10-Q

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, 2022

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)

Texas	75-1072796
(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 Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.25 par value per share	CSWC	The 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.

34,559,034 shares of Common Stock, $0.25 value per share, as of January 27, 2023.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of December 31, 2022 (Unaudited) and March 31, 2022	3
	Consolidated Statements of Operations (Unaudited) for the three and nine months ended December 31, 2022 and 2021	4
	Consolidated Statements of Changes in Net Assets (Unaudited) for the three and nine months ended December 31, 2022 and 2021	5
	Consolidated Statements of Cash Flows (Unaudited) for the nine months ended December 31, 2022 and 2021	6
	Consolidated Schedule of Investments as of December 31, 2022 (Unaudited) and March 31, 2022	7
	Notes to Consolidated Financial Statements (Unaudited)	36
	Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) for the nine months ended December 31, 2022	80
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	84
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	103
Item 4.	Controls and Procedures	105
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	106
Item1A.	Risk Factors	106
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	106
Item 3.	Defaults Upon Senior Securities	106
Item 4.	Mine Safety Disclosures	106
Item 5.	Other Information	106
Item 6.	Exhibits	107
Signatures		108

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,
	2022		2022
	(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $907,535 and $721,392, respectively)	$	929,089	$	747,132
Affiliate investments (Cost: $176,177 and $140,911, respectively)	173,332		131,879
Control investments (Cost: $76,000 and $76,000, respectively)	47,625		57,603
Total investments (Cost: $1,159,712 and $938,303, respectively)	1,150,046		936,614
Cash and cash equivalents	21,686		11,431
Receivables:
Dividends and interest	16,352		12,106
Escrow	362		1,344
Other	3,203		2,238
Income tax receivable	238		158
Debt issuance costs (net of accumulated amortization of $5,364 and $4,573, respectively)	3,996		4,038
Other assets	6,274		6,028
Total assets	$	1,202,157	$	973,957
Liabilities
SBA Debentures (Par value: $104,000 and $40,000, respectively)	$	100,582	$	38,352
January 2026 Notes (Par value: $140,000 and $140,000, respectively)	138,967		138,714
October 2026 Notes (Par value: $150,000 and $150,000, respectively)	147,078		146,522
Credit facility	225,000		205,000
Other liabilities	14,568		14,808
Accrued restoration plan liability	2,639		2,707
Income tax payable	409		1,240
Deferred tax liability	11,427		5,747
Total liabilities	640,670		553,090
Commitments and contingencies (Note 10)
Net Assets
Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 36,898,546 shares at December 31, 2022 and 27,298,032 shares at March 31, 2022	9,225		6,825
Additional paid-in capital	616,590		448,235
Total distributable (loss) earnings	(40,391)		(10,256)
Treasury stock - at cost, 2,339,512 shares	(23,937)		(23,937)
Total net assets	561,487		420,867
Total liabilities and net assets	$	1,202,157	$	973,957
Net asset value per share (34,559,034 shares outstanding at December 31, 2022 and 24,958,520 shares outstanding at March 31, 2022)	$	16.25	$	16.86

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

3

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except shares and per share data)
	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
Investment income:
Interest income:
Non-control/Non-affiliate investments	$	24,411	$	14,805	$	59,791	$	42,873
Affiliate investments	3,228		2,116		8,227		4,774
Payment-in-kind interest income:
Non-control/Non-affiliate investments	830		614		1,796		1,717
Affiliate investments	671		200		1,776		951
Dividend income:
Non-control/Non-affiliate investments	478		—		1,555		1,570
Affiliate investments	—		9		101		9
Control investments	1,904		1,705		5,439		4,862
Fee income:
Non-control/Non-affiliate investments	1,067		2,591		2,924		4,005
Affiliate investments	110		267		362		413
Control investments	25		—		75		—
Other income	42		4		62		12
Total investment income	32,766		22,311		82,108		61,186
Operating expenses:
Compensation	3,381		3,353		7,177		7,083
Share-based compensation	992		849		2,873		2,848
Interest	7,937		4,655		20,050		15,015
Professional fees	666		607		2,325		1,956
General and administrative	1,111		1,010		3,396		2,968
Total operating expenses	14,087		10,474		35,821		29,870
Income before taxes	18,679		11,837		46,287		31,316
Federal income, excise and other taxes	217		68		468		283
Deferred taxes	(963)		(130)		(488)		365
Total income tax (benefit) provision	(746)		(62)		(20)		648
Net investment income	$	19,425	$	11,899	$	46,307	$	30,668
Realized (loss) gain
Non-control/Non-affiliate investments	$	(6,267)	$	4,017	$	(6,114)	$	6,561
Affiliate investments	(4,724)		140		(11,027)		140
Income tax (provision) benefit	(95)		(1,442)		(260)		(1,442)
Total net realized (loss) gain on investments, net of tax	(11,086)		2,715		(17,401)		5,259
Net unrealized (depreciation) appreciation on investments
Non-control/Non-affiliate investments	(2,244)		3,165		(4,186)		12,558
Affiliate investments	3,563		(3,849)		6,187		(4,700)
Control investments	(3,272)		(2,049)		(9,978)		(2,769)
Income tax (provision) benefit	(3,437)		679		(6,012)		(783)
Total net unrealized (depreciation) appreciation on investments, net of tax	(5,390)		(2,054)		(13,989)		4,306
Net realized and unrealized (losses) gains on investments	(16,476)		661		(31,390)		9,565
Realized loss on extinguishment of debt	—		—		—		(17,087)
Net increase (decrease) in net assets from operations	$	2,949	$	12,560	$	14,917	$	23,146
Pre-tax net investment income per share - basic and diluted	$	0.60	$	0.51	$	1.64	$	1.40
Net investment income per share – basic and diluted	$	0.62	$	0.51	$	1.64	$	1.37
Net increase (decrease) in net assets from operations – basic and diluted	$	0.09	$	0.54	$	0.53	$	1.03
Weighted average shares outstanding – basic and diluted	31,381,360		23,432,522		28,304,309		22,393,935

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

4

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
(In thousands)
	2022		2021
Net assets, March 31	$	420,867	$	336,251
Operations:
Net investment income	12,438		9,043
Net realized gain (loss) on investments	2,320		(952)
Net unrealized (depreciation) appreciation on investments, net of tax	(12,248)		7,051
Net increase in net assets from operations	2,510		15,142
Dividends to shareholders ($0.63 and $0.53 per share, respectively)	(16,615)		(11,528)
Capital share transactions:
Change in restoration plan liability	8		9
Issuance of common stock	46,035		27,686
Share-based compensation expense	821		1,076
Common stock withheld for payroll taxes upon vesting of restricted stock	(641)		(541)
Increase in net assets	32,118		31,844
Net assets, June 30	452,985		368,095
Operations:
Net investment income	14,444		9,726
Net realized (loss) gain on investments, net of tax	(8,635)		3,496
Net unrealized appreciation (depreciation) on investments, net of tax	3,649		(691)
Realized loss on extinguishment of debt	—		(17,087)
Net increase (decrease) in net assets from operations	9,458		(4,556)
Dividends to shareholders ($0.50 and $0.54 per share, respectively)	(14,287)		(12,401)
Capital share transactions:
Change in restoration plan liability	8		9
Issuance of common stock	26,500		29,880
Share-based compensation expense	1,060		923
Common stock withheld for payroll taxes upon vesting of restricted stock	—		(5)
Increase in net assets	22,739		13,850
Net assets, September 30	$	475,724	$	381,945
Operations:
Net investment income	19,425		11,899
Net realized (loss) gain on investments, net of tax	(11,086)		2,715
Net unrealized (depreciation) appreciation on investments, net of tax	(5,390)		(2,054)
Net increase in net assets from operations	2,949		12,560
Dividends to shareholders ($0.57 and $0.97 per share, respectively)	(19,275)		(22,917)
Capital share transactions:
Change in restoration plan liability	8		9
Issuance of common stock	101,469		15,754
Share-based compensation expense	992		849
Common stock withheld for payroll taxes upon vesting of restricted stock	(380)		(863)
Increase in net assets	85,763		5,392
Net assets, December 31	$	561,487	$	387,337

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

5

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
	Nine Months Ended
	December 31,
	2022		2021
Cash flows from operating activities
Net increase in net assets from operations	$	14,917	$	23,146
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases and originations of investments	(343,402)		(410,066)
Proceeds from sales and repayments of debt investments in portfolio companies	106,649		221,462
Proceeds from sales and return of capital of equity investments in portfolio companies	2,664		11,881
Payment of accreted original issue discounts	1,444		3,133
Payment of accrued payment-in-kind interest	1,313		2,064
Depreciation and amortization	2,002		1,628
Net pension benefit	(43)		(99)
Realized loss on extinguishment of debt	—		17,103
Realized loss (gain) on investments before income tax	17,348		(6,058)
Net unrealized depreciation (appreciation) on investments before income tax	7,977		(5,089)
Accretion of discounts on investments	(2,873)		(2,177)
Payment-in-kind interest	(3,891)		(3,550)
Share-based compensation expense	2,873		2,848
Deferred income taxes	5,680		1,149
Changes in other assets and liabilities:
(Increase) decrease in dividend and interest receivable	(4,725)		1,601
Decrease (increase) in escrow receivables	756		(159)
(Increase) decrease in tax receivable	(79)		121
Increase in other receivables	(965)		(104)
Increase in other assets	(266)		(1,152)
(Decrease) increase in taxes payable	(831)		1,477
(Decrease) increase in other liabilities	(196)		1,738
Net cash used in operating activities	(193,648)		(139,103)
Cash flows from investing activities
Acquisition of fixed assets	(159)		—
Net cash used in investing activities	(159)		—
Cash flows from financing activities
Proceeds from common stock offering	174,169		73,346
Equity offering costs paid	(102)		—
Borrowings under credit facility	140,000		295,000
Repayments of credit facility	(120,000)		(225,000)
Debt issuance costs paid	(1,248)		(3,445)
Proceeds from issuance of SBA Debentures	62,442		28,294
Proceeds from issuance of October 2026 Notes	—		146,414
Redemption of October 2024 Notes	—		(125,000)
Payment for debt extinguishment costs	—		(15,196)
Dividends to shareholders	(50,177)		(46,847)
Common stock withheld for payroll taxes upon vesting of restricted stock	(1,022)		(1,408)
Net cash provided by financing activities	204,062		126,158
Net increase (decrease) in cash and cash equivalents	10,255		(12,945)
Cash and cash equivalents at beginning of period	11,431		31,613
Cash and cash equivalents at end of period	$	21,686	$	18,668
Supplemental cash flow disclosures:
Cash paid for income taxes	$	1,481	$	150
Cash paid for interest	15,937		13,744

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

6

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4
Non-control/Non-affiliate Investments5
360 QUOTE TOPCO, LLC	Revolving Loan	Media & marketing	SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.24%	6/16/2022	6/16/2027	$	3,250	$	3,207	$	3,162
	First Lien19		SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.24%	6/16/2022	6/16/2027	25,000		24,658		24,325
								27,865		27,487
AAC NEW HOLDCO INC.	First Lien	Healthcare services	18.00% PIK	12/11/2020	6/25/2025	9,749		9,749		9,603
	374,543 shares common stock		—	12/11/2020	—	—		1,785		715
	Warrants (Expiration - December 11, 2025)		—	12/11/2020	—	—		2,198		881
								13,732		11,199
ACACIA BUYERCO V LLC	Revolver Loan10	Software & IT services	SOFR+6.50% (Floor 1.00%)	11/25/2022	11/26/2027	—		(39)		—
	First Lien - Term Loan A		SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 11.12%	11/25/2022	11/26/2027	5,000		4,902		4,902
	Delayed Draw Term Loan10		SOFR+6.50% (Floor 1.00%)	11/25/2022	11/26/2027	—		(98)		—
	1,000,000 Class B-2 Units9,13		—	11/25/2022	—	—		1,000		1,000
								5,765		5,902
ACCELERATION, LLC	Revolving Loan10	Media & marketing	SOFR+8.50% (Floor 1.00%)	6/13/2022	6/14/2027	—		(89)		—
	First Lien - Term Loan A		SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 11.32%	6/13/2022	6/14/2027	9,263		9,094		9,097
	First Lien - Term Loan B		SOFR+8.50% (Floor 1.00%)/Q, Current Coupon 12.32%	6/13/2022	6/14/2027	9,263		9,093		9,097
	First Lien - Term Loan C		SOFR+9.50% (Floor 1.00%)/Q, Current Coupon 13.32%	6/13/2022	6/14/2027	9,263		9,094		9,097
	Delayed Draw Term Loan10		SOFR+8.50% (Floor 1.00%)	6/13/2022	6/14/2027	—		(44)		—
	13,451.22 Preferred Units9,13		—	6/13/2022	—	—		893		1,273
	1,611.22 Common Units9,13		—	6/13/2022	—	—		107		152
								28,148		28,716

7

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
ACCELERATION PARTNERS, LLC	First Lien8	Media & marketing	SOFR+8.17% (Floor 1.00%)/Q, Current Coupon 12.08%	12/1/2020	12/1/2025	19,550	19,133	19,550
	1,000 Preferred Units9,13		—	12/1/2020	—	—	1,000	1,414
	1,000 Class A Common Units9,13		—	12/1/2020	—	—	—	—
							20,133	20,964
ACE GATHERING, INC.	Second Lien15	Energy services (midstream)	SOFR+12.00% (Floor 2.00%)/Q, Current Coupon 16.85%	12/13/2018	12/13/2023	7,760	7,722	6,961
ALLIANCE SPORTS GROUP, L.P.	Unsecured convertible Note	Consumer products & retail	6.00% PIK	7/15/2020	9/30/2024	173	173	271
	3.88% membership preferred interest		—	8/1/2017	—	—	2,500	3,173
							2,673	3,444
AMERICAN NUTS OPERATIONS LLC	First Lien - Term Loan A	Food, agriculture and beverage	SOFR+6.75% (Floor 1.00%)/Q, Current Coupon 10.46%	3/11/2022	4/10/2026	12,357	12,305	12,356
	First Lien - Term Loan B		SOFR+8.75% (Floor 1.00%)/Q, Current Coupon 12.46%	3/11/2022	4/10/2026	12,357	12,305	10,973
	3,000,000 units of Class A common stock9,13		—	4/10/2018	—	—	3,000	2,333
							27,610	25,662
AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.)	Revolving Loan10,16	Telecommunications	P+5.50%/Q (Floor 2.00%), Current Coupon 9.00%	9/17/2021	1/31/2023	868	860	49
	First Lien16		P+5.50%/Q (Floor 2.00%), Current Coupon 9.00%	9/21/2016	6/8/2023	4,899	4,858	274
							5,718	323
AMWARE FULFILLMENT LLC	First Lien	Distribution	SOFR+9.00% (Floor 1.00%)/Q, Current Coupon 12.82%	7/29/2016	7/15/2024	17,098	17,095	17,098
ARBORWORKS, LLC	Revolving Loan10	Environmental services	L+9.00% (Floor 1.00%)/Q, Current Coupon 13.41%	11/17/2021	11/9/2026	2,000	1,953	1,640
	First Lien		L+9.00% (Floor 1.00%)/Q, Current Coupon 13.56%	11/17/2021	11/9/2026	12,708	12,502	10,420
	100 Class A Units9,13		—	11/17/2021	—	—	100	—
							14,555	12,060

8

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
ASC ORTHO MANAGEMENT COMPANY, LLC	2,572 Common Units9,13	Healthcare services	—	8/31/2018	—	—	1,026	847
ATS OPERATING, LLC	Revolving Loan10	Consumer products & retail	SOFR+6.50% (Floor 1.00%)	1/18/2022	1/18/2027	—	(40)	—
	First Lien - Term Loan A		SOFR+5.50% (Floor 1.00%)/Q, Current Coupon 9.32%	1/18/2022	1/18/2027	9,250	9,096	9,102
	First Lien - Term Loan B		SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 11.32%	1/18/2022	1/18/2027	9,250	9,094	9,102
	1,000,000 Preferred units9,13		—	1/18/2022	—	—	1,000	1,000
							19,150	19,204
BINSWANGER HOLDING CORP.	900,000 shares of common stock	Distribution	—	3/9/2017	—	—	900	123
BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES)	1,131,579 Series A Preferred units9,13	Telecommunications	—	12/11/2020	—	—	1,132	1,779
	89,335 Series C Preferred units9,13		—	10/21/2022	—	—	89	—
							1,221	1,779
CADMIUM, LLC	Revolving Loan	Software & IT services	L+7.00% (Floor 1.00%)/Q, Current Coupon 11.73%	1/7/2022	12/22/2026	615	611	594
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 11.73%	1/7/2022	12/22/2026	7,385	7,323	7,134
							7,934	7,728
CAMIN CARGO CONTROL, INC.	First Lien	Energy services (midstream)	L+6.50% (Floor 1.00%)/M, Current Coupon 10.88%	6/2/2021	6/4/2026	5,707	5,665	5,707
CRAFTY APES, LLC	First Lien8	Media & marketing	SOFR+6.97% (Floor 1.00%)/Q, Current Coupon 11.73%	6/9/2021	11/1/2024	15,000	14,898	15,000
EVEREST TRANSPORTATION SYSTEMS, LLC	First Lien	Transportation & logistics	L+8.00% (Floor 1.00%)/M, Current Coupon 12.73%	11/9/2021	8/26/2026	8,594	8,523	8,594

9

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
EXACT BORROWER, LLC	Revolving Loan10	Media & marketing	SOFR+8.00% (Floor 2.00%)	12/7/2022	8/6/2027	—	(49)	—
	First Lien - Term Loan A		SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.60%	12/7/2022	8/6/2027	9,450	9,263	9,263
	First Lien - Term Loan B		SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.60%	12/7/2022	8/6/2027	9,450	9,263	9,263
	Delayed Draw Term Loan10		SOFR+8.00% (Floor 2.00%)	12/7/2022	8/6/2027	—	(25)	—
	Promissory Note		13.574%	12/7/2022	12/6/2028	385	385	385
	615.156 Common units			12/7/2022	—	—	615	615
							19,452	19,526
FLIP ELECTRONICS, LLC	First Lien	Technology products & components	SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 12.08%	1/4/2021	1/2/2026	31,845	31,167	31,846
	Delayed Draw Term Loan		SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 11.46%	3/24/2022	1/2/2026	2,818	2,773	2,818
	2,000,000 Common Units9,11,13		—	1/4/2021	—	—	2,000	17,678
							35,940	52,342
FM SYLVAN, INC.	Revolving Loan10	Industrial services	SOFR+8.00% (Floor 1.00%)	11/8/2022	11/8/2027	—	(194)	—
	First Lien		SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 12.47%	11/8/2022	11/8/2027	15,000	14,707	14,707
							14,513	14,707
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC	First Lien	Food, agriculture & beverage	L+6.50% (Floor 1.00%)/Q, Current Coupon 10.24%	6/1/2021	6/1/2026	7,030	6,902	7,030
	75,000 Class A Units9,13		—	6/1/2021	—	—	750	743
							7,652	7,773
GAINS INTERMEDIATE, LLC	Revolving Loan10	Business services	SOFR+7.50% (Floor 2.00%)	12/15/2022	12/15/2027	—	(50)	—
	First Lien - Term Loan A		SOFR+6.50% (Floor 2.00%)/Q, Current Coupon 11.29%	12/15/2022	12/15/2027	7,500	7,351	7,351
	First Lien - Term Loan B		SOFR+8.50% (Floor 2.00%)/Q, Current Coupon 13.29%	12/15/2022	12/15/2027	7,500	7,351	7,351
	Delayed Draw Term Loan10		SOFR+7.50% (Floor 2.00%)	12/15/2022	12/15/2027	—	(168)	—
							14,484	14,702

10

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
GULF PACIFIC ACQUISITION, LLC	Revolving Loan10	Food, agriculture & beverage	SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 10.42%	9/30/2022	9/29/2028	252	233	247
	First Lien		SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 10.73%	9/30/2022	9/29/2028	3,652	3,581	3,579
	Delayed Draw Term Loan10		SOFR+6.00% (Floor 1.00%)	9/30/2022	9/29/2028	—	(15)	—
							3,799	3,826
HYBRID APPAREL, LLC	Second Lien15	Consumer products & retail	SOFR+8.25% (Floor 1.00%)/Q, Current Coupon 12.07%	6/30/2021	6/30/2026	15,750	15,514	13,592
INFOLINKS MEDIA BUYCO, LLC	First Lien	Media & marketing	L+5.50% (Floor 1.00%)/Q, Current Coupon 10.23%	11/1/2021	10/30/2026	7,673	7,549	7,673
	Delayed Draw Term Loan10		L+5.50% (Floor 1.00%)	11/1/2021	10/30/2026	—	(17)	—
	1.68% LP interest9,10,11,13		—	10/29/2021	—	—	588	944
							8,120	8,617
ISI ENTERPRISES, LLC	Revolving Loan10	Software & IT services	L+7.00% (Floor 1.00%)/Q, Current Coupon 10.74%	10/1/2021	10/1/2026	800	770	800
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 10.74%	10/1/2021	10/1/2026	5,000	4,921	5,000
	1,000,000 Series A Preferred units		—	10/1/2021	—	—	1,000	1,000
							6,691	6,800
JVMC HOLDINGS CORP.	First Lien	Financial services	L+6.50% (Floor 1.00%)/M, Current Coupon 10.88%	2/28/2019	2/28/2024	6,246	6,227	6,246
KMS, INC.15	First Lien	Distribution	L+7.25% (Floor 1.00%)/Q, Current Coupon 12.00%	10/4/2021	10/2/2026	15,840	15,715	14,779
	Delayed Draw Term Loan10		L+7.25% (Floor 1.00%)/Q, Current Coupon 12.00%	10/4/2021	10/2/2026	2,251	2,194	2,100
							17,909	16,879
LASH OPCO, LLC	Revolving Loan10	Consumer products & retail	L+7.00% (Floor 1.00%)/S, Current Coupon 11.57%	12/29/2021	9/18/2025	233	225	228
	First Lien		L+7.00% (Floor 1.00%)/S, Current Coupon 11.17%	12/29/2021	3/18/2026	10,558	10,331	10,305
							10,556	10,533

11

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
LGM PHARMA, LLC	First Lien	Healthcare products	L+8.50% (Floor 1.00%), 1.00% PIK/Q, Current Coupon 13.62%	11/15/2017	11/15/2023	11,478	11,427	11,236
	Delayed Draw Term Loan		L+10.00% (Floor 1.00%), 1.00% PIK/Q, Current Coupon 15.12%	7/24/2020	11/15/2023	2,501	2,487	2,501
	Unsecured convertible note9,13		25.00% PIK	12/21/2021	12/31/2024	106	106	106
	142,278.89 units of Class A common stock9,13		—	11/15/2017	—	—	1,600	1,158
							15,620	15,001
LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY)	Revolving Loan10	Healthcare products	SOFR+6.50% (Floor 1.00%)	6/6/2022	6/7/2027	—	(32)	—
	First Lien		SOFR+6.50% (Floor 1.00%)/S, Current Coupon 11.54%	6/6/2022	6/7/2027	22,859	22,442	22,447
	0.88% LLC interest9,13		—	6/6/2022	—	—	600	416
							23,010	22,863
LLFLEX, LLC	First Lien15	Containers & packaging	L+9.00% (Floor 1.00%)/Q, Current Coupon 12.74%	8/16/2021	8/14/2026	10,863	10,672	10,537
MAKO STEEL LP	Revolving Loan10	Business services	L+7.25% (Floor 0.75%)/S, Current Coupon 11.76%	3/15/2021	3/13/2026	1,604	1,580	1,583
	First Lien		L+7.25% (Floor 0.75%)/Q, Current Coupon 11.09%	3/15/2021	3/13/2026	7,919	7,810	7,816
							9,390	9,399
MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL)	First Lien	Telecommunications	L+8.00% (Floor 1.00%)/Q, Current Coupon 11.74%	12/6/2021	12/7/2026	12,375	12,170	11,979
	Second Lien		L+11.00% (Floor 1.00%)/Q, Current Coupon 14.74%	12/6/2021	12/7/2026	2,767	2,721	2,678
	2,089,599 Series A units9,13		—	12/6/2021	—	—	—	1,017
							14,891	15,674
MICROBE FORMULAS LLC	Revolving Loan10	Healthcare products	SOFR+6.25% (Floor 1.00%)	4/4/2022	4/3/2028	—	(28)	—
	First Lien		SOFR+6.25% (Floor 1.00%)/M, Current Coupon 10.67%	4/4/2022	4/3/2028	11,781	11,569	11,663
							11,541	11,663

12

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
MUENSTER MILLING COMPANY, LLC	Revolving Loan10	Food, agriculture & beverage	SOFR+6.75% (Floor 1.00%)	8/10/2021	8/10/2026	—	(72)	—
	First Lien		SOFR+6.75% (Floor 1.00%)/Q, Current Coupon 11.43%	8/10/2021	8/10/2026	21,800	21,438	21,800
	1,000,000 Class A units9,13		—	12/15/2022	—	—	1,000	1,000
							22,366	22,800
NATIONAL CREDIT CARE, LLC	First Lien - Term Loan A	Consumer services	L+6.50% (Floor 1.00%)/Q, Current Coupon 10.24%	12/23/2021	12/23/2026	9,716	9,555	9,716
	First Lien - Term Loan B		L+7.50% (Floor 1.00%)/Q, Current Coupon 11.24%	12/23/2021	12/23/2026	9,716	9,555	9,580
	191,049.33 Class A-3 Preferred units9,11,13		—	3/17/2022	—	—	2,000	2,000
							21,110	21,296
NEUROPSYCHIATRIC HOSPITALS, LLC	Revolving Loan10	Healthcare services	L+8.00% (Floor 1.00%)/Q, Current Coupon 11.74%	5/14/2021	5/14/2026	4,400	4,333	3,740
	First Lien		L+8.00% (Floor 1.00%)/Q, Current Coupon 11.74%	5/14/2021	5/14/2026	14,993	14,774	12,744
							19,107	16,484
NEW SKINNY MIXES, LLC	Revolving Loan10	Food, agriculture & beverage	SOFR+8.00% (Floor 2.00%)	12/21/2022	12/21/2027	—	(79)	—
	First Lien		SOFR+8.00% (Floor 2.00%)/Q, Current Coupon 12.71%	12/21/2022	12/21/2027	13,000	12,741	12,741
	Delayed Draw Term Loan10		SOFR+8.00% (Floor 2.00%)	12/21/2022	12/21/2027	—	(30)	—
							12,632	12,741
NINJATRADER, INC.	Revolving Loan10	Financial services	L+6.25% (Floor 1.00%)	12/18/2019	12/18/2024	—	(3)	—
	First Lien		L+6.25% (Floor 1.00%)/Q, Current Coupon 9.99%	12/18/2019	12/18/2024	23,150	22,826	23,034
	Delayed Draw Term Loan10		L+6.25% (Floor 1.00%)	12/31/2020	12/18/2024	—	(32)	—
	2,000,000 Preferred Units9,11,13		—	12/18/2019	—	—	2,000	11,138
							24,791	34,172

13

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
NWN PARENT HOLDINGS, LLC	Revolving Loan10	Software & IT services	L+8.00% (Floor 1.00%)/Q, Current Coupon 12.32%	5/7/2021	5/7/2026	810	786	779
	First Lien		L+8.00% (Floor 1.00%)/Q, Current Coupon 12.56%	5/7/2021	5/7/2026	12,755	12,573	12,270
							13,359	13,049
OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE)	Revolving Loan10	Healthcare services	SOFR+6.50% (Floor 1.00%)/M, Current Coupon 10.87%	8/19/2022	8/19/2027	167	159	167
	First Lien		SOFR+6.50% (Floor 1.00%)/M, Current Coupon 11.18%	8/19/2022	8/19/2027	9,109	9,024	9,109
	Second Lien		12.50%	8/19/2022	2/19/2028	3,000	2,747	2,910
	Warrants (Expiration - August 19, 2029)		—	8/19/2022	—	—	207	207
							12,137	12,393
PIPELINE TECHNIQUE LTD.9	Revolving Loan10	Energy services (midstream)	SOFR+7.25% (Floor 1.00%)	8/23/2022	8/19/2027	—	(62)	—
	First Lien		SOFR+7.25% (Floor 1.00%)/Q, Current Coupon 11.80%	8/23/2022	8/19/2027	9,875	9,689	9,687
							9,627	9,687
RESEARCH NOW GROUP, INC.	Second Lien	Business services	L+9.50% (Floor 1.00%)/S, Current Coupon 14.43%	12/8/2017	12/20/2025	10,500	10,138	6,930
ROOF OPCO, LLC	Revolving Loan10	Consumer services	SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 10.97%	8/27/2021	8/27/2026	1,222	1,178	1,190
	First Lien		SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 10.32%	8/27/2021	8/27/2026	21,633	21,251	21,071
	535,714.29 Class A Units9,13		—	9/23/2022	—	—	750	597
							23,179	22,858
RTIC SUBSIDIARY HOLDINGS, LLC	Revolving Loan10	Consumer products & retail	SOFR+7.75% (Floor 1.25%)/M, Current Coupon 12.09%	9/1/2020	9/1/2025	548	538	477
	First Lien		SOFR+7.75% (Floor 1.25%)/M, Current Coupon 11.97%	9/1/2020	9/1/2025	6,666	6,616	5,799
							7,154	6,276

14

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
SCRIP INC.	First Lien8	Healthcare products	L+11.06% (Floor 2.00%)/M, Current Coupon 15.45%	3/21/2019	3/21/2024	16,750	16,606	16,415
	100 shares of common stock		—	3/21/2019	—	—	1,000	1,060
							17,606	17,475
SHEARWATER RESEARCH, INC.9	Revolving Loan10	Consumer products & retail	L+6.25% (Floor 1.00%)	4/30/2021	4/30/2026	—	(33)	—
	First Lien		L+6.25% (Floor 1.00%)/Q, Current Coupon 10.69%	4/30/2021	4/30/2026	13,678	13,484	13,678
	1,200,000 Class A Preferred Units		—	4/30/2021	—	—	978	2,006
	40,000 Class A Common Units		—	4/30/2021	—	—	33	67
							14,462	15,751
SIB HOLDINGS, LLC	Revolving Loan10	Business services	L+6.25% (Floor 1.00%)/M, Current Coupon 11.01%	10/29/2021	10/29/2026	497	489	482
	First Lien		L+6.25% (Floor 1.00%)/M, Current Coupon 11.01%	10/29/2021	10/29/2026	11,455	11,299	11,111
	238,095.24 Common Units9,13		—	10/29/2021	—	—	500	720
							12,288	12,313
SOUTH COAST TERMINALS, LLC	Revolving Loan10	Specialty chemicals	L+5.25% (Floor 1.00%)	12/13/2021	12/11/2026	—	(30)	—
	First Lien		L+5.25% (Floor 1.00%)/M, Current Coupon 9.60%	12/13/2021	12/11/2026	17,884	17,589	17,884
							17,559	17,884
SPECTRUM OF HOPE, LLC	First Lien	Healthcare services	L+7.50% (Floor 2.00%)/M, Current Coupon 11.25%	9/6/2022	6/11/2024	17,192	16,901	16,865
SPOTLIGHT AR, LLC	Revolving Loan10	Business services	L+6.75% (Floor 1.00%)	12/8/2021	6/8/2026	—	(31)	—
	First Lien		L+6.75% (Floor 1.00%)/Q, Current Coupon 10.49%	12/8/2021	6/8/2026	7,500	7,381	7,500
	750 Common Units9,11,13		—	12/8/2021	—	—	750	972
							8,100	8,472

15

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
SYSTEC CORPORATION (DBA INSPIRE AUTOMATION)	Revolving Loan10	Business services	L+7.50% (Floor 1.00%)/Q, Current Coupon 11.59%	8/13/2021	8/13/2025	500	474	495
	First Lien		L+7.50% (Floor 1.00%)/Q, Current Coupon 11.24%	8/13/2021	8/13/2025	9,000	8,875	8,910
	Delayed Draw Term Loan10		L+7.50% (Floor 1.00%)	8/13/2021	8/13/2025	—	(20)	—
							9,329	9,405
THE PRODUCTO GROUP, LLC	First Lien	Industrial products	SOFR+9.00% (Floor 1.00%)/M, Current Coupon 13.44%	12/31/2021	12/31/2026	17,655	17,339	17,655
	1,500,000 Class A units9,13		—	12/31/2021	—	—	1,500	4,732
							18,839	22,387
TRAFERA, LLC (FKA TRINITY 3, LLC)	First Lien15	Technology products & components	L+7.75% (Floor 1.00%)/Q, Current Coupon 11.50%	9/30/2020	9/30/2025	9,800	9,712	9,800
	Unsecured convertible note9		10.00% PIK	2/7/2022	3/31/2026	90	90	90
	896.43 Class A units9,11,13		—	11/15/2019	—	—	1,205	1,967
							11,007	11,857
US COURTSCRIPT HOLDINGS, INC.	First Lien	Business services	SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 9.82%	5/17/2022	5/17/2027	6,800	6,693	6,800
	Delayed Draw Term Loan10		SOFR+6.00% (Floor 1.00%)/Q, Current Coupon 10.37%	5/17/2022	5/17/2027	5,000	4,875	5,000
	1,000,000 Class D-3 LP Units9,13		—	5/17/2022	—	—	1,000	1,211
	211,862.61 Class D-4 LP Units9,13		—	10/31/2022	—	—	212	249
							12,780	13,260
USA DEBUSK, LLC	First Lien	Industrial services	L+5.75% (Floor 1.00%)/M, Current Coupon 10.13%	2/25/2020	9/8/2026	11,527	11,388	11,527
VERSICARE MANAGEMENT LLC	Revolving Loan10	Healthcare services	SOFR+8.00% (Floor 1.00%)	8/18/2022	8/18/2027	—	(46)	—
	First Lien - Term Loan A		SOFR+8.00% (Floor 1.00%)/Q, Current Coupon 11.82%	8/18/2022	8/18/2027	13,500	13,245	13,243
	Delayed Draw Term Loan10		SOFR+8.00% (Floor 1.00%)	8/18/2022	8/18/2027	—	(46)	—
							13,153	13,243

16

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17		Fair Value4
VISTAR MEDIA INC.	171,617 shares of Series A preferred stock9,13	Media & marketing	—	4/3/2019	—	—	1,874		8,806
VTX HOLDINGS, INC. (DBA VERTEX ONE)	1,597,707 Series A Preferred units9,13	Software & IT services	—	7/23/2019	—	—	1,598		2,436
WALL STREET PREP, INC.	Revolving Loan10	Education	L+7.00% (Floor 1.00%)	7/19/2021	7/20/2026	—	(14)		—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 10.74%	7/19/2021	7/20/2026	10,656	10,494		10,656
	1,000,000 Class A-1 Preferred Shares		—	7/19/2021	—	—	1,000		1,205
							11,480		11,861
WELL-FOAM, INC.	Revolving Loan10	Energy services (upstream)	L+8.50% (Floor 1.00%)	9/9/2021	9/9/2026	—	(69)		—
	First Lien		L+8.50% (Floor 1.00%)/Q, Current Coupon 11.74%	9/9/2021	9/9/2026	17,775	17,495		17,775
							17,426		17,775
WINTER SERVICES OPERATIONS, LLC	Revolving Loan10	Business services	L+7.00% (Floor 1.00%)	11/19/2021	11/19/2026	—	(69)		—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 10.74%	11/19/2021	11/19/2026	20,000	19,675		20,000
	Delayed Draw Term Loan10		L+7.00% (Floor 1.00%)	11/19/2021	11/19/2026	—	(34)		—
							19,572		20,000
ZENFOLIO INC.	Revolving Loan	Business services	L+9.00% (Floor 1.00%)/Q, Current Coupon 12.74%	7/17/2017	7/17/2023	2,000	1,998		1,930
	First Lien		L+9.00% (Floor 1.00%)/Q, Current Coupon 12.74%	7/17/2017	7/17/2023	18,773	18,711		18,116
							20,709		20,046
ZIPS CAR WASH, LLC	Delayed Draw Term Loan - A	Consumer services	SOFR+7.25% (Floor 1.00%)/M, Current Coupon 11.67%	2/11/2022	3/1/2024	15,880	15,631		15,642
	Delayed Draw Term Loan - B		SOFR+7.25% (Floor 1.00%)/M, Current Coupon 11.67%	2/11/2022	3/1/2024	3,980	3,919		3,920
							19,550		19,562
Total Non-control/Non-affiliate Investments (165.4% of net assets at fair value)							$	907,535	$	929,089

17

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4
Affiliate Investments6
AIR CONDITIONING SPECIALIST, INC.	Revolving Loan10	Consumer services	SOFR+7.25% (Floor 1.00%)	11/9/2021	11/9/2026	$	—	$	(15)	$	—
	First Lien		SOFR+7.25% (Floor 1.00%)/Q, Current Coupon 11.34%	11/9/2021	11/9/2026	25,101		24,650		25,101
	766,738.93 Preferred Units9,13		—	11/9/2021	—	—		809		1,202
								25,444		26,303
CATBIRD NYC, LLC	Revolving Loan10	Consumer products & retail	L+7.00% (Floor 1.00%)	10/15/2021	10/15/2026	—		(61)		—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 10.74%	10/15/2021	10/15/2026	15,600		15,350		15,600
	1,000,000 Class A units9,11,13		—	10/15/2021	—	—		1,000		1,658
	500,000 Class B units9,10,11,13		—	10/15/2021	—	—		500		714
								16,789		17,972
CENTRAL MEDICAL SUPPLY LLC	Revolving Loan10	Healthcare services	L+9.00% (Floor 1.75%)/Q, Current Coupon 12.74%	5/22/2020	5/22/2025	300		286		293
	First Lien		L+9.00% (Floor 1.75%)/Q, Current Coupon 12.74%	5/22/2020	5/22/2025	7,500		7,420		7,327
	Delayed Draw Capex Term Loan10		L+9.00% (Floor 1.75%)/Q, Current Coupon 12.74%	5/22/2020	5/22/2025	100		85		98
	1,380,500 Preferred Units9,13		—	5/22/2020	—	—		976		357
								8,767		8,075
CHANDLER SIGNS, LLC	1,500,000 units of Class A-1 common stock9,13	Business services	—	1/4/2016	—	—		1,500		2,893
DELPHI BEHAVIORAL HEALTH GROUP, LLC	Protective Advance16		L+16.70% PIK (Floor 1.00%)/Q, Current Coupon 21.06%	8/31/2021	4/7/2023	1,448		1,448		1,086
	First Lien16	Healthcare services	L+11.00% PIK (Floor 1.00%)/S, Current Coupon 15.74%	4/8/2020	4/7/2023	1,649		1,649		—
	First Lien16		L+9.00% PIK (Floor 1.00%)/S, Current Coupon 14.13%	4/8/2020	4/7/2023	1,829		1,829		—
	1,681.04 Common Units		—	4/8/2020	—	—		3,615		—
								8,541		1,086

18

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
DYNAMIC COMMUNITIES, LLC	First Lien - Term Loan A	Business services	SOFR+4.50% PIK (Floor 2.00%)/Q, Current Coupon 8.92%	12/20/2022	12/31/2026	3,759	3,739	3,739
	First Lien - Term Loan B		SOFR+6.50% PIK (Floor 2.00%)/ Q, Current Coupon 10.92%	12/20/2022	12/31/2026	3,761	3,739	3,739
	250,000 Class A Preferred Units9,13		—	12/20/2022	—	—	250	625
	5,435,211.03 Class B Preferred Units9,13		—	12/20/2022	—	—	2,218	2,218
	255,984.22 Class C Preferred Units9,13		—	12/20/2022	—	—	—	—
	2,500,000 Common units9,13		—	12/20/2022	—	—	—	—
							9,946	10,321
GRAMMATECH, INC.	Revolving Loan10	Software & IT services	SOFR+9.50% (Floor 2.00%)	11/1/2019	11/1/2024	—	(16)	—
	First Lien		SOFR+9.50% (Floor 2.00%)/Q, Current Coupon 13.21%	11/1/2019	11/1/2024	10,031	9,957	9,028
	1,000 Class A units		—	11/1/2019	—	—	1,000	344
	247.54 Class A-1 units		—	1/10/2022	—	—	248	85
							11,189	9,457
ITA HOLDINGS GROUP, LLC	Revolving Loan	Transportation & logistics	SOFR+9.00%, 1.00% PIK (Floor 1.00%)/Q, Current Coupon 13.84%	2/14/2018	5/12/2023	7,000	6,941	7,000
	First Lien - Term Loan		SOFR+8.00%, 1.00% PIK (Floor 1.00%)/Q, Current Coupon 12.82%	2/14/2018	5/12/2023	10,086	10,105	10,126
	First Lien - Term B Loan		SOFR+11.00%, 1.00% PIK (Floor 1.00%)/Q, Current Coupon 15.82%	6/5/2018	5/12/2023	5,043	5,039	5,068
	First Lien - PIK Note A		10.00% PIK	3/29/2019	5/12/2023	3,189	3,151	3,123
	First Lien - PIK Note B		10.00% PIK	3/29/2019	5/12/2023	126	126	123
	Warrants (Expiration - March 29, 2029)9,13		—	3/29/2019	—	—	538	3,855
	9.25% Class A Membership Interest9,13		—	2/14/2018	—	—	1,500	4,051
							27,400	33,346

19

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE)	Revolving Loan10	Environmental services	7.50%	12/31/2021	12/31/2025	—	—	—
	First Lien		7.50%	12/31/2021	12/31/2025	5,156	5,157	5,156
	Second Lien16		10.00% PIK	12/31/2021	12/31/2026	5,208	5,208	2,375
	208,333.3333 Series A Preferred units9,13		—	12/31/2021	—	—	—	—
	203,124.9999 Common units9,13		—	12/31/2021	—	—	—	—
							10,365	7,531
OUTERBOX, LLC	Revolving Loan10	Media & marketing	SOFR+6.75% (Floor 1.00%)	6/8/2022	6/8/2027	—	(27)	—
	First Lien		SOFR+6.75% (Floor 1.00%)/Q, Current Coupon 10.57%	6/8/2022	6/8/2027	10,800	10,653	10,746
	5,000 Class A common units9,13		—	6/8/2022	—	—	500	500
							11,126	11,246
ROSELAND MANAGEMENT, LLC	Revolving Loan10	Healthcare services	SOFR+8.00%,2.00% PIK (Floor 2.00%)/Q, Current Coupon 13.71%	11/9/2018	11/9/2023	575	569	541
	First Lien		SOFR+8.00%, 2.00% PIK (Floor 2.00%)/Q, Current Coupon 13.71%	11/9/2018	11/9/2023	14,557	14,499	13,698
	1,100 Class A-1 Units		—	9/26/2022	—	—	66	200
	16,084 Class A Units		—	11/9/2018	—	—	1,517	956
							16,651	15,395
SONOBI, INC.	500,000 Class A Common Units9,13	Media & marketing	—	9/17/2020	—	—	500	2,021
STATINMED, LLC	First Lien	Healthcare services	SOFR+9.50% PIK (Floor 2.00%)/M, Current Coupon 13.80%	7/1/2022	7/1/2027	7,039	7,039	7,039
	Delayed Draw Term Loan10		SOFR+9.50% PIK (Floor 2.00%)/M, Current Coupon 13.94%	12/23/2022	3/31/2023	119	117	119
	4,718.62 Class A Preferred Units		—	7/1/2022	—	—	4,838	4,624
	37,807.58 Class B Preferred Units		—	7/1/2022	—	—	1,400	1,339
							13,394	13,121

20

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
December 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17		Fair Value4
STUDENT RESOURCE CENTER LLC	First Lien	Education	8.50%	12/31/2022	12/30/2027	8,889	8,720		8,720
	10,502,487.46 Preferred Units		—	12/31/2022	—	—	5,845		5,845
	2,000,000.00 Preferred Units9,13		—	12/31/2022	—	—	—		—
							14,565		14,565
Total Affiliate Investments (30.9% of net assets at fair value)							$	176,177	$	173,332
Control Investments7
I-45 SLF LLC9, 10, 11	80% LLC equity interest	Multi-sector holdings	—	10/20/2015	—	—	$	76,000	$	47,625
Total Control Investments (8.5% of net assets at fair value)							$	76,000	$	47,625
TOTAL INVESTMENTS (204.8% of net assets at fair value)							$	1,159,712	$	1,150,046

1All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

2All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

3The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR"), London Interbank Offered Rate (“LIBOR” or “L”), 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, LIBOR or Prime and the current contractual interest rate in effect at December 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

4The 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

5Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2022, approximately 80.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 165.4%.

6Affiliate 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, 2022, approximately 15.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.

21

7Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At December 31, 2022, approximately 4.1% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.5%.

8The investment is structured as a first lien last out term loan.

9Indicates 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, 2022, approximately 13.5% of the Company's assets were non-qualifying assets.

10The investment has an unfunded commitment as of December 31, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.

11Income producing through dividends or distributions.

12As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.

13Investment is held through a wholly-owned taxable subsidiary.

14The 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, 2022 represented 204.8% of the Company's net assets or 95.7% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.

15The 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.

16Investment is on non-accrual status as of December 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

17Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

18Equity 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.

19The investment is structured as a first lien first out term loan.

A brief description of the portfolio company in which we made an investment that represents greater than 5% of our total assets as of December 31, 2022 is included in Note 13 - Significant Subsidiaries.

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

22

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4
Non-control/Non-affiliate Investments5
AAC NEW HOLDCO INC.	First Lien	Healthcare services	10.00%, 8.00% PIK	12/11/2020	6/25/2025	$	8,653	$	8,653	$	8,350
	374,543 Common		—	12/11/2020	—	—		1,785		1,785
	Warrants (Expiration - December 11, 2025)		—	12/11/2020	—	—		2,198		2,198
								12,636		12,333
ACCELERATION PARTNERS, LLC	First Lien8	Media & marketing	L+8.17% (Floor 1.00%)/Q, Current Coupon 9.17%	12/1/2020	12/1/2025	11,875		11,600		11,875
	1,000 Preferred Units9,13		—	12/1/2020	—	—		1,000		1,153
	1,000 Class A Common Units9,13		—	12/1/2020	—	—		—		—
								12,600		13,028
ACE GATHERING, INC.	Second Lien15	Energy services (midstream)	L+8.50% (Floor 2.00%)/Q, Current Coupon 10.50%	12/13/2018	12/13/2023	7,948		7,881		7,765
ALLIANCE SPORTS GROUP, L.P.	Unsecured convertible note	Consumer products & retail	6.00% PIK	7/15/2020	9/30/2024	173		173		495
	3.88% preferred membership interest		—	8/1/2017	—	—		2,500		3,681
								2,673		4,176
AMERICAN NUTS OPERATIONS LLC	First Lien - Term Loan A	Food, agriculture and beverage	SOFR+6.75% (Floor 1.00%)/Q, Current Coupon 7.75%	3/11/2022	4/10/2026	12,450		12,388		12,450
	First Lien - Term Loan B		SOFR+8.75% (Floor 1.00%)/Q, Current Coupon 9.75%	3/11/2022	4/10/2026	12,450		12,388		12,450
	3,000,000 units of Class A common stock9,13		—	4/10/2018	—	—		3,000		4,195
								27,776		29,095
AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.)	Revolving Loan10,16	Telecommunications	P+5.50%/Q, Current Coupon 9.00%	9/17/2021	6/30/2022	899		890		49
	First Lien16		P+5.50%/Q, Current Coupon 9.00%	9/21/2016	6/8/2023	4,899		4,858		269
								5,748		318
AMWARE FULFILLMENT LLC	First Lien	Distribution	L+9.00% (Floor 1.00%)/M, Current Coupon 10.00%	07/29/2016	4/15/2022	16,376		16,375		16,376

23

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
ARBORWORKS, LLC	Revolving Loan10	Environmental services	L+7.00% (Floor 1.00%)	11/17/2021	11/9/2026	—	(56)	—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	11/17/2021	11/9/2026	12,903	12,660	12,657
	100 Class A Units		—	11/17/2021	—	—	100	100
							12,704	12,757
ASC ORTHO MANAGEMENT COMPANY, LLC	2,156 Common Units9,13	Healthcare services	—	8/31/2018	—	—	801	584
ATS OPERATING, LLC	Revolving Loan10	Consumer products & retail	SOFR+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	1/18/2022	1/18/2027	1,000	952	952
	First Lien - Term Loan A		SOFR+5.50% (Floor 1.00%)/Q, Current Coupon 6.50%	1/18/2022	1/18/2027	9,250	9,071	9,071
	First Lien - Term Loan B		SOFR+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	1/18/2022	1/18/2027	9,250	9,071	9,071
	1,000,000 Preferred units9,13		—	1/18/2022	—	—	1,000	1,000
							20,094	20,094
BINSWANGER HOLDING CORP.	First Lien	Distribution	L+8.50% (Floor 1.00%)/M, Current Coupon 9.50%	3/9/2017	3/10/2023	10,121	10,105	10,121
	900,000 shares of common stock		—	3/9/2017	—	—	900	924
							11,005	11,045
BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.)	Second Lien- Term Loan15	Commodities & mining	L+11.00%, 3.00% PIK (Floor 1.00%)/Q, Current Coupon 15.00%	7/30/2018	7/30/2023	9,064	9,005	8,793
	Second Lien- Term Loan B15		L+11.00%, 3.00% PIK (Floor 1.00%)/Q, Current Coupon 15.00%	3/30/2020	7/30/2023	2,149	2,130	2,084
							11,135	10,877
BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES)	1,131,579 Series A Preferred units	Telecommunications	—	12/11/2020	—	—	1,132	1,420
CADMIUM, LLC	Revolving Loan10	Software & IT services	L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	1/7/2022	12/22/2026	308	302	302
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	1/7/2022	12/22/2026	7,385	7,313	7,314
							7,615	7,616

24

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
CALIFORNIA PIZZA KITCHEN, INC.	48,423 shares of common stock	Restaurants	—	11/23/2020	—	—	1,317	2,090
CAMIN CARGO CONTROL, INC.	First Lien	Energy services (midstream)	L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	6/2/2021	6/4/2026	5,752	5,702	5,700
CITYVET, INC.	Delayed Draw Term Loan10	Healthcare services	L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	3/5/2021	3/5/2026	13,000	12,656	13,247
	271,739 Class A units9,13		—	3/5/2021	—	—	500	1,757
							13,156	15,004
CRAFTY APES, LLC8	First Lien	Media & marketing	L+6.21% (Floor 1.00%)/Q, Current Coupon 7.21%	6/9/2021	11/1/2024	10,000	9,921	10,000
DUNN PAPER, INC.	Second Lien	Paper & forest products	L+9.25% (Floor 1.00%)/M, Current Coupon 10.25%	9/28/2016	8/26/2023	3,000	2,984	2,208
EVEREST TRANSPORTATION SYSTEMS, LLC	First Lien	Transportation & logistics	L+8.00% (Floor 1.00%)/M, Current Coupon 9.00%	11/9/2021	8/26/2026	8,938	8,853	8,848
FAST SANDWICH, LLC	Revolving Loan10	Restaurants	L+9.00% (Floor 1.00%)	5/24/2018	5/23/2023	—	(22)	—
	First Lien		L+9.00% (Floor 1.00%)/Q,Current Coupon 10.00%	5/24/2018	5/23/2023	3,277	3,262	3,277
							3,240	3,277
FLIP ELECTRONICS, LLC	First Lien	Technology products & components	SOFR+7.50% (Floor 1.00%)/M, Current Coupon 8.50%	1/4/2021	1/2/2026	17,755	17,443	17,755
	Delayed Draw Term Loan10		SOFR+7.50% (Floor 1.00%)	3/24/2022	1/2/2026	—	(56)	—
	2,000,000 Common Units9,11,13		—	1/4/2021	—	—	2,000	6,373
							19,387	24,128
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC	First Lien	Food, agriculture & beverage	L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%	6/1/2021	6/1/2026	5,000	4,914	5,000
	Delayed Draw Term Loan10		L+6.50% (Floor 1.00%)/M, Current Coupon 7.50%	6/1/2021	6/1/2026	2,030	1,971	2,030
	75,000 Class A Units9,13		—	6/1/2021	—	—	750	750
							7,635	7,780

25

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
GS OPERATING, LLC	Revolving Loan10	Distribution	SOFR+6.00%(Floor 0.75%)/M, Current Coupon 6.75%	1/3/2022	1/3/2028	183	150	187
	First Lien		SOFR+6.00%(Floor 0.75%)/M, Current Coupon 6.75%	1/3/2022	1/3/2028	8,534	8,367	8,704
	Delayed Draw Term Loan10		SOFR+6.00%(Floor 0.75%)/M, Current Coupon 6.75%	1/3/2022	1/3/2028	2,516	2,406	2,566
							10,923	11,457
HYBRID APPAREL, LLC	Second Lien15	Consumer products & retail	L+8.25% (Floor 1.00%)/Q, Current Coupon 9.25%	6/30/2021	6/30/2026	15,750	15,473	15,246
INFOLINKS MEDIA BUYCO, LLC	First Lien	Media & marketing	L+6.00% (Floor 1.00%)/M, Current Coupon 7.01%	11/1/2021	10/30/2026	7,731	7,587	7,615
	Delayed Draw Term Loan10		L+6.00% (Floor 1.00%)	11/1/2021	10/30/2026	—	(21)	—
	1.68% LP interest9,10,13		—	10/29/2021	—	—	588	588
							8,154	8,203
ISI ENTERPRISES, LLC	Revolving Loan10	Software & IT services	L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	10/1/2021	10/1/2026	800	764	800
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	10/1/2021	10/1/2026	5,000	4,908	5,000
	1,000,000 Series A Preferred units		—	10/1/2021	—	—	1,000	1,000
							6,672	6,800
JVMC HOLDINGS CORP.	First Lien	Financial services	L+7.00% (Floor 1.00%)/M, Current Coupon 8.00%	2/28/2019	2/28/2024	6,589	6,558	6,589
KLEIN HERSH, LLC	Revolving Loan10	Business services	L+7.00% (Floor 0.75%)	11/13/2020	11/13/2025	—	(13)	—
	First Lien		L+7.00% (Floor 0.75%)/Q, Current Coupon 7.85%	11/13/2020	11/13/2025	23,821	23,415	24,298
							23,402	24,298
KMS, LLC	First Lien15	Distribution	L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	10/4/2021	10/2/2026	15,920	15,773	15,920
	Delayed Draw Term Loan10		L+7.25% (Floor 1.00%)	10/4/2021	10/2/2026	—	(41)	—
							15,732	15,920

26

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
LASH OPCO, LLC	Revolving Loan10	Consumer products & retail	L+7.00% (Floor 1.00%)	12/29/2021	9/18/2025	—	(10)	—
	First Lien		L+7.00% (Floor 1.00%)/M, Current Coupon 8.01%	12/29/2021	3/18/2026	6,484	6,345	6,341
	Delayed Draw Term Loan10		L+7.00% (Floor 1.00%)/M, Current Coupon 8.01%	12/29/2021	3/18/2026	4,154	4,034	4,063
							10,369	10,404
LGM PHARMA, LLC	First Lien	Healthcare products	L+8.50% (Floor 1.00%), 2.00% PIK/Q, Current Coupon 11.50%	11/15/2017	11/15/2023	11,422	11,346	10,851
	Delayed Draw Term Loan		L+10.00% (Floor 1.00%), 2.00% PIK/Q, Current Coupon 13.00%	7/24/2020	11/15/2023	2,488	2,463	2,388
	Unsecured convertible note9,13		25.00% PIK	12/21/2021	12/31/2024	88	88	88
	142,278.89 units of Class A common stock9,13		—	11/15/2017	—	—	1,600	376
							15,497	13,703
LLFLEX, LLC	First Lien15	Containers & packaging	L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	8/16/2021	8/14/2026	10,945	10,723	10,671
MAKO STEEL LP	Revolving Loan10	Business services	L+7.25% (Floor (0.75%)/Q, Current Coupon 8.23%	3/15/2021	3/13/2026	943	913	910
	First Lien		L+7.25% (Floor (0.75%)/Q, Current Coupon 8.38%	3/15/2021	3/13/2026	8,032	7,900	7,751
							8,813	8,661
MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL)	First Lien	Telecommunications	L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	12/6/2021	12/7/2026	12,469	12,232	12,232
	Second Lien		L+11.00% (Floor 1.00%)/Q, Current Coupon 12.00%	12/6/2021	12/7/2026	3,292	3,229	3,229
	2,089,599 Series A units9,13		—	12/6/2021	—	—	—	1,536
							15,461	16,997

27

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
MUENSTER MILLING COMPANY, LLC	Revolving Loan10	Food, agriculture & beverage	L+7.25%(Floor 1.00%)	8/10/2021	8/10/2026	—	(87)	—
	First Lien		L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	8/10/2021	8/10/2026	12,000	11,785	12,000
	Delayed Draw Term Loan10		L+7.25% (Floor 1.00%)	8/10/2021	8/10/2026	—	(52)	—
							11,646	12,000
NATIONAL CREDIT CARE, LLC	First Lien - Term Loan A	Consumer services	L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	12/23/2021	12/23/2026	11,250	11,035	11,171
	First Lien - Term Loan B		L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	12/23/2021	12/23/2026	11,250	11,035	11,171
	191,049.33 Class A-3 Preferred units9,13		—	3/17/2022	—	—	2,000	2,000
							24,070	24,342
NEUROPSYCHIATRIC HOSPITALS, LLC	Revolving Loan10	Healthcare services	L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	5/14/2021	5/14/2026	4,400	4,317	4,299
	First Lien		L+8.00%(Floor 1.00%)/Q, Current Coupon 9.00%	5/14/2021	5/14/2026	14,913	14,657	14,569
	Delayed Draw Term Loan10		L+8.00% (Floor 1.00%)	5/14/2021	5/14/2026	—	(82)	—
							18,892	18,868
NINJATRADER, INC.	Revolving Loan10	Financial services	L+6.25% (Floor 1.00%)	12/18/2019	12/18/2024	—	(4)	—
	First Lien		L+6.25%(Floor 1.00%)/Q, Current Coupon 7.25%	12/18/2019	12/18/2024	23,150	22,719	23,150
	Delayed Draw Term Loan10		L+6.25% (Floor 1.00%)	12/31/2020	12/18/2024	—	(45)	—
	2,000,000 Preferred Units9,11,13		—	12/18/2019	—	—	2,000	9,566
							24,670	32,716
NWN PARENT HOLDINGS, LLC	Revolving Loan10	Software & IT services	L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	5/7/2021	5/7/2026	420	390	412
	First Lien		L+6.50% (Floor 1.00%)/Q, Current Coupon 7.50%	5/7/2021	5/7/2026	13,066	12,844	12,818
							13,234	13,230
RESEARCH NOW GROUP, INC.	Second Lien	Business services	L+9.50% (Floor 1.00%)/M, Current Coupon 10.50%	12/8/2017	12/20/2025	10,500	10,066	10,217

28

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
ROOF OPCO, LLC	Revolving Loan10	Consumer services	L+6.00%(Floor 1.00%)	8/27/2021	8/27/2026	—	(53)	—
	First Lien		L+6.00% (Floor 1.00%)/Q, Current Coupon 7.00%	8/27/2021	8/27/2026	11,000	10,802	10,791
	Delayed Draw Term Loan10		L+6.00% (Floor 1.00%)/Q, Current Coupon 7.00%	8/27/2021	8/27/2026	7,578	7,394	7,578
							18,143	18,369
RTIC SUBSIDIARY HOLDINGS, LLC	Revolving Loan	Consumer products & retail	L+7.75% (Floor 1.25%)/Q, Current Coupon 9.00%	9/1/2020	9/1/2025	1,370	1,357	1,370
	First Lien		L+7.75% (Floor 1.25%)/Q, Current Coupon 9.00%	9/1/2020	9/1/2025	6,933	6,870	6,933
							8,227	8,303
SCRIP, INC.	First Lien8	Healthcare products	L+9.43% (Floor 2.00%)/M, Current Coupon 11.43%	3/21/2019	3/21/2024	16,750	16,521	16,750
	100 shares of common stock		—	3/21/2019	—	—	1,000	1,601
							17,521	18,351
SHEARWATER RESEARCH, INC.9	Revolving Loan10	Consumer products & retail	L+6.25% (Floor 1.00%)	4/30/2021	4/30/2026	—	(40)	—
	First Lien		L+6.25% (Floor 1.00%)/Q, Current Coupon 7.25%	4/30/2021	4/30/2026	13,794	13,561	13,545
	Delayed Draw Term Loan10		L+6.25% (Floor 1.00%)	4/30/2021	4/30/2026	—	(27)	—
	1,200,000 Class A Preferred Units		—	4/30/2021	—	—	978	979
	40,000 Class A Common Units		—	4/30/2021	—	—	33	33
							14,505	14,557
SIB HOLDINGS, LLC	Revolving Loan10	Business services	L+6.00% (Floor 1.00%)/M, Current Coupon 7.00%	10/29/2021	10/29/2026	47	37	46
	First Lien		L+6.00% (Floor 1.00%)/M, Current Coupon 7.00%	10/29/2021	10/29/2026	7,427	7,324	7,323
	Delayed Draw Term Loan10		L+6.00% (Floor 1.00%)	10/29/2021	10/29/2026	—	(9)	—
	238,095.24 Common Units9,13		—	10/29/2021	—	—	500	500
							7,852	7,869

29

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17	Fair Value4
SOUTH COAST TERMINALS, LLC	Revolving Loan10	Specialty chemicals	L+6.25%(Floor 1.00%)	12/13/2021	12/11/2026	—	(36)	—
	First Lien		L+6.25% (Floor 1.00%)/M, Current Coupon 7.25%	12/13/2021	12/11/2026	18,019	17,676	17,749
							17,640	17,749
SPOTLIGHT AR, LLC	Revolving Loan10	Business services	L+7.00% (Floor 1.00%)	12/8/2021	6/8/2026	—	(37)	—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	12/8/2021	6/8/2026	7,500	7,359	7,358
	750 Common Units9,13		—	12/8/2021	—	—	750	750
							8,072	8,108
STUDENT RESOURCE CENTER LLC	Revolving Loan10	Education	L+8.00% (Floor 1.00%)	6/25/2021	6/25/2026	—	(23)	—
	First Lien		L+8.00% (Floor 1.00%)/Q, Current Coupon 9.01%	6/25/2021	6/25/2026	18,823	18,489	18,597
	2,000 Preferred Units9,13		—	6/25/2021	—	—	2,000	1,819
							20,466	20,416
SYSTEC CORPORATION (DBA INSPIRE AUTOMATION)	Revolving Loan10	Business services	L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	8/13/2021	8/13/2025	850	816	833
	First Lien		L+7.50% (Floor 1.00%)/Q, Current Coupon 8.50%	8/13/2021	8/13/2025	9,000	8,844	8,820
	Delayed Draw Term Loan10		L+7.50% (Floor 1.00%)	8/13/2021	8/13/2025	—	(25)	—
							9,635	9,653
THE PRODUCTO GROUP, LLC	First Lien	Industrial products	L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	12/31/2021	12/31/2026	12,644	12,401	12,391
	1,500,000 Class A units9,13		—	12/31/2021	—	—	1,500	1,500
							13,901	13,891
TRAFERA, LLC (FKA TRINITY 3, LLC)	First Lien15	Technology products & components	L+7.75%(Floor 1.00%)/Q, Current Coupon 8.75%	9/30/2020	9/30/2025	9,875	9,764	9,835
	Unsecured convertible note9,13		10.00% PIK	2/7/2022	3/31/2026	84	84	84
	896.43 Class A units9,11,13		—	11/15/2019	—	—	1,205	3,000
							11,053	12,919
USA DEBUSK, LLC	First Lien	Industrial services	L+5.75% (Floor 1.00%)/M, Current Coupon 6.75%	2/25/2020	9/8/2026	11,614	11,451	11,614

30

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17		Fair Value4
VISTAR MEDIA INC.	171,617 shares of Series A preferred stock	Media & marketing	—	4/3/2019	—	—	1,874		9,273
VTX HOLDINGS, INC. (DBA VERTEX ONE)	1,597,707 Series A Preferred units	Software & IT services	—	7/23/2019	—	—	1,598		2,082
WALL STREET PREP, INC.	Revolving Loan10	Education	L+7.00% (Floor 1.00%)	7/19/2021	7/20/2026	—	(17)		—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	7/19/2021	7/20/2026	10,863	10,670		10,656
	1,000,000 Class A-1 Preferred Shares		—	7/19/2021	—	—	1,000		1,000
							11,653		11,656
WELL-FOAM, INC.	Revolving Loan10	Energy services (upstream)	L+8.50% (Floor 1.00%)	9/9/2021	9/9/2026	—	(83)		—
	First Lien		L+8.50% (Floor 1.00%)/Q, Current Coupon 9.50%	9/9/2021	9/9/2026	17,910	17,583		17,910
							17,500		17,910
WINTER SERVICES OPERATIONS, LLC	Revolving Loan10	Business services	L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	11/19/2021	11/19/2026	2,444	2,362		2,386
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	11/19/2021	11/19/2026	20,000	19,624		19,520
	Delayed Draw Term Loan10		L+7.00% (Floor 1.00%)	11/19/2021	11/19/2026	—	(41)		—
							21,945		21,906
ZENFOLIO INC.	Revolving Loan10	Business services	L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	7/17/2017	7/17/2023	1,000	996		995
	First Lien		L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	7/17/2017	7/17/2023	18,915	18,785		18,820
							19,781		19,815
ZIPS CAR WASH, LLC	Delayed Draw Term Loan - A	Consumer services	L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	2/11/2022	3/1/2024	16,000	15,691		15,691
	Delayed Draw Term Loan - B10		L+7.25% (Floor 1.00%)/Q, Current Coupon 8.26%	2/11/2022	3/1/2024	199	159		159
							15,850		15,850
Total Non-control/Non-affiliate Investments (177.5% of net assets at fair value)							$	721,392	$	747,132

31

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal		Cost12,17		Fair Value4
Affiliate Investments6
AIR CONDITIONING SPECIALIST, INC.	Revolving Loan10	Consumer services	L+7.25% (Floor 1.00%)	11/9/2021	11/9/2026	$	—	$	(18)	$	—
	First Lien		L+7.25% (Floor 1.00%)/Q, Current Coupon 8.25%	11/9/2021	11/9/2026	12,778		12,535		12,535
	623,693.55 Preferred Units9,13		—	11/9/2021	—	—		624		634
								13,141		13,169
CATBIRD NYC, LLC	Revolving Loan10	Consumer products & retail	L+7.00% (Floor 1.00%)	10/15/2021	10/15/2026	—		(73)		—
	First Lien		L+7.00% (Floor 1.00%)/Q, Current Coupon 8.00%	10/15/2021	10/15/2026	15,900		15,606		15,884
	1,000,000 Class A units9,13		—	10/15/2021	—	—		1,000		1,221
	500,000 Class B units9,10,13		—	10/15/2021	—	—		500		572
								17,033		17,677
CENTRAL MEDICAL SUPPLY LLC	Revolving Loan10	Healthcare services	L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%	5/22/2020	5/22/2025	300		281		290
	First Lien		L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%	5/22/2020	5/22/2025	7,500		7,398		7,260
	Delayed Draw Capex Term Loan10		L+9.00% (Floor 1.75%)/Q, Current Coupon 10.75%	5/22/2020	5/22/2025	100		81		97
	1,380,500 Preferred Units9,13		—	5/22/2020	—	—		976		641
								8,736		8,288
CHANDLER SIGNS, LLC	1,500,000 units of Class A-1 common stock9,13	Business services	—	1/4/2016	—	—		1,500		924
DELPHI BEHAVIORAL HEALTH GROUP, LLC	First Lien	Healthcare services	L+9.50% PIK (Floor 1.00%)/Q, Current Coupon 10.50%	4/8/2020	4/7/2023	1,541		1,541		1,402
	First Lien		L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 10.00%	4/8/2020	4/7/2023	1,732		1,732		1,472
	Protective Advance		L+11.50% PIK (Floor 1.00%)/Q, Current Coupon 12.50%	8/31/2021	4/7/2023	526		526		526
	1,681.04 Common Units		—	4/8/2020	—	—		3,615		2,460
								7,414		5,860

32

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14		Maturity	Principal	Cost12,17	Fair Value4
DYNAMIC COMMUNITIES, LLC	Revolving Loan10	Business services	L+8.50% (Floor 1.00%)	7/17/2018		7/17/2023	—	(1)	—
	First Lien		L+8.50% (Floor 1.00%)/Q, Current Coupon 9.51%	7/17/2018		7/17/2023	11,221	11,147	10,323
	Senior subordinated debt		25.00% PIK	12/4/2020		1/16/2024	650	650	650
	2,000,000 Preferred Units9,13		—	7/17/2018		—	—	2,000	1,274
								13,796	12,247
GRAMMATECH, INC.	Revolving Loan10	Software & IT services	L+9.50% (Floor 2.00%)	11/1/2019		11/1/2024	—	(22)	—
	First Lien		L+9.50% (Floor 2.00%)/Q, Current Coupon 11.50%	11/1/2019		11/1/2024	11,500	11,384	9,775
	1,000 Class A units		—	11/1/2019	0	—	—	1,000	674
	56.259 Class A-1 units		—	1/10/2022		—	—	56	38
								12,418	10,487
ITA HOLDINGS GROUP, LLC	Revolving Loan10	Transportation & logistics	L+9.00% (Floor 1.00%)/Q, Current Coupon 10.00%	2/14/2018		2/14/2023	750	733	750
	First Lien - Term Loan		L+8.00% (Floor 1.00%)/Q, Current Coupon 9.00%	2/14/2018		2/14/2023	10,071	10,041	10,041
	First Lien - Term B Loan		L+11.00% (Floor 1.00%)/Q, Current Coupon 12.00%	6/5/2018		2/14/2023	5,036	5,010	5,061
	First Lien - PIK Note A		10.00% PIK	3/29/2019		2/14/2023	2,959	2,721	2,959
	First Lien - PIK Note B		10.00% PIK	3/29/2019		2/14/2023	117	117	117
	Warrants (Expiration - March 29, 2029)9,13		—	3/29/2019		—	—	538	3,199
	9.25% Class A Membership Interest9,11,13		—	2/14/2018		—	—	1,500	3,063
								20,660	25,190
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE)	Revolving Loan10	Environmental services	7.50%	12/31/2021		12/31/2025	—	—	—
	First Lien		7.50%	12/31/2021		12/31/2025	5,195	5,195	4,780
	Second Lien16		10.00% PIK	12/31/2021		12/31/2026	5,208	5,208	3,104
	208,333.3333 Series A Preferred units9,13		—	12/31/2021		—	—	—	—
	203,124.9999 Common units9,13		—	12/31/2021		—	—	—	—
								10,403	7,884

33

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2022
Portfolio Company1,18	Type of Investment2	Industry	Current Interest Rate3	Acquisition Date14	Maturity	Principal	Cost12,17		Fair Value4
ROSELAND MANAGEMENT, LLC	Revolving Loan10	Healthcare services	L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%	11/9/2018	11/9/2023	575	564		575
	First Lien		L+7.00% (Floor 2.00%)/Q, Current Coupon 9.00%	11/9/2018	11/9/2023	14,125	14,021		14,125
	16,084 Class A Units		—	11/9/2018	—	—	1,517		1,905
							16,102		16,605
SIMR, LLC	First Lien16	Healthcare services	L+10.00%, 7.00% PIK (Floor 2.00%)/M, Current Coupon 19.00%	9/7/2018	9/7/2023	13,235	13,101		10,588
	9,374,510.2 Class B Common Units		—	9/7/2018	—	—	6,107		—
	904,903.31 Class W Units		—	2/4/2021	—	—	—		—
							19,208		10,588
SONOBI, INC.	500,000 Class A Common Units9,13	Media & marketing	—	9/17/2020	—	—	500		2,960
Total Affiliate Investments (31.3% of net assets at fair value)							$	140,911	$	131,879
Control Investments7
I-45 SLF LLC9,10,11	80% LLC equity interest	Multi-sector holdings	—	10/20/2015	—	—	$	76,000	$	57,603
Total Control Investments (13.7% of net assets at fair value)							$	76,000	$	57,603
TOTAL INVESTMENTS (222.5% of net assets at fair value)							$	938,303	$	936,614

1All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

2All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

3The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), 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 LIBOR, SOFR or Prime and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

4The 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

34

5Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.

