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, 2024
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 85,305 $ 35,547 $ 102,316
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:      
Purchase of investments (183,924) (133,756) (92,738)
Principal repayments of investments 28,000 52,300 51,398
Net proceeds from the sale and recapitalization of investments 52,228 35,533 50,018
Net realized gain (loss) (30,256) (10,753) (12,444)
Net unrealized (appreciation) depreciation of investments and other (33,272) 12,206 (74,882)
Amortization of premiums, discounts, and acquisition costs, net 0 (12) (18)
Amortization of deferred financing costs and discounts 2,305 1,802 1,803
Bad debt expense, net of recoveries 1 362 792
Changes in assets and liabilities:      
(Increase) decrease in interest receivable (4,589) 4 (131)
Decrease (increase) in due from administrative agent 472 2,507 (5,242)
(Increase) decrease in other assets, net (181) (446) 209
(Decrease) increase in accounts payable and accrued expenses (54) (13) 236
Increase in interest payable 1,156 119 1,599
Increase in other liabilities 485 442 45
Net cash (used in) provided by operating activities (69,938) (4,504) 36,599
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock 44,508 5,492 0
Discounts, commissions, and offering costs for issuance of common stock (609) (77) 0
Proceeds from line of credit 242,300 102,500 111,700
Repayments on line of credit (210,500) (67,300) (134,100)
Proceeds from issuance of notes payable 74,750 0 134,550
Redemption of mandatorily redeemable preferred stock 0 0 (94,371)
Deferred financing and offering costs (4,478) (308) (3,431)
Distributions paid to common stockholders (76,061) (47,050) (38,850)
Net cash provided by (used in) by financing activities 69,910 (6,743) (24,502)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS (28) (11,247) 12,097
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 3,248 14,495 2,398
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR 3,220 3,248 14,495
CASH PAID FOR INTEREST 21,978 14,103 9,837
Adviser      
Changes in assets and liabilities:      
Increase (decrease) in fees due to related party [1] 12,375 (435) 13,588
Administrator      
Changes in assets and liabilities:      
Increase (decrease) in fees due to related party [1] 11 89 50
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) (30,256) (10,753) (14,442)
Net unrealized (appreciation) depreciation of investments and other (33,301) 12,235 (74,882)
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 0 1,998
Net unrealized (appreciation) depreciation of investments and other $ 29 $ (29) $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.