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C•••••• S•••••••• C•••

Business development companymanaged by C•••••• S•••••••• C•••Listed: CSWC· DALLAS, TX

A business development company traded as CSWC, internally managed, holding $2.2B across 143 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $2.2B
Borrowers: 143
Mark on cost: 96.8¢
First lien: 83%

Schedule of investments (678)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$78.6M
on non-accrual, 5 borrowers
5 borrowers on non-accrual, $78.6M principal; the largest is A••••••• N••• O••••••••• L•• ($27.1M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen A••••••• N••• O••••••••• L•• →
$38.6M
newly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $38.6M principal: A••••••• N••• O••••••••• L•• ($27.1M), C••••• A•••• L•• ($8.57M), U••• T••••••••• C••• ($2.97M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open A••••••• N••• O••••••••• L•• →
16 below 80¢
$112M principal
16 positions across 13 borrowers marked below 80¢ on cost, $112M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
43 → 46
loans paying in kind
Loans paying in kind rose from 43 to 46 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
151 → 143
borrowers
Lost a net 8 borrowers in the quarter to Jun 30, 2026, to 143.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 17313 · file 814-00061Show

Fair value

$2.2B

as of Jun 30, 2026

Principal held

$2.4B

debt pieces, the filer's figure

Cost

$2.2B

97c on cost, debt pieces

Unfunded

$312M

commitments not yet drawn

Positions

678

143 borrowers

First lien

83%

91% debt by fair value

Quarters on the tape

since Mar 31, 2022

Facilities held

353

26 sponsors financed

Portfolio through time

Fair value by quarter end$2.6B as of Jun 30, 2026

Mar 31, 2022$937M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.6B	143	97c	46	689 bp
Mar 31, 2026	$2.5B	151	97c	43	686 bp
Dec 31, 2025	$2.4B	136	97c	41	689 bp
Sep 30, 2025	$2.1B	129	97c	31	696 bp

All 17 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$2.0B	123	97c	37	701 bp
Mar 31, 2025	$4.6B	153	97c	68	712 bp
Dec 31, 2024	$1.8B	129	96c	32	701 bp
Sep 30, 2024	$1.6B	121	97c	32	719 bp
Jun 30, 2024	$1.6B	119	96c	32	726 bp
Mar 31, 2024	$1.6B	140	97c	27	730 bp
Dec 31, 2023	$1.5B	102	99c	23	746 bp
Sep 30, 2023	$1.5B	97	96c	24	748 bp
Jun 30, 2023	$1.4B	92	96c	23	748 bp
Mar 31, 2023	$1.4B	110	95c	21	748 bp
Dec 31, 2022	$1.2B	87	95c	14	750 bp
Sep 30, 2022	$1.1B	84	95c	17	746 bp
Mar 31, 2022	$937M	92	99c	13	751 bp

Sponsors financed

B••••••• P••••••• M••••••••• L•• possible
2 borrowers $37.3M
T•• M••••••••• A••••••••• L•• possible
2 borrowers $24.6M
S•••• C•••••• G••••• L•• possible
2 borrowers $13.0M
P••• T••• E••••• M••••••••• L• possible
1 borrower $54.3M
L••• R•••• E••••• P••••••• possible
1 borrower $44.0M

All 15 sponsors

O•••••• C•••••• M••••••••• possible
1 borrower $43.2M
R•••••• A••••••••• L•• possible
1 borrower $35.2M
L•• C•••••• M••••••••• L••• possible
1 borrower $32.6M
K••••• ••• C•••••• L• inferred
1 borrower $29.4M
P••••• C•••••• possible
1 borrower $28.6M
A•••• P•••••• E••••• possible
1 borrower $25.5M
S•••• H•••• C••••••• L•• possible
1 borrower $23.7M
C•••••• C•••••• M••••••••• L• possible
1 borrower $20.0M
A••••••• C•••••• P••••••• possible
1 borrower $16.0M
L••••••••• C•••••• M••••••••• L•• possible
1 borrower $15.0M

