertible Notes prior to November 20, 2027. We may redeem for cash all or any portion of the 2029 Convertible Notes (subject to a partial redemption limitation), at our option, on a redemption date on or after November 20, 2027 and on or before the 45th scheduled trading day immediately prior to the maturity date if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2029 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. As a result, we may choose to redeem some or all of the 2029 Convertible Notes, including at
124

Table of Contents
times when prevailing interest rates are relatively low. Despite the partial redemption limitation, a redemption of less than all of the outstanding 2029 Convertible Notes will likely harm the liquidity of the market for the unredeemed 2029 Convertible Notes following the redemption.

Conversion of the 2029 Convertible Notes may dilute the ownership interest of our stockholders or may otherwise depress the price of our common stock.

The conversion of some or all of the 2029 Convertible Notes may dilute the ownership interests of our stockholders. Upon conversion of the 2029 Convertible Notes, we have the option to pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock. If we elect to settle our conversion obligation in shares of our common stock or a combination of cash and shares of our common stock, any sales in the public market of our common stock issuable upon such conversion could adversely affect prevailing market prices of our common stock. In addition, the existence of the 2029 Convertible Notes may encourage short selling by market participants because the conversion of the 2029 Convertible Notes could be used to satisfy short positions, or anticipated conversion of the 2029 Convertible Notes into shares of our common stock could depress the price of our common stock.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

On July 28, 2021, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021 the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate price for all shares purchased under the share repurchase program equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the three months ended December 31, 2024, the Company did not repurchase any shares under the share repurchase program.
Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not applicable.

Item 5.    Other Information.

(a)     None.

(b)    None.

(c)    For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.



125

Table of Contents
Item 6.     Exhibits
Exhibit No.Description
126

Table of Contents
101.INSInline XBRL Instance Document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*    Filed herewith.
^    The certifications, attached as Exhibits 32.1 and 32.2 accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, shall not be deemed “filed” by the registrant for purposes of Section 18 of the Exchange Act, and are not to be incorporated by reference into any of the registrant’s filings under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in any such filing.
127

Table of Contents
SIGNATURES

Pursuant to the requirements the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CAPITAL SOUTHWEST CORPORATION
February 4, 2025By:/s/ Bowen S. Diehl
DateBowen S. Diehl
President and Chief Executive Officer
February 4, 2025By:/s/ Michael S. Sarner
DateMichael S. Sarner
Chief Financial Officer, Secretary and Treasurer


128