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INVESTMENTS (Tables)
6 Months Ended
Sep. 30, 2022
Schedule of Investments [Abstract]  
Schedule of Investments
The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2022 and March 31, 2022:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2022:
First lien loans1,2
$852,555 80.7 %179.2 %$867,644 81.5 %
Second lien loans2
50,437 4.8 10.6 55,937 5.3 
Subordinated debt3
459 0.0 0.1 1,051 0.1 
Preferred equity52,770 5.0 11.1 34,641 3.3 
Common equity & warrants49,813 4.7 10.5 29,371 2.7 
I-45 SLF LLC4
50,897 4.8 10.7 76,000 7.1 
$1,056,931 100.0 %222.2 %$1,064,644 100.0 %
March 31, 2022:
First lien loans1,2
$739,872 79.0 %175.8 %$745,290 79.4 %
Second lien loans2
52,645 5.6 12.5 55,976 6.0 
Subordinated debt3
1,317 0.1 0.3 994 0.1 
Preferred equity44,663 4.8 10.6 25,544 2.7 
Common equity & warrants40,514 4.3 9.6 34,499 3.7 
I-45 SLF LLC4
57,603 6.2 13.7 76,000 8.1 
$936,614 100.0 %222.5 %$938,303 100.0 %

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 September 30, 2022 and March 31, 2022, the fair value of the first lien last out loans are $46.5 million and $38.6 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 September 30, 2022 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $37.3 million and $36.4 million, respectively. As of September 30, 2022 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $33.5 million and $33.9 million, respectively.
3Included in subordinated debt are unsecured convertible notes with a fair value of $0.5 million and $0.7 million as of September 30, 2022 and March 31, 2022, respectively.
4I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion.
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 September 30, 2022 and March 31, 2022:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2022:
Media, Marketing & Entertainment$117,181 11.1 %24.6 %$106,654 10.0 %
Healthcare Services110,388 10.4 23.2 117,493 11.0 
Business Services108,172 10.3 22.8 111,381 10.5 
Consumer Products & Retail89,035 8.4 18.7 86,863 8.1 
Consumer Services79,105 7.5 16.6 78,469 7.4 
Healthcare Products67,572 6.4 14.2 68,855 6.5 
Food, Agriculture & Beverage52,064 4.9 11.0 50,547 4.7 
I-45 SLF LLC1
50,897 4.8 10.7 76,000 7.1 
Technology Products & Components49,553 4.7 10.4 31,861 3.0 
Financial Services39,429 3.7 8.3 31,087 2.9 
Transportation & Logistics38,650 3.7 8.1 34,609 3.3 
Distribution34,632 3.3 7.3 36,217 3.4 
Software & IT Services32,826 3.1 6.9 34,212 3.2 
Education26,292 2.5 5.5 32,037 3.0 
Energy Services (Midstream)22,503 2.1 4.7 23,190 2.2 
Industrial Products20,869 2.0 4.4 18,824 1.8 
Energy Services (Upstream)19,820 1.9 4.2 19,450 1.8 
Environmental Services19,469 1.8 4.1 25,542 2.4 
Telecommunications19,006 1.8 4.0 22,281 2.1 
Specialty Chemicals17,929 1.7 3.8 17,585 1.7 
Industrial Services11,556 1.1 2.4 11,409 1.1 
Commodities & Mining11,437 1.1 2.4 11,387 1.1 
Containers & Packaging10,737 1.0 2.3 10,689 1.0 
Aerospace & Defense6,800 0.6 1.4 6,685 0.6 
Restaurants1,009 0.1 0.2 1,317 0.1 
$1,056,931 100.0 %222.2 %$1,064,644 100.0 %
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2022:
Business Services$123,697 13.2 %29.4 %$124,860 13.3 %
Consumer Products & Retail90,457 9.7 21.5 88,375 9.4 
Healthcare Services88,131 9.4 21.0 96,946 10.3 
Consumer Services71,730 7.7 17.0 71,203 7.6 
I-45 SLF LLC1
57,603 6.2 13.7 76,000 8.1 
Distribution54,798 5.9 13.0 54,035 5.8 
Food, Agriculture & Beverage48,876 5.2 11.6 47,057 5.0 
Media, Marketing & Entertainment43,463 4.6 10.3 33,049 3.5 
Financial Services39,305 4.2 9.3 31,229 3.3 
Technology Products & Components37,047 4.0 8.8 30,440 3.3 
Transportation & Logistics34,038 3.6 8.1 29,513 3.1 
Software & IT Services33,414 3.6 7.9 34,866 3.7 
Education32,072 3.4 7.6 32,119 3.4 
Healthcare Products32,054 3.4 7.6 33,018 3.5 
Environmental Services20,641 2.2 4.9 23,108 2.5 
Telecommunications18,736 2.0 4.5 22,341 2.4 
Energy Services (Upstream)17,910 1.9 4.3 17,500 1.9 
Specialty Chemicals17,749 1.9 4.2 17,640 1.9 
Industrial Products13,891 1.5 3.3 13,901 1.5 
Energy Services (Midstream)13,465 1.4 3.2 13,582 1.5 
Industrial Services11,614 1.2 2.8 11,451 1.2 
Commodities & Mining10,877 1.2 2.6 11,135 1.2 
Containers & Packaging10,671 1.1 2.5 10,723 1.1 
Aerospace & Defense6,800 0.7 1.6 6,672 0.7 
Restaurants5,367 0.6 1.3 4,556 0.5 
Paper & Forest Products2,208 0.2 0.5 2,984 0.3 
$936,614 100.0 %222.5 %$938,303 100.0 %

1I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies in I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion.
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 September 30, 2022 and March 31, 2022:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2022:
West$220,070 20.8 %46.3 %$212,026 19.9 %
Northeast215,895 20.4 45.4 217,375 20.4 
Southwest201,142 19.0 42.3 196,002 18.5 
Southeast201,022 19.0 42.3 196,389 18.4 
Midwest142,460 13.6 29.9 142,643 13.4 
I-45 SLF LLC1
50,897 4.8 10.7 76,000 7.1 
International25,445 2.4 5.3 24,209 2.3 
$1,056,931 100.0 %222.2 %$1,064,644 100.0 %
March 31, 2022:
Northeast$225,578 24.1 %53.6 %$221,780 23.6 %
Southwest206,057 22.0 49.0 204,443 21.8 
West163,924 17.5 38.9 153,292 16.3 
Southeast136,588 14.6 32.5 138,929 14.9 
Midwest132,308 14.1 31.4 129,354 13.8 
I-45 SLF LLC1
57,603 6.1 13.7 76,000 8.1 
International14,556 1.6 3.4 14,505 1.5 
$936,614 100.0 %222.5 %$938,303 100.0 %


1I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of geographic regions, which are similar to those in which CSWC invests directly. See Note 13 for further discussion.