6Affiliate 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, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.

7Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.

8The investment is structured as a first lien last out term loan.

9Indicates assets that are considered "non-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, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.

10The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.

11Income producing through dividends or distributions.

12As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.

13Investment is held through a wholly-owned taxable subsidiary.

14The 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, 2022 represented 222.5% of the Company's net assets or 96.2% of the Company's total assets, are generally subject to certain limitations on resale, and may be deemed "restricted securities" under the Securities Act.

15The 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.

16Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

17Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

18Equity 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.

A brief description of the portfolio company in which we made an investment that represents greater than 5% of our total assets as of March 31, 2022 is included in Note 13. Significant Subsidiaries.

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

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Notes to Consolidated Financial Statements

1.    ORGANIZATION AND BASIS OF PRESENTATION

    References in this Quarterly Report on Form 10-Q 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. Our common stock currently trades on The Nasdaq Global Select Market under the ticker symbol “CSWC.”

CSWC was organized as a Texas corporation on April 19, 1961. On March 30, 1988, CSWC elected to be regulated as a business development company (“BDC”) under the 1940 Act. In order to comply with the 1940 Act requirements for a BDC, we must, among other things, generally invest at least 70% of our assets in eligible portfolio companies and limit the amount of leverage we incur.

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. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income 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 must be distributed through a dividend declared prior to filing the final tax return related to the year that generated such taxable income.

CSWC has a direct wholly-owned subsidiary that has been elected to be a taxable entity (the “Taxable Subsidiary”). The primary purpose of the Taxable Subsidiary is to permit CSWC 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 is taxed at normal corporate tax rates based on its taxable income.

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. We also opportunistically target first and second lien loans in upper middle market (“UMM”) companies. Our target LMM companies typically have annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) generally between $3.0 million and $20.0 million, and our LMM investments generally range in size from $5.0 million to $35.0 million. Our UMM investments generally include first and second lien loans in companies with EBITDA generally greater than $20.0 million and typically range in size from $5.0 million to $20.0 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.

On April 20, 2021, our wholly owned subsidiary, Capital Southwest SBIC I, LP (“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.

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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”). 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.

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, 2022 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, 2022 and 2021. Consolidated financial statements prepared on a U.S. GAAP basis 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, 2022, the Company has 86.5% of its assets 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 ("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.

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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

(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 nonqualified acquisition may be subject to excess taxes unless the nonqualified 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, 2022, we satisfied all RIC requirements and have 11.2% 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 facility approximates fair value (Level 3 input). See Note 4 below for further discussion regarding the fair value measurements and hierarchy.

Investments Investments are stated at fair value and are reviewed and approved by our Board of Directors as described in the Notes to the Consolidated Schedule of Investments and Notes 3 and 4 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.

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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. 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, 2022 and March 31, 2022, cash balances totaling $20.4 million and $10.2 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.

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 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 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, 2022, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.4% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost.

To maintain RIC tax treatment, non-cash sources of income such as accretion of interest income may need to be paid out to shareholders in the form of distributions, even though CSWC may not have collected the interest income. For the three and nine months ended December 31, 2022, approximately 3.2% and 3.5%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the three and nine months ended December 31, 2021, approximately 3.4% and 3.6%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction.

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

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collectible. As of December 31, 2022 and March 31, 2022, we have not written off any accrued and uncollected PIK interest from prior periods. For the three and nine months ended December 31, 2022, we had three investments for which we stopped accruing PIK interest. For the three and nine months ended December 31, 2021, we had two investments for which we stopped accruing PIK interest. For the three and nine months ended December 31, 2022, approximately 4.6% and 4.4%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. For the three and nine months ended December 31, 2021, approximately 3.6% and 4.4%, 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 and amendment fees, as fee income when earned. In addition, the Company may also 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 CSWC’s senior secured credit facility, its unsecured notes (as discussed further in Note 5) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the credit facility have been capitalized and are amortized into interest expense over the term of the 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) and the SBA Debentures.

Deferred Offering Costs Deferred offering costs include registration expenses related to our shelf registration statement and expenses related to the launch of the "at-the-market" ("ATM") program through which we can sell, from time to time, shares of our common stock (the "Equity ATM Program"). These expenses consist primarily of SEC registration fees, legal fees and accounting fees incurred related thereto. These expenses are included in other assets on the Consolidated Statements of Assets and Liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or debt issuance costs, respectively. If there are any deferred offering costs remaining at the expiration of the shelf registration statement, these deferred costs are charged to expense.

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 (as discussed in Note 5)) 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 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.

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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. 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 for further discussion.

The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is required to pay taxes 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 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 months ended December 31, 2022 and 2021.

Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at our taxable subsidiaries 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 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.

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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 Company’s 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 Company's 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 for the prior year comparative consolidated financial statements is updated to conform to the current period presentation.

Recently Issued or Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, "Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting." The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and certain lenders. Many of these agreements include an alternative successor rate or language for choosing an alternative successor rate when LIBOR reference is no longer considered to be appropriate. With respect to other agreements, the Company intends to work with its portfolio companies and certain lenders to modify agreements to choose an alternative successor rate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. On December 21, 2022, the FASB issued ASU 2022-06 "Reference rate reform (Topic 848)—Deferral of the Sunset Date of Topic 848," which defers the sunset date of ASC 848 until December 31, 2024. ASU 2022-06 became effective upon issuance. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company does not believe it will have a material impact on its consolidated financial statements or its disclosure and did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the nine months ended December 31, 2022.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amend a related illustrative example, and (3) introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. 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.

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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, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
First lien loans1,2	$	954,000	83.0	%	169.9	%	$	968,597	83.5	%
Second lien loans2	35,446		3.1		6.3		44,050		3.8
Subordinated debt3	852		0.1		0.1		754		0.1
Preferred equity	61,283		5.3		10.9		39,416		3.4
Common equity & warrants	50,840		4.4		9.1		30,895		2.7
I-45 SLF LLC4	47,625		4.1		8.5		76,000		6.5
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	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 equity	44,663		4.8		10.6		25,544		2.7
Common equity & warrants	40,514		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 December 31, 2022 and March 31, 2022, the fair value of the first lien last out loans are $51.0 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 December 31, 2022 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $37.2 million and $36.4 million, respectively. As of December 31, 2022 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $20.6 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 December 31, 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.

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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, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
Media & Marketing	$	142,382	12.4	%	25.4	%	$	132,117	11.4	%
Business Services	127,741		11.1		22.7		128,237		11.1
Healthcare Services	108,710		9.5		19.4		123,408		10.6
Consumer Services	90,019		7.8		15.9		89,283		7.7
Consumer Products & Retail	86,771		7.5		15.4		86,298		7.4
Food, Agriculture & Beverage	72,803		6.3		13.0		74,059		6.4
Healthcare Products	67,002		5.8		11.9		67,777		5.8
Technology Products & Components	64,199		5.6		11.4		46,947		4.1
I-45 SLF LLC1	47,625		4.1		8.5		76,000		6.6
Transportation & Logistics	41,939		3.7		7.5		35,923		3.1
Financial Services	40,418		3.5		7.2		31,019		2.7
Software & IT Services	38,572		3.4		6.9		39,844		3.4
Distribution	34,100		3.0		6.1		35,904		3.1
Education	26,426		2.3		4.7		26,046		2.2
Industrial Services	26,233		2.3		4.7		25,900		2.2
Industrial Products	22,387		2.0		4.0		18,839		1.6
Energy Services (Midstream)	22,355		1.9		4.0		23,014		2.0
Environmental Services	19,592		1.7		3.5		24,920		2.2
Specialty Chemicals	17,884		1.6		3.2		17,559		1.5
Telecommunications	17,776		1.5		3.2		21,829		1.9
Energy Services (Upstream)	17,775		1.5		3.2		17,426		1.5
Containers & Packaging	10,537		0.9		1.8		10,672		0.9
Aerospace & Defense	6,800		0.6		1.2		6,691		0.6
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	100.0	%

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	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
March 31, 2022:
Business Services	$	123,697	13.2	%	29.4	%	$	124,860	13.3	%
Consumer Products & Retail	90,457		9.7		21.5		88,375		9.4
Healthcare Services	88,131		9.4		21.0		96,946		10.3
Consumer Services	71,730		7.7		17.0		71,203		7.6
I-45 SLF LLC1	57,603		6.2		13.7		76,000		8.1
Distribution	54,798		5.9		13.0		54,035		5.8
Food, Agriculture & Beverage	48,876		5.2		11.6		47,057		5.0
Media & Marketing	43,463		4.6		10.3		33,049		3.5
Financial Services	39,305		4.2		9.3		31,229		3.3
Technology Products & Components	37,047		4.0		8.8		30,440		3.3
Transportation & Logistics	34,038		3.6		8.1		29,513		3.1
Software & IT Services	33,414		3.6		7.9		34,866		3.7
Education	32,072		3.4		7.6		32,119		3.4
Healthcare Products	32,054		3.4		7.6		33,018		3.5
Environmental Services	20,641		2.2		4.9		23,108		2.5
Telecommunications	18,736		2.0		4.5		22,341		2.4
Energy Services (Upstream)	17,910		1.9		4.3		17,500		1.9
Specialty Chemicals	17,749		1.9		4.2		17,640		1.9
Industrial Products	13,891		1.5		3.3		13,901		1.5
Energy Services (Midstream)	13,465		1.4		3.2		13,582		1.5
Industrial Services	11,614		1.2		2.8		11,451		1.2
Commodities & Mining	10,877		1.2		2.6		11,135		1.2
Containers & Packaging	10,671		1.1		2.5		10,723		1.1
Aerospace & Defense	6,800		0.7		1.6		6,672		0.7
Restaurants	5,367		0.6		1.3		4,556		0.5
Paper & Forest Products	2,208		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.

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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, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
Southeast	$	239,539	20.8	%	42.7	%	$	236,922	20.4	%
Northeast	230,643		20.1		41.1		222,894		19.2
West	228,254		19.8		40.6		223,761		19.3
Southwest	222,872		19.4		39.7		218,712		18.8
Midwest	155,675		13.6		27.7		157,333		13.6
I-45 SLF LLC1	47,625		4.1		8.5		76,000		6.6
International	25,438		2.2		4.5		24,090		2.1
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	100.0	%
March 31, 2022:
Northeast	$	225,578	24.1	%	53.6	%	$	221,780	23.6	%
Southwest	206,057		22.0		49.0		204,443		21.8
West	163,924		17.5		38.9		153,292		16.3
Southeast	136,588		14.6		32.5		138,929		14.9
Midwest	132,308		14.1		31.4		129,354		13.8
I-45 SLF LLC1	57,603		6.1		13.7		76,000		8.1
International	14,556		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.

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4.    FAIR VALUE MEASUREMENTS

Investment Valuation Process

The valuation process is led by the finance department in conjunction with the investment team. The process includes a quarterly review of each investment by our executive officers and investment team. Valuations of each portfolio security are prepared quarterly by the finance department using updated financial and other operational information collected by the investment team. Each investment valuation is then subject to review by the executive officers and investment team. In conjunction with the internal valuation process, we have also engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews of certain investments. The third-party valuation firms provide a range of values for selected investments, which is presented to CSWC’s executive officers and then subsequently to the Board of Directors.

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. The Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of CSWC’s investments in accordance with the 1940 Act.

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, 2022 and March 31, 2022, 100% of the CSWC 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, CSWC determines the fair value of its investments (excluding investments for which fair value is measured at net asset value ("NAV") in good faith using Level 3 inputs, pursuant to CSWC's valuation policy and procedures that are established by the management of CSWC, with assistance from multiple third-party valuation advisors and approved by our Board of Directors.

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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;

•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, the Enterprise Value Waterfall Approach, and the NAV Valuation Method.

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,

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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 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.

NAV Valuation Method

Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, CSWC measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date. However, in determining the fair value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of our investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, expected future cash flows available to equity holders, or other uncertainties surrounding CSWC’s ability to realize the full NAV of its interests in the investment fund.

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The following fair value hierarchy tables set forth our investment portfolio by level as of December 31, 2022 and March 31, 2022 (in thousands):

			Fair Value Measurements
			at December 31, 2022 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien loans	$	954,000	$	—	$	—	$	954,000
Second lien loans	35,446		—		—		35,446
Subordinated debt	852		—		—		852
Preferred equity	61,283		—		—		61,283
Common equity & warrants	50,840		—		—		50,840
Investments measured at net asset value1	47,625		—		—		—
Total Investments	$	1,150,046	$	—	$	—	$	1,102,421

			Fair Value Measurements
			at March 31, 2022 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien loans	$	739,872	$	—	$	—	$	739,872
Second lien loans	52,645		—		—		52,645
Subordinated debt	1,317		—		—		1,317
Preferred equity	44,663		—		—		44,663
Common equity & warrants	40,514		—		—		40,514
Investments measured at net asset value1	57,603		—		—		—
Total Investments	$	936,614	$	—	$	—	$	879,011

1Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For the investment valued at NAV per share at December 31, 2022 and March 31, 2022, the redemption restrictions dictate that we cannot withdraw our membership interest without unanimous approval. We are permitted to sell or transfer our membership interest and must deliver written notice of such transfer to the other member no later than 60 business days prior to the sale or transfer.

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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, 2022 and March 31, 2022. 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 at		Significant
	Valuation	December 31, 2022		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	865,983	Discount Rate	6.9% - 38.1%	13.2%
				Third Party Broker Quote	5.6 - 98.5	95.5
	Market Approach	88,017		Cost	98.0 - 99.5	98.2
				Exit Value	75.0 - 100.0	95.7
Second lien loans	Income Approach	33,071		Discount Rate	14.2% - 29.0%	21.9%
				Third Party Broker Quote	66.0 - 66.0	66.0
	Market Approach	2,375		Exit Value	45.6 - 45.6	45.6
Subordinated debt	Market Approach	581		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	271		EBITDA Multiple	7.6x - 7.6x	7.6x
				Discount Rate	21.0% - 21.0%	21.0%
Preferred equity	Enterprise Value Waterfall Approach	61,283		EBITDA Multiple	4.7x - 17.1x	10.1x
				Discount Rate	12.6% - 30.1%	18.6%
Common equity & warrants	Enterprise Value Waterfall Approach	48,225		EBITDA Multiple	5.5x - 11.0x	9.3x
				Discount Rate	11.3% - 78.4%	16.8%
	Market Approach	2,615		Cost	100.0 - 100.0	100.0
Total Level 3 Investments		$	1,102,421

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		Fair Value at		Significant
	Valuation	March 31, 2022		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	645,034	Discount Rate	7.3% - 30.6%	10.7%
				Third Party Broker Quote	5.5 - 96.5	93.2
	Market Approach	94,838		Cost	80.2 - 99.0	98.1
				Exit Value	100.0 - 102.0	101.8
Second lien loans	Income Approach	49,541		Discount Rate	10.3% - 37.8%	15.4%
				Third Party Broker Quote	97.3 - 97.3	97.3
	Enterprise Value Waterfall Approach	3,104		EBITDA Multiple	8.3x - 8.3x	8.3x
				Discount Rate	22.1% - 22.1%	22.1%
Subordinated debt	Income Approach	650		Discount Rate	27.4% - 27.4%	27.4%
	Market Approach	172		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	495		EBITDA Multiple	8.1x - 8.1x	8.1x
				Discount Rate	20.5% - 20.5%	20.5
Preferred equity	Enterprise Value Waterfall Approach	41,563		EBITDA Multiple	6.9x - 18.8x	10.6x
				Discount Rate	12.5% - 40.8%	17.8%
	Market Approach	3,100		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	36,667		EBITDA Multiple	4.2x - 11.4x	8.5x
				Discount Rate	10.1% - 32.2%	18.1%
	Market Approach	1,757		Exit Value	351.4 - 351.4	351.4
	Income Approach	2,090		Third Party Broker Quote	158.7 - 158.7	158.7
Total Level 3 Investments		$	879,011

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 months ended December 31, 2022 and 2021, we had no transfers between levels.

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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, 2022 and 2021 (in thousands):

	Fair Value March 31, 2022		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Reclassification of Security		Fair Value December 31, 2022		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	739,872	$	(14,263)	$	335,069	$	(96,475)	$	3,512	$	—	$	(13,715)	$	954,000	$	(10,201)
Second lien loans	52,645		(7,512)		2,930		(12,239)		314		(692)		—		35,446		(6,307)
Subordinated debt	1,317		(328)		385		—		65		—		(587)		852		(224)
Preferred equity	44,663		(1,253)		3,571		—		—		—		14,302		61,283		1,840
Common equity & warrants	40,514		8,670		4,320		—		—		(2,664)		—		50,840		9,853
Total Investments	$	879,011	$	(14,686)	$	346,275	$	(108,714)	$	3,891	$	(3,356)	$	—	$	1,102,421	$	(5,039)
	Fair Value March 31, 2021		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Reclassification of Security		Fair Value December 31, 2021		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	524,161	$	(998)	$	378,164	$	(219,454)	$	1,994	$	—	$	(4,683)	$	679,184	$	(2,515)
Second lien loans	36,919		(1,791)		18,841		(7,152)		1,079		(53)		5,208		53,051		(2,165)
Subordinated debt	11,534		165		270		—		477		—		—		12,446		165
Preferred equity	22,608		7,796		7,511		—		—		—		(525)		37,390		7,271
Common equity & warrants	36,052		8,677		4,257		—		—		(11,881)		—		37,105		4,042
Total Investments	$	631,274	$	13,849	$	409,043	$	(226,606)	$	3,550	$	(11,934)	$	—	$	819,176	$	6,798

1Includes purchases of new investments, as well as discount accretion on existing investments.

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5.    BORROWINGS

In accordance with the 1940 Act, with certain limitations, 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 which 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, 2022, the Company’s asset coverage was 229%.

The Company had the following borrowings outstanding as of December 31, 2022 and March 31, 2022 (amounts in thousands):

December 31, 2022	Outstanding Balance		Unamortized Debt Issuance Costs and Debt Discount/Premium		Recorded Value
SBA Debentures	$	104,000	$	(3,418)	$	100,582
Credit Facility	225,000		—		225,000
January 2026 Notes	140,000		(1,033)		138,967
October 2026 Notes	150,000		(2,922)		147,078
	$	619,000	$	(7,373)	$	611,627
March 31, 2022
SBA Debentures	$	40,000	$	(1,648)	$	38,352
Credit Facility	205,000		—		205,000
January 2026 Notes	140,000		(1,286)		138,714
October 2026 Notes	150,000		(3,478)		146,522
	$	535,000	$	(6,412)	$	528,588

Credit Facility

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

On August 9, 2021, CSWC entered into the Second Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, the "Credit Agreement"). Prior to the Credit Agreement, (1) borrowings under the Credit Facility accrued interest on a per annum basis at a rate equal to the applicable LIBOR rate plus 2.50% with no LIBOR floor, and (2) the total borrowing capacity was $340 million with commitments from a diversified group of eleven lenders. The Credit Agreement (1) decreased the total borrowing capacity under the Credit Facility to $335 million with commitments from a diversified group of ten lenders, (2) reduced the interest rate on borrowings to LIBOR plus 2.15% with no LIBOR floor and removed conditions related thereto as previously set forth in the Amended and Restated Senior Secured Revolving Credit Agreement, and (3) extended the end of the Credit Facility's revolver period from December 21, 2022 to August 9, 2025 and extended the final maturity from December 21, 2023 to August 9, 2026. The Credit Agreement also modified certain covenants in the Credit Facility, including, among other things, to increase the minimum obligors’ net worth test from $180 million to $200 million.

The Credit Facility contains an accordion feature that allows CSWC to increase the total commitments under the Credit Facility up to $400 million from new and existing lenders on the same terms and conditions as the existing commitments.

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On May 11, 2022, CSWC entered into Amendment No. 2 (the "Amendment") to the Credit Agreement. The Amendment changed the benchmark interest rate from LIBOR to Adjusted Term SOFR. In addition, CSWC entered into an Incremental Commitment Agreement, pursuant to which the total commitments under the Credit Agreement increased from $335 million to $380 million.

On November 16, 2022, CSWC entered into an Incremental Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $20 million, which increased total commitments from $380 million to $400 million. The $20 million increase was provided by one existing lender and one new lender, bringing the total bank syndicate to eleven participants.

CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Credit Facility. The 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 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%, (7) maintaining an interest coverage ratio of at least 2.25 to 1.0, and (8) at any time the outstanding advances exceed 90% of the borrowing base, maintaining a minimum liquidity of not less than 10% of the covered debt amount.

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 Credit Facility is secured by (1) substantially all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in the Company’s wholly-owned subsidiary. As of December 31, 2022, substantially all of the Company’s assets were pledged as collateral for the Credit Facility, except for assets held in SBIC I.

At December 31, 2022, CSWC had $225.0 million in borrowings outstanding under the Credit Facility. CSWC recognized interest expense related to the Credit Facility, including unused commitment fees and amortization of deferred loan costs, of $3.9 million and $8.8 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, CSWC recognized interest expense of $1.6 million and $4.5 million, respectively. The weighted average interest rate on the Credit Facility was 6.02% and 4.63% for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the weighted average interest rate on the Credit Facility was 2.37% and 2.52%, respectively. Average borrowings for the three and nine months ended December 31, 2022 were $228.0 million and $208.6 million, respectively. For the three and nine months ended December 31, 2021, average borrowings were $200.2 million and $165.8 million, respectively. As of December 31, 2022, CSWC was in compliance with all financial covenants under the Credit Agreement.

October 2024 Notes

In September 2019, the Company issued $65.0 million in aggregate principal amount of 5.375% Notes due 2024 (the “Existing October 2024 Notes”). In October 2019, the Company issued an additional $10.0 million in aggregate principal amount of the October 2024 Notes (the "Additional October 2024 Notes"). In August 2020, the Company issued an additional $50.0 million in aggregate principal amount of the October 2024 Notes (the "New Notes" together with the Existing October 2024 Notes and the Additional October 2024 Notes, the "October 2024 Notes"). The Additional October 2024 Notes and the New Notes were treated as a single series with the Existing October 2024 Notes under the indenture and had the same terms as the Existing October 2024 Notes. The maturity date of the October 2024 Notes was October 1, 2024, and the October 2024 Notes were redeemable in whole or in part at any time prior to July 1, 2024, at par plus a “make-whole” premium, and thereafter at par. The October 2024 Notes bore interest at a rate of 5.375% per year.

On September 24, 2021, the Company redeemed $125.0 million in aggregate principal amount of the issued and outstanding October 2024 Notes. The October 2024 Notes were redeemed at 100% of their principal amount, plus (i) the accrued and unpaid interest thereon, through, but excluding the redemption date, and (ii) a "make-whole" premium.

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Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs of $1.8 million and the "make-whole" premium of $15.2 million during the three months ended September 30, 2021.

The Company did not recognize any interest expense related to the October 2024 Notes for the three months ended December 31, 2021. For the nine months ended December 31, 2021, the Company recognized interest expense related to the October 2024 Notes, including amortization of deferred issuance costs, of $3.6 million. From April 1, 2021 through September 24, 2021 (the redemption date of the October 2024 Notes), average borrowings were $125.0 million. The October 2024 Notes had a weighted average effective yield of 5.375%.

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 are treated as a single series with the Existing January 2026 Notes under the indenture and have the same terms as the Existing January 2026 Notes. The January 2026 Notes mature on January 31, 2026 and may be redeemed in whole or in part at any time prior to October 31, 2025, at par plus a "make-whole" premium, and thereafter at par. The January 2026 Notes bear interest at a rate of 4.50% per year, payable semi-annually on January 31 and July 31 of each year. The January 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures.

As of December 31, 2022, the carrying amount of the January 2026 Notes was $139.0 million on an aggregate principal amount of $140.0 million at a weighted average effective yield of 4.46%. As of December 31, 2022, the fair value of the January 2026 Notes was $121.9 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the January 2026 Notes, including amortization of deferred issuance costs, of $1.7 million and $5.0 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $1.6 million and $5.0 million, respectively. For each of the three and nine months ended December 31, 2022 and 2021, average borrowings were $140.0 million.

The indenture governing the January 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 January 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are described in the indenture and the third supplemental indenture relating to the January 2026 Notes.

In addition, holders of the January 2026 Notes can require the Company to repurchase some or all of the January 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 third supplemental indenture relating to 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

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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 October 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures.

As of December 31, 2022, the carrying amount of the October 2026 Notes was $147.1 million on an aggregate principal amount of $150.0 million at a weighted average effective yield of 3.5%. As of December 31, 2022, the fair value of the October 2026 Notes was $130.0 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the October 2026 Notes, including amortization of deferred issuance costs, of $1.4 million and $4.3 million for the three and nine ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $1.3 million and $1.7 million, respectively. For both the three and nine months ended December 31, 2022, average borrowings were $150.0 million. For the three months ended December 31, 2021, average borrowings were $128.8 million. Since the issuance of the October 2026 Notes on August 27, 2021 through December 31, 2021, average borrowings were $120.9 million.

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.

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. As of December 31, 2022, SBIC I had regulatory capital of $65.0 million and leverageable capital of $65.0 million. As of December 31, 2022, SBIC I had a total leverage commitment from the SBA in the amount of $130.0 million, of which $26.0 million remains unused. The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on the Company’s full compliance, as determined by the SBA, with the terms and conditions set forth in the SBA regulations.

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As of December 31, 2022, the carrying amount of SBA Debentures was $100.6 million on an aggregate principal amount of $104.0 million. As of December 31, 2022, the fair value of the SBA Debentures was $97.4 million. The fair value of the SBA Debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the SBA Debentures, which are Level 3 inputs under ASC 820. The Company recognized interest expense and related fees related to SBA Debentures of $0.9 million and $1.9 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $0.1 million and $0.2 million, respectively. The weighted average interest rate on the SBA Debentures was 3.70% and 2.98% for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the weighted average interest rate on the SBA Debentures was 1.43% and 1.24%, respectively. For the three and nine months ended December 31, 2022, average borrowings were $83.9 million and $54.1 million, respectively. Average borrowings for the three and nine months ended December 31, 2021 were $21.0 million and $10.1 million, respectively.

As of December 31, 2022, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1)	Maturity Date	Fixed Interest Rate	December 31, 2022
9/22/2021	9/1/2031	1.575%	$	15,000
3/23/2022	3/1/2032	3.209%	25,000
9/21/2022	9/1/2032	4.533%	40,000
(2)	(2)	(2)	24,000
			$	104,000

(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 $24.0 million in SBA Debentures that will pool in March 2023. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.14%.

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, 2022, 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.

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 nine months ended December 31, 2022 and 2021, 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):

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	Nine Months Ended December 31,
	2022		2021
Additional capital	$	(5,126)	$	(6,255)
Total distributable earnings	5,126		6,255

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 for a full year.

During the quarter ended March 31, 2022, CSWC declared total dividends of $11.8 million, or $0.48 per share. During the quarter ended June 30, 2022, CSWC declared total dividends of $16.6 million, or $0.63 per share ($0.48 per share in regular dividends and $0.15 per share in special dividends). During the quarter ended September 30, 2022, CSWC declared total dividends of $14.3 million, or $0.50 per share. During the quarter ended December 31, 2022, CSWC declared total dividends of $19.3 million, or $0.57 per share ($0.52 per share in regular dividends and $0.05 per share in supplemental dividends).

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.

The tax character of distributions paid for the years ended December 31, 2022 and 2021 was as follows (amounts in thousands):

	Twelve Months Ended December 31,
	2022		2021
Ordinary income	$	60,960	$	56,633
Distributions of long term capital gains	—		—
Distributions on tax basis	$	60,960	$	56,633

The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the nine months ended December 31, 2022 and 2021:

	Nine Months Ended December 31,
Reconciliation of RIC Distributable Income1	2022		2021
Net increase in net assets from operations	$	14,917	$	23,146
Net unrealized depreciation (appreciation) on investments	13,989		(4,306)
Income/gain (expense/loss) recognized for tax on pass-through entities	10		1,558
(Gain) loss recognized on dispositions	(1,473)		329
Capital loss carryover2	14,454		308
Net operating income - wholly-owned subsidiary	1,071		(9,186)
Dividend income from wholly-owned subsidiary	1,068		—
Non-deductible tax expense	466		191
Loss on extinguishment of debt	—		12,950
Non-deductible compensation	2,443		2,688
Compensation related book/tax differences	(1,471)		2,542
Other book/tax differences	1,839		3,518
Estimated distributable income before deductions for distributions	$	47,313	$	33,738

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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, 2022, the Company had long-term capital loss carryforwards of $31.9 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.

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 Statement of Operations.

As of December 31, 2022, the cost of investments held at the RIC for U.S. federal income tax purposes was $1,116.8 million, with such investments having gross unrealized appreciation of $9.7 million and gross unrealized depreciation of $64.3 million, resulting in net unrealized depreciation of $54.6 million. As of December 31, 2022, the cost of investments held at the Taxable Subsidiary for U.S. federal income tax purposes was $33.8 million, with such investments having gross unrealized appreciation of $57.2 million and gross unrealized depreciation of $2.4 million, resulting in net unrealized appreciation of $54.8 million. On a consolidated basis, the total investment portfolio has net unrealized appreciation of $0.2 million for U.S. federal income tax purposes.

The Taxable Subsidiary is not a RIC and is required to pay taxes 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, 2022 and March 31, 2022, the Taxable Subsidiary had a deferred tax liability of $11.4 million and $5.7 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.

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The following table sets forth the significant components of the deferred tax assets and liabilities as of December 31, 2022 and March 31, 2022 (amounts in thousands):

	December 31, 2022		March 31, 2022
Deferred tax asset:
Net operating loss carryforwards	$	—	$	—
Interest	220		185
Total deferred tax asset	220		185
Deferred tax liabilities:
Net unrealized appreciation on investments	(10,911)		(4,899)
Net basis differences in portfolio investments	(736)		(1,033)
Total deferred tax liabilities	(11,647)		(5,932)
Total net deferred tax (liabilities) assets	$	(11,427)	$	(5,747)

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. For the three months ended December 31, 2022, we recognized a net income tax benefit of $0.7 million, principally consisting of a $0.2 million accrual for U.S. federal excise tax and $0.9 million of tax benefit relating to the Taxable Subsidiary. For the nine months ended December 31, 2022, we recognized a net income tax benefit of $20.6 thousand, principally consisting of a $0.5 million accrual for U.S. federal excise tax and a $0.5 million tax benefit relating to the Taxable Subsidiary. For the three months ended December 31, 2021, we recognized a net income tax benefit of $0.1 million, principally consisting of a $0.1 million accrual for U.S. federal excise tax and a $0.2 million tax benefit relating to the Taxable Subsidiary. For the nine months ended December 31, 2021, we recognized a net income tax provision of $0.6 million, principally consisting of a $0.2 million accrual for U.S. federal excise tax and a $0.4 million tax provision relating to the Taxable Subsidiary.

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, 2019 through December 31, 2021.

The following table sets forth the significant components of income tax provision as of December 31, 2022 and 2021 (amounts in thousands):

	Nine Months Ended December 31,
Components of Income Tax Provision	2022		2021
Excise tax	$	468	$	191
Tax (benefit) provision related to Taxable Subsidiary	(488)		457
Total income tax (benefit) provision	$	(20)	$	648

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7.    SHAREHOLDERS' EQUITY

Public Equity Offering

On November 17, 2022, the Company completed an underwritten public equity offering of 2,534,436 shares of common stock, including shares issuable pursuant to the underwriters' option to purchase additional shares, at a public offering price of $18.15 per share, raising $46.0 million of gross proceeds. Net proceeds were $44.1 million after deducting underwriting discounts and offering expenses.

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 $50,000,000. 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 $100,000,000 from $50,000,000 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 $250,000,000 from $100,000,000 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 $650,000,000 from $250,000,000.

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

	Three Months Ended December 31,
	2022		2021
Number of shares sold	3,264,878		616,156
Gross proceeds received (in thousands)	$	58,324	$	16,000
Net proceeds received (in thousands)1	$	57,449	$	15,760
Weighted average price per share	$	17.86	$	25.97
	Nine Months Ended December 31,
	2022		2021
Number of shares sold	6,909,446		2,834,734
Gross proceeds received (in thousands)	$	131,990	$	74,463
Net proceeds received (in thousands)1	$	130,010	$	73,347
Weighted average price per share	$	19.10	$	26.27

1Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold and offering expenses. As of December 31, 2022, $2.7 million remained receivable and is included in other receivables in the Consolidated Statement of Assets and Liabilities. As of December 31, 2021, no proceeds remained receivable.

Cumulative to date, the Company has sold 15,087,106 shares of its common stock under the Equity ATM Program at a weighted-average price of $20.91, raising $315.5 million of gross proceeds. Net proceeds were $310.3 million after commissions to the sales agents on shares sold. As of December 31, 2022, the Company has $334.5 million available under the Equity ATM Program.

Share Repurchases

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 Company’s 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

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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 Company's 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 will cover both employees and non-employee directors of the Board of Directors. The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards:

	Three Months Ended December 31,
	2022		2021
Number of shares repurchased	19,917		31,492
Aggregate cost of shares repurchased (in thousands)	$	380	$	862
Weighted average price per share	$	19.09	$	27.38
	Nine Months Ended December 31,
	2022		2021
Number of shares repurchased	49,590		52,124
Aggregate cost of shares repurchased (in thousands)	$	1,021	$	1,408
Weighted average price per share	$	20.59	$	27.01

On July 28, 2021, the Company's 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 purchase price for all shares 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.

8.    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 Company’s 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, 2022, there are 1,002,633 shares of common stock available for issuance under the 2021 Employee Plan.

In addition, the Company's 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

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of December 31, 2022, there are 107,895 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.

During the three months ended December 31, 2022 and 2021, we recognized total share based compensation expense of $1.0 million (of which $62.9 thousand was related to restricted stock issued to non-employee directors) and $0.8 million, respectively, related to the restricted stock issued. During the nine months ended December 31, 2022 and 2021, we recognized total share based compensation expense of $2.9 million (of which $98.4 thousand was related to restricted stock issued to non-employee directors) and $2.8 million, respectively, related to the restricted stock issued.

During the three months ended June 30, 2021, the Company modified restricted stock awards to accelerate vesting of the unvested awards as of the separation date for one employee. The Company accounted for this as a modification of awards and recognized incremental compensation cost of $0.6 million. The incremental compensation cost is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before its terms were modified and recognized as compensation cost on the date of modification for vested awards.

As of December 31, 2022, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $8.0 million, which will be amortized over the weighted-average vesting period of approximately 2.6 years.

The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of December 31, 2022:

		Weighted Average		Weighted Average
		Fair Value Per		Remaining Vesting
Restricted Stock Awards	Number of Shares	Share at grant date		Term (in Years)
Unvested at March 31, 2022	395,993	$	21.48	2.4
Granted	199,042	21.25		3.4
Vested	(148,774)	20.49		—
Forfeited	(4,925)	23.52		—
Unvested at December 31, 2022	441,336	$	21.48	2.6

The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of December 31, 2022:

		Weighted Average		Weighted Average
		Fair Value Per		Remaining Vesting
Restricted Stock Awards	Number of Shares	Share at grant date		Term (in Years)
Unvested at March 31, 2022	—	$	—	0
Granted	12,105	20.66		0.6
Vested	—	—		—
Forfeited	—	—		—
Unvested at December 31, 2022	12,105	$	20.66	0.6

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9.    OTHER EMPLOYEE COMPENSATION

We established a 401(k) plan (the “401K Plan”) effective October 1, 2015. All full-time employees 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, 2022 and 2021, we made matching contributions of approximately $28.6 thousand and $25.9 thousand, respectively. During the nine months ended December 31, 2022 and 2021, we made matching contributions of approximately $158.1 thousand and $133.9 thousand, respectively.

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10.    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 unused commitments to extend financing as of December 31, 2022 and March 31, 2022 were as follows (amounts in thousands):

	December 31,		March 31,
Portfolio Company	2022		2022
Revolving Loans
Acacia BuyerCo V LLC	$	2,000	$	—
Acceleration, LLC	5,000		—
Air Conditioning Specialist, Inc.	1,000		1,000
American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.)	148		117
ArborWorks, LLC	1,000		3,000
ATS Operating, LLC	2,500		1,500
Cadmium, LLC	—		308
Catbird NYC, LLC	4,000		4,000
Central Medical Supply LLC	1,200		1,200
Dynamic Communities, LLC	—		500
Exact Borrower, LLC	2,500		—
Fast Sandwich, LLC	—		3,100
FM Sylvan, Inc.	10,000		—
Gains Intermediate, LLC	2,500		—
GrammaTech, Inc.	2,500		2,500
GS Operating, LLC	—		1,540
Gulf Pacific Acquisition, LLC	757		—
ISI Enterprises, LLC	1,200		1,200
ITA Holdings Group, LLC	—		1,250
Klein Hersh, LLC	—		938
Lash OpCo, LLC	247		481
Lighting Retrofit International, LLC (DBA Envocore)	2,083		2,083
Lightning Intermediate II, LLC	1,852		—
Mako Steel LP	283		943
Microbe Formulas LLC	1,627		—
Muenster Milling Company, LLC	7,000		5,000
NeuroPsychiatric Hospitals, LLC	600		600
New Skinny Mixes, LLC	4,000		—
NinjaTrader, Inc.	2,500		2,500
NWN Parent Holdings, LLC	90		1,380
Opco Borrower, LLC (DBA Giving Home Health Care)	667		—
Outerbox, LLC	2,000		—

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	December 31,	March 31,
Portfolio Company	2022	2022
Pipeline Technique Ltd.	3,333	—
Roof OpCo, LLC	1,833	3,056
Roseland Management, LLC	1,425	1,425
RTIC Subsidiary Holdings LLC	822	—
Shearwater Research, Inc.	2,446	2,446
SIB Holdings, LLC	205	655
South Coast Terminals LLC	1,935	1,935
Spotlight AR, LLC	2,000	2,000
Student Resource Center, LLC	—	1,333
Systec Corporation (DBA Inspire Automation)	1,500	1,150
Versicare Management LLC	2,500	—
Wall Street Prep, Inc.	1,000	1,000
Well-Foam, Inc.	4,500	4,500
Winter Services Operations, LLC	4,444	2,000
Zenfolio Inc.	—	1,000
Total Revolving Loans	87,197	57,640
Delayed Draw Term Loans
Acacia BuyerCo V LLC	10,000	—
Acceleration, LLC	5,000	—
Central Medical Supply LLC	1,400	1,400
CityVet Inc.	—	7,000
Exact Borrower, LLC	2,500	—
Flip Electronics, LLC	—	2,818
FoodPharma Subsidiary Holdings, LLC	—	5,470
Gains Intermediate, LLC	17,000	—
GS Operating, LLC	—	3,205
Gulf Pacific Acquisition, LLC	1,515	—
Infolinks Media Buyco, LLC	2,250	2,250
KMS, LLC	2,286	4,571
Lash OpCo, LLC	—	2,846
Muenster Milling Company, LLC	—	6,000
NeuroPsychiatric Hospitals, LLC	—	10,000
New Skinny Mixes, LLC	3,000	—
NinjaTrader, Inc.	4,692	4,692
Roof OpCo, LLC	—	4,644
Shearwater Research, Inc.	—	3,262
SIB Holdings, LLC	—	1,871
STATinMED, LLC	119	—
Systec Corporation (DBA Inspire Automation)	3,000	3,000
US CourtScript Holdings, Inc.	5,000	—
Versicare Management LLC	5,000	—
Winter Services Operations, LLC	4,444	4,444
Zips Car Wash, LLC - B	—	3,801

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	December 31,		March 31,
Portfolio Company	2022		2022
Total Delayed Draw Term Loans	67,206		71,274
Other
Catbird NYC, LLC	125		125
Infolinks Media Buyco, LLC	412		412
I-45 SLF LLC	4,800		4,800
Total Other	5,337		5,337
Total unused commitments to extend financing	$	159,740	$	134,251

As of December 31, 2022, 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, 2022, 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 2023, $0.2 million expire in April 2023, and $0.3 million expire in August 2023. As of December 31, 2022, 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.

Effective April 1, 2019, ASC 842 required that a lessee evaluate its leases to determine whether they should be classified as operating or financing leases. The Company previously had an operating lease for its office space that commenced October 1, 2014 and expired February 28, 2022. In March 2021, the Company executed an agreement to lease new office space that commenced on February 1, 2022 and expires September 30, 2032. 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.

Total lease expense incurred for the three and nine months ended December 31, 2022 was $63.1 thousand and $189.2 thousand, respectively. For the three and nine months ended December 31, 2021, total lease expense incurred was $58.1 thousand and $174.4 thousand, respectively. As of December 31, 2022, the asset related to the operating lease was $1.9 million and the lease liability was $2.9 million. As of December 31, 2022, the remaining lease term was 9.8 years and the discount rate was 6.89%.

The following table shows future minimum payments under the Company's operating leases as of December 31, 2022 (in thousands):

Year ending March 31,	Rent Commitment
2023	$	92
2024	406
2025	416
2026	426
2027	436
Thereafter	2,578
Total	$	4,354

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

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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.

11.    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 provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We are also 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, 2022 and 2021, we did not receive any management fees from our portfolio companies. As of December 31, 2022 and March 31, 2022, we had dividends receivable from I-45 SLF LLC of $1.9 million and $1.7 million, respectively, which were included in dividends and interest receivables on the Consolidated Statements of Assets and Liabilities. Additionally, we recognized administrative fee income from I-45 SLF LLC of $25.0 thousand and $75.0 thousand, respectively, for the three and nine months ended December 31, 2022, which were included in fee income on the Consolidated Statement of Operations.

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12.    SUMMARY OF PER SHARE INFORMATION

The following presents a summary of per share data for the three and nine months ended December 31, 2022 and 2021 (share amounts presented in thousands).

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
Per Share Data:	2022			2021			2022			2021
Investment income1	$	1.04		$	0.95		$	2.90		$	2.73
Operating expenses1	(0.44)			(0.44)			(1.26)			(1.33)
Income taxes1	0.02			—			—			(0.03)
Net investment income1	0.62			0.51			1.64			1.37
Net realized (loss) gain, net of tax1	(0.36)			0.12			(0.62)			0.23
Net unrealized appreciation (depreciation) on investments, net of tax1	(0.17)			(0.09)			(0.49)			0.19
Realized loss on extinguishment of debt1	—			—			—			(0.76)
Total increase (decrease) from investment operations	0.09			0.54			0.53			1.03
Accretive effect of share issuances and repurchases	0.17			0.24			0.43			1.17
Dividends to shareholders	(0.57)			(0.97)			(1.70)			(2.04)
Issuance of restricted stock1,2	—			—			(0.14)			(0.10)
Common stock withheld for payroll taxes upon vesting of restricted stock	—			(0.01)			(0.01)			(0.03)
Share based compensation expense	0.03			0.04			0.10			0.12
Other3	—			(0.01)			0.18			0.03
(Decrease) increase in net asset value	(0.28)			(0.17)			(0.61)			0.18
Net asset value
Beginning of period	16.53			16.36			16.86			16.01
End of period	$	16.25		$	16.19		$	16.25		$	16.19
Ratios and Supplemental Data
Ratio of operating expenses to average net assets4	2.69		%	2.71		%	7.56		%	8.09		%
Ratio of net investment income to average net assets4	3.71		%	3.08		%	9.78		%	8.31		%
Portfolio turnover	2.19		%	19.44		%	11.04		%	30.11		%
Total investment return4,5	4.31		%	4.25		%	(20.95)		%	23.51		%
Total return based on change in NAV4,6	1.75		%	4.89		%	6.47		%	13.87		%
Per share market value at the end of the period	$	17.10		$	25.28		$	17.10		$	25.28
Weighted-average basic and diluted shares outstanding	31,381			23,433			28,304			22,394
Common shares outstanding at end of period	34,559			23,926			34,559			23,926

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.

4Not annualized.

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. The return does not reflect any sales load that may be paid by an investor.

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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.

13.    SIGNIFICANT SUBSIDIARIES

I-45 SLF LLC

In September 2015, we entered into a limited liability company agreement with Main Street Capital Corporation ("Main Street") to form I-45 SLF LLC (the "Initial I-45 LLC Agreement"). I-45 SLF LLC began investing in UMM syndicated senior secured loans during the quarter ended December 31, 2015. The initial equity capital commitment to I-45 SLF LLC totaled $85.0 million, consisting of $68.0 million from CSWC and $17.0 million from Main Street. On April 30, 2020, pursuant to the terms of the Initial I-45 LLC Agreement, each of CSWC and Main Street made an additional equity capital commitment of $12.8 million and $3.2 million, respectively, which resulted in a total equity capital commitment to I-45 SLF LLC of $80.8 million and $20.2 million, respectively.

On March 11, 2021, the Company and Main Street entered into the Second Amended and Restated Limited Liability Company Operating Agreement (the "Amendment"), which increased the current profits interest that is allocated to the Company on a pro rata basis from (a) 75.6% to (b) an amount equal to: (i) 76.2625% as of the date of the Amendment through the quarter ended March 31, 2021; (ii) 76.925% for quarter ended June 30, 2021; (iii) 77.5875% for the quarter ended September 30, 2021; and (iv) 78.25% for the quarter ended December 31, 2021 and periods thereafter.

On March 25, 2021, I-45 SLF LLC declared a return of capital dividend to its members in the amount of $10.0 million. As of December 31, 2022, total funded equity capital totaled $95.0 million, consisting of $76.0 million from CSWC and $19.0 million from Main Street. CSWC owns 80% of I-45 SLF LLC and has a current profits interest of 78.25%, while Main Street owns 20% and has a current profits interest of 21.75%.  I-45 SLF LLC's Board of Managers makes all investment and operational decisions for the fund, and consists of equal representation from CSWC and Main Street.

As of December 31, 2022 and March 31, 2022, I-45 SLF LLC had total assets of $166.2 million and $189.1 million, respectively. I-45 SLF LLC had approximately $161.0 million and $176.7 million of total investments at fair value as of December 31, 2022 and March 31, 2022, respectively. The portfolio companies in I-45 SLF LLC are in industries similar to those in which CSWC may invest directly. During the three months ended December 31, 2022, I-45 SLF LLC declared a total dividend of $2.4 million of which $1.9 million was paid to CSWC in January 2023.

Additionally, I-45 SLF LLC closed on a $75.0 million 5-year senior secured credit facility (the “I-45 credit facility”) in November 2015. The I-45 credit facility includes an accordion feature which will allow I-45 SLF LLC to achieve leverage of approximately 2x debt-to-equity. Borrowings under the I-45 credit facility are secured by all of the assets of I-45 SLF LLC and bear interest at a rate equal to LIBOR plus 2.5% per annum. During the year ended March 31, 2017, I-45 SLF LLC increased debt commitments outstanding by an additional $90.0 million by adding three additional lenders to the syndicate, bringing total debt commitments to $165.0 million. In July 2017, the I-45 credit facility was amended to extend the maturity to July 2022. Additionally, the amendment reduced the interest rate on borrowings to LIBOR plus 2.4% per annum. In November 2019, the I-45 credit facility was amended to extend the maturity to November 2024 and to reduce the interest rate on borrowings to LIBOR plus 2.25% per annum. On April 30, 2020, the I-45 credit facility was amended to permanently reduce the I-45 credit facility amount through a prepayment of $15.0 million and to change the minimum utilization requirements. In March 2021, the I-45 credit facility was amended to extend the maturity to March 25, 2026 and to reduce the interest rate on borrowings to LIBOR plus 2.15%. Under the I-45 credit facility, $104.0 million has been drawn as of December 31, 2022.

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Below is certain summarized financial information for I-45 SLF LLC as of December 31, 2022 and March 31, 2022 and for the three and nine months ended December 31, 2022 and 2021 (amounts in thousands):

	December 31, 2022		March 31, 2022
Selected Balance Sheet Information:
Investments, at fair value (cost $184,529 and $187,714)	$	160,998	$	176,704
Cash and cash equivalents	2,794		9,949
Interest receivable	1,343		850
Accounts receivable	269		123
Deferred financing costs and other assets	831		1,518
Total assets	$	166,235	$	189,144
Senior credit facility payable	$	104,000	$	114,500
Other liabilities	2,654		2,596
Total liabilities	$	106,654	$	117,096
Members’ equity	59,581		72,048
Total liabilities and members' equity	$	166,235	$	189,144

	Three Months Ended				Nine Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Selected Statement of Operations Information:
Total revenues	$	4,648	$	3,114	$	12,217	$	9,262
Total expenses	(2,195)		(1,023)		(5,253)		(3,041)
Net investment income	2,453		2,091		6,964		6,221
Net unrealized depreciation	(4,031)		(2,405)		(12,522)		(3,603)
Net realized (losses) gains	(29)		58		42		231
Net (decrease) increase in members’ equity resulting from operations	$	(1,607)	$	(256)	$	(5,516)	$	2,849

72

Below is a summary of I-45 SLF LLC’s portfolio, followed by a listing of the individual loans in I-45 SLF LLC’s portfolio as of December 31, 2022 and March 31, 2022 (in thousands):

I-45 SLF LLC Loan Portfolio as of December 31, 2022

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal		Cost		Fair Value2
AAC New Holdco Inc.	Healthcare services	First Lien	6/25/2025	18.00% PIK	$	2,140	$	2,140	$	2,108
		304,075 shares common stock	—	—	—		1,449		581
		Warrants (Expiration - December 11, 2025)	—	—	—		482		193
ADS Tactical, Inc.	Aerospace & defense	First Lien	3/19/2026	L+5.75% (Floor 1.00%)	6,142		6,052		5,528
American Teleconferencing Services, Ltd.3	Telecommunications	Revolving Loan	1/31/2023	P+5.50% (Floor 2.00%)	992		986		56
		First Lien	6/8/2023	P+5.50% (Floor 2.00%)	5,597		5,566		315
ATX Networks (Toronto) Corporation	Technology products & components	First Lien	9/1/2026	L+7.50%, (Floor 1.00%)	2,276		2,270		2,128
		Senior Subordinated Debt	9/1/2028	10.00% PIK	1,136		1,136		869
		196 Class A units	—	—	—		—		1,218
Burning Glass Intermediate Holding Company, Inc.	Software & IT services	Revolving Loan4	6/10/2028	L+5.00% (Floor 1.00%)	—		(5)		—
		First Lien	6/10/2028	L+5.00% (Floor 1.00%)	3,165		3,119		3,165
Corel Inc.	Software & IT services	First Lien	7/2/2026	L+5.00%	6,531		6,392		6,104
Emerald Technologies (U.S.) Acquisitionco, Inc.	Technology products & components	First Lien	12/29/2027	SOFR+6.25% (Floor 1.00%)	4,514		4,456		4,284
Evergreen AcqCo 1 LP	Consumer products & retail	First Lien	4/26/2028	SOFR+5.50% (Floor 0.75%)	8,117		8,009		7,867
Evergreen North America Acquisitions, LLC	Industrial services	First Lien	8/13/2026	L+6.75% (Floor 1.00%)	6,690		6,586		6,689
Geo Parent Corporation	Building & infrastructure products	First Lien	12/19/2025	SOFR+5.25%	6,787		6,758		6,447
Infogain Corporation	Software & IT services	First Lien	7/28/2028	SOFR+5.75% (Floor 1.00%)	4,748		4,688		4,748
InfoGroup Inc.	Software & IT services	First Lien	4/3/2023	L+5.00% (Floor 1.00%)	2,828		2,826		2,354

73

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost	Fair Value2
Integro Parent Inc.	Business services	First Lien	5/8/2023	SOFR+12.50% PIK (Floor 1.00%)	397	397	361
Intermedia Holdings, Inc.	Software & IT services	First Lien	7/21/2025	L+6.00% (Floor 1.00%)	6,625	6,575	5,118
Inventus Power, Inc.	Technology products & components	First Lien	3/29/2024	SOFR+5.00% (Floor 1.00%)	6,878	6,847	6,809
INW Manufacturing, LLC	Food, agriculture, & beverage	First Lien	3/25/2027	L+5.75% (Floor 0.75%)	2,813	2,746	2,405
Isagenix International, LLC3	Consumer products & retail	First Lien	6/14/2025	L+7.75% (Floor 1.00%)	1,650	1,641	502
KORE Wireless Group Inc.	Telecommunications	First Lien	12/20/2024	SOFR+5.50%	5,611	5,595	5,415
Lab Logistics, LLC	Healthcare services	First Lien	9/25/2023	SOFR+7.25% (Floor 1.00%)	10,073	10,024	10,003
Lash OpCo, LLC	Consumer products & retail	First Lien	3/18/2026	L+7.00% (Floor 1.00%)	6,128	6,007	5,981
Lift Brands, Inc.	Consumer services	Tranche A	6/29/2025	L+7.50% (Floor 1.00%)	2,483	2,483	2,409
		Tranche B	6/29/2025	9.50%	592	592	533
		Tranche C	6/29/2025	—	565	565	508
		1,051 shares common stock	—	—	—	749	553
Lightbox Intermediate, L.P.	Software & IT services	First Lien	5/9/2026	L+5.00%	6,894	6,846	6,653
LOGIX Holdings Company, LLC	Telecommunications	First Lien	12/23/2024	L+5.75% (Floor 1.00%)	4,443	4,430	3,666
Mills Fleet Farm Group LLC	Consumer products & retail	First Lien	10/24/2024	L+6.25% (Floor 1.00%)	4,491	4,459	4,401
National Credit Care	Consumer services	First Lien - Term Loan A	12/23/2026	L+6.50% (Floor 1.00%)	2,159	2,123	2,144
		First Lien - Term Loan B	12/23/2026	L+7.50% (Floor 1.00%)	2,159	2,123	2,144
NBG Acquisition, Inc.	Wholesale	First Lien	4/26/2024	L+5.50% (Floor 1.00%)	2,606	2,593	847
NinjaTrader, Inc.	Financial services	First Lien	12/18/2024	L+6.25% (Floor 1.00%)	5,000	4,931	4,975
Research Now Group, Inc.	Business services	First Lien	12/20/2024	L+5.50% (Floor 1.00%)	5,889	5,847	4,458
Retail Services WIS Corporation	Business services	First Lien	5/20/2025	L+7.75% (Floor 1.00%)	2,864	2,827	2,807
SIB Holdings, LLC	Business services	First Lien	10/29/2026	L+6.25% (Floor 1.00%)	2,948	2,900	2,859

74

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost		Fair Value2
Stellant Midco, LLC	Aerospace & defense	First Lien	10/2/2028	SOFR+5.50% (Floor 0.75%)	2,271	2,252		2,135
Tacala, LLC	Consumer products & retail	First Lien	2/5/2027	L+3.50% (Floor 0.75%)	992	950		957
		Second Lien	2/4/2028	L+7.50% (Floor 0.75%)	6,000	5,956		5,468
TEAM Services Group, LLC	Healthcare services	First Lien	12/20/2027	L+5.00% (Floor 1.00%)	6,637	6,597		6,338
UniTek Global Services, Inc.	Telecommunications	First Lien	8/20/2024	SOFR+5.50%, 2.00% PIK (Floor 1.00%)	2,853	2,845		2,692
U.S. TelePacific Corp.	Telecommunications	First Lien	5/1/2026	SOFR+1.00%, 7.25% PIK (Floor 1.00%)	5,532	5,532		2,068
Veregy Consolidated, Inc.	Environmental services	First Lien	11/3/2027	L+6.00% (Floor 1.00%)	1,960	1,956		1,715
Vida Capital, Inc.	Financial services	First Lien	10/1/2026	L+6.00%	3,340	3,308		2,605
Wahoo Fitness Acquisition, LLC	Consumer products & retail	First Lien	8/14/2028	SOFR+5.75% (Floor 1.00%)	4,875	4,751		2,803
YS Garments, LLC	Consumer products & retail	First Lien	8/9/2024	L+5.50% (Floor 1.00%)	4,188	4,172		4,012
Total Investments						$	184,529	$	160,998

1Represents the interest rate as of December 31, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”) or Secured Overnight Financing Rate ("SOFR"), which reset daily, monthly, quarterly, or semiannually. For each investment, the Company has provided the spread over LIBOR, Prime, or SOFR in effect at December 31, 2022. Certain investments are subject to an interest rate floor.

2Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein.

3Investment is on non-accrual status as of December 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

4The investment has approximately $0.4 million in an unfunded revolving loan commitment as of December 31, 2022.

75

I-45 SLF LLC Loan Portfolio as of March 31, 2022

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal		Cost2		Fair Value3
AAC New Holdco Inc.	Healthcare services	First Lien	6/25/2025	10.00%, 8.00% PIK	$	1,899	$	1,899	$	1,833
		304,075 shares common stock	—	—	—		1,449		1,449
		Warrants (Expiration - December 11, 2025)	—	—	—		482		482
ADS Tactical, Inc.	Aerospace & defense	First Lien	3/19/2026	L+5.75% (Floor 1.00%)	6,394		6,283		6,133
American Teleconferencing Services, Ltd.4	Telecommunications	Revolving Loan	6/30/2022	P+5.50%	1,027		1,021		64
		First Lien	6/8/2023	P+5.50%	5,598		5,566		308
ATX Networks (Toronto) Corporation	Technology products & components	First Lien	9/1/2026	L+7.50% (Floor 1.00%)	2,617		2,610		2,499
		Senior Subordinated Debt	9/1/2028	10.00% PIK	1,081		1,081		729
		196 Class A units	—	—	—		—		—
Burning Glass Intermediate Holding Company, Inc.	Software & IT services	Revolving Loan5	6/10/2028	L+5.00% (Floor 1.00%)	74		67		67
		First Lien	6/10/2028	L+5.00% (Floor 1.00%)	3,189		3,140		3,189
Corel, Inc.	Software & IT services	First Lien	7/2/2026	L+5.00%	6,803		6,650		6,805
Emerald Technologies (U.S.) Acquisitionco, Inc.	Technology products & components	First Lien	12/29/2027	SOFR +6.25% (Floor 1.00%)	3,125		3,063		3,078
Evergreen AcqCo 1 LP	Consumer products & retail	First Lien	4/26/2028	L+5.50% (Floor 0.75%)	4,179		4,142		4,158
Evergreen North America Acquisitions, LLC	Industrial services	First Lien	8/13/2026	L+6.75% (Floor 1.00%)	6,740		6,623		6,740
Geo Parent Corporation	Building & infrastructure products	First Lien	12/19/2025	L+5.25%	6,840		6,809		6,806
GS Operating, LLC	Distribution	First Lien	1/3/2028	SOFR +6.00% (Floor 0.75%)	4,988		4,891		4,988
Infogain Corporation	Software & IT services	First Lien	7/28/2028	L+5.75% (Floor 1.00%)	4,784		4,719		4,769
InfoGroup Inc.	Software & IT services	First Lien	4/3/2023	L+5.00% (Floor 1.00%)	2,850		2,845		2,704
Integro Parent Inc.	Business services	First Lien	10/28/2022	L+5.75% (Floor 1.00%)	3,217		3,209		3,043

76

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost2	Fair Value3
Intermedia Holdings, Inc.	Software & IT services	First Lien	7/21/2025	L+6.00% (Floor 1.00%)	5,677	5,659	5,638
Inventus Power, Inc.	Technology products & components	First Lien	3/29/2024	SOFR +5.00% (Floor 1.00%)	6,930	6,884	6,791
INW Manufacturing, LLC	Food, agriculture, & beverage	First Lien	3/25/2027	L+5.75% (Floor 0.75%)	2,925	2,867	2,867
Isagenix International, LLC	Consumer products & retail	First Lien	6/14/2025	L+5.75% (Floor 1.00%)	1,685	1,677	1,088
KORE Wireless Group Inc.	Telecommunications	First Lien	12/20/2024	L+5.50%	4,658	4,639	4,640
Lab Logistics, LLC	Healthcare services	First Lien	9/25/2023	L+7.25% (Floor 1.00%)	6,242	6,213	6,242
Lash OpCo, LLC	Consumer products & retail	First Lien	3/18/2026	L+7.00% (Floor 1.00%)	4,988	4,881	4,878
		Delayed Draw Term Loan6	3/18/2026	L+7.00% (Floor 1.00%)	1,187	1,152	1,161
Lift Brands, Inc.	Consumer services	Tranche A	6/29/2025	L+7.50% (Floor 1.00%)	2,502	2,502	2,252
		Tranche B	6/29/2025	9.50% PIK	583	583	437
		Tranche C	6/29/2025	—	565	564	423
		1,051 shares common stock	—	—	—	749	749
Lightbox Intermediate, L.P.	Software & IT services	First Lien	5/9/2026	L+5.00%	4,948	4,914	4,874
LOGIX Holdings Company, LLC	Telecommunications	First Lien	12/23/2024	L+5.75% (Floor 1.00%)	5,826	5,807	5,491
Mills Fleet Farm Group LLC	Consumer products & retail	First Lien	10/24/2024	L+6.25% (Floor 1.00%)	4,623	4,584	4,623
National Credit Care, LLC	Consumer services	First Lien - Term Loan A	12/23/2026	L+6.50% (Floor 1.00%)	2,500	2,453	2,483
		First Lien - Term Loan B	12/23/2026	L+7.50% (Floor 1.00%)	2,500	2,453	2,483
NBG Acquisition, Inc.	Wholesale	First Lien	4/26/2024	L+5.50% (Floor 1.00%)	2,663	2,647	1,807
NinjaTrader, Inc.	Financial services	First Lien	12/18/2024	L+6.25% (Floor 1.00%)	5,000	4,908	5,000
NorthStar Group Services, Inc.	Environmental services	First Lien	11/9/2026	L+5.50% (Floor 1.00%)	2,961	2,948	2,950
Research Now Group, Inc.	Business services	First Lien	12/20/2024	L+5.50% (Floor 1.00%)	4,936	4,936	4,861
Retail Services WIS Corporation	Business services	First Lien	5/20/2025	L+7.75% (Floor 1.00%)	2,959	2,912	2,914

77

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost2		Fair Value3
SIB Holdings, LLC	Business services	First Lien	10/29/2026	L+6.00% (Floor 1.00%)	3,000	2,945		2,958
Stellant Midco, LLC	Aerospace & defense	First Lien	10/2/2028	L+5.50% (Floor 0.75%)	2,289	2,267		2,254
Tacala, LLC	Consumer products & retail	Second Lien	2/7/2028	L+7.50% (Floor 0.75%)	5,000	4,991		4,944
TEAM Services Group, LLC	Healthcare services	First Lien	12/20/2027	L+5.00% (Floor 1.00%)	6,687	6,644		6,637
TestEquity, LLC	Capital equipment	First Lien	4/28/2022	L+6.25% (Floor 1.00%)	3,805	3,804		3,805
		First Lien - Term Loan B	4/28/2022	L+6.25% (Floor 1.00%)	942	942		942
UniTek Global Services, Inc.	Telecommunications	First Lien	8/20/2024	L+5.50%, 2.00% PIK (Floor 1.00%)	2,814	2,802		2,627
U.S. TelePacific Corp.	Telecommunications	First Lien	5/1/2026	L+1.00%, 7.25% PIK (Floor 1.00%)	5,239	5,239		3,714
Veregy Consolidated, Inc.	Environmental services	First Lien	11/3/2027	L+6.00% (Floor 1.00%)	1,975	1,970		1,936
Vida Capital, Inc.	Financial services	First Lien	10/1/2026	L+6.00%	3,565	3,531		3,283
Wahoo Fitness Acquisition, LLC	Consumer products & retail	First Lien	8/14/2028	L+5.75% (Floor 1.00%)	4,969	4,833		4,869
YS Garments, LLC	Consumer products & retail	First Lien	8/9/2024	L+5.50% (Floor 1.00%)	4,282	4,265		4,239
Total Investments						$	187,714	$	176,704

1Represents the interest rate as of March 31, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“Prime”) which reset daily, monthly, quarterly, or semiannually.  For each, the Company has provided the spread over LIBOR, SOFR or Prime in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

2Represents amortized cost.

3Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein.

4Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

5The investment has approximately $0.3 million in an unfunded revolving loan commitment as of March 31, 2022.

6The investment has approximately $0.8 million in an unfunded delayed draw term loan commitment as of March 31, 2022.

78

14.    SUBSEQUENT EVENTS

On January 25, 2023, the Board of Directors declared a total dividend of $0.58 per share, comprised of a regular dividend of $0.53 and a supplemental dividend of $0.05, for the quarter ending March 31, 2023. The record date for the dividend is March 15, 2023. The payment date for the dividend is March 31, 2023.

79

CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited)

Nine Months Ended December 31, 2022

(amounts in thousands)

Portfolio Company	Type of Investment (1)	December 31, 2022 Principal Amount - Debt Investments		Amount of Interest or Dividends Credited in Income (2)		Fair Value at March 31, 2022		Gross Additions (3)		Gross Reductions (4)		Amount of Realized Gain/(Loss) (5)		Amount of Unrealized Gain/(Loss)		Fair Value at December 31, 2022
Control Investments
I-45 SLF LLC	80% LLC equity interest	$	—	$	5,439	$	57,603	$	—	$	—	$	—	$	(9,978)	$	47,625
Total Control Investments		$	—	$	5,439	$	57,603	$	—	$	—	$	—	$	(9,978)	$	47,625
Affiliate Investments
Air Conditioning Specialists, Inc.	Revolving Loan	$	—	$	12	$	—	$	603	$	(600)	$	—	$	(3)	$	—
	First Lien	25,101		1,137		12,535		12,221		(106)		—		451		25,101
	766,738.93 Preferred Units	—		—		634		186		—		—		382		1,202
Catbird NYC, LLC	Revolving Loan	—		27		—		12		—		—		(12)		—
	First Lien	15,600		1,164		15,884		44		(300)		—		(28)		15,600
	1,000,000 Class A Units	—		72		1,221		—		—		—		437		1,658
	500,000 Class B Units	—		29		572		—		—		—		142		714
Central Medical Supply LLC	Revolving Loan	300		36		290		5		—		—		(2)		293
	First Lien	7,500		685		7,260		21		—		—		46		7,327
	Delayed Draw Term Loan	100		19		97		5		—		—		(4)		98
	1,380,500 Preferred Units	—		—		641		—		—		—		(284)		357
Chandler Signs, LLC	1,500,000 units of Class A-1 common stock	—		—		924		—		—		—		1,969		2,893
Delphi Intermediate Healthco LLC	First Lien	1,649		108		1,402		108		—		—		(1,510)		—
	First Lien	1,829		98		1,472		97		—		—		(1,569)		—
	Protective Advance	1,448		79		526		922		—		—		(362)		1,086
	1,681.04 Common Units	—		—		2,460		—		—		—		(2,460)		—

80

Portfolio Company	Type of Investment (1)	December 31, 2022 Principal Amount - Debt Investments	Amount of Interest or Dividends Credited in Income (2)	Fair Value at March 31, 2022	Gross Additions (3)	Gross Reductions (4)	Amount of Realized Gain/(Loss) (5)	Amount of Unrealized Gain/(Loss)	Fair Value at December 31, 2022
Dynamic Communities, LLC	Revolving Loan	—	1	—	—	—	1	(1)	—
	First Lien	—	286	10,323	12	(11,159)	—	824	—
	First Lien - Term Loan A	3,759	163	—	9,467	(4,604)	(1,124)	—	3,739
	First Lien - Term Loan B	3,761	14	—	9,318	(4,484)	(1,095)	—	3,739
	Senior subordinated debt	—	41	650	41	(587)	(104)	—	—
	2,000,000 Preferred units	—	—	1,274	—	—	(2,000)	726	—
	250,000 Class A Preferred units	—	—	—	250	—	—	375	625
	5,435,211.03 Class B Preferred units	—	—	—	2,218	—	—	—	2,218
	255,984.22 Class C Preferred units	—	—	—	—	—	—	—	—
	2,500,000 Common units	—	—	—	—	—	—	—	—
GrammaTech, Inc.	Revolving Loan	—	7	—	7	—	—	(7)	—
	First Lien	10,031	970	9,775	58	(1,500)	15	680	9,028
	1,000 Class A units	—	—	674	—	—	—	(330)	344
	247.54 Class A-1 units	—	—	38	191	—	—	(144)	85
ITA Holdings Group, LLC	Revolving loan	7,000	499	750	6,208	—	—	42	7,000
	First Lien - Term Loan	10,086	885	10,041	64	—	—	21	10,126
	First Lien - Term Loan B	5,043	555	5,061	29	—	—	(22)	5,068
	First Lien - PIK Note A	3,189	437	2,959	430	—	—	(266)	3,123
	First Lien - PIK Note B	126	9	117	9	—	—	(3)	123
	Warrants	—	—	3,199	—	—	—	656	3,855
	9.25% Class A membership interest	—	—	3,063	—	—	—	988	4,051

81

Portfolio Company	Type of Investment (1)	December 31, 2022 Principal Amount - Debt Investments	Amount of Interest or Dividends Credited in Income (2)	Fair Value at March 31, 2022	Gross Additions (3)	Gross Reductions (4)	Amount of Realized Gain/(Loss) (5)	Amount of Unrealized Gain/(Loss)	Fair Value at December 31, 2022
Lighting Retrofit International, LLC (DBA Envocore)	Revolving Loan	—	31	—	833	(833)	—	—	—
	First Lien	5,156	297	4,780	—	(39)	—	415	5,156
	Second Lien	5,208	—	3,104	—	—	—	(729)	2,375
	208,333.3333 Series A Preferred units	—	—	—	—	—	—	—	—
	203,124.9999 Common units	—	—	—	—	—	—	—	—
Outerbox, LLC	Revolving Loan	—	6	—	(26)	—	—	26	—
	First Lien	10,800	616	—	10,653	—	—	93	10,746
	5,000 Class A common units	—	—	—	500	—	—	—	500
Roseland Management, LLC	Revolving Loan	575	61	575	5	—	—	(39)	541
	First Lien	14,557	1,314	14,125	586	(109)	—	(904)	13,698
	1,100 Class A-1 units	—	—	—	66	—	—	134	200
	16,084 Class A units	—	—	1,905	—	—	—	(949)	956
SIMR, LLC	First Lien	—	—	10,588	191	(13,081)	(211)	2,513	—
	First Lien - Incremental	—	—	—	191	(191)	—	—	—
	9,374,510.2 Class B Common Units	—	—	—	—	—	(6,107)	6,107	—
	904,903.31 Class W Units	—	—	—	—	—	—	—	—
Sonobi, Inc.	500,000 Class A Common units	—	—	2,960	—	—	—	(939)	2,021
STATinMED, LLC	First Lien	7,039	444	—	7,230	(191)	—	—	7,039
	Delayed Draw Term Loan	119	—	—	117	—	—	2	119
	4,718.62 Class A Preferred Units	—	—	—	4,838	—	—	(214)	4,624
	37,807.58 Class B Preferred Units	—	—	—	1,400	—	—	(61)	1,339
Student Resource Center LLC	First Lien	8,889	2	—	8,720	—	—	—	8,720
	10,502,487.46 Preferred units	—	—	—	5,845	—	—	—	5,845
	2,000,000 Preferred units	—	—	—	—	—	—	—	—

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Portfolio Company	Type of Investment (1)	December 31, 2022 Principal Amount - Debt Investments		Amount of Interest or Dividends Credited in Income (2)		Fair Value at March 31, 2022		Gross Additions (3)		Gross Reductions (4)		Amount of Realized Gain/(Loss) (5)		Amount of Unrealized Gain/(Loss)		Fair Value at December 31, 2022
Total Affiliate Investments		$	148,865	$	10,104	$	131,879	$	83,675	$	(37,784)	(10,625)		$	6,187	$	173,332
Total Control & Affiliate Investments		$	148,865	$	15,543	$	189,482	$	83,675	$	(37,784)	$	(10,625)	$	(3,791)	$	220,957

(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.

