Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 35,547 $ 102,316 $ 42,454
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:      
Purchase of investments (133,756) (92,738) (95,272)
Principal repayments of investments 52,300 51,398 20,734
Net proceeds from the sale of investments 35,533 50,018 31,047
Net realized gain (loss) (10,753) (12,444) (10,592)
Net unrealized depreciation (appreciation) of investments 12,206 (74,882) (13,924)
Amortization of premiums, discounts, and acquisition costs, net (12) (18) (18)
Amortization of deferred financing costs and discounts 1,802 1,803 1,750
Bad debt expense, net of recoveries 362 792 88
Changes in assets and liabilities:      
Decrease (increase) in interest receivable 4 (131) 16
Decrease (increase) in due from administrative agent 2,507 (5,242) (393)
(Increase) decrease in other assets, net (446) 209 (19)
(Decrease) increase in accounts payable and accrued expenses (13) 236 (521)
Increase (decrease) in interest payable 119 1,599 453
Increase (decrease) in other liabilities 442 45 (13,972)
Net cash (used in) provided by operating activities (4,504) 36,599 (29,732)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock 5,492 0 1,772
Discounts, commissions, and offering costs for issuance of common stock (77) 0 (31)
Proceeds from line of credit 102,500 111,700 125,900
Repayments on line of credit (67,300) (134,100) (152,700)
Proceeds from issuance of notes payable 0 134,550 127,938
Proceeds from issuance of mandatorily redeemable preferred stock 0 0 19,276
Redemption of mandatorily redeemable preferred stock 0 (94,371) (57,500)
Deferred financing and offering costs (308) (3,431) (5,727)
Distributions paid to common stockholders (47,050) (38,850) (30,858)
Net cash (used in) provided by financing activities (6,743) (24,502) 28,070
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS (11,247) 12,097 (1,662)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 14,495 2,398 4,060
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR 3,248 14,495 2,398
CASH PAID FOR INTEREST 14,103 9,837 3,169
Adviser      
Changes in assets and liabilities:      
Increase (decrease) in fees due to related party [1] (435) 13,588 8,442
Administrator      
Changes in assets and liabilities:      
Increase (decrease) in fees due to related party [1] 89 50 (5)
Investment, Unaffiliated and Affiliated Issuer, Excluding Other      
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:      
Net realized gain (loss) (10,753) (14,442) (11,374)
Net unrealized depreciation (appreciation) of investments 12,235 (74,882) (13,924)
Other      
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:      
Net realized gain (loss) 0 1,998 782
Net unrealized depreciation (appreciation) of investments $ (29) $ 0 $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.