FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule Investment Portfolio by Level

The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2023 and March 31, 2023 (in thousands):

			Fair Value Measurements
			at September 30, 2023 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	$	1,141,280	$	—	$	—	$	1,141,280
Second lien loans	37,034		—		—		37,034
Subordinated debt	760		—		—		760
Preferred equity	66,440		—		—		66,440
Common equity & warrants	54,630		—		—		54,630
Investments measured at net asset value1	53,422		—		—		—
Total Investments	$	1,353,566	$	—	$	—	$	1,300,144

			Fair Value Measurements
			at March 31, 2023 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	$	1,000,984	$	—	$	—	$	1,000,984
Second lien loans	35,820		—		—		35,820
Subordinated debt	791		—		—		791
Preferred equity	63,393		—		—		63,393
Common equity & warrants	54,144		—		—		54,144
Investments measured at net asset value1	51,256		—		—		—
Total Investments	$	1,206,388	$	—	$	—	$	1,155,132

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 September 30, 2023 and March 31, 2023, 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 September 30, 2023 and March 31, 2023. 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	September 30, 2023		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	1,086,345	Discount Rate	5.8% - 45.4%	13.6%
				Third Party Broker Quote	94.0 - 94.0	94.0
	Market Approach	54,935		Cost	98.0 - 98.5	98.1
Second lien loans	Income Approach	37,034		Discount Rate	13.2% - 31.4%	22.1%
				Third Party Broker Quote	52.5 - 52.5	52.5
Subordinated debt	Market Approach	202		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	558		EBITDA Multiple	6.0x - 7.7x	6.5x
				Discount Rate	14.8% - 25.3%	18.1%
Preferred equity	Enterprise Value Waterfall Approach	64,440		EBITDA Multiple	4.8x - 15.9x	9.9x
				Discount Rate	12.7% - 30.9%	19.0%
	Market Approach	2,000		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	54,630		EBITDA Multiple	5.2x - 17.3x	9.1x
				Discount Rate	12.0% - 26.8%	16.6%
Total Level 3 Investments		$	1,300,144

		Fair Value at		Significant
	Valuation	March 31, 2023		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	953,918	Discount Rate	6.9% - 26.2%	13.0%
				Third Party Broker Quote	5.1 - 96.5	93.9
	Market Approach	41,923		Cost	94.1 - 98.1	97.9
	Enterprise Value Waterfall Approach	5,143		EBITDA Multiple	9.4x - 9.4x	9.4x
				Discount Rate	27.2% - 27.2%	27.2%
Second lien loans	Income Approach	32,226		Discount Rate	18.3% - 34.3%	25.1%
				Third Party Broker Quote	61.3 - 61.3	61.3
	Enterprise Value Waterfall Approach	3,594		EBITDA Multiple	9.4x - 9.4x	9.4x
				Discount Rate	27.2% - 27.2%	27.2%
Subordinated debt	Market Approach	205		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	586		EBITDA Multiple	6.0x - 7.7x	6.6x
				Discount Rate	20.2% - 25.0%	21.8%
Preferred equity	Enterprise Value Waterfall Approach	59,518		EBITDA Multiple	4.7x - 16.7x	9.8x
				Discount Rate	11.7% - 30.8%	17.1%
	Market Approach	3,875		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	53,064		EBITDA Multiple	5.5x - 18.6x	9.5x
				Discount Rate	11.4% - 36.6%	18.2%
	Market Approach	1,080		Exit Value	100.0 - 100.0	100.0
Total Level 3 Investments		$	1,155,132

Schedule 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 six months ended September 30, 2023 and 2022 (in thousands):

	Fair Value March 31, 2023		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security2		Fair Value September 30, 2023		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,000,984	$	(5,395)	$	200,986	$	(40,307)	$	2,678	$	(13,875)	$	(3,791)	$	1,141,280	$	(5,740)
Second lien loans	35,820		2,184		126		(1,114)		18		—		—		37,034		2,181
Subordinated debt	791		(28)		—		(20)		17		—		—		760		(28)
Preferred equity	63,393		(1,345)		4,392		—		—		—		—		66,440		(1,345)
Common equity & warrants	54,144		(3,030)		3,127		—		—		(3,402)		3,791		54,630		(3,217)
Total Investments	$	1,155,132	$	(7,614)	$	208,631	$	(41,441)	$	2,713	$	(17,277)	$	—	$	1,300,144	$	(8,149)
	Fair Value March 31, 2022		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security		Fair Value September 30, 2022		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	739,872	$	(8,608)	$	211,433	$	(85,598)	$	1,694	$	—	$	(6,238)	$	852,555	$	(10,824)
Second lien loans	52,645		(4,461)		2,862		(142)		225		(692)		—		50,437		(2,945)
Subordinated debt	1,317		(915)		—		—		57		—		—		459		(914)
Preferred equity	44,663		(990)		2,859		—		—		—		6,238		52,770		(991)
Common equity & warrants	40,514		9,568		1,480		—		—		(1,749)		—		49,813		9,576
Total Investments	$	879,011	$	(5,406)	$	218,634	$	(85,740)	$	1,976	$	(2,441)	$	—	$	1,006,034	$	(6,098)

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

2Represents the allocation of cost basis from first lien debt to warrants.