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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, including the decommissioning of LIBOR and rising interest rates; 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; regulatory changes; tax treatment and general economic and business conditions; our ability to operate our wholly owned subsidiary, Capital Southwest SBIC I, LP, as a small business investment company; and uncertainties associated with the continued impact from the COVID-19 pandemic and new variants of COVID-19, including its impact on the global and U.S. capital markets and the global and U.S. economy, the length and duration of the COVID-19 pandemic in the United States as well as worldwide and the magnitude of the economic impact of that outbreak; the effect of the COVID-19 pandemic on our business prospects and the operational and financial performance of our portfolio companies, including our ability and their ability to achieve their respective objectives, and the effects of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business. 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, 2022 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, 2022. 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 and debt capital to UMM 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 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, and opportunistically target first and second lien loans in UMM companies. Our target LMM companies typically have annual EBITDA between $3.0 million and $20.0 million, and our LMM investments generally range in size from $5.0 million to $35.0 million. Our UMM investments generally include first and second lien loans in companies with EBITDA generally greater than $20.0 million, and our UMM investments typically range in size from $5.0 million to $20.0 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,

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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 between five and seven years from the original investment date. We also often seek to invest in the equity securities of our LMM portfolio companies.

Our investments in UMM companies primarily consist of direct investments in or secondary purchases of interest bearing debt securities in privately held companies that are generally larger in size than the LMM companies included in our portfolio. Our UMM debt investments are generally secured by either a first or second priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.

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, 2022 and 2021, the ratio of our last twelve months ("LTM") operating expenses, excluding interest expense, as a percentage of our LTM average total assets was 1.89% and 2.73%, 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, 2022 and March 31, 2022, our investment portfolio at fair value represented approximately 95.7% and 96.2% 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 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.

Our Board of Directors is responsible for determining, in good faith, the fair value for our investment portfolio and our valuation procedures, consistent with 1940 Act requirements. Our Board of Directors believes that our investment portfolio as of December 31, 2022 and March 31, 2022 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. 

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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, 2022, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.4% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, "Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting." The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and certain lenders. Many of these agreements include an alternative successor rate or language for choosing an alternative successor rate when LIBOR reference is no longer considered to be appropriate. With respect to other agreements, the Company intends to work with its portfolio companies and certain lenders to modify agreements to choose an alternative successor rate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. On December 21, 2022, the FASB issued ASU 2022-06 "Reference rate reform (Topic 848)—Deferral of the Sunset Date of Topic 848," which defers the sunset date of ASC 848 until December 31, 2024. ASU 2022-06 became effective upon issuance. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company does not believe it will have a material impact on its consolidated financial statements or its disclosure and did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the nine months ended December 31, 2022.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amend a related illustrative example, and (3) introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. 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.

INVESTMENT PORTFOLIO COMPOSITION

The total value of our investment portfolio was $1,150.0 million as of December 31, 2022, as compared to $936.6 million as of March 31, 2022. As of December 31, 2022, we had investments in 82 portfolio companies with an aggregate cost of $1,159.7 million. As of March 31, 2022, we had investments in 73 portfolio companies with an aggregate cost of $938.3 million.

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As of December 31, 2022 and March 31, 2022, approximately $957.4 million, or 96.7%, and $772.7 million, or 97.3%, respectively, of our debt investment portfolio (at fair value) bore interest at floating rates, of which 100.0% were subject to contractual minimum interest rates. As of both December 31, 2022 and March 31, 2022, the weighted average contractual minimum interest rate is 1.14% and 1.08%, respectively. As of December 31, 2022 and March 31, 2022, approximately $32.9 million, or 3.3%, and $21.1 million, or 2.7%, 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, 2022 and March 31, 2022 (excluding our investment in I-45 SLF LLC):

	December 31, 2022			March 31, 2022
	(dollars in thousands)
Number of portfolio companies (a)	81			72
Fair value	$	1,102,421		$	879,011
Cost	$	1,083,712		$	862,303
% of portfolio at fair value - debt	89.8		%	90.3		%
% of portfolio at fair value - equity	10.2		%	9.7		%
% of investments at fair value secured by first lien	86.5		%	84.2		%
Weighted average annual effective yield on debt investments (b)	12.0		%	9.3		%
Weighted average annual effective yield on total investments (c)	11.7		%	9.0		%
Weighted average EBITDA (d)	$	22,102		$	20,889
Weighted average leverage through CSWC security (e)	3.6x			4.0x

(a)At December 31, 2022 and March 31, 2022, we had equity ownership in approximately 59.3% and 56.9%, respectively, of our investments.

(b)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, 2022 and March 31, 2022, respectively, including accretion of original issue discount but excluding fees payable upon repayment of the debt instruments. As of December 31, 2022, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.4% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost. Weighted 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 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 quarter ended December 31, 2022, nine 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, 2022, three 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 quarter ended December 31, 2022, nine 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, 2022, three 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

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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.

As the COVID-19 pandemic continues to evolve, we are closely monitoring the impact of the COVID-19 pandemic (including any new variants of COVID-19) on our portfolio companies, our due diligence and underwriting processes, and financial markets. The operational and financial performance of the portfolio companies in which we make investments may be significantly impacted by COVID-19, which may in turn impact the valuation of our investments.

We also have observed, and continue to observe, supply chain disruptions, labor and resource shortages, commodity inflation, elements of financial market instability (including rapidly rising interest rates), an uncertain economic outlook for the United States (which may include a recession), and elements of geopolitical instability (including the ongoing war in Ukraine 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, 2022 and March 31, 2022:

	As of December 31, 2022
Investment Rating	Debt Investments at Fair Value		Percentage of Debt Portfolio
	(dollars in thousands)
1	$	118,016	11.9	%
2	823,966		83.2
3	47,993		4.8
4	323		0.1
Total	$	990,298	100.0	%

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	As of March 31, 2022
Investment Rating	Debt Investments at Fair Value		Percentage of Debt Portfolio
	(dollars in thousands)
1	$	124,192	15.6	%
2	632,675		79.7
3	36,648		4.6
4	319		0.1
Total	$	793,834	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, 2022, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.4% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost.

Investment Activity

During the nine months ended December 31, 2022, we made new debt investments totaling $221.3 million, follow-on debt investments totaling $85.4 million, and equity investments totaling $7.9 million. We received contractual principal repayments totaling approximately $18.4 million and full prepayments of approximately $72.6 million. We funded $28.8 million on revolving loans and received $17.7 million in repayments on revolving loans. In addition, we received proceeds from sales of debt and equity investments totaling $3.4 million.

During the nine months ended December 31, 2021, we made new debt investments totaling $350.3 million, follow-on debt investments totaling $29.5 million, and equity investments totaling $11.8 million. We also funded $3.2 million on our existing equity commitment to I-45 SLF LLC. We received contractual principal repayments totaling approximately $11.7 million and full prepayments of approximately $209.8 million. We funded $15.3 million on revolving loans and received $5.1 million in repayments on revolving loans. In addition, we received proceeds from sales of investments totaling $11.9 million.

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Total portfolio investment activity for the nine months ended December 31, 2022 and 2021 was as follows (dollars in thousands):

Nine months ended December 31, 2022	First Lien Loans		Second Lien Loans		Subordinated Debt		Preferred & Common Equity		I-45 SLF, LLC		Total
Fair value, beginning of period	$	739,872	$	52,645	$	1,317	$	85,177	$	57,603	$	936,614
New investments	332,391		2,735		385		7,891		—		343,402
Proceeds from sales of investments	—		(692)		—		(2,664)		—		(3,356)
Principal repayments received	(96,475)		(12,239)		—		—		—		(108,714)
Conversion of security	(13,715)		—		(587)		14,302		—		—
PIK interest earned	3,512		314		65		—		—		3,891
Accretion of loan discounts	2,678		195		—		—		—		2,873
Realized (loss) gain	(5,083)		(2,240)		(104)		(9,260)		—		(16,687)
Unrealized gain (loss)	(9,180)		(5,272)		(224)		16,677		(9,978)		(7,977)
Fair value, end of period	$	954,000	$	35,446	$	852	$	112,123	$	47,625	$	1,150,046

Nine months ended December 31, 2021	First Lien Loans		Second Lien Loans		Subordinated Debt		Preferred & Common Equity		I-45 SLF, LLC		Total
Fair value, beginning of period	$	524,161	$	36,919	$	11,534	$	58,660	$	57,158	$	688,432
New investments	376,192		18,669		237		11,768		3,200		410,066
Proceeds from sales of investments	—		(53)		—		(11,881)		—		(11,934)
Principal repayments received	(219,454)		(7,152)		—		—		—		(226,606)
Conversion of security	(4,683)		5,208		—		(525)		—		—
PIK interest earned	1,994		1,079		477		—		—		3,550
Accretion of loan discounts	1,972		172		33		—		—		2,177
Realized gain	(580)		(2,274)		—		8,845		—		5,991
Unrealized gain (loss)	(418)		483		165		7,628		(2,769)		5,089
Fair value, end of period	$	679,184	$	53,051	$	12,446	$	74,495	$	57,589	$	876,765

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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 appreciation (depreciation) on investments, net of tax,” which is the net change in the market or fair value of our investment portfolio, compared with 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 difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs and any "make-whole" premium payable at the time of the debt extinguishment.

Comparison of three months ended December 31, 2022 and December 31, 2021

	Three Months Ended
	December 31,				Net Change
	2022		2021		Amount		%
	(in thousands)
Total investment income	$	32,766	$	22,311	$	10,455	46.9	%
Interest expense	(7,937)		(4,655)		(3,282)		70.5	%
Other operating expenses	(6,150)		(5,819)		(331)		5.7	%
Income before taxes	18,679		11,837		6,842		57.8	%
Income tax benefit	(746)		(62)		(684)		1,103.2	%
Net investment income	19,425		11,899		7,526		63.2	%
Net realized (loss) gain on investments, net of tax	(11,086)		2,715		(13,801)		(508.3)	%
Net unrealized (depreciation) appreciation on investments, net of tax	(5,390)		(2,054)		(3,336)		(162.4)	%
Net increase (decrease) in net assets from operations	$	2,949	$	12,560	$	(9,611)	(76.5)	%

Investment Income

Total investment income consisted of interest income, dividend income, fee income and other income for each applicable period. For the three months ended December 31, 2022, we reported investment income of $32.8 million, a $10.5 million, or 46.9%, increase as compared to the three months ended December 31, 2021. The increase was primarily due to an $11.4 million increase in interest income generated from our debt investments due to a 34.4% increase in the cost basis of debt investments held by us from $754.0 million to $1,013.4 million year-over-year, partially offset by a decrease in fee income of $1.7 million due to more non-recurring fees received in the prior quarter.

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, 2022, our total interest expense was $7.9 million, an increase of $3.3 million, as compared to the total interest expense of $4.7 million for the three months ended December 31, 2021. 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 3.18% to 4.69% for the three months ended December 31, 2021 and

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December 31, 2022, respectively. This increase in the weighted average interest rate was primarily due to an increase to the base rate on our Credit Facility.

Salaries, General and Administrative Expenses

For the three months ended December 31, 2022, our total employee compensation expense (including both cash and share-based compensation) increased by $0.2 million, or 4.1%, as compared to the total employee compensation expense for the three months ended December 31, 2021. For the three months ended December 31, 2022, our total general and administrative expense was $1.8 million, an increase of $0.2 million or 9.9%, as compared to the total general and administrative expense of $1.6 million for the three months ended December 31, 2021. The increase was due to individually immaterial increases across several general operating expenses.

Net Investment Income

For the three months ended December 31, 2022, income before taxes increased by $6.8 million, or 57.8%. Net investment income increased from the prior year period by $7.5 million, or 63.2%, to $19.4 million as a result of a $10.5 million increase in total investment income and a $0.7 million increase in income tax benefit, partially offset by a $3.3 million increase in interest expense.

Net Realized and Unrealized Gains (Losses) on Investments

During the three months ended December 31, 2022, we recognized net realized and unrealized losses totaling $16.5 million, which primarily consisted of net realized and unrealized losses on debt investments of $8.5 million, our investment in I-45 SLF LLC of $3.3 million and equity investments of $1.2 million. These realized and unrealized gains and losses were due to changes in fair value based on the overall EBITDA performance and cash flows of each investment, as well as exits of investments. We also recorded an income tax provision related to realized gains on investments of $0.1 million and net unrealized depreciation related to deferred tax of $3.4 million associated with the Taxable Subsidiary.

During the three months ended December 31, 2021, we recognized net realized and unrealized gains totaling $0.7 million, which primarily consisted of net realized and unrealized gains on equity investments of $5.5 million, partially offset by net realized and unrealized losses on debt investments of $2.1 million and our investment in I-45 SLF LLC of $2.0 million. These realized and unrealized gains and losses were due to changes in fair value based on the overall EBITDA performance and cash flows of each investment, as well as exits of investments. We also recorded an income tax provision related to realized gains on investments of $1.4 million and net unrealized appreciation related to deferred tax associated with the Taxable Subsidiary of $0.7 million.

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Comparison of nine months ended December 31, 2022 and December 31, 2021

	Nine Months Ended
	December 31,				Net Change
	2022		2021		Amount		%
	(in thousands)
Total investment income	$	82,108	$	61,186	$	20,922	34.2	%
Interest expense	(20,050)		(15,015)		(5,035)		33.5	%
Other operating expenses	(15,771)		(14,855)		(916)		6.2	%
Income before taxes	46,287		31,316		14,971		47.8	%
Income tax (benefit) provision	(20)		648		(668)		(103.1)	%
Net investment income	46,307		30,668		15,639		51.0	%
Net realized (loss) gain on investments, net of tax	(17,401)		5,259		(22,660)		(430.9)	%
Net unrealized (depreciation) appreciation on investments, net of tax	(13,989)		4,306		(18,295)		(424.9)	%
Realized loss on extinguishment of debt	—		(17,087)		17,087		(100.0)	%
Net increase in net assets from operations	$	14,917	$	23,146	$	(8,229)	(35.6)	%

Investment Income

Total investment income consisted of interest income, dividend income, fee income and other income for each applicable period. For the nine months ended December 31, 2022, we reported investment income of $82.1 million, a $20.9 million, or 34.2%, increase as compared to the nine months ended December 31, 2021. The increase was primarily due to a $21.3 million increase in interest income generated from our debt investments due to a 34.4% increase in the cost basis of debt investments held by us from $754.0 million to $1,013.4 million year-over-year, partially offset by a decrease of $1.1 million in fee income.

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 nine months ended December 31, 2022, our total interest expense was $20.1 million, an increase of $5.0 million, as compared to the total interest expense of $15.0 million for the nine months ended December 31, 2021. 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 3.71% to 4.05% for the nine months ended December 31, 2021 and December 31, 2022, respectively. The increase in the weighted average interest rate was primarily due to an increase to the base rate on our Credit Facility.

Salaries, General and Administrative Expenses

For the nine months ended December 31, 2022, our total employee compensation expense (including both cash and share-based compensation) increased by $0.1 million, or 1.2%, as compared to the total employee compensation expense for the nine months ended December 31, 2021. For the nine months ended December 31, 2022, our total general and administrative expense was $5.7 million, an increase of $0.8 million, or 16.2%, as compared to the total general and administrative expense of $4.9 million for the nine months ended December 31, 2021. The increase was primarily due to an increase in professional fees incurred in connection with the compensation consultant engaged by the Compensation Committee, an increase in audit fees and an increase in expenses related to the Company's new office space.

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Net Investment Income

For the nine months ended December 31, 2022, income before taxes increased by $15.0 million, or 47.8%. Net investment income increased from the prior year period by $15.6 million, or 51.0%, to $46.3 million as a result of a $20.9 million increase in total investment income and a $0.7 million decrease in income tax provision, partially offset by a $5.0 million increase in interest expense.

Net Realized and Unrealized Gains (Losses) on Investments

During the nine months ended December 31, 2022, we recognized net realized and unrealized losses totaling $31.4 million, which primarily consisted of net realized and unrealized losses on debt investments of $22.4 million and on I-45 SLF LLC of $10.0 million, partially offset by net realized and unrealized gains on equity investments of $7.3 million. These realized and unrealized gains and losses were due to changes in fair value based on the overall EBITDA performance and cash flows of each investment, as well as exits of investments. We also recorded an income tax provision related to realized gains on investments of $0.3 million and net unrealized depreciation related to deferred tax of $6.0 million associated with the Taxable Subsidiary.

During the nine months ended December 31, 2021, we recognized net realized and unrealized gains totaling $9.6 million, which primarily consisted of net realized and unrealized gains on equity investments of $16.5 million, partially offset by net realized and unrealized losses on debt investments of $1.9 million and I-45 SLF LLC of $2.8 million. These realized and unrealized gains and losses were due to changes in fair value based on the overall EBITDA performance and cash flows of each investment, as well as exits of investments. We also recorded an income tax provision related to realized gains on investments of $1.4 million and net unrealized depreciation related to deferred tax associated with the Taxable Subsidiary of $0.8 million.

Realized Loss on Extinguishment of Debt

During the nine months ended December 31, 2022, we did not recognize any loss on extinguishment of debt. During the nine months ended December 31, 2021, we recognized a loss on extinguishment of debt of $17.1 million due to the full redemption of the October 2024 Notes, which included a make-whole premium of $15.2 million.

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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 debt and equity securities, advances from the Credit Facility 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 the Credit Facility 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 Facility and future issuances of debt and equity on terms we believe are favorable to the Company and our shareholders (including the 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. As the impact of COVID-19 continues to evolve and in light of current market conditions, we will 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.

Cash Flows

For the nine months ended December 31, 2022, we experienced a net increase in cash and cash equivalents in the amount of $10.3 million. During the foregoing period, our operating activities used $193.6 million in cash, consisting primarily of new portfolio investments of $343.4 million, partially offset by $106.6 million from sales and repayments received from debt investments in portfolio companies and $2.7 million from sales and return of capital of equity investments in portfolio companies. In addition, our financing activities provided cash of $204.1 million, consisting primarily of net proceeds from the Equity ATM Program of $130.1 million, net proceeds from an underwritten equity offering of $44.1 million, net proceeds from the issuance of SBA debentures of $62.4 million and net borrowings on our Credit Facility of $20.0 million, partially offset by cash dividends paid in the amount of $50.2 million. At December 31, 2022, the Company had cash and cash equivalents of approximately $21.7 million.

For the nine months ended December 31, 2021, we experienced a net decrease in cash and cash equivalents in the amount of $12.9 million. During that period, our operating activities used $139.1 million in cash, consisting primarily of new portfolio investments of $410.1 million, partially offset by $221.5 million from sales and repayments received from debt investments in portfolio companies and $11.9 million from sales and return of capital of equity investments in portfolio companies. In addition, our financing activities provided cash of $126.2 million, consisting primarily of net borrowings on our Credit Facility of $70.0 million, net proceeds from the Equity ATM Program of $73.3 million, net proceeds from the issuance of the October 2026 Notes of $146.4 million and net proceeds from issuance of SBA debentures of $28.3 million, partially offset by the redemption of the October 2024 Notes of $125.0 million and cash dividends paid in the amount of $46.8 million. At December 31, 2021, the Company had cash and cash equivalents of approximately $18.7 million.

Financing Transactions

In accordance with the 1940 Act, with certain limitations, 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 which 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, 2022, the Company’s asset coverage was 229%.

Credit Facility

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

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On August 9, 2021, CSWC entered into the Second Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, the "Credit Agreement"). Prior to the Credit Agreement, (1) borrowings under the Credit Facility accrued interest on a per annum basis at a rate equal to the applicable LIBOR rate plus 2.50% with no LIBOR floor, and (2) the total borrowing capacity was $340 million with commitments from a diversified group of eleven lenders. The Credit Agreement (1) decreased the total borrowing capacity under the Credit Facility to $335 million with commitments from a diversified group of ten lenders, (2) reduced the interest rate on borrowings to LIBOR plus 2.15% with no LIBOR floor and removed conditions related thereto as previously set forth in the Amended and Restated Senior Secured Revolving Credit Agreement, and (3) extended the end of the Credit Facility's revolver period from December 21, 2022 to August 9, 2025 and extended the final maturity from December 21, 2023 to August 9, 2026. The Credit Agreement also modified certain covenants in the Credit Facility, including, among other things, to increase the minimum obligors’ net worth test from $180 million to $200 million.

The Credit Facility contains an accordion feature that allows CSWC to increase the total commitments under the Credit Facility up to $400 million from new and existing lenders on the same terms and conditions as the existing commitments.

On May 11, 2022, CSWC entered into Amendment No. 2 (the "Amendment") to the Credit Agreement. The Amendment changed the benchmark interest rate from LIBOR to Adjusted Term SOFR. In addition, CSWC entered into an Incremental Commitment Agreement, pursuant to which the total commitments under the Credit Agreement increased from $335 million to $380 million.

On November 16, 2022, CSWC entered into an Incremental Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $20 million, which increased total commitments from $380 million to $400 million. The $20 million increase was provided by one existing lender and one new lender, bringing the total bank syndicate to eleven participants.

CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Credit Facility. The 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 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%, (7) maintaining an interest coverage ratio of at least 2.25 to 1.0, and (8) at any time the outstanding advances exceed 90% of the borrowing base, maintaining a minimum liquidity of not less than 10% of the covered debt amount.

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 Credit Facility is secured by (1) substantially all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in the Company’s wholly-owned subsidiary. As of December 31, 2022, substantially all of the Company’s assets were pledged as collateral for the Credit Facility, except for assets held in SBIC I.

At December 31, 2022, CSWC had $225.0 million in borrowings outstanding under the Credit Facility. CSWC recognized interest expense related to the Credit Facility, including unused commitment fees and amortization of deferred loan costs, of $3.9 million and $8.8 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, CSWC recognized interest expense of $1.6 million and $4.5 million, respectively. The weighted average interest rate on the Credit Facility was 6.02% and 4.63% for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the weighted average interest rate on the Credit Facility was 2.37% and 2.52%, respectively. Average borrowings for the three and nine months ended December 31, 2022 were $228.0 million and $208.6 million, respectively. For the three and nine months ended December 31, 2021, average borrowings were $200.2 million and $165.8 million, respectively. As of December 31, 2022, CSWC was in compliance with all financial covenants under the Credit Agreement.

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October 2024 Notes

In September 2019, the Company issued $65.0 million in aggregate principal amount of 5.375% Notes due 2024 (the “Existing October 2024 Notes”). In October 2019, the Company issued an additional $10.0 million in aggregate principal amount of the October 2024 Notes (the "Additional October 2024 Notes"). In August 2020, the Company issued an additional $50.0 million in aggregate principal amount of the October 2024 Notes (the "New Notes" together with the Existing October 2024 Notes and the Additional October 2024 Notes, the "October 2024 Notes"). The Additional October 2024 Notes and the New Notes were treated as a single series with the Existing October 2024 Notes under the indenture and had the same terms as the Existing October 2024 Notes. The maturity date of the October 2024 Notes was October 1, 2024, and the October 2024 Notes were redeemable in whole or in part at any time prior to July 1, 2024, at par plus a “make-whole” premium, and thereafter at par. The October 2024 Notes bore interest at a rate of 5.375% per year.

On September 24, 2021, the Company redeemed $125.0 million in aggregate principal amount of the issued and outstanding October 2024 Notes. The October 2024 Notes were redeemed at 100% of their principal amount, plus (i) the accrued and unpaid interest thereon, through, but excluding the redemption date, and (ii) a "make-whole" premium. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs of $1.8 million and the "make-whole" premium of $15.2 million during the three months ended September 30, 2021.

The Company did not recognize any interest expense related to the October 2024 Notes for the three months ended December 31, 2021. For the nine months ended December 31, 2021, the Company recognized interest expense related to the October 2024 Notes, including amortization of deferred issuance costs, of $3.6 million. From April 1, 2021 through September 24, 2021 (the redemption date of the October 2024 Notes), average borrowings were $125.0 million. The October 2024 Notes had a weighted average effective yield of 5.375%.

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 are treated as a single series with the Existing January 2026 Notes under the indenture and have the same terms as the Existing January 2026 Notes. The January 2026 Notes mature on January 31, 2026 and may be redeemed in whole or in part at any time prior to October 31, 2025, at par plus a "make-whole" premium, and thereafter at par. The January 2026 Notes bear interest at a rate of 4.50% per year, payable semi-annually on January 31 and July 31 of each year. The January 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures.

As of December 31, 2022, the carrying amount of the January 2026 Notes was $139.0 million on an aggregate principal amount of $140.0 million at a weighted average effective yield of 4.46%. As of December 31, 2022, the fair value of the January 2026 Notes was $121.9 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the January 2026 Notes, including amortization of deferred issuance costs, of $1.7 million and $5.0 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $1.6 million and $5.0 million, respectively. For each of the three and nine months ended December 31, 2022 and 2021, average borrowings were $140.0 million.

The indenture governing the January 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

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holders of the January 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are described in the indenture and the third supplemental indenture relating to the January 2026 Notes.

In addition, holders of the January 2026 Notes can require the Company to repurchase some or all of the January 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 third supplemental indenture relating to 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 October 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures.

As of December 31, 2022, the carrying amount of the October 2026 Notes was $147.1 million on an aggregate principal amount of $150.0 million at a weighted average effective yield of 3.5%. As of December 31, 2022, the fair value of the October 2026 Notes was $130.0 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the October 2026 Notes, including amortization of deferred issuance costs, of $1.4 million and $4.3 million for the three and nine ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $1.3 million and $1.7 million, respectively. For both the three and nine months ended December 31, 2022, average borrowings were $150.0 million. For the three months ended December 31, 2021, average borrowings were $128.8 million. Since the issuance of the October 2026 Notes on August 27, 2021 through December 31, 2021, average borrowings were $120.9 million.

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.

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

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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. As of December 31, 2022, SBIC I had regulatory capital of $65.0 million and leverageable capital of $65.0 million. As of December 31, 2022, SBIC I had a total leverage commitment from the SBA in the amount of $130.0 million, of which $26.0 million remains unused. The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on the Company’s full compliance, as determined by the SBA, with the terms and conditions set forth in the SBA regulations.

As of December 31, 2022, the carrying amount of SBA Debentures was $100.6 million on an aggregate principal amount of $104.0 million. As of December 31, 2022, the fair value of the SBA Debentures was $97.4 million. The fair value of the SBA Debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the SBA Debentures, which are Level 3 inputs under ASC 820. The Company recognized interest expense and related fees related to SBA Debentures of $0.9 million and $1.9 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $0.1 million and $0.2 million, respectively. The weighted average interest rate on the SBA Debentures was 3.70% and 2.98% for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the weighted average interest rate on the SBA Debentures was 1.43% and 1.24%, respectively. For the three and nine months ended December 31, 2022, average borrowings were $83.9 million and $54.1 million, respectively. Average borrowings for the three and nine months ended December 31, 2021 were $21.0 million and $10.1 million, respectively.

As of December 31, 2022, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1)	Maturity Date	Fixed Interest Rate	December 31, 2022
9/22/2021	9/1/2031	1.575%	$	15,000
3/23/2022	3/1/2032	3.209%	25,000
9/21/2022	9/1/2032	4.533%	40,000
(2)	(2)	(2)	24,000
			$	104,000

(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 $24.0 million in SBA Debentures that will pool in March 2023. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.14%.

Equity Capital Activities

On November 17, 2022, the Company completed an underwritten public equity offering of 2,534,436 shares of common stock, including shares issuable pursuant to the underwriters' option to purchase additional shares, at a public offering price of $18.15 per share, raising $46.0 million of gross proceeds. Net proceeds were $44.1 million after deducting underwriting discounts and offering expenses.

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 $50,000,000. 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 $100,000,000 from $50,000,000 and (ii)

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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 $250,000,000 from $100,000,000 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 $650,000,000 from $250,000,000.

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

	Three Months Ended December 31,
	2022		2021
Number of shares sold	3,264,878		616,156
Gross proceeds received (in thousands)	$	58,324	$	16,000
Net proceeds received (in thousands)1	$	57,449	$	15,760
Weighted average price per share	$	17.86	$	25.97
	Nine Months Ended December 31,
	2022		2021
Number of shares sold	6,909,446		2,834,734
Gross proceeds received (in thousands)	$	131,990	$	74,463
Net proceeds received (in thousands)1	$	130,010	$	73,347
Weighted average price per share	$	19.10	$	26.27

1Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold and offering expenses. As of December 31, 2022, $2.7 million remained receivable and is included in other receivables in the Consolidated Statement of Assets and Liabilities. As of December 31, 2021, no proceeds remained receivable.

Cumulative to date, the Company has sold 15,087,106 shares of its common stock under the Equity ATM Program at a weighted-average price of $20.91, raising $315.5 million of gross proceeds. Net proceeds were $310.3 million after commissions to the sales agents on shares sold. As of December 31, 2022, the Company has $334.5 million available under the Equity ATM Program.

On July 28, 2021, the Company's 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 purchase price for all shares 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, 2022, the Company did not repurchase any shares under the share repurchase program.

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CONTRACTUAL OBLIGATIONS

As shown below, we had the following contractual obligations as of December 31, 2022.

	Payments Due By Period
	(in thousands)
	Total		Less than		1-3 Years		3-5 Years		More Than
Contractual Obligations			1 Year						5 Years
Operating lease obligations	$	4,354	$	395	$	837	$	878	$	2,244
Credit Facility (1)	274,543		13,741		27,520		233,282		—
January 2026 Notes (2)	162,050		6,300		12,600		143,150		—
October 2026 Notes (2)	170,250		5,062		10,125		155,063		—
	$	611,197	$	25,498	$	51,082	$	532,373	$	2,244

(1)Amounts include interest payments calculated at an average rate of 6.02% of outstanding Credit Facility borrowings, which were $225.0 million as of December 31, 2022.

(2)Includes interest payments.

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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, 2022 and March 31, 2022, we had a total of approximately $159.7 million and $134.3 million, respectively, in currently unfunded commitments (as discussed in Note 10 to the Consolidated Financial Statements). As of December 31, 2022, the total unfunded commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 2022, 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 2023, $0.2 million expire in April 2023, and $0.3 million expire in August 2023. As of December 31, 2022, 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.

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of December 31, 2022, the Company had cash and cash equivalents of $21.7 million and $174.4 million in available borrowings under the Credit Facility.

RECENT DEVELOPMENTS

On January 25, 2023, the Board of Directors declared a total dividend of $0.58 per share, comprised of a regular dividend of $0.53 and a supplemental dividend of $0.05, for the quarter ending March 31, 2023. The record date for the dividend is March 15, 2023. The payment date for the dividend is March 31, 2023.

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Item 3.    Quantitative and Qualitative Disclosures about Market Risk

We are subject to market risk. Market risk includes risk 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, including the impact of COVID-19 and any new variants of COVID-19; overall market changes, including an increase in market volatility due to COVID-19; legislative reform; local, regional, national or global political, social or economic instability; and interest rate volatility, including the decommissioning of LIBOR and rising interest rates.

Interest Rate Risk

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. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing liabilities. 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 rates, including the decommissioning of LIBOR and changes in alternate rates and prime rates, to the extent our debt investments include floating interest rates. A large portion of our portfolio is comprised of floating rate investments that utilize LIBOR or an alternative rate.

Since March 2022, the Federal Reserve has been rapidly raising interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. In a rising interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. It is possible that the Federal Reserve's tightening cycle could result the United States into a recession, which would likely decrease interest rates. 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 base rates, such as LIBOR or SOFR, are not offset by a corresponding increase in the spread over such base rate that we earn on any portfolio investments or a decrease in the interest rate of our floating interest rate liabilities tied to such base rate. See “Risk Factors — Changes in interest rates may affect our cost of capital the value of investments and net investment income,” “Risk Factors — The interest rates of our loans to our portfolio companies, any LIBOR-linked securities, and other financial obligations that extend beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR” and “Risk Factors — The interest rates of our loans to our portfolio companies, any LIBOR-linked securities, and other financial obligations that extend beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022 for more information.

Our interest expenses also will be affected by changes in the published SOFR rate in connection with our Credit Facility. The interest rates on the October 2026 Notes, the January 2026 Notes and SBA Debentures are fixed for the life of such debt. 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 measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of December 31, 2022, we were not a party to any hedging arrangements.

As of December 31, 2022, approximately 96.7% of our debt investment portfolio (at fair value) bore interest at floating rates, 100.0% of which were subject to contractual minimum interest rates. Based on interest rates as of December 31, 2022, a hypothetical 100 basis point increase in interest rates could increase our net investment income by a maximum of $8.2 million, or $0.22 per share, on an annual basis. A hypothetical 100 basis point decrease in interest rates could decrease our net investment income by a maximum of $8.2 million, or $0.22 per share, on an annual basis. Our 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.

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

103

assets resulting from operations, or net income. It also does not assume any repayments from borrowers. Accordingly, no assurances can be given that actual results would not differ materially from the statement above.

Because we currently borrow, and plan to borrow in the future, money 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. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio.

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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, 2022.

During the three months ended December 31, 2022, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

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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, 2022 that we filed with the SEC on May 24, 2022.

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 Company’s 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 purchase price for all shares 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, 2022, 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.

None.

106

Item 6.     Exhibits

Exhibit No.	Description
3.1	Articles of Incorporation, dated April 19, 1961, including amendments dated June 30, 1969, July 20, 1987, April 23, 2007 and July 15, 2013 (incorporated by reference to Exhibit (a) to Registration Statement on Form N-2 (Reg. No. 333-220385) filed on September 8, 2017).
3.2	Certificate of Amendment to the Articles of Incorporation, dated August 1, 2019 (Incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 814-00061) filed on August 1, 2019).
3.3	Second Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Form 10-Q (File No. 814-00061) filed on November 7, 2017).
3.4	Amendment to Second Amended and Restated Bylaws of Capital Southwest Corporation (Incorporated by reference to Exhibit 3.1 to Form 8-K (File No. 814-00061) filed April 25, 2019).
4.1	Specimen of Common Stock certificate (incorporated by reference to Exhibit 4.1 to Form 10-K (File No. 811-01056) filed on June 14, 2002).
4.2	Indenture, dated October 23, 2017, between the Company and U.S. Bank National Association, Trustee (incorporated by reference to Exhibit (d)(2) to Registration Statement on Form N-2 (Reg. No. 333-220385) filed on October 23, 2017).
4.3	Third Supplemental Indenture, dated as of December 29, 2020, relating to the 4.50% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on December 29, 2020).
4.4	Form of Global Note with respect to the 4.50% Notes due 2026 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on December 29, 2020).
4.5	Fourth Supplemental Indenture, dated as of August 27, 2021, relating to the 3.375% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed on August 27, 2021).
4.6	Form of Global Note with respect to the 3.375% Notes due 2026 (incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K filed on August 27, 2021).
10.1	Incremental Commitment and Assumption Agreement dated November 16, 2022 among the Company, as borrower, ING Capital LLC, as Administrative Agent, the Increasing Lenders Party thereto, as Increasing Lenders and the Assuming Lenders Party thereto, as Assuming Lenders (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on November 16, 2022).
31.1*	Certification of President and Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act.
31.2*	Certification of Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act.
32.1*^	Certification of President and Chief Executive Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code.
32.2*^	Certification of Chief Financial Officer required by Rule 13a-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code.

*    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.

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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
January 31, 2023	By:	/s/ Bowen S. Diehl
Date		Bowen S. Diehl
		President and Chief Executive Officer
January 31, 2023	By:	/s/ Michael S. Sarner
Date		Michael S. Sarner
		Chief Financial Officer, Secretary and Treasurer

108

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Bowen S. Diehl, certify that:

1I have reviewed this quarterly report on Form 10-Q of Capital Southwest Corporation (the “registrant”);

2Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  January 31, 2023	By:	/s/ Bowen S. Diehl
		Bowen S. Diehl
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Michael S. Sarner, certify that:

1I have reviewed this quarterly report on Form 10-Q of Capital Southwest Corporation (the “registrant”);

2Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.   

Date:  January 31, 2023	By:	/s/ Michael S. Sarner
		Michael S. Sarner
		Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of the President and Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

I, Bowen S. Diehl, President and Chief Executive Officer of Capital Southwest Corporation, certify that, to my knowledge:

1.The Form 10-Q for the quarter ended December 31, 2022, filed with the Securities and Exchange Commission on January 31, 2023 (“accompanied report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation.

Date: January 31, 2023	By:	/s/ Bowen S. Diehl
		Bowen S. Diehl
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of the Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

I, Michael S. Sarner, Chief Financial Officer of Capital Southwest Corporation, certify that, to my knowledge:

1.The Form 10-Q for the quarter ended December 31, 2022, filed with the Securities and Exchange Commission on January 31, 2023 (“accompanied report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation. 

Date:  January 31, 2023	By:	/s/ Michael S. Sarner
		Michael S. Sarner
		Chief Financial Officer

XML

Cover - shares	9 Months Ended
	Dec. 31, 2022	Jan. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	814-00061
Entity Registrant Name	CAPITAL SOUTHWEST CORPORATION
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-1072796
Entity Address, Address Line One	8333 Douglas Avenue
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
City Area Code	214
Local Phone Number	238-5700
Title of 12(b) Security	Common Stock, $0.25 par value per share
Trading Symbol	CSWC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,559,034
Entity Central Index Key	0000017313
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

XML

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Dec. 31, 2022		Mar. 31, 2022
Assets
Investments at fair value	$ 1,150,046	[1],[2],[3]	$ 936,614	[4],[5],[6]
Cash and cash equivalents	21,686		11,431
Receivables:
Dividends and interest	16,352		12,106
Escrow	362		1,344
Other	3,203		2,238
Income tax receivable	238		158
Debt issuance costs (net of accumulated amortization of $5,364 and $4,573, respectively)	3,996		4,038
Other assets	6,274		6,028
Total assets	1,202,157		973,957
Liabilities
Credit facility	225,000		205,000
Other liabilities	14,568		14,808
Accrued restoration plan liability	2,639		2,707
Income tax payable	409		1,240
Deferred tax liability	11,427		5,747
Total liabilities	640,670		553,090
Commitments and contingencies (Note 10)
Net Assets
Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 36,898,546 shares at December 31, 2022 and 27,298,032 shares at March 31, 2022	9,225		6,825
Additional paid-in capital	616,590		448,235
Total distributable (loss) earnings	(40,391)		(10,256)
Treasury stock - at cost, 2,339,512 shares	(23,937)		(23,937)
Total net assets	561,487		420,867
Total liabilities and net assets	$ 1,202,157		$ 973,957
Net asset value per share (in usd per share)	$ 16.25		$ 16.86
SBA Debentures
Liabilities
SBA Debentures (Par value: $104,000 and $40,000, respectively)	$ 100,582		$ 38,352
January 2026 Notes
Liabilities
Notes	138,967		138,714
October 2026 Notes
Liabilities
Notes	147,078		146,522
Non-control/Non-affiliate investments
Assets
Investments at fair value	929,089	[3],[7]	747,132	[6],[8]
Affiliate investments
Assets
Investments at fair value	173,332	[3],[9]	131,879	[6],[10]
Control investments
Assets
Investments at fair value	$ 47,625	[3],[11]	$ 57,603	[6],[12]

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] 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.

[3] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[4] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[5] 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.

[6] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

[7] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2022, approximately 80.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 165.4%.

[8] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.

[9] 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, 2022, approximately 15.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.

[10] 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, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.

[11] 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, 2022, approximately 4.1% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.5%.

[12] 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, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.

XML

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022		Mar. 31, 2022
Cost	$ 1,159,712	[1],[2],[3],[4]	$ 938,303	[5],[6],[7],[8]
Accumulated amortization	$ 5,364		$ 4,573
Common stock, par value (in dollars per share)	$ 0.25		$ 0.25
Common stock, shares authorized (in shares)	40,000,000		40,000,000
Common stock, shares issued (in shares)	36,898,546		27,298,032
Treasury stock, cost (in share)	2,339,512		2,339,512
Common stock, shares outstanding (in shares)	34,559,034		24,958,520
SBA Debentures
Par value	$ 104,000		$ 40,000
January 2026 Notes
Par value	140,000		140,000
October 2026 Notes
Par value	150,000		150,000
Non-control/Non-affiliate investments
Cost	907,535	[2],[4],[9]	721,392	[6],[8],[10]
Affiliate investments
Cost	176,177	[2],[4],[11]	140,911	[6],[8],[12]
Control investments
Cost	$ 76,000	[2],[4],[13]	$ 76,000	[6],[8],[14]

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.

[3] 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.

[4] Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[5] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[6] As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.

[7] 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.

[8] Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[9] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2022, approximately 80.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 165.4%.

[10] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.

[11] 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, 2022, approximately 15.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.

[12] 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, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.

[13] 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, 2022, approximately 4.1% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.5%.

[14] 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, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Fee income:
Other income	$ 42	$ 4	$ 62	$ 12
Total investment income	32,766	22,311	82,108	61,186
Compensation	3,381	3,353	7,177	7,083
Share-based compensation	992	849	2,873	2,848
Interest	7,937	4,655	20,050	15,015
Professional fees	666	607	2,325	1,956
General and administrative	1,111	1,010	3,396	2,968
Total operating expenses	14,087	10,474	35,821	29,870
Income before taxes	18,679	11,837	46,287	31,316
Federal income, excise and other taxes	217	68	468	283
Deferred taxes	(963)	(130)	(488)	365
Total income tax (benefit) provision	(746)	(62)	(20)	648
Net investment income	19,425	11,899	46,307	30,668
Realized (loss) gain
Income tax (provision) benefit	(95)	(1,442)	(260)	(1,442)
Total net realized (loss) gain on investments, net of tax	(11,086)	2,715	(17,401)	5,259
Net unrealized (depreciation) appreciation on investments
Income tax (provision) benefit	(3,437)	679	(6,012)	(783)
Total net unrealized (depreciation) appreciation on investments, net of tax	(5,390)	(2,054)	(13,989)	4,306
Net realized and unrealized (losses) gains on investments	(16,476)	661	(31,390)	9,565
Realized loss on extinguishment of debt	0	0	0	(17,087)
Net increase (decrease) in net assets from operations	$ 2,949	$ 12,560	$ 14,917	$ 23,146
Pre-tax net investment income per share - basic (in usd per share)	$ 0.60	$ 0.51	$ 1.64	$ 1.40
Pre-tax net investment income per share - diluted (in usd per share)	0.60	0.51	1.64	1.40
Net investment income per share – basic (in usd per share)	0.62	0.51	1.64	1.37
Net investment income per share – diluted (in usd per share)	0.62	0.51	1.64	1.37
Net increase in net assets from operations – basic (in usd per share)	0.09	0.54	0.53	1.03
Net increase in net assets from operations – diluted (in usd per share)	$ 0.09	$ 0.54	$ 0.53	$ 1.03
Weighted average shares outstanding – basic (in share)	31,381,360	23,432,522	28,304,309	22,393,935
Weighted average shares outstanding – diluted (in share)	31,381,360	23,432,522	28,304,309	22,393,935
Non-control/Non-affiliate investments
Interest income:
Interest income	$ 24,411	$ 14,805	$ 59,791	$ 42,873
Payment-in-kind interest income:
Payment-in-kind interest income	830	614	1,796	1,717
Dividend income:
Dividend income	478	0	1,555	1,570
Fee income:
Fee income	1,067	2,591	2,924	4,005
Realized (loss) gain
Realized (loss) gain	(6,267)	4,017	(6,114)	6,561
Net unrealized (depreciation) appreciation on investments
Unrealized gain (loss)	(2,244)	3,165	(4,186)	12,558
Affiliate investments
Interest income:
Interest income	3,228	2,116	8,227	4,774
Payment-in-kind interest income:
Payment-in-kind interest income	671	200	1,776	951
Dividend income:
Dividend income	0	9	101	9
Fee income:
Fee income	110	267	362	413
Realized (loss) gain
Realized (loss) gain	(4,724)	140	(11,027)	140
Net unrealized (depreciation) appreciation on investments
Unrealized gain (loss)	3,563	(3,849)	6,187	(4,700)
Control investments
Dividend income:
Dividend income	1,904	1,705	5,439	4,862
Fee income:
Fee income	25	0	75	0
Net unrealized (depreciation) appreciation on investments
Unrealized gain (loss)	$ (3,272)	$ (2,049)	$ (9,978)	$ (2,769)

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CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Investment Company, Net Assets [Roll Forward]
Net assets, beginning balance	$ 475,724	$ 452,985	$ 420,867	$ 381,945	$ 368,095	$ 336,251
Operations:
Net investment income	19,425	14,444	12,438	11,899	9,726	9,043
Total net realized (loss) gain on investments, net of tax	(11,086)	(8,635)	2,320	2,715	3,496	(952)
Net unrealized depreciation (appreciation) on investments	(5,390)	3,649	(12,248)	(2,054)	(691)	7,051
Realized loss on extinguishment of debt	0	0		0	(17,087)
Net increase (decrease) in net assets from operations	2,949	9,458	2,510	12,560	(4,556)	15,142
Dividends to shareholders	(19,275)	(14,287)	(16,615)	(22,917)	(12,401)	(11,528)
Capital share transactions:
Change in restoration plan liability	8	8	8	9	9	9
Issuance of common stock	101,469	26,500	46,035	15,754	29,880	27,686
Share-based compensation expense	992	1,060	821	849	923	1,076
Common stock withheld for payroll taxes upon vesting of restricted stock	(380)	0	(641)	(863)	(5)	(541)
Increase in net assets	85,763	22,739	32,118	5,392	13,850	31,844
Net assets, ending balance	$ 561,487	$ 475,724	$ 452,985	$ 387,337	$ 381,945	$ 368,095

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CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends to shareholders (in usd per share)	$ 0.57	$ 0.50	$ 0.63	$ 0.97	$ 0.54	$ 0.53	$ 1.70	$ 2.04

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$ 14,917	$ 23,146
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases and originations of investments	(343,402)	(410,066)
Proceeds from sales and repayments of debt investments in portfolio companies	106,649	221,462
Proceeds from sales and return of capital of equity investments in portfolio companies	2,664	11,881
Payment of accreted original issue discounts	1,444	3,133
Payment of accrued payment-in-kind interest	1,313	2,064
Depreciation and amortization	2,002	1,628
Net pension benefit	(43)	(99)
Realized loss on extinguishment of debt	0	17,103
Realized loss (gain) on investments before income tax	17,348	(6,058)
Net unrealized depreciation (appreciation) on investments before income tax	7,977	(5,089)
Accretion of discounts on investments	(2,873)	(2,177)
Payment-in-kind interest	(3,891)	(3,550)
Share-based compensation expense	2,873	2,848
Deferred income taxes	5,680	1,149
Changes in other assets and liabilities:
(Increase) decrease in dividend and interest receivable	(4,725)	1,601
Decrease (increase) in escrow receivables	756	(159)
(Increase) decrease in tax receivable	(79)	121
Increase in other receivables	(965)	(104)
Increase in other assets	(266)	(1,152)
(Decrease) increase in taxes payable	(831)	1,477
(Decrease) increase in other liabilities	(196)	1,738
Net cash used in operating activities	(193,648)	(139,103)
Cash flows from investing activities
Acquisition of fixed assets	(159)	0
Net cash used in investing activities	(159)	0
Cash flows from financing activities
Proceeds from common stock offering	174,169	73,346
Equity offering costs paid	(102)	0
Borrowings under credit facility	140,000	295,000
Repayments of credit facility	(120,000)	(225,000)
Debt issuance costs paid	(1,248)	(3,445)
Proceeds from issuance of SBA Debentures	62,442	28,294
Proceeds from issuance of October 2026 Notes	0	146,414
Redemption of October 2024 Notes	0	(125,000)
Payment for debt extinguishment costs	0	(15,196)
Dividends to shareholders	(50,177)	(46,847)
Common stock withheld for payroll taxes upon vesting of restricted stock	(1,022)	(1,408)
Net cash provided by financing activities	204,062	126,158
Net increase (decrease) in cash and cash equivalents	10,255	(12,945)
Cash and cash equivalents at beginning of period	11,431	31,613
Cash and cash equivalents at end of period	21,686	18,668
Supplemental cash flow disclosures:
Cash paid for income taxes	1,481	150
Cash paid for interest	$ 15,937	$ 13,744

