FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Sep. 30, 2026

Schedule of Investment Portfolio by Level

The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2026 and March 31, 2026 (in thousands):


			Fair Value Measurements
			at September 30, 2026 Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments:
First lien loans	$	2,155,196	$	—	$	—	$	2,155,196
Second lien loans	25,098		—		—		25,098
Subordinated debt	1,214		—		—		1,214
Preferred equity	83,488		—		—		83,488
Common equity & warrants	106,876		—		—		106,876
Earnout	1,891		—		—		1,891
Subtotal	2,373,763		—		—		2,373,763
Investments measured at net asset value (1)	36,366		—		—		—
Total Investments at Fair Value	$	2,410,129	$	—	$	—	$	2,373,763
Derivatives:
Derivative liabilities (2)	$	4,252	$	—	$	4,252	$	—
Total Derivatives at Fair Value	$	4,252	$	—	$	4,252	$	—



			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 at Fair Value	$	2,097,446	$	—	$	—	$	2,097,446

(1)Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For our investments in CapTrin and Desert Star at September 30, 2026, the redemption restrictions dictate that we cannot withdraw our membership interest without board approval. We are permitted to sell or transfer our membership interest provided we deliver written notice of such transfer to the other member no later than 30 business days prior to the sale or transfer.

(2)See Note 6 - Derivative Instruments for more information.

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 September 30, 2026 and March 31, 2026. 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	September 30, 2026		Unobservable		Weighted
Type	Technique	(in thousands)		Inputs	Range	Average

First lien loans	Income Approach	$	1,882,827	Discount Rate	5.5% - 78.7%	13.5%

	Market Approach	236,651		Cost	98.3 - 99.3	99.0

	Enterprise Value Waterfall Approach	35,718		EBITDA Multiple	6.1x - 7.8x	7.6x
				Discount Rate	12.9% - 25.4%	14.4%
Second lien loans	Income Approach	25,098		Discount Rate	10.7% - 17.8%	13.3%





Subordinated debt	Income Approach	608		Discount Rate	12.5% - 12.5%	12.5%

	Market Approach	49		Cost	100.0 - 100.0	100.0
	Enterprise Value Waterfall Approach	557		EBITDA Multiple	7.6x - 8.0x	7.9x
				Discount Rate	13.2% - 17.5%	14.5%
Preferred equity	Enterprise Value Waterfall Approach	81,202		EBITDA Multiple	4.5x - 17.6x	7.6x
				Discount Rate	12.3% - 48.1%	17.0%
	Market Approach	2,286		Cost	100.0 - 100.0	100.0
Common equity & warrants	Enterprise Value Waterfall Approach	96,276		EBITDA Multiple	3.4x - 16.2x	7.2x
				Discount Rate	9.2% - 29.3%	14.0%
	Market Approach	10,600		Cost	100.0 - 100.0	100.0

Earnout	Income Approach	1,891		Discount Rate	34.4% - 34.4%	34.4%
Total Level 3 Investments		$	2,373,763


		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

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 six months ended September 30, 2026 and 2025 (in thousands):


	Fair Value March 31, 2026		Realized & Unrealized Gains (Losses)		Purchases of Investments (1)		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security		Fair Value September 30, 2026		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,890,406	$	(21,528)	$	507,688	$	(141,756)	$	10,577	$	(90,191)	$	—	$	2,155,196	$	(21,068)
Second lien loans	24,931		201		45		(235)		156		—		—		25,098		202
Subordinated debt	1,157		8		49		—		—		—		—		1,214		8
Preferred equity	74,638		1,833		7,017		—		—		—		—		83,488		1,833
Common equity & warrants	102,276		(3,564)		13,325		—		—		(5,161)		—		106,876		(5,895)
Earnout	4,038		250		—		—		—		(2,397)		—		1,891		250
JV equity	—		(134)		36,500		—		—		—		—		36,366		(134)
Total Investments	$	2,097,446	$	(22,934)	$	564,624	$	(141,991)	$	10,733	$	(97,749)	$	—	$	2,410,129	$	(24,804)

	Fair Value March 31, 2025		Realized & Unrealized Gains (Losses)		Purchases of Investments (1)		Repayments		PIK Interest Capitalized		Divestitures		Conversion/Exchange of Security		Fair Value September 30, 2025		YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans	$	1,586,622	$	(19,113)	$	236,403	$	(116,337)	$	6,107	$	(1,789)	$	(3,951)	$	1,687,942	$	(16,012)
Second lien loans	18,066		(922)		26		—		—		—		—		17,170		(922)
Subordinated debt	1,218		2		57		(146)		8		—		—		1,139		2
Preferred equity	102,918		(7,860)		3,427		—		—		(31,323)		(688)		66,474		(3,475)
Common equity & warrants	76,475		20,922		2,563		—		—		(3,159)		4,639		101,440		20,501
Earnout	—		285		3,457		—		—		—		—		3,742		285
Total Investments	$	1,785,299	$	(6,686)	$	245,933	$	(116,483)	$	6,115	$	(36,271)	$	—	$	1,877,907	$	379

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

- 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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