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

I•• H••••••• G••••• L•• first lien term loan
1 BDC hold it · matures Jun 21, 2027
$123M 205c
S••••••• O• H•••• L•• first lien term loan
1 BDC hold it · matures Dec 31, 2029 · possible sponsor P••• T••• E••••• M••••••••• L•
$54.3M 81c
W•••• P••••• L•••• L•• first lien term loan
1 BDC hold it · matures May 1, 2030
$48.8M 198c
C••••••• I•• first lien term loan
2 BDCs hold it · matures Sep 6, 2028
$45.0M 101c
N••••••• C••••• C•••• L•• first lien term loan
1 BDC hold it · matures Feb 25, 2030 · possible sponsor L••• R•••• E••••• P•••••••
$44.0M 180c
F••• P••••• S••••••••• H•••••••• L•• first lien term loan
1 BDC hold it · matures Dec 31, 2026
$42.6M 100c
G••••••• L•• first lien term loan
1 BDC hold it · matures Jan 16, 2030
$42.5M 210c
C•••••• I•• first lien term loan
1 BDC hold it · matures Nov 13, 2030
$42.5M 101c
C•••••• M•••••• S••••• L•• first lien term loan
1 BDC hold it · matures May 22, 2028 · possible sponsor O•••••• C•••••• M•••••••••
$41.2M 201c
S••••••• L•• first lien term loan
1 BDC hold it · matures Jun 25, 2029
$38.2M 93c
I••••• P••• a•• T•••• L•• first lien term loan
1 BDC hold it · matures May 17, 2029
$37.6M 85c
E•••• B•••••••• L•• first lien term loan
1 BDC hold it · matures Aug 6, 2027
$35.8M 101c

