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.


	December 31,		March 31,
Portfolio Company	2025		2025
Revolving Loans
360 Quote TopCo, LLC	$	904	$	—


Air Conditioning Specialist, Inc.	1,216		1,910
American Pet Resort, LLC	6,000		—
Apple Roofing Administrative Services, LLC (fka Roof OpCo, LLC)	1,222		3,056
ArborWorks, LLC	217		1,116
Armko, LLC	3,000		—
ATS Operating, LLC	390		890
Better Than Home, Inc.	3,000		—
Bond Brand Loyalty ULC	1,200		1,200
BP Loenbro Holdings Inc.	1,541		1,321
Brandner Design, LLC	560		900
Burning Glass Intermediate Holding Company, Inc.	—		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	1,500		1,050
Clutch, Inc.	5,000		—
Cumbria Capital MSO, LLC	750		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
GrammaTech, Inc.	—		1,000
Gravitiq LLC	5,000		5,000
Gulf Pacific Acquisition, LLC	152		303

Ignite Visibility LLC	3,000		1,500
InDinero Group, Inc.	549		—
Institutes of Health, LLC	1,000		1,000
ISI Enterprises, LLC	1,500		2,000
Island Pump and Tank, LLC	—		3,479


	December 31,	March 31,
Portfolio Company	2025	2025
iVueit, LLC	1,000	1,000
Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC)	2,000	2,000

KMS, LLC	5,715	—
Lash OpCo, LLC	824	—
LDG Acquisition Company, LLC	3,000	—
LEHR Upfitters, LLC	—	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.	650	200
Microbe Formulas LLC	1,627	1,627
Mid-Florida Endodontics Management Company, LLC	3,000	3,000
Mission Critical Group, LLC	1,902	—

Monroe Biomedical Research, LLC	2,750	—
Musiker Discovery Programs, Inc.	1,250	2,000
NeuroPsychiatric Hospitals, LLC	4,000	2,000
New Skinny Mixes, LLC	4,000	3,000
NinjaTrader, Inc.	—	2,500



Pipeline Technique Ltd.	3,333	944
Pool Service Partners, Inc.	700	2,000
Pyramids Acquisition, LLC	3,000	—
Revo Brands, Inc.	6,800	4,300
Rodizio Opco LLC	2,000	—
Roseland Management, LLC	2,000	2,000

ServerLIFT, LLC	5,000	4,000


SocialSEO, LLC	1,800	2,200

Spotlight AR, LLC	2,000	2,000
Superior Health Parent LLC	3,000	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	4,000	4,000

VP Move Purchaser, Inc.	4,200	3,900

Wash & Wax Systems LLC	146	—
Well Labs Plus, LLC	3,000	—
Well-Foam, Inc.	4,500	4,500
White Plains Linen LLC	3,000	—
Winter Services Operations, LLC	3,022	1,333
Zenfolio Inc.	3,000	1,500
Total Revolving Loans	158,429	122,735


	December 31,		March 31,
Portfolio Company	2025		2025
Delayed Draw Term Loans
AAC New Holdco Inc.	497		—
Air Conditioning Specialist Inc.	—		3,229
American Pet Resort, LLC	1,700		—
Better Than Home, Inc.	12,000		—
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		—
Exact Borrower, LLC	2,200		2,200

Ignite Visibility LLC	3,000		—

iVueit, LLC	10,000		10,000
KMS, LLC	—		2,286
LDG Acquisition Company, LLC	12,000		—
LEHR Upfitters, LLC	—		5,247

Mid-Florida Endodontics Management Company, LLC	9,400		10,000
Mission Critical Group, LLC	2,130		—
Monroe Biomedical Research, LLC	5,000		—
Muenster Miling Company, LLC	2,500		—
Musiker Discovery Programs, Inc.	—		7,500

One Group, LLC	—		545
Pipeline Technique Ltd.	10,000		—
Pool Service Partners, Inc.	—		6,100
Superior Health Parent LLC	6,300		10,000
SureKap, LLC	7,222		7,222
TMT BHC Buyer, Inc.	—		5,000
unWired Broadband, LLC	11,544		—
Well Labs Plus, LLC	15,400		—
Total Delayed Draw Term Loans	125,593		73,704
Other
Broad Sky Networks, LLC	—		57

Spectrum of Hope, LLC	—		411

Total Other	—		468
Total Unfunded Debt Commitments	$	284,022	$	196,907

As of December 31, 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 December 31, 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 December 31, 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.

Total lease expense incurred for each of the three months ended December 31, 2025 and 2024 was $0.1 million. Total lease expense incurred for the nine months ended December 31, 2025 and 2024 was $0.4 million and $0.3 million, respectively. As of December 31, 2025 and March 31, 2025, the asset related to the operating lease was $3.7 million and $3.9 million, respectively, and as of December 31, 2025 and March 31, 2025, the lease liability was $5.1 million and $5.4 million, respectively. As of December 31, 2025, the remaining lease term was 9.8 years and the weighted average discount rate was 7.36%.

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.