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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Cash flows from operating activities      
Net increase in net assets from operations $ 70,548 $ 83,389 $ 33,093
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:      
Purchases and originations of investments (620,464) (497,486) (433,200)
Proceeds from sales and repayments of debt investments in portfolio companies 276,924 191,407 139,051
Proceeds from sales and return of capital of equity investments in portfolio companies 17,987 4,131 2,664
Proceeds from return of capital of investment in I-45 SLF LLC 0 12,800 0
Payment of accreted original issue discounts 2,453 2,163 1,570
Payment of accrued payment-in-kind interest 975 0 1,313
Depreciation and amortization 5,865 4,304 2,750
Net pension benefit (66) (66) (24)
Realized loss (gain) on investments before income tax 46,760 39,983 17,222
Realized loss on extinguishment of debt 387 361 0
Realized loss on disposal of fixed assets 20 0 0
Net unrealized (appreciation) depreciation on investments before income tax (6,082) (13,623) 12,075
Accretion of discounts on investments (6,653) (5,163) (3,842)
Payment-in-kind interest (12,930) (11,234) (5,965)
Share-based compensation expense 6,963 4,518 3,705
Deferred income taxes 4,782 (119) 6,369
Changes in other assets and liabilities:      
Increase in dividend and interest receivable (8,078) (4,829) (6,803)
(Increase) decrease in escrow receivables (1,903) 272 756
Decrease (increase) in tax receivable 241 31 (209)
(Increase) decrease in other receivables (1,753) 627 1,591
Increase in other assets (1,380) (706) (128)
Increase (decrease) in taxes payable 2,487 126 (1,085)
Increase in other liabilities 5,659 618 1,997
Net cash used in operating activities (217,258) (188,496) (227,100)
Cash flows from investing activities      
Acquisition of fixed assets (1,666) (13) (281)
Net cash used in investing activities (1,666) (13) (281)
Cash flows from financing activities      
Proceeds from common stock offering 178,493 181,453 202,956
Equity offering costs paid 0 0 (102)
Borrowings under Credit Facilities 368,000 305,000 185,000
Repayments of Credit Facilities (290,000) (275,000) (155,000)
Debt issuance costs paid (1,560) (10,183) (1,248)
Proceeds from issuance of SBA Debentures 21,464 32,196 78,052
Proceeds from issuance of 2029 Convertible Notes 223,100 0 0
Proceeds from issuance of August 2028 Notes 0 69,719 0
Redemption of January 2026 Notes (140,000) 0 0
Dividends to shareholders (125,267) (102,925) (71,102)
Common stock withheld for payroll taxes upon vesting of restricted stock (2,708) (1,063) (1,021)
Net cash provided by financing activities 231,522 199,197 237,535
Net increase (decrease) in cash, cash equivalents and restricted cash 12,598 10,688 10,154
Cash and cash equivalents at beginning of period 32,273 21,585 11,431
Cash, cash equivalents and restricted cash at end of period 44,871 32,273 21,585
Supplemental cash flow disclosures:      
Cash paid for income taxes 1,443 1,176 1,896
Cash paid for interest 46,586 37,753 25,466
Distributions in kind received 0 72,481 0
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows      
Cash and cash equivalents 43,221 32,273 21,585
Restricted cash 1,650 0 0
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows $ 44,871 $ 32,273 $ 21,585