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Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023
Cash flows from operating activities: |  |  |
Net increase (decrease) in net assets resulting from operations | $ 53,579 | $ 5,623 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
Net change in unrealized appreciation (depreciation) on investments | (13,914) | 20,936 |
Net change in unrealized (appreciation) depreciation on debt | 23 | (909) |
Net realized (gain) loss on investments | (921) | 7,455 |
Net accretion of discount and amortization of premium | (2,074) | (2,612) |
Purchases of investments | (640,899) | (151,024) |
Payment-in-kind interest | (1,624) | (193) |
Proceeds from dispositions of investments | 248,718 | 125,646 |
Amortization of deferred financing costs | 761 | 704 |
(Increase) decrease in: |  |  |
Interest receivable | (1,465) | (1,282) |
Distribution receivable | (12) | (635) |
Receivable for investments sold | 0 | 3,441 |
Prepaid expenses and other assets | 894 | (43) |
Due from affiliate | (240) | 0 |
Increase (decrease) in: |  |  |
Payable for investments purchased | (988) | 13,289 |
Interest payable on debt | 2,689 | 488 |
Base management fee payable | 665 | (154) |
Incentive fee payable | 139 | 1,022 |
Deferred tax liability | (230) | (2,928) |
Due to affiliates | (462) | (3,120) |
Account payable and accrued expenses | 811 | (395) |
Net cash provided by (used in) operating activities | (354,550) | 15,309 |
Cash flows from financing activities: |  |  |
Proceeds from public offering | 51,391 | 49,154 |
Offering costs | (986) | (265) |
Capitalized borrowing costs | (3,241) | 0 |
Distributions paid to stockholders | (36,418) | (26,280) |
Borrowings under Credit Facility | 331,455 | 30,000 |
Repayments under Credit Facility | (172,000) | (48,000) |
Net cash provided by (used in) financing activities | 379,241 | (16,178) |
Net increase (decrease) in cash and cash equivalents | 24,691 | (869) |
Effect of exchange rate changes on cash | 6 | 24 |
Cash and cash equivalents, beginning of period | 100,555 | 51,488 | $ 51,488
Cash and cash equivalents, end of period | 125,252 | 50,643 | $ 100,555
Supplemental disclosures: |  |  |
Interest paid | 20,180 | 18,418 |
Taxes paid | 1,060 | 5 |
Non-cash exchanges and conversions | 5,067 | 3,393 |
2023 Notes |  |  |
Cash flows from financing activities: |  |  |
Repayment of 2023 notes payable | (76,219) | (20,787) |
2031 Asset-Backed Debt |  |  |
Cash flows from financing activities: |  |  |
Repayment of 2031 Asset-Backed Debt | (1,741) | 0 |
2036 Notes |  |  |
Cash flows from financing activities: |  |  |
Issuance of 2036 Asset-Back Debt | $ 287,000 | $ 0 |

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