Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 15,110 $ 75,274
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchase of investments (102,046) (47,550)
Principal repayments of investments 48,000 14,060
Net proceeds from the sale and recapitalization of investments 21,690 8,137
Net realized gain on investments (6,754) (395)
Net unrealized depreciation (appreciation) of investments 10,431 (75,018)
Amortization of premiums, discounts, and acquisition costs, net (9) (9)
Amortization of deferred financing costs and discounts 898 908
Bad debt expense, net of recoveries 153 568
Changes in assets and liabilities:    
Decrease in interest receivable 42 259
Decrease (increase) in due from administrative agent 4,164 (656)
(Increase) decrease in other assets, net (617) 242
Increase in accounts payable and accrued expenses 999 913
Increase in interest payable 16 1,311
Increase (decrease) in other liabilities 68 (22)
Net cash used in operating activities (9,445) (6,286)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 467 0
Discounts, commissions, and offering costs for issuance of common stock (6) 0
Proceeds from line of credit 41,500 62,700
Repayments on line of credit (24,900) (76,200)
Proceeds from issuance of notes payable 0 134,550
Redemption of mandatorily redeemable preferred stock 0 (94,371)
Deferred financing and offering costs (277) (3,432)
Distributions paid to common stockholders (18,931) (16,937)
Net cash (used in) provided by financing activities (2,147) 6,310
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS (11,592) 24
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD 14,495 2,398
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD 2,903 2,422
CASH PAID FOR INTEREST 6,739 3,286
Adviser    
Changes in assets and liabilities:    
(Decrease) increase in fee due to related party [1] (1,578) 15,698
Administrator    
Changes in assets and liabilities:    
(Decrease) increase in fee due to related party [1] (12) (6)
Investment, Unaffiliated and Affiliated Issuer, Excluding Other    
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized gain on investments (6,754) (2,393)
Other    
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized gain on investments $ 0 $ 1,998
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
Supplemental disclosures of non-cash operating activities:

•In August 2022, in conjunction with a refinancing at Ginsey Home Solutions, Inc. ("Ginsey"), there was a $5.1 million payment made by Ginsey to extinguish our secured borrowing liability. Refer to Note 3 - Investments and Note 5 - Borrowings for further discussion.