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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities      
Net increase in net assets from operations $ 33,093 $ 42,815 $ 50,883
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:      
Purchases and originations of investments (433,200) (499,218) (219,349)
Proceeds from sales and repayments of debt investments in portfolio companies 139,051 259,158 97,589
Proceeds from sales and return of capital of equity investments in portfolio companies 2,664 11,881 17,841
Payment of accreted original issue discounts 1,570 3,692 1,228
Payment of accrued payment-in-kind interest 1,313 3,485 0
Depreciation and amortization 2,750 2,230 1,967
Net pension benefit (24) (132) (110)
Realized loss (gain) on investments before income tax 17,222 (6,617) 8,549
Realized loss on extinguishment of debt 0 17,103 1,007
Realized loss on disposal of fixed assets 0 86 0
Net unrealized depreciation (appreciation) on investments before income tax 12,075 (13,435) (30,991)
Accretion of discounts on investments (3,842) (3,005) (2,347)
Payment-in-kind interest (5,965) (4,190) (7,880)
Share-based compensation expense 3,705 3,585 2,944
Deferred income taxes 6,369 2,402 3,784
Changes in other assets and liabilities:      
(Increase) decrease in dividend and interest receivable (6,803) (1,539) (144)
Decrease (increase) in escrow receivables 756 (159) 493
(Increase) decrease in tax receivable (209) (4) (8)
Decrease (increase) in other receivables 1,591 (2,067) (119)
(Increase) decrease in other assets (128) (3,090) 95
(Decrease) increase in taxes payable (1,085) 1,191 (463)
Increase in other liabilities 1,997 3,153 6,779
Net cash used in operating activities (227,100) (182,675) (68,252)
Cash flows from investing activities      
Acquisition of fixed assets (281) (1,995) 0
Net cash used in investing activities (281) (1,995) 0
Cash flows from financing activities      
Proceeds from common stock offering 202,956 98,141 50,410
Equity offering costs paid (102) 0 0
Borrowings under credit facility 185,000 315,000 182,000
Repayments of credit facility (155,000) (230,000) (216,000)
Debt issuance costs paid (1,248) (3,865) (540)
Proceeds from issuance of SBA Debentures 78,052 39,026 0
Payment for debt extinguishment costs 0 (15,196) 0
Dividends to shareholders (71,102) (58,624) (39,945)
Common stock withheld for payroll taxes upon vesting of restricted stock (1,021) (1,408) (239)
Net cash provided by financing activities 237,535 164,488 86,121
Net increase (decrease) in cash and cash equivalents 10,154 (20,182) 17,869
Cash and cash equivalents at beginning of period 11,431 31,613 13,744
Cash and cash equivalents at end of period 21,585 11,431 31,613
Supplemental cash flow disclosures:      
Cash paid for income taxes 1,896 461 1,464
Cash paid for interest 25,466 18,404 11,738
October 2024 Notes      
Cash flows from financing activities      
Proceeds from issuance of Notes 0 0 49,000
Redemption of Notes 0 (125,000) 0
January 2026 Notes      
Cash flows from financing activities      
Proceeds from issuance of Notes 0 0 138,571
October 2026 Notes      
Cash flows from financing activities      
Proceeds from issuance of Notes 0 146,414 0
December 2022 Notes      
Cash flows from financing activities      
Redemption of Notes $ 0 $ 0 $ (77,136)