Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 56,553 $ 66,209 $ 45,588
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Investments in portfolio companies (325,053) (236,404) (217,226)
Proceeds from sales and repayments of debt investments in portfolio companies 217,454 223,154 247,455
Proceeds from sales and return of capital of equity investments in portfolio companies 41,516 15,595 0
Net unrealized (appreciation) depreciation 15,439 (46,319) 1,702
Net realized (gain) loss on portfolio investments (15,776) 34,010 3,936
Amortization of deferred financing costs 2,579 2,053 1,463
Amortization of deferred offering costs 0 129 276
Accretion of unearned income (7,669) (7,833) (5,054)
Payment-in-kind interest (7,977) (5,023) (4,057)
Cumulative dividends (265) (172) (669)
Deferred taxes (3,883) 2,897 362
Changes in other assets and liabilities:      
Interest and dividend receivable (3,846) 116 1,074
Prepaid and other assets (2,022) 329 (361)
Management and incentive fees payable (237) 1,703 1,853
Interest payable 643 823 2,350
Accounts payable and other liabilities 4,468 (1,037) (2,016)
Net cash provided by (used in) operating activities (28,076) 50,230 76,676
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 6,996 8,500 750
Redemption of common stock (20,724) (24,427) (15,984)
Payment of offering costs 0 (129) (276)
Dividends paid (39,756) (36,438) (33,018)
Proceeds from Credit Facilities 281,000 150,000 115,000
Repayments on Credit Facilities (201,000) (136,000) (220,000)
Proceeds from Series A Notes due 2026 0 0 72,500
Payment of deferred financing costs (851) (2,262) (149)
Net cash provided by (used in) financing activities 25,665 (40,756) (81,177)
Net increase (decrease) in cash and cash equivalents (2,411) 9,474 (4,501)
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 30,786 21,312 25,813
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 28,375 30,786 21,312
Supplemental cash flow disclosures:      
Interest paid 35,813 33,594 20,610
Taxes paid 709 2,003 2,469
Non-cash financing activities:      
Dividends declared and unpaid 14,487 14,019 12,816
Value of shares issued pursuant to the DRIP $ 17,983 $ 18,417 $ 17,750