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
 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 30,889 $ 85,620
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:    
Purchase of investments (133,506) (84,550)
Principal repayments of investments 50,300 46,898
Net proceeds from the sale and recapitalization of investments 35,533 50,018
Net realized gain on investments (10,598) (22,444)
Net unrealized depreciation (appreciation) of investments 7,065 (54,916)
Amortization of premiums, discounts, and acquisition costs, net (12) (14)
Amortization of deferred financing costs and discounts 1,350 1,355
Bad debt expense, net of recoveries 202 698
Changes in assets and liabilities:    
(Increase) decrease in interest receivable (1,036) 156
Decrease (increase) in due from administrative agent 4,585 (643)
(Increase) decrease in other assets, net (597) 378
Increase in accounts payable and accrued expenses 964 782
Increase in interest payable 106 1,672
Increase (decrease) in other liabilities 593 435
Net cash (used in) provided by operating activities (13,405) 39,293
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 3,463 0
Discounts, commissions, and offering costs for issuance of common stock (48) 0
Proceeds from line of credit 82,900 111,700
Repayments on line of credit (53,300) (134,100)
Proceeds from issuance of notes payable 0 134,550
Redemption of mandatorily redeemable preferred stock 0 (94,371)
Deferred financing and offering costs (315) (3,431)
Distributions paid to common stockholders (30,943) (27,395)
Net cash provided by (used in) financing activities 1,757 (13,047)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS (11,648) 26,246
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 2,847 28,644
CASH PAID FOR INTEREST 10,329 6,437
Adviser    
Changes in assets and liabilities:    
(Decrease) increase in fee due to related party [1] 820 13,887
Administrator    
Changes in assets and liabilities:    
(Decrease) increase in fee due to related party [1] (63) (39)
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 on investments (10,598) (24,442)
Other    
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by 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.