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COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Mar. 31, 2025
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 unfunded debt commitments as of March 31, 2025 and March 31, 2024 were as follows (amounts in thousands):
March 31,March 31,
Portfolio Company20252024
Revolving Loans
Acacia BuyerCo V LLC$— $2,000 
Acceleration, LLC— 5,000 
Air Conditioning Specialist, Inc.1,910 1,675 
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)3,056 3,056 
ArborWorks, LLC1,116 432 
ATS Operating, LLC890 1,640 
Bond Brand Loyalty ULC1,200 2,000 
BP Loenbro Holdings Inc.1,321 1,101 
Brandner Design, LLC900 — 
Burning Glass Intermediate Holding Company, Inc.296 296 
Campany Roof Maintenance, LLC1,064 — 
Catbird NYC, LLC4,000 4,000 
Cavalier Buyer, Inc.2,000 2,000 
CDC Dental Management Co., LLC1,500 2,000 
Central Medical Supply LLC1,050 800 
Cumbria Capital MSO, LLC1,100 — 
Damotech Inc.3,000 3,000 
Drive Line Service of Portland, LLC2,000 — 
Edge Autonomy Holdings, LLC4,000 4,000 
Exact Borrower, LLC2,500 2,500 
FS Vector LLC4,000 2,000 
Gains Intermediate, LLC— 2,500 
GPT Industries, LLC3,000 3,000 
GrammaTech, Inc.1,000 2,500 
Gravitiq LLC5,000 — 
Gulf Pacific Acquisition, LLC303 555 
HH-Inspire Acquisition, Inc.— 46 
Ignite Visibility LLC1,500 2,000 
Institutes of Health, LLC1,000 1,000 
ISI Enterprises, LLC2,000 2,000 
Island Pump and Tank, LLC3,479 1,500 
ITA Holdings Group, LLC— 1,058 
iVueit, LLC1,000 — 
LEHR Upfitters, LLC2,623 — 
March 31,March 31,
Portfolio Company20252024
LGM Pharma LLC1,500 1,500 
Lighting Retrofit International, LLC1,354 1,354 
Lightning Intermediate II, LLC1,852 1,852 
LKC Technologies, Inc.2,000 2,000 
Mako Steel LP— 1,887 
Mammoth BorrowCo, Inc.200 1,950 
Microbe Formulas LLC1,627 1,627 
Mid-Florida Endodontics Management Company, LLC3,000 — 
Musiker Discovery Programs, Inc.2,000 — 
NeuroPsychiatric Hospitals, LLC2,000 — 
New Skinny Mixes, LLC3,000 3,500 
NinjaTrader, Inc.2,500 2,500 
Opco Borrower, LLC— 833 
Outerbox, LLC— 2,000 
Pipeline Technique Ltd.944 2,278 
Pool Service Partners, Inc.2,000 — 
Red Dog Operations Holding Company LLC2,000 — 
Revo Brands, Inc.4,300 7,000 
Roseland Management, LLC2,000 2,000 
RTIC Subsidiary Holdings LLC— 301 
ServerLIFT, LLC4,000 — 
SocialSEO, LLC2,200 — 
South Coast Terminals LLC— 1,935 
Spotlight AR, LLC2,000 2,000 
Superior Health Parent LLC2,000 — 
Swensons Drive-In Restaurants, LLC1,500 1,500 
The Gobel Group, LLC1,000 — 
TMT BHC Buyer, Inc.4,717 4,717 
Tru Fragrance & Beauty LLC4,000 3,900 
Versicare Management LLC— 2,500 
VP Move Purchaser, Inc.3,900 — 
Wall Street Prep, Inc.— 1,000 
Well-Foam, Inc.4,500 4,500 
Winter Services Operations, LLC1,333 3,111 
Zenfolio Inc.1,500 1,000 
Total Revolving Loans122,735 112,404 
Delayed Draw Term Loans
Air Conditioning Specialist Inc.3,229 750 
BP Loenbro Holdings Inc.1,101 1,101 
Central Medical Supply LLC1,400 1,400 
CityVet, Inc.— 5,000 
Crafty Apes. LLC924 — 
Cumbria Capital MSO, LLC950 — 
Exact Borrower, LLC2,200 — 
March 31,March 31,
Portfolio Company20252024
Gulf Pacific Acquisition, LLC— 1,212 
Ignite Visibility LLC— 2,000 
ITA Holdings Group, LLC— 854 
iVueit, LLC10,000 — 
KMS, LLC2,286 — 
LEHR Upfitters, LLC5,247 — 
Mammoth BorrowCo, Inc.— 1,325 
Mid-Florida Endodontics Management Company, LLC10,000 — 
Musiker Discovery Programs, Inc.7,500 — 
New Skinny Mixes, LLC— 3,000 
One Group, LLC545545 
Pool Service Partners, Inc.6,100 5,000 
Superior Health Parent LLC10,000 — 
SureKap, LLC7,222 — 
TMT BHC Buyer, Inc.5,000 5,000 
Total Delayed Draw Term Loans73,704 27,187 
Other
Broad Sky Networks, LLC 57 — 
Spectrum of Hope, LLC411 — 
Total Other468 — 
Total Unfunded Debt Commitments$196,907 $139,591 

The following table provides additional information regarding the expiration year of the Company’s unfunded debt commitments (amounts in thousands):
March 31, 2025March 31, 2024
Unfunded Debt Commitments
Expiring during:
2025$— $26,462 
202631,354 8,242 
202770,235 31,417 
202816,420 31,021 
202942,986 42,449 
203033,912 — 
20312,000 — 
Total Unfunded Debt Commitments$196,907 $139,591 

The balances of unfunded equity commitments as of March 31, 2025 and March 31, 2024 were as follows (amounts in thousands):

March 31, 2025March 31, 2024
Unfunded Equity Commitments
Catbird NYC, LLC$125 $125 
Infolinks Media Buyco, LLC411 412 
Total Unfunded Equity Commitments$536 $537 
As of March 31, 2025, 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 March 31, 2025, 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 2026, $0.3 million expire in March 2026, and $0.2 million expire in April 2026. As of March 31, 2025, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's balance sheet.

In March 2021, the Company executed an agreement to lease office space that commenced on February 1, 2022 and expires September 30, 2035, including the three-year extension pursuant to the amendment described below. 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.

In December 2023, the Company executed an agreement to lease additional office space, which commenced on October 1, 2024 and expires on September 30, 2035. The additional office space is approximately 7,100 square feet. This is an amendment of the Company's current lease, which is classified as an operating lease.

Total lease expense incurred for the years ended March 31, 2025, 2024 and 2023 was $0.5 million, $0.3 million and $0.3 million, respectively. As of March 31, 2025 and March 31, 2024, the asset related to the operating lease was $3.9 million and $2.4 million, respectively, and as of March 31, 2025 and March 31, 2024, the lease liability was $5.4 million and $3.2 million, respectively. As of March 31, 2025, the remaining lease term was 10.5 years and the discount rate was 6.59%.

The following table shows future minimum payments under the Company's operating leases as of March 31, 2025 (in thousands):

Year ending March 31, Rent Commitment
2026$697 
2027715 
2028733 
2029752 
2030771 
Thereafter4,988 
Total$8,656 

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.