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($) $ in Thousands		Dec. 31, 2022		Mar. 31, 2022
Schedule of Investments [Line Items]
Cost		$ 1,159,712	[1],[2],[3],[4]	$ 938,303	[5],[6],[7],[8]
Investments at fair value		1,150,046	[1],[3],[9]	936,614	[5],[7],[10]
Non-control/Non-affiliate investments
Schedule of Investments [Line Items]
Cost		907,535	[2],[4],[11]	721,392	[6],[8],[12]
Investments at fair value		929,089	[9],[11]	747,132	[10],[12]
Affiliate investments
Schedule of Investments [Line Items]
Cost		176,177	[2],[4],[13]	140,911	[6],[8],[14]
Investments at fair value		173,332	[9],[13]	131,879	[10],[14]
Control investments
Schedule of Investments [Line Items]
Cost		76,000	[2],[4],[15]	76,000	[6],[8],[16]
Investments at fair value		47,625	[9],[15]	57,603	[10],[16]
360 QUOTE TOPCO, LLC
Schedule of Investments [Line Items]
Cost	[2],[4]	27,865
Investments at fair value	[9]	27,487
AAC NEW HOLDCO INC.
Schedule of Investments [Line Items]
Cost		13,732	[2],[4]	12,636	[6],[8]
Investments at fair value		11,199	[9]	12,333	[10]
ACACIA BUYERCO V LLC
Schedule of Investments [Line Items]
Cost		5,765
Investments at fair value		5,902
ACCELERATION, LLC
Schedule of Investments [Line Items]
Cost	[2],[4]	28,148
Investments at fair value	[9]	28,716
ACCELERATION PARTNERS, LLC
Schedule of Investments [Line Items]
Cost		20,133	[2],[4]	12,600	[6],[8]
Investments at fair value		20,964	[9]	13,028	[10]
ALLIANCE SPORTS GROUP, L.P.
Schedule of Investments [Line Items]
Cost		2,673	[2],[4]	2,673	[6],[8]
Investments at fair value		3,444	[9]	4,176	[10]
AMERICAN NUTS OPERATIONS LLC
Schedule of Investments [Line Items]
Cost		27,610	[2],[4]	27,776	[6],[8]
Investments at fair value		25,662	[9]	29,095	[10]
AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.)
Schedule of Investments [Line Items]
Cost		5,718	[2],[4]	5,748	[6],[8]
Investments at fair value		323	[9]	318	[10]
ARBORWORKS, LLC
Schedule of Investments [Line Items]
Cost		14,555	[2],[4]	12,704	[6],[8]
Investments at fair value		12,060	[9]	12,757	[10]
ATS OPERATING, LLC
Schedule of Investments [Line Items]
Cost		19,150	[2],[4]	20,094	[6],[8],[17]
Investments at fair value		19,204	[9]	20,094	[10],[17]
BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES)
Schedule of Investments [Line Items]
Cost		1,221
Investments at fair value		1,779
BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.)
Schedule of Investments [Line Items]
Cost	[6],[8]			11,135
Investments at fair value	[10]			10,877
CADMIUM, LLC
Schedule of Investments [Line Items]
Cost		7,934	[2],[4]	7,615	[6],[8]
Investments at fair value		7,728	[9]	7,616	[10]
EXACT BORROWER, LLC
Schedule of Investments [Line Items]
Cost		19,452
Investments at fair value		19,526
FLIP ELECTRONICS, LLC
Schedule of Investments [Line Items]
Cost		35,940	[2],[4]	19,387	[6],[8]
Investments at fair value		52,342	[9]	24,128	[10]
FM SYLVAN, INC.
Schedule of Investments [Line Items]
Cost		14,513
Investments at fair value		14,707
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC
Schedule of Investments [Line Items]
Cost		7,652	[2],[4]	7,635	[6],[8]
Investments at fair value		7,773	[9]	7,780	[10]
GAINS INTERMEDIATE, LLC
Schedule of Investments [Line Items]
Cost		14,484
Investments at fair value		14,702
GULF PACIFIC ACQUISITION, LLC
Schedule of Investments [Line Items]
Cost	[2],[4]	3,799
Investments at fair value	[9]	3,826
INFOLINKS MEDIA BUYCO, LLC
Schedule of Investments [Line Items]
Cost		8,120	[2],[4]	8,154	[6],[8]
Investments at fair value		8,617	[9]	8,203	[10]
ISI ENTERPRISES, LLC
Schedule of Investments [Line Items]
Cost		6,691	[2],[4]	6,672	[6],[8]
Investments at fair value		6,800	[9]	6,800	[10]
KMS, INC.
Schedule of Investments [Line Items]
Cost	[2],[4],[18]	17,909
Investments at fair value	[9],[18]	16,879
LASH OPCO, LLC
Schedule of Investments [Line Items]
Cost		10,556	[2],[4]	10,369	[6],[8]
Investments at fair value		10,533	[9]	10,404	[10]
LGM PHARMA, LLC
Schedule of Investments [Line Items]
Cost		15,620	[2],[4]	15,497	[6],[8]
Investments at fair value		15,001	[9]	13,703	[10]
LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY)
Schedule of Investments [Line Items]
Cost	[2],[4]	23,010
Investments at fair value	[9]	22,863
MAKO STEEL LP
Schedule of Investments [Line Items]
Cost		9,390	[2],[4]	8,813	[6],[8]
Investments at fair value		9,399	[9]	8,661	[10]
MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL)
Schedule of Investments [Line Items]
Cost		14,891	[2],[4]	15,461	[6],[8]
Investments at fair value		15,674	[9]	16,997	[10]
MICROBE FORMULAS LLC
Schedule of Investments [Line Items]
Cost	[2],[4]	11,541
Investments at fair value	[9]	11,663
MUENSTER MILLING COMPANY, LLC
Schedule of Investments [Line Items]
Cost		22,366	[2],[4]	11,646	[6],[8]
Investments at fair value		22,800	[9]	12,000	[10]
NATIONAL CREDIT CARE, LLC
Schedule of Investments [Line Items]
Cost		21,110	[2],[4]	24,070	[6],[8]
Investments at fair value		21,296	[9]	24,342	[10]
NEUROPSYCHIATRIC HOSPITALS, LLC
Schedule of Investments [Line Items]
Cost		19,107	[2],[4]	18,892	[6],[8]
Investments at fair value		16,484	[9]	18,868	[10]
NEW SKINNY MIXES, LLC
Schedule of Investments [Line Items]
Cost		12,632
Investments at fair value		12,741
NINJATRADER, INC.
Schedule of Investments [Line Items]
Cost		24,791	[2],[4]	24,670	[6],[8]
Investments at fair value		34,172	[9]	32,716	[10]
NWN PARENT HOLDINGS, LLC
Schedule of Investments [Line Items]
Cost		13,359	[2],[4]	13,234	[6],[8]
Investments at fair value		13,049	[9]	13,230	[10]
OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE)
Schedule of Investments [Line Items]
Cost	[2],[4]	12,137
Investments at fair value	[9]	12,393
PIPELINE TECHNIQUE LTD.
Schedule of Investments [Line Items]
Cost	[2],[4],[19]	9,627
Investments at fair value	[9],[19]	9,687
ROOF OPCO, LLC
Schedule of Investments [Line Items]
Cost		23,179	[2],[4]	18,143	[6],[8]
Investments at fair value		22,858	[9]	18,369	[10]
RTIC SUBSIDIARY HOLDINGS, LLC
Schedule of Investments [Line Items]
Cost		7,154	[2],[4]	8,227	[6],[8]
Investments at fair value		6,276	[9]	8,303	[10]
SCRIP INC.
Schedule of Investments [Line Items]
Cost		17,606	[2],[4]	17,521	[6],[8]
Investments at fair value		17,475	[9]	18,351	[10]
SHEARWATER RESEARCH, INC.9
Schedule of Investments [Line Items]
Cost		14,462	[2],[4],[19]	14,505	[6],[8],[20]
Investments at fair value		15,751	[9],[19]	14,557	[10],[20]
SIB HOLDINGS, LLC
Schedule of Investments [Line Items]
Cost		12,288	[2],[4]	7,852	[6],[8]
Investments at fair value		12,313	[9]	7,869	[10]
SOUTH COAST TERMINALS, LLC
Schedule of Investments [Line Items]
Cost		17,559	[2],[4]	17,640	[6],[8]
Investments at fair value		17,884	[9]	17,749	[10]
SPOTLIGHT AR, LLC
Schedule of Investments [Line Items]
Cost		8,100	[2],[4]	8,072	[6],[8]
Investments at fair value		8,472	[9]	8,108	[10]
SYSTEC CORPORATION (DBA INSPIRE AUTOMATION)
Schedule of Investments [Line Items]
Cost		9,329	[2],[4]	9,635	[6],[8]
Investments at fair value		9,405	[9]	9,653	[10]
THE PRODUCTO GROUP, LLC
Schedule of Investments [Line Items]
Cost		18,839	[2],[4]	13,901	[6],[8]
Investments at fair value		22,387	[9]	13,891	[10]
TRAFERA, LLC (FKA TRINITY 3, LLC)
Schedule of Investments [Line Items]
Cost	[2],[4]	11,007
Investments at fair value	[9]	11,857
US COURTSCRIPT HOLDINGS, INC.
Schedule of Investments [Line Items]
Cost	[2],[4]	12,780
Investments at fair value	[9]	13,260
VERSICARE MANAGEMENT LLC
Schedule of Investments [Line Items]
Cost	[2],[4]	13,153
Investments at fair value	[9]	13,243
WALL STREET PREP, INC.
Schedule of Investments [Line Items]
Cost		11,480	[2],[4]	11,653	[6],[8]
Investments at fair value		11,861	[9]	11,656	[10]
WELL-FOAM, INC.
Schedule of Investments [Line Items]
Cost		17,426	[2],[4]	17,500	[6],[8]
Investments at fair value		17,775	[9]	17,910	[10]
WINTER SERVICES OPERATIONS, LLC
Schedule of Investments [Line Items]
Cost		19,572	[2],[4]	21,945	[6],[8]
Investments at fair value		20,000	[9]	21,906	[10]
ZENFOLIO INC.
Schedule of Investments [Line Items]
Cost		20,709	[2],[4]	19,781	[6],[8]
Investments at fair value		20,046	[9]	19,815	[10]
ZIPS CAR WASH, LLC
Schedule of Investments [Line Items]
Cost		19,550	[2],[4]	15,850	[6],[8]
Investments at fair value		19,562	[9]	15,850	[10]
AIR CONDITIONING SPECIALIST, INC.
Schedule of Investments [Line Items]
Cost		25,444	[2],[4]	13,141	[6],[8]
Investments at fair value		26,303	[9]	13,169	[10]
CATBIRD NYC, LLC
Schedule of Investments [Line Items]
Cost		16,789	[2],[4]	17,033	[6],[8]
Investments at fair value		17,972	[9]	17,677	[10]
CENTRAL MEDICAL SUPPLY LLC
Schedule of Investments [Line Items]
Cost		8,767	[2],[4]	8,736	[6],[8]
Investments at fair value		8,075	[9]	8,288	[10]
DELPHI BEHAVIORAL HEALTH GROUP, LLC
Schedule of Investments [Line Items]
Cost		8,541	[2],[4]	7,414	[6],[8]
Investments at fair value		1,086	[9]	5,860	[10]
DYNAMIC COMMUNITIES, LLC
Schedule of Investments [Line Items]
Cost		9,946	[2],[4]	13,796	[6],[8]
Investments at fair value		10,321	[9]	12,247	[10]
GRAMMATECH, INC.
Schedule of Investments [Line Items]
Cost		11,189	[2],[4]	12,418	[6],[8]
Investments at fair value		9,457	[9]	10,487	[10]
ITA HOLDINGS GROUP, LLC
Schedule of Investments [Line Items]
Cost		27,400	[2],[4]	20,660	[6],[8]
Investments at fair value		33,346	[9]	25,190	[10]
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE)
Schedule of Investments [Line Items]
Cost		10,365	[2],[4]	10,403	[6],[8]
Investments at fair value		7,531	[9]	7,884	[10]
OUTERBOX, LLC
Schedule of Investments [Line Items]
Cost	[2],[4]	11,126
Investments at fair value	[9]	11,246
ROSELAND MANAGEMENT, LLC
Schedule of Investments [Line Items]
Cost		16,651	[2],[4]	16,102	[6],[8]
Investments at fair value		15,395	[9]	16,605	[10]
STATINMED, LLC
Schedule of Investments [Line Items]
Cost	[2],[4]	13,394
Investments at fair value	[9]	13,121
STUDENT RESOURCE CENTER LLC
Schedule of Investments [Line Items]
Cost		14,565	[2],[4]	20,466	[6],[8]
Investments at fair value		14,565	[9]	20,416	[10]
BINSWANGER HOLDING CORP.
Schedule of Investments [Line Items]
Cost	[6],[8]			11,005
Investments at fair value	[10]			11,045
CITYVET, INC.
Schedule of Investments [Line Items]
Cost	[6],[8]			13,156
Investments at fair value	[10]			15,004
FAST SANDWICH, LLC
Schedule of Investments [Line Items]
Cost	[6],[8]			3,240
Investments at fair value	[10]			3,277
GS OPERATING, LLC
Schedule of Investments [Line Items]
Cost	[6],[8]			10,923
Investments at fair value	[10]			11,457
KLEIN HERSH, LLC
Schedule of Investments [Line Items]
Cost	[6],[8]			23,402
Investments at fair value	[10]			24,298
KMS, LLC
Schedule of Investments [Line Items]
Cost	[6],[8]			15,732
Investments at fair value	[10]			15,920
TRAFERA, LLC (FKA TRINITY 3, LLC)
Schedule of Investments [Line Items]
Cost	[6],[8]			11,053
Investments at fair value	[10]			12,919
SIMR, LLC
Schedule of Investments [Line Items]
Cost	[6],[8]			19,208
Investments at fair value	[10]			10,588
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, First Lien
Schedule of Investments [Line Items]
Principal	[21]	25,000
Cost	[2],[4],[21]	24,658
Investments at fair value	[9],[21]	$ 24,325
Investment interest rate	[21],[22]	11.24%
Floor	[21],[22]	1.00%
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 3,250
Cost	[2],[4],[23]	3,207
Investments at fair value	[9],[23]	$ 3,162
Investment interest rate	[22],[23]	11.24%
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common
Schedule of Investments [Line Items]
Principal				0
Cost	[6],[8]			1,785
Investments at fair value	[10]			1,785
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 9,749		8,653
Cost		9,749	[2],[4]	8,653	[6],[8]
Investments at fair value		9,603	[9]	$ 8,350	[10]
Investment interest rate	[24]			10.00%
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Shares common stock
Schedule of Investments [Line Items]
Principal		0
Cost	[2],[4]	1,785
Investments at fair value	[9]	715
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025)
Schedule of Investments [Line Items]
Principal		0		$ 0
Cost		2,198	[2],[4]	2,198	[6],[8]
Investments at fair value		881	[9]	2,198	[10]
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, 1,000,000 Class B-2 Units
Schedule of Investments [Line Items]
Principal		0
Cost		1,000
Investments at fair value		1,000
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		0
Cost		(98)
Investments at fair value		$ 0
Floor		1.00%
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 5,000
Cost		4,902
Investments at fair value		$ 4,902
Investment interest rate		11.12%
Floor		1.00%
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Revolver Loan
Schedule of Investments [Line Items]
Principal		$ 0
Cost		(39)
Investments at fair value		$ 0
Floor		1.00%
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units
Schedule of Investments [Line Items]
Principal	[19],[25]	$ 0
Cost	[2],[4],[19],[25]	0
Investments at fair value	[9],[19],[25]	0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units
Schedule of Investments [Line Items]
Principal	[17],[20]			0
Cost	[6],[8],[17],[20]			0
Investments at fair value	[10],[17],[20]			0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		19,550	[26]	11,875	[27]
Cost		19,133	[2],[4],[26]	11,600	[6],[8],[27]
Investments at fair value		$ 19,550	[9],[26]	$ 11,875	[10],[27]
Investment interest rate		12.08%	[22],[26]	9.17%	[24],[27]
Floor		1.00%	[22],[26]	1.00%	[24],[27]
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		1,000	[2],[4],[19],[25]	1,000	[6],[8],[17],[20]
Investments at fair value		1,414	[9],[19],[25]	1,153	[10],[17],[20]
Investment, Identifier [Axis]: ACCELERATION, LLC, Common Units
Schedule of Investments [Line Items]
Principal	[19],[25]	0
Cost	[2],[4],[19],[25]	107
Investments at fair value	[9],[19],[25]	152
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[23]	0
Cost	[2],[4],[23]	(44)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 9,263
Cost	[2],[4]	9,094
Investments at fair value	[9]	$ 9,097
Investment interest rate	[22]	11.32%
Floor	[22]	1.00%
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal		$ 9,263
Cost	[2],[4]	9,093
Investments at fair value	[9]	$ 9,097
Investment interest rate	[22]	12.32%
Floor	[22]	1.00%
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C
Schedule of Investments [Line Items]
Principal		$ 9,263
Cost	[2],[4]	9,094
Investments at fair value	[9]	$ 9,097
Investment interest rate	[22]	13.32%
Floor	[22]	1.00%
Investment, Identifier [Axis]: ACCELERATION, LLC, Preferred Units
Schedule of Investments [Line Items]
Principal	[19],[25]	$ 0
Cost	[2],[4],[19],[25]	893
Investments at fair value	[9],[19],[25]	1,273
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	0
Cost	[2],[4],[23]	(89)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: ACE GATHERING, INC.
Schedule of Investments [Line Items]
Principal	[18]	$ 7,760
Cost	[2],[4],[18]	7,722
Investments at fair value	[9],[18]	$ 6,961
Investment interest rate	[18],[22]	16.85%
Floor	[18],[22]	2.00%
Investment, Identifier [Axis]: ACE GATHERING, INC., Second Lien
Schedule of Investments [Line Items]
Principal	[28]			7,948
Cost	[6],[8],[28]			7,881
Investments at fair value	[10],[28]			$ 7,765
Investment interest rate	[24],[28]			10.50%
Floor	[24],[28]			2.00%
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 25,101		$ 12,778
Cost		24,650	[2],[4]	12,535	[6],[8]
Investments at fair value		$ 25,101	[9]	$ 12,535	[10]
Investment interest rate		11.34%	[22]	8.25%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		809	[2],[4],[19],[25]	624	[6],[8],[17],[20]
Investments at fair value		1,202	[9],[19],[25]	634	[10],[17],[20]
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		0	[23]	0	[29]
Cost		(15)	[2],[4],[23]	(18)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest
Schedule of Investments [Line Items]
Principal		$ 0
Cost	[2],[4]	2,500
Investments at fair value	[9]	3,173
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest
Schedule of Investments [Line Items]
Principal				$ 0
Cost	[6],[8]			2,500
Investments at fair value	[10]			3,681
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note
Schedule of Investments [Line Items]
Principal		173
Cost	[2],[4]	173
Investments at fair value	[9]	271
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note
Schedule of Investments [Line Items]
Principal				173
Cost	[6],[8]			173
Investments at fair value	[10]			495
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		12,357		12,450
Cost		12,305	[2],[4]	12,388	[6],[8]
Investments at fair value		$ 12,356	[9]	$ 12,450	[10]
Investment interest rate		10.46%	[22]	7.75%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal		$ 12,357		$ 12,450
Cost		12,305	[2],[4]	12,388	[6],[8]
Investments at fair value		$ 10,973	[9]	$ 12,450	[10]
Investment interest rate		12.46%	[22]	9.75%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		3,000	[2],[4],[19],[25]	3,000	[6],[8],[17],[20]
Investments at fair value		2,333	[9],[19],[25]	4,195	[10],[17],[20]
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), First Lien
Schedule of Investments [Line Items]
Principal		4,899	[30]	4,899	[31]
Cost		4,858	[2],[4],[30]	4,858	[6],[8],[31]
Investments at fair value		$ 274	[9],[30]	$ 269	[10],[31]
Investment interest rate		9.00%	[22],[30]	9.00%	[24],[31]
Floor	[22],[30]	2.00%
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 868	[23],[30]	$ 899	[29],[31]
Cost		860	[2],[4],[23],[30]	890	[6],[8],[29],[31]
Investments at fair value		$ 49	[9],[23],[30]	$ 49	[10],[29],[31]
Investment interest rate		9.00%	[22],[23],[30]	9.00%	[24],[29],[31]
Floor	[22],[23],[30]	2.00%
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 17,098		$ 16,376
Cost		17,095	[2],[4]	16,375	[6],[8]
Investments at fair value		$ 17,098	[9]	$ 16,376	[10]
Investment interest rate		12.82%	[22]	10.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ARBORWORKS, LLC, Class A Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0
Cost		100	[2],[4],[19],[25]	100	[6],[8]
Investments at fair value		0	[9],[19],[25]	100	[10]
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		12,708		12,903
Cost		12,502	[2],[4]	12,660	[6],[8]
Investments at fair value		$ 10,420	[9]	$ 12,657	[10]
Investment interest rate		13.56%	[22]	8.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 2,000	[23]	$ 0	[29]
Cost		1,953	[2],[4],[23]	(56)	[6],[8],[29]
Investments at fair value		$ 1,640	[9],[23]	$ 0	[10],[29]
Investment interest rate	[22],[23]	13.41%
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		1,026	[2],[4],[19],[25]	801	[6],[8],[17],[20]
Investments at fair value		847	[9],[19],[25]	584	[10],[17],[20]
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units
Schedule of Investments [Line Items]
Principal	[19],[25]	0
Cost	[2],[4],[19],[25]	1,000
Investments at fair value	[9],[19],[25]	1,000
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		9,250		9,250
Cost		9,096	[2],[4]	9,071	[6],[8]
Investments at fair value		$ 9,102	[9]	$ 9,071	[10]
Investment interest rate		9.32%	[22]	6.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal		$ 9,250		$ 9,250
Cost		9,094	[2],[4]	9,071	[6],[8]
Investments at fair value		$ 9,102	[9]	$ 9,071	[10]
Investment interest rate		11.32%	[22]	8.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units
Schedule of Investments [Line Items]
Principal	[17],[20]			$ 0
Cost	[6],[8],[17],[20]			1,000
Investments at fair value	[10],[17],[20]			1,000
Investment, Identifier [Axis]: ATS OPERATING, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	1,000	[29]
Cost		(40)	[2],[4],[23]	952	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 952	[10],[29]
Investment interest rate	[24],[29]			7.50%
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP, First Lien
Schedule of Investments [Line Items]
Principal				$ 10,121
Cost	[6],[8]			10,105
Investments at fair value	[10]			$ 10,121
Investment interest rate	[24]			9.50%
Floor	[24]			1.00%
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP., Shares of common stock
Schedule of Investments [Line Items]
Principal		$ 0		$ 0
Cost		900	[2],[4]	900	[6],[8]
Investments at fair value		123	[9]	924	[10]
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan
Schedule of Investments [Line Items]
Principal	[28]			9,064
Cost	[6],[8],[28]			9,005
Investments at fair value	[10],[28]			$ 8,793
Investment interest rate	[24],[28]			15.00%
Floor	[24],[28]			1.00%
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B
Schedule of Investments [Line Items]
Principal	[28]			$ 2,149
Cost	[6],[8],[28]			2,130
Investments at fair value	[10],[28]			$ 2,084
Investment interest rate	[24],[28]			15.00%
Floor	[24],[28]			1.00%
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES), Series A Preferred units
Schedule of Investments [Line Items]
Principal		0		$ 0
Cost		1,132	[2],[4]	1,132	[6],[8]
Investments at fair value		1,779	[9]	1,420	[10]
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC, Series C Preferred units
Schedule of Investments [Line Items]
Principal		0
Cost		89
Investments at fair value		0
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien
Schedule of Investments [Line Items]
Principal		7,385		7,385
Cost		7,323	[2],[4]	7,313	[6],[8]
Investments at fair value		$ 7,134	[9]	$ 7,314	[10]
Investment interest rate		11.73%	[22]	8.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 615		$ 308	[29]
Cost		611	[2],[4]	302	[6],[8],[29]
Investments at fair value		$ 594	[9]	$ 302	[10],[29]
Investment interest rate		11.73%	[22]	8.00%	[24],[29]
Floor		1.00%	[22]	1.00%	[24],[29]
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock
Schedule of Investments [Line Items]
Principal				$ 0
Cost	[6],[8]			1,317
Investments at fair value	[10]			2,090
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 5,707		5,752
Cost		5,665	[2],[4]	5,702	[6],[8]
Investments at fair value		$ 5,707	[9]	$ 5,700	[10]
Investment interest rate		10.88%	[22]	7.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25],[32]	$ 0	[17],[20]
Cost		1,000	[2],[4],[19],[25],[32]	1,000	[6],[8],[17],[20]
Investments at fair value		1,658	[9],[19],[25],[32]	1,221	[10],[17],[20]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units
Schedule of Investments [Line Items]
Principal		0	[19],[23],[25],[32]	0	[17],[20],[29]
Cost		500	[2],[4],[19],[23],[25],[32]	500	[6],[8],[17],[20],[29]
Investments at fair value		714	[9],[19],[23],[25],[32]	572	[10],[17],[20],[29]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien
Schedule of Investments [Line Items]
Principal		15,600		15,900
Cost		15,350	[2],[4]	15,606	[6],[8]
Investments at fair value		$ 15,600	[9]	$ 15,884	[10]
Investment interest rate		10.74%	[22]	8.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(61)	[2],[4],[23]	(73)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan
Schedule of Investments [Line Items]
Principal		$ 100	[23]	$ 100
Cost		85	[2],[4],[23]	81	[6],[8]
Investments at fair value		$ 98	[9],[23]	$ 97	[10]
Investment interest rate		12.74%	[22],[23]	10.75%	[24]
Floor		1.75%	[22],[23]	1.75%	[24]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 7,500		$ 7,500
Cost		7,420	[2],[4]	7,398	[6],[8]
Investments at fair value		$ 7,327	[9]	$ 7,260	[10]
Investment interest rate		12.74%	[22]	10.75%	[24]
Floor		1.75%	[22]	1.75%	[24]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		976	[2],[4],[19],[25]	976	[6],[8],[17],[20]
Investments at fair value		357	[9],[19],[25]	641	[10],[17],[20]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		300	[23]	300	[29]
Cost		286	[2],[4],[23]	281	[6],[8],[29]
Investments at fair value		$ 293	[9],[23]	$ 290	[10],[29]
Investment interest rate		12.74%	[22],[23]	10.75%	[24],[29]
Floor		1.75%	[22],[23]	1.75%	[24],[29]
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		1,500	[2],[4],[19],[25]	1,500	[6],[8],[17],[20]
Investments at fair value		2,893	[9],[19],[25]	924	[10],[17],[20]
Investment, Identifier [Axis]: CITYVET, INC., Class A units
Schedule of Investments [Line Items]
Principal	[17],[20]			0
Cost	[6],[8],[17],[20]			500
Investments at fair value	[10],[17],[20]			1,757
Investment, Identifier [Axis]: CITYVET, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			13,000
Cost	[6],[8],[29]			12,656
Investments at fair value	[10],[29]			$ 13,247
Investment interest rate	[24],[29]			7.50%
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien
Schedule of Investments [Line Items]
Principal		15,000	[26]	$ 10,000	[27]
Cost		14,898	[2],[4],[26]	9,921	[6],[8],[27]
Investments at fair value		$ 15,000	[9],[26]	$ 10,000	[10],[27]
Investment interest rate		11.73%	[22],[26]	7.21%	[24],[27]
Floor		1.00%	[22],[26]	1.00%	[24],[27]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units
Schedule of Investments [Line Items]
Principal		$ 0		$ 0
Cost		3,615	[2],[4]	3,615	[6],[8]
Investments at fair value		0	[9]	2,460	[10]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+11.00% PIK
Schedule of Investments [Line Items]
Principal		1,649
Cost	[2],[4]	1,649
Investments at fair value	[9]	$ 0
Investment interest rate	[22]	15.74%
Floor	[22]	1.00%
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.00% PIK
Schedule of Investments [Line Items]
Principal		$ 1,829		1,732
Cost		1,829	[2],[4]	1,732	[6],[8]
Investments at fair value		$ 0	[9]	$ 1,472	[10]
Investment interest rate		14.13%	[22]	10.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.50% PIK
Schedule of Investments [Line Items]
Principal				$ 1,541
Cost	[6],[8]			1,541
Investments at fair value	[10]			$ 1,402
Investment interest rate	[24]			10.50%
Floor	[24]			1.00%
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance
Schedule of Investments [Line Items]
Principal		$ 1,448		$ 526
Cost		1,448	[2],[4]	526	[6],[8]
Investments at fair value		$ 1,086	[9]	$ 526	[10]
Investment interest rate		21.06%	[22]	12.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: DUNN PAPER, INC., Second Lien
Schedule of Investments [Line Items]
Principal				$ 3,000
Cost	[6],[8]			2,984
Investments at fair value	[10]			$ 2,208
Investment interest rate	[24]			10.25%
Floor	[24]			1.00%
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 2,500,000 Common units
Schedule of Investments [Line Items]
Principal		$ 0
Cost		0
Investments at fair value		0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 250,000 Class A Preferred Units
Schedule of Investments [Line Items]
Principal	[19],[25]	0
Cost	[2],[4],[19],[25]	250
Investments at fair value	[9],[19],[25]	625
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 255,984.22 Class C Preferred Units
Schedule of Investments [Line Items]
Principal		0
Cost		0
Investments at fair value		0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 5,435,211.03 Class B Preferred Units
Schedule of Investments [Line Items]
Principal		0
Cost		2,218
Investments at fair value		2,218
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien
Schedule of Investments [Line Items]
Principal				$ 11,221
Cost	[6],[8]			11,147
Investments at fair value	[10]			$ 10,323
Investment interest rate	[24]			9.51%
Floor	[24]			1.00%
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		3,759
Cost	[2],[4]	3,739
Investments at fair value	[9]	$ 3,739
Investment interest rate	[22]	8.92%
Floor	[22]	2.00%
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal	[30]	$ 3,761
Cost	[2],[4],[30]	3,739
Investments at fair value	[9],[30]	$ 3,739
Investment interest rate	[22],[30]	10.92%
Floor	[22],[30]	2.00%
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units
Schedule of Investments [Line Items]
Principal	[17],[20]			$ 0
Cost	[6],[8],[17],[20]			2,000
Investments at fair value	[10],[17],[20]			1,274
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[29]			0
Cost	[6],[8],[29]			(1)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt
Schedule of Investments [Line Items]
Principal				$ 650
Cost	[6],[8]			650
Investments at fair value	[10]			650
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 8,594		8,938
Cost		8,523	[2],[4]	8,853	[6],[8]
Investments at fair value		$ 8,594	[9]	$ 8,848	[10]
Investment interest rate		12.73%	[22]	9.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Common units
Schedule of Investments [Line Items]
Principal		$ 0
Cost		615
Investments at fair value		615
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		0
Cost		(25)
Investments at fair value		$ 0
Floor		2.00%
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 9,450
Cost		9,263
Investments at fair value		$ 9,263
Investment interest rate		12.60%
Floor		2.00%
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal		$ 9,450
Cost		9,263
Investments at fair value		$ 9,263
Investment interest rate		12.60%
Floor		2.00%
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Promissory Note
Schedule of Investments [Line Items]
Principal		$ 385
Cost		385
Investments at fair value		$ 385
Investment interest rate		13.574%
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0
Cost		(49)
Investments at fair value		$ 0
Floor		2.00%
Investment, Identifier [Axis]: FAST SANDWICH, LLC, First Lien
Schedule of Investments [Line Items]
Principal				$ 3,277
Cost	[6],[8]			3,262
Investments at fair value	[10]			$ 3,277
Investment interest rate	[24]			10.00%
Floor	[24]			1.00%
Investment, Identifier [Axis]: FAST SANDWICH, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 0
Cost	[6],[8],[29]			(22)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Common Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25],[32]	$ 0	[17],[20],[33]
Cost		2,000	[2],[4],[19],[25],[32]	2,000	[6],[8],[17],[20],[33]
Investments at fair value		17,678	[9],[19],[25],[32]	6,373	[10],[17],[20],[33]
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		2,818	[23]	0	[29]
Cost		2,773	[2],[4],[23]	(56)	[6],[8],[29]
Investments at fair value		$ 2,818	[9],[23]	$ 0	[10],[29]
Investment interest rate	[22],[23]	11.46%
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 31,845		$ 17,755
Cost		31,167	[2],[4]	17,443	[6],[8]
Investments at fair value		$ 31,846	[9]	$ 17,755	[10]
Investment interest rate		12.08%	[22]	8.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: FM SYLVAN, INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 15,000
Cost		14,707
Investments at fair value		$ 14,707
Investment interest rate		12.47%
Floor		1.00%
Investment, Identifier [Axis]: FM SYLVAN, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0
Cost		(194)
Investments at fair value		$ 0
Floor		1.00%
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		750	[2],[4],[19],[25]	750	[6],[8],[17],[20]
Investments at fair value		743	[9],[19],[25]	750	[10],[17],[20]
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			2,030
Cost	[6],[8],[29]			1,971
Investments at fair value	[10],[29]			$ 2,030
Investment interest rate	[24],[29]			7.50%
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		7,030		$ 5,000
Cost		6,902	[2],[4]	4,914	[6],[8]
Investments at fair value		$ 7,030	[9]	$ 5,000	[10]
Investment interest rate		10.24%	[22]	7.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		$ 0
Cost		(168)
Investments at fair value		$ 0
Floor		2.00%
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 7,500
Cost		7,351
Investments at fair value		$ 7,351
Investment interest rate		11.29%
Floor		2.00%
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal		$ 7,500
Cost		7,351
Investments at fair value		$ 7,351
Investment interest rate		13.29%
Floor		2.00%
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0
Cost		(50)
Investments at fair value		$ 0
Floor		2.00%
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units
Schedule of Investments [Line Items]
Principal		$ 0		$ 0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		344	[9]	674	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units
Schedule of Investments [Line Items]
Principal		0		0
Cost		248	[2],[4]	56	[6],[8]
Investments at fair value		85	[9]	38	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien
Schedule of Investments [Line Items]
Principal		10,031		11,500
Cost		9,957	[2],[4]	11,384	[6],[8]
Investments at fair value		$ 9,028	[9]	$ 9,775	[10]
Investment interest rate		13.21%	[22]	11.50%	[24]
Floor		2.00%	[22]	2.00%	[24]
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(16)	[2],[4],[23]	(22)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		2.00%	[22],[23]	2.00%	[24],[29]
Investment, Identifier [Axis]: GS OPERATING, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 2,516
Cost	[6],[8],[29]			2,406
Investments at fair value	[10],[29]			$ 2,566
Investment interest rate	[24],[29]			6.75%
Floor	[24],[29]			0.75%
Investment, Identifier [Axis]: GS OPERATING, LLC, First Lien
Schedule of Investments [Line Items]
Principal				$ 8,534
Cost	[6],[8]			8,367
Investments at fair value	[10]			$ 8,704
Investment interest rate	[24]			6.75%
Floor	[24]			0.75%
Investment, Identifier [Axis]: GS OPERATING, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 183
Cost	[6],[8],[29]			150
Investments at fair value	[10],[29]			$ 187
Investment interest rate	[24],[29]			6.75%
Floor	[24],[29]			0.75%
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 0
Cost	[2],[4],[23]	(15)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 3,652
Cost	[2],[4]	3,581
Investments at fair value	[9]	$ 3,579
Investment interest rate	[22]	10.73%
Floor	[22]	1.00%
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 252
Cost	[2],[4],[23]	233
Investments at fair value	[9],[23]	$ 247
Investment interest rate		10.42%
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien
Schedule of Investments [Line Items]
Principal		$ 15,750	[18]	$ 15,750	[28]
Cost		15,514	[2],[4],[18]	15,473	[6],[8],[28]
Investments at fair value		$ 13,592	[9],[18]	$ 15,246	[10],[28]
Investment interest rate		12.07%	[18],[22]	9.25%	[24],[28]
Floor		1.00%	[18],[22]	1.00%	[24],[28]
Investment, Identifier [Axis]: I-45 SLF LLC
Schedule of Investments [Line Items]
Principal	[19],[23],[32]	$ 0
Cost	[2],[4],[19],[23],[32]	76,000
Investments at fair value	[9],[19],[23],[32]	47,625
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest
Schedule of Investments [Line Items]
Principal	[20],[29],[33]			$ 0
Cost	[6],[8],[20],[29],[33]			76,000
Investments at fair value	[10],[20],[29],[33]			57,603
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		0	[23]	0	[29]
Cost		(17)	[2],[4],[23]	(21)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 7,673		$ 7,731
Cost		7,549	[2],[4]	7,587	[6],[8]
Investments at fair value		$ 7,673	[9]	$ 7,615	[10]
Investment interest rate		10.23%	[22]	7.01%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest
Schedule of Investments [Line Items]
Principal		$ 0	[19],[23],[25]	$ 0	[17],[20],[29]
Cost		588	[2],[4],[19],[23],[25]	588	[6],[8],[17],[20],[29]
Investments at fair value		944	[9],[19],[23],[25]	588	[10],[17],[20],[29]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien
Schedule of Investments [Line Items]
Principal		5,000		5,000
Cost		4,921	[2],[4]	4,908	[6],[8]
Investments at fair value		$ 5,000	[9]	$ 5,000	[10]
Investment interest rate		10.74%	[22]	8.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 800	[23]	$ 800	[29]
Cost		770	[2],[4],[23]	764	[6],[8],[29]
Investments at fair value		$ 800	[9],[23]	$ 800	[10],[29]
Investment interest rate		10.74%	[22],[23]	8.00%	[24],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Series A Preferred units
Schedule of Investments [Line Items]
Principal		$ 0		$ 0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		1,000	[9]	1,000	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest
Schedule of Investments [Line Items]
Principal		0	[19],[25]	0	[17],[20],[33]
Cost		1,500	[2],[4],[19],[25]	1,500	[6],[8],[17],[20],[33]
Investments at fair value		4,051	[9],[19],[25]	3,063	[10],[17],[20],[33]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A
Schedule of Investments [Line Items]
Principal		3,189		2,959
Cost		3,151	[2],[4]	2,721	[6],[8]
Investments at fair value		3,123	[9]	2,959	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B
Schedule of Investments [Line Items]
Principal		126		117
Cost		126	[2],[4]	117	[6],[8]
Investments at fair value		123	[9]	117	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan
Schedule of Investments [Line Items]
Principal		5,043		5,036
Cost		5,039	[2],[4]	5,010	[6],[8]
Investments at fair value		$ 5,068	[9]	$ 5,061	[10]
Investment interest rate		15.82%	[22]	12.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan
Schedule of Investments [Line Items]
Principal		$ 10,086		$ 10,071
Cost		10,105	[2],[4]	10,041	[6],[8]
Investments at fair value		$ 10,126	[9]	$ 10,041	[10]
Investment interest rate		12.82%	[22]	9.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 7,000	[23]	$ 750	[29]
Cost		6,941	[2],[4],[23]	733	[6],[8],[29]
Investments at fair value		$ 7,000	[9],[23]	$ 750	[10],[29]
Investment interest rate		13.84%	[22],[23]	10.00%	[24],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9
Schedule of Investments [Line Items]
Principal	[17],[20]			$ 0
Cost	[6],[8],[17],[20]			538
Investments at fair value	[10],[17],[20]			3,199
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9,13
Schedule of Investments [Line Items]
Principal	[19],[25]	$ 0
Cost	[2],[4],[19],[25]	538
Investments at fair value	[9],[19],[25]	3,855
Investment, Identifier [Axis]: JVMC HOLDINGS CORP, First Lien
Schedule of Investments [Line Items]
Principal				6,589
Cost	[6],[8]			6,558
Investments at fair value	[10]			$ 6,589
Investment interest rate	[24]			8.00%
Floor	[24]			1.00%
Investment, Identifier [Axis]: JVMC HOLDINGS CORP., First Lien
Schedule of Investments [Line Items]
Principal		6,246
Cost	[2],[4]	6,227
Investments at fair value	[9]	$ 6,246
Investment interest rate	[22]	10.88%
Floor	[22]	1.00%
Investment, Identifier [Axis]: KLEIN HERSH, LLC, First Lien
Schedule of Investments [Line Items]
Principal				$ 23,821
Cost	[6],[8]			23,415
Investments at fair value	[10]			$ 24,298
Investment interest rate	[24]			7.85%
Floor	[24]			0.75%
Investment, Identifier [Axis]: KLEIN HERSH, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 0
Cost	[6],[8],[29]			(13)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			0.75%
Investment, Identifier [Axis]: KMS, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[18],[23]	$ 2,251
Cost	[2],[4],[18],[23]	2,194
Investments at fair value	[9],[18],[23]	$ 2,100
Investment interest rate	[18],[22],[23]	12.00%
Floor	[18],[22],[23]	1.00%
Investment, Identifier [Axis]: KMS, INC., First Lien
Schedule of Investments [Line Items]
Principal	[18]	$ 15,840
Cost	[2],[4],[18]	15,715
Investments at fair value	[9],[18]	$ 14,779
Investment interest rate	[18],[22]	12.00%
Floor	[18],[22]	1.00%
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 0
Cost	[6],[8],[29]			(41)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: KMS, LLC, First Lien
Schedule of Investments [Line Items]
Principal	[28]			$ 15,920
Cost	[6],[8],[28]			15,773
Investments at fair value	[10],[28]			$ 15,920
Investment interest rate	[24],[28]			8.25%
Floor	[24],[28]			1.00%
Investment, Identifier [Axis]: LASH OPCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 4,154
Cost	[6],[8],[29]			4,034
Investments at fair value	[10],[29]			$ 4,063
Investment interest rate	[24],[29]			8.01%
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: LASH OPCO, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 10,558		$ 6,484
Cost		10,331	[2],[4]	6,345	[6],[8]
Investments at fair value		$ 10,305	[9]	$ 6,341	[10]
Investment interest rate		11.17%	[22]	8.01%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 233	[23]	$ 0	[29]
Cost		225	[2],[4],[23]	(10)	[6],[8],[29]
Investments at fair value		$ 228	[9],[23]	$ 0	[10],[29]
Investment interest rate	[22],[23]	11.57%
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		$ 2,501		$ 2,488
Cost		2,487	[2],[4]	2,463	[6],[8]
Investments at fair value		$ 2,501	[9]	$ 2,388	[10]
Investment interest rate		15.12%	[22]	13.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 11,478		$ 11,422
Cost		11,427	[2],[4]	11,346	[6],[8]
Investments at fair value		$ 11,236	[9]	$ 10,851	[10]
Investment interest rate		13.62%	[22]	11.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Units of Class A common stock
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		1,600	[2],[4],[19],[25]	1,600	[6],[8],[17],[20]
Investments at fair value		1,158	[9],[19],[25]	376	[10],[17],[20]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note
Schedule of Investments [Line Items]
Principal	[19],[25]	106
Cost	[2],[4],[19],[25]	106
Investments at fair value	[9],[19],[25]	106
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note
Schedule of Investments [Line Items]
Principal	[17],[20]			88
Cost	[6],[8],[17],[20]			88
Investments at fair value	[10],[17],[20]			88
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units
Schedule of Investments [Line Items]
Principal		0	[19],[25]	0	[17],[20]
Cost		0	[2],[4],[19],[25]	0	[6],[8],[17],[20]
Investments at fair value		0	[9],[19],[25]	0	[10],[17],[20]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien
Schedule of Investments [Line Items]
Principal		5,156		5,195
Cost		5,157	[2],[4]	5,195	[6],[8]
Investments at fair value		$ 5,156	[9]	$ 4,780	[10]
Investment interest rate		7.50%	[22]	7.50%	[24]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		0	[2],[4],[23]	0	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Investment interest rate		7.50%	[22],[23]	7.50%	[24],[29]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien
Schedule of Investments [Line Items]
Principal		$ 5,208	[30]	$ 5,208	[31]
Cost		5,208	[2],[4],[30]	5,208	[6],[8],[31]
Investments at fair value		2,375	[9],[30]	3,104	[10],[31]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units
Schedule of Investments [Line Items]
Principal		0	[19],[25]	0	[17],[20]
Cost		0	[2],[4],[19],[25]	0	[6],[8],[17],[20]
Investments at fair value		0	[9],[19],[25]	0	[10],[17],[20]
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), First Lien
Schedule of Investments [Line Items]
Principal		22,859
Cost	[2],[4]	22,442
Investments at fair value	[9]	$ 22,447
Investment interest rate	[22]	11.54%
Floor	[22]	1.00%
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest
Schedule of Investments [Line Items]
Principal	[19],[25]	$ 0
Cost	[2],[4],[19],[25]	600
Investments at fair value	[9],[19],[25]	416
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	0
Cost	[2],[4],[23]	(32)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 10,863	[18]	10,945	[28]
Cost		10,672	[2],[4],[18]	10,723	[6],[8],[28]
Investments at fair value		$ 10,537	[9],[18]	$ 10,671	[10],[28]
Investment interest rate		12.74%	[18],[22]	10.00%	[24],[28]
Floor		1.00%	[18],[22]	1.00%	[24],[28]
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien
Schedule of Investments [Line Items]
Principal		$ 7,919		$ 8,032
Cost		7,810	[2],[4]	7,900	[6],[8]
Investments at fair value		$ 7,816	[9]	$ 7,751	[10]
Investment interest rate		11.09%	[22]	8.38%	[24]
Floor		0.75%	[22]	0.75%	[24]
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 1,604	[23]	$ 943	[29]
Cost		1,580	[2],[4],[23]	913	[6],[8],[29]
Investments at fair value		$ 1,583	[9],[23]	$ 910	[10],[29]
Investment interest rate		11.76%	[22],[23]	8.23%	[24],[29]
Floor		0.75%	[22],[23]	0.75%	[24],[29]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), First Lien
Schedule of Investments [Line Items]
Principal		$ 12,375		$ 12,469
Cost		12,170	[2],[4]	12,232	[6],[8]
Investments at fair value		$ 11,979	[9]	$ 12,232	[10]
Investment interest rate		11.74%	[22]	9.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Second Lien
Schedule of Investments [Line Items]
Principal		$ 2,767		$ 3,292
Cost		2,721	[2],[4]	3,229	[6],[8]
Investments at fair value		$ 2,678	[9]	$ 3,229	[10]
Investment interest rate		14.74%	[22]	12.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Series A units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		0	[2],[4],[19],[25]	0	[6],[8],[17],[20]
Investments at fair value		1,017	[9],[19],[25]	1,536	[10],[17],[20]
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien
Schedule of Investments [Line Items]
Principal		11,781
Cost	[2],[4]	11,569
Investments at fair value	[9]	$ 11,663
Investment interest rate	[22]	10.67%
Floor	[22]	1.00%
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 0
Cost	[2],[4],[23]	(28)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Class A units
Schedule of Investments [Line Items]
Principal		$ 0
Cost		1,000
Investments at fair value		1,000
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			0
Cost	[6],[8],[29]			(52)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien
Schedule of Investments [Line Items]
Principal		21,800		$ 12,000
Cost		21,438	[2],[4]	11,785	[6],[8]
Investments at fair value		$ 21,800	[9]	$ 12,000	[10]
Investment interest rate		11.43%	[22]	8.25%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(72)	[2],[4],[23]	(87)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		2,000	[2],[4],[19],[25]	2,000	[6],[8],[17],[20]
Investments at fair value		2,000	[9],[19],[25]	2,000	[10],[17],[20]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		9,716		11,250
Cost		9,555	[2],[4]	11,035	[6],[8]
Investments at fair value		$ 9,716	[9]	$ 11,171	[10]
Investment interest rate		10.24%	[22]	7.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal		$ 9,716		$ 11,250
Cost		9,555	[2],[4]	11,035	[6],[8]
Investments at fair value		$ 9,580	[9]	$ 11,171	[10]
Investment interest rate		11.24%	[22]	8.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 0
Cost	[6],[8],[29]			(82)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 14,993		$ 14,913
Cost		14,774	[2],[4]	14,657	[6],[8]
Investments at fair value		$ 12,744	[9]	$ 14,569	[10]
Investment interest rate		11.74%	[22]	9.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 4,400	[23]	$ 4,400	[29]
Cost		4,333	[2],[4],[23]	4,317	[6],[8],[29]
Investments at fair value		$ 3,740	[9],[23]	$ 4,299	[10],[29]
Investment interest rate		11.74%	[22],[23]	9.00%	[24],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		$ 0
Cost		(30)
Investments at fair value		$ 0
Floor		2.00%
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 13,000
Cost		12,741
Investments at fair value		$ 12,741
Investment interest rate		12.71%
Floor		2.00%
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0
Cost		(79)
Investments at fair value		$ 0
Floor		2.00%
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(32)	[2],[4],[23]	(45)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: NINJATRADER, INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 23,150		$ 23,150
Cost		22,826	[2],[4]	22,719	[6],[8]
Investments at fair value		$ 23,034	[9]	$ 23,150	[10]
Investment interest rate		9.99%	[22]	7.25%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit
Schedule of Investments [Line Items]
Principal	[17],[20],[33]			$ 0
Cost	[6],[8],[17],[20],[33]			2,000
Investments at fair value	[10],[17],[20],[33]			9,566
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units
Schedule of Investments [Line Items]
Principal	[19],[25],[32]	$ 0
Cost	[2],[4],[19],[25],[32]	2,000
Investments at fair value	[9],[19],[25],[32]	11,138
Investment, Identifier [Axis]: NINJATRADER, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		0	[23]	0	[29]
Cost		(3)	[2],[4],[23]	(4)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 12,755		$ 13,066
Cost		12,573	[2],[4]	12,844	[6],[8]
Investments at fair value		$ 12,270	[9]	$ 12,818	[10]
Investment interest rate		12.56%	[22]	7.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 810	[23]	$ 420	[29]
Cost		786	[2],[4],[23]	390	[6],[8],[29]
Investments at fair value		$ 779	[9],[23]	$ 412	[10],[29]
Investment interest rate		12.32%	[22],[23]	7.50%	[24],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), First Lien
Schedule of Investments [Line Items]
Principal		$ 9,109
Cost	[2],[4]	9,024
Investments at fair value	[9]	$ 9,109
Investment interest rate	[22]	11.18%
Floor	[22]	1.00%
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 167
Cost	[2],[4],[23]	159
Investments at fair value	[9],[23]	$ 167
Investment interest rate	[22],[23]	10.87%
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien
Schedule of Investments [Line Items]
Principal		$ 3,000
Cost	[2],[4]	2,747
Investments at fair value	[9]	$ 2,910
Investment interest rate	[22]	12.50%
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Warrants (Expiration - August 19, 2029)
Schedule of Investments [Line Items]
Principal		$ 0
Cost	[2],[4]	207
Investments at fair value	[9]	207
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units
Schedule of Investments [Line Items]
Principal	[19],[25]	0
Cost	[2],[4],[19],[25]	500
Investments at fair value	[9],[19],[25]	500
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien
Schedule of Investments [Line Items]
Principal		10,800
Cost	[2],[4]	10,653
Investments at fair value	[9]	$ 10,746
Investment interest rate	[22]	10.57%
Floor	[22]	1.00%
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 0
Cost	[2],[4],[23]	(27)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien
Schedule of Investments [Line Items]
Principal	[19]	$ 9,875
Cost	[2],[4],[19]	9,689
Investments at fair value	[9],[19]	$ 9,687
Investment interest rate	[19],[22]	11.80%
Floor	[19],[22]	1.00%
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan
Schedule of Investments [Line Items]
Principal	[19],[23]	$ 0
Cost	[2],[4],[19],[23]	(62)
Investments at fair value	[9],[19],[23]	$ 0
Floor	[19],[22],[23]	1.00%
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien
Schedule of Investments [Line Items]
Principal		$ 10,500		$ 10,500
Cost		10,138	[2],[4]	10,066	[6],[8]
Investments at fair value		$ 6,930	[9]	$ 10,217	[10]
Investment interest rate		14.43%	[22]	10.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ROOF OPCO, LLC, Class A Units
Schedule of Investments [Line Items]
Principal	[19],[25]	$ 0
Cost	[2],[4],[19],[25]	750
Investments at fair value	[9],[19],[25]	597
Investment, Identifier [Axis]: ROOF OPCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			$ 7,578
Cost	[6],[8],[29]			7,394
Investments at fair value	[10],[29]			$ 7,578
Investment interest rate	[24],[29]			7.00%
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: ROOF OPCO, LLC, First Lien
Schedule of Investments [Line Items]
Principal		21,633		$ 11,000
Cost		21,251	[2],[4]	10,802	[6],[8]
Investments at fair value		$ 21,071	[9]	$ 10,791	[10]
Investment interest rate		10.32%	[22]	7.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 1,222	[23]	$ 0	[29]
Cost		1,178	[2],[4],[23]	(53)	[6],[8],[29]
Investments at fair value		$ 1,190	[9],[23]	$ 0	[10],[29]
Investment interest rate		10.97%
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units
Schedule of Investments [Line Items]
Principal		$ 0		$ 0
Cost		1,517	[2],[4]	1,517	[6],[8]
Investments at fair value		956	[9]	1,905	[10]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-1 Units
Schedule of Investments [Line Items]
Principal		0
Cost	[2],[4]	66
Investments at fair value	[9]	200
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien
Schedule of Investments [Line Items]
Principal		14,557		14,125
Cost		14,499	[2],[4]	14,021	[6],[8]
Investments at fair value		$ 13,698	[9]	$ 14,125	[10]
Investment interest rate		13.71%	[22]	9.00%	[24]
Floor		2.00%	[22]	2.00%	[24]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 575	[23]	$ 575	[29]
Cost		569	[2],[4],[23]	564	[6],[8],[29]
Investments at fair value		$ 541	[9],[23]	$ 575	[10],[29]
Investment interest rate		13.71%	[22],[23]	9.00%	[24],[29]
Floor		2.00%	[22],[23]	2.00%	[24],[29]
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 6,666		$ 6,933
Cost		6,616	[2],[4]	6,870	[6],[8]
Investments at fair value		$ 5,799	[9]	$ 6,933	[10]
Investment interest rate		11.97%	[22]	9.00%	[24]
Floor		1.25%	[22]	1.25%	[24]
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 548	[23]	$ 1,370
Cost		538	[2],[4],[23]	1,357	[6],[8]
Investments at fair value		$ 477	[9],[23]	$ 1,370	[10]
Investment interest rate		12.09%	[22],[23]	9.00%	[24]
Floor		1.25%	[22],[23]	1.25%	[24]
Investment, Identifier [Axis]: SCRIP INC., First Lien
Schedule of Investments [Line Items]
Principal	[26]	$ 16,750
Cost	[2],[4],[26]	16,606
Investments at fair value	[9],[26]	$ 16,415
Investment interest rate	[22],[26]	15.45%
Floor	[22],[26]	2.00%
Investment, Identifier [Axis]: SCRIP INC., Shares of common stock
Schedule of Investments [Line Items]
Principal		$ 0		$ 0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		1,060	[9]	1,601	[10]
Investment, Identifier [Axis]: SCRIP, INC., First Lien
Schedule of Investments [Line Items]
Principal	[27]			16,750
Cost	[6],[8],[27]			16,521
Investments at fair value	[10],[27]			$ 16,750
Investment interest rate	[24],[27]			11.43%
Floor	[24],[27]			2.00%
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Common Units
Schedule of Investments [Line Items]
Principal		0	[19]	$ 0	[20]
Cost		33	[2],[4],[19]	33	[6],[8],[20]
Investments at fair value		67	[9],[19]	33	[10],[20]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Preferred Units
Schedule of Investments [Line Items]
Principal		0	[19]	0	[20]
Cost		978	[2],[4],[19]	978	[6],[8],[20]
Investments at fair value		2,006	[9],[19]	979	[10],[20]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[20],[29]			0
Cost	[6],[8],[20],[29]			(27)
Investments at fair value	[10],[20],[29]			$ 0
Floor	[20],[24],[29]			1.00%
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien
Schedule of Investments [Line Items]
Principal		13,678	[19]	$ 13,794	[20]
Cost		13,484	[2],[4],[19]	13,561	[6],[8],[20]
Investments at fair value		$ 13,678	[9],[19]	$ 13,545	[10],[20]
Investment interest rate		10.69%	[19],[22]	7.25%	[20],[24]
Floor		1.00%	[19],[22]	1.00%	[20],[24]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[19],[23]	$ 0	[20],[29]
Cost		(33)	[2],[4],[19],[23]	(40)	[6],[8],[20],[29]
Investments at fair value		$ 0	[9],[19],[23]	$ 0	[10],[20],[29]
Floor		1.00%	[19],[22],[23]	1.00%	[20],[24],[29]
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units
Schedule of Investments [Line Items]
Principal	[19],[25]	$ 0
Cost	[2],[4],[19],[25]	500
Investments at fair value	[9],[19],[25]	720
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units
Schedule of Investments [Line Items]
Principal	[17],[20]			$ 0
Cost	[6],[8],[17],[20]			500
Investments at fair value	[10],[17],[20]			500
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[29]			0
Cost	[6],[8],[29]			(9)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		11,455		$ 7,427
Cost		11,299	[2],[4]	7,324	[6],[8]
Investments at fair value		$ 11,111	[9]	$ 7,323	[10]
Investment interest rate		11.01%	[22]	7.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 497	[23]	$ 47	[29]
Cost		489	[2],[4],[23]	37	[6],[8],[29]
Investments at fair value		$ 482	[9],[23]	$ 46	[10],[29]
Investment interest rate		11.01%	[22],[23]	7.00%	[24],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units
Schedule of Investments [Line Items]
Principal				$ 0
Cost	[6],[8]			6,107
Investments at fair value	[10]			0
Investment, Identifier [Axis]: SIMR, LLC, Class W Units
Schedule of Investments [Line Items]
Principal				0
Cost	[6],[8]			0
Investments at fair value	[10]			0
Investment, Identifier [Axis]: SIMR, LLC, First Lien
Schedule of Investments [Line Items]
Principal	[31]			13,235
Cost	[6],[8],[31]			13,101
Investments at fair value	[10],[31]			$ 10,588
Investment interest rate	[24],[31]			19.00%
Floor	[24],[31]			2.00%
Investment, Identifier [Axis]: SONOBI, INC., Class A Common Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		500	[2],[4],[19],[25]	500	[6],[8],[17],[20]
Investments at fair value		2,021	[9],[19],[25]	2,960	[10],[17],[20]
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		17,884		18,019
Cost		17,589	[2],[4]	17,676	[6],[8]
Investments at fair value		$ 17,884	[9]	$ 17,749	[10]
Investment interest rate		9.60%	[22]	7.25%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(30)	[2],[4],[23]	(36)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 17,192
Cost	[2],[4]	16,901
Investments at fair value	[9]	$ 16,865
Investment interest rate	[22]	11.25%
Floor	[22]	2.00%
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Common Units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		750	[2],[4],[19],[25]	750	[6],[8],[17],[20]
Investments at fair value		972	[9],[19],[25]	750	[10],[17],[20]
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, First Lien
Schedule of Investments [Line Items]
Principal		7,500		7,500
Cost		7,381	[2],[4]	7,359	[6],[8]
Investments at fair value		$ 7,500	[9]	$ 7,358	[10]
Investment interest rate		10.49%	[22]	8.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(31)	[2],[4],[23]	(37)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units
Schedule of Investments [Line Items]
Principal		$ 0
Cost	[2],[4]	4,838
Investments at fair value	[9]	4,624
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units
Schedule of Investments [Line Items]
Principal		0
Cost	[2],[4]	1,400
Investments at fair value	[9]	1,339
Investment, Identifier [Axis]: STATINMED, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		119
Cost		117
Investments at fair value		$ 119
Investment interest rate		13.94%
Floor		2.00%
Investment, Identifier [Axis]: STATINMED, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 7,039
Cost	[2],[4]	7,039
Investments at fair value	[9]	$ 7,039
Investment interest rate	[22]	13.80%
Floor	[22]	2.00%
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, 10,502,487.46 Preferred Units
Schedule of Investments [Line Items]
Principal		$ 0
Cost		5,845
Investments at fair value		$ 5,845
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien
Schedule of Investments [Line Items]
Principal				$ 18,823
Cost	[6],[8]			18,489
Investments at fair value	[10]			$ 18,597
Investment interest rate		8.50%		9.01%	[24]
Floor	[24]			1.00%
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Preferred Units
Schedule of Investments [Line Items]
Principal	[17],[20]			$ 0
Cost	[6],[8],[17],[20]			2,000
Investments at fair value	[10],[17],[20]			1,819
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[29]			0
Cost	[6],[8],[29]			(23)
Investments at fair value	[10],[29]			$ 0
Floor	[24],[29]			1.00%
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 8,889
Cost	[2],[4]	8,720
Investments at fair value	[9]	8,720
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units
Schedule of Investments [Line Items]
Principal	[19],[25]	0
Cost	[2],[4],[19],[25]	0
Investments at fair value	[9],[19],[25]	0
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		0	[23]	$ 0	[29]
Cost		(20)	[2],[4],[23]	(25)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien
Schedule of Investments [Line Items]
Principal		$ 9,000		$ 9,000
Cost		8,875	[2],[4]	8,844	[6],[8]
Investments at fair value		$ 8,910	[9]	$ 8,820	[10]
Investment interest rate		11.24%	[22]	8.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 500	[23]	$ 850	[29]
Cost		474	[2],[4],[23]	816	[6],[8],[29]
Investments at fair value		$ 495	[9],[23]	$ 833	[10],[29]
Investment interest rate		11.59%	[22],[23]	8.50%	[24],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, Class A units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25]	$ 0	[17],[20]
Cost		1,500	[2],[4],[19],[25]	1,500	[6],[8],[17],[20]
Investments at fair value		4,732	[9],[19],[25]	1,500	[10],[17],[20]
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien
Schedule of Investments [Line Items]
Principal		17,655		12,644
Cost		17,339	[2],[4]	12,401	[6],[8]
Investments at fair value		$ 17,655	[9]	$ 12,391	[10]
Investment interest rate		13.44%	[22]	10.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units
Schedule of Investments [Line Items]
Principal		$ 0	[19],[25],[32]	$ 0	[17],[20],[33]
Cost		1,205	[2],[4],[19],[25],[32]	1,205	[6],[8],[17],[20],[33]
Investments at fair value		1,967	[9],[19],[25],[32]	3,000	[10],[17],[20],[33]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien
Schedule of Investments [Line Items]
Principal		9,800	[18]	9,875	[28]
Cost		9,712	[2],[4],[18]	9,764	[6],[8],[28]
Investments at fair value		$ 9,800	[9],[18]	$ 9,835	[10],[28]
Investment interest rate		11.50%	[18],[22]	8.75%	[24],[28]
Floor		1.00%	[18],[22]	1.00%	[24],[28]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note
Schedule of Investments [Line Items]
Principal		$ 90	[19]	$ 84	[17],[20]
Cost		90	[2],[4],[19]	84	[6],[8],[17],[20]
Investments at fair value		90	[9],[19]	84	[10],[17],[20]
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units
Schedule of Investments [Line Items]
Principal	[19],[25]	0
Cost	[2],[4],[19],[25]	1,000
Investments at fair value	[9],[19],[25]	1,211
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units
Schedule of Investments [Line Items]
Principal		0
Cost		212
Investments at fair value		249
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[23]	5,000
Cost	[2],[4],[23]	4,875
Investments at fair value	[9],[23]	$ 5,000
Investment interest rate		10.37%
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 6,800
Cost	[2],[4]	6,693
Investments at fair value	[9]	$ 6,800
Investment interest rate	[22]	9.82%
Floor	[22]	1.00%
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 11,527		11,614
Cost		11,388	[2],[4]	11,451	[6],[8]
Investments at fair value		$ 11,527	[9]	$ 11,614	[10]
Investment interest rate		10.13%	[22]	6.75%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 0
Cost	[2],[4],[23]	(46)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 13,500
Cost	[2],[4]	13,245
Investments at fair value	[9]	$ 13,243
Investment interest rate	[22]	11.82%
Floor	[22]	1.00%
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal	[23]	$ 0
Cost	[2],[4],[23]	(46)
Investments at fair value	[9],[23]	$ 0
Floor	[22],[23]	1.00%
Investment, Identifier [Axis]: VISTAR MEDIA INC., Shares of Series A preferred stock
Schedule of Investments [Line Items]
Principal		$ 0		$ 0
Cost		1,874	[2],[4]	1,874	[6],[8]
Investments at fair value		8,806	[9]	9,273	[10]
Investment, Identifier [Axis]: VTX HOLDINGS, INC. (DBA VERTEX ONE), Series A Preferred units
Schedule of Investments [Line Items]
Principal		0		0
Cost		1,598	[2],[4]	1,598	[6],[8]
Investments at fair value		2,436	[9]	2,082	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., Class A-1 Preferred Shares
Schedule of Investments [Line Items]
Principal		0		0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		1,205	[9]	1,000	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien
Schedule of Investments [Line Items]
Principal		10,656		10,863
Cost		10,494	[2],[4]	10,670	[6],[8]
Investments at fair value		$ 10,656	[9]	$ 10,656	[10]
Investment interest rate		10.74%	[22]	8.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(14)	[2],[4],[23]	(17)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: WELL-FOAM, INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 17,775		$ 17,910
Cost		17,495	[2],[4]	17,583	[6],[8]
Investments at fair value		$ 17,775	[9]	$ 17,910	[10]
Investment interest rate		11.74%	[22]	9.50%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(69)	[2],[4],[23]	(83)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 0	[29]
Cost		(34)	[2],[4],[23]	(41)	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 0	[10],[29]
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, First Lien
Schedule of Investments [Line Items]
Principal		$ 20,000		$ 20,000
Cost		19,675	[2],[4]	19,624	[6],[8]
Investments at fair value		$ 20,000	[9]	$ 19,520	[10]
Investment interest rate		10.74%	[22]	8.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 0	[23]	$ 2,444	[29]
Cost		(69)	[2],[4],[23]	2,362	[6],[8],[29]
Investments at fair value		$ 0	[9],[23]	$ 2,386	[10],[29]
Investment interest rate	[24],[29]			8.00%
Floor		1.00%	[22],[23]	1.00%	[24],[29]
Investment, Identifier [Axis]: ZENFOLIO INC., First Lien
Schedule of Investments [Line Items]
Principal		$ 18,773		$ 18,915
Cost		18,711	[2],[4]	18,785	[6],[8]
Investments at fair value		$ 18,116	[9]	$ 18,820	[10]
Investment interest rate		12.74%	[22]	10.00%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan
Schedule of Investments [Line Items]
Principal		$ 2,000		$ 1,000	[29]
Cost		1,998	[2],[4]	996	[6],[8],[29]
Investments at fair value		$ 1,930	[9]	$ 995	[10],[29]
Investment interest rate		12.74%	[22]	10.00%	[24],[29]
Floor		1.00%	[22]	1.00%	[24],[29]
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A
Schedule of Investments [Line Items]
Principal		$ 15,880		$ 16,000
Cost		15,631	[2],[4]	15,691	[6],[8]
Investments at fair value		$ 15,642	[9]	$ 15,691	[10]
Investment interest rate		11.67%	[22]	8.25%	[24]
Floor		1.00%	[22]	1.00%	[24]
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B
Schedule of Investments [Line Items]
Principal		$ 3,980		$ 199	[29]
Cost		3,919	[2],[4]	159	[6],[8],[29]
Investments at fair value		$ 3,920	[9]	$ 159	[10],[29]
Investment interest rate		11.67%	[22]	8.26%	[24],[29]
Floor		1.00%	[22]	1.00%	[24],[29]

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.

[3] 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.

[4] Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[5] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[6] As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.

[7] 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.

[8] Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[9] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[10] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

[11] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2022, approximately 80.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 165.4%.

[12] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.

[13] 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, 2022, approximately 15.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.

[14] 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, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.

[15] 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, 2022, approximately 4.1% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.5%.

[16] 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, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.

[17] Investment is held through a wholly-owned taxable subsidiary.

[18] 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.

[19] 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, 2022, approximately 13.5% of the Company's assets were non-qualifying assets.

[20] Indicates assets that are considered "non-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, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.

[21] The investment is structured as a first lien first out term loan.

[22] The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR"), London Interbank Offered Rate (“LIBOR” or “L”), 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, LIBOR or Prime and the current contractual interest rate in effect at December 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

[23] The investment has an unfunded commitment as of December 31, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.

[24] The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), 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 LIBOR, SOFR or Prime and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

[25] Investment is held through a wholly-owned taxable subsidiary.

[26] The investment is structured as a first lien last out term loan.

[27] The investment is structured as a first lien last out term loan.

[28] 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.

[29] The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.

[30] Investment is on non-accrual status as of December 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

[31] Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

[32] Income producing through dividends or distributions.

[33] Income producing through dividends or distributions.

