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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Sep. 30, 2025
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, 2025 and March 31, 2025 were as follows (amounts in thousands):
|  | September 30, |  | March 31,
Portfolio Company |  | 2025 |  | 2025
Revolving Loans |  |  |  |
360 Quote TopCo, LLC |  | $ | 2,404 |  |  | $ | — |
Air Conditioning Specialist, Inc. |  | 1,910 |  |  | 1,910 |
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC) |  | 3,056 |  |  | 3,056 |
ArborWorks, LLC |  | 781 |  |  | 1,116 |
ATS Operating, LLC |  | 640 |  |  | 890 |
Better Than Home, Inc. |  | 3,000 |  |  | — |
Bond Brand Loyalty ULC |  | 1,200 |  |  | 1,200 |
BP Loenbro Holdings Inc. |  | 2,422 |  |  | 1,321 |
Brandner Design, LLC |  | 865 |  |  | 900 |
Burning Glass Intermediate Holding Company, Inc. |  | 79 |  |  | 296 |
Campany Roof Maintenance, LLC |  | 1,064 |  |  | 1,064 |
Catbird NYC, LLC |  | 4,000 |  |  | 4,000 |
Cavalier Buyer, Inc. |  | — |  |  | 2,000 |
CDC Dental Management Co., LLC |  | 2,000 |  |  | 1,500 |
Central Medical Supply LLC |  | 525 |  |  | 1,050 |
Cumbria Capital MSO, LLC |  | 1,500 |  |  | 1,100 |
Damotech Inc. |  | — |  |  | 3,000 |
Drive Line Service of Portland, LLC |  | 2,000 |  |  | 2,000 |
DWS Buyer LLC |  | 1,293 |  |  | — |
Edge Autonomy Holdings, LLC |  | — |  |  | 4,000 |
Exact Borrower, LLC |  | 2,500 |  |  | 2,500 |
FS Vector LLC |  | 4,000 |  |  | 4,000 |
GPT Industries, LLC |  | 3,000 |  |  | 3,000 |
GrammaTech, Inc. |  | 1,000 |  |  | 1,000 |
Gravitiq LLC |  | 5,000 |  |  | 5,000 |
Gulf Pacific Acquisition, LLC |  | 151 |  |  | 303 |
Ignite Visibility LLC |  | 3,000 |  |  | 1,500 |
Institutes of Health, LLC |  | 1,000 |  |  | 1,000 |
ISI Enterprises, LLC |  | 2,000 |  |  | 2,000 |
Island Pump and Tank, LLC |  | — |  |  | 3,479 |
iVueit, LLC |  | 750 |  |  | 1,000 |
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) |  | 2,000 |  |  | 2,000 |
Lash OpCo, LLC |  | 612 |  |  | — |
|  | September 30, |  | March 31,
Portfolio Company |  | 2025 |  | 2025
LEHR Upfitters, LLC |  | 2,099 |  |  | 2,623 |
LGM Pharma LLC |  | 1,500 |  |  | 1,500 |
Lighting Retrofit International, LLC |  | 2,083 |  |  | 1,354 |
Lightning Intermediate II, LLC |  | 1,852 |  |  | 1,852 |
LKC Technologies, Inc. |  | 2,000 |  |  | 2,000 |
Local Web Leads, LLC |  | 1,000 |  |  | — |
Main Line Brands LLC |  | 2,000 |  |  | — |
Mammoth BorrowCo, Inc. |  | 1,900 |  |  | 200 |
Microbe Formulas LLC |  | 1,627 |  |  | 1,627 |
Mid-Florida Endodontics Management Company, LLC |  | 2,900 |  |  | 3,000 |
Mission Critical Group, LLC |  | 1,902 |  |  | — |
Musiker Discovery Programs, Inc. |  | 2,000 |  |  | 2,000 |
NeuroPsychiatric Hospitals, LLC |  | 4,000 |  |  | 2,000 |
New Skinny Mixes, LLC |  | 2,750 |  |  | 3,000 |
NinjaTrader, Inc. |  | — |  |  | 2,500 |
Pipeline Technique Ltd. |  | 944 |  |  | 944 |
Pool Service Partners, Inc. |  | 2,000 |  |  | 2,000 |
Revo Brands, Inc. |  | 1,700 |  |  | 4,300 |
Roseland Management, LLC |  | 2,000 |  |  | 2,000 |
ServerLIFT, LLC |  | 4,000 |  |  | 4,000 |
SocialSEO, LLC |  | 1,800 |  |  | 2,200 |
Spotlight AR, LLC |  | 2,000 |  |  | 2,000 |
Superior Health Parent LLC |  | 2,000 |  |  | 2,000 |
Swensons Drive-In Restaurants, LLC |  | 1,500 |  |  | 1,500 |
The Gobel Group, LLC |  | 1,000 |  |  | 1,000 |
TMT BHC Buyer, Inc. |  | 4,717 |  |  | 4,717 |
Tru Fragrance & Beauty LLC |  | 1,800 |  |  | 4,000 |
VP Move Purchaser, Inc. |  | 4,200 |  |  | 3,900 |
Wash & Wax Systems LLC |  | 430 |  |  | — |
Well Labs Plus, LLC |  | 3,000 |  |  | — |
Well-Foam, Inc. |  | 4,500 |  |  | 4,500 |
White Plains Linen LLC |  | 2,000 |  |  | — |
Winter Services Operations, LLC |  | 4,089 |  |  | 1,333 |
Zenfolio Inc. |  | 3,500 |  |  | 1,500 |
Total Revolving Loans |  | 130,545 |  |  | 122,735 |
Delayed Draw Term Loans |  |  |  |
AAC New Holdco Inc. |  | 47 |  |  | — |
Air Conditioning Specialist Inc. |  | — |  |  | 3,229 |
Better Than Home, Inc. |  | 17,750 |  |  | — |
