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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net increase in net assets from operations $ 69,920 $ 14,917
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:    
Purchases and originations of investments (317,853) (343,402)
Proceeds from sales and repayments of debt investments in portfolio companies 154,536 106,649
Proceeds from sales and return of capital of equity investments in portfolio companies 4,131 2,664
Payment of accreted original issue discounts 1,733 1,444
Payment of accrued payment-in-kind interest 0 1,313
Depreciation and amortization 3,128 2,002
Net pension benefit (49) (43)
Realized loss (gain) on investments before income tax 20,180 17,348
Realized loss on extinguishment of debt 361 0
Net unrealized (appreciation) depreciation on investments before income tax (8,894) 7,977
Accretion of discounts on investments (3,911) (2,873)
Payment-in-kind interest (8,164) (3,891)
Share-based compensation expense 3,387 2,873
Deferred income taxes (1,191) 5,680
Changes in other assets and liabilities:    
Increase in dividend and interest receivable (5,510) (4,725)
Decrease in escrow receivables 272 756
Decrease (increase) in tax receivable 19 (79)
Increase in other receivables (617) (965)
Increase in other assets (142) (266)
Increase (decrease) in taxes payable 646 (831)
Increase (decrease) in other liabilities 1,615 (196)
Net cash used in operating activities (86,403) (193,648)
Cash flows from investing activities    
Acquisition of fixed assets (3) (159)
Net cash used in investing activities (3) (159)
Cash flows from financing activities    
Proceeds from common stock offering 132,940 174,169
Equity offering costs paid 0 (102)
Borrowings under credit facility 195,000 140,000
Repayments of credit facility (235,000) (120,000)
Debt issuance costs paid (8,382) (1,248)
Proceeds from issuance of SBA Debentures 9,756 62,442
Proceeds from issuance of August 2028 Notes 69,719 0
Dividends to shareholders (74,543) (50,177)
Common stock withheld for payroll taxes upon vesting of restricted stock (1,064) (1,022)
Net cash provided by financing activities 88,426 204,062
Net increase in cash and cash equivalents 2,020 10,255
Cash and cash equivalents at beginning of period 21,585 11,431
Cash and cash equivalents at end of period 23,605 21,686
Supplemental cash flow disclosures:    
Cash paid for income taxes 374 1,481
Cash paid for interest $ 25,985 $ 15,937