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2022		Mar. 31, 2022
Schedule of Investments [Line Items]
Percent of net assets		204.80%	[1],[2]	222.50%
Cost		$ 1,159,712	[1],[2],[3],[4]	$ 938,303	[5],[6],[7],[8]
Total Investments		$ 1,150,046	[1],[2],[9]	$ 936,614	[5],[7],[10]
Affiliate investments
Schedule of Investments [Line Items]
Percent of net assets		30.90%	[11]	31.30%	[12]
Cost		$ 176,177	[3],[4],[11]	$ 140,911	[6],[8],[12]
Total Investments		$ 173,332	[9],[11]	$ 131,879	[10],[12]
Control investments
Schedule of Investments [Line Items]
Percent of net assets		8.50%	[13]	13.70%	[14]
Cost		$ 76,000	[3],[4],[13]	$ 76,000	[6],[8],[14]
Total Investments		$ 47,625	[9],[13]	$ 57,603	[10],[14]
Non-control/Non-affiliate investments
Schedule of Investments [Line Items]
Percent of net assets		165.40%	[15]	177.50%
Cost		$ 907,535	[3],[4],[15]	$ 721,392	[6],[8],[16]
Total Investments		$ 929,089	[9],[15]	$ 747,132	[10],[16]
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[17],[18]	6.50%
Floor	[17],[18]	1.00%
Investment interest rate	[17],[18]	11.24%
Principal	[17]	$ 25,000
Cost	[3],[4],[17]	24,658
Total Investments	[9],[17]	$ 24,325
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.50%
Floor	[18],[19]	1.00%
Investment interest rate	[18],[19]	11.24%
Principal	[19]	$ 3,250
Cost	[3],[4],[19]	3,207
Total Investments	[9],[19]	$ 3,162
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common
Schedule of Investments [Line Items]
Shares (in shares)	[20]			374,543
Principal				$ 0
Cost	[6],[8]			1,785
Total Investments	[10]			$ 1,785
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien
Schedule of Investments [Line Items]
PIK		18.00%	[18]	8.00%	[21]
Investment interest rate	[21]			10.00%
Principal		$ 9,749		$ 8,653
Cost		9,749	[3],[4]	8,653	[6],[8]
Total Investments		$ 9,603	[9]	8,350	[10]
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Shares common stock
Schedule of Investments [Line Items]
Shares (in shares)	[22]	374,543
Principal		$ 0
Cost	[3],[4]	1,785
Total Investments	[9]	715
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025)
Schedule of Investments [Line Items]
Principal		0		0
Cost		2,198	[3],[4]	2,198	[6],[8]
Total Investments		$ 881	[9]	$ 2,198	[10]
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, 1,000,000 Class B-2 Units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000
Principal		$ 0
Cost		1,000
Total Investments		$ 1,000
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		1.00%
Principal		$ 0
Cost		(98)
Total Investments		$ 0
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		1.00%
Investment interest rate		11.12%
Principal		$ 5,000
Cost		4,902
Total Investments		$ 4,902
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Revolver Loan
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		1.00%
Principal		$ 0
Cost		(39)
Total Investments		$ 0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	1,000
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	0
Total Investments	[9],[23],[24]	$ 0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[20],[25],[26]			1,000
Principal	[25],[26]			$ 0
Cost	[6],[8],[25],[26]			0
Total Investments	[10],[25],[26]			$ 0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.17%	[18],[27]	8.17%	[21],[28]
Floor		1.00%	[18],[27]	1.00%	[21],[28]
Investment interest rate		12.08%	[18],[27]	9.17%	[21],[28]
Principal		$ 19,550	[27]	$ 11,875	[28]
Cost		19,133	[3],[4],[27]	11,600	[6],[8],[28]
Total Investments		$ 19,550	[9],[27]	$ 11,875	[10],[28]
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		1,000	[22],[23],[24]	1,000	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		1,000	[3],[4],[23],[24]	1,000	[6],[8],[25],[26]
Total Investments		$ 1,414	[9],[23],[24]	$ 1,153	[10],[25],[26]
Investment, Identifier [Axis]: ACCELERATION, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	1,611.22
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	107
Total Investments	[9],[23],[24]	$ 152
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	8.50%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(44)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate	[18]	7.50%
Floor	[18]	1.00%
Investment interest rate	[18]	11.32%
Principal		$ 9,263
Cost	[3],[4]	9,094
Total Investments	[9]	$ 9,097
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate	[18]	8.50%
Floor	[18]	1.00%
Investment interest rate	[18]	12.32%
Principal		$ 9,263
Cost	[3],[4]	9,093
Total Investments	[9]	$ 9,097
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C
Schedule of Investments [Line Items]
Variable rate	[18]	9.50%
Floor	[18]	1.00%
Investment interest rate	[18]	13.32%
Principal		$ 9,263
Cost	[3],[4]	9,094
Total Investments	[9]	$ 9,097
Investment, Identifier [Axis]: ACCELERATION, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	13,451.22
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	893
Total Investments	[9],[23],[24]	$ 1,273
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	8.50%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(89)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: ACE GATHERING, INC.
Schedule of Investments [Line Items]
Variable rate	[18],[29]	12.00%
Floor	[18],[29]	2.00%
Investment interest rate	[18],[29]	16.85%
Principal	[29]	$ 7,760
Cost	[3],[4],[29]	7,722
Total Investments	[9],[29]	$ 6,961
Investment, Identifier [Axis]: ACE GATHERING, INC., Second Lien
Schedule of Investments [Line Items]
Variable rate	[21],[30]			8.50%
Floor	[21],[30]			2.00%
Investment interest rate	[21],[30]			10.50%
Principal	[30]			$ 7,948
Cost	[6],[8],[30]			7,881
Total Investments	[10],[30]			$ 7,765
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		7.25%	[18]	7.25%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.34%	[18]	8.25%	[21]
Principal		$ 25,101		$ 12,778
Cost		24,650	[3],[4]	12,535	[6],[8]
Total Investments		$ 25,101	[9]	$ 12,535	[10]
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		766,738.93	[22],[23],[24]	623,693.55	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		809	[3],[4],[23],[24]	624	[6],[8],[25],[26]
Total Investments		$ 1,202	[9],[23],[24]	$ 634	[10],[25],[26]
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.25%	[18],[19]	7.25%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(15)	[3],[4],[19]	(18)	[6],[8],[31]
Total Investments		0	[9],[19]	0	[10],[31]
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest
Schedule of Investments [Line Items]
Principal		0
Cost	[3],[4]	2,500
Total Investments	[9]	$ 3,173
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest | ALLIANCE SPORTS GROUP, L.P.
Schedule of Investments [Line Items]
Ownership interest	[22]	3.88%
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest
Schedule of Investments [Line Items]
Principal				0
Cost	[6],[8]			2,500
Total Investments	[10]			$ 3,681
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | ALLIANCE SPORTS GROUP, L.P.
Schedule of Investments [Line Items]
Ownership interest	[20]			3.88%
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note
Schedule of Investments [Line Items]
PIK	[18]	6.00%
Principal		$ 173
Cost	[3],[4]	173
Total Investments	[9]	$ 271
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note
Schedule of Investments [Line Items]
PIK	[21]			6.00%
Principal				$ 173
Cost	[6],[8]			173
Total Investments	[10]			$ 495
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.75%	[18]	6.75%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.46%	[18]	7.75%	[21]
Principal		$ 12,357		$ 12,450
Cost		12,305	[3],[4]	12,388	[6],[8]
Total Investments		$ 12,356	[9]	$ 12,450	[10]
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		8.75%	[18]	8.75%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		12.46%	[18]	9.75%	[21]
Principal		$ 12,357		$ 12,450
Cost		12,305	[3],[4]	12,388	[6],[8]
Total Investments		$ 10,973	[9]	$ 12,450	[10]
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock
Schedule of Investments [Line Items]
Shares (in shares)		3,000,000	[22],[23],[24]	3,000,000	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		3,000	[3],[4],[23],[24]	3,000	[6],[8],[25],[26]
Total Investments		$ 2,333	[9],[23],[24]	$ 4,195	[10],[25],[26]
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%	[18],[32]	5.50%	[21],[33]
Floor	[18],[32]	2.00%
Investment interest rate		9.00%	[18],[32]	9.00%	[21],[33]
Principal		$ 4,899	[32]	$ 4,899	[33]
Cost		4,858	[3],[4],[32]	4,858	[6],[8],[33]
Total Investments		$ 274	[9],[32]	$ 269	[10],[33]
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan
Schedule of Investments [Line Items]
Variable rate		5.50%	[18],[19],[32]	5.50%	[21],[31],[33]
Floor	[18],[19],[32]	2.00%
Investment interest rate		9.00%	[18],[19],[32]	9.00%	[21],[31],[33]
Principal		$ 868	[19],[32]	$ 899	[31],[33]
Cost		860	[3],[4],[19],[32]	890	[6],[8],[31],[33]
Total Investments		$ 49	[9],[19],[32]	$ 49	[10],[31],[33]
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[18]	9.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		12.82%	[18]	10.00%	[21]
Principal		$ 17,098		$ 16,376
Cost		17,095	[3],[4]	16,375	[6],[8]
Total Investments		$ 17,098	[9]	$ 16,376	[10]
Investment, Identifier [Axis]: ARBORWORKS, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		100	[22],[23],[24]	100	[20]
Principal		$ 0	[23],[24]	$ 0
Cost		100	[3],[4],[23],[24]	100	[6],[8]
Total Investments		$ 0	[9],[23],[24]	$ 100	[10]
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		13.56%	[18]	8.00%	[21]
Principal		$ 12,708		$ 12,903
Cost		12,502	[3],[4]	12,660	[6],[8]
Total Investments		$ 10,420	[9]	$ 12,657	[10]
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate	[18],[19]	13.41%
Principal		$ 2,000	[19]	$ 0	[31]
Cost		1,953	[3],[4],[19]	(56)	[6],[8],[31]
Total Investments		$ 1,640	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		2,572	[22],[23],[24]	2,156	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		1,026	[3],[4],[23],[24]	801	[6],[8],[25],[26]
Total Investments		$ 847	[9],[23],[24]	$ 584	[10],[25],[26]
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	1,000,000
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	1,000
Total Investments	[9],[23],[24]	$ 1,000
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		5.50%	[18]	5.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		9.32%	[18]	6.50%	[21]
Principal		$ 9,250		$ 9,250
Cost		9,096	[3],[4]	9,071	[6],[8]
Total Investments		$ 9,102	[9]	$ 9,071	[10]
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		7.50%	[18]	7.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.32%	[18]	8.50%	[21]
Principal		$ 9,250		$ 9,250
Cost		9,094	[3],[4]	9,071	[6],[8]
Total Investments		$ 9,102	[9]	$ 9,071	[10]
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units
Schedule of Investments [Line Items]
Shares (in shares)	[20],[25],[26]			1,000,000
Principal	[25],[26]			$ 0
Cost	[6],[8],[25],[26]			1,000
Total Investments	[10],[25],[26]			$ 1,000
Investment, Identifier [Axis]: ATS OPERATING, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.50%	[18],[19]	6.50%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate	[21],[31]			7.50%
Principal		$ 0	[19]	$ 1,000	[31]
Cost		(40)	[3],[4],[19]	952	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 952	[10],[31]
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP, First Lien
Schedule of Investments [Line Items]
Variable rate	[21]			8.50%
Floor	[21]			1.00%
Investment interest rate	[21]			9.50%
Principal				$ 10,121
Cost	[6],[8]			10,105
Total Investments	[10]			$ 10,121
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP., Shares of common stock
Schedule of Investments [Line Items]
Shares (in shares)		900,000	[22]	900,000	[20]
Principal		$ 0		$ 0
Cost		900	[3],[4]	900	[6],[8]
Total Investments		$ 123	[9]	$ 924	[10]
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[30]			11.00%
Floor	[21],[30]			1.00%
PIK	[21],[30]			3.00%
Investment interest rate	[21],[30]			15.00%
Principal	[30]			$ 9,064
Cost	[6],[8],[30]			9,005
Total Investments	[10],[30]			$ 8,793
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B
Schedule of Investments [Line Items]
Variable rate	[21],[30]			11.00%
Floor	[21],[30]			1.00%
PIK	[21],[30]			3.00%
Investment interest rate	[21],[30]			15.00%
Principal	[30]			$ 2,149
Cost	[6],[8],[30]			2,130
Total Investments	[10],[30]			$ 2,084
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES), Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		1,131,579	[22]	1,131,579	[20]
Principal		$ 0		$ 0
Cost		1,132	[3],[4]	1,132	[6],[8]
Total Investments		$ 1,779	[9]	$ 1,420	[10]
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC, Series C Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		89,335
Principal		$ 0
Cost		89
Total Investments		$ 0
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.73%	[18]	8.00%	[21]
Principal		$ 7,385		$ 7,385
Cost		7,323	[3],[4]	7,313	[6],[8]
Total Investments		$ 7,134	[9]	$ 7,314	[10]
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[18]	7.00%	[21],[31]
Floor		1.00%	[18]	1.00%	[21],[31]
Investment interest rate		11.73%	[18]	8.00%	[21],[31]
Principal		$ 615		$ 308	[31]
Cost		611	[3],[4]	302	[6],[8],[31]
Total Investments		$ 594	[9]	$ 302	[10],[31]
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock
Schedule of Investments [Line Items]
Shares (in shares)	[20]			48,423
Principal				$ 0
Cost	[6],[8]			1,317
Total Investments	[10]			$ 2,090
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		6.50%	[18]	6.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.88%	[18]	7.50%	[21]
Principal		$ 5,707		$ 5,752
Cost		5,665	[3],[4]	5,702	[6],[8]
Total Investments		$ 5,707	[9]	$ 5,700	[10]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000	[22],[23],[24],[34]	1,000,000	[20],[25],[26]
Principal		$ 0	[23],[24],[34]	$ 0	[25],[26]
Cost		1,000	[3],[4],[23],[24],[34]	1,000	[6],[8],[25],[26]
Total Investments		$ 1,658	[9],[23],[24],[34]	$ 1,221	[10],[25],[26]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units
Schedule of Investments [Line Items]
Shares (in shares)		500,000	[19],[22],[23],[24],[34]	500,000	[20],[25],[26],[31]
Principal		$ 0	[19],[23],[24],[34]	$ 0	[25],[26],[31]
Cost		500	[3],[4],[19],[23],[24],[34]	500	[6],[8],[25],[26],[31]
Total Investments		$ 714	[9],[19],[23],[24],[34]	$ 572	[10],[25],[26],[31]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.74%	[18]	8.00%	[21]
Principal		$ 15,600		$ 15,900
Cost		15,350	[3],[4]	15,606	[6],[8]
Total Investments		$ 15,600	[9]	$ 15,884	[10]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(61)	[3],[4],[19]	(73)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[18],[19]	9.00%	[21]
Floor		1.75%	[18],[19]	1.75%	[21]
Investment interest rate		12.74%	[18],[19]	10.75%	[21]
Principal		$ 100	[19]	$ 100
Cost		85	[3],[4],[19]	81	[6],[8]
Total Investments		$ 98	[9],[19]	$ 97	[10]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[18]	9.00%	[21]
Floor		1.75%	[18]	1.75%	[21]
Investment interest rate		12.74%	[18]	10.75%	[21]
Principal		$ 7,500		$ 7,500
Cost		7,420	[3],[4]	7,398	[6],[8]
Total Investments		$ 7,327	[9]	$ 7,260	[10]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		1,380,500	[22],[23],[24]	1,380,500	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		976	[3],[4],[23],[24]	976	[6],[8],[25],[26]
Total Investments		$ 357	[9],[23],[24]	$ 641	[10],[25],[26]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[18],[19]	9.00%	[21],[31]
Floor		1.75%	[18],[19]	1.75%	[21],[31]
Investment interest rate		12.74%	[18],[19]	10.75%	[21],[31]
Principal		$ 300	[19]	$ 300	[31]
Cost		286	[3],[4],[19]	281	[6],[8],[31]
Total Investments		$ 293	[9],[19]	$ 290	[10],[31]
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock
Schedule of Investments [Line Items]
Shares (in shares)		1,500,000	[22],[23],[24]	1,500,000	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		1,500	[3],[4],[23],[24]	1,500	[6],[8],[25],[26]
Total Investments		$ 2,893	[9],[23],[24]	$ 924	[10],[25],[26]
Investment, Identifier [Axis]: CITYVET, INC., Class A units
Schedule of Investments [Line Items]
Shares (in shares)	[20],[25],[26]			271,739
Principal	[25],[26]			$ 0
Cost	[6],[8],[25],[26]			500
Total Investments	[10],[25],[26]			$ 1,757
Investment, Identifier [Axis]: CITYVET, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			6.50%
Floor	[21],[31]			1.00%
Investment interest rate	[21],[31]			7.50%
Principal	[31]			$ 13,000
Cost	[6],[8],[31]			12,656
Total Investments	[10],[31]			$ 13,247
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.97%	[18],[27]	6.21%	[21],[28]
Floor		1.00%	[18],[27]	1.00%	[21],[28]
Investment interest rate		11.73%	[18],[27]	7.21%	[21],[28]
Principal		$ 15,000	[27]	$ 10,000	[28]
Cost		14,898	[3],[4],[27]	9,921	[6],[8],[28]
Total Investments		$ 15,000	[9],[27]	$ 10,000	[10],[28]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		1,681.04	[22]	1,681.04	[20]
Principal		$ 0		$ 0
Cost		3,615	[3],[4]	3,615	[6],[8]
Total Investments		$ 0	[9]	$ 2,460	[10]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+11.00% PIK
Schedule of Investments [Line Items]
Variable rate	[18]	11.00%
Floor	[18]	1.00%
Investment interest rate	[18]	15.74%
Principal		$ 1,649
Cost	[3],[4]	1,649
Total Investments	[9]	$ 0
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.00% PIK
Schedule of Investments [Line Items]
Variable rate		9.00%	[18]	9.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		14.13%	[18]	10.00%	[21]
Principal		$ 1,829		$ 1,732
Cost		1,829	[3],[4]	1,732	[6],[8]
Total Investments		$ 0	[9]	$ 1,472	[10]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.50% PIK
Schedule of Investments [Line Items]
Variable rate	[21]			9.50%
Floor	[21]			1.00%
Investment interest rate	[21]			10.50%
Principal				$ 1,541
Cost	[6],[8]			1,541
Total Investments	[10]			$ 1,402
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance
Schedule of Investments [Line Items]
Variable rate		16.70%	[18]	11.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		21.06%	[18]	12.50%	[21]
Principal		$ 1,448		$ 526
Cost		1,448	[3],[4]	526	[6],[8]
Total Investments		$ 1,086	[9]	$ 526	[10]
Investment, Identifier [Axis]: DUNN PAPER, INC., Second Lien
Schedule of Investments [Line Items]
Variable rate	[21]			9.25%
Floor	[21]			1.00%
Investment interest rate	[21]			10.25%
Principal				$ 3,000
Cost	[6],[8]			2,984
Total Investments	[10]			$ 2,208
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 2,500,000 Common units
Schedule of Investments [Line Items]
Shares (in shares)		2,500,000
Principal		$ 0
Cost		0
Total Investments		$ 0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 250,000 Class A Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	250,000
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	250
Total Investments	[9],[23],[24]	$ 625
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 255,984.22 Class C Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		255,984.22
Principal		$ 0
Cost		0
Total Investments		$ 0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 5,435,211.03 Class B Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		5,435,211.03
Principal		$ 0
Cost		2,218
Total Investments		$ 2,218
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[21]			8.50%
Floor	[21]			1.00%
Investment interest rate	[21]			9.51%
Principal				$ 11,221
Cost	[6],[8]			11,147
Total Investments	[10]			$ 10,323
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate	[18]	4.50%
Floor	[18]	2.00%
Investment interest rate	[18]	8.92%
Principal		$ 3,759
Cost	[3],[4]	3,739
Total Investments	[9]	$ 3,739
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate	[18],[32]	6.50%
Floor	[18],[32]	2.00%
Investment interest rate	[18],[32]	10.92%
Principal	[32]	$ 3,761
Cost	[3],[4],[32]	3,739
Total Investments	[9],[32]	$ 3,739
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[20],[25],[26]			2,000,000
Principal	[25],[26]			$ 0
Cost	[6],[8],[25],[26]			2,000
Total Investments	[10],[25],[26]			$ 1,274
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			8.50%
Floor	[21],[31]			1.00%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(1)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt
Schedule of Investments [Line Items]
PIK	[21]			25.00%
Principal				$ 650
Cost	[6],[8]			650
Total Investments	[10]			$ 650
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[18]	8.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		12.73%	[18]	9.00%	[21]
Principal		$ 8,594		$ 8,938
Cost		8,523	[3],[4]	8,853	[6],[8]
Total Investments		$ 8,594	[9]	$ 8,848	[10]
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Common units
Schedule of Investments [Line Items]
Shares (in shares)		615.156
Principal		$ 0
Cost		615
Total Investments		$ 615
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(25)
Total Investments		$ 0
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Investment interest rate		12.60%
Principal		$ 9,450
Cost		9,263
Total Investments		$ 9,263
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Investment interest rate		12.60%
Principal		$ 9,450
Cost		9,263
Total Investments		$ 9,263
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Promissory Note
Schedule of Investments [Line Items]
Investment interest rate		13.574%
Principal		$ 385
Cost		385
Total Investments		$ 385
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(49)
Total Investments		$ 0
Investment, Identifier [Axis]: FAST SANDWICH, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[21]			9.00%
Floor	[21]			1.00%
Investment interest rate	[21]			10.00%
Principal				$ 3,277
Cost	[6],[8]			3,262
Total Investments	[10]			$ 3,277
Investment, Identifier [Axis]: FAST SANDWICH, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			9.00%
Floor	[21],[31]			1.00%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(22)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		2,000,000	[22],[23],[24],[34]	2,000,000	[20],[25],[26],[35]
Principal		$ 0	[23],[24],[34]	$ 0	[25],[26],[35]
Cost		2,000	[3],[4],[23],[24],[34]	2,000	[6],[8],[25],[26],[35]
Total Investments		$ 17,678	[9],[23],[24],[34]	$ 6,373	[10],[25],[26],[35]
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.50%	[18],[19]	7.50%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate	[18],[19]	11.46%
Principal		$ 2,818	[19]	$ 0	[31]
Cost		2,773	[3],[4],[19]	(56)	[6],[8],[31]
Total Investments		$ 2,818	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.50%	[18]	7.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		12.08%	[18]	8.50%	[21]
Principal		$ 31,845		$ 17,755
Cost		31,167	[3],[4]	17,443	[6],[8]
Total Investments		$ 31,846	[9]	$ 17,755	[10]
Investment, Identifier [Axis]: FM SYLVAN, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		1.00%
Investment interest rate		12.47%
Principal		$ 15,000
Cost		14,707
Total Investments		$ 14,707
Investment, Identifier [Axis]: FM SYLVAN, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		1.00%
Principal		$ 0
Cost		(194)
Total Investments		$ 0
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		75,000	[22],[23],[24]	75,000	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		750	[3],[4],[23],[24]	750	[6],[8],[25],[26]
Total Investments		$ 743	[9],[23],[24]	$ 750	[10],[25],[26]
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			6.50%
Floor	[21],[31]			1.00%
Investment interest rate	[21],[31]			7.50%
Principal	[31]			$ 2,030
Cost	[6],[8],[31]			1,971
Total Investments	[10],[31]			$ 2,030
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.50%	[18]	6.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.24%	[18]	7.50%	[21]
Principal		$ 7,030		$ 5,000
Cost		6,902	[3],[4]	4,914	[6],[8]
Total Investments		$ 7,030	[9]	$ 5,000	[10]
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.50%
Floor		2.00%
Principal		$ 0
Cost		(168)
Total Investments		$ 0
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		2.00%
Investment interest rate		11.29%
Principal		$ 7,500
Cost		7,351
Total Investments		$ 7,351
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		8.50%
Floor		2.00%
Investment interest rate		13.29%
Principal		$ 7,500
Cost		7,351
Total Investments		$ 7,351
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.50%
Floor		2.00%
Principal		$ 0
Cost		(50)
Total Investments		$ 0
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,000	[22]	1,000	[20]
Principal		$ 0		$ 0
Cost		1,000	[3],[4]	1,000	[6],[8]
Total Investments		$ 344	[9]	$ 674	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units
Schedule of Investments [Line Items]
Shares (in shares)		247.54	[22]	56.259	[20]
Principal		$ 0		$ 0
Cost		248	[3],[4]	56	[6],[8]
Total Investments		$ 85	[9]	$ 38	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		9.50%	[18]	9.50%	[21]
Floor		2.00%	[18]	2.00%	[21]
Investment interest rate		13.21%	[18]	11.50%	[21]
Principal		$ 10,031		$ 11,500
Cost		9,957	[3],[4]	11,384	[6],[8]
Total Investments		$ 9,028	[9]	$ 9,775	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.50%	[18],[19]	9.50%	[21],[31]
Floor		2.00%	[18],[19]	2.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(16)	[3],[4],[19]	(22)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: GS OPERATING, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			6.00%
Floor	[21],[31]			0.75%
Investment interest rate	[21],[31]			6.75%
Principal	[31]			$ 2,516
Cost	[6],[8],[31]			2,406
Total Investments	[10],[31]			$ 2,566
Investment, Identifier [Axis]: GS OPERATING, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[21]			6.00%
Floor	[21]			0.75%
Investment interest rate	[21]			6.75%
Principal				$ 8,534
Cost	[6],[8]			8,367
Total Investments	[10]			$ 8,704
Investment, Identifier [Axis]: GS OPERATING, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			6.00%
Floor	[21],[31]			0.75%
Investment interest rate	[21],[31]			6.75%
Principal	[31]			$ 183
Cost	[6],[8],[31]			150
Total Investments	[10],[31]			$ 187
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.00%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(15)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	6.00%
Floor	[18]	1.00%
Investment interest rate	[18]	10.73%
Principal		$ 3,652
Cost	[3],[4]	3,581
Total Investments	[9]	$ 3,579
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.00%
Floor	[18],[19]	1.00%
Investment interest rate		10.42%
Principal	[19]	$ 252
Cost	[3],[4],[19]	233
Total Investments	[9],[19]	$ 247
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien
Schedule of Investments [Line Items]
Variable rate		8.25%	[18],[29]	8.25%	[21],[30]
Floor		1.00%	[18],[29]	1.00%	[21],[30]
Investment interest rate		12.07%	[18],[29]	9.25%	[21],[30]
Principal		$ 15,750	[29]	$ 15,750	[30]
Cost		15,514	[3],[4],[29]	15,473	[6],[8],[30]
Total Investments		13,592	[9],[29]	15,246	[10],[30]
Investment, Identifier [Axis]: I-45 SLF LLC
Schedule of Investments [Line Items]
Principal	[19],[23],[34]	0
Cost	[3],[4],[19],[23],[34]	76,000
Total Investments	[9],[19],[23],[34]	$ 47,625
Investment, Identifier [Axis]: I-45 SLF LLC | I-45 SLF LLC
Schedule of Investments [Line Items]
Ownership percent	[19],[22],[23],[34]	80.00%
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest
Schedule of Investments [Line Items]
Principal	[25],[31],[35]			0
Cost	[6],[8],[25],[31],[35]			76,000
Total Investments	[10],[25],[31],[35]			$ 57,603
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | I-45 SLF LLC
Schedule of Investments [Line Items]
Ownership percent		80.00%		80.00%	[20],[25],[31],[35]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		5.50%	[18],[19]	6.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(17)	[3],[4],[19]	(21)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%	[18]	6.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.23%	[18]	7.01%	[21]
Principal		$ 7,673		$ 7,731
Cost		7,549	[3],[4]	7,587	[6],[8]
Total Investments		7,673	[9]	7,615	[10]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest
Schedule of Investments [Line Items]
Principal		0	[19],[23],[24]	0	[25],[26],[31]
Cost		588	[3],[4],[19],[23],[24]	588	[6],[8],[25],[26],[31]
Total Investments		$ 944	[9],[19],[23],[24]	$ 588	[10],[25],[26],[31]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest | INFOLINKS MEDIA BUYCO, LLC
Schedule of Investments [Line Items]
Ownership interest		1.68%	[19],[22],[23],[24]	1.68%	[20],[25],[26],[31]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.74%	[18]	8.00%	[21]
Principal		$ 5,000		$ 5,000
Cost		4,921	[3],[4]	4,908	[6],[8]
Total Investments		$ 5,000	[9]	$ 5,000	[10]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate		10.74%	[18],[19]	8.00%	[21],[31]
Principal		$ 800	[19]	$ 800	[31]
Cost		770	[3],[4],[19]	764	[6],[8],[31]
Total Investments		$ 800	[9],[19]	$ 800	[10],[31]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000	[22]	1,000,000	[20]
Principal		$ 0		$ 0
Cost		1,000	[3],[4]	1,000	[6],[8]
Total Investments		1,000	[9]	1,000	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest
Schedule of Investments [Line Items]
Principal		0	[23],[24]	0	[25],[26],[35]
Cost		1,500	[3],[4],[23],[24]	1,500	[6],[8],[25],[26],[35]
Total Investments		$ 4,051	[9],[23],[24]	$ 3,063	[10],[25],[26],[35]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | ITA Holdings Group, LLC
Schedule of Investments [Line Items]
Ownership interest		9.25%	[22],[23],[24]	9.25%	[20],[25],[26],[35]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest | ITA Holdings Group, LLC
Schedule of Investments [Line Items]
Ownership interest		9.25%
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A
Schedule of Investments [Line Items]
PIK		10.00%	[18]	10.00%	[21]
Principal		$ 3,189		$ 2,959
Cost		3,151	[3],[4]	2,721	[6],[8]
Total Investments		$ 3,123	[9]	$ 2,959	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B
Schedule of Investments [Line Items]
PIK		10.00%	[18]	10.00%	[21]
Principal		$ 126		$ 117
Cost		126	[3],[4]	117	[6],[8]
Total Investments		$ 123	[9]	$ 117	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan
Schedule of Investments [Line Items]
Variable rate		11.00%	[18]	11.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
PIK		1.00%
Investment interest rate		15.82%	[18]	12.00%	[21]
Principal		$ 5,043		$ 5,036
Cost		5,039	[3],[4]	5,010	[6],[8]
Total Investments		$ 5,068	[9]	$ 5,061	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan
Schedule of Investments [Line Items]
Variable rate		8.00%	[18]	8.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
PIK	[18]	1.00%
Investment interest rate		12.82%	[18]	9.00%	[21]
Principal		$ 10,086		$ 10,071
Cost		10,105	[3],[4]	10,041	[6],[8]
Total Investments		$ 10,126	[9]	$ 10,041	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[18],[19]	9.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
PIK	[18],[19]	1.00%
Investment interest rate		13.84%	[18],[19]	10.00%	[21],[31]
Principal		$ 7,000	[19]	$ 750	[31]
Cost		6,941	[3],[4],[19]	733	[6],[8],[31]
Total Investments		7,000	[9],[19]	750	[10],[31]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9
Schedule of Investments [Line Items]
Principal	[25],[26]			0
Cost	[6],[8],[25],[26]			538
Total Investments	[10],[25],[26]			$ 3,199
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9,13
Schedule of Investments [Line Items]
Principal	[23],[24]	0
Cost	[3],[4],[23],[24]	538
Total Investments	[9],[23],[24]	$ 3,855
Investment, Identifier [Axis]: JVMC HOLDINGS CORP, First Lien
Schedule of Investments [Line Items]
Variable rate	[21]			7.00%
Floor	[21]			1.00%
Investment interest rate	[21]			8.00%
Principal				$ 6,589
Cost	[6],[8]			6,558
Total Investments	[10]			$ 6,589
Investment, Identifier [Axis]: JVMC HOLDINGS CORP., First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	6.50%
Floor	[18]	1.00%
Investment interest rate	[18]	10.88%
Principal		$ 6,246
Cost	[3],[4]	6,227
Total Investments	[9]	$ 6,246
Investment, Identifier [Axis]: KLEIN HERSH, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[21]			7.00%
Floor	[21]			0.75%
Investment interest rate	[21]			7.85%
Principal				$ 23,821
Cost	[6],[8]			23,415
Total Investments	[10]			$ 24,298
Investment, Identifier [Axis]: KLEIN HERSH, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			7.00%
Floor	[21],[31]			0.75%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(13)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: KMS, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19],[29]	7.25%
Floor	[18],[19],[29]	1.00%
Investment interest rate	[18],[19],[29]	12.00%
Principal	[19],[29]	$ 2,251
Cost	[3],[4],[19],[29]	2,194
Total Investments	[9],[19],[29]	$ 2,100
Investment, Identifier [Axis]: KMS, INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[18],[29]	7.25%
Floor	[18],[29]	1.00%
Investment interest rate	[18],[29]	12.00%
Principal	[29]	$ 15,840
Cost	[3],[4],[29]	15,715
Total Investments	[9],[29]	$ 14,779
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			7.25%
Floor	[21],[31]			1.00%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(41)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: KMS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[21],[30]			7.25%
Floor	[21],[30]			1.00%
Investment interest rate	[21],[30]			8.25%
Principal	[30]			$ 15,920
Cost	[6],[8],[30]			15,773
Total Investments	[10],[30]			$ 15,920
Investment, Identifier [Axis]: LASH OPCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			7.00%
Floor	[21],[31]			1.00%
Investment interest rate	[21],[31]			8.01%
Principal	[31]			$ 4,154
Cost	[6],[8],[31]			4,034
Total Investments	[10],[31]			$ 4,063
Investment, Identifier [Axis]: LASH OPCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.17%	[18]	8.01%	[21]
Principal		$ 10,558		$ 6,484
Cost		10,331	[3],[4]	6,345	[6],[8]
Total Investments		$ 10,305	[9]	$ 6,341	[10]
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate	[18],[19]	11.57%
Principal		$ 233	[19]	$ 0	[31]
Cost		225	[3],[4],[19]	(10)	[6],[8],[31]
Total Investments		$ 228	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		10.00%	[18]	10.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
PIK		1.00%		2.00%	[21]
Investment interest rate		15.12%	[18]	13.00%	[21]
Principal		$ 2,501		$ 2,488
Cost		2,487	[3],[4]	2,463	[6],[8]
Total Investments		$ 2,501	[9]	$ 2,388	[10]
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.50%	[18]	8.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
PIK		1.00%	[18]	2.00%	[21]
Investment interest rate		13.62%	[18]	11.50%	[21]
Principal		$ 11,478		$ 11,422
Cost		11,427	[3],[4]	11,346	[6],[8]
Total Investments		$ 11,236	[9]	$ 10,851	[10]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Units of Class A common stock
Schedule of Investments [Line Items]
Shares (in shares)		142,278.89	[22],[23],[24]	142,278.89	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		1,600	[3],[4],[23],[24]	1,600	[6],[8],[25],[26]
Total Investments		$ 1,158	[9],[23],[24]	$ 376	[10],[25],[26]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note
Schedule of Investments [Line Items]
PIK	[18],[23],[24]	25.00%
Principal	[23],[24]	$ 106
Cost	[3],[4],[23],[24]	106
Total Investments	[9],[23],[24]	$ 106
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note
Schedule of Investments [Line Items]
PIK	[21],[25],[26]			25.00%
Principal	[25],[26]			$ 88
Cost	[6],[8],[25],[26]			88
Total Investments	[10],[25],[26]			$ 88
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units
Schedule of Investments [Line Items]
Shares (in shares)		203,124.9999	[22],[23],[24]	203,124.9999	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		0	[3],[4],[23],[24]	0	[6],[8],[25],[26]
Total Investments		$ 0	[9],[23],[24]	$ 0	[10],[25],[26]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien
Schedule of Investments [Line Items]
Investment interest rate		7.50%	[18]	7.50%	[21]
Principal		$ 5,156		$ 5,195
Cost		5,157	[3],[4]	5,195	[6],[8]
Total Investments		$ 5,156	[9]	$ 4,780	[10]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan
Schedule of Investments [Line Items]
Investment interest rate		7.50%	[18],[19]	7.50%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		0	[3],[4],[19]	0	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien
Schedule of Investments [Line Items]
PIK		10.00%	[18],[32]	10.00%	[21],[33]
Principal		$ 5,208	[32]	$ 5,208	[33]
Cost		5,208	[3],[4],[32]	5,208	[6],[8],[33]
Total Investments		$ 2,375	[9],[32]	$ 3,104	[10],[33]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		208,333.3333	[22],[23],[24]	208,333.3333	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		0	[3],[4],[23],[24]	0	[6],[8],[25],[26]
Total Investments		$ 0	[9],[23],[24]	$ 0	[10],[25],[26]
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	6.50%
Floor	[18]	1.00%
Investment interest rate	[18]	11.54%
Principal		$ 22,859
Cost	[3],[4]	22,442
Total Investments	[9]	22,447
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest
Schedule of Investments [Line Items]
Principal	[23],[24]	0
Cost	[3],[4],[23],[24]	600
Total Investments	[9],[23],[24]	$ 416
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest | LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY)
Schedule of Investments [Line Items]
Ownership interest	[22],[23],[24]	0.88%
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.50%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(32)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[18],[29]	9.00%	[21],[30]
Floor		1.00%	[18],[29]	1.00%	[21],[30]
Investment interest rate		12.74%	[18],[29]	10.00%	[21],[30]
Principal		$ 10,863	[29]	$ 10,945	[30]
Cost		10,672	[3],[4],[29]	10,723	[6],[8],[30]
Total Investments		$ 10,537	[9],[29]	$ 10,671	[10],[30]
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien
Schedule of Investments [Line Items]
Variable rate		7.25%	[18]	7.25%	[21]
Floor		0.75%	[18]	0.75%	[21]
Investment interest rate		11.09%	[18]	8.38%	[21]
Principal		$ 7,919		$ 8,032
Cost		7,810	[3],[4]	7,900	[6],[8]
Total Investments		$ 7,816	[9]	$ 7,751	[10]
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.25%	[18],[19]	7.25%	[21],[31]
Floor		0.75%	[18],[19]	0.75%	[21],[31]
Investment interest rate		11.76%	[18],[19]	8.23%	[21],[31]
Principal		$ 1,604	[19]	$ 943	[31]
Cost		1,580	[3],[4],[19]	913	[6],[8],[31]
Total Investments		$ 1,583	[9],[19]	$ 910	[10],[31]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[18]	8.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.74%	[18]	9.00%	[21]
Principal		$ 12,375		$ 12,469
Cost		12,170	[3],[4]	12,232	[6],[8]
Total Investments		$ 11,979	[9]	$ 12,232	[10]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Second Lien
Schedule of Investments [Line Items]
Variable rate		11.00%	[18]	11.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		14.74%	[18]	12.00%	[21]
Principal		$ 2,767		$ 3,292
Cost		2,721	[3],[4]	3,229	[6],[8]
Total Investments		$ 2,678	[9]	$ 3,229	[10]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Series A units
Schedule of Investments [Line Items]
Shares (in shares)		2,089,599	[22],[23],[24]	2,089,599	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		0	[3],[4],[23],[24]	0	[6],[8],[25],[26]
Total Investments		$ 1,017	[9],[23],[24]	$ 1,536	[10],[25],[26]
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	6.25%
Floor	[18]	1.00%
Investment interest rate	[18]	10.67%
Principal		$ 11,781
Cost	[3],[4]	11,569
Total Investments	[9]	$ 11,663
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.25%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(28)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000
Principal		$ 0
Cost		1,000
Total Investments		$ 1,000
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			7.25%
Floor	[21],[31]			1.00%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(52)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.75%	[18]	7.25%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.43%	[18]	8.25%	[21]
Principal		$ 21,800		$ 12,000
Cost		21,438	[3],[4]	11,785	[6],[8]
Total Investments		$ 21,800	[9]	$ 12,000	[10]
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.75%	[18],[19]	7.25%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(72)	[3],[4],[19]	(87)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		191,049.33	[22],[23],[24]	191,049.33	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		2,000	[3],[4],[23],[24]	2,000	[6],[8],[25],[26]
Total Investments		$ 2,000	[9],[23],[24]	$ 2,000	[10],[25],[26]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.50%	[18]	6.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.24%	[18]	7.50%	[21]
Principal		$ 9,716		$ 11,250
Cost		9,555	[3],[4]	11,035	[6],[8]
Total Investments		$ 9,716	[9]	$ 11,171	[10]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		7.50%	[18]	7.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.24%	[18]	8.50%	[21]
Principal		$ 9,716		$ 11,250
Cost		9,555	[3],[4]	11,035	[6],[8]
Total Investments		$ 9,580	[9]	$ 11,171	[10]
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			8.00%
Floor	[21],[31]			1.00%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(82)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[18]	8.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.74%	[18]	9.00%	[21]
Principal		$ 14,993		$ 14,913
Cost		14,774	[3],[4]	14,657	[6],[8]
Total Investments		$ 12,744	[9]	$ 14,569	[10]
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%	[18],[19]	8.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate		11.74%	[18],[19]	9.00%	[21],[31]
Principal		$ 4,400	[19]	$ 4,400	[31]
Cost		4,333	[3],[4],[19]	4,317	[6],[8],[31]
Total Investments		$ 3,740	[9],[19]	$ 4,299	[10],[31]
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(30)
Total Investments		$ 0
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Investment interest rate		12.71%
Principal		$ 13,000
Cost		12,741
Total Investments		$ 12,741
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(79)
Total Investments		$ 0
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[18],[19]	6.25%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(32)	[3],[4],[19]	(45)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: NINJATRADER, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		6.25%	[18]	6.25%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		9.99%	[18]	7.25%	[21]
Principal		$ 23,150		$ 23,150
Cost		22,826	[3],[4]	22,719	[6],[8]
Total Investments		$ 23,034	[9]	$ 23,150	[10]
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit
Schedule of Investments [Line Items]
Shares (in shares)	[20],[25],[26],[35]			2,000,000
Principal	[25],[26],[35]			$ 0
Cost	[6],[8],[25],[26],[35]			2,000
Total Investments	[10],[25],[26],[35]			$ 9,566
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24],[34]	2,000,000
Principal	[23],[24],[34]	$ 0
Cost	[3],[4],[23],[24],[34]	2,000
Total Investments	[9],[23],[24],[34]	$ 11,138
Investment, Identifier [Axis]: NINJATRADER, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[18],[19]	6.25%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(3)	[3],[4],[19]	(4)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[18]	6.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		12.56%	[18]	7.50%	[21]
Principal		$ 12,755		$ 13,066
Cost		12,573	[3],[4]	12,844	[6],[8]
Total Investments		$ 12,270	[9]	$ 12,818	[10]
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%	[18],[19]	6.50%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate		12.32%	[18],[19]	7.50%	[21],[31]
Principal		$ 810	[19]	$ 420	[31]
Cost		786	[3],[4],[19]	390	[6],[8],[31]
Total Investments		$ 779	[9],[19]	$ 412	[10],[31]
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	6.50%
Floor	[18]	1.00%
Investment interest rate	[18]	11.18%
Principal		$ 9,109
Cost	[3],[4]	9,024
Total Investments	[9]	$ 9,109
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.50%
Floor	[18],[19]	1.00%
Investment interest rate	[18],[19]	10.87%
Principal	[19]	$ 167
Cost	[3],[4],[19]	159
Total Investments	[9],[19]	$ 167
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien
Schedule of Investments [Line Items]
Investment interest rate	[18]	12.50%
Principal		$ 3,000
Cost	[3],[4]	2,747
Total Investments	[9]	2,910
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Warrants (Expiration - August 19, 2029)
Schedule of Investments [Line Items]
Principal		0
Cost	[3],[4]	207
Total Investments	[9]	$ 207
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	5,000
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	500
Total Investments	[9],[23],[24]	$ 500
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	6.75%
Floor	[18]	1.00%
Investment interest rate	[18]	10.57%
Principal		$ 10,800
Cost	[3],[4]	10,653
Total Investments	[9]	$ 10,746
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.75%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(27)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien
Schedule of Investments [Line Items]
Variable rate	[18],[23]	7.25%
Floor	[18],[23]	1.00%
Investment interest rate	[18],[23]	11.80%
Principal	[23]	$ 9,875
Cost	[3],[4],[23]	9,689
Total Investments	[9],[23]	$ 9,687
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19],[23]	7.25%
Floor	[18],[19],[23]	1.00%
Principal	[19],[23]	$ 0
Cost	[3],[4],[19],[23]	(62)
Total Investments	[9],[19],[23]	$ 0
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien
Schedule of Investments [Line Items]
Variable rate		9.50%	[18]	9.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		14.43%	[18]	10.50%	[21]
Principal		$ 10,500		$ 10,500
Cost		10,138	[3],[4]	10,066	[6],[8]
Total Investments		$ 6,930	[9]	$ 10,217	[10]
Investment, Identifier [Axis]: ROOF OPCO, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	535,714.29
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	750
Total Investments	[9],[23],[24]	$ 597
Investment, Identifier [Axis]: ROOF OPCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			6.00%
Floor	[21],[31]			1.00%
Investment interest rate	[21],[31]			7.00%
Principal	[31]			$ 7,578
Cost	[6],[8],[31]			7,394
Total Investments	[10],[31]			$ 7,578
Investment, Identifier [Axis]: ROOF OPCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.50%	[18]	6.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.32%	[18]	7.00%	[21]
Principal		$ 21,633		$ 11,000
Cost		21,251	[3],[4]	10,802	[6],[8]
Total Investments		$ 21,071	[9]	$ 10,791	[10]
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.50%	[18],[19]	6.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate		10.97%
Principal		$ 1,222	[19]	$ 0	[31]
Cost		1,178	[3],[4],[19]	(53)	[6],[8],[31]
Total Investments		$ 1,190	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		16,084	[22]	16,084	[20]
Principal		$ 0		$ 0
Cost		1,517	[3],[4]	1,517	[6],[8]
Total Investments		$ 956	[9]	$ 1,905	[10]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-1 Units
Schedule of Investments [Line Items]
Shares (in shares)	[22]	1,100
Principal		$ 0
Cost	[3],[4]	66
Total Investments	[9]	$ 200
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[18]	7.00%	[21]
Floor		2.00%	[18]	2.00%	[21]
PIK	[18]	2.00%
Investment interest rate		13.71%	[18]	9.00%	[21]
Principal		$ 14,557		$ 14,125
Cost		14,499	[3],[4]	14,021	[6],[8]
Total Investments		$ 13,698	[9]	$ 14,125	[10]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%	[18],[19]	7.00%	[21],[31]
Floor		2.00%	[18],[19]	2.00%	[21],[31]
PIK	[18],[19]	2.00%
Investment interest rate		13.71%	[18],[19]	9.00%	[21],[31]
Principal		$ 575	[19]	$ 575	[31]
Cost		569	[3],[4],[19]	564	[6],[8],[31]
Total Investments		$ 541	[9],[19]	$ 575	[10],[31]
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.75%	[18]	7.75%	[21]
Floor		1.25%	[18]	1.25%	[21]
Investment interest rate		11.97%	[18]	9.00%	[21]
Principal		$ 6,666		$ 6,933
Cost		6,616	[3],[4]	6,870	[6],[8]
Total Investments		$ 5,799	[9]	$ 6,933	[10]
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.75%	[18],[19]	7.75%	[21]
Floor		1.25%	[18],[19]	1.25%	[21]
Investment interest rate		12.09%	[18],[19]	9.00%	[21]
Principal		$ 548	[19]	$ 1,370
Cost		538	[3],[4],[19]	1,357	[6],[8]
Total Investments		$ 477	[9],[19]	$ 1,370	[10]
Investment, Identifier [Axis]: SCRIP INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[18],[27]	11.06%
Floor	[18],[27]	2.00%
Investment interest rate	[18],[27]	15.45%
Principal	[27]	$ 16,750
Cost	[3],[4],[27]	16,606
Total Investments	[9],[27]	$ 16,415
Investment, Identifier [Axis]: SCRIP INC., Shares of common stock
Schedule of Investments [Line Items]
Shares (in shares)		100	[22]	100	[20]
Principal		$ 0		$ 0
Cost		1,000	[3],[4]	1,000	[6],[8]
Total Investments		$ 1,060	[9]	$ 1,601	[10]
Investment, Identifier [Axis]: SCRIP, INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[21],[28]			9.43%
Floor	[21],[28]			2.00%
Investment interest rate	[21],[28]			11.43%
Principal	[28]			$ 16,750
Cost	[6],[8],[28]			16,521
Total Investments	[10],[28]			$ 16,750
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)		40,000	[22],[23]	40,000	[20],[25]
Principal		$ 0	[23]	$ 0	[25]
Cost		33	[3],[4],[23]	33	[6],[8],[25]
Total Investments		$ 67	[9],[23]	$ 33	[10],[25]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		1,200,000	[22],[23]	1,200,000	[20],[25]
Principal		$ 0	[23]	$ 0	[25]
Cost		978	[3],[4],[23]	978	[6],[8],[25]
Total Investments		$ 2,006	[9],[23]	$ 979	[10],[25]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[25],[31]			6.25%
Floor	[21],[25],[31]			1.00%
Principal	[25],[31]			$ 0
Cost	[6],[8],[25],[31]			(27)
Total Investments	[10],[25],[31]			$ 0
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		6.25%	[18],[23]	6.25%	[21],[25]
Floor		1.00%	[18],[23]	1.00%	[21],[25]
Investment interest rate		10.69%	[18],[23]	7.25%	[21],[25]
Principal		$ 13,678	[23]	$ 13,794	[25]
Cost		13,484	[3],[4],[23]	13,561	[6],[8],[25]
Total Investments		$ 13,678	[9],[23]	$ 13,545	[10],[25]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[18],[19],[23]	6.25%	[21],[25],[31]
Floor		1.00%	[18],[19],[23]	1.00%	[21],[25],[31]
Principal		$ 0	[19],[23]	$ 0	[25],[31]
Cost		(33)	[3],[4],[19],[23]	(40)	[6],[8],[25],[31]
Total Investments		$ 0	[9],[19],[23]	$ 0	[10],[25],[31]
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	238,095.24
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	500
Total Investments	[9],[23],[24]	$ 720
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[20],[25],[26]			238,095.24
Principal	[25],[26]			$ 0
Cost	[6],[8],[25],[26]			500
Total Investments	[10],[25],[26]			$ 500
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			6.00%
Floor	[21],[31]			1.00%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(9)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.25%	[18]	6.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.01%	[18]	7.00%	[21]
Principal		$ 11,455		$ 7,427
Cost		11,299	[3],[4]	7,324	[6],[8]
Total Investments		$ 11,111	[9]	$ 7,323	[10]
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[18],[19]	6.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate		11.01%	[18],[19]	7.00%	[21],[31]
Principal		$ 497	[19]	$ 47	[31]
Cost		489	[3],[4],[19]	37	[6],[8],[31]
Total Investments		$ 482	[9],[19]	$ 46	[10],[31]
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[20]			9,374,510.2
Principal				$ 0
Cost	[6],[8]			6,107
Total Investments	[10]			$ 0
Investment, Identifier [Axis]: SIMR, LLC, Class W Units
Schedule of Investments [Line Items]
Shares (in shares)	[20]			904,903.31
Principal				$ 0
Cost	[6],[8]			0
Total Investments	[10]			$ 0
Investment, Identifier [Axis]: SIMR, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[21],[33]			10.00%
Floor	[21],[33]			2.00%
PIK	[21],[33]			7.00%
Investment interest rate	[21],[33]			19.00%
Principal	[33]			$ 13,235
Cost	[6],[8],[33]			13,101
Total Investments	[10],[33]			$ 10,588
Investment, Identifier [Axis]: SONOBI, INC., Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)		500,000	[22],[23],[24]	500,000	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		500	[3],[4],[23],[24]	500	[6],[8],[25],[26]
Total Investments		$ 2,021	[9],[23],[24]	$ 2,960	[10],[25],[26]
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.25%	[18]	6.25%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		9.60%	[18]	7.25%	[21]
Principal		$ 17,884		$ 18,019
Cost		17,589	[3],[4]	17,676	[6],[8]
Total Investments		$ 17,884	[9]	$ 17,749	[10]
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		5.25%	[18],[19]	6.25%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(30)	[3],[4],[19]	(36)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	7.50%
Floor	[18]	2.00%
Investment interest rate	[18]	11.25%
Principal		$ 17,192
Cost	[3],[4]	16,901
Total Investments	[9]	$ 16,865
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		750	[22],[23],[24]	750	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		750	[3],[4],[23],[24]	750	[6],[8],[25],[26]
Total Investments		$ 972	[9],[23],[24]	$ 750	[10],[25],[26]
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.75%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.49%	[18]	8.00%	[21]
Principal		$ 7,500		$ 7,500
Cost		7,381	[3],[4]	7,359	[6],[8]
Total Investments		$ 7,500	[9]	$ 7,358	[10]
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.75%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(31)	[3],[4],[19]	(37)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[22]	4,718.62
Principal		$ 0
Cost	[3],[4]	4,838
Total Investments	[9]	$ 4,624
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[22]	37,807.58
Principal		$ 0
Cost	[3],[4]	1,400
Total Investments	[9]	$ 1,339
Investment, Identifier [Axis]: STATINMED, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		9.50%
Floor		2.00%
Investment interest rate		13.94%
Principal		$ 119
Cost		117
Total Investments		$ 119
Investment, Identifier [Axis]: STATINMED, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	9.50%
Floor	[18]	2.00%
Investment interest rate	[18]	13.80%
Principal		$ 7,039
Cost	[3],[4]	7,039
Total Investments	[9]	$ 7,039
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, 10,502,487.46 Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		10,502,487.46
Principal		$ 0
Cost		5,845
Total Investments		$ 5,845
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[21]			8.00%
Floor	[21]			1.00%
Investment interest rate		8.50%		9.01%	[21]
Principal				$ 18,823
Cost	[6],[8]			18,489
Total Investments	[10]			$ 18,597
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[20],[25],[26]			2,000
Principal	[25],[26]			$ 0
Cost	[6],[8],[25],[26]			2,000
Total Investments	[10],[25],[26]			$ 1,819
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[21],[31]			8.00%
Floor	[21],[31]			1.00%
Principal	[31]			$ 0
Cost	[6],[8],[31]			(23)
Total Investments	[10],[31]			$ 0
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 8,889
Cost	[3],[4]	8,720
Total Investments	[9]	$ 8,720
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	2,000,000
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	0
Total Investments	[9],[23],[24]	$ 0
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.50%	[18],[19]	7.50%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(20)	[3],[4],[19]	(25)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien
Schedule of Investments [Line Items]
Variable rate		7.50%	[18]	7.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.24%	[18]	8.50%	[21]
Principal		$ 9,000		$ 9,000
Cost		8,875	[3],[4]	8,844	[6],[8]
Total Investments		$ 8,910	[9]	$ 8,820	[10]
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.50%	[18],[19]	7.50%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate		11.59%	[18],[19]	8.50%	[21],[31]
Principal		$ 500	[19]	$ 850	[31]
Cost		474	[3],[4],[19]	816	[6],[8],[31]
Total Investments		$ 495	[9],[19]	$ 833	[10],[31]
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,500,000	[22],[23],[24]	1,500,000	[20],[25],[26]
Principal		$ 0	[23],[24]	$ 0	[25],[26]
Cost		1,500	[3],[4],[23],[24]	1,500	[6],[8],[25],[26]
Total Investments		$ 4,732	[9],[23],[24]	$ 1,500	[10],[25],[26]
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[18]	9.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		13.44%	[18]	10.00%	[21]
Principal		$ 17,655		$ 12,644
Cost		17,339	[3],[4]	12,401	[6],[8]
Total Investments		$ 17,655	[9]	$ 12,391	[10]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units
Schedule of Investments [Line Items]
Shares (in shares)		896.43	[22],[23],[24],[34]	896.43	[20],[25],[26],[35]
Principal		$ 0	[23],[24],[34]	$ 0	[25],[26],[35]
Cost		1,205	[3],[4],[23],[24],[34]	1,205	[6],[8],[25],[26],[35]
Total Investments		$ 1,967	[9],[23],[24],[34]	$ 3,000	[10],[25],[26],[35]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien
Schedule of Investments [Line Items]
Variable rate		7.75%	[18],[29]	7.75%	[21],[30]
Floor		1.00%	[18],[29]	1.00%	[21],[30]
Investment interest rate		11.50%	[18],[29]	8.75%	[21],[30]
Principal		$ 9,800	[29]	$ 9,875	[30]
Cost		9,712	[3],[4],[29]	9,764	[6],[8],[30]
Total Investments		$ 9,800	[9],[29]	$ 9,835	[10],[30]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note
Schedule of Investments [Line Items]
PIK		10.00%	[18],[23]	10.00%	[21],[25],[26]
Principal		$ 90	[23]	$ 84	[25],[26]
Cost		90	[3],[4],[23]	84	[6],[8],[25],[26]
Total Investments		$ 90	[9],[23]	$ 84	[10],[25],[26]
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units
Schedule of Investments [Line Items]
Shares (in shares)	[22],[23],[24]	1,000,000
Principal	[23],[24]	$ 0
Cost	[3],[4],[23],[24]	1,000
Total Investments	[9],[23],[24]	$ 1,211
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units
Schedule of Investments [Line Items]
Shares (in shares)		211,862.61
Principal		$ 0
Cost		212
Total Investments		$ 249
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	6.00%
Floor	[18],[19]	1.00%
Investment interest rate		10.37%
Principal	[19]	$ 5,000
Cost	[3],[4],[19]	4,875
Total Investments	[9],[19]	$ 5,000
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[18]	6.00%
Floor	[18]	1.00%
Investment interest rate	[18]	9.82%
Principal		$ 6,800
Cost	[3],[4]	6,693
Total Investments	[9]	$ 6,800
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.75%	[18]	5.75%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.13%	[18]	6.75%	[21]
Principal		$ 11,527		$ 11,614
Cost		11,388	[3],[4]	11,451	[6],[8]
Total Investments		$ 11,527	[9]	$ 11,614	[10]
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	8.00%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(46)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate	[18]	8.00%
Floor	[18]	1.00%
Investment interest rate	[18]	11.82%
Principal		$ 13,500
Cost	[3],[4]	13,245
Total Investments	[9]	$ 13,243
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[18],[19]	8.00%
Floor	[18],[19]	1.00%
Principal	[19]	$ 0
Cost	[3],[4],[19]	(46)
Total Investments	[9],[19]	$ 0
Investment, Identifier [Axis]: VISTAR MEDIA INC., Shares of Series A preferred stock
Schedule of Investments [Line Items]
Shares (in shares)		171,617	[22]	171,617	[20]
Principal		$ 0		$ 0
Cost		1,874	[3],[4]	1,874	[6],[8]
Total Investments		$ 8,806	[9]	$ 9,273	[10]
Investment, Identifier [Axis]: VTX HOLDINGS, INC. (DBA VERTEX ONE), Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		1,597,707	[22]	1,597,707	[20]
Principal		$ 0		$ 0
Cost		1,598	[3],[4]	1,598	[6],[8]
Total Investments		$ 2,436	[9]	$ 2,082	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., Class A-1 Preferred Shares
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000	[22]	1,000,000	[20]
Principal		$ 0		$ 0
Cost		1,000	[3],[4]	1,000	[6],[8]
Total Investments		$ 1,205	[9]	$ 1,000	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.74%	[18]	8.00%	[21]
Principal		$ 10,656		$ 10,863
Cost		10,494	[3],[4]	10,670	[6],[8]
Total Investments		$ 10,656	[9]	$ 10,656	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(14)	[3],[4],[19]	(17)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: WELL-FOAM, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		8.50%	[18]	8.50%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.74%	[18]	9.50%	[21]
Principal		$ 17,775		$ 17,910
Cost		17,495	[3],[4]	17,583	[6],[8]
Total Investments		$ 17,775	[9]	$ 17,910	[10]
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.50%	[18],[19]	8.50%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(69)	[3],[4],[19]	(83)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Principal		$ 0	[19]	$ 0	[31]
Cost		(34)	[3],[4],[19]	(41)	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 0	[10],[31]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[18]	7.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		10.74%	[18]	8.00%	[21]
Principal		$ 20,000		$ 20,000
Cost		19,675	[3],[4]	19,624	[6],[8]
Total Investments		$ 20,000	[9]	$ 19,520	[10]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[18],[19]	7.00%	[21],[31]
Floor		1.00%	[18],[19]	1.00%	[21],[31]
Investment interest rate	[21],[31]			8.00%
Principal		$ 0	[19]	$ 2,444	[31]
Cost		(69)	[3],[4],[19]	2,362	[6],[8],[31]
Total Investments		$ 0	[9],[19]	$ 2,386	[10],[31]
Investment, Identifier [Axis]: ZENFOLIO INC., First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[18]	9.00%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		12.74%	[18]	10.00%	[21]
Principal		$ 18,773		$ 18,915
Cost		18,711	[3],[4]	18,785	[6],[8]
Total Investments		$ 18,116	[9]	$ 18,820	[10]
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[18]	9.00%	[21],[31]
Floor		1.00%	[18]	1.00%	[21],[31]
Investment interest rate		12.74%	[18]	10.00%	[21],[31]
Principal		$ 2,000		$ 1,000	[31]
Cost		1,998	[3],[4]	996	[6],[8],[31]
Total Investments		$ 1,930	[9]	$ 995	[10],[31]
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A
Schedule of Investments [Line Items]
Variable rate		7.25%	[18]	7.25%	[21]
Floor		1.00%	[18]	1.00%	[21]
Investment interest rate		11.67%	[18]	8.25%	[21]
Principal		$ 15,880		$ 16,000
Cost		15,631	[3],[4]	15,691	[6],[8]
Total Investments		$ 15,642	[9]	$ 15,691	[10]
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B
Schedule of Investments [Line Items]
Variable rate		7.25%	[18]	7.25%	[21],[31]
Floor		1.00%	[18]	1.00%	[21],[31]
Investment interest rate		11.67%	[18]	8.26%	[21],[31]
Principal		$ 3,980		$ 199	[31]
Cost		3,919	[3],[4]	159	[6],[8],[31]
Total Investments		$ 3,920	[9]	$ 159	[10],[31]

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] 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.

[3] As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.

[4] Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[5] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[6] As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.

[7] 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.

[8] Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[9] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[10] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

[11] 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, 2022, approximately 15.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.

[12] 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, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.

[13] 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, 2022, approximately 4.1% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.5%.

[14] 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, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.

[15] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2022, approximately 80.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 165.4%.

[16] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.

[17] The investment is structured as a first lien first out term loan.

[18] The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR"), London Interbank Offered Rate (“LIBOR” or “L”), 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, LIBOR or Prime and the current contractual interest rate in effect at December 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

[19] The investment has an unfunded commitment as of December 31, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.

[20] All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

[21] The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), 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 LIBOR, SOFR or Prime and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

[22] All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

[23] 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, 2022, approximately 13.5% of the Company's assets were non-qualifying assets.

[24] Investment is held through a wholly-owned taxable subsidiary.

[25] Indicates assets that are considered "non-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, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.

[26] Investment is held through a wholly-owned taxable subsidiary.

[27] The investment is structured as a first lien last out term loan.

[28] The investment is structured as a first lien last out term loan.

[29] 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.

[30] 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.

[31] The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.

[32] Investment is on non-accrual status as of December 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

[33] Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

[34] Income producing through dividends or distributions.

[35] Income producing through dividends or distributions.

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical Footnotes) - USD ($) $ in Millions	Dec. 31, 2022		Mar. 31, 2022
Schedule of Investments [Line Items]
Percent of net assets	204.80%	[1],[2]	222.50%
Contribution percentage in non-qualified assets	13.50%		12.80%
Gross unrealized appreciation	$ 66.9		$ 67.8
Gross unrealized depreciation	66.7		61.7
Net unrealized appreciation (depreciation)	0.2		6.1
Cost of investments	$ 1,150.6		$ 852.4
Percent of total assets	95.70%		96.20%
Non-control/Non-affiliate investments
Schedule of Investments [Line Items]
Percent of investment assets	80.80%		79.80%
Percent of net assets	165.40%	[3]	177.50%
Affiliate investments
Schedule of Investments [Line Items]
Percent of investment assets	15.10%		14.10%
Percent of net assets	30.90%	[4]	31.30%	[5]
Control investments
Schedule of Investments [Line Items]
Percent of investment assets	4.10%		6.20%
Percent of net assets	8.50%	[6]	13.70%	[7]

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] 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.

[3] Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2022, approximately 80.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 165.4%.

[4] 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, 2022, approximately 15.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.

[5] 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, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.

[6] 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, 2022, approximately 4.1% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.5%.

[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, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.

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ORGANIZATION AND BASIS OF PRESENTATION

9 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

ORGANIZATION AND BASIS OF PRESENTATION

    References in this Quarterly Report on Form 10-Q 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. Our common stock currently trades on The Nasdaq Global Select Market under the ticker symbol “CSWC.”

CSWC was organized as a Texas corporation on April 19, 1961. On March 30, 1988, CSWC elected to be regulated as a business development company (“BDC”) under the 1940 Act. In order to comply with the 1940 Act requirements for a BDC, we must, among other things, generally invest at least 70% of our assets in eligible portfolio companies and limit the amount of leverage we incur.

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. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income 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 must be distributed through a dividend declared prior to filing the final tax return related to the year that generated such taxable income.

CSWC has a direct wholly-owned subsidiary that has been elected to be a taxable entity (the “Taxable Subsidiary”). The primary purpose of the Taxable Subsidiary is to permit CSWC 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 is taxed at normal corporate tax rates based on its taxable income.

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. We also opportunistically target first and second lien loans in upper middle market (“UMM”) companies. Our target LMM companies typically have annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) generally between $3.0 million and $20.0 million, and our LMM investments generally range in size from $5.0 million to $35.0 million. Our UMM investments generally include first and second lien loans in companies with EBITDA generally greater than $20.0 million and typically range in size from $5.0 million to $20.0 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.

On April 20, 2021, our wholly owned subsidiary, Capital Southwest SBIC I, LP (“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.

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”). 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.

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, 2022 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, 2022 and 2021. Consolidated financial statements prepared on a U.S. GAAP basis 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, 2022, the Company has 86.5% of its assets 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 ("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

(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 nonqualified acquisition may be subject to excess taxes unless the nonqualified 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, 2022, we satisfied all RIC requirements and have 11.2% in nonqualified assets according to measurement criteria established in Section 851(d) of the Code.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 facility approximates fair value (Level 3 input). See Note 4 below for further discussion regarding the fair value measurements and hierarchy.

Investments Investments are stated at fair value and are reviewed and approved by our Board of Directors as described in the Notes to the Consolidated Schedule of Investments and Notes 3 and 4 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. 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, 2022 and March 31, 2022, cash balances totaling $20.4 million and $10.2 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.

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 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 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, 2022, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.4% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost.

To maintain RIC tax treatment, non-cash sources of income such as accretion of interest income may need to be paid out to shareholders in the form of distributions, even though CSWC may not have collected the interest income. For the three and nine months ended December 31, 2022, approximately 3.2% and 3.5%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the three and nine months ended December 31, 2021, approximately 3.4% and 3.6%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction.

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. As of December 31, 2022 and March 31, 2022, we have not written off any accrued and uncollected PIK interest from prior periods. For the three and nine months ended December 31, 2022, we had three investments for which we stopped accruing PIK interest. For the three and nine months ended December 31, 2021, we had two investments for which we stopped accruing PIK interest. For the three and nine months ended December 31, 2022, approximately 4.6% and 4.4%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. For the three and nine months ended December 31, 2021, approximately 3.6% and 4.4%, 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 and amendment fees, as fee income when earned. In addition, the Company may also 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 CSWC’s senior secured credit facility, its unsecured notes (as discussed further in Note 5) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the credit facility have been capitalized and are amortized into interest expense over the term of the 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) and the SBA Debentures.

Deferred Offering Costs Deferred offering costs include registration expenses related to our shelf registration statement and expenses related to the launch of the "at-the-market" ("ATM") program through which we can sell, from time to time, shares of our common stock (the "Equity ATM Program"). These expenses consist primarily of SEC registration fees, legal fees and accounting fees incurred related thereto. These expenses are included in other assets on the Consolidated Statements of Assets and Liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or debt issuance costs, respectively. If there are any deferred offering costs remaining at the expiration of the shelf registration statement, these deferred costs are charged to expense.

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 (as discussed in Note 5)) 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 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. 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 for further discussion.

The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is required to pay taxes 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 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 months ended December 31, 2022 and 2021.

Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at our taxable subsidiaries 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 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 Company’s 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 Company's 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 for the prior year comparative consolidated financial statements is updated to conform to the current period presentation.

Recently Issued or Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, "Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting." The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and certain lenders. Many of these agreements include an alternative successor rate or language for choosing an alternative successor rate when LIBOR reference is no longer considered to be appropriate. With respect to other agreements, the Company intends to work with its portfolio companies and certain lenders to modify agreements to choose an alternative successor rate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. On December 21, 2022, the FASB issued ASU 2022-06 "Reference rate reform (Topic 848)—Deferral of the Sunset Date of Topic 848," which defers the sunset date of ASC 848 until December 31, 2024. ASU 2022-06 became effective upon issuance. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company does not believe it will have a material impact on its consolidated financial statements or its disclosure and did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the nine months ended December 31, 2022.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amend a related illustrative example, and (3) introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. 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.

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INVESTMENTS

9 Months Ended

Dec. 31, 2022

Schedule of Investments [Abstract]

INVESTMENTS

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, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
First lien loans1,2	$	954,000	83.0	%	169.9	%	$	968,597	83.5	%
Second lien loans2	35,446		3.1		6.3		44,050		3.8
Subordinated debt3	852		0.1		0.1		754		0.1
Preferred equity	61,283		5.3		10.9		39,416		3.4
Common equity & warrants	50,840		4.4		9.1		30,895		2.7
I-45 SLF LLC4	47,625		4.1		8.5		76,000		6.5
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	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 equity	44,663		4.8		10.6		25,544		2.7
Common equity & warrants	40,514		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 December 31, 2022 and March 31, 2022, the fair value of the first lien last out loans are $51.0 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 December 31, 2022 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $37.2 million and $36.4 million, respectively. As of December 31, 2022 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $20.6 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 December 31, 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 December 31, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
Media & Marketing	$	142,382	12.4	%	25.4	%	$	132,117	11.4	%
Business Services	127,741		11.1		22.7		128,237		11.1
Healthcare Services	108,710		9.5		19.4		123,408		10.6
Consumer Services	90,019		7.8		15.9		89,283		7.7
Consumer Products & Retail	86,771		7.5		15.4		86,298		7.4
Food, Agriculture & Beverage	72,803		6.3		13.0		74,059		6.4
Healthcare Products	67,002		5.8		11.9		67,777		5.8
Technology Products & Components	64,199		5.6		11.4		46,947		4.1
I-45 SLF LLC1	47,625		4.1		8.5		76,000		6.6
Transportation & Logistics	41,939		3.7		7.5		35,923		3.1
Financial Services	40,418		3.5		7.2		31,019		2.7
Software & IT Services	38,572		3.4		6.9		39,844		3.4
Distribution	34,100		3.0		6.1		35,904		3.1
Education	26,426		2.3		4.7		26,046		2.2
Industrial Services	26,233		2.3		4.7		25,900		2.2
Industrial Products	22,387		2.0		4.0		18,839		1.6
Energy Services (Midstream)	22,355		1.9		4.0		23,014		2.0
Environmental Services	19,592		1.7		3.5		24,920		2.2
Specialty Chemicals	17,884		1.6		3.2		17,559		1.5
Telecommunications	17,776		1.5		3.2		21,829		1.9
Energy Services (Upstream)	17,775		1.5		3.2		17,426		1.5
Containers & Packaging	10,537		0.9		1.8		10,672		0.9
Aerospace & Defense	6,800		0.6		1.2		6,691		0.6
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	100.0	%

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
March 31, 2022:
Business Services	$	123,697	13.2	%	29.4	%	$	124,860	13.3	%
Consumer Products & Retail	90,457		9.7		21.5		88,375		9.4
Healthcare Services	88,131		9.4		21.0		96,946		10.3
Consumer Services	71,730		7.7		17.0		71,203		7.6
I-45 SLF LLC1	57,603		6.2		13.7		76,000		8.1
Distribution	54,798		5.9		13.0		54,035		5.8
Food, Agriculture & Beverage	48,876		5.2		11.6		47,057		5.0
Media & Marketing	43,463		4.6		10.3		33,049		3.5
Financial Services	39,305		4.2		9.3		31,229		3.3
Technology Products & Components	37,047		4.0		8.8		30,440		3.3
Transportation & Logistics	34,038		3.6		8.1		29,513		3.1
Software & IT Services	33,414		3.6		7.9		34,866		3.7
Education	32,072		3.4		7.6		32,119		3.4
Healthcare Products	32,054		3.4		7.6		33,018		3.5
Environmental Services	20,641		2.2		4.9		23,108		2.5
Telecommunications	18,736		2.0		4.5		22,341		2.4
Energy Services (Upstream)	17,910		1.9		4.3		17,500		1.9
Specialty Chemicals	17,749		1.9		4.2		17,640		1.9
Industrial Products	13,891		1.5		3.3		13,901		1.5
Energy Services (Midstream)	13,465		1.4		3.2		13,582		1.5
Industrial Services	11,614		1.2		2.8		11,451		1.2
Commodities & Mining	10,877		1.2		2.6		11,135		1.2
Containers & Packaging	10,671		1.1		2.5		10,723		1.1
Aerospace & Defense	6,800		0.7		1.6		6,672		0.7
Restaurants	5,367		0.6		1.3		4,556		0.5
Paper & Forest Products	2,208		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 December 31, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
Southeast	$	239,539	20.8	%	42.7	%	$	236,922	20.4	%
Northeast	230,643		20.1		41.1		222,894		19.2
West	228,254		19.8		40.6		223,761		19.3
Southwest	222,872		19.4		39.7		218,712		18.8
Midwest	155,675		13.6		27.7		157,333		13.6
I-45 SLF LLC1	47,625		4.1		8.5		76,000		6.6
International	25,438		2.2		4.5		24,090		2.1
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	100.0	%
March 31, 2022:
Northeast	$	225,578	24.1	%	53.6	%	$	221,780	23.6	%
Southwest	206,057		22.0		49.0		204,443		21.8
West	163,924		17.5		38.9		153,292		16.3
Southeast	136,588		14.6		32.5		138,929		14.9
Midwest	132,308		14.1		31.4		129,354		13.8
I-45 SLF LLC1	57,603		6.1		13.7		76,000		8.1
International	14,556		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.

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FAIR VALUE MEASUREMENTS

9 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Investment Valuation Process

The valuation process is led by the finance department in conjunction with the investment team. The process includes a quarterly review of each investment by our executive officers and investment team. Valuations of each portfolio security are prepared quarterly by the finance department using updated financial and other operational information collected by the investment team. Each investment valuation is then subject to review by the executive officers and investment team. In conjunction with the internal valuation process, we have also engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews of certain investments. The third-party valuation firms provide a range of values for selected investments, which is presented to CSWC’s executive officers and then subsequently to the Board of Directors.

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. The Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of CSWC’s investments in accordance with the 1940 Act.

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, 2022 and March 31, 2022, 100% of the CSWC 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, CSWC determines the fair value of its investments (excluding investments for which fair value is measured at net asset value ("NAV") in good faith using Level 3 inputs, pursuant to CSWC's valuation policy and procedures that are established by the management of CSWC, with assistance from multiple third-party valuation advisors and approved by our 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;

•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, the Enterprise Value Waterfall Approach, and the NAV Valuation Method.

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 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.

NAV Valuation Method

Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, CSWC measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date. However, in determining the fair value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of our investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, expected future cash flows available to equity holders, or other uncertainties surrounding CSWC’s ability to realize the full NAV of its interests in the investment fund.

The following fair value hierarchy tables set forth our investment portfolio by level as of December 31, 2022 and March 31, 2022 (in thousands):

			Fair Value Measurements
			at December 31, 2022 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien loans	$	954,000	$	—	$	—	$	954,000
Second lien loans	35,446		—		—		35,446
Subordinated debt	852		—		—		852
Preferred equity	61,283		—		—		61,283
Common equity & warrants	50,840		—		—		50,840
Investments measured at net asset value1	47,625		—		—		—
Total Investments	$	1,150,046	$	—	$	—	$	1,102,421

			Fair Value Measurements
			at March 31, 2022 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien loans	$	739,872	$	—	$	—	$	739,872
Second lien loans	52,645		—		—		52,645
Subordinated debt	1,317		—		—		1,317
Preferred equity	44,663		—		—		44,663
Common equity & warrants	40,514		—		—		40,514
Investments measured at net asset value1	57,603		—		—		—
Total Investments	$	936,614	$	—	$	—	$	879,011

1Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For the investment valued at NAV per share at December 31, 2022 and March 31, 2022, the redemption restrictions dictate that we cannot withdraw our membership interest without unanimous approval. We are permitted to sell or transfer our membership interest and must deliver written notice of such transfer to the other member no later than 60 business days prior to the sale or transfer.

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, 2022 and March 31, 2022. 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 at		Significant
	Valuation	December 31, 2022		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	865,983	Discount Rate	6.9% - 38.1%	13.2%
				Third Party Broker Quote	5.6 - 98.5	95.5
	Market Approach	88,017		Cost	98.0 - 99.5	98.2
				Exit Value	75.0 - 100.0	95.7
Second lien loans	Income Approach	33,071		Discount Rate	14.2% - 29.0%	21.9%
				Third Party Broker Quote	66.0 - 66.0	66.0
	Market Approach	2,375		Exit Value	45.6 - 45.6	45.6
Subordinated debt	Market Approach	581		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	271		EBITDA Multiple	7.6x - 7.6x	7.6x
				Discount Rate	21.0% - 21.0%	21.0%
Preferred equity	Enterprise Value Waterfall Approach	61,283		EBITDA Multiple	4.7x - 17.1x	10.1x
				Discount Rate	12.6% - 30.1%	18.6%
Common equity & warrants	Enterprise Value Waterfall Approach	48,225		EBITDA Multiple	5.5x - 11.0x	9.3x
				Discount Rate	11.3% - 78.4%	16.8%
	Market Approach	2,615		Cost	100.0 - 100.0	100.0
Total Level 3 Investments		$	1,102,421

		Fair Value at		Significant
	Valuation	March 31, 2022		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	645,034	Discount Rate	7.3% - 30.6%	10.7%
				Third Party Broker Quote	5.5 - 96.5	93.2
	Market Approach	94,838		Cost	80.2 - 99.0	98.1
				Exit Value	100.0 - 102.0	101.8
Second lien loans	Income Approach	49,541		Discount Rate	10.3% - 37.8%	15.4%
				Third Party Broker Quote	97.3 - 97.3	97.3
	Enterprise Value Waterfall Approach	3,104		EBITDA Multiple	8.3x - 8.3x	8.3x
				Discount Rate	22.1% - 22.1%	22.1%
Subordinated debt	Income Approach	650		Discount Rate	27.4% - 27.4%	27.4%
	Market Approach	172		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	495		EBITDA Multiple	8.1x - 8.1x	8.1x
				Discount Rate	20.5% - 20.5%	20.5
Preferred equity	Enterprise Value Waterfall Approach	41,563		EBITDA Multiple	6.9x - 18.8x	10.6x
				Discount Rate	12.5% - 40.8%	17.8%
	Market Approach	3,100		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	36,667		EBITDA Multiple	4.2x - 11.4x	8.5x
				Discount Rate	10.1% - 32.2%	18.1%
	Market Approach	1,757		Exit Value	351.4 - 351.4	351.4
	Income Approach	2,090		Third Party Broker Quote	158.7 - 158.7	158.7
Total Level 3 Investments		$	879,011

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 months ended December 31, 2022 and 2021, we had no transfers between levels.

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, 2022 and 2021 (in thousands):

	Fair Value March 31, 2022		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Reclassification of Security		Fair Value December 31, 2022		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	739,872	$	(14,263)	$	335,069	$	(96,475)	$	3,512	$	—	$	(13,715)	$	954,000	$	(10,201)
Second lien loans	52,645		(7,512)		2,930		(12,239)		314		(692)		—		35,446		(6,307)
Subordinated debt	1,317		(328)		385		—		65		—		(587)		852		(224)
Preferred equity	44,663		(1,253)		3,571		—		—		—		14,302		61,283		1,840
Common equity & warrants	40,514		8,670		4,320		—		—		(2,664)		—		50,840		9,853
Total Investments	$	879,011	$	(14,686)	$	346,275	$	(108,714)	$	3,891	$	(3,356)	$	—	$	1,102,421	$	(5,039)
	Fair Value March 31, 2021		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Reclassification of Security		Fair Value December 31, 2021		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	524,161	$	(998)	$	378,164	$	(219,454)	$	1,994	$	—	$	(4,683)	$	679,184	$	(2,515)
Second lien loans	36,919		(1,791)		18,841		(7,152)		1,079		(53)		5,208		53,051		(2,165)
Subordinated debt	11,534		165		270		—		477		—		—		12,446		165
Preferred equity	22,608		7,796		7,511		—		—		—		(525)		37,390		7,271
Common equity & warrants	36,052		8,677		4,257		—		—		(11,881)		—		37,105		4,042
Total Investments	$	631,274	$	13,849	$	409,043	$	(226,606)	$	3,550	$	(11,934)	$	—	$	819,176	$	6,798

1Includes purchases of new investments, as well as discount accretion on existing investments.

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BORROWINGS

9 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS

In accordance with the 1940 Act, with certain limitations, 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 which 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, 2022, the Company’s asset coverage was 229%.

The Company had the following borrowings outstanding as of December 31, 2022 and March 31, 2022 (amounts in thousands):

December 31, 2022	Outstanding Balance		Unamortized Debt Issuance Costs and Debt Discount/Premium		Recorded Value
SBA Debentures	$	104,000	$	(3,418)	$	100,582
Credit Facility	225,000		—		225,000
January 2026 Notes	140,000		(1,033)		138,967
October 2026 Notes	150,000		(2,922)		147,078
	$	619,000	$	(7,373)	$	611,627
March 31, 2022
SBA Debentures	$	40,000	$	(1,648)	$	38,352
Credit Facility	205,000		—		205,000
January 2026 Notes	140,000		(1,286)		138,714
October 2026 Notes	150,000		(3,478)		146,522
	$	535,000	$	(6,412)	$	528,588

Credit Facility

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

On August 9, 2021, CSWC entered into the Second Amended and Restated Senior Secured Revolving Credit Agreement (as amended or otherwise modified from time to time, the "Credit Agreement"). Prior to the Credit Agreement, (1) borrowings under the Credit Facility accrued interest on a per annum basis at a rate equal to the applicable LIBOR rate plus 2.50% with no LIBOR floor, and (2) the total borrowing capacity was $340 million with commitments from a diversified group of eleven lenders. The Credit Agreement (1) decreased the total borrowing capacity under the Credit Facility to $335 million with commitments from a diversified group of ten lenders, (2) reduced the interest rate on borrowings to LIBOR plus 2.15% with no LIBOR floor and removed conditions related thereto as previously set forth in the Amended and Restated Senior Secured Revolving Credit Agreement, and (3) extended the end of the Credit Facility's revolver period from December 21, 2022 to August 9, 2025 and extended the final maturity from December 21, 2023 to August 9, 2026. The Credit Agreement also modified certain covenants in the Credit Facility, including, among other things, to increase the minimum obligors’ net worth test from $180 million to $200 million.

The Credit Facility contains an accordion feature that allows CSWC to increase the total commitments under the Credit Facility up to $400 million from new and existing lenders on the same terms and conditions as the existing commitments.

On May 11, 2022, CSWC entered into Amendment No. 2 (the "Amendment") to the Credit Agreement. The Amendment changed the benchmark interest rate from LIBOR to Adjusted Term SOFR. In addition, CSWC entered into an Incremental Commitment Agreement, pursuant to which the total commitments under the Credit Agreement increased from $335 million to $380 million.

On November 16, 2022, CSWC entered into an Incremental Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $20 million, which increased total commitments from $380 million to $400 million. The $20 million increase was provided by one existing lender and one new lender, bringing the total bank syndicate to eleven participants.

CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Credit Facility. The 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 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%, (7) maintaining an interest coverage ratio of at least 2.25 to 1.0, and (8) at any time the outstanding advances exceed 90% of the borrowing base, maintaining a minimum liquidity of not less than 10% of the covered debt amount.

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 Credit Facility is secured by (1) substantially all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in the Company’s wholly-owned subsidiary. As of December 31, 2022, substantially all of the Company’s assets were pledged as collateral for the Credit Facility, except for assets held in SBIC I.

At December 31, 2022, CSWC had $225.0 million in borrowings outstanding under the Credit Facility. CSWC recognized interest expense related to the Credit Facility, including unused commitment fees and amortization of deferred loan costs, of $3.9 million and $8.8 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, CSWC recognized interest expense of $1.6 million and $4.5 million, respectively. The weighted average interest rate on the Credit Facility was 6.02% and 4.63% for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the weighted average interest rate on the Credit Facility was 2.37% and 2.52%, respectively. Average borrowings for the three and nine months ended December 31, 2022 were $228.0 million and $208.6 million, respectively. For the three and nine months ended December 31, 2021, average borrowings were $200.2 million and $165.8 million, respectively. As of December 31, 2022, CSWC was in compliance with all financial covenants under the Credit Agreement.

October 2024 Notes

In September 2019, the Company issued $65.0 million in aggregate principal amount of 5.375% Notes due 2024 (the “Existing October 2024 Notes”). In October 2019, the Company issued an additional $10.0 million in aggregate principal amount of the October 2024 Notes (the "Additional October 2024 Notes"). In August 2020, the Company issued an additional $50.0 million in aggregate principal amount of the October 2024 Notes (the "New Notes" together with the Existing October 2024 Notes and the Additional October 2024 Notes, the "October 2024 Notes"). The Additional October 2024 Notes and the New Notes were treated as a single series with the Existing October 2024 Notes under the indenture and had the same terms as the Existing October 2024 Notes. The maturity date of the October 2024 Notes was October 1, 2024, and the October 2024 Notes were redeemable in whole or in part at any time prior to July 1, 2024, at par plus a “make-whole” premium, and thereafter at par. The October 2024 Notes bore interest at a rate of 5.375% per year.

On September 24, 2021, the Company redeemed $125.0 million in aggregate principal amount of the issued and outstanding October 2024 Notes. The October 2024 Notes were redeemed at 100% of their principal amount, plus (i) the accrued and unpaid interest thereon, through, but excluding the redemption date, and (ii) a "make-whole" premium.

Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs of $1.8 million and the "make-whole" premium of $15.2 million during the three months ended September 30, 2021.

The Company did not recognize any interest expense related to the October 2024 Notes for the three months ended December 31, 2021. For the nine months ended December 31, 2021, the Company recognized interest expense related to the October 2024 Notes, including amortization of deferred issuance costs, of $3.6 million. From April 1, 2021 through September 24, 2021 (the redemption date of the October 2024 Notes), average borrowings were $125.0 million. The October 2024 Notes had a weighted average effective yield of 5.375%.

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 are treated as a single series with the Existing January 2026 Notes under the indenture and have the same terms as the Existing January 2026 Notes. The January 2026 Notes mature on January 31, 2026 and may be redeemed in whole or in part at any time prior to October 31, 2025, at par plus a "make-whole" premium, and thereafter at par. The January 2026 Notes bear interest at a rate of 4.50% per year, payable semi-annually on January 31 and July 31 of each year. The January 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures.

As of December 31, 2022, the carrying amount of the January 2026 Notes was $139.0 million on an aggregate principal amount of $140.0 million at a weighted average effective yield of 4.46%. As of December 31, 2022, the fair value of the January 2026 Notes was $121.9 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the January 2026 Notes, including amortization of deferred issuance costs, of $1.7 million and $5.0 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $1.6 million and $5.0 million, respectively. For each of the three and nine months ended December 31, 2022 and 2021, average borrowings were $140.0 million.

The indenture governing the January 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 January 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are described in the indenture and the third supplemental indenture relating to the January 2026 Notes.

In addition, holders of the January 2026 Notes can require the Company to repurchase some or all of the January 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 third supplemental indenture relating to 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 October 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures.

As of December 31, 2022, the carrying amount of the October 2026 Notes was $147.1 million on an aggregate principal amount of $150.0 million at a weighted average effective yield of 3.5%. As of December 31, 2022, the fair value of the October 2026 Notes was $130.0 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the October 2026 Notes, including amortization of deferred issuance costs, of $1.4 million and $4.3 million for the three and nine ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $1.3 million and $1.7 million, respectively. For both the three and nine months ended December 31, 2022, average borrowings were $150.0 million. For the three months ended December 31, 2021, average borrowings were $128.8 million. Since the issuance of the October 2026 Notes on August 27, 2021 through December 31, 2021, average borrowings were $120.9 million.

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.

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. As of December 31, 2022, SBIC I had regulatory capital of $65.0 million and leverageable capital of $65.0 million. As of December 31, 2022, SBIC I had a total leverage commitment from the SBA in the amount of $130.0 million, of which $26.0 million remains unused. The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on the Company’s full compliance, as determined by the SBA, with the terms and conditions set forth in the SBA regulations.

As of December 31, 2022, the carrying amount of SBA Debentures was $100.6 million on an aggregate principal amount of $104.0 million. As of December 31, 2022, the fair value of the SBA Debentures was $97.4 million. The fair value of the SBA Debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the SBA Debentures, which are Level 3 inputs under ASC 820. The Company recognized interest expense and related fees related to SBA Debentures of $0.9 million and $1.9 million for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the Company recognized interest expense of $0.1 million and $0.2 million, respectively. The weighted average interest rate on the SBA Debentures was 3.70% and 2.98% for the three and nine months ended December 31, 2022, respectively. For the three and nine months ended December 31, 2021, the weighted average interest rate on the SBA Debentures was 1.43% and 1.24%, respectively. For the three and nine months ended December 31, 2022, average borrowings were $83.9 million and $54.1 million, respectively. Average borrowings for the three and nine months ended December 31, 2021 were $21.0 million and $10.1 million, respectively.

As of December 31, 2022, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1)	Maturity Date	Fixed Interest Rate	December 31, 2022
9/22/2021	9/1/2031	1.575%	$	15,000
3/23/2022	3/1/2032	3.209%	25,000
9/21/2022	9/1/2032	4.533%	40,000
(2)	(2)	(2)	24,000
			$	104,000

(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 $24.0 million in SBA Debentures that will pool in March 2023. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.14%.

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INCOME TAXES

9 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

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, 2022, 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.

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 nine months ended December 31, 2022 and 2021, 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,
	2022		2021
Additional capital	$	(5,126)	$	(6,255)
Total distributable earnings	5,126		6,255

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 for a full year.

During the quarter ended March 31, 2022, CSWC declared total dividends of $11.8 million, or $0.48 per share. During the quarter ended June 30, 2022, CSWC declared total dividends of $16.6 million, or $0.63 per share ($0.48 per share in regular dividends and $0.15 per share in special dividends). During the quarter ended September 30, 2022, CSWC declared total dividends of $14.3 million, or $0.50 per share. During the quarter ended December 31, 2022, CSWC declared total dividends of $19.3 million, or $0.57 per share ($0.52 per share in regular dividends and $0.05 per share in supplemental dividends).

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.

The tax character of distributions paid for the years ended December 31, 2022 and 2021 was as follows (amounts in thousands):

	Twelve Months Ended December 31,
	2022		2021
Ordinary income	$	60,960	$	56,633
Distributions of long term capital gains	—		—
Distributions on tax basis	$	60,960	$	56,633

The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the nine months ended December 31, 2022 and 2021:

	Nine Months Ended December 31,
Reconciliation of RIC Distributable Income1	2022		2021
Net increase in net assets from operations	$	14,917	$	23,146
Net unrealized depreciation (appreciation) on investments	13,989		(4,306)
Income/gain (expense/loss) recognized for tax on pass-through entities	10		1,558
(Gain) loss recognized on dispositions	(1,473)		329
Capital loss carryover2	14,454		308
Net operating income - wholly-owned subsidiary	1,071		(9,186)
Dividend income from wholly-owned subsidiary	1,068		—
Non-deductible tax expense	466		191
Loss on extinguishment of debt	—		12,950
Non-deductible compensation	2,443		2,688
Compensation related book/tax differences	(1,471)		2,542
Other book/tax differences	1,839		3,518
Estimated distributable income before deductions for distributions	$	47,313	$	33,738

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, 2022, the Company had long-term capital loss carryforwards of $31.9 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.

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 Statement of Operations.

As of December 31, 2022, the cost of investments held at the RIC for U.S. federal income tax purposes was $1,116.8 million, with such investments having gross unrealized appreciation of $9.7 million and gross unrealized depreciation of $64.3 million, resulting in net unrealized depreciation of $54.6 million. As of December 31, 2022, the cost of investments held at the Taxable Subsidiary for U.S. federal income tax purposes was $33.8 million, with such investments having gross unrealized appreciation of $57.2 million and gross unrealized depreciation of $2.4 million, resulting in net unrealized appreciation of $54.8 million. On a consolidated basis, the total investment portfolio has net unrealized appreciation of $0.2 million for U.S. federal income tax purposes.

