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 ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 201,527,000 $ 217,306,000
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (1,180,071,000) [1] (1,291,627,000)
Fundings assigned to Adviser Funds 118,379,000 [1] 294,468,000
Principal and fee repayments received and proceeds from the sale of debt investments 721,944,000 685,103,000
Proceeds from the sale of equity and warrant investments 23,423,000 34,877,000
Net change in unrealized (appreciation) depreciation 44,982,000 6,277,000
Net realized (gain) loss (1,825,000) (5,590,000)
Payments of derivative instruments (849,000) 0
Accretion of paid-in-kind interest (37,870,000) (17,999,000)
Accretion of loan discounts (3,160,000) (5,344,000)
Accretion of loan exit fees (19,761,000) (14,140,000)
Change in loan income, net of collections 14,899,000 15,349,000
Unearned fees related to unfunded commitments (159,000) (279,000)
Amortization of debt fees and issuance costs 5,229,000 5,227,000
Depreciation and amortization 373,000 167,000
Stock-based compensation and amortization of restricted stock grants [2] 9,278,000 8,858,000
Change in operating assets and liabilities:    
Interest receivable 1,191,000 (366,000)
Other assets 7,607,000 6,533,000
Accrued liabilities 6,019,000 (1,419,000)
Net cash (used in) operating activities (88,844,000) (62,599,000)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (700,000) (390,000)
Net cash (used in) investing activities (700,000) (390,000)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 67,275,000 243,609,000
Offering expenses (991,000) (5,299,000)
Retirement of employee shares, net (2,395,000) (12,125,000)
Distributions paid (225,591,000) (201,751,000)
Issuance of debt 939,000,000 533,000,000
Repayment of debt (758,000,000) (478,000,000)
Fees paid for credit facilities and debentures (1,750,000) (5,090,000)
Net cash provided by financing activities 17,548,000 74,344,000
Net increase (decrease) in cash, cash equivalents, and restricted cash (71,996,000) 11,355,000
Cash, cash equivalents, and restricted cash at beginning of period 116,013,000 25,876,000
Cash, cash equivalents, and restricted cash at end of period 44,017,000 37,231,000
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 64,221,000 57,410,000
Income tax, including excise tax, paid 5,185,000 5,205,000
Distributions reinvested $ 6,277,000 $ 2,936,000
[1] Excluded from the amounts presented are certain investment funding allocations of $158.7 million, which were directly funded by the Adviser Funds during the nine month period ended September 30, 2024. Refer to Note 12 – Related Party Transaction for additional information.
[2] Stock-based compensation includes $107 thousand and $81 thousand of restricted stock and option expense related to director compensation for the nine months ended September 30, 2024 and 2023, respectively.