v3.26.3
INVESTMENTS (Tables)
 6 Months Ended
Sep. 30, 2026
Schedule of Investments [Abstract]  
Schedule of Investments
The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2026 and March 31, 2026:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2026:
  First lien loans (1)(2)$2,155,196 89.4 %194.8 %$2,234,534 90.9 %
Second lien loans (2)25,098 1.0 2.2 26,029 1.0 
Subordinated debt (3)1,214 0.1 0.1 1,386 0.1 
Preferred equity83,488 3.5 7.5 89,037 3.6 
Common equity & warrants106,876 4.4 9.7 70,542 2.9 
Earnout1,891 0.1 0.2 1,060 — 
JV equity (4)36,366 1.5 3.3 36,500 1.5 
$2,410,129 100.0 %217.8 %$2,459,088 100.0 %
March 31, 2026:
First lien loans (1)(2)$1,890,406 90.1 %187.0 %$1,948,890 92.0 %
Second lien loans (2)24,931 1.2 2.5 26,064 1.2 
Subordinated debt (3)1,157 0.1 0.1 1,337 0.1 
Preferred equity74,638 3.5 7.4 82,020 3.8 
Common equity & warrants102,276 4.9 10.1 57,717 2.7 
Earnout4,038 0.2 0.4 3,457 0.2 
$2,097,446 100.0 %207.5 %$2,119,485 100.0 %

(1)Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of September 30, 2026 and March 31, 2026, the fair value of the first lien last out loans was $146.2 million and $23.5 million, respectively, which represents 6.1% and 1.1%, respectively, of the total portfolio at fair value.
(2)Included in first lien loans and second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of September 30, 2026 and March 31, 2026, the fair value of the split lien term loans included in first lien loans was $80.4 million and $55.9 million, respectively, which represents 3.3% and 2.7%, respectively, of the total portfolio at fair value. As of September 30, 2026 and March 31, 2026, the fair value of the split lien term loans included in second lien loans was $25.1 million and $24.9 million, respectively, which represents 1.0% and 1.2%, respectively, of the total portfolio at fair value.
(3)Included in subordinated debt are unsecured convertible notes with a fair value of $0.2 million as of both September 30, 2026 and March 31, 2026.
(4)Included in JV equity are the Company's investments in CapTrin Partners, LLC ("CapTrin") and Desert Star 2026 LLC ("Desert Star"), each of which is a joint venture between Capital Southwest Corporation and Trinity Capital Inc. CapTrin primarily invests in first-out senior secured debt opportunities in the LMM, while Desert Star primarily invests in loans and debt instruments with a focus on technology. Additional information regarding these investments is provided in the sections entitled "CapTrin Partners, LLC" and "Desert Star 2026 LLC" below.
The following tables show the composition of the investment portfolio by industry, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2026 and March 31, 2026:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2026:
Healthcare Services$293,004 12.1 %26.5 %$325,092 13.2 %
Consumer Services230,982 9.6 20.9 249,649 10.3 
Consumer Products 230,095 9.5 20.8 217,675 8.9 
Media & Marketing212,576 8.8 19.2 213,016 8.7 
Food, Agriculture & Beverage139,774 5.8 12.6 150,531 6.1 
Transportation & Logistics123,450 5.1 11.2 100,588 4.1 
Financial Services123,015 5.1 11.1 114,749 4.7 
Business Services99,852 4.1 9.0 103,933 4.2 
Software95,604 4.0 8.6 94,477 3.8 
Research & Consulting Services92,038 3.8 8.3 92,028 3.7 
Commercial Services & Supplies78,963 3.3 7.1 77,682 3.2 
Industrial Machinery68,994 2.9 6.2 74,327 3.0 
Industrial Services60,594 2.5 5.5 59,896 2.4 
Environmental Services59,696 2.5 5.4 64,263 2.6 
Pharmaceuticals, Biotechnology & Life Sciences51,347 2.1 4.6 55,009 2.2 
IT Services49,310 2.0 4.5 49,033 2.0 
Healthcare Equipment & Supplies47,332 2.0 4.3 49,597 2.0 
Telecommunications45,463 1.9 4.1 50,877 2.1 
Distribution37,938 1.6 3.4 33,772 1.4 
Multi-Sector Holdings (1)36,366 1.5 3.3 36,500 1.5 
Specialty Retail33,398 1.4 3.0 31,560 1.3 
Education30,627 1.3 2.8 43,515 1.8 
Healthcare Products29,221 1.2 2.6 29,649 1.2 
Restaurants28,625 1.2 2.6 28,012 1.1 
Industrial Products28,344 1.2 2.6 17,958 0.7 
Aerospace & Defense28,214 1.2 2.7 28,214 1.1 
Energy Services22,438 0.9 2.0 22,199 0.9 
Movies & Entertainment18,095 0.8 1.6 25,543 1.0 
Technology Products & Components10,015 0.4 0.9 9,957 0.4 
Building & Infrastructure Products4,759 0.2 0.4 9,787 0.4 
$2,410,129 100.0 %217.8 %$2,459,088 100.0 %
(1)Included in Multi-sector holdings are the Company's investments in CapTrin and Desert Star, each of which is a joint venture between Capital Southwest Corporation and Trinity Capital Inc. CapTrin primarily invests in first-out senior secured debt opportunities in the LMM, while Desert Star primarily invests in loans and debt instruments with a focus on technology. Additional information regarding these investments is provided in the sections entitled "CapTrin Partners, LLC" and "Desert Star 2026 LLC" below.
