v3.25.4

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Investment Portfolio by Level | The following fair value hierarchy tables set forth our investment portfolio by level as of December 31, 2025 and March 31, 2025 (in thousands):
|  |  | Fair Value Measurements
|  |  | at December 31, 2025 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 | $ | 1,812,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,812,469 |
Second lien loans | 16,850 |  |  | — |  |  | — |  |  | 16,850 |
Subordinated debt | 1,139 |  |  | — |  |  | — |  |  | 1,139 |
Preferred equity | 69,048 |  |  | — |  |  | — |  |  | 69,048 |
Common equity & warrants | 109,957 |  |  | — |  |  | — |  |  | 109,957 |
Earnout | 3,742 |  |  | — |  |  | — |  |  | 3,742 |
Total Investments | $ | 2,013,205 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,013,205 |
|  |  | Fair Value Measurements
|  |  | at March 31, 2025 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 | $ | 1,586,622 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,586,622 |
Second lien loans | 18,066 |  |  | — |  |  | — |  |  | 18,066 |
Subordinated debt | 1,218 |  |  | — |  |  | — |  |  | 1,218 |
Preferred equity | 102,918 |  |  | — |  |  | — |  |  | 102,918 |
Common equity & warrants | 76,475 |  |  | — |  |  | — |  |  | 76,475 |
Total Investments | $ | 1,785,299 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,785,299 |
Schedule of Valuation Techniques and Significant Level 3 Inputs | The tables below present the Valuation Techniques and Significant Level 3 Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at December 31, 2025 and March 31, 2025. 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 |  | December 31, 2025 |  | Unobservable |  |  |  | Weighted
Type | Technique |  | (in thousands) |  | Inputs |  | Range |  | Average
First lien loans | Income Approach |  | $ | 1,631,437 |  |  | Discount Rate |  | 4.3% - 68.6% |  | 11.9%
|  |  | 1,081 |  |  | Third Party Broker Quote |  | 40.4 - 40.4 |  | 40.4
| Market Approach |  | 151,002 |  |  | Cost |  | 91.3 - 99.3 |  | 99.1
| Enterprise Value Waterfall Approach |  | 28,949 |  |  | EBITDA Multiple |  | 9.0x - 11.0x |  | 10.0x
|  |  |  |  | Discount Rate |  | 12.7% - 22.6% |  | 18.1%
Second lien loans | Income Approach |  | 16,850 |  |  | Discount Rate |  | 13.8% - 171.8% |  | 24.8%
| Enterprise Value Waterfall Approach |  | — |  |  | EBITDA Multiple |  | 2.0x - 2.0x |  | 0.0x
|  |  |  |  | Discount Rate |  | 28.2% - 28.2% |  | 0.0%
Subordinated debt | Income Approach |  | 524 |  |  | Discount Rate |  | 16.4% - 16.4% |  | 16.4%
|  |  | 58 |  |  | Third Party Broker Quote |  | 25.4 - 25.4 |  | 25.4
| Enterprise Value Waterfall Approach |  | 557 |  |  | EBITDA Multiple |  | 6.2x - 7.8x |  | 6.7x
|  |  |  |  | Discount Rate |  | 14.5% - 17.4% |  | 15.4%
Preferred equity | Enterprise Value Waterfall Approach |  | 68,548 |  |  | EBITDA Multiple |  | 2.0x - 17.2x |  | 7.7x
|  |  |  |  | Discount Rate |  | 11.5% - 47.7% |  | 16.8%
| Market Approach |  | 500 |  |  | Cost |  | 100.0 - 100.0 |  | 100.0
Common equity & warrants | Enterprise Value Waterfall Approach |  | 108,307 |  |  | EBITDA Multiple |  | 2.0x - 16.5x |  | 9.0x
|  |  |  |  | Discount Rate |  | 10.6% - 30.4% |  | 13.9%
| Market Approach |  | 1,650 |  |  | Cost |  | 100.0 - 100.0 |  | 100.0
Earnout | Income Approach |  | 3,742 |  |  | Discount Rate |  | 33.3% - 33.3% |  | 33.3%
Total Level 3 Investments |  |  | $ | 2,013,205 |  |  |  |  |  |  |
|  |  | Fair Value at |  | Significant |  |  |  |
| Valuation |  | March 31, 2025 |  | Unobservable |  |  |  | Weighted
Type | Technique |  | (in thousands) |  | Inputs |  | Range |  | Average
First lien loans | Income Approach |  | $ | 1,448,656 |  |  | Discount Rate |  | 5.2% - 64.7% |  | 12.8%
|  |  | 6,923 |  |  | Third Party Broker Quote |  | 40.0 - 100.0 |  | 79.8
| Market Approach |  | 125,500 |  |  | Cost |  | 89.8 - 100.0 |  | 97.9
| Enterprise Value Waterfall Approach |  | 5,543 |  |  | EBITDA Multiple |  | 3.0x - 9.0x |  | 3.0x
|  |  |  |  | Discount Rate |  | 21.0% - 49.2% |  | 21.0%
Second lien loans | Income Approach |  | 18,066 |  |  | Discount Rate |  | 9.5% - 41.2% |  | 13.3%
