FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2023 and March 31, 2023 (in thousands):

			Fair Value Measurements
			at December 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	$	1,146,355	$	—	$	—	$	1,146,355
Second lien loans	34,614		—		—		34,614
Subordinated debt	768		—		—		768
Preferred equity	68,644		—		—		68,644
Common equity & warrants	60,456		—		—		60,456
Investments measured at net asset value1	54,200		—		—		—
Total Investments	$	1,365,037	$	—	$	—	$	1,310,837

			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 December 31, 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 December 31, 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	December 31, 2023		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average
First lien loans	Income Approach	$	1,096,012	Discount Rate	6.4% - 53.6%	13.8%
				Third Party Broker Quote	98.9 - 98.9	98.9
	Market Approach	50,343		Cost	97.5 - 100.0	98.1
Second lien loans	Income Approach	34,614		Discount Rate	12.9% - 20.4%	16.7%
				Third Party Broker Quote	35.0 - 35.0	35.0
Subordinated debt	Market Approach	210		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	558		EBITDA Multiple	5.9x - 8.0x	6.6x
				Discount Rate	13.3% - 25.1%	17.0%
Preferred equity	Enterprise Value Waterfall Approach	65,811		EBITDA Multiple	4.1x - 16.8x	9.6x
				Discount Rate	8.7% - 29.1%	17.1%
	Market Approach	2,833		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	59,289		EBITDA Multiple	4.1x - 16.5x	9.0x
				Discount Rate	8.7% - 26.6%	16.5%
	Market Approach	1,167		Cost	100.0 - 100.0	100.0
Total Level 3 Investments		$	1,310,837

		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 nine months ended December 31, 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 December 31, 2023		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,000,984	$	(9,874)	$	307,934	$	(139,778)	$	7,925	$	(13,875)	$	(6,961)	$	1,146,355	$	(4,920)
Second lien loans	35,820		989		187		(2,596)		214		—		—		34,614		987
Subordinated debt	791		(28)		—		(20)		25		—		—		768		(28)
Preferred equity	63,393		(5,532)		7,886		—		—		(273)		3,170		68,644		(5,430)
Common equity & warrants	54,144		622		5,757		—		—		(3,858)		3,791		60,456		390
Total Investments	$	1,155,132	$	(13,823)	$	321,764	$	(142,394)	$	8,164	$	(18,006)	$	—	$	1,310,837	$	(9,001)
	Fair Value March 31, 2022		Realized & Unrealized Gains (Losses)		Purchases of Investments1		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange 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)

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

2Includes $3.8 million of cost basis allocated from first lien debt to warrants.