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2026:
Healthcare Services$287,375 13.7 %28.4 %$316,703 14.9 %
Media & Marketing199,723 9.5 19.8 198,800 9.4 
Consumer Services198,692 9.5 19.7 210,318 9.9 
Consumer Products192,024 9.2 19.0 184,982 8.7 
Food, Agriculture & Beverage135,389 6.4 13.4 146,503 6.9 
Transportation & Logistics127,208 6.0 12.6 94,012 4.4 
Business Services92,635 4.4 9.2 97,504 4.6 
Research & Consulting Services87,119 4.2 8.6 86,466 4.1 
Financial Services81,007 3.9 8.0 71,424 3.4 
Industrial Machinery70,559 3.4 7.0 74,479 3.5 
Industrial Products55,961 2.7 5.5 43,912 2.1 
Industrial Services55,311 2.6 5.5 54,576 2.6 
Commercial Services & Supplies55,289 2.6 5.4 54,524 2.6 
Pharmaceuticals, Biotechnology & Life Sciences51,813 2.5 5.1 55,055 2.6 
Healthcare Equipment & Supplies47,519 2.3 4.7 48,621 2.3 
Environmental Services47,438 2.3 4.7 50,394 2.4 
Telecommunications46,094 2.2 4.6 48,458 2.3 
Specialty Retail40,052 1.9 4.0 38,175 1.8 
Healthcare Products36,248 1.7 3.6 36,891 1.7 
Software34,892 1.7 3.4 34,514 1.6 
Education30,843 1.5 3.1 42,240 2.0 
Restaurants25,373 1.2 2.5 25,638 1.2 
Movies & Entertainment22,711 1.1 2.2 25,454 1.2 
Energy Services22,173 1.0 2.2 21,896 1.0 
IT Services20,943 1.0 2.1 21,616 1.0 
Distribution17,643 0.8 1.7 13,505 0.6 
Technology Products & Components8,443 0.4 0.8 12,878 0.7 
Building & Infrastructure Products6,969 0.3 0.7 9,947 0.5 
$2,097,446 100.0 %207.5 %$2,119,485 100.0 %
The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of September 30, 2026 and March 31, 2026:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2026:
Northeast$699,561 29.0 %63.2 %$697,820 28.4 %
West440,662 18.3 39.8 439,563 17.9 
Southeast432,591 18.0 39.1 475,861 19.3 
Southwest431,609 17.9 39.0 437,785 17.8 
Midwest330,276 13.7 29.9 334,019 13.6 
International39,064 1.6 3.5 37,540 1.5 
Multi-Sector Holdings (1)36,366 1.5 3.3 36,500 1.5 
$2,410,129 100.0 %217.8 %$2,459,088 100.0 %
March 31, 2026:
Northeast$576,279 27.5 %57.0 %$579,895 27.4 %
Southwest446,244 21.3 44.1 433,468 20.4 
Southeast421,730 20.1 41.8 460,151 21.7 
West358,529 17.1 35.5 351,246 16.6 
Midwest262,879 12.5 26.0 264,801 12.5 
International31,785 1.5 3.1 29,924 1.4 
$2,097,446 100.0 %207.5 %$2,119,485 100.0 %
(1)Included in Multi-sector holdings are the Company's investments in CapTrin and Desert Star, each of which is a joint venture between Capital Southwest Corporation and Trinity Capital Inc. CapTrin primarily invests in first-out senior secured debt opportunities in the LMM, while Desert Star primarily invests in loans and debt instruments with a focus on technology. Additional information regarding these investments is provided in the sections entitled "CapTrin Partners, LLC" and "Desert Star 2026 LLC" below.
