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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net increase in net assets from operations $ 52,987 $ 69,920
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:    
Purchases and originations of investments (466,893) (317,853)
Proceeds from sales and repayments of debt investments in portfolio companies 226,909 154,536
Proceeds from sales and return of capital of equity investments in portfolio companies 0 4,131
Payment of accreted original issue discounts 1,839 1,733
Payment of accrued payment-in-kind interest 23 0
Depreciation and amortization 4,193 3,128
Net pension benefit (49) (49)
Realized loss (gain) investments before income tax 22,431 20,180
Realized loss on extinguishment of debt 387 361
Realized loss on disposal of fixed assets 9 0
Net unrealized depreciation (appreciation) on investments before income tax 11,854 (8,894)
Accretion of discounts on investments (4,731) (3,911)
Payment-in-kind interest (8,804) (8,164)
Share-based compensation expense 4,306 3,387
Deferred income taxes 3,631 (1,191)
Changes in other assets and liabilities:    
Increase in dividend and interest receivable (5,994) (5,510)
Decrease in escrow receivables 23 272
(Increase) decrease in tax receivable (332) 19
Increase in other receivables (3,455) (617)
Increase in other assets (1,447) (142)
Increase in taxes payable 969 646
Increase in other liabilities 3,614 1,615
Net cash provided by (used in) operating activities (158,530) (86,403)
Cash flows from investing activities    
Acquisition of fixed assets (1,270) (3)
Net cash used in investing activities (1,270) (3)
Cash flows from financing activities    
Proceeds from common stock offering 110,951 132,940
Borrowings under Credit Facilities 274,000 195,000
Repayments of Credit Facilities (231,000) (235,000)
Debt issuance costs paid (1,553) (8,382)
Proceeds from issuance of SBA Debentures 21,464 9,756
Proceeds from issuance of 2029 Convertible Notes 223,100 0
Proceeds from issuance of August 2028 Notes 0 69,719
Redemption of October 2024 Notes (140,000) 0
Dividends to shareholders (91,560) (74,543)
Common stock withheld for payroll taxes upon vesting of restricted stock (1,862) (1,064)
Net cash provided by (used in) financing activities 163,540 88,426
Net increase (decrease) in cash and cash equivalents 3,740 2,020
Cash and cash equivalents at beginning of period 32,273 21,585
Cash and cash equivalents at end of period 36,013 23,605
Supplemental cash flow disclosures:    
Cash paid for income taxes 184 374
Cash paid for interest $ 32,494 $ 25,985