BP Loenbro Holdings Inc. |  | — |  |  | 1,101 |
Central Medical Supply LLC |  | — |  |  | 1,400 |
Crafty Apes, LLC |  | 924 |  |  | 924 |
Cumbria Capital MSO, LLC |  | 950 |  |  | 950 |
DWS Buyer LLC |  | 2,155 |  |  | — |
Enstoa, Inc. |  | 10,671 |  |  | — |
|  | September 30, |  | March 31,
Portfolio Company |  | 2025 |  | 2025
Exact Borrower, LLC |  | 2,200 |  |  | 2,200 |
Ignite Visibility LLC |  | 3,000 |  |  | — |
ITA Holdings Group, LLC |  | 8,813 |  |  | — |
iVueit, LLC |  | 10,000 |  |  | 10,000 |
KMS, LLC |  | 2,286 |  |  | 2,286 |
LEHR Upfitters, LLC |  | 2,449 |  |  | 5,247 |
Mid-Florida Endodontics Management Company, LLC |  | 10,000 |  |  | 10,000 |
Mission Critical Group, LLC |  | 4,565 |  |  | — |
Musiker Discovery Programs, Inc. |  | 7,500 |  |  | 7,500 |
One Group, LLC |  | — |  |  | 545 |
Pool Service Partners, Inc. |  | 6,100 |  |  | 6,100 |
Superior Health Parent LLC |  | 10,000 |  |  | 10,000 |
SureKap, LLC |  | 7,222 |  |  | 7,222 |
TMT BHC Buyer, Inc. |  | — |  |  | 5,000 |
unWired Broadband, LLC |  | 14,600 |  |  | — |
Well Labs Plus, LLC |  | 19,750 |  |  | — |
Total Delayed Draw Term Loans |  | 140,982 |  |  | 73,704 |
Other |  |  |  |
Broad Sky Networks, LLC |  | — |  |  | 57 |
Ignite Visibility LLC (1) |  | 50,000 |  |  | — |
Spectrum of Hope, LLC |  | — |  |  | 411 |
unWired Broadband, LLC (2) |  | 12,000 |  |  | — |
Total Other |  | 62,000 |  |  | 468 |
Total Unfunded Debt Commitments |  | $ | 333,527 |  |  | $ | 196,907 |
(1)Unfunded commitment to Ignite Visibility LLC represents an unfunded term loan commitment with an expiration date of October 31, 2025. (2)Unfunded commitment to unWired Broadband, LLC represents an unfunded term loan commitment that was subsequently funded on October 1, 2025 in accordance with the credit agreement. The following table provides additional information regarding the expiration year of the Company’s unfunded debt commitments (amounts in thousands):
|  | September 30, 2025 |  | March 31, 2025
Unfunded Debt Commitments |  |  |  |
Expiring during fiscal year ending: |  |  |  |
2026 |  | $ | 90,913 |  |  | $ | 31,354 |
2027 |  | 137,384 |  |  | 70,235 |
2028 |  | 20,277 |  |  | 16,420 |
2029 |  | 38,534 |  |  | 42,986 |
2030 |  | 30,224 |  |  | 33,912 |
2031 |  | 11,902 |  |  | 2,000 |
2032 |  | 4,293 |  |  | — |
Total Unfunded Debt Commitments |  | $ | 333,527 |  |  | $ | 196,907 |
The balances of unfunded equity commitments as of September 30, 2025 and March 31, 2025 were as follows (amounts in thousands):
|  | September 30, 2025 |  | March 31, 2025
Unfunded Equity Commitments |  |  |  |
Catbird NYC, LLC |  | $ | 125 |  |  | $ | 125 |
Infolinks Media Buyco, LLC |  | 411 |  |  | 411 |
Total Unfunded Equity Commitments |  | $ | 536 |  |  | $ | 536 |
As of September 30, 2025, 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, 2025, 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 2026, $0.3 million expire in March 2026, and $0.2 million expire in April 2026. As of September 30, 2025, none of the letters of credit were drawn and as such, were not recorded as a liability on the Company's balance sheet. 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, 2025 and 2024 was $0.1 million. Total lease expense incurred for the six months ended September 30, 2025 and 2024 was $0.3 million and $0.2 million, respectively. As of September 30, 2025 and March 31, 2025, the asset related to the operating lease was $3.6 million and $3.9 million, respectively, and as of September 30, 2025 and March 31, 2025, the lease liability was $5.0 million and $5.4 million, respectively. As of September 30, 2025, the remaining lease term was 10.0 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, 2025 (in thousands):
Year ending March 31, | Rent Commitment
2026 | $ | 353 |
2027 | 715 |
2028 | 733 |
2029 | 752 |
2030 | 771 |
Thereafter | 4,988 |
Total | $ | 8,312 |
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.

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