The Taxable Subsidiary is not a RIC and is required to pay taxes 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, 2022 and March 31, 2022, the Taxable Subsidiary had a deferred tax liability of $11.4 million and $5.7 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, 2022 and March 31, 2022 (amounts in thousands):

	December 31, 2022		March 31, 2022
Deferred tax asset:
Net operating loss carryforwards	$	—	$	—
Interest	220		185
Total deferred tax asset	220		185
Deferred tax liabilities:
Net unrealized appreciation on investments	(10,911)		(4,899)
Net basis differences in portfolio investments	(736)		(1,033)
Total deferred tax liabilities	(11,647)		(5,932)
Total net deferred tax (liabilities) assets	$	(11,427)	$	(5,747)

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. For the three months ended December 31, 2022, we recognized a net income tax benefit of $0.7 million, principally consisting of a $0.2 million accrual for U.S. federal excise tax and $0.9 million of tax benefit relating to the Taxable Subsidiary. For the nine months ended December 31, 2022, we recognized a net income tax benefit of $20.6 thousand, principally consisting of a $0.5 million accrual for U.S. federal excise tax and a $0.5 million tax benefit relating to the Taxable Subsidiary. For the three months ended December 31, 2021, we recognized a net income tax benefit of $0.1 million, principally consisting of a $0.1 million accrual for U.S. federal excise tax and a $0.2 million tax benefit relating to the Taxable Subsidiary. For the nine months ended December 31, 2021, we recognized a net income tax provision of $0.6 million, principally consisting of a $0.2 million accrual for U.S. federal excise tax and a $0.4 million tax provision relating to the Taxable Subsidiary.

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, 2019 through December 31, 2021.

The following table sets forth the significant components of income tax provision as of December 31, 2022 and 2021 (amounts in thousands):

	Nine Months Ended December 31,
Components of Income Tax Provision	2022		2021
Excise tax	$	468	$	191
Tax (benefit) provision related to Taxable Subsidiary	(488)		457
Total income tax (benefit) provision	$	(20)	$	648

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SHAREHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Public Equity Offering

On November 17, 2022, the Company completed an underwritten public equity offering of 2,534,436 shares of common stock, including shares issuable pursuant to the underwriters' option to purchase additional shares, at a public offering price of $18.15 per share, raising $46.0 million of gross proceeds. Net proceeds were $44.1 million after deducting underwriting discounts and offering expenses.

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 $50,000,000. 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 $100,000,000 from $50,000,000 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 $250,000,000 from $100,000,000 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 $650,000,000 from $250,000,000.

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

	Three Months Ended December 31,
	2022		2021
Number of shares sold	3,264,878		616,156
Gross proceeds received (in thousands)	$	58,324	$	16,000
Net proceeds received (in thousands)1	$	57,449	$	15,760
Weighted average price per share	$	17.86	$	25.97
	Nine Months Ended December 31,
	2022		2021
Number of shares sold	6,909,446		2,834,734
Gross proceeds received (in thousands)	$	131,990	$	74,463
Net proceeds received (in thousands)1	$	130,010	$	73,347
Weighted average price per share	$	19.10	$	26.27

1Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold and offering expenses. As of December 31, 2022, $2.7 million remained receivable and is included in other receivables in the Consolidated Statement of Assets and Liabilities. As of December 31, 2021, no proceeds remained receivable.

Cumulative to date, the Company has sold 15,087,106 shares of its common stock under the Equity ATM Program at a weighted-average price of $20.91, raising $315.5 million of gross proceeds. Net proceeds were $310.3 million after commissions to the sales agents on shares sold. As of December 31, 2022, the Company has $334.5 million available under the Equity ATM Program.

Share Repurchases

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 Company’s 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 Company's 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 will cover both employees and non-employee directors of the Board of Directors. The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards:

	Three Months Ended December 31,
	2022		2021
Number of shares repurchased	19,917		31,492
Aggregate cost of shares repurchased (in thousands)	$	380	$	862
Weighted average price per share	$	19.09	$	27.38
	Nine Months Ended December 31,
	2022		2021
Number of shares repurchased	49,590		52,124
Aggregate cost of shares repurchased (in thousands)	$	1,021	$	1,408
Weighted average price per share	$	20.59	$	27.01

On July 28, 2021, the Company's 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 purchase price for all shares 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.

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STOCK BASED COMPENSATION PLANS

9 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION PLANS

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 Company’s 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, 2022, there are 1,002,633 shares of common stock available for issuance under the 2021 Employee Plan.

In addition, the Company's 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, 2022, there are 107,895 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.

During the three months ended December 31, 2022 and 2021, we recognized total share based compensation expense of $1.0 million (of which $62.9 thousand was related to restricted stock issued to non-employee directors) and $0.8 million, respectively, related to the restricted stock issued. During the nine months ended December 31, 2022 and 2021, we recognized total share based compensation expense of $2.9 million (of which $98.4 thousand was related to restricted stock issued to non-employee directors) and $2.8 million, respectively, related to the restricted stock issued.

During the three months ended June 30, 2021, the Company modified restricted stock awards to accelerate vesting of the unvested awards as of the separation date for one employee. The Company accounted for this as a modification of awards and recognized incremental compensation cost of $0.6 million. The incremental compensation cost is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before its terms were modified and recognized as compensation cost on the date of modification for vested awards.

As of December 31, 2022, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $8.0 million, which will be amortized over the weighted-average vesting period of approximately 2.6 years.

The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of December 31, 2022:

		Weighted Average		Weighted Average
		Fair Value Per		Remaining Vesting
Restricted Stock Awards	Number of Shares	Share at grant date		Term (in Years)
Unvested at March 31, 2022	395,993	$	21.48	2.4
Granted	199,042	21.25		3.4
Vested	(148,774)	20.49		—
Forfeited	(4,925)	23.52		—
Unvested at December 31, 2022	441,336	$	21.48	2.6

The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of December 31, 2022:

		Weighted Average		Weighted Average
		Fair Value Per		Remaining Vesting
Restricted Stock Awards	Number of Shares	Share at grant date		Term (in Years)
Unvested at March 31, 2022	—	$	—	0
Granted	12,105	20.66		0.6
Vested	—	—		—
Forfeited	—	—		—
Unvested at December 31, 2022	12,105	$	20.66	0.6

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OTHER EMPLOYEE COMPENSATION	9 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
OTHER EMPLOYEE COMPENSATION	OTHER EMPLOYEE COMPENSATIONWe established a 401(k) plan (the “401K Plan”) effective October 1, 2015. All full-time employees 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, 2022 and 2021, we made matching contributions of approximately $28.6 thousand and $25.9 thousand, respectively. During the nine months ended December 31, 2022 and 2021, we made matching contributions of approximately $158.1 thousand and $133.9 thousand, respectively.

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

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 unused commitments to extend financing as of December 31, 2022 and March 31, 2022 were as follows (amounts in thousands):

	December 31,		March 31,
Portfolio Company	2022		2022
Revolving Loans
Acacia BuyerCo V LLC	$	2,000	$	—
Acceleration, LLC	5,000		—
Air Conditioning Specialist, Inc.	1,000		1,000
American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.)	148		117
ArborWorks, LLC	1,000		3,000
ATS Operating, LLC	2,500		1,500
Cadmium, LLC	—		308
Catbird NYC, LLC	4,000		4,000
Central Medical Supply LLC	1,200		1,200
Dynamic Communities, LLC	—		500
Exact Borrower, LLC	2,500		—
Fast Sandwich, LLC	—		3,100
FM Sylvan, Inc.	10,000		—
Gains Intermediate, LLC	2,500		—
GrammaTech, Inc.	2,500		2,500
GS Operating, LLC	—		1,540
Gulf Pacific Acquisition, LLC	757		—
ISI Enterprises, LLC	1,200		1,200
ITA Holdings Group, LLC	—		1,250
Klein Hersh, LLC	—		938
Lash OpCo, LLC	247		481
Lighting Retrofit International, LLC (DBA Envocore)	2,083		2,083
Lightning Intermediate II, LLC	1,852		—
Mako Steel LP	283		943
Microbe Formulas LLC	1,627		—
Muenster Milling Company, LLC	7,000		5,000
NeuroPsychiatric Hospitals, LLC	600		600
New Skinny Mixes, LLC	4,000		—
NinjaTrader, Inc.	2,500		2,500
NWN Parent Holdings, LLC	90		1,380
Opco Borrower, LLC (DBA Giving Home Health Care)	667		—
Outerbox, LLC	2,000		—

	December 31,	March 31,
Portfolio Company	2022	2022
Pipeline Technique Ltd.	3,333	—
Roof OpCo, LLC	1,833	3,056
Roseland Management, LLC	1,425	1,425
RTIC Subsidiary Holdings LLC	822	—
Shearwater Research, Inc.	2,446	2,446
SIB Holdings, LLC	205	655
South Coast Terminals LLC	1,935	1,935
Spotlight AR, LLC	2,000	2,000
Student Resource Center, LLC	—	1,333
Systec Corporation (DBA Inspire Automation)	1,500	1,150
Versicare Management LLC	2,500	—
Wall Street Prep, Inc.	1,000	1,000
Well-Foam, Inc.	4,500	4,500
Winter Services Operations, LLC	4,444	2,000
Zenfolio Inc.	—	1,000
Total Revolving Loans	87,197	57,640
Delayed Draw Term Loans
Acacia BuyerCo V LLC	10,000	—
Acceleration, LLC	5,000	—
Central Medical Supply LLC	1,400	1,400
CityVet Inc.	—	7,000
Exact Borrower, LLC	2,500	—
Flip Electronics, LLC	—	2,818
FoodPharma Subsidiary Holdings, LLC	—	5,470
Gains Intermediate, LLC	17,000	—
GS Operating, LLC	—	3,205
Gulf Pacific Acquisition, LLC	1,515	—
Infolinks Media Buyco, LLC	2,250	2,250
KMS, LLC	2,286	4,571
Lash OpCo, LLC	—	2,846
Muenster Milling Company, LLC	—	6,000
NeuroPsychiatric Hospitals, LLC	—	10,000
New Skinny Mixes, LLC	3,000	—
NinjaTrader, Inc.	4,692	4,692
Roof OpCo, LLC	—	4,644
Shearwater Research, Inc.	—	3,262
SIB Holdings, LLC	—	1,871
STATinMED, LLC	119	—
Systec Corporation (DBA Inspire Automation)	3,000	3,000
US CourtScript Holdings, Inc.	5,000	—
Versicare Management LLC	5,000	—
Winter Services Operations, LLC	4,444	4,444
Zips Car Wash, LLC - B	—	3,801

	December 31,		March 31,
Portfolio Company	2022		2022
Total Delayed Draw Term Loans	67,206		71,274
Other
Catbird NYC, LLC	125		125
Infolinks Media Buyco, LLC	412		412
I-45 SLF LLC	4,800		4,800
Total Other	5,337		5,337
Total unused commitments to extend financing	$	159,740	$	134,251

As of December 31, 2022, 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, 2022, 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 2023, $0.2 million expire in April 2023, and $0.3 million expire in August 2023. As of December 31, 2022, 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.

Effective April 1, 2019, ASC 842 required that a lessee evaluate its leases to determine whether they should be classified as operating or financing leases. The Company previously had an operating lease for its office space that commenced October 1, 2014 and expired February 28, 2022. In March 2021, the Company executed an agreement to lease new office space that commenced on February 1, 2022 and expires September 30, 2032. 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.

Total lease expense incurred for the three and nine months ended December 31, 2022 was $63.1 thousand and $189.2 thousand, respectively. For the three and nine months ended December 31, 2021, total lease expense incurred was $58.1 thousand and $174.4 thousand, respectively. As of December 31, 2022, the asset related to the operating lease was $1.9 million and the lease liability was $2.9 million. As of December 31, 2022, the remaining lease term was 9.8 years and the discount rate was 6.89%.

The following table shows future minimum payments under the Company's operating leases as of December 31, 2022 (in thousands):

Year ending March 31,	Rent Commitment
2023	$	92
2024	406
2025	416
2026	426
2027	436
Thereafter	2,578
Total	$	4,354

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.

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RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

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 provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We are also 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, 2022 and 2021, we did not receive any management fees from our portfolio companies. As of December 31, 2022 and March 31, 2022, we had dividends receivable from I-45 SLF LLC of $1.9 million and $1.7 million, respectively, which were included in dividends and interest receivables on the Consolidated Statements of Assets and Liabilities. Additionally, we recognized administrative fee income from I-45 SLF LLC of $25.0 thousand and $75.0 thousand, respectively, for the three and nine months ended December 31, 2022, which were included in fee income on the Consolidated Statement of Operations.

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SUMMARY OF PER SHARE INFORMATION

9 Months Ended

Dec. 31, 2022

Investment Company [Abstract]

SUMMARY OF PER SHARE INFORMATION

SUMMARY OF PER SHARE INFORMATION

The following presents a summary of per share data for the three and nine months ended December 31, 2022 and 2021 (share amounts presented in thousands).

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
Per Share Data:	2022			2021			2022			2021
Investment income1	$	1.04		$	0.95		$	2.90		$	2.73
Operating expenses1	(0.44)			(0.44)			(1.26)			(1.33)
Income taxes1	0.02			—			—			(0.03)
Net investment income1	0.62			0.51			1.64			1.37
Net realized (loss) gain, net of tax1	(0.36)			0.12			(0.62)			0.23
Net unrealized appreciation (depreciation) on investments, net of tax1	(0.17)			(0.09)			(0.49)			0.19
Realized loss on extinguishment of debt1	—			—			—			(0.76)
Total increase (decrease) from investment operations	0.09			0.54			0.53			1.03
Accretive effect of share issuances and repurchases	0.17			0.24			0.43			1.17
Dividends to shareholders	(0.57)			(0.97)			(1.70)			(2.04)
Issuance of restricted stock1,2	—			—			(0.14)			(0.10)
Common stock withheld for payroll taxes upon vesting of restricted stock	—			(0.01)			(0.01)			(0.03)
Share based compensation expense	0.03			0.04			0.10			0.12
Other3	—			(0.01)			0.18			0.03
(Decrease) increase in net asset value	(0.28)			(0.17)			(0.61)			0.18
Net asset value
Beginning of period	16.53			16.36			16.86			16.01
End of period	$	16.25		$	16.19		$	16.25		$	16.19
Ratios and Supplemental Data
Ratio of operating expenses to average net assets4	2.69		%	2.71		%	7.56		%	8.09		%
Ratio of net investment income to average net assets4	3.71		%	3.08		%	9.78		%	8.31		%
Portfolio turnover	2.19		%	19.44		%	11.04		%	30.11		%
Total investment return4,5	4.31		%	4.25		%	(20.95)		%	23.51		%
Total return based on change in NAV4,6	1.75		%	4.89		%	6.47		%	13.87		%
Per share market value at the end of the period	$	17.10		$	25.28		$	17.10		$	25.28
Weighted-average basic and diluted shares outstanding	31,381			23,433			28,304			22,394
Common shares outstanding at end of period	34,559			23,926			34,559			23,926

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.

4Not annualized.

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. 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.

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SIGNIFICANT SUBSIDIARIES

9 Months Ended

Dec. 31, 2022

Investment Company [Abstract]

SIGNIFICANT SUBSIDIARIES

SIGNIFICANT SUBSIDIARIES

I-45 SLF LLC

In September 2015, we entered into a limited liability company agreement with Main Street Capital Corporation ("Main Street") to form I-45 SLF LLC (the "Initial I-45 LLC Agreement"). I-45 SLF LLC began investing in UMM syndicated senior secured loans during the quarter ended December 31, 2015. The initial equity capital commitment to I-45 SLF LLC totaled $85.0 million, consisting of $68.0 million from CSWC and $17.0 million from Main Street. On April 30, 2020, pursuant to the terms of the Initial I-45 LLC Agreement, each of CSWC and Main Street made an additional equity capital commitment of $12.8 million and $3.2 million, respectively, which resulted in a total equity capital commitment to I-45 SLF LLC of $80.8 million and $20.2 million, respectively.

On March 11, 2021, the Company and Main Street entered into the Second Amended and Restated Limited Liability Company Operating Agreement (the "Amendment"), which increased the current profits interest that is allocated to the Company on a pro rata basis from (a) 75.6% to (b) an amount equal to: (i) 76.2625% as of the date of the Amendment through the quarter ended March 31, 2021; (ii) 76.925% for quarter ended June 30, 2021; (iii) 77.5875% for the quarter ended September 30, 2021; and (iv) 78.25% for the quarter ended December 31, 2021 and periods thereafter.

On March 25, 2021, I-45 SLF LLC declared a return of capital dividend to its members in the amount of $10.0 million. As of December 31, 2022, total funded equity capital totaled $95.0 million, consisting of $76.0 million from CSWC and $19.0 million from Main Street. CSWC owns 80% of I-45 SLF LLC and has a current profits interest of 78.25%, while Main Street owns 20% and has a current profits interest of 21.75%.  I-45 SLF LLC's Board of Managers makes all investment and operational decisions for the fund, and consists of equal representation from CSWC and Main Street.

As of December 31, 2022 and March 31, 2022, I-45 SLF LLC had total assets of $166.2 million and $189.1 million, respectively. I-45 SLF LLC had approximately $161.0 million and $176.7 million of total investments at fair value as of December 31, 2022 and March 31, 2022, respectively. The portfolio companies in I-45 SLF LLC are in industries similar to those in which CSWC may invest directly. During the three months ended December 31, 2022, I-45 SLF LLC declared a total dividend of $2.4 million of which $1.9 million was paid to CSWC in January 2023.

Additionally, I-45 SLF LLC closed on a $75.0 million 5-year senior secured credit facility (the “I-45 credit facility”) in November 2015. The I-45 credit facility includes an accordion feature which will allow I-45 SLF LLC to achieve leverage of approximately 2x debt-to-equity. Borrowings under the I-45 credit facility are secured by all of the assets of I-45 SLF LLC and bear interest at a rate equal to LIBOR plus 2.5% per annum. During the year ended March 31, 2017, I-45 SLF LLC increased debt commitments outstanding by an additional $90.0 million by adding three additional lenders to the syndicate, bringing total debt commitments to $165.0 million. In July 2017, the I-45 credit facility was amended to extend the maturity to July 2022. Additionally, the amendment reduced the interest rate on borrowings to LIBOR plus 2.4% per annum. In November 2019, the I-45 credit facility was amended to extend the maturity to November 2024 and to reduce the interest rate on borrowings to LIBOR plus 2.25% per annum. On April 30, 2020, the I-45 credit facility was amended to permanently reduce the I-45 credit facility amount through a prepayment of $15.0 million and to change the minimum utilization requirements. In March 2021, the I-45 credit facility was amended to extend the maturity to March 25, 2026 and to reduce the interest rate on borrowings to LIBOR plus 2.15%. Under the I-45 credit facility, $104.0 million has been drawn as of December 31, 2022.

Below is certain summarized financial information for I-45 SLF LLC as of December 31, 2022 and March 31, 2022 and for the three and nine months ended December 31, 2022 and 2021 (amounts in thousands):

	December 31, 2022		March 31, 2022
Selected Balance Sheet Information:
Investments, at fair value (cost $184,529 and $187,714)	$	160,998	$	176,704
Cash and cash equivalents	2,794		9,949
Interest receivable	1,343		850
Accounts receivable	269		123
Deferred financing costs and other assets	831		1,518
Total assets	$	166,235	$	189,144
Senior credit facility payable	$	104,000	$	114,500
Other liabilities	2,654		2,596
Total liabilities	$	106,654	$	117,096
Members’ equity	59,581		72,048
Total liabilities and members' equity	$	166,235	$	189,144

	Three Months Ended				Nine Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Selected Statement of Operations Information:
Total revenues	$	4,648	$	3,114	$	12,217	$	9,262
Total expenses	(2,195)		(1,023)		(5,253)		(3,041)
Net investment income	2,453		2,091		6,964		6,221
Net unrealized depreciation	(4,031)		(2,405)		(12,522)		(3,603)
Net realized (losses) gains	(29)		58		42		231
Net (decrease) increase in members’ equity resulting from operations	$	(1,607)	$	(256)	$	(5,516)	$	2,849

Below is a summary of I-45 SLF LLC’s portfolio, followed by a listing of the individual loans in I-45 SLF LLC’s portfolio as of December 31, 2022 and March 31, 2022 (in thousands):

I-45 SLF LLC Loan Portfolio as of December 31, 2022

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal		Cost		Fair Value2
AAC New Holdco Inc.	Healthcare services	First Lien	6/25/2025	18.00% PIK	$	2,140	$	2,140	$	2,108
		304,075 shares common stock	—	—	—		1,449		581
		Warrants (Expiration - December 11, 2025)	—	—	—		482		193
ADS Tactical, Inc.	Aerospace & defense	First Lien	3/19/2026	L+5.75% (Floor 1.00%)	6,142		6,052		5,528
American Teleconferencing Services, Ltd.3	Telecommunications	Revolving Loan	1/31/2023	P+5.50% (Floor 2.00%)	992		986		56
		First Lien	6/8/2023	P+5.50% (Floor 2.00%)	5,597		5,566		315
ATX Networks (Toronto) Corporation	Technology products & components	First Lien	9/1/2026	L+7.50%, (Floor 1.00%)	2,276		2,270		2,128
		Senior Subordinated Debt	9/1/2028	10.00% PIK	1,136		1,136		869
		196 Class A units	—	—	—		—		1,218
Burning Glass Intermediate Holding Company, Inc.	Software & IT services	Revolving Loan4	6/10/2028	L+5.00% (Floor 1.00%)	—		(5)		—
		First Lien	6/10/2028	L+5.00% (Floor 1.00%)	3,165		3,119		3,165
Corel Inc.	Software & IT services	First Lien	7/2/2026	L+5.00%	6,531		6,392		6,104
Emerald Technologies (U.S.) Acquisitionco, Inc.	Technology products & components	First Lien	12/29/2027	SOFR+6.25% (Floor 1.00%)	4,514		4,456		4,284
Evergreen AcqCo 1 LP	Consumer products & retail	First Lien	4/26/2028	SOFR+5.50% (Floor 0.75%)	8,117		8,009		7,867
Evergreen North America Acquisitions, LLC	Industrial services	First Lien	8/13/2026	L+6.75% (Floor 1.00%)	6,690		6,586		6,689
Geo Parent Corporation	Building & infrastructure products	First Lien	12/19/2025	SOFR+5.25%	6,787		6,758		6,447
Infogain Corporation	Software & IT services	First Lien	7/28/2028	SOFR+5.75% (Floor 1.00%)	4,748		4,688		4,748
InfoGroup Inc.	Software & IT services	First Lien	4/3/2023	L+5.00% (Floor 1.00%)	2,828		2,826		2,354

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost	Fair Value2
Integro Parent Inc.	Business services	First Lien	5/8/2023	SOFR+12.50% PIK (Floor 1.00%)	397	397	361
Intermedia Holdings, Inc.	Software & IT services	First Lien	7/21/2025	L+6.00% (Floor 1.00%)	6,625	6,575	5,118
Inventus Power, Inc.	Technology products & components	First Lien	3/29/2024	SOFR+5.00% (Floor 1.00%)	6,878	6,847	6,809
INW Manufacturing, LLC	Food, agriculture, & beverage	First Lien	3/25/2027	L+5.75% (Floor 0.75%)	2,813	2,746	2,405
Isagenix International, LLC3	Consumer products & retail	First Lien	6/14/2025	L+7.75% (Floor 1.00%)	1,650	1,641	502
KORE Wireless Group Inc.	Telecommunications	First Lien	12/20/2024	SOFR+5.50%	5,611	5,595	5,415
Lab Logistics, LLC	Healthcare services	First Lien	9/25/2023	SOFR+7.25% (Floor 1.00%)	10,073	10,024	10,003
Lash OpCo, LLC	Consumer products & retail	First Lien	3/18/2026	L+7.00% (Floor 1.00%)	6,128	6,007	5,981
Lift Brands, Inc.	Consumer services	Tranche A	6/29/2025	L+7.50% (Floor 1.00%)	2,483	2,483	2,409
		Tranche B	6/29/2025	9.50%	592	592	533
		Tranche C	6/29/2025	—	565	565	508
		1,051 shares common stock	—	—	—	749	553
Lightbox Intermediate, L.P.	Software & IT services	First Lien	5/9/2026	L+5.00%	6,894	6,846	6,653
LOGIX Holdings Company, LLC	Telecommunications	First Lien	12/23/2024	L+5.75% (Floor 1.00%)	4,443	4,430	3,666
Mills Fleet Farm Group LLC	Consumer products & retail	First Lien	10/24/2024	L+6.25% (Floor 1.00%)	4,491	4,459	4,401
National Credit Care	Consumer services	First Lien - Term Loan A	12/23/2026	L+6.50% (Floor 1.00%)	2,159	2,123	2,144
		First Lien - Term Loan B	12/23/2026	L+7.50% (Floor 1.00%)	2,159	2,123	2,144
NBG Acquisition, Inc.	Wholesale	First Lien	4/26/2024	L+5.50% (Floor 1.00%)	2,606	2,593	847
NinjaTrader, Inc.	Financial services	First Lien	12/18/2024	L+6.25% (Floor 1.00%)	5,000	4,931	4,975
Research Now Group, Inc.	Business services	First Lien	12/20/2024	L+5.50% (Floor 1.00%)	5,889	5,847	4,458
Retail Services WIS Corporation	Business services	First Lien	5/20/2025	L+7.75% (Floor 1.00%)	2,864	2,827	2,807
SIB Holdings, LLC	Business services	First Lien	10/29/2026	L+6.25% (Floor 1.00%)	2,948	2,900	2,859

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost		Fair Value2
Stellant Midco, LLC	Aerospace & defense	First Lien	10/2/2028	SOFR+5.50% (Floor 0.75%)	2,271	2,252		2,135
Tacala, LLC	Consumer products & retail	First Lien	2/5/2027	L+3.50% (Floor 0.75%)	992	950		957
		Second Lien	2/4/2028	L+7.50% (Floor 0.75%)	6,000	5,956		5,468
TEAM Services Group, LLC	Healthcare services	First Lien	12/20/2027	L+5.00% (Floor 1.00%)	6,637	6,597		6,338
UniTek Global Services, Inc.	Telecommunications	First Lien	8/20/2024	SOFR+5.50%, 2.00% PIK (Floor 1.00%)	2,853	2,845		2,692
U.S. TelePacific Corp.	Telecommunications	First Lien	5/1/2026	SOFR+1.00%, 7.25% PIK (Floor 1.00%)	5,532	5,532		2,068
Veregy Consolidated, Inc.	Environmental services	First Lien	11/3/2027	L+6.00% (Floor 1.00%)	1,960	1,956		1,715
Vida Capital, Inc.	Financial services	First Lien	10/1/2026	L+6.00%	3,340	3,308		2,605
Wahoo Fitness Acquisition, LLC	Consumer products & retail	First Lien	8/14/2028	SOFR+5.75% (Floor 1.00%)	4,875	4,751		2,803
YS Garments, LLC	Consumer products & retail	First Lien	8/9/2024	L+5.50% (Floor 1.00%)	4,188	4,172		4,012
Total Investments						$	184,529	$	160,998

1Represents the interest rate as of December 31, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”) or Secured Overnight Financing Rate ("SOFR"), which reset daily, monthly, quarterly, or semiannually. For each investment, the Company has provided the spread over LIBOR, Prime, or SOFR in effect at December 31, 2022. Certain investments are subject to an interest rate floor.

2Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein.

3Investment is on non-accrual status as of December 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

4The investment has approximately $0.4 million in an unfunded revolving loan commitment as of December 31, 2022.

I-45 SLF LLC Loan Portfolio as of March 31, 2022

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal		Cost2		Fair Value3
AAC New Holdco Inc.	Healthcare services	First Lien	6/25/2025	10.00%, 8.00% PIK	$	1,899	$	1,899	$	1,833
		304,075 shares common stock	—	—	—		1,449		1,449
		Warrants (Expiration - December 11, 2025)	—	—	—		482		482
ADS Tactical, Inc.	Aerospace & defense	First Lien	3/19/2026	L+5.75% (Floor 1.00%)	6,394		6,283		6,133
American Teleconferencing Services, Ltd.4	Telecommunications	Revolving Loan	6/30/2022	P+5.50%	1,027		1,021		64
		First Lien	6/8/2023	P+5.50%	5,598		5,566		308
ATX Networks (Toronto) Corporation	Technology products & components	First Lien	9/1/2026	L+7.50% (Floor 1.00%)	2,617		2,610		2,499
		Senior Subordinated Debt	9/1/2028	10.00% PIK	1,081		1,081		729
		196 Class A units	—	—	—		—		—
Burning Glass Intermediate Holding Company, Inc.	Software & IT services	Revolving Loan5	6/10/2028	L+5.00% (Floor 1.00%)	74		67		67
		First Lien	6/10/2028	L+5.00% (Floor 1.00%)	3,189		3,140		3,189
Corel, Inc.	Software & IT services	First Lien	7/2/2026	L+5.00%	6,803		6,650		6,805
Emerald Technologies (U.S.) Acquisitionco, Inc.	Technology products & components	First Lien	12/29/2027	SOFR +6.25% (Floor 1.00%)	3,125		3,063		3,078
Evergreen AcqCo 1 LP	Consumer products & retail	First Lien	4/26/2028	L+5.50% (Floor 0.75%)	4,179		4,142		4,158
Evergreen North America Acquisitions, LLC	Industrial services	First Lien	8/13/2026	L+6.75% (Floor 1.00%)	6,740		6,623		6,740
Geo Parent Corporation	Building & infrastructure products	First Lien	12/19/2025	L+5.25%	6,840		6,809		6,806
GS Operating, LLC	Distribution	First Lien	1/3/2028	SOFR +6.00% (Floor 0.75%)	4,988		4,891		4,988
Infogain Corporation	Software & IT services	First Lien	7/28/2028	L+5.75% (Floor 1.00%)	4,784		4,719		4,769
InfoGroup Inc.	Software & IT services	First Lien	4/3/2023	L+5.00% (Floor 1.00%)	2,850		2,845		2,704
Integro Parent Inc.	Business services	First Lien	10/28/2022	L+5.75% (Floor 1.00%)	3,217		3,209		3,043

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost2	Fair Value3
Intermedia Holdings, Inc.	Software & IT services	First Lien	7/21/2025	L+6.00% (Floor 1.00%)	5,677	5,659	5,638
Inventus Power, Inc.	Technology products & components	First Lien	3/29/2024	SOFR +5.00% (Floor 1.00%)	6,930	6,884	6,791
INW Manufacturing, LLC	Food, agriculture, & beverage	First Lien	3/25/2027	L+5.75% (Floor 0.75%)	2,925	2,867	2,867
Isagenix International, LLC	Consumer products & retail	First Lien	6/14/2025	L+5.75% (Floor 1.00%)	1,685	1,677	1,088
KORE Wireless Group Inc.	Telecommunications	First Lien	12/20/2024	L+5.50%	4,658	4,639	4,640
Lab Logistics, LLC	Healthcare services	First Lien	9/25/2023	L+7.25% (Floor 1.00%)	6,242	6,213	6,242
Lash OpCo, LLC	Consumer products & retail	First Lien	3/18/2026	L+7.00% (Floor 1.00%)	4,988	4,881	4,878
		Delayed Draw Term Loan6	3/18/2026	L+7.00% (Floor 1.00%)	1,187	1,152	1,161
Lift Brands, Inc.	Consumer services	Tranche A	6/29/2025	L+7.50% (Floor 1.00%)	2,502	2,502	2,252
		Tranche B	6/29/2025	9.50% PIK	583	583	437
		Tranche C	6/29/2025	—	565	564	423
		1,051 shares common stock	—	—	—	749	749
Lightbox Intermediate, L.P.	Software & IT services	First Lien	5/9/2026	L+5.00%	4,948	4,914	4,874
LOGIX Holdings Company, LLC	Telecommunications	First Lien	12/23/2024	L+5.75% (Floor 1.00%)	5,826	5,807	5,491
Mills Fleet Farm Group LLC	Consumer products & retail	First Lien	10/24/2024	L+6.25% (Floor 1.00%)	4,623	4,584	4,623
National Credit Care, LLC	Consumer services	First Lien - Term Loan A	12/23/2026	L+6.50% (Floor 1.00%)	2,500	2,453	2,483
		First Lien - Term Loan B	12/23/2026	L+7.50% (Floor 1.00%)	2,500	2,453	2,483
NBG Acquisition, Inc.	Wholesale	First Lien	4/26/2024	L+5.50% (Floor 1.00%)	2,663	2,647	1,807
NinjaTrader, Inc.	Financial services	First Lien	12/18/2024	L+6.25% (Floor 1.00%)	5,000	4,908	5,000
NorthStar Group Services, Inc.	Environmental services	First Lien	11/9/2026	L+5.50% (Floor 1.00%)	2,961	2,948	2,950
Research Now Group, Inc.	Business services	First Lien	12/20/2024	L+5.50% (Floor 1.00%)	4,936	4,936	4,861
Retail Services WIS Corporation	Business services	First Lien	5/20/2025	L+7.75% (Floor 1.00%)	2,959	2,912	2,914

				Current
		Investment	Maturity	Interest
Portfolio Company	Industry	Type	Date	Rate1	Principal	Cost2		Fair Value3
SIB Holdings, LLC	Business services	First Lien	10/29/2026	L+6.00% (Floor 1.00%)	3,000	2,945		2,958
Stellant Midco, LLC	Aerospace & defense	First Lien	10/2/2028	L+5.50% (Floor 0.75%)	2,289	2,267		2,254
Tacala, LLC	Consumer products & retail	Second Lien	2/7/2028	L+7.50% (Floor 0.75%)	5,000	4,991		4,944
TEAM Services Group, LLC	Healthcare services	First Lien	12/20/2027	L+5.00% (Floor 1.00%)	6,687	6,644		6,637
TestEquity, LLC	Capital equipment	First Lien	4/28/2022	L+6.25% (Floor 1.00%)	3,805	3,804		3,805
		First Lien - Term Loan B	4/28/2022	L+6.25% (Floor 1.00%)	942	942		942
UniTek Global Services, Inc.	Telecommunications	First Lien	8/20/2024	L+5.50%, 2.00% PIK (Floor 1.00%)	2,814	2,802		2,627
U.S. TelePacific Corp.	Telecommunications	First Lien	5/1/2026	L+1.00%, 7.25% PIK (Floor 1.00%)	5,239	5,239		3,714
Veregy Consolidated, Inc.	Environmental services	First Lien	11/3/2027	L+6.00% (Floor 1.00%)	1,975	1,970		1,936
Vida Capital, Inc.	Financial services	First Lien	10/1/2026	L+6.00%	3,565	3,531		3,283
Wahoo Fitness Acquisition, LLC	Consumer products & retail	First Lien	8/14/2028	L+5.75% (Floor 1.00%)	4,969	4,833		4,869
YS Garments, LLC	Consumer products & retail	First Lien	8/9/2024	L+5.50% (Floor 1.00%)	4,282	4,265		4,239
Total Investments						$	187,714	$	176,704

1Represents the interest rate as of March 31, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“Prime”) which reset daily, monthly, quarterly, or semiannually.  For each, the Company has provided the spread over LIBOR, SOFR or Prime in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

2Represents amortized cost.

3Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein.

4Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

5The investment has approximately $0.3 million in an unfunded revolving loan commitment as of March 31, 2022.

6The investment has approximately $0.8 million in an unfunded delayed draw term loan commitment as of March 31, 2022.

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SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn January 25, 2023, the Board of Directors declared a total dividend of $0.58 per share, comprised of a regular dividend of $0.53 and a supplemental dividend of $0.05, for the quarter ending March 31, 2023. The record date for the dividend is March 15, 2023. The payment date for the dividend is March 31, 2023.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

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”). 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.

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, 2022 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, 2022 and 2021. Consolidated financial statements prepared on a U.S. GAAP basis 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.

Investments

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, 2022, the Company has 86.5% of its assets 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 ("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

(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 nonqualified acquisition may be subject to excess taxes unless the nonqualified 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.

Investments Investments are stated at fair value and are reviewed and approved by our Board of Directors as described in the Notes to the Consolidated Schedule of Investments and Notes 3 and 4 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.

Investment Valuation Process

The valuation process is led by the finance department in conjunction with the investment team. The process includes a quarterly review of each investment by our executive officers and investment team. Valuations of each portfolio security are prepared quarterly by the finance department using updated financial and other operational information collected by the investment team. Each investment valuation is then subject to review by the executive officers and investment team. In conjunction with the internal valuation process, we have also engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews of certain investments. The third-party valuation firms provide a range of values for selected investments, which is presented to CSWC’s executive officers and then subsequently to the Board of Directors.

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. The Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of CSWC’s investments in accordance with the 1940 Act.

Fair Value Measurements

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 facility approximates fair value (Level 3 input). See Note 4 below for further discussion regarding the fair value measurements and hierarchy.

Cash and Cash Equivalents

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. 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, 2022 and March 31, 2022, cash balances totaling $20.4 million and $10.2 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

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.

Consolidation

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 and SBIC I. All intercompany balances have been eliminated upon consolidation.

Use of Estimates

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 Income

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, 2022, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.4% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost.

To maintain RIC tax treatment, non-cash sources of income such as accretion of interest income may need to be paid out to shareholders in the form of distributions, even though CSWC may not have collected the interest income. For the three and nine months ended December 31, 2022, approximately 3.2% and 3.5%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the three and nine months ended December 31, 2021, approximately 3.4% and 3.6%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction.

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.

Dividends Income

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, 2022, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.4% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost.

To maintain RIC tax treatment, non-cash sources of income such as accretion of interest income may need to be paid out to shareholders in the form of distributions, even though CSWC may not have collected the interest income. For the three and nine months ended December 31, 2022, approximately 3.2% and 3.5%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the three and nine months ended December 31, 2021, approximately 3.4% and 3.6%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction.

Fee 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 and amendment fees, as fee income when earned. In addition, the Company may also 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

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

Debt Issuance Costs Debt issuance costs include commitment fees and other costs related to CSWC’s senior secured credit facility, its unsecured notes (as discussed further in Note 5) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the credit facility have been capitalized and are amortized into interest expense over the term of the 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) and the SBA Debentures.

Deferred Offering Costs Deferred offering costs include registration expenses related to our shelf registration statement and expenses related to the launch of the "at-the-market" ("ATM") program through which we can sell, from time to time, shares of our common stock (the "Equity ATM Program"). These expenses consist primarily of SEC registration fees, legal fees and accounting fees incurred related thereto. These expenses are included in other assets on the Consolidated Statements of Assets and Liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or debt issuance costs, respectively. If there are any deferred offering costs remaining at the expiration of the shelf registration statement, these deferred costs are charged to expense.

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 (as discussed in Note 5)) are recognized as a loss upon extinguishment of the underlying debt obligation).

Leases

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 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

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. 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 for further discussion.

The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is required to pay taxes 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 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 months ended December 31, 2022 and 2021.

Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at our taxable subsidiaries 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 for further discussion.

Stock-Based Compensation

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 Company’s 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 Company's 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

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

Recently Issued or Adopted Accounting Standards

Recently Issued or Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, "Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting." The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and certain lenders. Many of these agreements include an alternative successor rate or language for choosing an alternative successor rate when LIBOR reference is no longer considered to be appropriate. With respect to other agreements, the Company intends to work with its portfolio companies and certain lenders to modify agreements to choose an alternative successor rate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. On December 21, 2022, the FASB issued ASU 2022-06 "Reference rate reform (Topic 848)—Deferral of the Sunset Date of Topic 848," which defers the sunset date of ASC 848 until December 31, 2024. ASU 2022-06 became effective upon issuance. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company does not believe it will have a material impact on its consolidated financial statements or its disclosure and did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the nine months ended December 31, 2022.In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amend a related illustrative example, and (3) introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. 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.

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INVESTMENTS (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
First lien loans1,2	$	954,000	83.0	%	169.9	%	$	968,597	83.5	%
Second lien loans2	35,446		3.1		6.3		44,050		3.8
Subordinated debt3	852		0.1		0.1		754		0.1
Preferred equity	61,283		5.3		10.9		39,416		3.4
Common equity & warrants	50,840		4.4		9.1		30,895		2.7
I-45 SLF LLC4	47,625		4.1		8.5		76,000		6.5
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	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 equity	44,663		4.8		10.6		25,544		2.7
Common equity & warrants	40,514		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 December 31, 2022 and March 31, 2022, the fair value of the first lien last out loans are $51.0 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 December 31, 2022 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $37.2 million and $36.4 million, respectively. As of December 31, 2022 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $20.6 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 December 31, 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 December 31, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
Media & Marketing	$	142,382	12.4	%	25.4	%	$	132,117	11.4	%
Business Services	127,741		11.1		22.7		128,237		11.1
Healthcare Services	108,710		9.5		19.4		123,408		10.6
Consumer Services	90,019		7.8		15.9		89,283		7.7
Consumer Products & Retail	86,771		7.5		15.4		86,298		7.4
Food, Agriculture & Beverage	72,803		6.3		13.0		74,059		6.4
Healthcare Products	67,002		5.8		11.9		67,777		5.8
Technology Products & Components	64,199		5.6		11.4		46,947		4.1
I-45 SLF LLC1	47,625		4.1		8.5		76,000		6.6
Transportation & Logistics	41,939		3.7		7.5		35,923		3.1
Financial Services	40,418		3.5		7.2		31,019		2.7
Software & IT Services	38,572		3.4		6.9		39,844		3.4
Distribution	34,100		3.0		6.1		35,904		3.1
Education	26,426		2.3		4.7		26,046		2.2
Industrial Services	26,233		2.3		4.7		25,900		2.2
Industrial Products	22,387		2.0		4.0		18,839		1.6
Energy Services (Midstream)	22,355		1.9		4.0		23,014		2.0
Environmental Services	19,592		1.7		3.5		24,920		2.2
Specialty Chemicals	17,884		1.6		3.2		17,559		1.5
Telecommunications	17,776		1.5		3.2		21,829		1.9
Energy Services (Upstream)	17,775		1.5		3.2		17,426		1.5
Containers & Packaging	10,537		0.9		1.8		10,672		0.9
Aerospace & Defense	6,800		0.6		1.2		6,691		0.6
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	100.0	%

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
March 31, 2022:
Business Services	$	123,697	13.2	%	29.4	%	$	124,860	13.3	%
Consumer Products & Retail	90,457		9.7		21.5		88,375		9.4
Healthcare Services	88,131		9.4		21.0		96,946		10.3
Consumer Services	71,730		7.7		17.0		71,203		7.6
I-45 SLF LLC1	57,603		6.2		13.7		76,000		8.1
Distribution	54,798		5.9		13.0		54,035		5.8
Food, Agriculture & Beverage	48,876		5.2		11.6		47,057		5.0
Media & Marketing	43,463		4.6		10.3		33,049		3.5
Financial Services	39,305		4.2		9.3		31,229		3.3
Technology Products & Components	37,047		4.0		8.8		30,440		3.3
Transportation & Logistics	34,038		3.6		8.1		29,513		3.1
Software & IT Services	33,414		3.6		7.9		34,866		3.7
Education	32,072		3.4		7.6		32,119		3.4
Healthcare Products	32,054		3.4		7.6		33,018		3.5
Environmental Services	20,641		2.2		4.9		23,108		2.5
Telecommunications	18,736		2.0		4.5		22,341		2.4
Energy Services (Upstream)	17,910		1.9		4.3		17,500		1.9
Specialty Chemicals	17,749		1.9		4.2		17,640		1.9
Industrial Products	13,891		1.5		3.3		13,901		1.5
Energy Services (Midstream)	13,465		1.4		3.2		13,582		1.5
Industrial Services	11,614		1.2		2.8		11,451		1.2
Commodities & Mining	10,877		1.2		2.6		11,135		1.2
Containers & Packaging	10,671		1.1		2.5		10,723		1.1
Aerospace & Defense	6,800		0.7		1.6		6,672		0.7
Restaurants	5,367		0.6		1.3		4,556		0.5
Paper & Forest Products	2,208		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 December 31, 2022 and March 31, 2022:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
December 31, 2022:
Southeast	$	239,539	20.8	%	42.7	%	$	236,922	20.4	%
Northeast	230,643		20.1		41.1		222,894		19.2
West	228,254		19.8		40.6		223,761		19.3
Southwest	222,872		19.4		39.7		218,712		18.8
Midwest	155,675		13.6		27.7		157,333		13.6
I-45 SLF LLC1	47,625		4.1		8.5		76,000		6.6
International	25,438		2.2		4.5		24,090		2.1
	$	1,150,046	100.0	%	204.8	%	$	1,159,712	100.0	%
March 31, 2022:
Northeast	$	225,578	24.1	%	53.6	%	$	221,780	23.6	%
Southwest	206,057		22.0		49.0		204,443		21.8
West	163,924		17.5		38.9		153,292		16.3
Southeast	136,588		14.6		32.5		138,929		14.9
Midwest	132,308		14.1		31.4		129,354		13.8
I-45 SLF LLC1	57,603		6.1		13.7		76,000		8.1
International	14,556		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.

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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule Investment Portfolio by Level

The following fair value hierarchy tables set forth our investment portfolio by level as of December 31, 2022 and March 31, 2022 (in thousands):

			Fair Value Measurements
			at December 31, 2022 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien loans	$	954,000	$	—	$	—	$	954,000
Second lien loans	35,446		—		—		35,446
Subordinated debt	852		—		—		852
Preferred equity	61,283		—		—		61,283
Common equity & warrants	50,840		—		—		50,840
Investments measured at net asset value1	47,625		—		—		—
Total Investments	$	1,150,046	$	—	$	—	$	1,102,421

			Fair Value Measurements
			at March 31, 2022 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien loans	$	739,872	$	—	$	—	$	739,872
Second lien loans	52,645		—		—		52,645
Subordinated debt	1,317		—		—		1,317
Preferred equity	44,663		—		—		44,663
Common equity & warrants	40,514		—		—		40,514
Investments measured at net asset value1	57,603		—		—		—
Total Investments	$	936,614	$	—	$	—	$	879,011

1Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For the investment valued at NAV per share at December 31, 2022 and March 31, 2022, the redemption restrictions dictate that we cannot withdraw our membership interest without unanimous approval. We are permitted to sell or transfer our membership interest and must deliver written notice of such transfer to the other member no later than 60 business days prior to the sale or transfer.

Schedule of Valuation Techniques and Significant Level 3 Inputs

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, 2022 and March 31, 2022. 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 at		Significant
	Valuation	December 31, 2022		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	865,983	Discount Rate	6.9% - 38.1%	13.2%
				Third Party Broker Quote	5.6 - 98.5	95.5
	Market Approach	88,017		Cost	98.0 - 99.5	98.2
				Exit Value	75.0 - 100.0	95.7
Second lien loans	Income Approach	33,071		Discount Rate	14.2% - 29.0%	21.9%
				Third Party Broker Quote	66.0 - 66.0	66.0
	Market Approach	2,375		Exit Value	45.6 - 45.6	45.6
Subordinated debt	Market Approach	581		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	271		EBITDA Multiple	7.6x - 7.6x	7.6x
				Discount Rate	21.0% - 21.0%	21.0%
Preferred equity	Enterprise Value Waterfall Approach	61,283		EBITDA Multiple	4.7x - 17.1x	10.1x
				Discount Rate	12.6% - 30.1%	18.6%
Common equity & warrants	Enterprise Value Waterfall Approach	48,225		EBITDA Multiple	5.5x - 11.0x	9.3x
				Discount Rate	11.3% - 78.4%	16.8%
	Market Approach	2,615		Cost	100.0 - 100.0	100.0
Total Level 3 Investments		$	1,102,421

		Fair Value at		Significant
	Valuation	March 31, 2022		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	645,034	Discount Rate	7.3% - 30.6%	10.7%
				Third Party Broker Quote	5.5 - 96.5	93.2
	Market Approach	94,838		Cost	80.2 - 99.0	98.1
				Exit Value	100.0 - 102.0	101.8
Second lien loans	Income Approach	49,541		Discount Rate	10.3% - 37.8%	15.4%
				Third Party Broker Quote	97.3 - 97.3	97.3
	Enterprise Value Waterfall Approach	3,104		EBITDA Multiple	8.3x - 8.3x	8.3x
				Discount Rate	22.1% - 22.1%	22.1%
Subordinated debt	Income Approach	650		Discount Rate	27.4% - 27.4%	27.4%
	Market Approach	172		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	495		EBITDA Multiple	8.1x - 8.1x	8.1x
				Discount Rate	20.5% - 20.5%	20.5
Preferred equity	Enterprise Value Waterfall Approach	41,563		EBITDA Multiple	6.9x - 18.8x	10.6x
				Discount Rate	12.5% - 40.8%	17.8%
	Market Approach	3,100		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	36,667		EBITDA Multiple	4.2x - 11.4x	8.5x
				Discount Rate	10.1% - 32.2%	18.1%
	Market Approach	1,757		Exit Value	351.4 - 351.4	351.4
	Income Approach	2,090		Third Party Broker Quote	158.7 - 158.7	158.7
Total Level 3 Investments		$	879,011

Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs

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, 2022 and 2021 (in thousands):

	Fair Value March 31, 2022		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Reclassification of Security		Fair Value December 31, 2022		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	739,872	$	(14,263)	$	335,069	$	(96,475)	$	3,512	$	—	$	(13,715)	$	954,000	$	(10,201)
Second lien loans	52,645		(7,512)		2,930		(12,239)		314		(692)		—		35,446		(6,307)
Subordinated debt	1,317		(328)		385		—		65		—		(587)		852		(224)
Preferred equity	44,663		(1,253)		3,571		—		—		—		14,302		61,283		1,840
Common equity & warrants	40,514		8,670		4,320		—		—		(2,664)		—		50,840		9,853
Total Investments	$	879,011	$	(14,686)	$	346,275	$	(108,714)	$	3,891	$	(3,356)	$	—	$	1,102,421	$	(5,039)
	Fair Value March 31, 2021		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Reclassification of Security		Fair Value December 31, 2021		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	524,161	$	(998)	$	378,164	$	(219,454)	$	1,994	$	—	$	(4,683)	$	679,184	$	(2,515)
Second lien loans	36,919		(1,791)		18,841		(7,152)		1,079		(53)		5,208		53,051		(2,165)
Subordinated debt	11,534		165		270		—		477		—		—		12,446		165
Preferred equity	22,608		7,796		7,511		—		—		—		(525)		37,390		7,271
Common equity & warrants	36,052		8,677		4,257		—		—		(11,881)		—		37,105		4,042
Total Investments	$	631,274	$	13,849	$	409,043	$	(226,606)	$	3,550	$	(11,934)	$	—	$	819,176	$	6,798

1Includes purchases of new investments, as well as discount accretion on existing investments.

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BORROWINGS (Tables)

9 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

The Company had the following borrowings outstanding as of December 31, 2022 and March 31, 2022 (amounts in thousands):

December 31, 2022	Outstanding Balance		Unamortized Debt Issuance Costs and Debt Discount/Premium		Recorded Value
SBA Debentures	$	104,000	$	(3,418)	$	100,582
Credit Facility	225,000		—		225,000
January 2026 Notes	140,000		(1,033)		138,967
October 2026 Notes	150,000		(2,922)		147,078
	$	619,000	$	(7,373)	$	611,627
March 31, 2022
SBA Debentures	$	40,000	$	(1,648)	$	38,352
Credit Facility	205,000		—		205,000
January 2026 Notes	140,000		(1,286)		138,714
October 2026 Notes	150,000		(3,478)		146,522
	$	535,000	$	(6,412)	$	528,588

Schedule of Issued and Outstanding SBA Debentures

As of December 31, 2022, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands):

Pooling Date (1)	Maturity Date	Fixed Interest Rate	December 31, 2022
9/22/2021	9/1/2031	1.575%	$	15,000
3/23/2022	3/1/2032	3.209%	25,000
9/21/2022	9/1/2032	4.533%	40,000
(2)	(2)	(2)	24,000
			$	104,000

(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 $24.0 million in SBA Debentures that will pool in March 2023. Until the pooling date, the SBA Debentures bear interest at a fixed rate with a weighted-average interim interest rate of 5.14%.

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INCOME TAXES (Tables)

9 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Book and Tax Basis Differences Relating to Dividends and Distributions

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 nine months ended December 31, 2022 and 2021, 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,
	2022		2021
Additional capital	$	(5,126)	$	(6,255)
Total distributable earnings	5,126		6,255

Schedule of Distributions

The tax character of distributions paid for the years ended December 31, 2022 and 2021 was as follows (amounts in thousands):

	Twelve Months Ended December 31,
	2022		2021
Ordinary income	$	60,960	$	56,633
Distributions of long term capital gains	—		—
Distributions on tax basis	$	60,960	$	56,633

Schedule of Net Assets Resulting from Operations to Estimated RIC Taxable Income

The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the nine months ended December 31, 2022 and 2021:

	Nine Months Ended December 31,
Reconciliation of RIC Distributable Income1	2022		2021
Net increase in net assets from operations	$	14,917	$	23,146
Net unrealized depreciation (appreciation) on investments	13,989		(4,306)
Income/gain (expense/loss) recognized for tax on pass-through entities	10		1,558
(Gain) loss recognized on dispositions	(1,473)		329
Capital loss carryover2	14,454		308
Net operating income - wholly-owned subsidiary	1,071		(9,186)
Dividend income from wholly-owned subsidiary	1,068		—
Non-deductible tax expense	466		191
Loss on extinguishment of debt	—		12,950
Non-deductible compensation	2,443		2,688
Compensation related book/tax differences	(1,471)		2,542
Other book/tax differences	1,839		3,518
Estimated distributable income before deductions for distributions	$	47,313	$	33,738

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, 2022, the Company had long-term capital loss carryforwards of $31.9 million to offset future capital gains. These capital loss carryforwards are not subject to expiration.

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the significant components of the deferred tax assets and liabilities as of December 31, 2022 and March 31, 2022 (amounts in thousands):

	December 31, 2022		March 31, 2022
Deferred tax asset:
Net operating loss carryforwards	$	—	$	—
Interest	220		185
Total deferred tax asset	220		185
Deferred tax liabilities:
Net unrealized appreciation on investments	(10,911)		(4,899)
Net basis differences in portfolio investments	(736)		(1,033)
Total deferred tax liabilities	(11,647)		(5,932)
Total net deferred tax (liabilities) assets	$	(11,427)	$	(5,747)

Schedule of Significant Components of Income Tax Provision

The following table sets forth the significant components of income tax provision as of December 31, 2022 and 2021 (amounts in thousands):

	Nine Months Ended December 31,
Components of Income Tax Provision	2022		2021
Excise tax	$	468	$	191
Tax (benefit) provision related to Taxable Subsidiary	(488)		457
Total income tax (benefit) provision	$	(20)	$	648

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SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Shares Sold

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

	Three Months Ended December 31,
	2022		2021
Number of shares sold	3,264,878		616,156
Gross proceeds received (in thousands)	$	58,324	$	16,000
Net proceeds received (in thousands)1	$	57,449	$	15,760
Weighted average price per share	$	17.86	$	25.97
	Nine Months Ended December 31,
	2022		2021
Number of shares sold	6,909,446		2,834,734
Gross proceeds received (in thousands)	$	131,990	$	74,463
Net proceeds received (in thousands)1	$	130,010	$	73,347
Weighted average price per share	$	19.10	$	26.27

1Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold and offering expenses. As of December 31, 2022, $2.7 million remained receivable and is included in other receivables in the Consolidated Statement of Assets and Liabilities. As of December 31, 2021, no proceeds remained receivable.

Summary of Share Repurchases

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

	Three Months Ended December 31,
	2022		2021
Number of shares repurchased	19,917		31,492
Aggregate cost of shares repurchased (in thousands)	$	380	$	862
Weighted average price per share	$	19.09	$	27.38
	Nine Months Ended December 31,
	2022		2021
Number of shares repurchased	49,590		52,124
Aggregate cost of shares repurchased (in thousands)	$	1,021	$	1,408
Weighted average price per share	$	20.59	$	27.01

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STOCK BASED COMPENSATION PLANS (Tables)

9 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Outstanding

The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of December 31, 2022:

		Weighted Average		Weighted Average
		Fair Value Per		Remaining Vesting
Restricted Stock Awards	Number of Shares	Share at grant date		Term (in Years)
Unvested at March 31, 2022	395,993	$	21.48	2.4
Granted	199,042	21.25		3.4
Vested	(148,774)	20.49		—
Forfeited	(4,925)	23.52		—
Unvested at December 31, 2022	441,336	$	21.48	2.6

The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of December 31, 2022:

		Weighted Average		Weighted Average
		Fair Value Per		Remaining Vesting
Restricted Stock Awards	Number of Shares	Share at grant date		Term (in Years)
Unvested at March 31, 2022	—	$	—	0
Granted	12,105	20.66		0.6
Vested	—	—		—
Forfeited	—	—		—
Unvested at December 31, 2022	12,105	$	20.66	0.6

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COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Unused Commitments to Extend Credit

The balances of unused commitments to extend financing as of December 31, 2022 and March 31, 2022 were as follows (amounts in thousands):

	December 31,		March 31,
Portfolio Company	2022		2022
Revolving Loans
Acacia BuyerCo V LLC	$	2,000	$	—
Acceleration, LLC	5,000		—
Air Conditioning Specialist, Inc.	1,000		1,000
American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.)	148		117
ArborWorks, LLC	1,000		3,000
ATS Operating, LLC	2,500		1,500
Cadmium, LLC	—		308
Catbird NYC, LLC	4,000		4,000
Central Medical Supply LLC	1,200		1,200
Dynamic Communities, LLC	—		500
Exact Borrower, LLC	2,500		—
Fast Sandwich, LLC	—		3,100
FM Sylvan, Inc.	10,000		—
Gains Intermediate, LLC	2,500		—
GrammaTech, Inc.	2,500		2,500
GS Operating, LLC	—		1,540
Gulf Pacific Acquisition, LLC	757		—
ISI Enterprises, LLC	1,200		1,200
ITA Holdings Group, LLC	—		1,250
Klein Hersh, LLC	—		938
Lash OpCo, LLC	247		481
Lighting Retrofit International, LLC (DBA Envocore)	2,083		2,083
Lightning Intermediate II, LLC	1,852		—
Mako Steel LP	283		943
Microbe Formulas LLC	1,627		—
Muenster Milling Company, LLC	7,000		5,000
NeuroPsychiatric Hospitals, LLC	600		600
New Skinny Mixes, LLC	4,000		—
NinjaTrader, Inc.	2,500		2,500
NWN Parent Holdings, LLC	90		1,380
Opco Borrower, LLC (DBA Giving Home Health Care)	667		—
Outerbox, LLC	2,000		—

	December 31,	March 31,
Portfolio Company	2022	2022
Pipeline Technique Ltd.	3,333	—
Roof OpCo, LLC	1,833	3,056
Roseland Management, LLC	1,425	1,425
RTIC Subsidiary Holdings LLC	822	—
Shearwater Research, Inc.	2,446	2,446
SIB Holdings, LLC	205	655
South Coast Terminals LLC	1,935	1,935
Spotlight AR, LLC	2,000	2,000
Student Resource Center, LLC	—	1,333
Systec Corporation (DBA Inspire Automation)	1,500	1,150
Versicare Management LLC	2,500	—
Wall Street Prep, Inc.	1,000	1,000
Well-Foam, Inc.	4,500	4,500
Winter Services Operations, LLC	4,444	2,000
Zenfolio Inc.	—	1,000
Total Revolving Loans	87,197	57,640
Delayed Draw Term Loans
Acacia BuyerCo V LLC	10,000	—
Acceleration, LLC	5,000	—
Central Medical Supply LLC	1,400	1,400
CityVet Inc.	—	7,000
Exact Borrower, LLC	2,500	—
Flip Electronics, LLC	—	2,818
FoodPharma Subsidiary Holdings, LLC	—	5,470
Gains Intermediate, LLC	17,000	—
GS Operating, LLC	—	3,205
Gulf Pacific Acquisition, LLC	1,515	—
Infolinks Media Buyco, LLC	2,250	2,250
KMS, LLC	2,286	4,571
Lash OpCo, LLC	—	2,846
Muenster Milling Company, LLC	—	6,000
NeuroPsychiatric Hospitals, LLC	—	10,000
New Skinny Mixes, LLC	3,000	—
NinjaTrader, Inc.	4,692	4,692
Roof OpCo, LLC	—	4,644
Shearwater Research, Inc.	—	3,262
SIB Holdings, LLC	—	1,871
STATinMED, LLC	119	—
Systec Corporation (DBA Inspire Automation)	3,000	3,000
US CourtScript Holdings, Inc.	5,000	—
Versicare Management LLC	5,000	—
Winter Services Operations, LLC	4,444	4,444
Zips Car Wash, LLC - B	—	3,801

	December 31,		March 31,
Portfolio Company	2022		2022
Total Delayed Draw Term Loans	67,206		71,274
Other
Catbird NYC, LLC	125		125
Infolinks Media Buyco, LLC	412		412
I-45 SLF LLC	4,800		4,800
Total Other	5,337		5,337
Total unused commitments to extend financing	$	159,740	$	134,251

Schedule of Future Minimum Payments

The following table shows future minimum payments under the Company's operating leases as of December 31, 2022 (in thousands):

Year ending March 31,	Rent Commitment
2023	$	92
2024	406
2025	416
2026	426
2027	436
Thereafter	2,578
Total	$	4,354

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SUMMARY OF PER SHARE INFORMATION (Tables)

9 Months Ended

Dec. 31, 2022

Investment Company [Abstract]

Summary of Per Share Data

The following presents a summary of per share data for the three and nine months ended December 31, 2022 and 2021 (share amounts presented in thousands).

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
Per Share Data:	2022			2021			2022			2021
Investment income1	$	1.04		$	0.95		$	2.90		$	2.73
Operating expenses1	(0.44)			(0.44)			(1.26)			(1.33)
Income taxes1	0.02			—			—			(0.03)
Net investment income1	0.62			0.51			1.64			1.37
Net realized (loss) gain, net of tax1	(0.36)			0.12			(0.62)			0.23
Net unrealized appreciation (depreciation) on investments, net of tax1	(0.17)			(0.09)			(0.49)			0.19
Realized loss on extinguishment of debt1	—			—			—			(0.76)
Total increase (decrease) from investment operations	0.09			0.54			0.53			1.03
Accretive effect of share issuances and repurchases	0.17			0.24			0.43			1.17
Dividends to shareholders	(0.57)			(0.97)			(1.70)			(2.04)
Issuance of restricted stock1,2	—			—			(0.14)			(0.10)
Common stock withheld for payroll taxes upon vesting of restricted stock	—			(0.01)			(0.01)			(0.03)
Share based compensation expense	0.03			0.04			0.10			0.12
Other3	—			(0.01)			0.18			0.03
(Decrease) increase in net asset value	(0.28)			(0.17)			(0.61)			0.18
Net asset value
Beginning of period	16.53			16.36			16.86			16.01
End of period	$	16.25		$	16.19		$	16.25		$	16.19
Ratios and Supplemental Data
Ratio of operating expenses to average net assets4	2.69		%	2.71		%	7.56		%	8.09		%
Ratio of net investment income to average net assets4	3.71		%	3.08		%	9.78		%	8.31		%
Portfolio turnover	2.19		%	19.44		%	11.04		%	30.11		%
Total investment return4,5	4.31		%	4.25		%	(20.95)		%	23.51		%
Total return based on change in NAV4,6	1.75		%	4.89		%	6.47		%	13.87		%
Per share market value at the end of the period	$	17.10		$	25.28		$	17.10		$	25.28
Weighted-average basic and diluted shares outstanding	31,381			23,433			28,304			22,394
Common shares outstanding at end of period	34,559			23,926			34,559			23,926

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.

4Not annualized.

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. 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.

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SIGNIFICANT SUBSIDIARIES (Tables)

9 Months Ended

Dec. 31, 2022

Investment Company [Abstract]

Summary of Subsidiary Financial Information

Below is certain summarized financial information for I-45 SLF LLC as of December 31, 2022 and March 31, 2022 and for the three and nine months ended December 31, 2022 and 2021 (amounts in thousands):

	December 31, 2022		March 31, 2022
Selected Balance Sheet Information:
Investments, at fair value (cost $184,529 and $187,714)	$	160,998	$	176,704
Cash and cash equivalents	2,794		9,949
Interest receivable	1,343		850
Accounts receivable	269		123
Deferred financing costs and other assets	831		1,518
Total assets	$	166,235	$	189,144
Senior credit facility payable	$	104,000	$	114,500
Other liabilities	2,654		2,596
Total liabilities	$	106,654	$	117,096
Members’ equity	59,581		72,048
Total liabilities and members' equity	$	166,235	$	189,144

	Three Months Ended				Nine Months Ended
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Selected Statement of Operations Information:
Total revenues	$	4,648	$	3,114	$	12,217	$	9,262
Total expenses	(2,195)		(1,023)		(5,253)		(3,041)
Net investment income	2,453		2,091		6,964		6,221
Net unrealized depreciation	(4,031)		(2,405)		(12,522)		(3,603)
Net realized (losses) gains	(29)		58		42		231
Net (decrease) increase in members’ equity resulting from operations	$	(1,607)	$	(256)	$	(5,516)	$	2,849

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ORGANIZATION AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Qualifying assets	86.50%
Nonqualified assets	11.20%
LMM | Minimum
Schedule of Investments [Line Items]
Target company, annual EBITDA	$ 3,000,000
Target investment	5,000,000
LMM | Maximum
Schedule of Investments [Line Items]
Target company, annual EBITDA	20,000,000
Target investment	35,000,000
UMM | Minimum
Schedule of Investments [Line Items]
Target company, annual EBITDA	20,000,000
Target investment	5,000,000
UMM | Maximum
Schedule of Investments [Line Items]
Target investment	$ 20,000,000

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)		3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 18, 2011	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($) investment	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($) investment	Mar. 31, 2022 USD ($)
Accounting Policies [Abstract]
FDIC uninsured amount		$ 20,400,000		$ 20,400,000		$ 10,200,000
Concentration Risk [Line Items]
Non-cash interest income percent		3.20%	3.40%	3.50%	3.60%
Number of PIK investments | investment		3	2	3	2
Non-cash PIK interest income percent		4.60%	3.60%	4.40%	4.40%
Remaining lease term		9 years 9 months 18 days		9 years 9 months 18 days
Interest or penalties expense		$ 0	$ 0	$ 0	$ 0
Right to grant period	10 years
Percentage of Total Portfolio at Fair Value | Credit Concentration Risk | Investment Owned, Non-accrual Status
Concentration Risk [Line Items]
Percentage of Total Portfolio				0.30%		1.50%
Percentage of Total Portfolio at Cost | Credit Concentration Risk | Investment Owned, Non-accrual Status
Concentration Risk [Line Items]
Percentage of Total Portfolio				1.40%		2.60%

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INVESTMENTS - Investment Portfolio, at Fair Value and Cost (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Dec. 31, 2022		Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 1,150,046	[1],[2],[3]	$ 936,614	[4],[5],[6]
Percent of net assets	204.80%	[1],[2]	222.50%
Cost	$ 1,159,712	[1],[2],[7],[8]	$ 938,303	[4],[5],[9],[10]
Percentage of Total Portfolio at Fair Value | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	100.00%		100.00%
Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	100.00%		100.00%
Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	100.00%		100.00%
Percentage of Total Portfolio at Cost | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	100.00%		100.00%
Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	100.00%		100.00%
Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	100.00%		100.00%
First lien loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 954,000		$ 739,872
Percent of net assets	169.90%		175.80%
Cost	$ 968,597		$ 745,290
First lien loans | Percentage of Total Portfolio at Fair Value | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	83.00%		79.00%
First lien loans | Percentage of Total Portfolio at Cost | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	83.50%		79.40%
Second lien loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 35,446		$ 52,645
Percent of net assets	6.30%		12.50%
Cost	$ 44,050		$ 55,976
Second lien loans | Percentage of Total Portfolio at Fair Value | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.10%		5.60%
Second lien loans | Percentage of Total Portfolio at Cost | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.80%		6.00%
Subordinated debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 852		$ 1,317
Percent of net assets	0.10%		0.30%
Cost	$ 754		$ 994
Subordinated debt | Percentage of Total Portfolio at Fair Value | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	0.10%		0.10%
Subordinated debt | Percentage of Total Portfolio at Cost | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	0.10%		0.10%
Preferred equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 61,283		$ 44,663
Percent of net assets	10.90%		10.60%
Cost	$ 39,416		$ 25,544
Preferred equity | Percentage of Total Portfolio at Fair Value | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	5.30%		4.80%
Preferred equity | Percentage of Total Portfolio at Cost | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.40%		2.70%
Common equity & warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 50,840		$ 40,514
Percent of net assets	9.10%		9.60%
Cost	$ 30,895		$ 34,499
Common equity & warrants | Percentage of Total Portfolio at Fair Value | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	4.40%		4.30%
Common equity & warrants | Percentage of Total Portfolio at Cost | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.70%		3.70%
I-45 SLF LLC
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 47,625		$ 57,603
Percent of net assets	8.50%		13.70%
Cost	$ 76,000		$ 76,000
I-45 SLF LLC | Percentage of Total Portfolio at Fair Value | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	4.10%		6.20%
I-45 SLF LLC | Percentage of Total Portfolio at Cost | Investment Type
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	6.50%		8.10%
Southeast
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 239,539		$ 136,588
Percent of net assets	42.70%		32.50%
Cost	$ 236,922		$ 138,929
Southeast | Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	20.80%		14.60%
Southeast | Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	20.40%		14.90%
Northeast
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 230,643		$ 225,578
Percent of net assets	41.10%		53.60%
Cost	$ 222,894		$ 221,780
Northeast | Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	20.10%		24.10%
Northeast | Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	19.20%		23.60%
West
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 228,254		$ 163,924
Percent of net assets	40.60%		38.90%
Cost	$ 223,761		$ 153,292
West | Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	19.80%		17.50%
West | Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	19.30%		16.30%
Southwest
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 222,872		$ 206,057
Percent of net assets	39.70%		49.00%
Cost	$ 218,712		$ 204,443
Southwest | Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	19.40%		22.00%
Southwest | Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	18.80%		21.80%
Midwest
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 155,675		$ 132,308
Percent of net assets	27.70%		31.40%
Cost	$ 157,333		$ 129,354
Midwest | Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	13.60%		14.10%
Midwest | Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	13.60%		13.80%
I-45 SLF LLC
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 47,625		$ 57,603
Percent of net assets	8.50%		13.70%
Cost	$ 76,000		$ 76,000
I-45 SLF LLC | Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	4.10%		6.10%
I-45 SLF LLC | Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	6.60%		8.10%
International
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 25,438		$ 14,556
Percent of net assets	4.50%		3.40%
Cost	$ 24,090		$ 14,505
International | Percentage of Total Portfolio at Fair Value | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.20%		1.60%
International | Percentage of Total Portfolio at Cost | Geographic
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.10%		1.50%
Media & Marketing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 142,382		$ 43,463
Percent of net assets	25.40%		10.30%
Cost	$ 132,117		$ 33,049
Media & Marketing | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	12.40%		4.60%
Media & Marketing | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	11.40%		3.50%
Business Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 127,741		$ 123,697
Percent of net assets	22.70%		29.40%
Cost	$ 128,237		$ 124,860
Business Services | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	11.10%		13.20%
Business Services | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	11.10%		13.30%
Healthcare Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 108,710		$ 88,131
Percent of net assets	19.40%		21.00%
Cost	$ 123,408		$ 96,946
Healthcare Services | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	9.50%		9.40%
Healthcare Services | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	10.60%		10.30%
Consumer Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 90,019		$ 71,730
Percent of net assets	15.90%		17.00%
Cost	$ 89,283		$ 71,203
Consumer Services | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	7.80%		7.70%
Consumer Services | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	7.70%		7.60%
Consumer Products & Retail
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 86,771		$ 90,457
Percent of net assets	15.40%		21.50%
Cost	$ 86,298		$ 88,375
Consumer Products & Retail | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	7.50%		9.70%
Consumer Products & Retail | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	7.40%		9.40%
Food, Agriculture & Beverage
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 72,803		$ 48,876
Percent of net assets	13.00%		11.60%
Cost	$ 74,059		$ 47,057
Food, Agriculture & Beverage | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	6.30%		5.20%
Food, Agriculture & Beverage | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	6.40%		5.00%
Healthcare Products
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 67,002		$ 32,054
Percent of net assets	11.90%		7.60%
Cost	$ 67,777		$ 33,018
Healthcare Products | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	5.80%		3.40%
Healthcare Products | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	5.80%		3.50%
Technology Products & Components
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 64,199		$ 37,047
Percent of net assets	11.40%		8.80%
Cost	$ 46,947		$ 30,440
Technology Products & Components | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	5.60%		4.00%
Technology Products & Components | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	4.10%		3.30%
I-45 SLF LLC
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 47,625		$ 57,603
Percent of net assets	8.50%		13.70%
Cost	$ 76,000		$ 76,000
I-45 SLF LLC | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	4.10%		6.20%
I-45 SLF LLC | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	6.60%		8.10%
Transportation & Logistics
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 41,939		$ 34,038
Percent of net assets	7.50%		8.10%
Cost	$ 35,923		$ 29,513
Transportation & Logistics | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.70%		3.60%
Transportation & Logistics | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.10%		3.10%
Financial Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 40,418		$ 39,305
Percent of net assets	7.20%		9.30%
Cost	$ 31,019		$ 31,229
Financial Services | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.50%		4.20%
Financial Services | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.70%		3.30%
Software & IT Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 38,572		$ 33,414
Percent of net assets	6.90%		7.90%
Cost	$ 39,844		$ 34,866
Software & IT Services | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.40%		3.60%
Software & IT Services | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.40%		3.70%
Distribution
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 34,100		$ 54,798
Percent of net assets	6.10%		13.00%
Cost	$ 35,904		$ 54,035
Distribution | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.00%		5.90%
Distribution | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	3.10%		5.80%
Education
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 26,426		$ 32,072
Percent of net assets	4.70%		7.60%
Cost	$ 26,046		$ 32,119
Education | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.30%		3.40%
Education | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.20%		3.40%
Industrial Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 26,233		$ 11,614
Percent of net assets	4.70%		2.80%
Cost	$ 25,900		$ 11,451
Industrial Services | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.30%		1.20%
Industrial Services | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.20%		1.20%
Industrial Products
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 22,387		$ 13,891
Percent of net assets	4.00%		3.30%
Cost	$ 18,839		$ 13,901
Industrial Products | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.00%		1.50%
Industrial Products | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.60%		1.50%
Energy Services (Midstream)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 22,355		$ 13,465
Percent of net assets	4.00%		3.20%
Cost	$ 23,014		$ 13,582
Energy Services (Midstream) | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.90%		1.40%
Energy Services (Midstream) | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.00%		1.50%
Environmental Services
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 19,592		$ 20,641
Percent of net assets	3.50%		4.90%
Cost	$ 24,920		$ 23,108
Environmental Services | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.70%		2.20%
Environmental Services | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	2.20%		2.50%
Specialty Chemicals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 17,884		$ 17,749
Percent of net assets	3.20%		4.20%
Cost	$ 17,559		$ 17,640
Specialty Chemicals | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.60%		1.90%
Specialty Chemicals | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.50%		1.90%
Telecommunications
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 17,776		$ 18,736
Percent of net assets	3.20%		4.50%
Cost	$ 21,829		$ 22,341
Telecommunications | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.50%		2.00%
Telecommunications | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.90%		2.40%
Energy Services (Upstream)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 17,775		$ 17,910
Percent of net assets	3.20%		4.30%
Cost	$ 17,426		$ 17,500
Energy Services (Upstream) | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.50%		1.90%
Energy Services (Upstream) | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	1.50%		1.90%
Containers & Packaging
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 10,537		$ 10,671
Percent of net assets	1.80%		2.50%
Cost	$ 10,672		$ 10,723
Containers & Packaging | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	0.90%		1.10%
Containers & Packaging | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	0.90%		1.10%
Aerospace & Defense
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 6,800		$ 6,800
Percent of net assets	1.20%		1.60%
Cost	$ 6,691		$ 6,672
Aerospace & Defense | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	0.60%		0.70%
Aerospace & Defense | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio	0.60%		0.70%
Commodities & Mining
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value			$ 10,877
Percent of net assets			2.60%
Cost			$ 11,135
Commodities & Mining | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio			1.20%
Commodities & Mining | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio			1.20%
Restaurants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value			$ 5,367
Percent of net assets			1.30%
Cost			$ 4,556
Restaurants | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio			0.60%
Restaurants | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio			0.50%
Paper & Forest Products
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value			$ 2,208
Percent of net assets			0.50%
Cost			$ 2,984
Paper & Forest Products | Percentage of Total Portfolio at Fair Value | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio			0.20%
Paper & Forest Products | Percentage of Total Portfolio at Cost | Industry
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of Total Portfolio			0.30%
First lien last out loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 51,000		$ 38,600
Split lien term loans included in first lien loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	37,200		36,400
Split lien term loans included in second lien loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	20,600		33,900
Unsecured convertible Note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 500		$ 700

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] 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.

