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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net increase in net assets from operations $ 36,719 $ 46,436
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:    
Purchases and originations of investments (194,049) (206,011)
Proceeds from sales and repayments of debt investments in portfolio companies 153,053 54,791
Proceeds from sales and return of capital of equity investments in portfolio companies 0 3,402
Payment of accreted original issue discounts 1,753 525
Depreciation and amortization 2,598 1,941
Net pension benefit (33) (33)
Realized loss (gain) investments before income tax 9,624 12,236
Realized loss on extinguishment of debt 0 361
Net unrealized depreciation (appreciation) on investments before income tax 14,016 (6,376)
Accretion of discounts on investments (3,091) (2,620)
Payment-in-kind interest (6,065) (2,713)
Share-based compensation expense 2,762 2,199
Deferred income taxes 592 (1,758)
Changes in other assets and liabilities:    
Increase in dividend and interest receivable (7,585) (6,083)
Decrease in escrow receivables 23 274
(Increase) decrease in tax receivable (148) 32
Increase in other receivables (863) (88)
Decrease in other assets 590 460
Increase in taxes payable 518 307
Decrease in other liabilities (3,120) (1,699)
Net cash provided by (used in) operating activities 7,294 (104,417)
Cash flows from investing activities    
Acquisition of fixed assets (522) (2)
Net cash used in investing activities (522) (2)
Cash flows from financing activities    
Proceeds from common stock offering 58,036 67,390
Borrowings under credit facility 144,000 165,000
Repayments of credit facility (131,000) (150,000)
Debt issuance costs paid (954) (7,400)
Proceeds from issuance of SBA Debentures 0 9,756
Dividends to shareholders (60,028) (47,685)
Common stock withheld for payroll taxes upon vesting of restricted stock (1,862) (926)
Net cash provided by (used in) financing activities 8,192 105,854
Net increase (decrease) in cash and cash equivalents 14,964 1,435
Cash and cash equivalents at beginning of period 32,273 21,585
Cash and cash equivalents at end of period 47,237 23,020
Supplemental cash flow disclosures:    
Cash paid for income taxes 115 315
Cash paid for interest 22,546 16,412
August 2028 Notes    
Cash flows from financing activities    
Proceeds from issuance of August 2028 Notes $ 0 $ 69,719