Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 62,721 $ 30,889
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:    
Purchase of investments (182,988) (133,506)
Principal repayments of investments 27,500 50,300
Net proceeds from the sale and recapitalization of investments 52,228 35,533
Net realized gain on investments (44,905) (10,598)
Net unrealized (appreciation) depreciation of investments and other (1,362) 7,065
Amortization of premiums, discounts, and acquisition costs, net 0 (12)
Amortization of deferred financing costs and discounts 1,708 1,350
Bad debt (recoveries) expense, net (54) 202
Changes in assets and liabilities:    
Increase in interest receivable (3,537) (1,036)
Decrease in due from administrative agent 1,748 4,585
Decrease (increase) in other assets, net 99 (597)
Increase in accounts payable and accrued expenses 810 964
Increase in interest payable 1,236 106
Increase in other liabilities 496 593
Net cash used in operating activities (75,717) (13,405)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 25,251 3,463
Discounts, commissions, and offering costs for issuance of common stock (297) (48)
Proceeds from line of credit 231,900 82,900
Repayments on line of credit (184,500) (53,300)
Proceeds from issuance of notes payable 74,750 0
Deferred financing and offering costs (3,671) (315)
Distributions paid to common stockholders (67,379) (30,943)
Net cash provided by financing activities 76,054 1,757
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS 337 (11,648)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD 3,248 14,495
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD 3,585 2,847
CASH PAID FOR INTEREST 15,585 10,329
Adviser    
Changes in assets and liabilities:    
Increase (Decrease) in fee due to related party [1] 8,724 820
Administrator    
Changes in assets and liabilities:    
Increase (Decrease) in fee due to related party [1] (141) (63)
Investment, Unaffiliated and Affiliated Issuer, Excluding Other    
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:    
Net realized gain on investments (44,905) (10,598)
Net unrealized (appreciation) depreciation of investments and other (1,391) 7,065
Net unrealized appreciation of other    
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:    
Net unrealized (appreciation) depreciation of investments and other $ 29 $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.