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 $ 428,447 $ 241,606 $ 330,762
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Investments in portfolio companies (866,997) (1,152,594) (1,763,755)
Proceeds from sales and repayments of debt investments in portfolio companies 782,433 608,330 920,828
Proceeds from sales and return of capital of equity investments in portfolio companies 43,581 71,695 133,644
Net unrealized appreciation (232,577) (24,816) (135,624)
Net realized (gain) loss 120,507 5,212 (45,336)
Accretion of unearned income (19,366) (13,413) (15,619)
Payment-in-kind interest (10,997) (5,352) (7,573)
Cumulative dividends (1,344) (1,770) (1,739)
Share-based compensation expense 16,520 13,629 10,887
Amortization of deferred financing costs 3,331 2,863 2,998
Deferred tax provision 16,009 18,126 27,131
Changes in other assets and liabilities:      
Interest and dividend receivable and other assets (8,530) (28,186) (5,504)
Interest payable 445 1,654 6,268
Accounts payable and other liabilities 10,062 12,254 20,289
Deferred fees and other 3,798 3,826 6,970
Net cash provided by (used in) operating activities 285,322 (246,936) (515,373)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of common stock, net of offering costs 203,683 265,620 98,889
Dividends paid (271,599) (194,174) (160,537)
Redemption of December 2022 Notes 0 (185,000) 0
Proceeds from credit facilities 460,000 1,032,000 1,100,000
Repayments on credit facilities (707,000) (745,000) (1,049,000)
Debt issuance costs, net (3,494) (5,075) (8,166)
Purchases of vested stock for employee payroll tax withholding (5,950) (4,943) (5,303)
Net cash provided by (used in) financing activities (274,360) 263,428 516,083
Net increase in cash and cash equivalents 10,962 16,492 710
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 49,121 32,629 31,919
CASH AND CASH EQUIVALENTS AT END OF PERIOD 60,083 49,121 32,629
Supplemental cash flow disclosures:      
Interest paid 98,656 73,635 50,729
Taxes paid 8,444 6,596 2,233
Operating non-cash activities:      
Right-of-use assets obtained in exchange for operating lease liabilities 0 5,449 0
Non-cash financing activities:      
Value of shares issued pursuant to the DRIP 30,719 24,131 16,283
July 2026 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 0 500,000
December 2025 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 50,000 100,000 0
SBIC Debentures      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 16,000 0 80,200
Repayments of SBIC debentures $ (16,000) $ 0 $ (40,000)