Schedule of Subsidiary Financial Information
Below is certain summarized financial information for CapTrin as of September 30, 2026 and for the six months ended September 30, 2026 (amounts in thousands):
September 30, 2026
Selected Balance Sheet Information:
Investments, at fair value (cost $126,507)
$126,706 
Cash and cash equivalents2,492 
Interest receivable1,398 
Deferred financing costs and other assets1,791 
Total assets$132,387 
Senior credit facility payable$74,000 
Other liabilities1,514 
Total liabilities$75,514 
Members' equity56,873 
Total liabilities and members' equity$132,387 

Three Months Ended September 30,Period from April 22, 2026 (commencement of operations) through
2026September 30, 2026
Selected Statement of Operations Information:
Total revenues$2,309 $3,426 
Total expenses(1,325)(2,232)
Net investment income$984 $1,194 
Net unrealized appreciation240 198 
Net increase in members' equity resulting from operations$1,224 $1,392 
Below is a listing of the individual loans in CapTrin's portfolio as of September 30, 2026 (in thousands):

Portfolio CompanyType of Investment
Current Interest Rate1
MaturityPrincipalCost
Fair Value2
CouponReferenceSpreadFloor
Commercial Services & Supplies
MYNTS HOLDINGS, LLC
First Lien - Term Loan A3
7.73%SOFR (Q)4.00%1.50%5/5/203112,500 12,412 12,500 
VP MOVE PURCHASER, INC.First Lien - Term Loan A8.48%SOFR (Q)4.75%2.00%2/4/20308,500 8,470 8,441 
Subtotal: Commercial Services & Supplies21,000 20,882 20,941 
Consumer Products
CLUTCH, INC.
First Lien - Term Loan A3
7.48%SOFR (Q)3.75%2.00%11/13/203015,000 14,924 15,000 
TRU FRAGRANCE & BEAUTY LLCFirst Lien - Term Loan A8.73%SOFR (Q)5.00%1.50%3/21/20298,487 8,526 8,487 
Subtotal: Consumer Products23,487 23,450 23,487 
Consumer Services
AMERICAN PET RESORT, LLC
First Lien - Term Loan A3
8.07%SOFR (Q)4.00%2.00%12/17/203012,500 12,461 12,500 
Subtotal: Consumer Services12,500 12,461 12,500 
Distribution
YUMI DSD MIDCO, LLC
First Lien - Term Loan A3
7.74%SOFR (Q)4.00%1.50%8/25/203115,000 14,889 14,889 
Subtotal: Distribution15,000 14,889 14,889 
Healthcare Products
MICROBE FORMULAS LLCFirst Lien9.50%SOFR (M)5.50%1.00%4/3/20283,980 3,995 3,980 
Subtotal: Healthcare Products3,980 3,995 3,980 
Healthcare Services
NEULIFE REHABILITATION OF FLORIDA, INC.First Lien8.23%SOFR (Q)4.50%2.00%4/18/203110,000 9,977 10,000 
Subtotal: Healthcare Services10,000 9,977 10,000 
Industrial Products
AIR PRODUCTS AND CONTROLS, INC.
First Lien - Term Loan A3
7.73%SOFR (Q)4.00%2.00%6/2/20314,938 4,897 4,938 
Subtotal: Industrial Products4,938 4,897 4,938 
IT Services
NGP ROBO OPCO, LLC
First Lien - Term Loan A3
7.73%SOFR (Q)4.00%2.00%6/30/20316,000 5,957 6,000 
Subtotal: IT Services6,000 5,957 6,000 
Media & Marketing
BOND BRAND LOYALTY ULCFirst Lien - Term Loan A8.63%SOFR (Q)4.75%2.00%5/1/20288,729 8,768 8,721 
IGNITE VISIBILITY LLCFirst Lien - Term Loan A8.48%SOFR (Q)4.75%1.00%12/1/20285,000 5,022 5,000 
Subtotal: Media & Marketing13,729 13,790 13,721 
Research & Consulting Services
FS VECTOR LLC
First Lien - Term Loan A4
8.64%SOFR (Q)4.75%1.00%4/26/202811,000 10,937 11,000 
Subtotal: Research & Consulting Services11,000 10,937 11,000 
Specialty Retail
ATS OPERATING, LLCFirst Lien - Term Loan A8.99%SOFR (Q)5.00%1.00%1/18/20285,250 5,272 5,250 
Subtotal: Specialty Retail5,250 5,272 5,250 
Total Investments$126,884 $126,507 $126,706 
1Represents the interest rate as of September 30, 2026. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR in effect at September 30, 2026. Certain investments are subject to an interest rate floor.
2Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of CapTrin. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein.
3The investment is structured as a first lien first out term loan.
4The rate presented represents a weighted average rate for borrowings under the facility as of September 30, 2026.
