Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows provided by (used in) operating activities:      
Net increase (decrease) in net assets resulting from operations $ 262,966 $ 337,484 $ 102,081
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Purchases of investments (1,542,447) [1] (1,598,584) (1,465,035)
Fundings assigned to Adviser Funds 118,379 [1] 350,686 330,164
Principal and fee repayments received and proceeds from the sale of debt investments 955,682 1,002,433 530,441
Proceeds from the sale of equity and warrant investments 49,438 43,202 15,201
Net change in unrealized (appreciation) depreciation 31,209 (25,010) 85,063
Net realized (gain) loss 31,486 (8,437) (2,762)
Payments for derivative instruments (849) 0 0
Accretion of paid-in-kind interest (51,270) (24,670) (20,455)
Accretion of loan discounts (4,636) (6,939) (4,697)
Accretion of loan discount on convertible notes 0 0 112
Loss on extinguishment of debt 171 0 364
Accretion of loan exit fees (26,655) (24,961) (24,532)
Change in loan income, net of collections 23,509 23,796 26,687
Unearned fees related to unfunded commitments (400) (2,650) 2,201
Amortization of debt fees and issuance costs 6,956 6,980 5,562
Depreciation and amortization 466 190 204
Stock-based compensation and amortization of restricted stock grants [2] 12,485 11,927 10,828
Change in operating assets and liabilities:      
Interest receivable 62 (1,050) (14,212)
Other assets 1,672 (22,466) 406
Accrued liabilities 13,688 6,347 (2,420)
Net cash provided by (used in) operating activities (118,088) 68,278 (424,799)
Cash flows provided by (used in) investing activities:      
Purchases of capital equipment (705) (887) (114)
Net cash (used in) investing activities (705) (887) (114)
Cash flows provided by (used in) financing activities:      
Issuance of common stock 220,875 344,347 232,090
Offering expenses (2,546) (6,132) (2,431)
Retirement of employee shares, net (3,430) (12,702) (4,532)
Distributions paid (303,475) (273,677) (245,124)
Issuance of debt 1,332,154 659,000 1,274,237
Repayment of debt (1,118,525) (683,000) (931,198)
Debt issuance costs (4,282) 0 (6,742)
Fees paid for credit facilities (1,570) (5,090) (1,776)
Net cash provided by (used in) financing activities 119,201 22,746 314,524
Net increase (decrease) in cash, cash equivalents, foreign cash and restricted cash 408 90,137 (110,389)
Cash, cash equivalents, foreign cash and restricted cash at beginning of period 116,013 25,876 136,265
Cash, cash equivalents, foreign cash and restricted cash at end of period 116,421 116,013 25,876
Supplemental disclosures of cash flow information and non-cash investing and financing activities:      
Interest paid 77,850 67,149 52,075
Income tax, including excise tax, paid 5,253 5,267 7,376
Distributions reinvested $ 8,769 $ 4,624 $ 3,953
[1] Excluded from the amounts presented are certain investment funding allocations of $264.8 million, which were directly funded by the Adviser Funds during the year ended December 31, 2024. Refer to Note 13 – Related Party Transaction for additional information.
[2] Stock-based compensation includes $143 thousand, $117 thousand, and $149 thousand of restricted stock and option expense related to director compensation for the years ended December 31, 2024, 2023, and 2022, respectively.