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COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Sep. 30, 2026
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 September 30, 2026 and March 31, 2026 were as follows (amounts in thousands):
September 30,March 31,
Portfolio Company20262026
Revolving Loans
360 Quote TopCo, LLC$903 $904 
Acacia BuyerCo V LLC2,000 — 
ADF Engineering LLC2,000 — 
Air Conditioning Specialist, Inc.1,215 1,215 
Air Products and Controls, Inc.4,000 — 
American Pet Resort, LLC6,250 1,500 
Apple Roofing Administrative Services, LLC— 1,222 
ArborWorks, LLC332 150 
Arkstone Medical Solutions LLC3,500 3,500 
Armko, LLC3,000 3,000 
ATS Operating, LLC890 640 
Better Than Home, Inc.3,000 3,000 
Bond Brand Loyalty ULC1,800 1,200 
Brandner Design, LLC192 204 
Catbird NYC, LLC4,000 3,000 
CDC Dental Management Co., LLC2,000 2,000 
Central Medical Supply LLC1,500 1,500 
Chalet Desserts, LLC4,000 — 
Clearwater Group, LLC1,500 1,500 
Clutch, Inc.5,000 5,000 
Cumbria Capital MSO, LLC— 250 
Drive Line Service of Portland, LLC2,000 2,000 
DWS Buyer LLC1,164 1,293 
EasyLlama, Inc.3,000 — 
Exact Borrower, LLC2,500 2,500 
FBF Investments Limited1,250 — 
FS Vector LLC4,000 4,000 
Gains Intermediate, LLC2,500 — 
GoodVets Veterinary Services LLC1,351 — 
Gravitiq LLC3,500 5,000 
Gulf Pacific Acquisition, LLC253 253 
Ignite Visibility LLC3,000 3,000 
InDinero Group, Inc.548 551 
Institutes of Health, LLC1,000 1,000 
ISI Enterprises, LLC2,000 1,100 
iVueit, LLC1,000 1,000 
Kindred Pet Service, LLC1,500 1,500 
KMS, LLC5,714 2,972 
September 30,March 31,
Portfolio Company20262026
Lash OpCo, LLC824 824 
LDG Acquisition Company, LLC3,000 3,000 
LGM Pharma LLC1,500 1,500 
Lightning Intermediate II, LLC1,852 1,852 
LiveWell Partners Holdings Inc.1,000 — 
Local Web Leads, LLC1,000 1,000 
Main Line Brands LLC2,000 2,000 
Mammoth BorrowCo, Inc.— 400 
Microbe Formulas LLC1,627 1,627 
Mid-Florida Endodontics Management Company, LLC3,000 3,000 
Mission Critical Group, LLC— 1,902 
Monroe Biomedical Research, LLC1,250 1,250 
Musiker Discovery Programs, Inc.— 1,250 
MYNTS Holdings, LLC3,200 — 
NeuLife Rehabilitation of Florida, Inc.3,000 — 
NeuroPsychiatric Hospitals, LLC5,000 4,000 
New Skinny Mixes, LLC5,000 4,000 
NGP Robo OpCo, LLC438 — 
Pacific Defense, LLC1,500 — 
Patriot Intermediate Holdco, LLC9,000 8,000 
Pipeline Technique Ltd.3,333 3,333 
Pool Service Partners, Inc.900 500 
Precision Spray & Coatings, LLC150 500 
Proactive Technology Management, LLC2,500 — 
Pyramids Acquisition, LLC3,000 3,000 
Quandary Consultants, LLC1,000 — 
Renew Fitness Operations, LLC5,000 — 
Revo Brands, Inc.7,000 7,000 
Rodizio Opco LLC1,500 2,000 
Roseland Management, LLC2,000 2,000 
SaaS Consulting Group, LLC2,000 — 
ServerLIFT, LLC— 5,000 
SocialSEO, LLC1,800 1,800 
Spherix Global Insights US, Inc.3,000 3,000 
Spotlight AR, LLC2,000 2,000 
Superior Health Parent LLC— 3,000 
Swensons Drive-In Restaurants, LLC1,500 1,500 
The Gobel Group, LLC1,000 1,000 
Titan Investors LLC2,000 — 
TMT BHC Buyer, Inc.9,717 4,717 
Tru Fragrance & Beauty LLC1,000 2,000 
Vivo Buyer, LLC4,000 — 
VP Move Purchaser, Inc.4,200 4,200 
Wash & Wax Systems LLC73 146 
Well Labs Plus, LLC3,000 3,000 
September 30,March 31,
Portfolio Company20262026
Well-Foam, Inc.3,500 4,500 
West Termite & Pest Management, LLC3,000 — 
White Plains Linen LLC3,000 3,000 
Winter Services Operations, LLC4,889 5,244 
World Wide Land Transfer, LLC2,000 — 
Yumi DSD Midco, LLC6,429 — 
Zenfolio Inc.500 2,500 
Zinkan Enterprises, Inc.2,000 — 
Total Revolving Loans214,544 156,499 
Delayed Draw Term Loans
AAC New Holdco Inc.180 — 
American Pet Resort, LLC100 100 
Better Than Home, Inc.7,300 11,700 
Clearwater Group, LLC8,685 10,500 
Consertus, Inc. (f/k/a Enstoa, Inc.)12,568 5,830 
Crafty Apes, LLC924 924 
Cumbria Capital MSO, LLC— 950 
DWS Buyer LLC2,155 2,155 
EasyLlama, Inc.10,000 — 
Exact Borrower, LLC6,000 8,200 
FBF Investments Limited7,500 — 
GoodVets Veterinary Services LLC6,757 — 
Ignite Visibility LLC— 3,000 
ITA Holdings Group, LLC— 3,525 
iVueit, LLC10,000 10,000 
LDG Acquisition Company, LLC12,000 12,000 
Mid-Florida Endodontics Management Company, LLC8,400 9,400 
Mission Critical Group, LLC— 2,130 
Monroe Biomedical Research, LLC5,000 5,000 
Muenster Milling Company, LLC750 2,500 
Pipeline Technique Ltd.10,000 10,000 
Sunline Group LLC7,500 — 
Superior Health Parent LLC— 4,300 
SureKap, LLC— 7,222 
UnderDog & Company Team, LLC5,000 — 
unWired Broadband, LLC— 8,548 
Vivo Buyer, LLC3,000 — 
Well Labs Plus, LLC1,950 3,400 
Yumi DSD Midco, LLC6,911 — 
Zinkan Enterprises, Inc.7,500 — 
Total Delayed Draw Term Loans140,180 121,384 
Total Unfunded Debt Commitments$354,724 $277,883 
The following table provides additional information regarding the expiration year of the Company’s unfunded debt commitments (amounts in thousands):
September 30, 2026March 31, 2026
Unfunded Debt Commitments
Expiring during fiscal year ending:
2027$44,580 $97,205 
2028109,149 56,592 
202964,524 38,815 
203030,941 31,275 
203150,698 49,703 
203244,481 4,293 
203310,351 — 
Total Unfunded Debt Commitments$354,724 $277,883 

