Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 90,964 $ 94,564
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (605,239) (476,162)
Fundings assigned to Adviser Funds 113,379 120,846
Principal and fee repayments received and proceeds from the sale of debt investments 174,100 207,466
Proceeds from the sale of equity and warrant investments 12,026 14,972
Net change in unrealized (appreciation) depreciation (3,634) (21,105)
Net realized (gain) loss (8,168) (7,960)
Accretion of paid-in-kind interest (9,897) (5,528)
Accretion of loan discounts (901) (1,636)
Accretion of loan exit fees (6,736) (5,924)
Change in loan income, net of collections 4,529 5,995
Unearned fees related to unfunded commitments 841 (110)
Amortization of debt fees and issuance costs 1,759 1,723
Depreciation and amortization 186 44
Stock-based compensation and amortization of restricted stock grants [1] 2,812 2,853
Change in operating assets and liabilities:    
Interest receivable (2,743) 201
Other assets (2,915) 3,565
Accrued liabilities (1,254) (14,678)
Net cash (used in) operating activities (240,891) (80,874)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (292) (94)
Net cash (used in) investing activities (292) (94)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 67,275 66,172
Offering expenses (867) (830)
Retirement of employee shares, net (2,701) (1,378)
Distributions paid (74,251) (63,834)
Issuance of debt 403,000 225,000
Repayment of debt (207,000) (86,000)
Fees paid for credit facilities and debentures 0 (5,090)
Net cash provided by financing activities 185,456 134,040
Net increase (decrease) in cash, cash equivalents, and restricted cash (55,727) 53,072
Cash, cash equivalents, and restricted cash at beginning of period 116,013 25,876
Cash, cash equivalents, and restricted cash at end of period 60,286 78,948
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 24,084 23,840
Income tax, including excise tax, paid 4,902 4,763
Distributions reinvested $ 1,780 $ 940
[1] Stock-based compensation includes $35 thousand and $20 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2024 and 2023, respectively.