v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Cash flows from operating activities      
Net increase in net assets from operations $ 112,995 $ 70,548 $ 83,389
Adjustments to reconcile net increase in net assets from operations to net cash (used in) provided by operating activities:      
Purchases and originations of investments (683,240) (620,464) (497,486)
Proceeds from sales and repayments of debt investments in portfolio companies 340,048 276,924 191,407
Proceeds from sales and return of capital of equity investments in portfolio companies 39,307 17,987 4,131
Proceeds from return of capital of investment in I-45 SLF LLC 0 0 12,800
Payment of accreted original issue discounts 2,723 2,453 2,163
Payment of accrued payment-in-kind interest 510 975 0
Depreciation and amortization 6,972 5,865 4,304
Net pension benefit (67) (66) (66)
Realized (gain) loss on investments before income tax (14,849) 46,760 39,983
Realized loss on extinguishment of debt 2,154 387 361
Realized loss on disposal of fixed assets 2 20 0
Net unrealized depreciation (appreciation) on investments before income tax 27,978 (6,082) (13,623)
Accretion of discounts on investments (9,557) (6,653) (5,163)
Payment-in-kind interest (14,066) (12,930) (11,234)
Share-based compensation expense 4,977 6,963 4,518
Deferred income taxes (4,273) 4,782 (119)
Changes in other assets and liabilities:      
Increase in dividend and interest receivable (4,435) (8,078) (4,829)
Decrease (increase) in escrow receivables 2,711 (1,903) 272
(Increase) decrease in tax receivable (623) 241 31
Decrease (increase) in other receivables 491 (1,753) 627
Decrease (increase) in other assets 280 (1,380) (706)
(Decrease) increase in taxes payable (2,132) 2,487 126
(Decrease) increase in other liabilities (1,410) 5,659 618
Net cash (used in) provided by operating activities (193,504) (217,258) (188,496)
Cash flows from investing activities      
Acquisition of fixed assets (286) (1,666) (13)
Net cash used in investing activities (286) (1,666) (13)
Cash flows from financing activities      
Proceeds from common stock offering 157,819 178,493 181,453
Borrowings under Credit Facilities 588,000 368,000 305,000
Repayments of Credit Facilities (586,000) (290,000) (275,000)
Debt issuance costs paid (2,271) (1,560) (10,183)
Proceeds from issuance of SBA Debentures 46,831 21,464 32,196
Proceeds from issuance of September 2030 Notes 344,208 0 0
Proceeds from issuance of 2029 Convertible Notes 0 223,100 0
Proceeds from issuance of August 2028 Notes 0 0 69,719
Dividends to shareholders (147,228) (125,267) (102,925)
Common stock withheld for payroll taxes upon vesting of restricted stock (1,120) (2,708) (1,063)
Net cash provided by financing activities 178,364 231,522 199,197
Net (decrease) increase in cash, cash equivalents and restricted cash (15,426) 12,598 10,688
Cash, cash equivalents and restricted cash at beginning of period 44,871 32,273 21,585
Cash, cash equivalents and restricted cash at end of period 29,445 44,871 32,273
Supplemental cash flow disclosures:      
Cash paid for income taxes 12,318 1,443 1,176
Cash paid for interest 63,787 46,586 37,753
Distributions in kind received 0 0 72,481
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows      
Cash and cash equivalents 29,045 43,221 32,273
Restricted cash 400 1,650 0
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows 29,445 44,871 32,273
January 2026 Notes      
Cash flows from financing activities      
Redemption of notes 0 (140,000) 0
October 2026 Notes      
Cash flows from financing activities      
Redemption of notes (150,000) 0 0
August 2028 Notes      
Cash flows from financing activities      
Redemption of notes $ (71,875) $ 0 $ 0