Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 32,164 $ 28,717
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Investments in portfolio companies (206,881) (183,263)
Proceeds from sales and repayments of debt investments in portfolio companies 129,999 122,437
Proceeds from sales and return of capital of equity investments in portfolio companies 17,051 8,738
Net unrealized appreciation (14,879) (5,093)
Net realized loss 16,287 1,570
Amortization of deferred financing costs 532 1,551
Accretion of unearned income (3,672) (3,908)
Payment-in-kind interest (3,798) (2,862)
Cumulative dividends (600) (51)
Deferred taxes (217) 2,840
Changes in other assets and liabilities:    
Interest and dividend receivable (1,205) (4)
Prepaid and other assets 1,092 (11,567)
Management and incentive fees payable (170) 25
Interest payable (1,047) 554
Accounts payable and other liabilities (4,219) 482
Net cash used in operating activities (39,563) (39,834)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from public offering of common stock, net of underwriting and offering costs 90,532 5,000
Redemption of common stock (146) (12,729)
Dividends paid (22,178) (19,713)
Proceeds from Credit Facilities 214,000 191,000
Repayments on Credit Facilities (240,688) (125,000)
Payment of deferred financing costs (1,994) (26)
Net cash provided by financing activities 39,526 38,532
Net decrease in cash and cash equivalents (37) (1,302)
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 28,375 30,786
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 28,338 29,484
Supplemental cash flow disclosures:    
Interest paid 17,436 16,990
Taxes paid 5,292 438
Non-cash financing activities:    
Dividends declared and unpaid 16,974 14,425
Value of shares issued pursuant to the dividend reinvestment plan $ 9,175 $ 9,125