FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jun. 30, 2025

Schedule of Investment Portfolio by Level

The following fair value hierarchy tables set forth our investment portfolio by level as of June 30, 2025 and March 31, 2025 (in thousands):


			Fair Value Measurements
			at June 30, 2025 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	$	1,595,338	$	—	$	—	$	1,595,338
Second lien loans	17,383		—		—		17,383
Subordinated debt	1,264		—		—		1,264
Preferred equity	66,230		—		—		66,230
Common equity & warrants	96,526		—		—		96,526
Earnout	3,457		—		—		3,457
Total Investments	$	1,780,198	$	—	$	—	$	1,780,198



			Fair Value Measurements
			at March 31, 2025 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	$	1,586,622	$	—	$	—	$	1,586,622
Second lien loans	18,066		—		—		18,066
Subordinated debt	1,218		—		—		1,218
Preferred equity	102,918		—		—		102,918
Common equity & warrants	76,475		—		—		76,475
Total Investments	$	1,785,299	$	—	$	—	$	1,785,299

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 June 30, 2025 and March 31, 2025. 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	June 30, 2025		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average

First lien loans	Income Approach	$	1,549,162	Discount Rate	4.8% - 59.2%	12.0%
		3,400		Third Party Broker Quote	40.0 - 70.0	60.9
	Market Approach	30,172		Cost	98.0 - 100.0	98.5

	Enterprise Value Waterfall Approach	12,604		EBITDA Multiple	7.9x - 9.0x	7.9x
				Discount Rate	15.1% - 48.2%	15.1%
Second lien loans	Income Approach	17,383		Discount Rate	8.8% - 62.4%	13.3%



	Enterprise Value Waterfall Approach	—		EBITDA Multiple	3.0x - 3.0x	0.0x
				Discount Rate	21.3% - 21.3%	0.0%
Subordinated debt	Income Approach	524		Discount Rate	14.5% - 14.5%	14.5%
		58		Third Party Broker Quote	25.0 - 25.0	25.0
	Market Approach	125		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	557		EBITDA Multiple	6.4x - 7.8x	6.8x
				Discount Rate	14.6% - 17.8%	15.6%
Preferred equity	Enterprise Value Waterfall Approach	66,230		EBITDA Multiple	3.0x - 17.2x	8.0x
				Discount Rate	12.0% - 48.2%	16.8%

Common equity & warrants	Enterprise Value Waterfall Approach	95,526		EBITDA Multiple	3.0x - 16.5x	8.5x
				Discount Rate	12.7% - 24.4%	15.2%
	Market Approach	1,000		Cost	100.0 - 100.0	100.0

Earnout	Income Approach	3,457		Discount Rate	34.3% - 34.3%	34.3%
Total Level 3 Investments		$	1,780,198


		Fair Value at		Significant
	Valuation	March 31, 2025		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average

First lien loans	Income Approach	$	1,448,656	Discount Rate	5.2% - 64.7%	12.8%
		6,923		Third Party Broker Quote	40.0 - 100.0	79.8
	Market Approach	125,500		Cost	89.8 - 100.0	97.9

	Enterprise Value Waterfall Approach	5,543		EBITDA Multiple	3.0x - 9.0x	3.0x
				Discount Rate	21.0% - 49.2%	21.0%
Second lien loans	Income Approach	18,066		Discount Rate	9.5% - 41.2%	13.3%

	Enterprise Value Waterfall Approach	—		EBITDA Multiple	3.0x - 3.0x	0.0x
				Discount Rate	21.0% - 21.0%	0.0%
Subordinated debt	Income Approach	538		Discount Rate	14.4% - 14.4%	14.4%
		58		Third Party Broker Quote	25.0 - 25.0	25.0
	Market Approach	65		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	557		EBITDA Multiple	6.1x - 7.6x	6.6x
				Discount Rate	13.3% - 17.6%	14.7%
Preferred equity	Enterprise Value Waterfall Approach	100,018		EBITDA Multiple	3.0x - 16.9x	8.8x
				Discount Rate	11.1% - 49.2%	15.9%
	Market Approach	2,900		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	74,878		EBITDA Multiple	3.0x - 16.0x	8.4x
				Discount Rate	11.9% - 23.3%	14.4%
	Market Approach	1,597		Cost	100.0 - 100.0	100.0

Total Level 3 Investments		$	1,785,299

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 three months ended June 30, 2025 and 2024 (in thousands):


	Fair Value March 31, 2025		Realized & Unrealized Gains (Losses)		Purchases of Investments (1)		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security		Fair Value June 30, 2025		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,586,622	$	(8,848)	$	95,536	$	(75,234)	$	3,002	$	(1,789)	$	(3,951)	$	1,595,338	$	(5,913)
Second lien loans	18,066		(696)		13		—		—		—		—		17,383		(696)
Subordinated debt	1,218		1		57		(15)		3		—		—		1,264		1
Preferred equity	102,918		(6,959)		826		—		—		(29,867)		(688)		66,230		(2,494)
Common equity & warrants	76,475		14,267		1,145		—		—		—		4,639		96,526		14,267
Earnout	—		—		3,457		—		—		—		—		3,457		—
Total Investments	$	1,785,299	$	(2,235)	$	101,034	$	(75,249)	$	3,005	$	(31,656)	$	—	$	1,780,198	$	5,165

	Fair Value March 31, 2024		Realized & Unrealized Gains (Losses)		Purchases of Investments (1)(2)		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security		Fair Value June 30, 2024		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,309,449	$	(7,503)	$	93,666	$	(85,047)	$	3,512	$	(8,171)	$	—	$	1,305,906	$	(7,945)
Second lien loans	33,774		(2,567)		26		(3,210)		70		—		—		28,093		(2,565)
Subordinated debt	1,336		31		57		—		9		—		(153)		1,280		23
Preferred equity	71,127		(45)		1,804		—		—		—		—		72,886		(45)
Common equity & warrants	60,875		(4,690)		3,623		—		—		—		153		59,961		(3,891)
Total Investments	$	1,476,561	$	(14,774)	$	99,176	$	(88,257)	$	3,591	$	(8,171)	$	—	$	1,468,126	$	(14,423)

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

(2)Included are distributions-in-kind of investments received in connection with the dissolution and liquidation of I-45 SLF LLC, the joint venture between the Company and Main Street Capital Corporation.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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