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
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows provided by (used in) operating activities:    
Net Income (Loss) $ 189,339 $ (13,654)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (834,759) (790,706)
Fundings assigned to Adviser Funds 199,866 189,806
Net change in unrealized (appreciation) depreciation (39,963) 85,058
Net realized (gain) loss (8,177) 828
Accretion of paid-in-kind principal (11,347) (9,943)
Change in loan income, net of collections 12,421 7,119
Unearned fees related to unfunded commitments (68) 1,819
Realized loss on debt extinguishment 0 364
Amortization of debt fees and issuance costs 3,474 2,570
Depreciation and amortization 108 110
Stock-based compensation and amortization of restricted stock grants (1) [1] 5,851 5,838
Change in operating assets and liabilities:    
Interest receivable (393) (4,768)
Other assets 7,546 482
Accrued liabilities (2,574) (12,630)
Net cash provided by (used in) operating activities 52,766 (306,707)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (379) (74)
Net cash provided by (used in) investing activities (379) (74)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 132,329 148,721
Offering expenses (1,581) (1,617)
Retirement of employee shares, net (11,613) (4,166)
Distributions paid (130,274) (115,929)
Issuance of debt 380,000 1,124,237
Repayment of debt (368,000) (854,374)
Debt issuance costs 0 (6,076)
Fees paid for credit facilities and debentures (5,090) (1,600)
Net cash provided by (used in) financing activities (4,229) 289,196
Net increase (decrease) in cash, cash equivalents, and restricted cash 48,158 (17,585)
Cash, cash equivalents, and restricted cash at beginning of period 25,876 136,265
Cash, cash equivalents, and restricted cash at end of period 74,034 118,680
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 33,664 22,642
Income tax, including excise tax, paid 5,151 7,281
Distributions reinvested 1,879 1,946
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 and proceeds from the sale of debt investments 30,074 7,749
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 and proceeds from the sale of debt investments 516,535 237,178
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 (3,211) (1,982)
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 $ (11,956) $ (12,057)
[1] Stock-based compensation includes $50 thousand and $76 thousand of restricted stock and option expense related to director compensation for the six months ended June 30, 2023 and 2022, respectively.