The balances of unfunded equity commitments as of September 30, 2026 and March 31, 2026 were as follows (amounts in thousands):

September 30, 2026March 31, 2026
Unfunded Equity Commitments
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)$— $190 
CapTrin Partners, LLC21,500 50,000 
Catbird NYC, LLC125 125 
Desert Star 2026 LLC17,000 — 
Infolinks Media Buyco, LLC342 350 
Outerbox, LLC197 197 
Total Unfunded Equity Commitments$39,164 $50,862 

As of September 30, 2026, 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 September 30, 2026, 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 2027, $0.3 million expire in March 2027, and $0.2 million expire in April 2027. As of September 30, 2026, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's Consolidated Statements of Assets and Liabilities.

In addition, the Company may guarantee certain obligations in connection with its portfolio companies. Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. The Company's maximum exposure under these arrangements is $4.5 million; however, the Company expects the risk of future obligation under these arrangements to be remote and as such, no liability was recorded on the Company's Consolidated Statements of Assets and Liabilities.

Leases

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 each of the three months ended September 30, 2026 and 2025 was $0.1 million. Total lease expense incurred for the six months ended September 30, 2026 and 2025 was $0.3 million, respectively. As of September 30, 2026 and March 31, 2026, the asset related to the operating lease was $3.6 million and $3.7 million, respectively, and as of September 30, 2026 and March 31, 2026, the lease liability was $4.8 million and $5.0 million, respectively. As of September 30, 2026, the remaining lease term was 9.0 years and the weighted average discount rate was 7.37%.

The following table shows future minimum payments under the Company's operating leases as of September 30, 2026 (in thousands):

Year ending March 31, Rent Commitment
2027$362 
2028733 
2029752 
2030771 
2031790 
Thereafter4,198 
Total$7,606 

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.