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
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 66,209 $ 45,588 $ 73,636
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Investments in portfolio companies (236,404) (217,226) (546,882)
Proceeds from sales and repayments of debt investments in portfolio companies 223,154 247,455 312,806
Proceeds from sales and return of capital of equity investments in portfolio companies 15,595 0 0
Net unrealized (appreciation) depreciation (46,319) 1,702 (25,095)
Net realized loss on portfolio investments 34,010 3,936 498
Realized loss on extinguishment of debt 0 0 2,430
Amortization of deferred financing costs 2,053 1,463 1,277
Amortization of deferred offering costs 129 276 230
Accretion of unearned income (7,833) (5,054) (5,139)
Payment-in-kind interest (5,023) (4,057) (5,361)
Cumulative dividends (172) (669) 0
Deferred tax provision 2,897 362 0
Changes in other assets and liabilities:      
Interest and dividend receivable 116 1,074 (4,688)
Prepaid and other assets 329 (361) 380
Management and incentive fees payable 1,703 1,853 1,137
Interest payable 823 2,350 2,807
Accounts payable and other liabilities (1,037) (2,016) 816
Net cash provided by (used in) operating activities 50,230 76,676 (191,148)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 8,500 750 674
Redemption of common stock (24,427) (15,984) (10,065)
Payment of offering costs (129) (276) (230)
Dividends paid (36,438) (33,018) (18,725)
Proceeds from Credit Facilities 150,000 115,000 489,688
Repayments on Credit Facilities (136,000) (220,000) (364,816)
Proceeds from Series A Notes due 2026 0 72,500 77,500
Proceeds from Main Street Term Loan 0 0 60,000
Repayments of Main Street Term Loan 0 0 (60,000)
Payment of deferred financing costs (2,262) (149) (6,131)
Net cash provided by (used in) financing activities (40,756) (81,177) 167,895
Net increase (decrease) in cash and cash equivalents 9,474 (4,501) (23,253)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 21,312 25,813 49,066
CASH AND CASH EQUIVALENTS AT END OF PERIOD 30,786 21,312 25,813
Supplemental cash flow disclosures:      
Interest paid 33,594 20,610 10,385
Taxes paid 2,003 2,469 1,324
Non-cash financing activities:      
Dividends declared and unpaid 14,019 12,816 11,974
Value of shares issued pursuant to the DRIP $ 18,417 $ 17,750 $ 11,160