FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Investment Portfolio by Level

The following fair value hierarchy tables set forth our investment portfolio by level as of March 31, 2026 and March 31, 2025 (in thousands):


			Fair Value Measurements
			at March 31, 2026 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	$	1,890,406	$	—	$	—	$	1,890,406
Second lien loans	24,931		—		—		24,931
Subordinated debt	1,157		—		—		1,157
Preferred equity	74,638		—		—		74,638
Common equity & warrants	102,276		—		—		102,276
Earnout	4,038		—		—		4,038
Total Investments	$	2,097,446	$	—	$	—	$	2,097,446



			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 Unobservable Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at March 31, 2026 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	March 31, 2026		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average

First lien loans	Income Approach	$	1,786,594	Discount Rate	4.0% - 126.1%	11.7%

	Market Approach	85,731		Cost	95.2 - 100.0	99.0

	Enterprise Value Waterfall Approach	18,081		EBITDA Multiple	8.4x - 9.0x	8.6x
				Discount Rate	12.6% - 19.1%	15.0%
Second lien loans	Income Approach	24,931		Discount Rate	7.9% - 17.0%	11.1%





Subordinated debt	Income Approach	600		Discount Rate	10.9% - 10.9%	10.9%


	Enterprise Value Waterfall Approach	557		EBITDA Multiple	6.0x - 8.0x	6.6x
				Discount Rate	14.3% - 17.4%	15.3%
Preferred equity	Enterprise Value Waterfall Approach	73,638		EBITDA Multiple	4.0x - 13.8x	7.2x
				Discount Rate	11.5% - 47.6%	17.8%
	Market Approach	1,000		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	101,526		EBITDA Multiple	3.5x - 16.4x	7.9x
				Discount Rate	10.5% - 30.8%	14.0%
	Market Approach	750		Cost	100.0 - 100.0	100.0

Earnout	Income Approach	4,038		Discount Rate	33.4% - 33.4%	33.4%
Total Level 3 Investments		$	2,097,446


		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 year ended March 31, 2026 and 2025 (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 March 31, 2026		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,586,622	$	(37,674)	$	680,918	$	(310,505)	$	13,979	$	(30,987)	$	(11,947)	$	1,890,406	$	(32,632)
Second lien loans	18,066		1,144		(46)		(2,308)		79		—		7,996		24,931		1,290
Subordinated debt	1,218		20		57		(146)		8		—		—		1,157		20
Preferred equity	102,918		(5,307)		9,038		—		—		(31,323)		(688)		74,638		(1,390)
Common equity & warrants	76,475		26,132		6,689		—		—		(11,659)		4,639		102,276		20,813
Earnout	—		581		3,457		—		—		—		—		4,038		581
Total Investments	$	1,785,299	$	(15,104)	$	700,113	$	(312,959)	$	14,066	$	(73,969)	$	—	$	2,097,446	$	(11,318)

	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 March 31, 2025		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,309,449	$	(61,142)	$	616,629	$	(244,854)	$	12,843	$	(31,584)	$	(14,719)	$	1,586,622	$	(21,908)
Second lien loans	33,774		(6,960)		37		(3,840)		70		—		(5,015)		18,066		(5,062)
Subordinated debt	1,336		36		57		(75)		17		—		(153)		1,218		28
Preferred equity	71,127		25,094		9,767		—		—		(16,920)		13,850		102,918		18,671
Common equity & warrants	60,875		3,593		7,036		—		—		(1,066)		6,037		76,475		4,388
Total Investments	$	1,476,561	$	(39,379)	$	633,526	$	(248,769)	$	12,930	$	(49,570)	$	—	$	1,785,299	$	(3,883)

(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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