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
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 94,564 $ (3,336)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (476,162) (351,601)
Fundings assigned to Adviser Funds 120,846 61,081
Net change in unrealized (appreciation) depreciation (21,105) 36,742
Net realized (gain) loss (7,960) (1,305)
Accretion of paid-in-kind principal (5,528) (4,976)
Change in loan income, net of collections 5,995 3,535
Unearned fees related to unfunded commitments (110) 1,037
Realized loss on extinguishment of debt 0 3,686
Amortization of debt fees and issuance costs 1,723 1,371
Depreciation and amortization 44 54
Stock-based compensation and amortization of restricted stock grants (1) [1] 2,853 3,117
Change in operating assets and liabilities:    
Interest receivable 201 (2,289)
Other assets 3,565 (13,229)
Accrued liabilities (14,678) (21,067)
Net cash provided by (used in) operating activities (80,874) (188,622)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (94) (50)
Net cash provided by (used in) investing activities (94) (50)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 66,172 86,184
Offering expenses (830) (935)
Retirement of employee shares, net (1,378) (3,272)
Distributions paid (63,834) (56,857)
Issuance of debt 225,000 535,500
Repayment of debt (86,000) (441,000)
Debt issuance costs 0 (4,140)
Fees paid for credit facilities and debentures (5,090) (616)
Net cash provided by (used in) financing activities 134,040 114,864
Net increase (decrease) in cash, cash equivalents, and restricted cash 53,072 (73,808)
Cash, cash equivalents, and restricted cash at beginning of period 25,876 136,265
Cash, cash equivalents, and restricted cash at end of period 78,948 62,457
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 23,840 19,010
Income tax, including excise tax, paid 4,763 7,119
Distributions reinvested 940 1,025
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:    
Principal and fee repayments received on debt investments 14,972 8,816
Debt Investment [Member]    
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Principal and fee repayments received on debt investments 207,466 96,311
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 0 112
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 (1,636) (972)
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 $ (5,924) $ (5,709)
[1] Stock-based compensation includes $20 thousand and $40 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2023 and 2022, respectively.