Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 132,816 $ 189,339
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (955,095) [1] (834,759)
Fundings assigned to Adviser Funds 118,379 [1] 199,866
Principal and fee repayments received and proceeds from the sale of debt investments 487,668 516,535
Proceeds from the sale of equity and warrant investments 19,148 30,074
Net change in unrealized (appreciation) depreciation 31,088 (39,963)
Net realized (gain) loss (2,384) (8,177)
Payments of derivative instruments (849) 0
Accretion of paid-in-kind interest (25,164) (11,347)
Accretion of loan discounts (1,981) (3,211)
Accretion of loan exit fees (13,287) (11,956)
Change in loan income, net of collections 10,981 12,421
Unearned fees related to unfunded commitments 517 (68)
Amortization of debt fees and issuance costs 3,518 3,474
Depreciation and amortization 282 108
Stock-based compensation and amortization of restricted stock grants [2] 6,050 5,851
Change in operating assets and liabilities:    
Interest receivable 1,122 (393)
Other assets (3,323) 7,546
Accrued liabilities 9,115 (2,574)
Net cash (used in) operating activities (181,399) 52,766
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (670) (379)
Net cash (used in) investing activities (670) (379)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 67,275 132,329
Offering expenses (903) (1,581)
Retirement of employee shares, net (1,305) (11,613)
Distributions paid (150,093) (130,274)
Issuance of debt 656,000 380,000
Repayment of debt (466,000) (368,000)
Fees paid for credit facilities and debentures 0 (5,090)
Net cash provided by financing activities 104,974 (4,229)
Net increase (decrease) in cash, cash equivalents, and restricted cash (77,095) 48,158
Cash, cash equivalents, and restricted cash at beginning of period 116,013 25,876
Cash, cash equivalents, and restricted cash at end of period 38,918 74,034
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 35,536 33,664
Income tax, including excise tax, paid 5,156 5,151
Distributions reinvested $ 3,832 $ 1,879
[1] Excluded from the amounts presented are certain investment funding allocations of $111.7 million, which were directly funded by the Adviser Funds during the six month period ended June 30, 2024. Refer to Note 12 – Related Party Transaction for additional information.
[2] Stock-based compensation includes $71 thousand and $50 thousand of restricted stock and option expense related to director compensation for the six months ended June 30, 2024 and 2023, respectively.