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, 2026
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 184,753 $ 65,319 $ 85,305
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:      
Purchase of investments (173,616) (221,217) (183,924)
Principal repayments of investments 29,896 123,600 28,000
Net proceeds from the sale and recapitalization of investments 3,644 76,025 52,228
Net realized loss (gain) on investments and other 27,595 (63,184) (30,256)
Net unrealized (appreciation) depreciation of investments and other (216,100) 25,960 (33,272)
Amortization of deferred financing costs and discounts 3,881 2,852 2,305
Bad debt expense, net of recoveries (202) 1,601 1
Changes in assets and liabilities:      
(Increase) decrease in interest receivable (1,305) 761 (4,589)
Decrease (increase) in other assets, net 559 (436) (181)
(Decrease) increase in accounts payable and accrued expenses (44) 559 (54)
Increase in interest payable 1,509 1,414 1,156
Increase in other liabilities 367 98 485
Net cash (used in) provided by operating activities (101,608) 16,308 (69,938)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock, net of discounts, commissions and offering costs 41,637 2,005 43,899
Proceeds from line of credit 295,400 214,100 242,300
Repayments on line of credit (271,500) (281,100) (210,500)
Deferred financing costs from line of credit (333) (763) (1,906)
Repayment of notes payable (74,750) 0 0
Proceeds from issuance of notes payable, net of deferred offering costs 155,547 122,335 72,178
Distributions paid to common stockholders (57,162) (60,951) (76,061)
Net cash provided by (used in) financing activities 88,839 (4,374) 69,910
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (12,769) 11,934 (28)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 15,154 3,220 3,248
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR 2,385 15,154 3,220
CASH PAID FOR INTEREST 33,769 25,431 21,978
Administrator      
Changes in assets and liabilities:      
Decrease in due from administrative agent 856 536 472
Increase (decrease) in fees due to related party [1] 13 40 11
Adviser      
Changes in assets and liabilities:      
Increase (decrease) in fees due to related party [1] 36,586 2,380 12,375
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 loss (gain) on investments and other 26,294 (63,184) (30,256)
Net unrealized (appreciation) depreciation of investments and other (216,146) 25,960 (33,301)
Other      
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:      
Net realized loss (gain) on investments and other 1,301 0 0
Net unrealized (appreciation) depreciation of investments and other $ 46 $ 0 $ 29
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.