Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 50,337 $ 90,964
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (415,033) [1] (605,239)
Fundings assigned to Adviser Funds 0 [1] 113,379
Principal and fee repayments received and proceeds from the sale of debt investments 144,483 174,100
Proceeds from the sale of equity and warrant investments 329 12,026
Net change in unrealized (appreciation) depreciation 25,565 (3,634)
Net realized (gain) loss 1,541 (8,168)
Accretion of paid-in-kind interest (13,473) (9,897)
Accretion of loan discounts (1,109) (901)
Accretion of loan discounts on convertible notes 68 0
Loss on extinguishment of debt 15 0
Accretion of loan exit fees (7,436) (6,736)
Change in loan income, net of collections 4,365 4,529
Unearned fees related to unfunded commitments 1,102 841
Amortization of debt fees and issuance costs 1,842 1,759
Depreciation and amortization 89 186
Stock-based compensation and amortization of restricted stock grants [2] 3,637 2,812
Change in operating assets and liabilities:    
Interest receivable (1,215) (2,743)
Other assets 2,041 (2,915)
Accrued liabilities (19,345) (1,254)
Net cash (used in) operating activities (222,197) (240,891)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (8) (292)
Net cash (used in) investing activities (8) (292)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 40,160 67,275
Offering expenses (743) (867)
Retirement of employee shares, net (3,469) (2,701)
Distributions paid (78,873) (74,251)
Issuance of debt 569,188 403,000
Repayment of debt (360,812) (207,000)
Debt issuance costs (4,927) 0
Fees paid for credit facilities (419) 0
Net cash provided by financing activities 160,105 185,456
Net increase (decrease) in cash, cash equivalents, foreign cash and restricted cash (62,100) (55,727)
Cash, cash equivalents, foreign cash and restricted cash at beginning of period 116,421 116,013
Cash, cash equivalents, foreign cash and restricted cash at end of period 54,321 60,286
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 25,580 24,084
Income tax, including excise tax, paid 6,033 4,902
Distributions reinvested $ 2,511 $ 1,780
[1] Excluded from the amounts presented are certain investment funding allocations of $124.1 million, which were directly funded by the Adviser Funds (as defined in "Note 1 – Description of Business") during the three month period ended March 31, 2025. Refer to Note 12 – Related Party Transaction for additional information.
[2] Stock-based compensation includes $35 thousand and $35 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2025 and 2024, respectively.