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, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows used in operating activities:      
Net increase in net assets resulting from operations $ 102,081 $ 174,155 $ 227,261
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Purchases of investments (1,465,035) (1,467,129) (761,258)
Realized loss on debt extinguishment 364 4,419 0
Fundings assigned to Adviser Funds 330,164 125,295 0
Net change in unrealized (appreciation) depreciation 85,063 (3,311) (126,226)
Net realized (gain) loss (2,762) (25,295) 56,105
Accretion of paid-in-kind principal (20,455) (11,210) (9,039)
Change in loan income, net of collections 26,687 35,045 16,780
Unearned fees related to unfunded commitments 2,201 (2,034) (291)
Amortization of debt fees and issuance costs 5,562 6,368 5,154
Depreciation and amortization 204 317 415
Stock-based compensation and amortization of restricted stock grants [1] 10,828 10,385 8,473
Change in operating assets and liabilities:      
Interest receivable (14,212) 1,712 1,130
Other assets 406 2,175 802
Accounts payable 0 0 (16)
Accrued liabilities (2,420) 9,508 3,828
Net cash provided by (used in) operating activities (424,799) 128,621 207,802
Cash flows used in investing activities:      
Purchases of capital equipment (114) (106) (137)
Net cash used in investing activities (114) (106) (137)
Cash flows provided by (used in) financing activities:      
Issuance of common stock 232,090 10,829 77,478
Offering expenses (2,431) (209) (298)
Retirement of employee shares, net (4,532) (2,816) (1,837)
Distributions paid (245,124) (175,501) (152,422)
Issuance of debt 1,274,237 1,736,975 824,474
Repayment of debt (931,198) (1,787,043) (827,405)
Debt issuance costs (6,742) (5,632) (1,419)
Fees paid for credit facilities and debentures (1,776) (6,475) (3,610)
Net cash provided by (used in) financing activities 314,524 (229,872) (85,039)
Net increase (decrease) in cash, cash equivalents, and restricted cash (110,389) (101,357) 122,626
Cash, cash equivalents, and restricted cash at beginning of period 136,265 237,622 114,996
Cash, cash equivalents, and restricted cash at end of period 25,876 136,265 237,622
Supplemental disclosures of cash flow information and non-cash investing and financing activities:      
Interest paid 52,075 51,469 58,274
Income Taxes Paid, Net 7,376 3,759 2,458
Distributions reinvested 3,953 4,074 3,339
Debt Investments      
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Proceeds from Disposition of Investment, Operating Activity 530,441 1,183,014 781,240
Discounts - Amortization [Member]      
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Accretion of loan discounts (4,697) (3,842) (4,356)
Convertible Note Discounts - Amortization [Member]      
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Accretion of loan discounts 112 671 671
Exit Fees - Amortization [Member]      
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Accretion of loan discounts (24,532) (23,512) (25,648)
Equity and Warrant Investments [Member]      
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Proceeds from Disposition of Investment, Operating Activity $ 15,201 $ 111,890 $ 32,777
[1] Stock-based compensation includes $149 thousand, $125 thousand, and $106 thousand of restricted stock and option expense related to director compensation for the years ended December 31, 2022, 2021, and 2020, respectively