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v3.23.2

INVESTMENTS | 3 Months Ended
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Jun. 30, 2023
Schedule of Investments [Abstract] |
INVESTMENTS | 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 June 30, 2023 and March 31, 2023:
| Fair Value |  | Percentage of Total Portfolio at Fair Value |  | Percentage of Net Assets at Fair Value |  | Cost |  | Percentage of Total Portfolio at Cost
| (dollars in thousands)
June 30, 2023: |  |  |  |  |  |  |  |  |
First lien loans 1,2 | $ | 1,075,200 |  |  | 83.7 | % |  | 169.0 | % |  | $ | 1,081,838 |  |  | 84.1 | %
Second lien loans 2 | 34,935 |  |  | 2.7 |  |  | 5.5 |  |  | 44,030 |  |  | 3.4 |
Subordinated debt 3 | 780 |  |  | 0.1 |  |  | 0.1 |  |  | 752 |  |  | 0.1 |
Preferred equity | 67,659 |  |  | 5.2 |  |  | 10.6 |  |  | 45,479 |  |  | 3.5 |
Common equity & warrants | 54,882 |  |  | 4.3 |  |  | 8.6 |  |  | 34,126 |  |  | 2.6 |
I-45 SLF LLC 4 | 51,862 |  |  | 4.0 |  |  | 8.2 |  |  | 80,800 |  |  | 6.3 |
| $ | 1,285,318 |  |  | 100.0 | % |  | 202.0 | % |  | $ | 1,287,025 |  |  | 100.0 | %
March 31, 2023: |  |  |  |  |  |  |  |  |
First lien loans 1,2 | $ | 1,000,984 |  |  | 83.0 | % |  | 169.5 | % |  | $ | 1,018,595 |  |  | 83.5 | %
Second lien loans 2 | 35,820 |  |  | 3.0 |  |  | 6.1 |  |  | 44,038 |  |  | 3.6 |
Subordinated debt 3 | 791 |  |  | 0.1 |  |  | 0.1 |  |  | 763 |  |  | 0.1 |
Preferred equity | 63,393 |  |  | 5.2 |  |  | 10.7 |  |  | 43,634 |  |  | 3.6 |
Common equity & warrants | 54,144 |  |  | 4.5 |  |  | 9.2 |  |  | 32,322 |  |  | 2.6 |
I-45 SLF LLC 4 | 51,256 |  |  | 4.2 |  |  | 8.7 |  |  | 80,800 |  |  | 6.6 |
| $ | 1,206,388 |  |  | 100.0 | % |  | 204.3 | % |  | $ | 1,220,152 |  |  | 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 June 30, 2023 and March 31, 2023, the fair value of the first lien last out loans are $33.5 million and $50.1 million, respectively. 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 June 30, 2023 and March 31, 2023, the fair value of the split lien term loans included in first lien loans is $44.2 million and $45.0 million, respectively. As of June 30, 2023 and March 31, 2023, the fair value of the split lien term loans included in second lien loans is $20.5 million and $20.2 million, respectively. 3 Included in subordinated debt are unsecured convertible notes with a fair value of $0.4 million as of both June 30, 2023 and March 31, 2023. 4 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. 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 June 30, 2023 and March 31, 2023:
| Fair Value |  | Percentage of Total Portfolio at Fair Value |  | Percentage of Net Assets at Fair Value |  | Cost |  | Percentage of Total Portfolio at Cost
| (dollars in thousands)
June 30, 2023: |  |  |  |  |  |  |  |  |
Business Services | $ | 164,196 |  |  | 12.8 | % |  | 25.8 | % |  | $ | 167,159 |  |  | 13.0 | %
Media & Marketing | 163,882 |  |  | 12.8 |  |  | 25.8 |  |  | 156,900 |  |  | 12.2 |