Below is certain summarized financial information for Desert Star as of September 30, 2026 and for the six months ended September 30, 2026 (amounts in thousands):
Selected Balance Sheet Information:September 30, 2026
Investments, at fair value (cost $128,168)
$128,183 
Cash and cash equivalents3,176 
Interest receivable1,450 
Deferred financing costs and other assets998 
Total assets$133,807 
Senior credit facility payable$70,000 
Other liabilities341 
Total liabilities$70,341 
Members' equity63,466 
Total liabilities and members' equity$133,807 


Period from September 21, 2026 (commencement of operations) through
Selected Statement of Operations Information:September 30, 2026
Total revenues$233 
Total expenses(781)
Net investment loss$(548)
Net unrealized appreciation14 
Net increase in members' equity resulting from operations$(534)
Below is a listing of the individual loans in Desert Star's portfolio as of September 30, 2026 (in thousands):

Portfolio CompanyType of Investment
Current Interest Rate1
MaturityPrincipalCost
Fair Value2
CouponReferenceSpreadFloor
Artificial Intelligence ("AI") Automation & Infrastructure
AUGMENTED REALITY CONCEPTS, INC.First Lien11.30 %SOFR (Q)7.32 %1.00 %6/18/2029$4,487 $4,452 $4,463 
IGRAFX, LLCFirst Lien9.65 %SOFR (M)5.75 %1.00 %11/12/2028$2,481 $2,477 $2,486 
Subtotal: AI Automation & Infrastructure$6,968 $6,929 $6,949 
Consumer Products & Services
CLUTCH, INC.First Lien - Term Loan B & Term Loan C9.90 %SOFR (Q)6.16 %2.00 %6/30/2031$9,000 $9,089 $9,090 
Subtotal: Consumer Products & Services$9,000 $9,089 $9,090 
Healthcare Technology
CLEARWAVE PARENT, INCFirst Lien11.17 %SOFR (M)7.27 %0.75 %10/22/2027$3,728 $3,696 $3,696 
LIGHTNING STEP TECHNOLOGIES, LLCFirst Lien10.98 %SOFR (M)7.08 %1.00 %8/1/2030$9,000 $8,904 $8,889 
Subtotal: Healthcare Technology$12,728 $12,600 $12,585 
Other Healthcare Services
RENALOGIC HOLDINGS, INC.First Lien9.82 %SOFR (Q)5.75 %1.00 %6/30/2030$9,406 $9,306 $9,306 
Subtotal: Other Healthcare Services$9,406 $9,306 $9,306 
Software as a Service ("SaaS")
AXOSOFT, LLC (dba GitKraken)First Lien9.58 %SOFR (Q)5.75 %1.00 %9/3/2031$9,750 $9,654 $9,654 
CCP INTERGALACTIC BUYER, LLCFirst Lien9.26 %SOFR (Q)5.50 %1.00 %9/15/2030$3,772 $3,759 $3,748 
CHIROHD, LLCFirst Lien9.51 %SOFR (Q)5.75 %1.00 %8/7/2031$4,500 $4,456 $4,456 
CONSENSUS SALES, LLCFirst Lien11.07 %SOFR (Q)7.25 %1.00 %6/5/2031$4,425 $4,478 $4,501 
CW ACQUISITIONSCO (dba Caseworthy)First Lien12.36 %SOFR (Q)8.50 %1.00 %6/12/2032$5,000 $5,048 $5,033 
EYELIT TECHNOLOGIES, INCFirst Lien9.68 %SOFR (M)6.00 %1.00 %11/4/2029$2,405 $2,352 $2,351 
HOMETOWN TICKETING, INC.First Lien11.82 %SOFR (Q)7.74 %1.00 %11/25/2029$4,950 $4,940 $4,919 
KIBO SOFTWARE, INC.First Lien9.49 %SOFR (Q)5.75 %1.00 %5/22/2031$8,750 $8,801 $8,777 
ORGCHART, LLCFirst Lien9.40 %SOFR (M)5.50 %1.00 %1/14/2031$4,975 $4,990 $5,025 
SERVICETRADE, INC.First Lien8.55 %SOFR (Q)4.75 %1.00 %8/15/2029$5,400 $5,355 $5,344 
SOCI, INC.First Lien11.75 %SOFR (S)7.90 %0.75 %10/3/2029$7,742 $7,723 $7,706 
TICKETURE LLCFirst Lien10.32 %SOFR (Q)6.25 %1.00 %7/25/2030$10,688 $10,629 $10,582 
XYTECH SYSTEMS, LLCFirst Lien10.01 %SOFR (Q)6.25 %1.00 %2/26/2030$7,565 $7,446 $7,435 
Subtotal: SaaS$79,922 $79,631 $79,531 
Supply Chain Technology
INKTAVO, LLCFirst Lien10.82 %SOFR (Q)6.75 %1.00 %10/15/2031$10,746 $10,613 $10,722 
Subtotal: Supply Chain Technology$10,746 $10,613 $10,722 
Total Investments$128,770 $128,168 $128,183 
1.Represents the interest rate as of September 30, 2026. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR") and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over SOFR in effect at September 30, 2026. Certain investments are subject to an interest rate floor.
2.Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of Desert Star. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein.