SUMMARY OF PER SHARE INFORMATION (Tables)

12 Months Ended

Mar. 31, 2025

The following presents a summary of per share data for the years ended March 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018 and 2017 (share amounts presented in thousands).


	Years Ended
	March 31,
Per Share Data:	2025		2024		2023		2022		2021		2020		2019		2018		2017
Investment income1	$	4.25	$	4.37	$	3.97	$	3.60	$	3.57	$	3.45	$	3.10	$	2.18	$	1.48
Operating expenses1	(1.74)		(1.65)		(1.67)		(1.70)		(1.78)		(1.76)		(1.62)		(1.16)		(0.87)
Income taxes1	(0.05)		(0.02)		(0.01)		(0.03)		(0.13)		(0.12)		(0.06)		(0.01)		(0.11)
Net investment income1	2.46		2.70		2.29		1.87		1.66		1.57		1.42		1.01		0.50
Net realized (loss) gain, net of tax1	(1.03)		(0.98)		(0.57)		0.26		(0.45)		2.35		1.24		0.10		0.50
Net unrealized appreciation (depreciation) on investments, net of tax1	0.05		0.34		(0.62)		0.50		1.51		(5.16)		(0.68)		1.34		0.49
Realized loss on extinguishment of debt1	(0.01)		(0.01)		—		(0.75)		(0.05)		—		—		—		—
Total increase (decrease) from investment operations	1.47		2.05		1.10		1.88		2.67		(1.24)		1.98		2.45		1.49
Accretive effect of share issuances and repurchases	0.94		0.86		0.50		1.45		0.30		0.45		0.06		(0.04)		—
Dividends to shareholders	(2.54)		(2.47)		(2.28)		(2.52)		(2.05)		(2.75)		(2.27)		(0.99)		(0.79)
Spin-off Compensation Plan Distribution, net of tax	—		—		—		—		—		—		—		(0.03)		(0.08)
Issuance of restricted stock1,2	(0.10)		(0.13)		(0.14)		(0.10)		(0.16)		(0.06)		(0.23)		(0.18)		(0.15)
Common stock withheld for payroll taxes upon vesting of restricted stock	(0.10)		(0.05)		(0.01)		(0.03)		—		—		(0.01)		(0.01)		—
Exercise of employee stock options3	—		—		—		—		—		—		(0.12)		0.01		(0.09)
Share based compensation expense	0.13		0.10		0.10		0.14		0.14		0.16		0.13		0.11		0.08
Change in restoration plan	—		—		0.06		0.01		—		(0.01)		(0.01)		(0.05)		—
Repurchase of common stock	—		—		—		—		—		0.15		—		—		—
Other4	0.13		0.04		0.18		0.02		(0.02)		(0.19)		0.01		0.01		—
(Decrease) increase in net asset value	(0.07)		0.40		(0.49)		0.85		0.88		(3.49)		(0.46)		1.28		0.46
Net asset value
Beginning of period	16.77		16.37		16.86		16.01		15.13		18.62		19.08		17.80		17.34
End of period	$	16.70	$	16.77	$	16.37	$	16.86	$	16.01	$	15.13	$	18.62	$	19.08	$	17.80


Ratios and Supplemental Data
Ratio of operating expenses to average net assets	10.32		%	9.82		%	10.06		%	10.31		%	11.51		%	9.87		%	8.61		%	6.35		%	4.95		%
Ratio of operating expenses (excluding interest expense) to average net assets	3.57		%	3.52		%	4.28		%	5.03		%	5.43		%	4.94		%	4.75		%	4.72		%	4.60		%
Ratio of net investment income to average net assets	14.52		%	16.07		%	13.75		%	11.31		%	10.74		%	8.77		%	7.53		%	5.51		%	2.83		%
Portfolio turnover	18.84		%	15.65		%	13.68		%	33.91		%	18.81		%	22.76		%	23.38		%	25.42		%	23.57		%
Total investment return5	(1.01)		%	55.66		%	(15.36)		%	18.10		%	118.56		%	(37.52)		%	38.34		%	6.61		%	27.88		%
Total return based on change in NAV6	14.73		%	17.53		%	10.62		%	21.05		%	19.37		%	(3.97)		%	9.49		%	12.75		%	7.21		%

Per share market value at the end of the period	$	22.32		$	24.96		$	17.78		$	23.73		$	22.16		$	11.42		$	21.04		$	17.02		$	16.91
Weighted-average basic common shares outstanding	47,448			40,727			30,016			22,840			19,060			18,000			16,074			16,074			15,825
Weighted-average diluted common shares outstanding	51,188			40,727			30,016			22,840			19,060			18,000			16,139			16,139			15,877
Common shares outstanding at end of period	52,913			45,051			36,076			24,959			21,005			17,998			17,503			16,162			16,011

1Based on weighted average of common shares outstanding for the period.

2Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period.

3Net decrease is due to the exercise of employee stock options at prices less than beginning of period net asset value.

4Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. The balance increases with the increase in variability of shares outstanding throughout the year due to share issuance and repurchase activity.

5Total investment return based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by CSWC’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.

6Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to shareholders and other non-operating changes during the period, as divided by the beginning NAV, and has not been annualized.