Healthcare Services | 135,403 |  |  | 10.5 |  |  | 21.3 |  |  | 144,358 |  |  | 11.2 |
Consumer Products and Retail | 98,022 |  |  | 7.6 |  |  | 15.4 |  |  | 98,132 |  |  | 7.6 |
Consumer Services | 97,949 |  |  | 7.6 |  |  | 15.4 |  |  | 95,877 |  |  | 7.5 |
Healthcare Products | 73,118 |  |  | 5.7 |  |  | 11.5 |  |  | 74,062 |  |  | 5.8 |
Food, Agriculture & Beverage | 69,867 |  |  | 5.4 |  |  | 11.0 |  |  | 75,056 |  |  | 5.8 |
Technology Products & Components | 55,133 |  |  | 4.3 |  |  | 8.6 |  |  | 43,031 |  |  | 3.3 |
Software & IT Services | 53,144 |  |  | 4.1 |  |  | 8.4 |  |  | 53,170 |  |  | 4.1 |
I-45 SLF LLC 1 | 51,862 |  |  | 4.0 |  |  | 8.2 |  |  | 80,800 |  |  | 6.3 |
Transportation & Logistics | 50,416 |  |  | 3.9 |  |  | 7.9 |  |  | 41,558 |  |  | 3.2 |
Financial Services | 42,210 |  |  | 3.3 |  |  | 6.6 |  |  | 28,535 |  |  | 2.2 |
Industrial Products | 36,055 |  |  | 2.8 |  |  | 5.7 |  |  | 25,812 |  |  | 2.0 |
Environmental Services | 27,757 |  |  | 2.2 |  |  | 4.3 |  |  | 34,810 |  |  | 2.7 |
Education | 26,402 |  |  | 2.1 |  |  | 4.1 |  |  | 24,886 |  |  | 1.9 |
Industrial Services | 23,393 |  |  | 1.8 |  |  | 3.7 |  |  | 22,881 |  |  | 1.8 |
Energy Services (Midstream) | 22,992 |  |  | 1.8 |  |  | 3.6 |  |  | 23,494 |  |  | 1.8 |
Aerospace & Defense | 21,844 |  |  | 1.7 |  |  | 3.4 |  |  | 21,728 |  |  | 1.7 |
Telecommunications | 16,344 |  |  | 1.3 |  |  | 2.6 |  |  | 16,060 |  |  | 1.3 |
Distribution | 15,270 |  |  | 1.2 |  |  | 2.4 |  |  | 18,702 |  |  | 1.5 |
Specialty Chemicals | 15,213 |  |  | 1.2 |  |  | 2.4 |  |  | 14,963 |  |  | 1.2 |
Energy Services (Upstream) | 14,676 |  |  | 1.1 |  |  | 2.3 |  |  | 14,411 |  |  | 1.1 |
Containers & Packaging | 10,170 |  |  | 0.8 |  |  | 1.6 |  |  | 10,640 |  |  | 0.8 |
| $ | 1,285,318 |  |  | 100.0 | % |  | 202.0 | % |  | $ | 1,287,025 |  |  | 100.0 | %
| Fair Value |  | Percentage of Total Portfolio at Fair Value |  | Percentage of Net Assets at Fair Value |  | Cost |  | Percentage of Total Portfolio at Cost
| (dollars in thousands)
March 31, 2023: |  |  |  |  |  |  |  |  |
Media & Marketing | $ | 149,357 |  |  | 12.4 | % |  | 25.3 | % |  | $ | 139,750 |  |  | 11.5 | %
Business Services | 146,727 |  |  | 12.2 |  |  | 24.9 |  |  | 147,056 |  |  | 12.1 |
Healthcare Services | 126,971 |  |  | 10.5 |  |  | 21.5 |  |  | 143,455 |  |  | 11.8 |
Consumer Services | 91,913 |  |  | 7.6 |  |  | 15.6 |  |  | 91,142 |  |  | 7.5 |
Consumer Products and Retail | 86,385 |  |  | 7.2 |  |  | 14.6 |  |  | 86,607 |  |  | 7.1 |
Food, Agriculture & Beverage | 68,833 |  |  | 5.7 |  |  | 11.7 |  |  | 73,223 |  |  | 6.0 |
Healthcare Products | 66,355 |  |  | 5.5 |  |  | 11.2 |  |  | 67,555 |  |  | 5.5 |
Technology Products & Components | 59,718 |  |  | 5.0 |  |  | 10.1 |  |  | 43,016 |  |  | 3.5 |
I-45 SLF LLC 1 | 51,256 |  |  | 4.2 |  |  | 8.7 |  |  | 80,800 |  |  | 6.6 |
Transportation & Logistics | 48,494 |  |  | 4.0 |  |  | 8.2 |  |  | 42,049 |  |  | 3.4 |
Software & IT Services | 47,641 |  |  | 3.9 |  |  | 8.1 |  |  | 47,563 |  |  | 3.9 |
