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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities      
Net increase in net assets from operations $ 83,389 $ 33,093 $ 42,815
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:      
Purchases and originations of investments (497,486) (433,200) (499,218)
Proceeds from sales and repayments of debt investments in portfolio companies 191,407 139,051 259,158
Proceeds from sales and return of capital of equity investments in portfolio companies 4,131 2,664 11,881
Proceeds from return of capital of investment in I-45 SLF LLC 12,800 0 0
Payment of accreted original issue discounts 2,163 1,570 3,692
Payment of accrued payment-in-kind interest 0 1,313 3,485
Depreciation and amortization 4,304 2,750 2,230
Net pension benefit (66) (24) (132)
Realized loss (gain) on investments before income tax 39,983 17,222 (6,617)
Realized loss on extinguishment of debt 361 0 17,103
Realized loss on disposal of fixed assets 0 0 86
Net unrealized (appreciation) depreciation on investments before income tax (13,623) 12,075 (13,435)
Accretion of discounts on investments (5,163) (3,842) (3,005)
Payment-in-kind interest (11,234) (5,965) (4,190)
Share-based compensation expense 4,518 3,705 3,585
Deferred income taxes (119) 6,369 2,402
Changes in other assets and liabilities:      
Increase in dividend and interest receivable (4,829) (6,803) (1,539)
Decrease (increase) in escrow receivables 272 756 (159)
Decrease (increase) in tax receivable 31 (209) (4)
Decrease (increase) in other receivables 627 1,591 (2,067)
Increase in other assets (706) (128) (3,090)
Increase (decrease) in taxes payable 126 (1,085) 1,191
Increase in other liabilities 618 1,997 3,153
Net cash used in operating activities (188,496) (227,100) (182,675)
Cash flows from investing activities      
Acquisition of fixed assets (13) (281) (1,995)
Net cash used in investing activities (13) (281) (1,995)
Cash flows from financing activities      
Proceeds from common stock offering 181,453 202,956 98,141
Equity offering costs paid 0 (102) 0
Borrowings under credit facility 305,000 185,000 315,000
Repayments of credit facility (275,000) (155,000) (230,000)
Debt issuance costs paid (10,183) (1,248) (3,865)
Proceeds from issuance of SBA Debentures 32,196 78,052 39,026
Payment for debt extinguishment costs 0 0 (15,196)
Dividends to shareholders (102,925) (71,102) (58,624)
Common stock withheld for payroll taxes upon vesting of restricted stock (1,063) (1,021) (1,408)
Net cash provided by financing activities 199,197 237,535 164,488
Net increase in cash and cash equivalents 10,688 10,154 (20,182)
Cash and cash equivalents at beginning of period 21,585 11,431 31,613
Cash and cash equivalents at end of period 32,273 21,585 11,431
Supplemental cash flow disclosures:      
Cash paid for income taxes 1,176 1,896 461
Cash paid for interest 37,753 25,466 18,404
Distributions in kind received 72,481 0 0
October 2026 Notes      
Cash flows from financing activities      
Proceeds from issuance of Notes 0 0 146,414
August 2028 Notes      
Cash flows from financing activities      
Proceeds from issuance of Notes 69,719 0 0
October 2024 Notes      
Cash flows from financing activities      
Redemption of October 2024 Notes $ 0 $ 0 $ (125,000)