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

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 65,319 $ 85,305 $ 35,547
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Purchase of investments (221,217) (183,924) (133,756)
Principal repayments of investments 123,600 28,000 52,300
Net proceeds from the sale and recapitalization of investments 76,025 52,228 35,533
Net realized gain on investments (63,184) (30,256) (10,753)
Net unrealized (appreciation) depreciation of investments and other 25,960 (33,272) 12,206
Amortization of premiums, discounts, and acquisition costs, net 0 0 (12)
Amortization of deferred financing costs and discounts 2,852 2,305 1,802
Bad debt expense, net of recoveries 1,601 1 362
Changes in assets and liabilities:      
Decrease (increase) in interest receivable 761 (4,589) 4
Decrease in due from administrative agent 536 472 2,507
Increase in other assets, net (436) (181) (446)
Increase (decrease) in accounts payable and accrued expenses 559 (54) (13)
Increase in interest payable 1,414 1,156 119
Increase in other liabilities 98 485 442
Net cash provided by (used in) operating activities 16,308 (69,938) (4,504)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock 2,029 44,508 5,492
Discounts, commissions, and offering costs for issuance of common stock (24) (609) (77)
Proceeds from line of credit 214,100 242,300 102,500
Repayments on line of credit (281,100) (210,500) (67,300)
Proceeds from issuance of notes payable 126,500 74,750 0
Deferred financing and offering costs (4,928) (4,478) (308)
Distributions paid to common stockholders (60,951) (76,061) (47,050)
Net cash (used in) provided by financing activities (4,374) 69,910 (6,743)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS 11,934 (28) (11,247)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 3,220 3,248 14,495
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR 15,154 3,220 3,248
CASH PAID FOR INTEREST 25,431 21,978 14,103
Adviser      
Changes in assets and liabilities:      
Increase (decrease) in fees due to related party [1] 2,380 12,375 (435)
Administrator      
Changes in assets and liabilities:      
Increase (decrease) in fees due to related party [1] 40 11 89
Investment, Unaffiliated and Affiliated Issuer, Excluding Other      
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net realized gain on investments (63,184) (30,256) (10,753)
Net unrealized (appreciation) depreciation of investments and other 25,960 (33,301) 12,235
Other      
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net unrealized (appreciation) depreciation of investments and other $ 0 $ 29 $ (29)
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.