Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES              
Net increase in net assets resulting from operations $ 123,671 $ 116,082 $ 124,007 $ 107,147 $ 362,287 $ 333,847  
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:              
Investments in portfolio companies         (873,871) (1,297,019)  
Proceeds from sales and repayments of debt investments in portfolio companies         687,229 744,075  
Proceeds from sales and return of capital of equity investments in portfolio companies         115,476 64,149  
Net unrealized appreciation (62,978)   (21,738)   (107,217) (85,431)  
Net realized gain 19,104   (26,382)   (3,771) (17,429)  
Accretion of unearned income         (16,114) (16,215)  
Payment-in-kind interest         (11,402) (15,183)  
Cumulative dividends         (2,932) (1,716)  
Share-based compensation expense         15,691 13,853  
Amortization of deferred financing costs         4,886 3,690  
Deferred taxes         9,126 27,534  
Changes in other assets and liabilities:              
Interest and dividend receivable and other assets         2,974 (1,897)  
Interest payable         (4,717) 1,488  
Accounts payable and other liabilities         (8,594) 10,119  
Deferred fees and other         3,706 3,971  
Net cash provided by (used in) operating activities         172,757 (232,164)  
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from public offering of common stock, net of offering costs         22,890 113,673  
Dividends paid         (253,676) (238,288)  
Proceeds from Credit Facilities         914,000 1,637,000  
Repayments on Credit Facilities         (1,087,000) (1,537,000)  
Payment of deferred financing costs         (6,635) (11,547)  
Purchases of vested stock for employee payroll tax withholding         (10,019) (7,336)  
Net cash provided by (used in) financing activities         (220,440) 256,502  
Net increase (decrease) in cash and cash equivalents         (47,683) 24,338  
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD   $ 78,251   $ 60,083 78,251 60,083 $ 60,083
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD $ 30,568   $ 84,421   30,568 84,421 $ 78,251
Supplemental cash flow disclosures:              
Interest paid         95,883 83,994  
Taxes paid         18,090 6,950  
Non-cash financing activities:              
Value of shares issued pursuant to the dividend reinvestment plan         28,052 26,530  
August 2028 Notes              
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from public offering         350,000 0  
June 2027 Notes              
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from public offering         0 400,000  
March 2029 Notes              
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from public offering         0 350,000  
December 2025 Notes              
CASH FLOWS FROM FINANCING ACTIVITIES              
Redemption/Repayments of debt         (150,000) 0  
SBIC debentures              
CASH FLOWS FROM FINANCING ACTIVITIES              
Proceeds from public offering         0 63,800  
Redemption/Repayments of debt         0 (63,800)  
May 2024 Notes              
CASH FLOWS FROM FINANCING ACTIVITIES              
Repayment of May 2024 Notes         $ 0 $ (450,000)