INVESTMENTS (Tables)

9 Months Ended

Dec. 31, 2023

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, 2023 and March 31, 2023:


	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, 2023:
First lien loans1,2	$	1,146,355	84.0	%	159.0	%	$	1,155,923	84.4	%
Second lien loans2	34,614		2.5		4.8		41,846		3.0
Subordinated debt3	768		0.1		0.1		768		0.1
Preferred equity	68,644		5.0		9.5		54,314		4.0
Common equity & warrants	60,456		4.4		8.4		36,255		2.6
I-45 SLF LLC4	54,200		4.0		7.5		80,800		5.9
	$	1,365,037	100.0	%	189.3	%	$	1,369,906	100.0	%

March 31, 2023:
First lien loans1,2	$	1,000,984	83.0	%	169.5	%	$	1,018,595	83.5	%
Second lien loans2	35,820		3.0		6.1		44,038		3.6
Subordinated debt3	791		0.1		0.1		763		0.1
Preferred equity	63,393		5.2		10.7		43,634		3.6
Common equity & warrants	54,144		4.5		9.2		32,322		2.6
I-45 SLF LLC4	51,256		4.2		8.7		80,800		6.6
	$	1,206,388	100.0	%	204.3	%	$	1,220,152	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, 2023 and March 31, 2023, the fair value of the first lien last out loans are $34.7 million and $50.1 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, 2023 and March 31, 2023, the fair value of the split lien term loans included in first lien loans is $43.8 million and $45.0 million, respectively. As of December 31, 2023 and March 31, 2023, the fair value of the split lien term loans included in second lien loans is $20.5 million and $20.2 million, respectively.

3Included in subordinated debt are unsecured convertible notes with a fair value of $0.4 million as of both December 31, 2023 and March 31, 2023.

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.

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, 2023 and March 31, 2023:


	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, 2023:
Healthcare Services	$	201,462	14.8	%	27.9	%	$	211,005	15.4	%
Media & Marketing	172,578		12.6		23.9		168,006		12.3
Business Services	148,002		10.8		20.5		155,291		11.3
Consumer Services	100,527		7.4		13.9		99,903		7.3
Food, Agriculture & Beverage	89,397		6.5		12.4		97,909		7.1
Consumer Products and Retail	85,638		6.3		11.9		83,561		6.1
Healthcare Products	80,257		5.9		11.2		78,335		5.7
Financial Services	57,827		4.2		8.0		42,913		3.1
Transportation & Logistics	54,361		4.0		7.5		46,502		3.4
I-45 SLF LLC1	54,200		4.0		7.5		80,800		5.9
Industrial Products	52,545		3.9		7.3		39,484		2.9
Environmental Services	44,165		3.3		6.1		43,153		3.2
Software & IT Services	33,211		2.4		4.6		32,186		2.3
Industrial Services	29,924		2.2		4.2		29,438		2.1
Aerospace & Defense	22,500		1.6		3.1		21,792		1.6
Education	22,466		1.6		3.1		25,539		1.9
Distribution	16,490		1.2		2.3		18,611		1.4
Telecommunications	15,818		1.2		2.2		16,619		1.3
Technology Products & Components	15,812		1.2		2.2		9,838		0.7
Restaurants	15,680		1.1		2.2		15,664		1.1
Energy Services (Midstream)	15,313		1.1		2.1		15,223		1.1
Specialty Chemicals	15,102		1.1		2.1		15,100		1.1
Energy Services (Upstream)	12,586		0.9		1.8		12,384		0.9
Containers & Packaging	9,176		0.7		1.3		10,650		0.8
	$	1,365,037	100.0	%	189.3	%	$	1,369,906	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, 2023:
Media & Marketing	$	149,357	12.4	%	25.3	%	$	139,750	11.5	%
Business Services	146,727		12.2		24.9		147,056		12.1
Healthcare Services	126,971		10.5		21.5		143,455		11.8
Consumer Services	91,913		7.6		15.6		91,142		7.5
Consumer Products and Retail	86,385		7.2		14.6		86,607		7.1
Food, Agriculture & Beverage	68,833		5.7		11.7		73,223		6.0
Healthcare Products	66,355		5.5		11.2		67,555		5.5
Technology Products & Components	59,718		5.0		10.1		43,016		3.5
I-45 SLF LLC1	51,256		4.2		8.7		80,800		6.6
Transportation & Logistics	48,494		4.0		8.2		42,049		3.4
Software & IT Services	47,641		3.9		8.1		47,563		3.9
Financial Services	40,420		3.3		6.8		30,950		2.5
Industrial Products	32,518		2.7		5.5		25,827		2.1
Environmental Services	29,753		2.5		5.0		34,869		2.9
Education	26,357		2.2		4.5		25,995		2.1
Industrial Services	25,460		2.1		4.3		24,920		2.0
Energy Services (Midstream)	22,829		1.9		3.9		23,337		1.9
Specialty Chemicals	17,839		1.5		3.0		17,531		1.4
Energy Services (Upstream)	17,730		1.5		3.0		17,402		1.4
Telecommunications	17,386		1.4		2.9		21,796		1.9
Distribution	16,315		1.4		2.8		18,755		1.5
Containers & Packaging	10,131		0.8		1.7		10,656		0.9
Aerospace & Defense	6,000		0.5		1.0		5,898		0.5
	$	1,206,388	100.0	%	204.3	%	$	1,220,152	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.

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, 2023 and March 31, 2023:


	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, 2023:
Northeast	$	355,661	26.1	%	49.3	%	$	336,213	24.5	%
West	296,438		21.7		41.1		288,503		21.1
Southwest	231,386		16.9		32.1		236,949		17.3
Southeast	209,207		15.3		29.0		210,688		15.4
Midwest	172,267		12.6		23.9		173,508		12.7
I-45 SLF LLC1	54,200		4.0		7.5		80,800		5.9
International	45,878		3.4		6.4		43,245		3.1
	$	1,365,037	100.0	%	189.3	%	$	1,369,906	100.0	%

March 31, 2023:
Northeast	$	269,569	22.3	%	45.7	%	$	255,995	21.0	%
Southeast	235,782		19.5		39.9		236,333		19.4
Southwest	234,127		19.4		39.6		231,467		19.0
West	233,079		19.3		39.5		232,109		19.0
Midwest	156,233		13.1		26.4		158,989		13.0
I-45 SLF LLC1	51,256		4.2		8.7		80,800		6.6
International	26,342		2.2		4.5		24,459		2.0
	$	1,206,388	100.0	%	204.3	%	$	1,220,152	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.