Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 493,398 $ 508,080 $ 428,447
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Investments in portfolio companies (1,429,113) (1,576,398) (866,997)
Proceeds from sales and repayments of debt investments in portfolio companies 838,799 1,014,088 782,433
Proceeds from sales and return of capital of equity investments in portfolio companies 197,167 143,396 43,581
Net unrealized appreciation (98,879) (137,656) (232,577)
Net realized (gain) loss (54,579) (45,998) 120,507
Accretion of unearned income (20,997) (22,040) (19,366)
Payment-in-kind interest (15,730) (22,761) (10,997)
Cumulative dividends (3,841) (2,506) (1,344)
Share-based compensation expense 21,440 18,793 16,520
Amortization of deferred financing costs 6,515 5,157 3,331
Deferred taxes 22,852 22,253 16,009
Changes in other assets and liabilities:      
Interest and dividend receivable and other assets (15,416) (11,177) (8,530)
Accounts payable and other liabilities (1,445) 8,306 10,062
Interest payable 6,804 6,265 445
Deferred fees and other 7,320 5,080 3,798
Net cash provided by (used in) operating activities (45,705) (87,118) 285,322
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of common stock, net of offering costs 31,681 122,635 203,683
Dividends paid (339,278) (320,427) (271,599)
Proceeds from Credit Facilities 1,399,000 1,920,000 460,000
Repayments on Credit Facilities (1,265,000) (1,896,000) (707,000)
Payment of deferred financing costs (6,675) (13,587) (3,494)
Purchases of vested stock for employee payroll tax withholding (10,315) (7,335) (5,950)
Net cash provided by (used in) financing activities 9,413 105,286 (274,360)
Net increase (decrease) in cash and cash equivalents (36,292) 18,168 10,962
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 78,251 60,083 49,121
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 41,959 78,251 60,083
Supplemental cash flow disclosures:      
Interest paid 114,546 113,486 98,656
Taxes paid 20,617 8,264 8,444
Operating non-cash activities:      
Right-of-use assets obtained in exchange for operating lease liabilities 304 379 0
Non-cash financing activities:      
Value of shares issued pursuant to the dividend reinvestment plan 37,925 35,701 30,719
August 2028 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 350,000 0 0
June 2027 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 400,000 0
March 2029 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 350,000 0
December 2025 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 0 50,000
Repayments of debt (150,000) 0 0
SBIC debentures      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 63,800 16,000
Repayments of debt 0 (63,800) (16,000)
May 2024 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Repayment of May 2024 Notes $ 0 $ (450,000) $ 0