Schedule of investments at Mar 31, 2026

704 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C•••••• I•••	term loan first lien	$45.0M	$44.2M 100c	S+700 bp	Sep 6, 2028
G••••••• F•••• S•••••••• I•••	term loan first lien	$26.6M	$26.6M 102c	S+900 bp PIK 1.75%	Feb 10, 2028
3•• Q•••• T••••• L••	term loan first lien	$26.2M	$26.2M 100c	S+650 bp	Jun 16, 2027
I••••• H•••• C•••••••••	term loan lien unstated	$23.5M	$23.5M 101c	S+750 bp	Aug 6, 2029
M••••••• M•••••• C••••••	term loan first lien	$25.8M	$23.0M 90c	S+900 bp PIK 12.81%	Feb 10, 2027
A•• C••••••••• S••••••••• I•••	term loan first lien	$22.3M	$22.2M 100c	S+550 bp	Nov 19, 2029
I•• H••••••• G••••• L••	term loan first lien	Not disclosed	$21.2M	S+700 bp
I•• H••••••• G••••• L••	term loan first lien	$21.1M	$21.2M 100c	S+700 bp	Jun 21, 2027
C•••••• M•••••• S••••• L••	term loan first lien	$20.6M	$20.6M 101c	S+700 bp	May 22, 2028
C•••••• M•••••• S••••• L••	term loan first lien	Not disclosed	$20.6M	S+700 bp
L•• P••••• L••	term loan first lien	$19.9M	$19.9M 101c	S+850 bp	Nov 20, 2026
A••••••••• P•••••••	term loan first lien	$20.1M	$19.7M 99c	S+779 bp	Jan 2, 2029
Z••••••• I•••	term loan first lien	$19.6M	$19.6M 101c	S+750 bp	Dec 30, 2027
U•••••• B••••••••• L••	term loan first lien	$18.9M	$18.5M 100c	S+625 bp	Sep 30, 2027
L•••••••• I••••••••• I•• L••	term loan first lien	$18.9M	$18.3M 98c	S+625 bp	Jun 5, 2028
I••••• V••••••••• L••	term loan first lien	$18.2M	$18.2M 101c	S+675 bp	Dec 1, 2028
I••••• V••••••••• L••	term loan first lien	$18.2M	$18.2M 101c	S+475 bp	Dec 1, 2028
P••••••• A••••••••• L••	term loan first lien	$18.3M	$18.2M 100c	S+575 bp	Dec 23, 2030
S••••••• L••	term loan first lien	$19.1M	$17.6M 93c	S+600 bp	Jun 25, 2029
S••••••• L••	term loan first lien	$19.1M	$17.6M 93c	S+800 bp	Jun 25, 2029
S••••••• H••••• P••••• L••	term loan first lien	$17.5M	$17.3M 99c	S+625 bp	Dec 26, 2030
L••• O•••• L••	term loan first lien	$18.4M	$17.1M 94c	S+700 bp PIK 2.00%	Sep 17, 2027
T•• B•• B••••• I•••	term loan first lien	$16.5M	$16.5M 101c	S+600 bp	Mar 7, 2029
W••• L••• P•••• L••	delayed draw term loan lien unstated	$16.4M	$16.2M 100c	S+650 bp	Sep 5, 2030
A••••• L••	term loan first lien	$16.3M	$16.1M 100c	S+550 bp	Dec 16, 2030
H••••• P••••••••• L••	term loan second lien	$16.0M	$16.0M 100c	S+825 bp	Jan 3, 2028
C••••••• B••••• I•••	term loan first lien	$15.4M	$15.4M 101c	S+575 bp	Feb 10, 2028
S••••••••• L••	term loan first lien	$15.3M	$15.3M 101c	S+425 bp	Dec 31, 2029
S••••••••• L••	term loan first lien	$15.3M	$15.3M 101c	S+625 bp	Dec 31, 2029
S••••• I•••	term loan first lien	$17.8M	$15.2M 86c	S+800 bp	Mar 19, 2027
W••• L••• P•••• L••	term loan first lien	$15.3M	$15.1M 100c	S+650 bp	Sep 5, 2030
F• V••••• L••	term loan first lien	$15.0M	$15.0M 101c	S+675 bp	Apr 26, 2028
F• V••••• L••	term loan first lien	$15.0M	$15.0M 101c	S+475 bp	Apr 26, 2028
T•• F•••••••• • B••••• L••	term loan first lien	$14.9M	$14.9M 101c	S+700 bp	Mar 21, 2029
T•• F•••••••• • B••••• L••	term loan first lien	$14.9M	$14.9M 101c	S+500 bp	Mar 21, 2029
A••••••• M•••••• S•••••••• L••	term loan first lien	$15.0M	$14.8M 100c	S+700 bp	Mar 31, 2031
I•• H••••••• G••••• L••	term loan first lien	$14.8M	$14.8M 106c	S+700 bp	Jun 21, 2027
I•• H••••••• G••••• L••	term loan first lien	Not disclosed	$14.8M	S+700 bp
I•• H••••••• G••••• L••	term loan first lien	Not disclosed	$14.8M	S+700 bp
I•• H••••••• G••••• L••	term loan first lien	$14.8M	$14.8M 106c	S+700 bp	Jun 21, 2027
R••••••• M••••••••• L••	term loan first lien	Not disclosed	$14.5M	S+700 bp
R••••••• M••••••••• L••	term loan first lien	$14.5M	$14.5M 100c	S+700 bp	Nov 9, 2026
W••••• S••••••• O••••••••• L••	term loan first lien	$14.5M	$14.4M 101c	S+850 bp	Nov 19, 2027
W••••• S••••••• O••••••••• L••	term loan first lien	$14.5M	$14.4M 101c	S+650 bp	Nov 19, 2027
F••••••••• S••••••••• H•••••••• L••	term loan first lien	$14.2M	$14.2M 101c	S+800 bp	Dec 31, 2026
F••••••••• S••••••••• H•••••••• L••	term loan first lien	$14.2M	$14.2M 101c	S+700 bp	Dec 31, 2026
F••••••••• S••••••••• H•••••••• L••	term loan first lien	$14.2M	$14.2M 100c	S+600 bp	Dec 31, 2026
C•••••• N••• L••	term loan first lien	$14.2M	$14.1M 100c	S+700 bp	Oct 16, 2028
C•••••• N••• L••	term loan first lien	Not disclosed	$14.1M	S+700 bp
V• M••• P••••••••• I•••	term loan first lien	$14.3M	$14.1M 100c	S+675 bp	Feb 4, 2030
