Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 241,606 $ 330,762 $ 29,383
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Investments in portfolio companies (1,152,594) (1,763,755) (669,007)
Proceeds from sales and repayments of debt investments in portfolio companies 608,330 920,828 443,573
Proceeds from sales and return of capital of equity investments in portfolio companies 71,695 133,644 34,439
Net unrealized (appreciation) depreciation (24,816) (135,624) 5,622
Net realized (gain) loss 5,212 (45,336) 116,481
Accretion of unearned income (13,413) (15,619) (11,756)
Payment-in-kind interest (5,352) (7,573) (6,225)
Cumulative dividends (1,770) (1,739) (1,791)
Share-based compensation expense 13,629 10,887 10,828
Amortization of deferred financing costs 2,863 2,998 2,513
Deferred tax (benefit) provision 18,126 27,131 (14,131)
Changes in other assets and liabilities:      
Interest and dividend receivable and other assets (28,186) (5,504) 4,599
Interest payable 1,654 6,268 1,366
Accounts payable and other liabilities 12,254 20,289 (2,846)
Deferred fees and other 3,826 6,970 2,868
Net cash used in operating activities (246,936) (515,373) (54,084)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of common stock, net of offering costs 265,620 98,889 84,381
Dividends paid (194,174) (160,537) (144,462)
Redemption of December 2022 Notes (185,000) 0 0
Proceeds from credit facility 1,032,000 1,100,000 399,000
Repayments on credit facility (745,000) (1,049,000) (430,000)
Debt issuance premiums (costs), net (5,075) (8,166) 729
Purchases of vested stock for employee payroll tax withholding (4,943) (5,303) (1,891)
Net cash provided by financing activities 263,428 516,083 30,757
Net increase (decrease) in cash and cash equivalents 16,492 710 (23,327)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 32,629 31,919 55,246
CASH AND CASH EQUIVALENTS AT END OF PERIOD 49,121 32,629 31,919
Supplemental cash flow disclosures:      
Interest paid 73,635 50,729 45,582
Taxes paid 6,596 2,233 3,136
Operating non-cash activities:      
Right-of-use assets obtained in exchange for operating lease liabilities 5,449 0 0
Non-cash financing activities:      
Value of shares issued pursuant to the DRIP 24,131 16,283 16,234
May 2024 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 0 125,000
July 2026 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 500,000 0
December 2025 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 100,000 0 0
SBIC debentures      
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net unrealized (appreciation) depreciation 0 0 (460)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 80,200 40,000
Repayments of SBIC debentures $ 0 $ (40,000) $ (42,000)