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
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 217,306 $ 39,548
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (1,291,627) (1,097,812)
Fundings assigned to Adviser Funds 294,468 247,848
Principal and fee repayments received and proceeds from the sale of debt investments 685,103 378,109
Proceeds from the sale of equity and warrant investments 34,877 14,303
Net change in unrealized (appreciation) depreciation 6,277 87,147
Net realized (gain) loss (5,590) (4,461)
Accretion of paid-in-kind principal (17,999) (14,888)
Accretion of loan discounts (5,344) (2,996)
Accretion of loan discount on convertible notes 0 112
Accretion of loan exit fees (14,140) (18,398)
Change in loan income, net of collections 15,349 19,412
Unearned fees related to unfunded commitments (279) 3,378
Realized loss on extinguishment of debt 0 364
Amortization of debt fees and issuance costs 5,227 4,051
Depreciation and amortization 167 160
Stock-based compensation and amortization of restricted stock grants [1] 8,858 8,333
Change in operating assets and liabilities:    
Interest receivable (366) (8,039)
Other assets 6,533 (1,196)
Accrued liabilities (1,419) (14,856)
Net cash provided by (used in) operating activities (62,599) (359,881)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (390) (86)
Net cash provided by (used in) investing activities (390) (86)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 243,609 192,011
Offering expenses (5,299) (2,053)
Retirement of employee shares, net (12,125) (4,738)
Distributions paid (201,751) (178,930)
Issuance of debt 533,000 1,169,237
Repayment of debt (478,000) (878,198)
Debt issuance costs 0 (6,581)
Fees paid for credit facilities and debentures (5,090) (1,635)
Net cash provided by (used in) financing activities 74,344 289,113
Net increase (decrease) in cash, cash equivalents, and restricted cash 11,355 (70,854)
Cash, cash equivalents, and restricted cash at beginning of period 25,876 136,265
Cash, cash equivalents, and restricted cash at end of period 37,231 65,411
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 57,410 44,382
Income tax, including excise tax, paid 5,205 7,341
Distributions reinvested $ 2,936 $ 2,895
[1] Stock-based compensation includes $81 thousand and $113 thousand of restricted stock and option expense related to director compensation for the nine months ended September 30, 2023 and 2022, respectively.