| Enterprise Value Waterfall Approach |  | — |  |  | EBITDA Multiple |  | 3.0x - 3.0x |  | 0.0x
|  |  |  |  | Discount Rate |  | 21.0% - 21.0% |  | 0.0%
Subordinated debt | Income Approach |  | 538 |  |  | Discount Rate |  | 14.4% - 14.4% |  | 14.4%
|  |  | 58 |  |  | Third Party Broker Quote |  | 25.0 - 25.0 |  | 25.0
| Market Approach |  | 65 |  |  | Cost |  | 100.0 - 100.0 |  | 100.0
| Enterprise Value Waterfall Approach |  | 557 |  |  | EBITDA Multiple |  | 6.1x - 7.6x |  | 6.6x
|  |  |  |  | Discount Rate |  | 13.3% - 17.6% |  | 14.7%
Preferred equity | Enterprise Value Waterfall Approach |  | 100,018 |  |  | EBITDA Multiple |  | 3.0x - 16.9x |  | 8.8x
|  |  |  |  | Discount Rate |  | 11.1% - 49.2% |  | 15.9%
| Market Approach |  | 2,900 |  |  | Cost |  | 100.0 - 100.0 |  | 100.0
Common equity & warrants | Enterprise Value Waterfall Approach |  | 74,878 |  |  | EBITDA Multiple |  | 3.0x - 16.0x |  | 8.4x
|  |  |  |  | Discount Rate |  | 11.9% - 23.3% |  | 14.4%
| Market Approach |  | 1,597 |  |  | Cost |  | 100.0 - 100.0 |  | 100.0
Total Level 3 Investments |  |  | $ | 1,785,299 |  |  |  |  |  |  |
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 nine months ended December 31, 2025 and 2024 (in thousands):
| Fair Value March 31, 2025 |  | Realized & Unrealized Gains (Losses) |  | Purchases of Investments (1) |  | Repayments |  | PIK Interest Capitalized |  | Divestitures |  | Conversion/Exchange of Security |  | Fair Value December 31, 2025 |  | YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans | $ | 1,586,622 |  |  | $ | (27,555) |  |  | $ | 523,371 |  |  | $ | (245,785) |  |  | $ | 10,129 |  |  | $ | (30,362) |  |  | $ | (3,951) |  |  | $ | 1,812,469 |  |  | $ | (23,636) |
Second lien loans | 18,066 |  |  | (1,255) |  |  | 39 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,850 |  |  | (1,256) |
Subordinated debt | 1,218 |  |  | 2 |  |  | 57 |  |  | (146) |  |  | 8 |  |  | — |  |  | — |  |  | 1,139 |  |  | 2 |
Preferred equity | 102,918 |  |  | (5,908) |  |  | 4,049 |  |  | — |  |  | — |  |  | (31,323) |  |  | (688) |  |  | 69,048 |  |  | (1,523) |
Common equity & warrants | 76,475 |  |  | 28,185 |  |  | 4,498 |  |  | — |  |  | — |  |  | (3,840) |  |  | 4,639 |  |  | 109,957 |  |  | 27,883 |
Earnout | — |  |  | 285 |  |  | 3,457 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,742 |  |  | 285 |
Total Investments | $ | 1,785,299 |  |  | $ | (6,246) |  |  | $ | 535,471 |  |  | $ | (245,931) |  |  | $ | 10,137 |  |  | $ | (65,525) |  |  | $ | — |  |  | $ | 2,013,205 |  |  | $ | 1,755 |
| Fair Value March 31, 2024 |  | Realized & Unrealized Gains (Losses) |  | Purchases of Investments (1)(2) |  | Repayments |  | PIK Interest Capitalized |  | Divestitures |  | Conversion/Exchange of Security |  | Fair Value December 31, 2024 |  | YTD Unrealized Appreciation (Depreciation) on Investments held at period end
First lien loans | $ | 1,309,449 |  |  | $ | (39,763) |  |  | $ | 466,533 |  |  | $ | (197,759) |  |  | $ | 8,720 |  |  | $ | (27,308) |  |  | $ | (4,730) |  |  | $ | 1,515,142 |  |  | $ | (28,533) |
Second lien loans | 33,774 |  |  | (3,011) |  |  | 18 |  |  | (3,629) |  |  | 70 |  |  | — |  |  | (1,062) |  |  | 26,160 |  |  | (1,130) |
Subordinated debt | 1,336 |  |  | 43 |  |  | 57 |  |  | (75) |  |  | 14 |  |  | — |  |  | (153) |  |  | 1,222 |  |  | 34 |
Preferred equity | 71,127 |  |  | 7,359 |  |  | 6,730 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 85,216 |  |  | 7,359 |
Common equity & warrants | 60,875 |  |  | 2,031 |  |  | 4,695 |  |  | — |  |  | — |  |  | — |  |  | 5,945 |  |  | 73,546 |  |  | 2,830 |
Total Investments | $ | 1,476,561 |  |  | $ | (33,341) |  |  | $ | 478,033 |  |  | $ | (201,463) |  |  | $ | 8,804 |  |  | $ | (27,308) |  |  | $ | — |  |  | $ | 1,701,286 |  |  | $ | (19,440) |
(1)Includes purchases of new investments, as well as discount accretion on existing investments. (2)Included are distributions-in-kind of investments received in connection with the dissolution and liquidation of I-45 SLF LLC, the joint venture between the Company and Main Street Capital Corporation.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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