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

Consolidated Statements of Cash Flows

v3.25.0.1
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 $ 508,080 $ 428,447 $ 241,606
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Investments in portfolio companies (1,576,398) (866,997) (1,152,594)
Proceeds from sales and repayments of debt investments in portfolio companies 1,014,088 782,433 608,330
Proceeds from sales and return of capital of equity investments in portfolio companies 143,396 43,581 71,695
Net unrealized appreciation (137,656) (232,577) (24,816)
Net realized (gain) loss (45,998) 120,507 5,212
Accretion of unearned income (22,040) (19,366) (13,413)
Payment-in-kind interest (22,761) (10,997) (5,352)
Cumulative dividends (2,506) (1,344) (1,770)
Share-based compensation expense 18,793 16,520 13,629
Amortization of deferred financing costs 5,157 3,331 2,863
Deferred tax provision 22,253 16,009 18,126
Changes in other assets and liabilities:      
Interest and dividend receivable and other assets (11,177) (8,530) (28,186)
Interest payable 6,265 445 1,654
Accounts payable and other liabilities 8,306 10,062 12,254
Deferred fees and other 5,080 3,798 3,826
Net cash provided by (used in) operating activities (87,118) 285,322 (246,936)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of common stock, net of offering costs 122,635 203,683 265,620
Dividends paid (320,427) (271,599) (194,174)
Proceeds from credit facilities 1,920,000 460,000 1,032,000
Repayments on credit facilities (1,896,000) (707,000) (745,000)
Debt issuance costs, net (13,587) (3,494) (5,075)
Purchases of vested stock for employee payroll tax withholding (7,335) (5,950) (4,943)
Net cash provided by (used in) financing activities 105,286 (274,360) 263,428
Net increase in cash and cash equivalents 18,168 10,962 16,492
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 60,083 49,121 32,629
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 78,251 60,083 49,121
Supplemental cash flow disclosures:      
Interest paid 113,486 98,656 73,635
Taxes paid 8,264 8,444 6,596
Operating non-cash activities:      
Right-of-use assets obtained in exchange for operating lease liabilities 379 0 5,449
Non-cash financing activities:      
Value of shares issued pursuant to the DRIP 35,701 30,719 24,131
June 2027 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 400,000 0 0
March 2029 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 350,000 0 0
December 2025 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 0 50,000 100,000
SBIC Debentures      
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt 63,800 16,000 0
Repayments of SBIC debentures (63,800) (16,000) 0
May 2024 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Redemption of Notes (450,000) 0 0
December 2022 Notes      
CASH FLOWS FROM FINANCING ACTIVITIES      
Redemption of Notes $ 0 $ 0 $ (185,000)