Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 36,481 $ 8,956
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Purchase of investments (133,878) (20,098)
Principal repayments of investments 5,806 28,000
Net proceeds from the sale and recapitalization of investments 0 48,546
Net realized loss (gain) on investments 29,938 (42,305)
Net unrealized (appreciation) depreciation of investments and other (53,052) 53,054
Amortization of deferred financing costs and discounts 1,820 1,260
Bad debt expense, net of recoveries (247) 1,045
Changes in assets and liabilities:    
Increase in interest receivable (605) (109)
Decrease (increase) in other assets, net 477 (290)
(Decrease) increase in accounts payable and accrued expenses (408) 1,040
Increase (decrease) in interest payable 388 (224)
Decrease in other liabilities (31) (110)
Net cash (used in) provided by operating activities (110,839) 75,484
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 38,893 0
Discounts, commissions, and offering costs for issuance of common stock (458) 0
Proceeds from line of credit 153,300 47,800
Repayments on line of credit (55,600) (105,900)
Deferred financing and offering costs (136) (320)
Distributions paid to common stockholders (38,077) (17,610)
Net cash provided by (used in) financing activities 97,922 (76,030)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (12,917) (546)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 15,154 3,220
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 2,237 2,674
CASH PAID FOR INTEREST 16,822 12,442
NON-CASH FINANCING ACTIVITY:    
Distributions payable 0 25,682
Administrator    
Changes in assets and liabilities:    
Decrease in due from administrative agent 509 871
Increase (decrease) in fee due to related party [1] (240) (161)
Adviser    
Changes in assets and liabilities:    
Increase (decrease) in fee due to related party [1] 2,203 (3,991)
Investment, Unaffiliated and Affiliated Issuer, Excluding Other    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Net realized loss (gain) on investments 29,938 (42,305)
Net unrealized (appreciation) depreciation of investments and other (53,405) 53,054
Other    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Net unrealized (appreciation) depreciation of investments and other $ 353 $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
Supplemental disclosures of non-cash operating activities:
•In September 2025, we restructured our existing first lien term loans and line of credit to J.R. Hobbs Co. – Atlanta, LLC with an aggregate total cost basis of $49.9 million into a new $20.0 million first lien term loan, which resulted in a realized loss of $29.9 million.