v3.25.4

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

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 input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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).

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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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