Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 116,082 $ 107,147  
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:      
Investments in portfolio companies (242,705) (372,576)  
Proceeds from sales and repayments of debt investments in portfolio companies 144,716 167,270  
Proceeds from sales and return of capital of equity investments in portfolio companies 19,806 7,745  
Net unrealized appreciation (63,190) (40,647)  
Net realized loss 29,545 12,367  
Accretion of unearned income (4,484) (4,806)  
Payment-in-kind interest (3,986) (4,177)  
Cumulative dividends (681) (426)  
Share-based compensation expense 4,842 4,103  
Amortization of deferred financing costs 1,473 1,071  
Deferred tax provision 4,887 8,809  
Changes in other assets and liabilities:      
Interest and dividend receivable and other assets (1,710) 1,447  
Interest payable (3,274) 7,793  
Accounts payable and other liabilities (22,629) (14,672)  
Deferred fees and other 909 1,475  
Net cash used in operating activities (20,399) (118,077)  
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of common stock, net of offering costs 5,198 5,696  
Dividends paid (83,870) (78,225)  
Proceeds from Credit Facilities 273,000 542,000  
Repayments on Credit Facilities (143,000) (579,000)  
Debt issuance costs, net 0 (3,679)  
Purchases of vested stock for employee payroll tax withholding 0 (14)  
Net cash provided by financing activities 51,328 172,978  
Net increase in cash and cash equivalents 30,929 54,901  
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 78,251 60,083 $ 60,083
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 109,180 114,984 $ 78,251
Supplemental cash flow disclosures:      
Interest paid 32,924 17,837  
Taxes paid 8,046 3,017  
Non-cash financing activities:      
Value of shares issued pursuant to the DRIP 9,087 8,441  
March 2029 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of March 2029 Notes 0 350,000  
SBIC Debentures      
CASH FLOWS FROM FINANCING ACTIVITIES      
Repayments of SBIC debentures $ 0 $ (63,800)