[3] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[4] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[5] 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.

[6] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

[7] As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.

[8] Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[9] As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.

[10] Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

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FAIR VALUE MEASUREMENTS - Narrative (Details)	Dec. 31, 2022	Mar. 31, 2022
Privately held debt and equity instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percent of investment assets	100.00%	100.00%

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FAIR VALUE MEASUREMENTS - Schedule Investment Portfolio by Level (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022		Mar. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	$ 1,150,046	[1],[2],[3]	$ 936,614	[4],[5],[6]
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	1,102,421
Total Investments			879,011
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	1,150,046		936,614
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	1,102,421		879,011
Recurring | Net Asset Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments measured at net asset value	$ 47,625		57,603
Prior notice period to sell or transfer membership interest	60 days
Recurring | First lien loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	$ 954,000		739,872
Recurring | First lien loans | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | First lien loans | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | First lien loans | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	954,000		739,872
Recurring | Second lien loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	35,446		52,645
Recurring | Second lien loans | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Second lien loans | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Second lien loans | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	35,446		52,645
Recurring | Subordinated debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	852		1,317
Recurring | Subordinated debt | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Subordinated debt | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Subordinated debt | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	852		1,317
Recurring | Preferred equity
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	61,283		44,663
Recurring | Preferred equity | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Preferred equity | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Preferred equity | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	61,283		44,663
Recurring | Common equity & warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	50,840		40,514
Recurring | Common equity & warrants | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Common equity & warrants | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	0		0
Recurring | Common equity & warrants | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Investments	$ 50,840		$ 40,514

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] 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.

[3] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[4] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[5] 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.

[6] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

XML

FAIR VALUE MEASUREMENTS - Measurement Inputs and Valuation Techniques (Details) $ in Thousands	Dec. 31, 2022 USD ($)		Mar. 31, 2022 USD ($)
Fair Value
Total Investments	$ 1,150,046	[1],[2],[3]	$ 936,614	[4],[5],[6]
Significant Unobservable Inputs (Level 3)
Fair Value
Total Investments	1,102,421
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach
Fair Value
Total Investments	$ 865,983		$ 645,034
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.069		0.073
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input	5.6		5.5
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.381		0.306
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input	98.5		96.5
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.132		0.107
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input	95.5		93.2
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach
Fair Value
Total Investments	$ 88,017		$ 94,838
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Minimum | Cost
Fair​ Value Measurement Input
Investments, measurement input	98.0		80.2
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Minimum | Exit Value
Fair​ Value Measurement Input
Investments, measurement input	75.0		100.0
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Maximum | Cost
Fair​ Value Measurement Input
Investments, measurement input	99.5		99.0
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Maximum | Exit Value
Fair​ Value Measurement Input
Investments, measurement input	100.0		102.0
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Weighted Average | Cost
Fair​ Value Measurement Input
Investments, measurement input	98.2		98.1
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Weighted Average | Exit Value
Fair​ Value Measurement Input
Investments, measurement input	95.7		101.8
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach
Fair Value
Total Investments	$ 33,071		$ 49,541
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.142		0.103
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input	66.0		97.3
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.290		0.378
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input	66.0		97.3
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.219		0.154
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input	66.0		97.3
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach
Fair Value
Total Investments	$ 2,375
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Minimum | Exit Value
Fair​ Value Measurement Input
Investments, measurement input	45.6
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Maximum | Exit Value
Fair​ Value Measurement Input
Investments, measurement input	45.6
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Weighted Average | Exit Value
Fair​ Value Measurement Input
Investments, measurement input	45.6
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach
Fair Value
Total Investments			$ 3,104
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Minimum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input			0.221
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input			8.3
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Maximum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input			0.221
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input			8.3
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input			0.221
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input			8.3
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach
Fair Value
Total Investments			$ 650
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Minimum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input			0.274
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Maximum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input			0.274
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Weighted Average | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input			0.274
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach
Fair Value
Total Investments	$ 581		$ 172
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Minimum | Cost
Fair​ Value Measurement Input
Investments, measurement input	100.0		100.0
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Maximum | Cost
Fair​ Value Measurement Input
Investments, measurement input	100.0		100.0
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Weighted Average | Cost
Fair​ Value Measurement Input
Investments, measurement input	1.000		100.0
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach
Fair Value
Total Investments	$ 271		$ 495
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.210		0.205
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	7.6		8.1
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.210		0.205
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	7.6		8.1
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.210		0.205
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	7.6		8.1
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach
Fair Value
Total Investments			$ 3,100
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Minimum | Cost
Fair​ Value Measurement Input
Investments, measurement input			100.0
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Maximum | Cost
Fair​ Value Measurement Input
Investments, measurement input			100.0
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Weighted Average | Cost
Fair​ Value Measurement Input
Investments, measurement input			100.0
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach
Fair Value
Total Investments	$ 61,283		$ 41,563
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.126		0.125
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	4.7		6.9
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.301		0.408
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	17.1		18.8
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.186		0.178
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	10.1		10.6
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach
Fair Value
Total Investments			$ 2,090
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Minimum | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input			158.7
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Maximum | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input			158.7
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Weighted Average | Third Party Broker Quote
Fair​ Value Measurement Input
Investments, measurement input			158.7
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach
Fair Value
Total Investments	$ 2,615		$ 1,757
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Minimum | Cost
Fair​ Value Measurement Input
Investments, measurement input	100.0
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Minimum | Exit Value
Fair​ Value Measurement Input
Investments, measurement input			351.4
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Maximum | Cost
Fair​ Value Measurement Input
Investments, measurement input	100.0
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Maximum | Exit Value
Fair​ Value Measurement Input
Investments, measurement input			351.4
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Weighted Average | Cost
Fair​ Value Measurement Input
Investments, measurement input	100.0
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Weighted Average | Exit Value
Fair​ Value Measurement Input
Investments, measurement input			351.4
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach
Fair Value
Total Investments	$ 48,225		$ 36,667
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.113		0.101
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	5.5		4.2
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.784		0.322
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	11.0		11.4
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate
Fair​ Value Measurement Input
Investments, measurement input	0.168		0.181
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple
Fair​ Value Measurement Input
Investments, measurement input	9.3		8.5

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] 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.

[3] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[4] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[5] 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.

[6] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

XML

FAIR VALUE MEASUREMENTS - Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 879,011	$ 631,274
Realized & Unrealized Gains (Losses)	(14,686)	13,849
Purchases of Investments	346,275	409,043
Repayments	(108,714)	(226,606)
PIK Interest Capitalized	3,891	3,550
Divestitures	(3,356)	(11,934)
Conversion/Reclassification of Security	0	0
Fair value. ending balance	1,102,421	819,176
YTD Unrealized Appreciation (Depreciation) on Investments held at period end	(5,039)	6,798
First lien loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	739,872	524,161
Realized & Unrealized Gains (Losses)	(14,263)	(998)
Purchases of Investments	335,069	378,164
Repayments	(96,475)	(219,454)
PIK Interest Capitalized	3,512	1,994
Divestitures	0	0
Conversion/Reclassification of Security	(13,715)	(4,683)
Fair value. ending balance	954,000	679,184
YTD Unrealized Appreciation (Depreciation) on Investments held at period end	(10,201)	(2,515)
Second lien loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	52,645	36,919
Realized & Unrealized Gains (Losses)	(7,512)	(1,791)
Purchases of Investments	2,930	18,841
Repayments	(12,239)	(7,152)
PIK Interest Capitalized	314	1,079
Divestitures	(692)	(53)
Conversion/Reclassification of Security	0	5,208
Fair value. ending balance	35,446	53,051
YTD Unrealized Appreciation (Depreciation) on Investments held at period end	(6,307)	(2,165)
Subordinated debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	1,317	11,534
Realized & Unrealized Gains (Losses)	(328)	165
Purchases of Investments	385	270
Repayments	0	0
PIK Interest Capitalized	65	477
Divestitures	0	0
Conversion/Reclassification of Security	(587)	0
Fair value. ending balance	852	12,446
YTD Unrealized Appreciation (Depreciation) on Investments held at period end	(224)	165
Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	44,663	22,608
Realized & Unrealized Gains (Losses)	(1,253)	7,796
Purchases of Investments	3,571	7,511
Repayments	0	0
PIK Interest Capitalized	0	0
Divestitures	0	0
Conversion/Reclassification of Security	14,302	(525)
Fair value. ending balance	61,283	37,390
YTD Unrealized Appreciation (Depreciation) on Investments held at period end	1,840	7,271
Common equity & warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	40,514	36,052
Realized & Unrealized Gains (Losses)	8,670	8,677
Purchases of Investments	4,320	4,257
Repayments	0	0
PIK Interest Capitalized	0	0
Divestitures	(2,664)	(11,881)
Conversion/Reclassification of Security	0	0
Fair value. ending balance	50,840	37,105
YTD Unrealized Appreciation (Depreciation) on Investments held at period end	$ 9,853	$ 4,042

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BORROWINGS - Narrative (Details)						1 Months Ended	3 Months Ended				4 Months Ended	6 Months Ended	9 Months Ended
	May 11, 2022 USD ($)	Sep. 24, 2021 USD ($)	Aug. 09, 2021 USD ($) lender	Aug. 08, 2021 USD ($) lender	Apr. 20, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Sep. 24, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 22, 2022 USD ($)	Nov. 16, 2022 USD ($) lender	May 10, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jan. 28, 2022 USD ($)	Nov. 30, 2021 USD ($)	Aug. 31, 2021 USD ($)	May 25, 2021 USD ($)	Feb. 28, 2021 USD ($)	Aug. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Apr. 25, 2019
Debt Instrument [Line Items]
Asset coverage ratio																											166.00%
Current asset coverage ratio							229.00%						229.00%
Recorded Value							$ 611,627,000						$ 611,627,000					$ 528,588,000
Realized loss on extinguishment of debt							0	$ 0	$ 0	$ (17,087,000)			0	$ (17,087,000)
Outstanding Balance							619,000,000						619,000,000					535,000,000
January 2026 Notes
Debt Instrument [Line Items]
Aggregate principal amount							140,000,000						140,000,000					140,000,000
October 2026 Notes
Debt Instrument [Line Items]
Aggregate principal amount							150,000,000						150,000,000					150,000,000
SBA Debentures
Debt Instrument [Line Items]
Aggregate principal amount							104,000,000						104,000,000					40,000,000
Notes | January 2026 Notes
Debt Instrument [Line Items]
Recorded Value							138,967,000						138,967,000					138,714,000
Interest expense							1,700,000		1,600,000				5,000,000	5,000,000
Aggregate principal amount						$ 75,000,000																	$ 65,000,000
Fixed Interest Rate						4.50%
Average borrowings							$ 140,000,000		140,000,000				$ 140,000,000	140,000,000
Weighted average interest rate							4.46%						4.46%
Issuance price percent received																							102.11%
Yield-to-maturity																							4.00%
Redemption price, percentage						100.00%
Outstanding Balance							$ 140,000,000						$ 140,000,000					140,000,000
Notes | January 2026 Notes | Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Fair value							121,900,000						121,900,000
Notes | October 2026 Notes
Debt Instrument [Line Items]
Recorded Value							147,078,000						147,078,000					146,522,000
Interest expense							1,400,000		1,300,000				4,300,000	1,700,000
Aggregate principal amount																				$ 50,000,000	$ 100,000,000
Fixed Interest Rate																				3.375%	3.375%
Average borrowings							$ 150,000,000		128,800,000		$ 120,900,000		$ 150,000,000
Issuance price percent received																				99.993%	99.418%
Yield-to-maturity							3.50%						3.50%							3.375%	3.50%
Redemption price, percentage						100.00%
Outstanding Balance							$ 150,000,000						$ 150,000,000					150,000,000
Notes | October 2026 Notes | Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Fair value							130,000,000						130,000,000
Notes | October 2024 Notes
Debt Instrument [Line Items]
Interest expense									$ 0					$ 3,600,000
Aggregate principal amount																								$ 50,000,000	$ 10,000,000	$ 65,000,000
Fixed Interest Rate																										5.375%
Repurchased face amount		$ 125,000,000										$ 125,000,000
Percentage of principal amount redeemed		100.00%
Unamortized debt issuance costs										1,800,000
Realized loss on extinguishment of debt										$ 15,200,000
Average borrowings												$ 125,000,000
Weighted average interest rate									5.375%		5.375%			5.375%
Unsecured Debt | SBA Debentures
Debt Instrument [Line Items]
Recorded Value							100,582,000						100,582,000					38,352,000
Interest expense							$ 900,000		$ 100,000				$ 1,900,000	$ 200,000
Weighted-average interest rate							3.70%		1.43%				2.98%	1.24%
Average borrowings							$ 83,900,000		$ 21,000,000				$ 54,100,000	$ 10,100,000
Outstanding Balance							104,000,000						104,000,000					$ 40,000,000
Unsecured Debt | SBA Debentures | SBIC I
Debt Instrument [Line Items]
Debt instrument term					10 years
Regulatory maximum borrowing capacity					$ 175,000,000
Regulatory capital					$ 87,500,000		65,000,000						65,000,000
Leverage commitment amount							130,000,000						130,000,000		$ 50,000,000				$ 40,000,000			$ 40,000,000
Available leverage commitment							65,000,000						65,000,000
Unused commitments							26,000,000						26,000,000
Unsecured Debt | SBA Debentures | Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Fair value							97,400,000						97,400,000
Credit Facility | Line of Credit
Debt Instrument [Line Items]
LIBOR floor			0.00%	0.00%
Maximum borrowing capacity	$ 380,000,000		$ 335,000,000	$ 340,000,000												$ 400,000,000	$ 335,000,000
Number of lenders | lender			10	11												11
Covenants increase the minimum obligors			$ 200,000,000	$ 180,000,000
Accordion feature, higher borrowing capacity option	$ 400,000,000
Accordion feature increase limit																$ 20,000,000
Minimum senior coverage ratio	2
Maximum asset coverage ratio	1.50
Interest coverage ratio	2.25
Outstanding advances exceed percentage	90.00%
Minimum liquidity	0.10
Recorded Value							225,000,000						225,000,000
Amortization of deferred loan costs							$ 3,900,000						$ 8,800,000
Interest expense									$ 1,600,000					$ 4,500,000
Weighted-average interest rate							6.02%		2.37%				4.63%	2.52%
Average outstanding amount							$ 228,000,000		$ 200,200,000				$ 208,600,000	$ 165,800,000
Outstanding Balance							$ 225,000,000						$ 225,000,000
Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	1.00%
Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.15%	2.50%

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BORROWINGS - Schedule of Borrowings Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Outstanding Balance	$ 619,000	$ 535,000
Unamortized Debt Issuance Costs and Debt Discount/Premium	(7,373)	(6,412)
Recorded Value	611,627	528,588
Line of Credit | Credit Facility
Debt Instrument [Line Items]
Outstanding Balance	225,000
Unamortized Debt Issuance Costs and Debt Discount/Premium	0
Recorded Value	225,000
SBA Debentures | Unsecured Debt
Debt Instrument [Line Items]
Outstanding Balance	104,000	40,000
Unamortized Debt Issuance Costs and Debt Discount/Premium	(3,418)	(1,648)
Recorded Value	100,582	38,352
Credit Facility | Line of Credit
Debt Instrument [Line Items]
Outstanding Balance		205,000
Unamortized Debt Issuance Costs and Debt Discount/Premium		0
Recorded Value		205,000
January 2026 Notes | Notes
Debt Instrument [Line Items]
Outstanding Balance	140,000	140,000
Unamortized Debt Issuance Costs and Debt Discount/Premium	(1,033)	(1,286)
Recorded Value	138,967	138,714
October 2026 Notes | Notes
Debt Instrument [Line Items]
Outstanding Balance	150,000	150,000
Unamortized Debt Issuance Costs and Debt Discount/Premium	(2,922)	(3,478)
Recorded Value	$ 147,078	$ 146,522

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BORROWINGS - Schedule of Issued and Outstanding SBA Debentures (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022 USD ($) poolingDate	Dec. 31, 2021	Dec. 31, 2022 USD ($) poolingDate	Dec. 31, 2021	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Outstanding Balance	$ 619,000		$ 619,000		$ 535,000
Unsecured Debt | SBA Debentures
Debt Instrument [Line Items]
Outstanding Balance	$ 104,000		$ 104,000		$ 40,000
Number of pooling date | poolingDate	2		2
Weighted-average interest rate	3.70%	1.43%	2.98%	1.24%
Unsecured Debt | Debentures due September 2031
Debt Instrument [Line Items]
Fixed Interest Rate	1.575%		1.575%
Outstanding Balance	$ 15,000		$ 15,000
Unsecured Debt | Debentures due March 2032
Debt Instrument [Line Items]
Fixed Interest Rate	3.209%		3.209%
Outstanding Balance	$ 25,000		$ 25,000
Unsecured Debt | Debentures due January 2032
Debt Instrument [Line Items]
Fixed Interest Rate	4.533%		4.533%
Outstanding Balance	$ 40,000		$ 40,000
Secured Debt | Debentures not pooled
Debt Instrument [Line Items]
Outstanding Balance	$ 24,000		$ 24,000
Weighted-average interest rate			5.14%

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INCOME TAXES - Book and Tax Basis Differences Relating to Dividends and Distributions (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Additional capital
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items]
Total distributable earnings	$ (5,126)	$ (6,255)
Total distributable earnings
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items]
Total distributable earnings	$ 5,126	$ 6,255

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INCOME TAXES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Dividends	$ 19,300	$ 14,300	$ 16,600	$ 11,800
Dividends cash paid (in usd per share)			$ 0.63	$ 0.48
Dividends declared (in usd per share)	$ 0.57	$ 0.50
Cost of investments	$ 1,150,600			$ 852,400		$ 1,150,600
Gross unrealized appreciation	66,900			67,800		66,900
Gross unrealized depreciation	(66,700)			(61,700)		(66,700)
Net unrealized appreciation (depreciation)	200			6,100		200
Deferred tax liability	11,427			$ 5,747		11,427
Income tax provision	(746)				$ (62)	(20)	$ 648
Excise tax	200				100	468	191
RIC
Income Tax Contingency [Line Items]
Cost of investments	1,116,800					1,116,800
Gross unrealized appreciation	9,700					9,700
Gross unrealized depreciation	(64,300)					(64,300)
Net unrealized appreciation (depreciation)	(54,600)					(54,600)
Taxable Subsidiary
Income Tax Contingency [Line Items]
Cost of investments	33,800					33,800
Gross unrealized appreciation	57,200					57,200
Gross unrealized depreciation	(2,400)					(2,400)
Net unrealized appreciation (depreciation)	54,800					54,800
Income tax provision	$ (900)				$ 200	$ (488)	$ 457
Regular Dividends
Income Tax Contingency [Line Items]
Dividends cash paid (in usd per share)			0.48
Dividends declared (in usd per share)	$ 0.52
Special Dividend
Income Tax Contingency [Line Items]
Dividends cash paid (in usd per share)			$ 0.15
Supplemental dividend
Income Tax Contingency [Line Items]
Dividends declared (in usd per share)	$ 0.05

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INCOME TAXES - Schedule of Distributions (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Ordinary income	$ 60,960	$ 56,633
Distributions of long term capital gains	0	0
Distributions on tax basis	$ 60,960	$ 56,633

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INCOME TAXES - Net Assets Resulting From Operations To Estimated RIC Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net increase (decrease) in net assets from operations	$ 2,949	$ 9,458	$ 2,510	$ 12,560	$ (4,556)	$ 15,142	$ 14,917	$ 23,146
Net unrealized depreciation (appreciation) on investments							13,989	(4,306)
Income/gain (expense/loss) recognized for tax on pass-through entities							10	1,558
(Gain) loss recognized on dispositions							(1,473)	329
Capital loss carryover							14,454	308
Net operating income - wholly-owned subsidiary							1,071	(9,186)
Dividend income from wholly-owned subsidiary							1,068	0
Non-deductible tax expense							466	191
Loss on extinguishment of debt							0	12,950
Non-deductible compensation							2,443	2,688
Compensation related book/tax differences							(1,471)	2,542
Other book/tax differences							1,839	3,518
Estimated distributable income before deductions for distributions							47,313	$ 33,738
Capital loss carryover	$ 31,900						$ 31,900

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INCOME TAXES - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Deferred tax asset:
Net operating loss carryforwards	$ 0	$ 0
Interest	220	185
Total deferred tax asset	220	185
Deferred tax liabilities:
Net unrealized appreciation on investments	(10,911)	(4,899)
Net basis differences in portfolio investments	(736)	(1,033)
Total deferred tax liabilities	(11,647)	(5,932)
Total net deferred tax (liabilities) assets	$ (11,427)	$ (5,747)

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INCOME TAXES - Schedule of Significant Components of Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items]
Excise tax	$ 200	$ 100	$ 468	$ 191
Tax (benefit) provision related to Taxable Subsidiary	(746)	(62)	(20)	648
Total income tax (benefit) provision			(20)	648
Taxable Subsidiary
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items]
Tax (benefit) provision related to Taxable Subsidiary	$ (900)	$ 200	$ (488)	$ 457

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SHAREHOLDERS' EQUITY - Narrative (Details)				3 Months Ended		9 Months Ended		46 Months Ended
	Nov. 17, 2022 USD ($) $ / shares shares	Feb. 04, 2020 USD ($) sales_agent	Jul. 18, 2011	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Aug. 31, 2022 USD ($)	Aug. 02, 2022 USD ($)	Aug. 01, 2022 USD ($)	Jul. 28, 2021 USD ($)	May 26, 2021 USD ($)	Mar. 04, 2019 USD ($)
Subsidiary or Equity Method Investee [Line Items]
Right to grant period			10 years
Stock repurchase program, authorized amount									$ 20,000,000			$ 20,000,000
Public Equity Offering
Subsidiary or Equity Method Investee [Line Items]
Number of shares sold (in shares) | shares	2,534,436
Par value, common stock (in usd per share) | $ / shares	$ 18.15
Gross proceeds received	$ 46,000,000
Net proceeds received	$ 44,100,000
Equity ATM Program
Subsidiary or Equity Method Investee [Line Items]
Number of shares sold (in shares) | shares				3,264,878	616,156	6,909,446	2,834,734	15,087,106
Gross proceeds received				$ 58,324,000	$ 16,000,000	$ 131,990,000	$ 74,463,000	$ 315,500,000
Net proceeds received				$ 57,449,000	$ 15,760,000	$ 130,010,000	$ 73,347,000	$ 310,300,000
Maximum consideration threshold		$ 100,000,000								$ 650,000,000	$ 250,000,000		$ 250,000,000	$ 50,000,000
Number of additional sales agents | sales_agent		2
Gross sales commission percentage													1.50%	2.00%
Weighted average price per share (in usd per share) | $ / shares				$ 17.86	$ 25.97	$ 19.10	$ 26.27	$ 20.91
Available under the Equity ATM Program				$ 334,500,000		$ 334,500,000		$ 334,500,000
2010 Plan | Restricted Stock
Subsidiary or Equity Method Investee [Line Items]
Right to grant period			10 years

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SHAREHOLDERS' EQUITY - Summary of Shares Sold (Details) - Equity ATM Program - USD ($)	3 Months Ended		9 Months Ended		46 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	3,264,878	616,156	6,909,446	2,834,734	15,087,106
Gross proceeds received	$ 58,324,000	$ 16,000,000	$ 131,990,000	$ 74,463,000	$ 315,500,000
Net proceeds received	$ 57,449,000	$ 15,760,000	$ 130,010,000	$ 73,347,000	$ 310,300,000
Weighted average price per share (in usd per share)	$ 17.86	$ 25.97	$ 19.10	$ 26.27	$ 20.91
Remaining receivable	$ 2,700,000	$ 0	$ 2,700,000	$ 0	$ 2,700,000

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SHAREHOLDERS' EQUITY - Shares Repurchased In Connection With The Vesting Of Restricted Stock Awards (Details) - Shares repurchased for restricted stock awards vested - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)	19,917	31,492	49,590	52,124
Aggregate cost of shares repurchased (in thousands)	$ 380	$ 862	$ 1,021	$ 1,408
Weighted average price per share (in usd per share)	$ 19.09	$ 27.38	$ 20.59	$ 27.01

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STOCK BASED COMPENSATION PLANS - Narrative (Details)		3 Months Ended			9 Months Ended
	Jul. 18, 2011	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) employee	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Jul. 18, 2021 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Right to grant period	10 years
Share-based compensation expense		$ 992,000	$ 849,000		$ 2,873,000	$ 2,848,000
Employee affected | employee				1
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average vesting period					2 years 7 months 6 days
Share-based compensation expense		1,000,000	$ 800,000		$ 2,900,000	$ 2,800,000
Incremental compensation cost				$ 600,000
Non-vested restricted stock awards		$ 8,000,000			$ 8,000,000
Restricted Stock | 2010 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					4 years
Right to grant period	10 years
Restricted Stock | 2021 Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Available for issuance (in shares) | shares							1,200,000
Remaining number of shares authorized (in shares) | shares		1,002,633			1,002,633
Restricted Stock | Non-Employee Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					1 year
Available for issuance (in shares) | shares		120,000			120,000
Remaining number of shares authorized (in shares) | shares		107,895			107,895
Term of service					1 year
Grant market value		$ 50,000			$ 50,000
Weighted-average vesting period					1 year
Share-based compensation expense		$ 62,900			$ 98,400

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STOCK BASED COMPENSATION PLANS - Summary of Restricted Stock Outstanding (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
2010 Plan and 2021 Employee Plan
Number of Shares
Beginning balance (in shares)	395,993
Granted (in shares)	199,042
Vested (in shares)	(148,774)
Forfeited (in shares)	(4,925)
Ending balance (in shares)	441,336	395,993
Weighted Average Fair Value Per Share at grant date
Beginning balance (in dollars per share)	$ 21.48
Granted (in dollars per share)	21.25
Vested (in dollars per share)	20.49
Forfeited (in dollars per share)	23.52
Ending balance (in dollars per share)	$ 21.48	$ 21.48
Weighted Average Remaining Vesting Term (in Years)
Weighted-average vesting term	2 years 7 months 6 days	2 years 4 months 24 days
Granted	3 years 4 months 24 days
Non-Employee Director Plan
Number of Shares
Beginning balance (in shares)	0
Granted (in shares)	12,105
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	12,105	0
Weighted Average Fair Value Per Share at grant date
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	20.66
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 20.66	$ 0
Weighted Average Remaining Vesting Term (in Years)
Weighted-average vesting term	7 months 6 days
Granted	7 months 6 days

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OTHER EMPLOYEE COMPENSATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employer matching contribution (up to)			4.50%
Matching contributions cost	$ 28,600	$ 25,900	$ 158,100	$ 133,900

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COMMITMENTS AND CONTINGENCIES - Unused Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Other Commitments [Line Items]
Total unused commitments to extend financing	$ 159,740	$ 134,251
Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	87,197	57,640
Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	67,206	71,274
Other
Other Commitments [Line Items]
Total unused commitments to extend financing	5,337	5,337
Investment, Identifier [Axis]: ATS Operating, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,500	1,500
Investment, Identifier [Axis]: Acacia BuyerCo V LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	10,000	0
Investment, Identifier [Axis]: Acacia BuyerCo V LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,000	0
Investment, Identifier [Axis]: Acceleration, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	5,000	0
Investment, Identifier [Axis]: Acceleration, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	5,000	0
Investment, Identifier [Axis]: Air Conditioning Specialist, Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,000	1,000
Investment, Identifier [Axis]: American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.), Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	148	117
Investment, Identifier [Axis]: ArborWorks, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,000	3,000
Investment, Identifier [Axis]: Cadmium, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	308
Investment, Identifier [Axis]: Catbird NYC, LLC, Other
Other Commitments [Line Items]
Total unused commitments to extend financing	125	125
Investment, Identifier [Axis]: Catbird NYC, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	4,000	4,000
Investment, Identifier [Axis]: Central Medical Supply LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,400	1,400
Investment, Identifier [Axis]: Central Medical Supply LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,200	1,200
Investment, Identifier [Axis]: CityVet Inc., Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	7,000
Investment, Identifier [Axis]: Dynamic Communities, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	500
Investment, Identifier [Axis]: Exact Borrower, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,500	0
Investment, Identifier [Axis]: Exact Borrower, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,500	0
Investment, Identifier [Axis]: FM Sylvan, Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	10,000	0
Investment, Identifier [Axis]: Fast Sandwich, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	3,100
Investment, Identifier [Axis]: Flip Electronics, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	2,818
Investment, Identifier [Axis]: FoodPharma Subsidiary Holdings, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	5,470
Investment, Identifier [Axis]: GS Operating, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	3,205
Investment, Identifier [Axis]: GS Operating, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	1,540
Investment, Identifier [Axis]: Gains Intermediate, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	17,000	0
Investment, Identifier [Axis]: Gains Intermediate, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,500	0
Investment, Identifier [Axis]: GrammaTech, Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,500	2,500
Investment, Identifier [Axis]: Gulf Pacific Acquisition, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,515	0
Investment, Identifier [Axis]: Gulf Pacific Acquisition, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	757	0
Investment, Identifier [Axis]: I-45 SLF LLC, Other
Other Commitments [Line Items]
Total unused commitments to extend financing	4,800	4,800
Investment, Identifier [Axis]: ISI Enterprises, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,200	1,200
Investment, Identifier [Axis]: ITA Holdings Group, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	1,250
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,250	2,250
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, Other
Other Commitments [Line Items]
Total unused commitments to extend financing	412	412
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,286	4,571
Investment, Identifier [Axis]: Klein Hersh, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	938
Investment, Identifier [Axis]: Lash OpCo, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	2,846
Investment, Identifier [Axis]: Lash OpCo, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	247	481
Investment, Identifier [Axis]: Lighting Retrofit International, LLC (DBA Envocore), Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,083	2,083
Investment, Identifier [Axis]: Lightning Intermediate II, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,852	0
Investment, Identifier [Axis]: Mako Steel LP, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	283	943
Investment, Identifier [Axis]: Microbe Formulas LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,627	0
Investment, Identifier [Axis]: Muenster Milling Company, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	6,000
Investment, Identifier [Axis]: Muenster Milling Company, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	7,000	5,000
Investment, Identifier [Axis]: NWN Parent Holdings, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	90	1,380
Investment, Identifier [Axis]: NeuroPsychiatric Hospitals, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	10,000
Investment, Identifier [Axis]: NeuroPsychiatric Hospitals, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	600	600
Investment, Identifier [Axis]: New Skinny Mixes, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	3,000	0
Investment, Identifier [Axis]: New Skinny Mixes, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	4,000	0
Investment, Identifier [Axis]: NinjaTrader, Inc., Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	4,692	4,692
Investment, Identifier [Axis]: NinjaTrader, Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,500	2,500
Investment, Identifier [Axis]: Opco Borrower, LLC (DBA Giving Home Health Care), Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	667	0
Investment, Identifier [Axis]: Outerbox, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,000	0
Investment, Identifier [Axis]: Pipeline Technique Ltd., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	3,333	0
Investment, Identifier [Axis]: RTIC Subsidiary Holdings LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	822	0
Investment, Identifier [Axis]: Roof OpCo, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	4,644
Investment, Identifier [Axis]: Roof OpCo, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,833	3,056
Investment, Identifier [Axis]: Roseland Management, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,425	1,425
Investment, Identifier [Axis]: SIB Holdings, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	1,871
Investment, Identifier [Axis]: SIB Holdings, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	205	655
Investment, Identifier [Axis]: STATinMED, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	119	0
Investment, Identifier [Axis]: Shearwater Research, Inc., Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	3,262
Investment, Identifier [Axis]: Shearwater Research, Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,446	2,446
Investment, Identifier [Axis]: South Coast Terminals LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,935	1,935
Investment, Identifier [Axis]: Spotlight AR, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,000	2,000
Investment, Identifier [Axis]: Student Resource Center, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	1,333
Investment, Identifier [Axis]: Systec Corporation (DBA Inspire Automation), Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	3,000	3,000
Investment, Identifier [Axis]: Systec Corporation (DBA Inspire Automation), Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,500	1,150
Investment, Identifier [Axis]: US CourtScript Holdings, Inc., Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	5,000	0
Investment, Identifier [Axis]: Versicare Management LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	5,000	0
Investment, Identifier [Axis]: Versicare Management LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	2,500	0
Investment, Identifier [Axis]: Wall Street Prep, Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	1,000	1,000
Investment, Identifier [Axis]: Well-Foam, Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	4,500	4,500
Investment, Identifier [Axis]: Winter Services Operations, LLC, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	4,444	4,444
Investment, Identifier [Axis]: Winter Services Operations, LLC, Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	4,444	2,000
Investment, Identifier [Axis]: Zenfolio Inc., Revolving Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	0	1,000
Investment, Identifier [Axis]: Zips Car Wash, LLC - B, Delayed Draw Term Loans
Other Commitments [Line Items]
Total unused commitments to extend financing	$ 0	$ 3,801

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COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Gain Contingencies [Line Items]
Lease expense	$ 63,100	$ 58,100	$ 189,200	$ 174,400
Operating lease asset	1,900,000		1,900,000
Operating lease liability	$ 2,900,000		$ 2,900,000
Remaining lease term	9 years 9 months 18 days		9 years 9 months 18 days
Discount rate	6.89%		6.89%
Letters of credit issued and outstanding
Gain Contingencies [Line Items]
Expiring letters of credit	$ 900,000		$ 900,000
February 2023 | Letters of credit issued and outstanding
Gain Contingencies [Line Items]
Expiring letters of credit	400,000		400,000
April 2023 | Letters of credit issued and outstanding
Gain Contingencies [Line Items]
Expiring letters of credit	200,000		200,000
August 2023 | Letters of credit issued and outstanding
Gain Contingencies [Line Items]
Expiring letters of credit	$ 300,000		$ 300,000

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COMMITMENTS AND CONTINGENCIES - Future Minimum Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 92
2024	406
2025	416
2026	426
2027	436
Thereafter	2,578
Total	$ 4,354

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RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Management fees from our portfolio companies.	$ 0	$ 0	$ 0	$ 0
Corporate Joint Venture
Related Party Transaction [Line Items]
Management fees from our portfolio companies.	25,000		75,000
Dividends receivable	$ 1,900,000		$ 1,900,000		$ 1,700,000

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SUMMARY OF PER SHARE INFORMATION (Details) - $ / shares	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Per Share Data:
Investment income (in usd per share)	$ 1.04			$ 0.95			$ 2.90	$ 2.73
Operating expenses (in usd per share)	(0.44)			(0.44)			(1.26)	(1.33)
Income taxes (in usd per share)	0.02			0			0	(0.03)
Net investment income (in usd per share)	0.62			0.51			1.64	1.37
Net realized gain (loss), net of tax (in usd per share)	(0.36)			0.12			(0.62)	0.23
Net unrealized (depreciation) appreciation on investments, net of tax (in usd per share)	(0.17)			(0.09)			(0.49)	0.19
Realized loss on extinguishment of debt (in usd per share)	0			0			0	(0.76)
Total increase from investment operations (in usd per share)	0.09			0.54			0.53	1.03
Accretive effect of share issuances and repurchases (in usd per share)	0.17			0.24			0.43	1.17
Dividends to shareholders (in usd per share)	(0.57)	$ (0.50)	$ (0.63)	(0.97)	$ (0.54)	$ (0.53)	(1.70)	(2.04)
Issuance of restricted stock (in usd per share)	0			0			(0.14)	(0.10)
Common stock withheld for payroll taxes upon vesting of restricted stock (in usd per share)	0			(0.01)			(0.01)	(0.03)
Share based compensation expense (in usd per share)	0.03			0.04			0.10	0.12
Other (in usd per share)	0			(0.01)			0.18	0.03
(Decrease) increase in net asset value (in usd per share)	(0.28)			(0.17)			(0.61)	0.18
Net asset value
Beginning of period (in usd per share)	16.53		$ 16.86	16.36		$ 16.01	16.86	16.01
End of period (in usd per share)	$ 16.25	$ 16.53		$ 16.19	$ 16.36		$ 16.25	$ 16.19
Ratios and Supplemental Data
Ratio of operating expenses to average net assets	2.69%			2.71%			7.56%	8.09%
Ratio of net investment income to average net assets	3.71%			3.08%			9.78%	8.31%
Portfolio turnover	2.19%			19.44%			11.04%	30.11%
Total investment return	4.31%			4.25%			(20.95%)	23.51%
Total return based on change in NAV	1.75%			4.89%			6.47%	13.87%
Per share market value at the end of the period (in usd per share)	$ 17.10			$ 25.28			$ 17.10	$ 25.28
Weighted-average common and fully diluted shares outstanding (in shares)	31,381,360			23,432,522			28,304,309	22,393,935
Weighted average shares outstanding – basic (in share)	31,381,360			23,432,522			28,304,309	22,393,935
Common shares outstanding at end of period (in shares)	34,559,034			23,926,000			34,559,034	23,926,000	24,958,520

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SIGNIFICANT SUBSIDIARIES - Narrative (Details)			1 Months Ended						3 Months Ended									9 Months Ended		12 Months Ended	56 Months Ended
	Mar. 10, 2021	Apr. 30, 2020 USD ($)	Jan. 31, 2023 USD ($)	Mar. 31, 2021	Mar. 31, 2021	Nov. 30, 2019	Nov. 30, 2015 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2022 USD ($)		Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)		Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022 USD ($)		Mar. 31, 2017 USD ($) lender	Apr. 30, 2020 USD ($)	Mar. 25, 2021 USD ($)
Investment Company, Nonconsolidated Subsidiary [Line Items]
Total assets									$ 1,202,157,000				$ 973,957,000					$ 1,202,157,000
Total Investments									1,150,046,000	[1],[2],[3]			936,614,000	[4],[5],[6]				1,150,046,000	[1],[2],[3]
Dividends									19,300,000		$ 14,300,000	$ 16,600,000	11,800,000
Drawn									611,627,000				528,588,000					611,627,000
Secured Debt | I-45 Credit Facility | Line of Credit
Investment Company, Nonconsolidated Subsidiary [Line Items]
Maximum borrowing capacity							$ 75,000,000													$ 165,000,000
Debt instrument term							5 years
Debt-to-equity leverage ratio							2
Accordion feature increase limit																				$ 90,000,000
Number of additional lenders | lender																				3
Debt prepayment		$ 15,000,000
Drawn									104,000,000									104,000,000
Secured Debt | I-45 Credit Facility | Line of Credit | LIBOR
Investment Company, Nonconsolidated Subsidiary [Line Items]
Basis spread on variable rate				2.15%		2.25%	2.50%													2.40%
I-45 SLF LLC
Investment Company, Nonconsolidated Subsidiary [Line Items]
Initial equity capital commitment								$ 85,000,000
Main Street Capital Corporation
Investment Company, Nonconsolidated Subsidiary [Line Items]
Initial equity capital commitment		3,200,000						17,000,000
Contributed capital									19,000,000									$ 19,000,000
Corporate Joint Venture
Investment Company, Nonconsolidated Subsidiary [Line Items]
Initial equity capital commitment		$ 12,800,000						$ 68,000,000													$ 80,800,000
Allocated current profits interest	75.60%				76.2625%										78.25%	77.5875%	76.925%	78.25%
Contributed capital									$ 76,000,000									$ 76,000,000
Corporate Joint Venture | I-45 SLF LLC
Investment Company, Nonconsolidated Subsidiary [Line Items]
Ownership percent									80.00%									80.00%
Corporate Joint Venture | Main Street Capital Corporation
Investment Company, Nonconsolidated Subsidiary [Line Items]
Initial equity capital commitment																					$ 20,200,000
Allocated current profits interest																		21.75%
Corporate Joint Venture | Main Street Capital Corporation | I-45 SLF LLC
Investment Company, Nonconsolidated Subsidiary [Line Items]
Ownership interest									20.00%									20.00%
I-45 SLF LLC
Investment Company, Nonconsolidated Subsidiary [Line Items]
Capital dividend																						$ 10,000,000
Total funded equity capital									$ 95,000,000									$ 95,000,000
Total assets									166,235,000				189,144,000					166,235,000
Total Investments									160,998,000				$ 176,704,000					$ 160,998,000
Dividends									$ 2,400,000
I-45 SLF LLC | Capital Southwest Corp | Subsequent Event
Investment Company, Nonconsolidated Subsidiary [Line Items]
Dividends paid			$ 1,900,000

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] 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.

[3] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[4] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[5] 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.

[6] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

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SIGNIFICANT SUBSIDIARIES - Summarized Financial Information Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022		Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022		Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Investment Company, Nonconsolidated Subsidiary [Line Items]
Cost	$ 1,159,712	[1],[2],[3],[4]			$ 938,303	[5],[6],[7],[8]
Total Investments	1,150,046	[1],[3],[9]			936,614	[5],[7],[10]
Cash and cash equivalents	21,686				11,431
Deferred financing costs and other assets	3,996				4,038
Total assets	1,202,157				973,957
Credit facility	225,000				205,000
Other liabilities	14,568				14,808
Total liabilities	640,670				553,090
Total net assets	561,487		$ 475,724	$ 452,985	420,867		$ 387,337	$ 381,945	$ 368,095	$ 336,251
Total liabilities and net assets	1,202,157				973,957
I-45 SLF LLC
Investment Company, Nonconsolidated Subsidiary [Line Items]
Cost	184,529				187,714
Total Investments	160,998				176,704
Cash and cash equivalents	2,794				9,949
Interest receivable	1,343				850
Accounts receivable	269				123
Deferred financing costs and other assets	831				1,518
Total assets	166,235				189,144
Credit facility	104,000				114,500
Other liabilities	2,654				2,596
Total liabilities	106,654				117,096
Total net assets	59,581				72,048
Total liabilities and net assets	$ 166,235				$ 189,144

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.

[3] 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.

[4] Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[5] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[6] As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.

[7] 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.

[8] Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[9] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[10] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

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SIGNIFICANT SUBSIDIARIES - Summarized Financial Information Operation Statement (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Investment Company, Nonconsolidated Subsidiary [Line Items]
Net investment income	$ 19,425	$ 14,444	$ 12,438	$ 11,899	$ 9,726	$ 9,043	$ 46,307	$ 30,668
Net unrealized depreciation (appreciation) on investments	(5,390)	$ 3,649	$ (12,248)	(2,054)	$ (691)	$ 7,051	(13,989)	4,306
I-45 SLF LLC
Investment Company, Nonconsolidated Subsidiary [Line Items]
Total revenues	4,648			3,114			12,217	9,262
Total expenses	(2,195)			(1,023)			(5,253)	(3,041)
Net investment income	2,453			2,091			6,964	6,221
Net unrealized depreciation (appreciation) on investments	(4,031)			(2,405)			(12,522)	(3,603)
Net realized (losses) gains	(29)			58			42	231
Net (decrease) increase in members’ equity resulting from operations	$ (1,607)			$ (256)			$ (5,516)	$ 2,849