Financial Services | 40,420 |  |  | 3.3 |  |  | 6.8 |  |  | 30,950 |  |  | 2.5 |
Industrial Products | 32,518 |  |  | 2.7 |  |  | 5.5 |  |  | 25,827 |  |  | 2.1 |
Environmental Services | 29,753 |  |  | 2.5 |  |  | 5.0 |  |  | 34,869 |  |  | 2.9 |
Education | 26,357 |  |  | 2.2 |  |  | 4.5 |  |  | 25,995 |  |  | 2.1 |
Industrial Services | 25,460 |  |  | 2.1 |  |  | 4.3 |  |  | 24,920 |  |  | 2.0 |
Energy Services (Midstream) | 22,829 |  |  | 1.9 |  |  | 3.9 |  |  | 23,337 |  |  | 1.9 |
Specialty Chemicals | 17,839 |  |  | 1.5 |  |  | 3.0 |  |  | 17,531 |  |  | 1.4 |
Energy Services (Upstream) | 17,730 |  |  | 1.5 |  |  | 3.0 |  |  | 17,402 |  |  | 1.4 |
Telecommunications | 17,386 |  |  | 1.4 |  |  | 2.9 |  |  | 21,796 |  |  | 1.9 |
Distribution | 16,315 |  |  | 1.4 |  |  | 2.8 |  |  | 18,755 |  |  | 1.5 |
Containers & Packaging | 10,131 |  |  | 0.8 |  |  | 1.7 |  |  | 10,656 |  |  | 0.9 |
Aerospace & Defense | 6,000 |  |  | 0.5 |  |  | 1.0 |  |  | 5,898 |  |  | 0.5 |
| $ | 1,206,388 |  |  | 100.0 | % |  | 204.3 | % |  | $ | 1,220,152 |  |  | 100.0 | %
1 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies in I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. 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 June 30, 2023 and March 31, 2023:
| Fair Value |  | Percentage of Total Portfolio at Fair Value |  | Percentage of Net Assets at Fair Value |  | Cost |  | Percentage of Total Portfolio at Cost
| (dollars in thousands)
June 30, 2023: |  |  |  |  |  |  |  |  |
Northeast | $ | 300,600 |  |  | 23.4 | % |  | 47.2 | % |  | $ | 283,887 |  |  | 22.0 | %
Southeast | 251,212 |  |  | 19.5 |  |  | 39.5 |  |  | 241,695 |  |  | 18.8 |
Southwest | 227,175 |  |  | 17.7 |  |  | 35.7 |  |  | 227,659 |  |  | 17.7 |
West | 252,718 |  |  | 19.7 |  |  | 39.7 |  |  | 250,093 |  |  | 19.4 |
Midwest | 157,164 |  |  | 12.2 |  |  | 24.7 |  |  | 159,619 |  |  | 12.4 |
I-45 SLF LLC 1 | 51,862 |  |  | 4.0 |  |  | 8.2 |  |  | 80,800 |  |  | 6.3 |
International | 44,587 |  |  | 3.5 |  |  | 7.0 |  |  | 43,272 |  |  | 3.4 |
| $ | 1,285,318 |  |  | 100.0 | % |  | 202.0 | % |  | $ | 1,287,025 |  |  | 100.0 | %
March 31, 2023: |  |  |  |  |  |  |  |  |
Northeast | $ | 269,569 |  |  | 22.3 | % |  | 45.7 | % |  | $ | 255,995 |  |  | 21.0 | %
Southeast | 235,782 |  |  | 19.5 |  |  | 39.9 |  |  | 236,333 |  |  | 19.4 |
Southwest | 234,127 |  |  | 19.4 |  |  | 39.6 |  |  | 231,467 |  |  | 19.0 |
West | 233,079 |  |  | 19.3 |  |  | 39.5 |  |  | 232,109 |  |  | 19.0 |
Midwest | 156,233 |  |  | 13.1 |  |  | 26.4 |  |  | 158,989 |  |  | 13.0 |
I-45 SLF LLC 1 | 51,256 |  |  | 4.2 |  |  | 8.7 |  |  | 80,800 |  |  | 6.6 |
International | 26,342 |  |  | 2.2 |  |  | 4.5 |  |  | 24,459 |  |  | 2.0 |
| $ | 1,206,388 |  |  | 100.0 | % |  | 204.3 | % |  | $ | 1,220,152 |  |  | 100.0 | %
1I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of geographic regions, which are similar to those in which CSWC invests directly.

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