V• M••• P••••••••• I•••	term loan first lien	$14.3M	$14.1M 100c	S+475 bp	Feb 4, 2030
C•••••• I•••	term loan first lien	$14.0M	$13.9M 100c	S+625 bp	Nov 13, 2030
C•••••• I•••	term loan first lien	$14.0M	$13.9M 100c	S+525 bp	Nov 13, 2030
C•••••• I•••	term loan first lien	$14.0M	$13.9M 100c	S+425 bp	Nov 13, 2030
I•• H••••••• G••••• L••	warrants equity	Not disclosed	$13.7M 363c
I•• H••••••• G••••• L••	warrants equity	Not disclosed	$13.7M
U• C••••••••• H•••••••• I•••	term loan first lien	$13.4M	$13.2M 100c	S+600 bp	May 17, 2027
A••••••• P•• R•••••• L••	term loan first lien	$13.3M	$13.1M 100c	S+500 bp	Dec 17, 2030
A••••••• P•• R•••••• L••	term loan first lien	$13.3M	$13.1M 100c	S+700 bp	Dec 17, 2030
N•• S••••• M••••• L••	term loan first lien	$13.0M	$13.0M 101c	S+800 bp	Dec 21, 2027
N••••••••• H••••••••• L••	term loan first lien	$12.9M	$12.9M 101c	S+600 bp	May 14, 2027
C••••• D•••••••• L••	term loan first lien	$12.8M	$12.6M 100c	S+700 bp	Mar 13, 2031
U•• I••••••••• L••	term loan first lien	$12.6M	$12.3M 99c	S+650 bp	Jul 27, 2029
A•••• R•••••• A••••••••• S•••••••• L••	term loan first lien	$14.1M	$12.3M 88c	10.00% PIK 10.00%	Aug 31, 2029
G••••••• L••	term loan first lien	$12.2M	$12.2M 105c	S+800 bp	Jan 16, 2030
G••••••• L••	term loan first lien	Not disclosed	$12.2M
G••••••• L••	term loan first lien	$12.2M	$12.2M 105c	S+600 bp	Jan 16, 2030
G••••••• L••	term loan first lien	Not disclosed	$12.2M
W•••• P••••• L•••• L••	term loan first lien	$12.2M	$12.0M 99c	S+675 bp	May 1, 2030
W•••• P••••• L•••• L••	term loan first lien	$12.2M	$12.0M 99c	S+875 bp	May 1, 2030
W•••• P••••• L•••• L••	term loan first lien	Not disclosed	$12.0M
W•••• P••••• L•••• L••	term loan first lien	Not disclosed	$12.0M
B••••• T••• H•••• I•••	term loan first lien	$12.0M	$11.9M 100c	S+600 bp	Aug 8, 2031
P••• S•••••• P•••••••• I•••	term loan first lien	$11.8M	$11.6M 100c	S+700 bp	Dec 20, 2028
P••• S•••••• P•••••••• I•••	term loan first lien	Not disclosed	$11.6M	S+700 bp
E•••• B•••••••• L••	term loan first lien	$11.7M	$11.5M 99c	S+600 bp	Aug 6, 2027
M•••••• D•••••••• P•••••••• I•••	term loan first lien	$11.5M	$11.5M 101c	S+600 bp	Oct 29, 2029
M•••••• D•••••••• P•••••••• I•••	term loan first lien	$11.5M	$11.5M 101c	S+800 bp	Oct 29, 2029
I•• H••••••• G••••• L••	warrants equity	Not disclosed	$11.4M
I•• H••••••• G••••• L••	warrants equity	Not disclosed	$11.4M 2121c
M••••• B••••••••• R•••••••• L••	term loan first lien	$11.5M	$11.3M 99c	S+600 bp	Nov 8, 2030
H••• T•••• L••	term loan first lien	$11.5M	$11.2M 104c	S+1000 bp	Jun 9, 2028
E•••• B•••••••• L••	term loan first lien	$11.3M	$11.1M 99c	S+600 bp	Aug 6, 2027
P••••••• I•••	equity equity	Not disclosed	$11.0M 1600c
M•••••• F••••••• L••	term loan first lien	$11.0M	$11.0M 101c	S+550 bp	Apr 3, 2028
I•• H••••••• G••••• L••	equity equity	Not disclosed	$11.0M 732c
I•• H••••••• G••••• L••	equity equity	Not disclosed	$11.0M
T•• P••••••• G••••• L••	equity equity	Not disclosed	$11.0M 551c
M•••••• C••••••• G••••• L••	term loan first lien	$10.9M	$10.9M 102c	S+550 bp	Apr 17, 2030
C•••••• R••• M••••••••• L••	term loan first lien	$13.2M	$10.9M 84c	S+800 bp PIK 1.50%	Nov 27, 2028
K•••••• P•• S••••••• L••	term loan first lien	Not disclosed	$10.7M	S+650 bp
K•••••• P•• S••••••• L•• ••• R•• D•• O••••••••• H•••••• C•••••• L•••	term loan first lien	$10.8M	$10.7M 100c	S+650 bp	Nov 15, 2029
K•••••• P•• S••••••• L•• ••• R•• D•• O••••••••• H•••••• C•••••• L•••	term loan first lien	$10.8M	$10.7M	S+650 bp
W••••••••• I•••	term loan first lien	$10.6M	$10.6M 100c	S+800 bp	Sep 9, 2026
P•••••• I••••••••• H•••••• L••	term loan first lien	$10.5M	$10.4M 100c	S+750 bp	Jan 9, 2031
P•••••• I••••••••• H•••••• L••	term loan first lien	$10.5M	$10.4M 100c	S+550 bp	Jan 9, 2031
I••••• P••• A•• T•••• L••	term loan first lien	$12.2M	$10.4M 86c	S+700 bp	May 17, 2029
I••••• P••• A•• T•••• L••	term loan first lien	$12.2M	$10.4M 86c	S+600 bp	May 17, 2029
I••••• P••• A•• T•••• L••	term loan first lien	$12.2M	$10.4M 86c	S+800 bp	May 17, 2029
K••• L••	preferred equity equity	Not disclosed	$10.3M 164c

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Registration

Fiscal year end: 0331reported
Incorporated: TXreported
On the SEC BDC report: 2012 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0000017313-26-000095reported