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SIGNIFICANT SUBSIDIARIES - I-45 SLF LLC Loan Portfolio (Details) - USD ($) $ in Thousands		Dec. 31, 2022		Mar. 31, 2022
Schedule of Investments [Line Items]
Cost		$ 1,159,712	[1],[2],[3],[4]	$ 938,303	[5],[6],[7],[8]
Investments at fair value		1,150,046	[1],[3],[9]	936,614	[5],[7],[10]
LASH OPCO, LLC
Schedule of Investments [Line Items]
Cost		10,556	[2],[4]	10,369	[6],[8]
Investments at fair value		$ 10,533	[9]	$ 10,404	[10]
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[11],[12]	6.50%
Floor	[11],[12]	1.00%
Investment interest rate	[11],[12]	11.24%
Principal	[11]	$ 25,000
Cost	[2],[4],[11]	24,658
Investments at fair value	[9],[11]	$ 24,325
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.50%
Floor	[12],[13]	1.00%
Investment interest rate	[12],[13]	11.24%
Principal	[13]	$ 3,250
Cost	[2],[4],[13]	3,207
Investments at fair value	[9],[13]	$ 3,162
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common
Schedule of Investments [Line Items]
Shares (in shares)	[14]			374,543
Principal				$ 0
Cost	[6],[8]			1,785
Investments at fair value	[10]			$ 1,785
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien
Schedule of Investments [Line Items]
PIK		18.00%	[12]	8.00%	[15]
Investment interest rate	[15]			10.00%
Principal		$ 9,749		$ 8,653
Cost		9,749	[2],[4]	8,653	[6],[8]
Investments at fair value		$ 9,603	[9]	8,350	[10]
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Shares common stock
Schedule of Investments [Line Items]
Shares (in shares)	[16]	374,543
Principal		$ 0
Cost	[2],[4]	1,785
Investments at fair value	[9]	715
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025)
Schedule of Investments [Line Items]
Principal		0		0
Cost		2,198	[2],[4]	2,198	[6],[8]
Investments at fair value		$ 881	[9]	$ 2,198	[10]
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, 1,000,000 Class B-2 Units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000
Principal		$ 0
Cost		1,000
Investments at fair value		$ 1,000
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		1.00%
Principal		$ 0
Cost		(98)
Investments at fair value		$ 0
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		1.00%
Investment interest rate		11.12%
Principal		$ 5,000
Cost		4,902
Investments at fair value		$ 4,902
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Revolver Loan
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		1.00%
Principal		$ 0
Cost		(39)
Investments at fair value		$ 0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	1,000
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	0
Investments at fair value	[9],[17],[18]	$ 0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[14],[19],[20]			1,000
Principal	[19],[20]			$ 0
Cost	[6],[8],[19],[20]			0
Investments at fair value	[10],[19],[20]			$ 0
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.17%	[12],[21]	8.17%	[15],[22]
Floor		1.00%	[12],[21]	1.00%	[15],[22]
Investment interest rate		12.08%	[12],[21]	9.17%	[15],[22]
Principal		$ 19,550	[21]	$ 11,875	[22]
Cost		19,133	[2],[4],[21]	11,600	[6],[8],[22]
Investments at fair value		$ 19,550	[9],[21]	$ 11,875	[10],[22]
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		1,000	[16],[17],[18]	1,000	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		1,000	[2],[4],[17],[18]	1,000	[6],[8],[19],[20]
Investments at fair value		$ 1,414	[9],[17],[18]	$ 1,153	[10],[19],[20]
Investment, Identifier [Axis]: ACCELERATION, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	1,611.22
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	107
Investments at fair value	[9],[17],[18]	$ 152
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	8.50%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(44)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate	[12]	7.50%
Floor	[12]	1.00%
Investment interest rate	[12]	11.32%
Principal		$ 9,263
Cost	[2],[4]	9,094
Investments at fair value	[9]	$ 9,097
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate	[12]	8.50%
Floor	[12]	1.00%
Investment interest rate	[12]	12.32%
Principal		$ 9,263
Cost	[2],[4]	9,093
Investments at fair value	[9]	$ 9,097
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C
Schedule of Investments [Line Items]
Variable rate	[12]	9.50%
Floor	[12]	1.00%
Investment interest rate	[12]	13.32%
Principal		$ 9,263
Cost	[2],[4]	9,094
Investments at fair value	[9]	$ 9,097
Investment, Identifier [Axis]: ACCELERATION, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	13,451.22
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	893
Investments at fair value	[9],[17],[18]	$ 1,273
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	8.50%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(89)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: ACE GATHERING, INC.
Schedule of Investments [Line Items]
Variable rate	[12],[23]	12.00%
Floor	[12],[23]	2.00%
Investment interest rate	[12],[23]	16.85%
Principal	[23]	$ 7,760
Cost	[2],[4],[23]	7,722
Investments at fair value	[9],[23]	$ 6,961
Investment, Identifier [Axis]: ACE GATHERING, INC., Second Lien
Schedule of Investments [Line Items]
Variable rate	[15],[24]			8.50%
Floor	[15],[24]			2.00%
Investment interest rate	[15],[24]			10.50%
Principal	[24]			$ 7,948
Cost	[6],[8],[24]			7,881
Investments at fair value	[10],[24]			$ 7,765
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		7.25%	[12]	7.25%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.34%	[12]	8.25%	[15]
Principal		$ 25,101		$ 12,778
Cost		24,650	[2],[4]	12,535	[6],[8]
Investments at fair value		$ 25,101	[9]	$ 12,535	[10]
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		766,738.93	[16],[17],[18]	623,693.55	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		809	[2],[4],[17],[18]	624	[6],[8],[19],[20]
Investments at fair value		$ 1,202	[9],[17],[18]	$ 634	[10],[19],[20]
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.25%	[12],[13]	7.25%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(15)	[2],[4],[13]	(18)	[6],[8],[25]
Investments at fair value		0	[9],[13]	0	[10],[25]
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest
Schedule of Investments [Line Items]
Principal		0
Cost	[2],[4]	2,500
Investments at fair value	[9]	$ 3,173
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest
Schedule of Investments [Line Items]
Principal				0
Cost	[6],[8]			2,500
Investments at fair value	[10]			$ 3,681
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note
Schedule of Investments [Line Items]
PIK	[12]	6.00%
Principal		$ 173
Cost	[2],[4]	173
Investments at fair value	[9]	$ 271
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note
Schedule of Investments [Line Items]
PIK	[15]			6.00%
Principal				$ 173
Cost	[6],[8]			173
Investments at fair value	[10]			$ 495
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.75%	[12]	6.75%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.46%	[12]	7.75%	[15]
Principal		$ 12,357		$ 12,450
Cost		12,305	[2],[4]	12,388	[6],[8]
Investments at fair value		$ 12,356	[9]	$ 12,450	[10]
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		8.75%	[12]	8.75%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		12.46%	[12]	9.75%	[15]
Principal		$ 12,357		$ 12,450
Cost		12,305	[2],[4]	12,388	[6],[8]
Investments at fair value		$ 10,973	[9]	$ 12,450	[10]
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock
Schedule of Investments [Line Items]
Shares (in shares)		3,000,000	[16],[17],[18]	3,000,000	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		3,000	[2],[4],[17],[18]	3,000	[6],[8],[19],[20]
Investments at fair value		$ 2,333	[9],[17],[18]	$ 4,195	[10],[19],[20]
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%	[12],[26]	5.50%	[15],[27]
Floor	[12],[26]	2.00%
Investment interest rate		9.00%	[12],[26]	9.00%	[15],[27]
Principal		$ 4,899	[26]	$ 4,899	[27]
Cost		4,858	[2],[4],[26]	4,858	[6],[8],[27]
Investments at fair value		$ 274	[9],[26]	$ 269	[10],[27]
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan
Schedule of Investments [Line Items]
Variable rate		5.50%	[12],[13],[26]	5.50%	[15],[25],[27]
Floor	[12],[13],[26]	2.00%
Investment interest rate		9.00%	[12],[13],[26]	9.00%	[15],[25],[27]
Principal		$ 868	[13],[26]	$ 899	[25],[27]
Cost		860	[2],[4],[13],[26]	890	[6],[8],[25],[27]
Investments at fair value		$ 49	[9],[13],[26]	$ 49	[10],[25],[27]
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[12]	9.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		12.82%	[12]	10.00%	[15]
Principal		$ 17,098		$ 16,376
Cost		17,095	[2],[4]	16,375	[6],[8]
Investments at fair value		$ 17,098	[9]	$ 16,376	[10]
Investment, Identifier [Axis]: ARBORWORKS, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		100	[16],[17],[18]	100	[14]
Principal		$ 0	[17],[18]	$ 0
Cost		100	[2],[4],[17],[18]	100	[6],[8]
Investments at fair value		$ 0	[9],[17],[18]	$ 100	[10]
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		13.56%	[12]	8.00%	[15]
Principal		$ 12,708		$ 12,903
Cost		12,502	[2],[4]	12,660	[6],[8]
Investments at fair value		$ 10,420	[9]	$ 12,657	[10]
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate	[12],[13]	13.41%
Principal		$ 2,000	[13]	$ 0	[25]
Cost		1,953	[2],[4],[13]	(56)	[6],[8],[25]
Investments at fair value		$ 1,640	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		2,572	[16],[17],[18]	2,156	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		1,026	[2],[4],[17],[18]	801	[6],[8],[19],[20]
Investments at fair value		$ 847	[9],[17],[18]	$ 584	[10],[19],[20]
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	1,000,000
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	1,000
Investments at fair value	[9],[17],[18]	$ 1,000
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		5.50%	[12]	5.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		9.32%	[12]	6.50%	[15]
Principal		$ 9,250		$ 9,250
Cost		9,096	[2],[4]	9,071	[6],[8]
Investments at fair value		$ 9,102	[9]	$ 9,071	[10]
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		7.50%	[12]	7.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.32%	[12]	8.50%	[15]
Principal		$ 9,250		$ 9,250
Cost		9,094	[2],[4]	9,071	[6],[8]
Investments at fair value		$ 9,102	[9]	$ 9,071	[10]
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units
Schedule of Investments [Line Items]
Shares (in shares)	[14],[19],[20]			1,000,000
Principal	[19],[20]			$ 0
Cost	[6],[8],[19],[20]			1,000
Investments at fair value	[10],[19],[20]			$ 1,000
Investment, Identifier [Axis]: ATS OPERATING, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.50%	[12],[13]	6.50%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate	[15],[25]			7.50%
Principal		$ 0	[13]	$ 1,000	[25]
Cost		(40)	[2],[4],[13]	952	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 952	[10],[25]
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP, First Lien
Schedule of Investments [Line Items]
Variable rate	[15]			8.50%
Floor	[15]			1.00%
Investment interest rate	[15]			9.50%
Principal				$ 10,121
Cost	[6],[8]			10,105
Investments at fair value	[10]			$ 10,121
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP., Shares of common stock
Schedule of Investments [Line Items]
Shares (in shares)		900,000	[16]	900,000	[14]
Principal		$ 0		$ 0
Cost		900	[2],[4]	900	[6],[8]
Investments at fair value		$ 123	[9]	$ 924	[10]
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan
Schedule of Investments [Line Items]
PIK	[15],[24]			3.00%
Variable rate	[15],[24]			11.00%
Floor	[15],[24]			1.00%
Investment interest rate	[15],[24]			15.00%
Principal	[24]			$ 9,064
Cost	[6],[8],[24]			9,005
Investments at fair value	[10],[24]			$ 8,793
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B
Schedule of Investments [Line Items]
PIK	[15],[24]			3.00%
Variable rate	[15],[24]			11.00%
Floor	[15],[24]			1.00%
Investment interest rate	[15],[24]			15.00%
Principal	[24]			$ 2,149
Cost	[6],[8],[24]			2,130
Investments at fair value	[10],[24]			$ 2,084
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES), Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		1,131,579	[16]	1,131,579	[14]
Principal		$ 0		$ 0
Cost		1,132	[2],[4]	1,132	[6],[8]
Investments at fair value		$ 1,779	[9]	$ 1,420	[10]
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC, Series C Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		89,335
Principal		$ 0
Cost		89
Investments at fair value		$ 0
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.73%	[12]	8.00%	[15]
Principal		$ 7,385		$ 7,385
Cost		7,323	[2],[4]	7,313	[6],[8]
Investments at fair value		$ 7,134	[9]	$ 7,314	[10]
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[12]	7.00%	[15],[25]
Floor		1.00%	[12]	1.00%	[15],[25]
Investment interest rate		11.73%	[12]	8.00%	[15],[25]
Principal		$ 615		$ 308	[25]
Cost		611	[2],[4]	302	[6],[8],[25]
Investments at fair value		$ 594	[9]	$ 302	[10],[25]
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock
Schedule of Investments [Line Items]
Shares (in shares)	[14]			48,423
Principal				$ 0
Cost	[6],[8]			1,317
Investments at fair value	[10]			$ 2,090
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		6.50%	[12]	6.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.88%	[12]	7.50%	[15]
Principal		$ 5,707		$ 5,752
Cost		5,665	[2],[4]	5,702	[6],[8]
Investments at fair value		$ 5,707	[9]	$ 5,700	[10]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000	[16],[17],[18],[28]	1,000,000	[14],[19],[20]
Principal		$ 0	[17],[18],[28]	$ 0	[19],[20]
Cost		1,000	[2],[4],[17],[18],[28]	1,000	[6],[8],[19],[20]
Investments at fair value		$ 1,658	[9],[17],[18],[28]	$ 1,221	[10],[19],[20]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units
Schedule of Investments [Line Items]
Shares (in shares)		500,000	[13],[16],[17],[18],[28]	500,000	[14],[19],[20],[25]
Principal		$ 0	[13],[17],[18],[28]	$ 0	[19],[20],[25]
Cost		500	[2],[4],[13],[17],[18],[28]	500	[6],[8],[19],[20],[25]
Investments at fair value		$ 714	[9],[13],[17],[18],[28]	$ 572	[10],[19],[20],[25]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.74%	[12]	8.00%	[15]
Principal		$ 15,600		$ 15,900
Cost		15,350	[2],[4]	15,606	[6],[8]
Investments at fair value		$ 15,600	[9]	$ 15,884	[10]
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(61)	[2],[4],[13]	(73)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[12],[13]	9.00%	[15]
Floor		1.75%	[12],[13]	1.75%	[15]
Investment interest rate		12.74%	[12],[13]	10.75%	[15]
Principal		$ 100	[13]	$ 100
Cost		85	[2],[4],[13]	81	[6],[8]
Investments at fair value		$ 98	[9],[13]	$ 97	[10]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[12]	9.00%	[15]
Floor		1.75%	[12]	1.75%	[15]
Investment interest rate		12.74%	[12]	10.75%	[15]
Principal		$ 7,500		$ 7,500
Cost		7,420	[2],[4]	7,398	[6],[8]
Investments at fair value		$ 7,327	[9]	$ 7,260	[10]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		1,380,500	[16],[17],[18]	1,380,500	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		976	[2],[4],[17],[18]	976	[6],[8],[19],[20]
Investments at fair value		$ 357	[9],[17],[18]	$ 641	[10],[19],[20]
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[12],[13]	9.00%	[15],[25]
Floor		1.75%	[12],[13]	1.75%	[15],[25]
Investment interest rate		12.74%	[12],[13]	10.75%	[15],[25]
Principal		$ 300	[13]	$ 300	[25]
Cost		286	[2],[4],[13]	281	[6],[8],[25]
Investments at fair value		$ 293	[9],[13]	$ 290	[10],[25]
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock
Schedule of Investments [Line Items]
Shares (in shares)		1,500,000	[16],[17],[18]	1,500,000	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		1,500	[2],[4],[17],[18]	1,500	[6],[8],[19],[20]
Investments at fair value		$ 2,893	[9],[17],[18]	$ 924	[10],[19],[20]
Investment, Identifier [Axis]: CITYVET, INC., Class A units
Schedule of Investments [Line Items]
Shares (in shares)	[14],[19],[20]			271,739
Principal	[19],[20]			$ 0
Cost	[6],[8],[19],[20]			500
Investments at fair value	[10],[19],[20]			$ 1,757
Investment, Identifier [Axis]: CITYVET, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			6.50%
Floor	[15],[25]			1.00%
Investment interest rate	[15],[25]			7.50%
Principal	[25]			$ 13,000
Cost	[6],[8],[25]			12,656
Investments at fair value	[10],[25]			$ 13,247
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.97%	[12],[21]	6.21%	[15],[22]
Floor		1.00%	[12],[21]	1.00%	[15],[22]
Investment interest rate		11.73%	[12],[21]	7.21%	[15],[22]
Principal		$ 15,000	[21]	$ 10,000	[22]
Cost		14,898	[2],[4],[21]	9,921	[6],[8],[22]
Investments at fair value		$ 15,000	[9],[21]	$ 10,000	[10],[22]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		1,681.04	[16]	1,681.04	[14]
Principal		$ 0		$ 0
Cost		3,615	[2],[4]	3,615	[6],[8]
Investments at fair value		$ 0	[9]	$ 2,460	[10]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+11.00% PIK
Schedule of Investments [Line Items]
Variable rate	[12]	11.00%
Floor	[12]	1.00%
Investment interest rate	[12]	15.74%
Principal		$ 1,649
Cost	[2],[4]	1,649
Investments at fair value	[9]	$ 0
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.00% PIK
Schedule of Investments [Line Items]
Variable rate		9.00%	[12]	9.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		14.13%	[12]	10.00%	[15]
Principal		$ 1,829		$ 1,732
Cost		1,829	[2],[4]	1,732	[6],[8]
Investments at fair value		$ 0	[9]	$ 1,472	[10]
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.50% PIK
Schedule of Investments [Line Items]
Variable rate	[15]			9.50%
Floor	[15]			1.00%
Investment interest rate	[15]			10.50%
Principal				$ 1,541
Cost	[6],[8]			1,541
Investments at fair value	[10]			$ 1,402
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance
Schedule of Investments [Line Items]
Variable rate		16.70%	[12]	11.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		21.06%	[12]	12.50%	[15]
Principal		$ 1,448		$ 526
Cost		1,448	[2],[4]	526	[6],[8]
Investments at fair value		$ 1,086	[9]	$ 526	[10]
Investment, Identifier [Axis]: DUNN PAPER, INC., Second Lien
Schedule of Investments [Line Items]
Variable rate	[15]			9.25%
Floor	[15]			1.00%
Investment interest rate	[15]			10.25%
Principal				$ 3,000
Cost	[6],[8]			2,984
Investments at fair value	[10]			$ 2,208
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 2,500,000 Common units
Schedule of Investments [Line Items]
Shares (in shares)		2,500,000
Principal		$ 0
Cost		0
Investments at fair value		$ 0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 250,000 Class A Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	250,000
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	250
Investments at fair value	[9],[17],[18]	$ 625
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 255,984.22 Class C Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		255,984.22
Principal		$ 0
Cost		0
Investments at fair value		$ 0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 5,435,211.03 Class B Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		5,435,211.03
Principal		$ 0
Cost		2,218
Investments at fair value		$ 2,218
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[15]			8.50%
Floor	[15]			1.00%
Investment interest rate	[15]			9.51%
Principal				$ 11,221
Cost	[6],[8]			11,147
Investments at fair value	[10]			$ 10,323
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate	[12]	4.50%
Floor	[12]	2.00%
Investment interest rate	[12]	8.92%
Principal		$ 3,759
Cost	[2],[4]	3,739
Investments at fair value	[9]	$ 3,739
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate	[12],[26]	6.50%
Floor	[12],[26]	2.00%
Investment interest rate	[12],[26]	10.92%
Principal	[26]	$ 3,761
Cost	[2],[4],[26]	3,739
Investments at fair value	[9],[26]	$ 3,739
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[14],[19],[20]			2,000,000
Principal	[19],[20]			$ 0
Cost	[6],[8],[19],[20]			2,000
Investments at fair value	[10],[19],[20]			$ 1,274
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			8.50%
Floor	[15],[25]			1.00%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(1)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt
Schedule of Investments [Line Items]
PIK	[15]			25.00%
Principal				$ 650
Cost	[6],[8]			650
Investments at fair value	[10]			$ 650
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[12]	8.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		12.73%	[12]	9.00%	[15]
Principal		$ 8,594		$ 8,938
Cost		8,523	[2],[4]	8,853	[6],[8]
Investments at fair value		$ 8,594	[9]	$ 8,848	[10]
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Common units
Schedule of Investments [Line Items]
Shares (in shares)		615.156
Principal		$ 0
Cost		615
Investments at fair value		$ 615
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(25)
Investments at fair value		$ 0
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Investment interest rate		12.60%
Principal		$ 9,450
Cost		9,263
Investments at fair value		$ 9,263
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Investment interest rate		12.60%
Principal		$ 9,450
Cost		9,263
Investments at fair value		$ 9,263
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Promissory Note
Schedule of Investments [Line Items]
Investment interest rate		13.574%
Principal		$ 385
Cost		385
Investments at fair value		$ 385
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(49)
Investments at fair value		$ 0
Investment, Identifier [Axis]: FAST SANDWICH, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[15]			9.00%
Floor	[15]			1.00%
Investment interest rate	[15]			10.00%
Principal				$ 3,277
Cost	[6],[8]			3,262
Investments at fair value	[10]			$ 3,277
Investment, Identifier [Axis]: FAST SANDWICH, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			9.00%
Floor	[15],[25]			1.00%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(22)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		2,000,000	[16],[17],[18],[28]	2,000,000	[14],[19],[20],[29]
Principal		$ 0	[17],[18],[28]	$ 0	[19],[20],[29]
Cost		2,000	[2],[4],[17],[18],[28]	2,000	[6],[8],[19],[20],[29]
Investments at fair value		$ 17,678	[9],[17],[18],[28]	$ 6,373	[10],[19],[20],[29]
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.50%	[12],[13]	7.50%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate	[12],[13]	11.46%
Principal		$ 2,818	[13]	$ 0	[25]
Cost		2,773	[2],[4],[13]	(56)	[6],[8],[25]
Investments at fair value		$ 2,818	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.50%	[12]	7.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		12.08%	[12]	8.50%	[15]
Principal		$ 31,845		$ 17,755
Cost		31,167	[2],[4]	17,443	[6],[8]
Investments at fair value		$ 31,846	[9]	$ 17,755	[10]
Investment, Identifier [Axis]: FM SYLVAN, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		1.00%
Investment interest rate		12.47%
Principal		$ 15,000
Cost		14,707
Investments at fair value		$ 14,707
Investment, Identifier [Axis]: FM SYLVAN, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		1.00%
Principal		$ 0
Cost		(194)
Investments at fair value		$ 0
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		75,000	[16],[17],[18]	75,000	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		750	[2],[4],[17],[18]	750	[6],[8],[19],[20]
Investments at fair value		$ 743	[9],[17],[18]	$ 750	[10],[19],[20]
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			6.50%
Floor	[15],[25]			1.00%
Investment interest rate	[15],[25]			7.50%
Principal	[25]			$ 2,030
Cost	[6],[8],[25]			1,971
Investments at fair value	[10],[25]			$ 2,030
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.50%	[12]	6.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.24%	[12]	7.50%	[15]
Principal		$ 7,030		$ 5,000
Cost		6,902	[2],[4]	4,914	[6],[8]
Investments at fair value		$ 7,030	[9]	$ 5,000	[10]
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.50%
Floor		2.00%
Principal		$ 0
Cost		(168)
Investments at fair value		$ 0
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		2.00%
Investment interest rate		11.29%
Principal		$ 7,500
Cost		7,351
Investments at fair value		$ 7,351
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		8.50%
Floor		2.00%
Investment interest rate		13.29%
Principal		$ 7,500
Cost		7,351
Investments at fair value		$ 7,351
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.50%
Floor		2.00%
Principal		$ 0
Cost		(50)
Investments at fair value		$ 0
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,000	[16]	1,000	[14]
Principal		$ 0		$ 0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		$ 344	[9]	$ 674	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units
Schedule of Investments [Line Items]
Shares (in shares)		247.54	[16]	56.259	[14]
Principal		$ 0		$ 0
Cost		248	[2],[4]	56	[6],[8]
Investments at fair value		$ 85	[9]	$ 38	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		9.50%	[12]	9.50%	[15]
Floor		2.00%	[12]	2.00%	[15]
Investment interest rate		13.21%	[12]	11.50%	[15]
Principal		$ 10,031		$ 11,500
Cost		9,957	[2],[4]	11,384	[6],[8]
Investments at fair value		$ 9,028	[9]	$ 9,775	[10]
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.50%	[12],[13]	9.50%	[15],[25]
Floor		2.00%	[12],[13]	2.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(16)	[2],[4],[13]	(22)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: GS OPERATING, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			6.00%
Floor	[15],[25]			0.75%
Investment interest rate	[15],[25]			6.75%
Principal	[25]			$ 2,516
Cost	[6],[8],[25]			2,406
Investments at fair value	[10],[25]			$ 2,566
Investment, Identifier [Axis]: GS OPERATING, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[15]			6.00%
Floor	[15]			0.75%
Investment interest rate	[15]			6.75%
Principal				$ 8,534
Cost	[6],[8]			8,367
Investments at fair value	[10]			$ 8,704
Investment, Identifier [Axis]: GS OPERATING, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			6.00%
Floor	[15],[25]			0.75%
Investment interest rate	[15],[25]			6.75%
Principal	[25]			$ 183
Cost	[6],[8],[25]			150
Investments at fair value	[10],[25]			$ 187
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.00%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(15)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	6.00%
Floor	[12]	1.00%
Investment interest rate	[12]	10.73%
Principal		$ 3,652
Cost	[2],[4]	3,581
Investments at fair value	[9]	$ 3,579
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.00%
Floor	[12],[13]	1.00%
Investment interest rate		10.42%
Principal	[13]	$ 252
Cost	[2],[4],[13]	233
Investments at fair value	[9],[13]	$ 247
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien
Schedule of Investments [Line Items]
Variable rate		8.25%	[12],[23]	8.25%	[15],[24]
Floor		1.00%	[12],[23]	1.00%	[15],[24]
Investment interest rate		12.07%	[12],[23]	9.25%	[15],[24]
Principal		$ 15,750	[23]	$ 15,750	[24]
Cost		15,514	[2],[4],[23]	15,473	[6],[8],[24]
Investments at fair value		13,592	[9],[23]	15,246	[10],[24]
Investment, Identifier [Axis]: I-45 SLF LLC
Schedule of Investments [Line Items]
Principal	[13],[17],[28]	0
Cost	[2],[4],[13],[17],[28]	76,000
Investments at fair value	[9],[13],[17],[28]	$ 47,625
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest
Schedule of Investments [Line Items]
Principal	[19],[25],[29]			0
Cost	[6],[8],[19],[25],[29]			76,000
Investments at fair value	[10],[19],[25],[29]			$ 57,603
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		5.50%	[12],[13]	6.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(17)	[2],[4],[13]	(21)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%	[12]	6.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.23%	[12]	7.01%	[15]
Principal		$ 7,673		$ 7,731
Cost		7,549	[2],[4]	7,587	[6],[8]
Investments at fair value		7,673	[9]	7,615	[10]
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest
Schedule of Investments [Line Items]
Principal		0	[13],[17],[18]	0	[19],[20],[25]
Cost		588	[2],[4],[13],[17],[18]	588	[6],[8],[19],[20],[25]
Investments at fair value		$ 944	[9],[13],[17],[18]	$ 588	[10],[19],[20],[25]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.74%	[12]	8.00%	[15]
Principal		$ 5,000		$ 5,000
Cost		4,921	[2],[4]	4,908	[6],[8]
Investments at fair value		$ 5,000	[9]	$ 5,000	[10]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate		10.74%	[12],[13]	8.00%	[15],[25]
Principal		$ 800	[13]	$ 800	[25]
Cost		770	[2],[4],[13]	764	[6],[8],[25]
Investments at fair value		$ 800	[9],[13]	$ 800	[10],[25]
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000	[16]	1,000,000	[14]
Principal		$ 0		$ 0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		1,000	[9]	1,000	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest
Schedule of Investments [Line Items]
Principal		0	[17],[18]	0	[19],[20],[29]
Cost		1,500	[2],[4],[17],[18]	1,500	[6],[8],[19],[20],[29]
Investments at fair value		$ 4,051	[9],[17],[18]	$ 3,063	[10],[19],[20],[29]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A
Schedule of Investments [Line Items]
PIK		10.00%	[12]	10.00%	[15]
Principal		$ 3,189		$ 2,959
Cost		3,151	[2],[4]	2,721	[6],[8]
Investments at fair value		$ 3,123	[9]	$ 2,959	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B
Schedule of Investments [Line Items]
PIK		10.00%	[12]	10.00%	[15]
Principal		$ 126		$ 117
Cost		126	[2],[4]	117	[6],[8]
Investments at fair value		$ 123	[9]	$ 117	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan
Schedule of Investments [Line Items]
PIK		1.00%
Variable rate		11.00%	[12]	11.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		15.82%	[12]	12.00%	[15]
Principal		$ 5,043		$ 5,036
Cost		5,039	[2],[4]	5,010	[6],[8]
Investments at fair value		$ 5,068	[9]	$ 5,061	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan
Schedule of Investments [Line Items]
PIK	[12]	1.00%
Variable rate		8.00%	[12]	8.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		12.82%	[12]	9.00%	[15]
Principal		$ 10,086		$ 10,071
Cost		10,105	[2],[4]	10,041	[6],[8]
Investments at fair value		$ 10,126	[9]	$ 10,041	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan
Schedule of Investments [Line Items]
PIK	[12],[13]	1.00%
Variable rate		9.00%	[12],[13]	9.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate		13.84%	[12],[13]	10.00%	[15],[25]
Principal		$ 7,000	[13]	$ 750	[25]
Cost		6,941	[2],[4],[13]	733	[6],[8],[25]
Investments at fair value		7,000	[9],[13]	750	[10],[25]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9
Schedule of Investments [Line Items]
Principal	[19],[20]			0
Cost	[6],[8],[19],[20]			538
Investments at fair value	[10],[19],[20]			$ 3,199
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9,13
Schedule of Investments [Line Items]
Principal	[17],[18]	0
Cost	[2],[4],[17],[18]	538
Investments at fair value	[9],[17],[18]	$ 3,855
Investment, Identifier [Axis]: JVMC HOLDINGS CORP, First Lien
Schedule of Investments [Line Items]
Variable rate	[15]			7.00%
Floor	[15]			1.00%
Investment interest rate	[15]			8.00%
Principal				$ 6,589
Cost	[6],[8]			6,558
Investments at fair value	[10]			$ 6,589
Investment, Identifier [Axis]: JVMC HOLDINGS CORP., First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	6.50%
Floor	[12]	1.00%
Investment interest rate	[12]	10.88%
Principal		$ 6,246
Cost	[2],[4]	6,227
Investments at fair value	[9]	$ 6,246
Investment, Identifier [Axis]: KLEIN HERSH, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[15]			7.00%
Floor	[15]			0.75%
Investment interest rate	[15]			7.85%
Principal				$ 23,821
Cost	[6],[8]			23,415
Investments at fair value	[10]			$ 24,298
Investment, Identifier [Axis]: KLEIN HERSH, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			7.00%
Floor	[15],[25]			0.75%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(13)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: KMS, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13],[23]	7.25%
Floor	[12],[13],[23]	1.00%
Investment interest rate	[12],[13],[23]	12.00%
Principal	[13],[23]	$ 2,251
Cost	[2],[4],[13],[23]	2,194
Investments at fair value	[9],[13],[23]	$ 2,100
Investment, Identifier [Axis]: KMS, INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[12],[23]	7.25%
Floor	[12],[23]	1.00%
Investment interest rate	[12],[23]	12.00%
Principal	[23]	$ 15,840
Cost	[2],[4],[23]	15,715
Investments at fair value	[9],[23]	$ 14,779
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			7.25%
Floor	[15],[25]			1.00%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(41)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: KMS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[15],[24]			7.25%
Floor	[15],[24]			1.00%
Investment interest rate	[15],[24]			8.25%
Principal	[24]			$ 15,920
Cost	[6],[8],[24]			15,773
Investments at fair value	[10],[24]			$ 15,920
Investment, Identifier [Axis]: LASH OPCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			7.00%
Floor	[15],[25]			1.00%
Investment interest rate	[15],[25]			8.01%
Principal	[25]			$ 4,154
Cost	[6],[8],[25]			4,034
Investments at fair value	[10],[25]			$ 4,063
Investment, Identifier [Axis]: LASH OPCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.17%	[12]	8.01%	[15]
Principal		$ 10,558		$ 6,484
Cost		10,331	[2],[4]	6,345	[6],[8]
Investments at fair value		$ 10,305	[9]	$ 6,341	[10]
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate	[12],[13]	11.57%
Principal		$ 233	[13]	$ 0	[25]
Cost		225	[2],[4],[13]	(10)	[6],[8],[25]
Investments at fair value		$ 228	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
PIK		1.00%		2.00%	[15]
Variable rate		10.00%	[12]	10.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		15.12%	[12]	13.00%	[15]
Principal		$ 2,501		$ 2,488
Cost		2,487	[2],[4]	2,463	[6],[8]
Investments at fair value		$ 2,501	[9]	$ 2,388	[10]
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien
Schedule of Investments [Line Items]
PIK		1.00%	[12]	2.00%	[15]
Variable rate		8.50%	[12]	8.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		13.62%	[12]	11.50%	[15]
Principal		$ 11,478		$ 11,422
Cost		11,427	[2],[4]	11,346	[6],[8]
Investments at fair value		$ 11,236	[9]	$ 10,851	[10]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Units of Class A common stock
Schedule of Investments [Line Items]
Shares (in shares)		142,278.89	[16],[17],[18]	142,278.89	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		1,600	[2],[4],[17],[18]	1,600	[6],[8],[19],[20]
Investments at fair value		$ 1,158	[9],[17],[18]	$ 376	[10],[19],[20]
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note
Schedule of Investments [Line Items]
PIK	[12],[17],[18]	25.00%
Principal	[17],[18]	$ 106
Cost	[2],[4],[17],[18]	106
Investments at fair value	[9],[17],[18]	$ 106
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note
Schedule of Investments [Line Items]
PIK	[15],[19],[20]			25.00%
Principal	[19],[20]			$ 88
Cost	[6],[8],[19],[20]			88
Investments at fair value	[10],[19],[20]			$ 88
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units
Schedule of Investments [Line Items]
Shares (in shares)		203,124.9999	[16],[17],[18]	203,124.9999	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		0	[2],[4],[17],[18]	0	[6],[8],[19],[20]
Investments at fair value		$ 0	[9],[17],[18]	$ 0	[10],[19],[20]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien
Schedule of Investments [Line Items]
Investment interest rate		7.50%	[12]	7.50%	[15]
Principal		$ 5,156		$ 5,195
Cost		5,157	[2],[4]	5,195	[6],[8]
Investments at fair value		$ 5,156	[9]	$ 4,780	[10]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan
Schedule of Investments [Line Items]
Investment interest rate		7.50%	[12],[13]	7.50%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		0	[2],[4],[13]	0	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien
Schedule of Investments [Line Items]
PIK		10.00%	[12],[26]	10.00%	[15],[27]
Principal		$ 5,208	[26]	$ 5,208	[27]
Cost		5,208	[2],[4],[26]	5,208	[6],[8],[27]
Investments at fair value		$ 2,375	[9],[26]	$ 3,104	[10],[27]
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		208,333.3333	[16],[17],[18]	208,333.3333	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		0	[2],[4],[17],[18]	0	[6],[8],[19],[20]
Investments at fair value		$ 0	[9],[17],[18]	$ 0	[10],[19],[20]
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	6.50%
Floor	[12]	1.00%
Investment interest rate	[12]	11.54%
Principal		$ 22,859
Cost	[2],[4]	22,442
Investments at fair value	[9]	22,447
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest
Schedule of Investments [Line Items]
Principal	[17],[18]	0
Cost	[2],[4],[17],[18]	600
Investments at fair value	[9],[17],[18]	$ 416
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.50%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(32)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[12],[23]	9.00%	[15],[24]
Floor		1.00%	[12],[23]	1.00%	[15],[24]
Investment interest rate		12.74%	[12],[23]	10.00%	[15],[24]
Principal		$ 10,863	[23]	$ 10,945	[24]
Cost		10,672	[2],[4],[23]	10,723	[6],[8],[24]
Investments at fair value		$ 10,537	[9],[23]	$ 10,671	[10],[24]
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien
Schedule of Investments [Line Items]
Variable rate		7.25%	[12]	7.25%	[15]
Floor		0.75%	[12]	0.75%	[15]
Investment interest rate		11.09%	[12]	8.38%	[15]
Principal		$ 7,919		$ 8,032
Cost		7,810	[2],[4]	7,900	[6],[8]
Investments at fair value		$ 7,816	[9]	$ 7,751	[10]
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.25%	[12],[13]	7.25%	[15],[25]
Floor		0.75%	[12],[13]	0.75%	[15],[25]
Investment interest rate		11.76%	[12],[13]	8.23%	[15],[25]
Principal		$ 1,604	[13]	$ 943	[25]
Cost		1,580	[2],[4],[13]	913	[6],[8],[25]
Investments at fair value		$ 1,583	[9],[13]	$ 910	[10],[25]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[12]	8.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.74%	[12]	9.00%	[15]
Principal		$ 12,375		$ 12,469
Cost		12,170	[2],[4]	12,232	[6],[8]
Investments at fair value		$ 11,979	[9]	$ 12,232	[10]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Second Lien
Schedule of Investments [Line Items]
Variable rate		11.00%	[12]	11.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		14.74%	[12]	12.00%	[15]
Principal		$ 2,767		$ 3,292
Cost		2,721	[2],[4]	3,229	[6],[8]
Investments at fair value		$ 2,678	[9]	$ 3,229	[10]
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Series A units
Schedule of Investments [Line Items]
Shares (in shares)		2,089,599	[16],[17],[18]	2,089,599	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		0	[2],[4],[17],[18]	0	[6],[8],[19],[20]
Investments at fair value		$ 1,017	[9],[17],[18]	$ 1,536	[10],[19],[20]
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	6.25%
Floor	[12]	1.00%
Investment interest rate	[12]	10.67%
Principal		$ 11,781
Cost	[2],[4]	11,569
Investments at fair value	[9]	$ 11,663
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.25%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(28)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000
Principal		$ 0
Cost		1,000
Investments at fair value		$ 1,000
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			7.25%
Floor	[15],[25]			1.00%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(52)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.75%	[12]	7.25%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.43%	[12]	8.25%	[15]
Principal		$ 21,800		$ 12,000
Cost		21,438	[2],[4]	11,785	[6],[8]
Investments at fair value		$ 21,800	[9]	$ 12,000	[10]
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.75%	[12],[13]	7.25%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(72)	[2],[4],[13]	(87)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		191,049.33	[16],[17],[18]	191,049.33	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		2,000	[2],[4],[17],[18]	2,000	[6],[8],[19],[20]
Investments at fair value		$ 2,000	[9],[17],[18]	$ 2,000	[10],[19],[20]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.50%	[12]	6.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.24%	[12]	7.50%	[15]
Principal		$ 9,716		$ 11,250
Cost		9,555	[2],[4]	11,035	[6],[8]
Investments at fair value		$ 9,716	[9]	$ 11,171	[10]
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		7.50%	[12]	7.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.24%	[12]	8.50%	[15]
Principal		$ 9,716		$ 11,250
Cost		9,555	[2],[4]	11,035	[6],[8]
Investments at fair value		$ 9,580	[9]	$ 11,171	[10]
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			8.00%
Floor	[15],[25]			1.00%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(82)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[12]	8.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.74%	[12]	9.00%	[15]
Principal		$ 14,993		$ 14,913
Cost		14,774	[2],[4]	14,657	[6],[8]
Investments at fair value		$ 12,744	[9]	$ 14,569	[10]
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%	[12],[13]	8.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate		11.74%	[12],[13]	9.00%	[15],[25]
Principal		$ 4,400	[13]	$ 4,400	[25]
Cost		4,333	[2],[4],[13]	4,317	[6],[8],[25]
Investments at fair value		$ 3,740	[9],[13]	$ 4,299	[10],[25]
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(30)
Investments at fair value		$ 0
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Investment interest rate		12.71%
Principal		$ 13,000
Cost		12,741
Investments at fair value		$ 12,741
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%
Floor		2.00%
Principal		$ 0
Cost		(79)
Investments at fair value		$ 0
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[12],[13]	6.25%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(32)	[2],[4],[13]	(45)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: NINJATRADER, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		6.25%	[12]	6.25%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		9.99%	[12]	7.25%	[15]
Principal		$ 23,150		$ 23,150
Cost		22,826	[2],[4]	22,719	[6],[8]
Investments at fair value		$ 23,034	[9]	$ 23,150	[10]
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit
Schedule of Investments [Line Items]
Shares (in shares)	[14],[19],[20],[29]			2,000,000
Principal	[19],[20],[29]			$ 0
Cost	[6],[8],[19],[20],[29]			2,000
Investments at fair value	[10],[19],[20],[29]			$ 9,566
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18],[28]	2,000,000
Principal	[17],[18],[28]	$ 0
Cost	[2],[4],[17],[18],[28]	2,000
Investments at fair value	[9],[17],[18],[28]	$ 11,138
Investment, Identifier [Axis]: NINJATRADER, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[12],[13]	6.25%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(3)	[2],[4],[13]	(4)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		8.00%	[12]	6.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		12.56%	[12]	7.50%	[15]
Principal		$ 12,755		$ 13,066
Cost		12,573	[2],[4]	12,844	[6],[8]
Investments at fair value		$ 12,270	[9]	$ 12,818	[10]
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.00%	[12],[13]	6.50%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate		12.32%	[12],[13]	7.50%	[15],[25]
Principal		$ 810	[13]	$ 420	[25]
Cost		786	[2],[4],[13]	390	[6],[8],[25]
Investments at fair value		$ 779	[9],[13]	$ 412	[10],[25]
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	6.50%
Floor	[12]	1.00%
Investment interest rate	[12]	11.18%
Principal		$ 9,109
Cost	[2],[4]	9,024
Investments at fair value	[9]	$ 9,109
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.50%
Floor	[12],[13]	1.00%
Investment interest rate	[12],[13]	10.87%
Principal	[13]	$ 167
Cost	[2],[4],[13]	159
Investments at fair value	[9],[13]	$ 167
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien
Schedule of Investments [Line Items]
Investment interest rate	[12]	12.50%
Principal		$ 3,000
Cost	[2],[4]	2,747
Investments at fair value	[9]	2,910
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Warrants (Expiration - August 19, 2029)
Schedule of Investments [Line Items]
Principal		0
Cost	[2],[4]	207
Investments at fair value	[9]	$ 207
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	5,000
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	500
Investments at fair value	[9],[17],[18]	$ 500
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	6.75%
Floor	[12]	1.00%
Investment interest rate	[12]	10.57%
Principal		$ 10,800
Cost	[2],[4]	10,653
Investments at fair value	[9]	$ 10,746
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.75%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(27)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien
Schedule of Investments [Line Items]
Variable rate	[12],[17]	7.25%
Floor	[12],[17]	1.00%
Investment interest rate	[12],[17]	11.80%
Principal	[17]	$ 9,875
Cost	[2],[4],[17]	9,689
Investments at fair value	[9],[17]	$ 9,687
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13],[17]	7.25%
Floor	[12],[13],[17]	1.00%
Principal	[13],[17]	$ 0
Cost	[2],[4],[13],[17]	(62)
Investments at fair value	[9],[13],[17]	$ 0
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien
Schedule of Investments [Line Items]
Variable rate		9.50%	[12]	9.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		14.43%	[12]	10.50%	[15]
Principal		$ 10,500		$ 10,500
Cost		10,138	[2],[4]	10,066	[6],[8]
Investments at fair value		$ 6,930	[9]	$ 10,217	[10]
Investment, Identifier [Axis]: ROOF OPCO, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	535,714.29
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	750
Investments at fair value	[9],[17],[18]	$ 597
Investment, Identifier [Axis]: ROOF OPCO, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			6.00%
Floor	[15],[25]			1.00%
Investment interest rate	[15],[25]			7.00%
Principal	[25]			$ 7,578
Cost	[6],[8],[25]			7,394
Investments at fair value	[10],[25]			$ 7,578
Investment, Identifier [Axis]: ROOF OPCO, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.50%	[12]	6.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.32%	[12]	7.00%	[15]
Principal		$ 21,633		$ 11,000
Cost		21,251	[2],[4]	10,802	[6],[8]
Investments at fair value		$ 21,071	[9]	$ 10,791	[10]
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.50%	[12],[13]	6.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate		10.97%
Principal		$ 1,222	[13]	$ 0	[25]
Cost		1,178	[2],[4],[13]	(53)	[6],[8],[25]
Investments at fair value		$ 1,190	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		16,084	[16]	16,084	[14]
Principal		$ 0		$ 0
Cost		1,517	[2],[4]	1,517	[6],[8]
Investments at fair value		$ 956	[9]	$ 1,905	[10]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-1 Units
Schedule of Investments [Line Items]
Shares (in shares)	[16]	1,100
Principal		$ 0
Cost	[2],[4]	66
Investments at fair value	[9]	$ 200
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien
Schedule of Investments [Line Items]
PIK	[12]	2.00%
Variable rate		8.00%	[12]	7.00%	[15]
Floor		2.00%	[12]	2.00%	[15]
Investment interest rate		13.71%	[12]	9.00%	[15]
Principal		$ 14,557		$ 14,125
Cost		14,499	[2],[4]	14,021	[6],[8]
Investments at fair value		$ 13,698	[9]	$ 14,125	[10]
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan
Schedule of Investments [Line Items]
PIK	[12],[13]	2.00%
Variable rate		8.00%	[12],[13]	7.00%	[15],[25]
Floor		2.00%	[12],[13]	2.00%	[15],[25]
Investment interest rate		13.71%	[12],[13]	9.00%	[15],[25]
Principal		$ 575	[13]	$ 575	[25]
Cost		569	[2],[4],[13]	564	[6],[8],[25]
Investments at fair value		$ 541	[9],[13]	$ 575	[10],[25]
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.75%	[12]	7.75%	[15]
Floor		1.25%	[12]	1.25%	[15]
Investment interest rate		11.97%	[12]	9.00%	[15]
Principal		$ 6,666		$ 6,933
Cost		6,616	[2],[4]	6,870	[6],[8]
Investments at fair value		$ 5,799	[9]	$ 6,933	[10]
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.75%	[12],[13]	7.75%	[15]
Floor		1.25%	[12],[13]	1.25%	[15]
Investment interest rate		12.09%	[12],[13]	9.00%	[15]
Principal		$ 548	[13]	$ 1,370
Cost		538	[2],[4],[13]	1,357	[6],[8]
Investments at fair value		$ 477	[9],[13]	$ 1,370	[10]
Investment, Identifier [Axis]: SCRIP INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[12],[21]	11.06%
Floor	[12],[21]	2.00%
Investment interest rate	[12],[21]	15.45%
Principal	[21]	$ 16,750
Cost	[2],[4],[21]	16,606
Investments at fair value	[9],[21]	$ 16,415
Investment, Identifier [Axis]: SCRIP INC., Shares of common stock
Schedule of Investments [Line Items]
Shares (in shares)		100	[16]	100	[14]
Principal		$ 0		$ 0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		$ 1,060	[9]	$ 1,601	[10]
Investment, Identifier [Axis]: SCRIP, INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[15],[22]			9.43%
Floor	[15],[22]			2.00%
Investment interest rate	[15],[22]			11.43%
Principal	[22]			$ 16,750
Cost	[6],[8],[22]			16,521
Investments at fair value	[10],[22]			$ 16,750
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)		40,000	[16],[17]	40,000	[14],[19]
Principal		$ 0	[17]	$ 0	[19]
Cost		33	[2],[4],[17]	33	[6],[8],[19]
Investments at fair value		$ 67	[9],[17]	$ 33	[10],[19]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		1,200,000	[16],[17]	1,200,000	[14],[19]
Principal		$ 0	[17]	$ 0	[19]
Cost		978	[2],[4],[17]	978	[6],[8],[19]
Investments at fair value		$ 2,006	[9],[17]	$ 979	[10],[19]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[19],[25]			6.25%
Floor	[15],[19],[25]			1.00%
Principal	[19],[25]			$ 0
Cost	[6],[8],[19],[25]			(27)
Investments at fair value	[10],[19],[25]			$ 0
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		6.25%	[12],[17]	6.25%	[15],[19]
Floor		1.00%	[12],[17]	1.00%	[15],[19]
Investment interest rate		10.69%	[12],[17]	7.25%	[15],[19]
Principal		$ 13,678	[17]	$ 13,794	[19]
Cost		13,484	[2],[4],[17]	13,561	[6],[8],[19]
Investments at fair value		$ 13,678	[9],[17]	$ 13,545	[10],[19]
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[12],[13],[17]	6.25%	[15],[19],[25]
Floor		1.00%	[12],[13],[17]	1.00%	[15],[19],[25]
Principal		$ 0	[13],[17]	$ 0	[19],[25]
Cost		(33)	[2],[4],[13],[17]	(40)	[6],[8],[19],[25]
Investments at fair value		$ 0	[9],[13],[17]	$ 0	[10],[19],[25]
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	238,095.24
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	500
Investments at fair value	[9],[17],[18]	$ 720
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[14],[19],[20]			238,095.24
Principal	[19],[20]			$ 0
Cost	[6],[8],[19],[20]			500
Investments at fair value	[10],[19],[20]			$ 500
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			6.00%
Floor	[15],[25]			1.00%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(9)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.25%	[12]	6.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.01%	[12]	7.00%	[15]
Principal		$ 11,455		$ 7,427
Cost		11,299	[2],[4]	7,324	[6],[8]
Investments at fair value		$ 11,111	[9]	$ 7,323	[10]
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.25%	[12],[13]	6.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate		11.01%	[12],[13]	7.00%	[15],[25]
Principal		$ 497	[13]	$ 47	[25]
Cost		489	[2],[4],[13]	37	[6],[8],[25]
Investments at fair value		$ 482	[9],[13]	$ 46	[10],[25]
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units
Schedule of Investments [Line Items]
Shares (in shares)	[14]			9,374,510.2
Principal				$ 0
Cost	[6],[8]			6,107
Investments at fair value	[10]			$ 0
Investment, Identifier [Axis]: SIMR, LLC, Class W Units
Schedule of Investments [Line Items]
Shares (in shares)	[14]			904,903.31
Principal				$ 0
Cost	[6],[8]			0
Investments at fair value	[10]			$ 0
Investment, Identifier [Axis]: SIMR, LLC, First Lien
Schedule of Investments [Line Items]
PIK	[15],[27]			7.00%
Variable rate	[15],[27]			10.00%
Floor	[15],[27]			2.00%
Investment interest rate	[15],[27]			19.00%
Principal	[27]			$ 13,235
Cost	[6],[8],[27]			13,101
Investments at fair value	[10],[27]			$ 10,588
Investment, Identifier [Axis]: SONOBI, INC., Class A Common Units
Schedule of Investments [Line Items]
Shares (in shares)		500,000	[16],[17],[18]	500,000	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		500	[2],[4],[17],[18]	500	[6],[8],[19],[20]
Investments at fair value		$ 2,021	[9],[17],[18]	$ 2,960	[10],[19],[20]
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.25%	[12]	6.25%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		9.60%	[12]	7.25%	[15]
Principal		$ 17,884		$ 18,019
Cost		17,589	[2],[4]	17,676	[6],[8]
Investments at fair value		$ 17,884	[9]	$ 17,749	[10]
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		5.25%	[12],[13]	6.25%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(30)	[2],[4],[13]	(36)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	7.50%
Floor	[12]	2.00%
Investment interest rate	[12]	11.25%
Principal		$ 17,192
Cost	[2],[4]	16,901
Investments at fair value	[9]	$ 16,865
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		750	[16],[17],[18]	750	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		750	[2],[4],[17],[18]	750	[6],[8],[19],[20]
Investments at fair value		$ 972	[9],[17],[18]	$ 750	[10],[19],[20]
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.75%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.49%	[12]	8.00%	[15]
Principal		$ 7,500		$ 7,500
Cost		7,381	[2],[4]	7,359	[6],[8]
Investments at fair value		$ 7,500	[9]	$ 7,358	[10]
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		6.75%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(31)	[2],[4],[13]	(37)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[16]	4,718.62
Principal		$ 0
Cost	[2],[4]	4,838
Investments at fair value	[9]	$ 4,624
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[16]	37,807.58
Principal		$ 0
Cost	[2],[4]	1,400
Investments at fair value	[9]	$ 1,339
Investment, Identifier [Axis]: STATINMED, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		9.50%
Floor		2.00%
Investment interest rate		13.94%
Principal		$ 119
Cost		117
Investments at fair value		$ 119
Investment, Identifier [Axis]: STATINMED, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	9.50%
Floor	[12]	2.00%
Investment interest rate	[12]	13.80%
Principal		$ 7,039
Cost	[2],[4]	7,039
Investments at fair value	[9]	$ 7,039
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, 10,502,487.46 Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		10,502,487.46
Principal		$ 0
Cost		5,845
Investments at fair value		$ 5,845
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien
Schedule of Investments [Line Items]
Variable rate	[15]			8.00%
Floor	[15]			1.00%
Investment interest rate		8.50%		9.01%	[15]
Principal				$ 18,823
Cost	[6],[8]			18,489
Investments at fair value	[10]			$ 18,597
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[14],[19],[20]			2,000
Principal	[19],[20]			$ 0
Cost	[6],[8],[19],[20]			2,000
Investments at fair value	[10],[19],[20]			$ 1,819
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[15],[25]			8.00%
Floor	[15],[25]			1.00%
Principal	[25]			$ 0
Cost	[6],[8],[25]			(23)
Investments at fair value	[10],[25]			$ 0
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal		$ 8,889
Cost	[2],[4]	8,720
Investments at fair value	[9]	$ 8,720
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	2,000,000
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	0
Investments at fair value	[9],[17],[18]	$ 0
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.50%	[12],[13]	7.50%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(20)	[2],[4],[13]	(25)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien
Schedule of Investments [Line Items]
Variable rate		7.50%	[12]	7.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.24%	[12]	8.50%	[15]
Principal		$ 9,000		$ 9,000
Cost		8,875	[2],[4]	8,844	[6],[8]
Investments at fair value		$ 8,910	[9]	$ 8,820	[10]
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.50%	[12],[13]	7.50%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate		11.59%	[12],[13]	8.50%	[15],[25]
Principal		$ 500	[13]	$ 850	[25]
Cost		474	[2],[4],[13]	816	[6],[8],[25]
Investments at fair value		$ 495	[9],[13]	$ 833	[10],[25]
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,500,000	[16],[17],[18]	1,500,000	[14],[19],[20]
Principal		$ 0	[17],[18]	$ 0	[19],[20]
Cost		1,500	[2],[4],[17],[18]	1,500	[6],[8],[19],[20]
Investments at fair value		$ 4,732	[9],[17],[18]	$ 1,500	[10],[19],[20]
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[12]	9.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		13.44%	[12]	10.00%	[15]
Principal		$ 17,655		$ 12,644
Cost		17,339	[2],[4]	12,401	[6],[8]
Investments at fair value		$ 17,655	[9]	$ 12,391	[10]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units
Schedule of Investments [Line Items]
Shares (in shares)		896.43	[16],[17],[18],[28]	896.43	[14],[19],[20],[29]
Principal		$ 0	[17],[18],[28]	$ 0	[19],[20],[29]
Cost		1,205	[2],[4],[17],[18],[28]	1,205	[6],[8],[19],[20],[29]
Investments at fair value		$ 1,967	[9],[17],[18],[28]	$ 3,000	[10],[19],[20],[29]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien
Schedule of Investments [Line Items]
Variable rate		7.75%	[12],[23]	7.75%	[15],[24]
Floor		1.00%	[12],[23]	1.00%	[15],[24]
Investment interest rate		11.50%	[12],[23]	8.75%	[15],[24]
Principal		$ 9,800	[23]	$ 9,875	[24]
Cost		9,712	[2],[4],[23]	9,764	[6],[8],[24]
Investments at fair value		$ 9,800	[9],[23]	$ 9,835	[10],[24]
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note
Schedule of Investments [Line Items]
PIK		10.00%	[12],[17]	10.00%	[15],[19],[20]
Principal		$ 90	[17]	$ 84	[19],[20]
Cost		90	[2],[4],[17]	84	[6],[8],[19],[20]
Investments at fair value		$ 90	[9],[17]	$ 84	[10],[19],[20]
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units
Schedule of Investments [Line Items]
Shares (in shares)	[16],[17],[18]	1,000,000
Principal	[17],[18]	$ 0
Cost	[2],[4],[17],[18]	1,000
Investments at fair value	[9],[17],[18]	$ 1,211
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units
Schedule of Investments [Line Items]
Shares (in shares)		211,862.61
Principal		$ 0
Cost		212
Investments at fair value		$ 249
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	6.00%
Floor	[12],[13]	1.00%
Investment interest rate		10.37%
Principal	[13]	$ 5,000
Cost	[2],[4],[13]	4,875
Investments at fair value	[9],[13]	$ 5,000
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien
Schedule of Investments [Line Items]
Variable rate	[12]	6.00%
Floor	[12]	1.00%
Investment interest rate	[12]	9.82%
Principal		$ 6,800
Cost	[2],[4]	6,693
Investments at fair value	[9]	$ 6,800
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.75%	[12]	5.75%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.13%	[12]	6.75%	[15]
Principal		$ 11,527		$ 11,614
Cost		11,388	[2],[4]	11,451	[6],[8]
Investments at fair value		$ 11,527	[9]	$ 11,614	[10]
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	8.00%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(46)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate	[12]	8.00%
Floor	[12]	1.00%
Investment interest rate	[12]	11.82%
Principal		$ 13,500
Cost	[2],[4]	13,245
Investments at fair value	[9]	$ 13,243
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate	[12],[13]	8.00%
Floor	[12],[13]	1.00%
Principal	[13]	$ 0
Cost	[2],[4],[13]	(46)
Investments at fair value	[9],[13]	$ 0
Investment, Identifier [Axis]: VISTAR MEDIA INC., Shares of Series A preferred stock
Schedule of Investments [Line Items]
Shares (in shares)		171,617	[16]	171,617	[14]
Principal		$ 0		$ 0
Cost		1,874	[2],[4]	1,874	[6],[8]
Investments at fair value		$ 8,806	[9]	$ 9,273	[10]
Investment, Identifier [Axis]: VTX HOLDINGS, INC. (DBA VERTEX ONE), Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		1,597,707	[16]	1,597,707	[14]
Principal		$ 0		$ 0
Cost		1,598	[2],[4]	1,598	[6],[8]
Investments at fair value		$ 2,436	[9]	$ 2,082	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., Class A-1 Preferred Shares
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000	[16]	1,000,000	[14]
Principal		$ 0		$ 0
Cost		1,000	[2],[4]	1,000	[6],[8]
Investments at fair value		$ 1,205	[9]	$ 1,000	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.74%	[12]	8.00%	[15]
Principal		$ 10,656		$ 10,863
Cost		10,494	[2],[4]	10,670	[6],[8]
Investments at fair value		$ 10,656	[9]	$ 10,656	[10]
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(14)	[2],[4],[13]	(17)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: WELL-FOAM, INC., First Lien
Schedule of Investments [Line Items]
Variable rate		8.50%	[12]	8.50%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.74%	[12]	9.50%	[15]
Principal		$ 17,775		$ 17,910
Cost		17,495	[2],[4]	17,583	[6],[8]
Investments at fair value		$ 17,775	[9]	$ 17,910	[10]
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		8.50%	[12],[13]	8.50%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(69)	[2],[4],[13]	(83)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Principal		$ 0	[13]	$ 0	[25]
Cost		(34)	[2],[4],[13]	(41)	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 0	[10],[25]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%	[12]	7.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		10.74%	[12]	8.00%	[15]
Principal		$ 20,000		$ 20,000
Cost		19,675	[2],[4]	19,624	[6],[8]
Investments at fair value		$ 20,000	[9]	$ 19,520	[10]
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan
Schedule of Investments [Line Items]
Variable rate		7.00%	[12],[13]	7.00%	[15],[25]
Floor		1.00%	[12],[13]	1.00%	[15],[25]
Investment interest rate	[15],[25]			8.00%
Principal		$ 0	[13]	$ 2,444	[25]
Cost		(69)	[2],[4],[13]	2,362	[6],[8],[25]
Investments at fair value		$ 0	[9],[13]	$ 2,386	[10],[25]
Investment, Identifier [Axis]: ZENFOLIO INC., First Lien
Schedule of Investments [Line Items]
Variable rate		9.00%	[12]	9.00%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		12.74%	[12]	10.00%	[15]
Principal		$ 18,773		$ 18,915
Cost		18,711	[2],[4]	18,785	[6],[8]
Investments at fair value		$ 18,116	[9]	$ 18,820	[10]
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		9.00%	[12]	9.00%	[15],[25]
Floor		1.00%	[12]	1.00%	[15],[25]
Investment interest rate		12.74%	[12]	10.00%	[15],[25]
Principal		$ 2,000		$ 1,000	[25]
Cost		1,998	[2],[4]	996	[6],[8],[25]
Investments at fair value		$ 1,930	[9]	$ 995	[10],[25]
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A
Schedule of Investments [Line Items]
Variable rate		7.25%	[12]	7.25%	[15]
Floor		1.00%	[12]	1.00%	[15]
Investment interest rate		11.67%	[12]	8.25%	[15]
Principal		$ 15,880		$ 16,000
Cost		15,631	[2],[4]	15,691	[6],[8]
Investments at fair value		$ 15,642	[9]	$ 15,691	[10]
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B
Schedule of Investments [Line Items]
Variable rate		7.25%	[12]	7.25%	[15],[25]
Floor		1.00%	[12]	1.00%	[15],[25]
Investment interest rate		11.67%	[12]	8.26%	[15],[25]
Principal		$ 3,980		$ 199	[25]
Cost		3,919	[2],[4]	159	[6],[8],[25]
Investments at fair value		3,920	[9]	159	[10],[25]
I-45 SLF LLC
Schedule of Investments [Line Items]
Cost		184,529		187,714
Investments at fair value		160,998		176,704
I-45 SLF LLC | Burning Glass Intermediate Holding Company, Inc.
Schedule of Investments [Line Items]
Total unused commitments to extend financing		$ 400		300
I-45 SLF LLC | LASH OPCO, LLC
Schedule of Investments [Line Items]
Total unused commitments to extend financing				$ 800
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc, First Lein
Schedule of Investments [Line Items]
PIK		18.00%
Principal		$ 2,140
Cost		2,140
Investments at fair value		$ 2,108
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., First Lien
Schedule of Investments [Line Items]
PIK				8.00%
Variable rate				10.00%
Principal				$ 1,899
Cost				1,899
Investments at fair value				$ 1,833
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., Shares Common Stock
Schedule of Investments [Line Items]
Shares (in shares)		304,075
Principal		$ 0
Cost		1,449
Investments at fair value		581
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., Shares common stock
Schedule of Investments [Line Items]
Shares (in shares)				304,075
Principal				$ 0
Cost				1,449
Investments at fair value				1,449
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., Warrants (Expiration - December 11, 2025)
Schedule of Investments [Line Items]
Principal		0		0
Cost		482		482
Investments at fair value		$ 193		$ 482
I-45 SLF LLC | Investment, Identifier [Axis]: ADS Tactical, Inc., First Lein
Schedule of Investments [Line Items]
Variable rate		5.75%
Floor		1.00%
Principal		$ 6,142
Cost		6,052
Investments at fair value		$ 5,528
I-45 SLF LLC | Investment, Identifier [Axis]: ADS Tactical, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				5.75%
Floor				1.00%
Principal				$ 6,394
Cost				6,283
Investments at fair value				$ 6,133
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, Class A units
Schedule of Investments [Line Items]
Shares (in shares)		196		196
Principal		$ 0		$ 0
Cost		0		0
Investments at fair value		$ 1,218		$ 0
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, First Lein
Schedule of Investments [Line Items]
Variable rate		7.50%
Floor		1.00%
Principal		$ 2,276
Cost		2,270
Investments at fair value		$ 2,128
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, First Lien
Schedule of Investments [Line Items]
Variable rate				7.50%
Floor				1.00%
Principal				$ 2,617
Cost				2,610
Investments at fair value				$ 2,499
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, Senior Subordinated Debt
Schedule of Investments [Line Items]
PIK		10.00%		10.00%
Principal		$ 1,136		$ 1,081
Cost		1,136		1,081
Investments at fair value		$ 869		$ 729
I-45 SLF LLC | Investment, Identifier [Axis]: American Teleconferencing Services, Ltd., First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%		5.50%
Floor		2.00%
Principal		$ 5,597		$ 5,598
Cost		5,566		5,566
Investments at fair value		$ 315		$ 308
I-45 SLF LLC | Investment, Identifier [Axis]: American Teleconferencing Services, Ltd., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		5.50%		5.50%
Floor		2.00%
Principal		$ 992		$ 1,027
Cost		986		1,021
Investments at fair value		$ 56		$ 64
I-45 SLF LLC | Investment, Identifier [Axis]: Burning Glass Intermediate Holding Company, Inc., , First Lien
Schedule of Investments [Line Items]
Variable rate				5.00%
Floor				1.00%
Principal				$ 3,189
Cost				3,140
Investments at fair value				$ 3,189
I-45 SLF LLC | Investment, Identifier [Axis]: Burning Glass Intermediate Holding Company, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		5.00%
Floor		1.00%
Principal		$ 3,165
Cost		3,119
Investments at fair value		$ 3,165
I-45 SLF LLC | Investment, Identifier [Axis]: Burning Glass Intermediate Holding Company, Inc., Revolving Loan
Schedule of Investments [Line Items]
Variable rate		5.00%		5.00%
Floor		1.00%		1.00%
Principal		$ 0		$ 74
Cost		(5)		67
Investments at fair value		$ 0		$ 67
I-45 SLF LLC | Investment, Identifier [Axis]: Corel Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		5.00%
Principal		$ 6,531
Cost		6,392
Investments at fair value		$ 6,104
I-45 SLF LLC | Investment, Identifier [Axis]: Corel, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				5.00%
Principal				$ 6,803
Cost				6,650
Investments at fair value				$ 6,805
I-45 SLF LLC | Investment, Identifier [Axis]: Emerald Technologies (U.S.) Acquisitionco, Inc., First Lein
Schedule of Investments [Line Items]
Variable rate		6.25%
Floor		1.00%
Principal		$ 4,514
Cost		4,456
Investments at fair value		$ 4,284
I-45 SLF LLC | Investment, Identifier [Axis]: Emerald Technologies (U.S.) Acquisitionco, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				6.25%
Floor				1.00%
Principal				$ 3,125
Cost				3,063
Investments at fair value				$ 3,078
I-45 SLF LLC | Investment, Identifier [Axis]: Evergreen AcqCo 1 LP, First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%		5.50%
Floor		0.75%		0.75%
Principal		$ 8,117		$ 4,179
Cost		8,009		4,142
Investments at fair value		$ 7,867		$ 4,158
I-45 SLF LLC | Investment, Identifier [Axis]: Evergreen North America Acquisitions, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.75%		6.75%
Floor		1.00%		1.00%
Principal		$ 6,690		$ 6,740
Cost		6,586		6,623
Investments at fair value		$ 6,689		$ 6,740
I-45 SLF LLC | Investment, Identifier [Axis]: GS Operating, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate				6.00%
Floor				0.75%
Principal				$ 4,988
Cost				4,891
Investments at fair value				$ 4,988
I-45 SLF LLC | Investment, Identifier [Axis]: Geo Parent Corporation, First Lien
Schedule of Investments [Line Items]
Variable rate		5.25%		5.25%
Principal		$ 6,787		$ 6,840
Cost		6,758		6,809
Investments at fair value		$ 6,447		$ 6,806
I-45 SLF LLC | Investment, Identifier [Axis]: INW Manufacturing, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.75%		5.75%
Floor		0.75%		0.75%
Principal		$ 2,813		$ 2,925
Cost		2,746		2,867
Investments at fair value		$ 2,405		$ 2,867
I-45 SLF LLC | Investment, Identifier [Axis]: InfoGroup Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		5.00%		5.00%
Floor		1.00%		1.00%
Principal		$ 2,828		$ 2,850
Cost		2,826		2,845
Investments at fair value		$ 2,354		$ 2,704
I-45 SLF LLC | Investment, Identifier [Axis]: Infogain Corporation, First Lien
Schedule of Investments [Line Items]
Variable rate		5.75%		5.75%
Floor		1.00%		1.00%
Principal		$ 4,748		$ 4,784
Cost		4,688		4,719
Investments at fair value		$ 4,748		$ 4,769
I-45 SLF LLC | Investment, Identifier [Axis]: Integro Parent Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		12.50%		5.75%
Floor		1.00%		1.00%
Principal		$ 397		$ 3,217
Cost		397		3,209
Investments at fair value		$ 361		$ 3,043
I-45 SLF LLC | Investment, Identifier [Axis]: Intermedia Holdings, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		6.00%		6.00%
Floor		1.00%		1.00%
Principal		$ 6,625		$ 5,677
Cost		6,575		5,659
Investments at fair value		$ 5,118		$ 5,638
I-45 SLF LLC | Investment, Identifier [Axis]: Inventus Power, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		5.00%		5.00%
Floor		1.00%		1.00%
Principal		$ 6,878		$ 6,930
Cost		6,847		6,884
Investments at fair value		$ 6,809		$ 6,791
I-45 SLF LLC | Investment, Identifier [Axis]: Isagenix International, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.75%		5.75%
Floor		1.00%		1.00%
Principal		$ 1,650		$ 1,685
Cost		1,641		1,677
Investments at fair value		$ 502		$ 1,088
I-45 SLF LLC | Investment, Identifier [Axis]: KORE Wireless Group Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%		5.50%
Principal		$ 5,611		$ 4,658
Cost		5,595		4,639
Investments at fair value		$ 5,415		$ 4,640
I-45 SLF LLC | Investment, Identifier [Axis]: LOGIX Holdings Company, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		5.75%		5.75%
Floor		1.00%		1.00%
Principal		$ 4,443		$ 5,826
Cost		4,430		5,807
Investments at fair value		$ 3,666		$ 5,491
I-45 SLF LLC | Investment, Identifier [Axis]: Lab Logistics, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.25%		7.25%
Floor		1.00%		1.00%
Principal		$ 10,073		$ 6,242
Cost		10,024		6,213
Investments at fair value		$ 10,003		$ 6,242
I-45 SLF LLC | Investment, Identifier [Axis]: Lash OpCo, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Variable rate				7.00%
Floor				1.00%
Principal				$ 1,187
Cost				1,152
Investments at fair value				$ 1,161
I-45 SLF LLC | Investment, Identifier [Axis]: Lash OpCo, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		7.00%		7.00%
Floor		1.00%		1.00%
Principal		$ 6,128		$ 4,988
Cost		6,007		4,881
Investments at fair value		$ 5,981		$ 4,878
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Shares common stock
Schedule of Investments [Line Items]
Shares (in shares)		1,051		1,051
Principal		$ 0		$ 0
Cost		749		749
Investments at fair value		$ 553		$ 749
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Tranche A
Schedule of Investments [Line Items]
Variable rate		7.50%		7.50%
Floor		1.00%		1.00%
Principal		$ 2,483		$ 2,502
Cost		2,483		2,502
Investments at fair value		$ 2,409		$ 2,252
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Tranche B
Schedule of Investments [Line Items]
PIK				9.50%
Investment interest rate		9.50%
Principal		$ 592		$ 583
Cost		592		583
Investments at fair value		533		437
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Tranche C
Schedule of Investments [Line Items]
Principal		565		565
Cost		565		564
Investments at fair value		$ 508		$ 423
I-45 SLF LLC | Investment, Identifier [Axis]: Lightbox Intermediate, L.P., First Lien
Schedule of Investments [Line Items]
Variable rate		5.00%		5.00%
Principal		$ 6,894		$ 4,948
Cost		6,846		4,914
Investments at fair value		$ 6,653		$ 4,874
I-45 SLF LLC | Investment, Identifier [Axis]: Mills Fleet Farm Group LLC, First Lien
Schedule of Investments [Line Items]
Variable rate		6.25%		6.25%
Floor		1.00%		1.00%
Principal		$ 4,491		$ 4,623
Cost		4,459		4,584
Investments at fair value		$ 4,401		$ 4,623
I-45 SLF LLC | Investment, Identifier [Axis]: NBG Acquisition, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate		5.50%		5.50%
Floor		1.00%		1.00%
Principal		$ 2,606		$ 2,663
Cost		2,593		2,647
Investments at fair value		$ 847		$ 1,807
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate		6.50%
Floor		1.00%
Principal		$ 2,159
Cost		2,123
Investments at fair value		$ 2,144
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate		7.50%
Floor		1.00%
Principal		$ 2,159
Cost		2,123
Investments at fair value		$ 2,144
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Variable rate				6.50%
Floor				1.00%
Principal				$ 2,500
Cost				2,453
Investments at fair value				$ 2,483
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Variable rate				7.50%
Floor				1.00%
Principal				$ 2,500
Cost				2,453
Investments at fair value				$ 2,483
I-45 SLF LLC | Investment, Identifier [Axis]: NinjaTrader, Inc., First Lein
Schedule of Investments [Line Items]
Variable rate		6.25%
Floor		1.00%
Principal		$ 5,000
Cost		4,931
Investments at fair value		$ 4,975
I-45 SLF LLC | Investment, Identifier [Axis]: NinjaTrader, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				6.25%
Floor				1.00%
Principal				$ 5,000
Cost				4,908
Investments at fair value				$ 5,000
I-45 SLF LLC | Investment, Identifier [Axis]: NorthStar Group Services, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				5.50%
Floor				1.00%
Principal				$ 2,961
Cost				2,948
Investments at fair value				$ 2,950
I-45 SLF LLC | Investment, Identifier [Axis]: Research Now Group, Inc., First Lein
Schedule of Investments [Line Items]
Variable rate		5.50%
Floor		1.00%
Principal		$ 5,889
Cost		5,847
Investments at fair value		$ 4,458
I-45 SLF LLC | Investment, Identifier [Axis]: Research Now Group, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				5.50%
Floor				1.00%
Principal				$ 4,936
Cost				4,936
Investments at fair value				$ 4,861
I-45 SLF LLC | Investment, Identifier [Axis]: Retail Services WIS Corporation, First Lein
Schedule of Investments [Line Items]
Variable rate		7.75%
Floor		1.00%
Principal		$ 2,864
Cost		2,827
Investments at fair value		$ 2,807
I-45 SLF LLC | Investment, Identifier [Axis]: Retail Services WIS Corporation, First Lien
Schedule of Investments [Line Items]
Variable rate				7.75%
Floor				1.00%
Principal				$ 2,959
Cost				2,912
Investments at fair value				$ 2,914
I-45 SLF LLC | Investment, Identifier [Axis]: SIB Holdings, LLC, First Lein
Schedule of Investments [Line Items]
Variable rate		6.25%
Floor		1.00%
Principal		$ 2,948
Cost		2,900
Investments at fair value		$ 2,859
I-45 SLF LLC | Investment, Identifier [Axis]: SIB Holdings, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate				6.00%
Floor				1.00%
Principal				$ 3,000
Cost				2,945
Investments at fair value				$ 2,958
I-45 SLF LLC | Investment, Identifier [Axis]: Stellant Midco, LLC, First Lein
Schedule of Investments [Line Items]
Variable rate		5.50%
Floor		0.75%
Principal		$ 2,271
Cost		2,252
Investments at fair value		$ 2,135
I-45 SLF LLC | Investment, Identifier [Axis]: Stellant Midco, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate				5.50%
Floor				0.75%
Principal				$ 2,289
Cost				2,267
Investments at fair value				$ 2,254
I-45 SLF LLC | Investment, Identifier [Axis]: TEAM Services Group, LLC , First Lien
Schedule of Investments [Line Items]
Variable rate				5.00%
Floor				1.00%
Principal				$ 6,687
Cost				6,644
Investments at fair value				$ 6,637
I-45 SLF LLC | Investment, Identifier [Axis]: TEAM Services Group, LLC, First Lein
Schedule of Investments [Line Items]
Variable rate		5.00%
Floor		1.00%
Principal		$ 6,637
Cost		6,597
Investments at fair value		$ 6,338
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC
Schedule of Investments [Line Items]
Variable rate				7.50%
Floor				0.75%
Principal				$ 5,000
Cost				4,991
Investments at fair value				$ 4,944
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC, First Lien, First Lein
Schedule of Investments [Line Items]
Variable rate		3.50%
Floor		0.75%
Principal		$ 992
Cost		950
Investments at fair value		$ 957
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC, Second Lien
Schedule of Investments [Line Items]
Variable rate		7.50%
Floor		0.75%
Principal		$ 6,000
Cost		5,956
Investments at fair value		$ 5,468
I-45 SLF LLC | Investment, Identifier [Axis]: TestEquity, LLC
Schedule of Investments [Line Items]
Variable rate				6.25%
Floor				1.00%
Principal				$ 942
Cost				942
Investments at fair value				$ 942
I-45 SLF LLC | Investment, Identifier [Axis]: TestEquity, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate				6.25%
Floor				1.00%
Principal				$ 3,805
Cost				3,804
Investments at fair value				$ 3,805
I-45 SLF LLC | Investment, Identifier [Axis]: U.S. TelePacific Corp., First Lein
Schedule of Investments [Line Items]
PIK		7.25%
Variable rate		1.00%
Floor		1.00%
Principal		$ 5,532
Cost		5,532
Investments at fair value		$ 2,068
I-45 SLF LLC | Investment, Identifier [Axis]: U.S. TelePacific Corp., First Lien
Schedule of Investments [Line Items]
PIK				7.25%
Variable rate				1.00%
Floor				1.00%
Principal				$ 5,239
Cost				5,239
Investments at fair value				$ 3,714
I-45 SLF LLC | Investment, Identifier [Axis]: UniTek Global Services, Inc., First Lein
Schedule of Investments [Line Items]
PIK		2.00%
Variable rate		5.50%
Floor		1.00%
Principal		$ 2,853
Cost		2,845
Investments at fair value		$ 2,692
I-45 SLF LLC | Investment, Identifier [Axis]: UniTek Global Services, Inc., First Lien
Schedule of Investments [Line Items]
PIK				2.00%
Variable rate				5.50%
Floor				1.00%
Principal				$ 2,814
Cost				2,802
Investments at fair value				$ 2,627
I-45 SLF LLC | Investment, Identifier [Axis]: Veregy Consolidated, Inc., First Lein
Schedule of Investments [Line Items]
Variable rate		6.00%
Floor		1.00%
Principal		$ 1,960
Cost		1,956
Investments at fair value		$ 1,715
I-45 SLF LLC | Investment, Identifier [Axis]: Veregy Consolidated, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				6.00%
Floor				1.00%
Principal				$ 1,975
Cost				1,970
Investments at fair value				$ 1,936
I-45 SLF LLC | Investment, Identifier [Axis]: Vida Capital, Inc., First Lien
Schedule of Investments [Line Items]
Variable rate				6.00%
Principal				$ 3,565
Cost				3,531
Investments at fair value				$ 3,283
I-45 SLF LLC | Investment, Identifier [Axis]: Vida Capital, Inc.., First Lein
Schedule of Investments [Line Items]
Variable rate		6.00%
Principal		$ 3,340
Cost		3,308
Investments at fair value		$ 2,605
I-45 SLF LLC | Investment, Identifier [Axis]: Wahoo Fitness Acquisition, LLC, First Lein
Schedule of Investments [Line Items]
Variable rate		5.75%
Floor		1.00%
Principal		$ 4,875
Cost		4,751
Investments at fair value		$ 2,803
I-45 SLF LLC | Investment, Identifier [Axis]: Wahoo Fitness Acquisition, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate				5.75%
Floor				1.00%
Principal				$ 4,969
Cost				4,833
Investments at fair value				$ 4,869
I-45 SLF LLC | Investment, Identifier [Axis]: YS Garments, LLC, First Lein
Schedule of Investments [Line Items]
Variable rate		5.50%
Floor		1.00%
Principal		$ 4,188
Cost		4,172
Investments at fair value		$ 4,012
I-45 SLF LLC | Investment, Identifier [Axis]: YS Garments, LLC, First Lien
Schedule of Investments [Line Items]
Variable rate				5.50%
Floor				1.00%
Principal				$ 4,282
Cost				4,265
Investments at fair value				$ 4,239

[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.

[2] As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.

[3] 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.

[4] Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[5] All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.

[6] As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.

[7] 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.

[8] Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.

[9] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.

[10] 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 Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.

[11] The investment is structured as a first lien first out term loan.

[12] The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR"), London Interbank Offered Rate (“LIBOR” or “L”), 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, LIBOR or Prime and the current contractual interest rate in effect at December 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

[13] The investment has an unfunded commitment as of December 31, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.

[14] All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

[15] The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), 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 LIBOR, SOFR or Prime and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.

[16] All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

[17] 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, 2022, approximately 13.5% of the Company's assets were non-qualifying assets.

[18] Investment is held through a wholly-owned taxable subsidiary.

[19] Indicates assets that are considered "non-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, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.

[20] Investment is held through a wholly-owned taxable subsidiary.

[21] The investment is structured as a first lien last out term loan.

[22] The investment is structured as a first lien last out term loan.

[23] 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.

[24] 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.

[25] The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.

[26] Investment is on non-accrual status as of December 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

[27] Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.

[28] Income producing through dividends or distributions.

[29] Income producing through dividends or distributions.

XML

SUBSEQUENT EVENTS (Details) - Subsequent Event	Jan. 25, 2023 $ / shares
Subsequent Event [Line Items]
Dividends (in usd per share)	$ 0.58
Regular Dividends
Subsequent Event [Line Items]
Dividends (in usd per share)	0.53
Supplemental dividend
Subsequent Event [Line Items]
Dividends (in usd per share)	$ 0.05

XML

Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) (Details) - USD ($) $ in Thousands		9 Months Ended
		Dec. 31, 2022		Mar. 31, 2022	[5],[6],[7]
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		$ 148,865
Amount of Interest or Dividends Credited in Income		15,543
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		189,482
Gross Additions		83,675
Gross Reductions		(37,784)
Amount of Realized Gain/(Loss)		(10,625)
Amount of Unrealized Gain/(Loss)		(3,791)
Fair Value, ending balance		220,957
Control investments
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		5,439
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		57,603
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(9,978)
Fair Value, ending balance		47,625
Affiliate investments
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		148,865
Amount of Interest or Dividends Credited in Income		10,104
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		131,879
Gross Additions		83,675
Gross Reductions		(37,784)
Amount of Realized Gain/(Loss)		(10,625)
Amount of Unrealized Gain/(Loss)		6,187
Fair Value, ending balance		173,332
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		25,101
Amount of Interest or Dividends Credited in Income		1,137
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		12,535
Gross Additions		12,221
Gross Reductions		(106)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		451
Fair Value, ending balance		$ 25,101
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		766,738.93
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		634
Gross Additions		186
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		382
Fair Value, ending balance		1,202
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		12
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		603
Gross Reductions		(600)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(3)
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		1,000,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		72
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		1,221
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		437
Fair Value, ending balance		$ 1,658
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B Units
Schedule of Investments [Line Items]
Shares (in shares)		500,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		29
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		572
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		142
Fair Value, ending balance		714
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		15,600
Amount of Interest or Dividends Credited in Income		1,164
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		15,884
Gross Additions		44
Gross Reductions		(300)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(28)
Fair Value, ending balance		15,600
Investment, Identifier [Axis]: CATBIRD NYC, LLC. Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		27
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		12
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(12)
Fair Value, ending balance		0
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		100
Amount of Interest or Dividends Credited in Income		19
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		97
Gross Additions		5
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(4)
Fair Value, ending balance		98
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		7,500
Amount of Interest or Dividends Credited in Income		685
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		7,260
Gross Additions		21
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		46
Fair Value, ending balance		$ 7,327
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		1,380,500
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		641
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(284)
Fair Value, ending balance		357
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		300
Amount of Interest or Dividends Credited in Income		36
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		290
Gross Additions		5
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(2)
Fair Value, ending balance		$ 293
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock
Schedule of Investments [Line Items]
Shares (in shares)		1,500,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		924
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		1,969
Fair Value, ending balance		$ 2,893
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units
Schedule of Investments [Line Items]
Shares (in shares)		1,681.04
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		2,460
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(2,460)
Fair Value, ending balance		0
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien A
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		1,649
Amount of Interest or Dividends Credited in Income		108
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		1,402
Gross Additions		108
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(1,510)
Fair Value, ending balance		0
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien B
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		1,829
Amount of Interest or Dividends Credited in Income		98
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		1,472
Gross Additions		97
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(1,569)
Fair Value, ending balance		0
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		1,448
Amount of Interest or Dividends Credited in Income		79
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		526
Gross Additions		922
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(362)
Fair Value, ending balance		1,086
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		286
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		10,323
Gross Additions		12
Gross Reductions		(11,159)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		824
Fair Value, ending balance		0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		3,759
Amount of Interest or Dividends Credited in Income		163
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		9,467
Gross Reductions		(4,604)
Amount of Realized Gain/(Loss)		(1,124)
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		3,739
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		3,761
Amount of Interest or Dividends Credited in Income		14
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		9,318
Gross Reductions		(4,484)
Amount of Realized Gain/(Loss)		(1,095)
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 3,739
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		2,000,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		1,274
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		(2,000)
Amount of Unrealized Gain/(Loss)		726
Fair Value, ending balance		0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		1
Amount of Unrealized Gain/(Loss)		(1)
Fair Value, ending balance		0
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		41
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		650
Gross Additions		41
Gross Reductions		(587)
Amount of Realized Gain/(Loss)		(104)
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: Dynamic Communities, LLC, Class A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		250,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		250
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		375
Fair Value, ending balance		$ 625
Investment, Identifier [Axis]: Dynamic Communities, LLC, Class B Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		5,435,211.03
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		2,218
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 2,218
Investment, Identifier [Axis]: Dynamic Communities, LLC, Class C Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		255,984.22
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: Dynamic Communities, LLC, Common units
Schedule of Investments [Line Items]
Shares (in shares)		2,500,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units
Schedule of Investments [Line Items]
Shares (in shares)		1,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		674
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(330)
Fair Value, ending balance		$ 344
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units
Schedule of Investments [Line Items]
Shares (in shares)		247.54
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		38
Gross Additions		191
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(144)
Fair Value, ending balance		85
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		10,031
Amount of Interest or Dividends Credited in Income		970
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		9,775
Gross Additions		58
Gross Reductions		(1,500)
Amount of Realized Gain/(Loss)		15
Amount of Unrealized Gain/(Loss)		680
Fair Value, ending balance		9,028
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		7
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		7
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(7)
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: I-45 SLF LLC | I-45 SLF LLC
Schedule of Investments [Line Items]
Ownership percent	[1],[2],[3],[4]	80.00%
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		5,439
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		57,603
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(9,978)
Fair Value, ending balance		$ 47,625
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | I-45 SLF LLC
Schedule of Investments [Line Items]
Ownership percent		80.00%		80.00%	[8]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | ITA Holdings Group, LLC
Schedule of Investments [Line Items]
Ownership interest		9.25%	[1],[3],[9]	9.25%	[10]
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		3,063
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		988
Fair Value, ending balance		$ 4,051
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest | ITA Holdings Group, LLC
Schedule of Investments [Line Items]
Ownership interest		9.25%
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		$ 3,189
Amount of Interest or Dividends Credited in Income		437
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		2,959
Gross Additions		430
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(266)
Fair Value, ending balance		3,123
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		126
Amount of Interest or Dividends Credited in Income		9
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		117
Gross Additions		9
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(3)
Fair Value, ending balance		123
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		10,086
Amount of Interest or Dividends Credited in Income		885
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		10,041
Gross Additions		64
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		21
Fair Value, ending balance		10,126
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		5,043
Amount of Interest or Dividends Credited in Income		555
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		5,061
Gross Additions		29
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(22)
Fair Value, ending balance		5,068
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		7,000
Amount of Interest or Dividends Credited in Income		499
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		750
Gross Additions		6,208
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		42
Fair Value, ending balance		7,000
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		3,199
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		656
Fair Value, ending balance		$ 3,855
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units
Schedule of Investments [Line Items]
Shares (in shares)		203,124.9999
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		0
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		5,156
Amount of Interest or Dividends Credited in Income		297
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		4,780
Gross Additions		0
Gross Reductions		(39)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		415
Fair Value, ending balance		5,156
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		31
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		833
Gross Reductions		(833)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		0
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		5,208
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		3,104
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(729)
Fair Value, ending balance		$ 2,375
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units
Schedule of Investments [Line Items]
Shares (in shares)		208,333.3333
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units
Schedule of Investments [Line Items]
Shares (in shares)		5,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		500
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		500
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		10,800
Amount of Interest or Dividends Credited in Income		616
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		10,653
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		93
Fair Value, ending balance		10,746
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		6
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		(26)
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		26
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units
Schedule of Investments [Line Items]
Shares (in shares)		16,084
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		1,905
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(949)
Fair Value, ending balance		956
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		14,557
Amount of Interest or Dividends Credited in Income		1,314
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		14,125
Gross Additions		586
Gross Reductions		(109)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(904)
Fair Value, ending balance		13,698
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		575
Amount of Interest or Dividends Credited in Income		61
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		575
Gross Additions		5
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(39)
Fair Value, ending balance		$ 541
Investment, Identifier [Axis]: Roseland Management, LLC, Class A-1 units
Schedule of Investments [Line Items]
Shares (in shares)		1,100
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		66
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		134
Fair Value, ending balance		$ 200
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units
Schedule of Investments [Line Items]
Shares (in shares)		9,374,510.2
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		(6,107)
Amount of Unrealized Gain/(Loss)		6,107
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: SIMR, LLC, Class W Units
Schedule of Investments [Line Items]
Shares (in shares)		904,903.31
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		0
Investment, Identifier [Axis]: SIMR, LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		10,588
Gross Additions		191
Gross Reductions		(13,081)
Amount of Realized Gain/(Loss)		(211)
Amount of Unrealized Gain/(Loss)		2,513
Fair Value, ending balance		0
Investment, Identifier [Axis]: SIMR, LLC, First Lien - Incremental
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		191
Gross Reductions		(191)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 0
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		4,718.62
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		4,838
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(214)
Fair Value, ending balance		$ 4,624
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units
Schedule of Investments [Line Items]
Shares (in shares)		37,807.58
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		1,400
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(61)
Fair Value, ending balance		1,339
Investment, Identifier [Axis]: STATINMED, LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		7,039
Amount of Interest or Dividends Credited in Income		444
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		7,230
Gross Reductions		(191)
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		7,039
Investment, Identifier [Axis]: STATinMED, LLC, Delayed Draw Term Loan
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		119
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		117
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		2
Fair Value, ending balance		$ 119
Investment, Identifier [Axis]: Sonobi, Inc., Class A Common units
Schedule of Investments [Line Items]
Shares (in shares)		500,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		2,960
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		(939)
Fair Value, ending balance		2,021
Investment, Identifier [Axis]: Student Resource Center LLC, First Lien
Schedule of Investments [Line Items]
Principal Amount - Debt Investments		8,889
Amount of Interest or Dividends Credited in Income		2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		8,720
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 8,720
Investment, Identifier [Axis]: Student Resource Center LLC, Preferred units 1
Schedule of Investments [Line Items]
Shares (in shares)		10,502,487.46
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		5,845
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 5,845
Investment, Identifier [Axis]: Student Resource Center LLC, Preferred units 2
Schedule of Investments [Line Items]
Shares (in shares)		2,000,000
Principal Amount - Debt Investments		$ 0
Amount of Interest or Dividends Credited in Income		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Amount of Realized Gain/(Loss)		0
Amount of Unrealized Gain/(Loss)		0
Fair Value, ending balance		$ 0

[1] All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

[2] Income producing through dividends or distributions.

[3] 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, 2022, approximately 13.5% of the Company's assets were non-qualifying assets.

[4] The investment has an unfunded commitment as of December 31, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.

[5] All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.

[6] Income producing through dividends or distributions.

[7] Indicates assets that are considered "non-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, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.

[8] The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.

[9] Investment is held through a wholly-owned taxable subsidiary.

[10] Investment is held through a wholly-owned taxable subsidiary.