INVESTMENTS

9 Months Ended

Dec. 31, 2022

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.