we sought and obtained stockholder approval concerning similar proposals at each annual meeting of stockholders since 2008 , and with our board of directors ' subsequent approval , we issued shares of our common stock in three offerings at a price below the then current nav per share , once in may 2017 , once in march 2015 , and once in october 2012. certain sales under the previous common stock atm program in march and april of 2018 were also below the then current estimated nav per share . the resulting proceeds , in part , have allowed us to ( i ) grow our portfolio by making new investments , ( ii ) generate additional income through these new investments , ( iii ) ensure continued compliance with regulatory tests and ( iv ) increase our debt capital while still complying with our applicable debt-to-equity ratios . refer to liquidity and capital resources  equity  common stock for further discussion of our common stock . regulatory compliance our ability to seek external debt financing , to the extent that it is available under current market conditions , is further subject to the asset coverage limitations of the 1940 act , which require us to have asset coverage ( as defined in sections 18 and 61 of the 1940 act ) of at least 150 % on each of our senior securities representing indebtedness and our senior securities that are stock ( such as our two series of term preferred stock currently outstanding ) . on april 10 , 2018 , our board of directors , including a required majority ( as such term is defined in section 57 ( o ) of the 1940 act ) thereof , approved the modified asset coverage requirements set forth in section 61 ( a ) ( 2 ) of the 1940 act . as a result , our asset coverage requirements for senior securities changed from 200 % to 150 % , effective as of april 10 , 2019 , one year after the date of the board of directors ' approval . as of march 31 , 2021 , our asset coverage ratio on our senior securities representing indebtedness was 398.0 % and our asset coverage on our senior securities that are stock was 248.6 % . investment highlights investment activity during the fiscal year ended march 31 , 2021 , the following significant transactions occurred : in july 2020 , we invested $ 46.9 million in mason west , llc ( mason west ) through a combination of secured first lien debt and preferred equity . mason west , headquartered in placentia , california , is a provider of engineered seismic restraint and vibration isolation solutions . in september 2020 , mason west repaid $ 7.0 million of secured first lien debt and redeemed $ 3.1 million of preferred equity . in september 2020 , we invested an additional $ 8.0 million in psi molded plastics , inc. ( psi molded ) in the form of preferred equity and also amended certain terms of our existing debt . in december 2020 , we recapitalized our investment in old world christmas , inc. ( old world ) and invested an additional $ 27.0 million in the form of secured first lien debt . in connection with this investment , old world paid dividend income of $ 3.2 million and additional equity proceeds of $ 10.8 million , resulting in a $ 7.5 million return of preferred equity cost basis and a realized gain of $ 3.3 million . in december 2020 , we invested an additional $ 3.0 million in galaxy technologies , inc. ( galaxy ) in the form of secured second lien debt . in connection with this investment , galaxy purchased sbs industries , llc ( a subsidiary of sbs industries holdings , inc. ( sbs industries ) , one of our other portfolio companies ) . sbs industries used proceeds from the sale to partially repay our $ 11.4 million first lien debt , resulting in a realized loss of $ 8.5 million . 62 in december 2020 , we sold our investment in frontier packaging , inc. ( frontier ) , which resulted in dividend income of $ 0.9 million , success fee income of $ 0.2 million , and a realized gain of $ 14.0 million . in connection with the sale , we received net cash proceeds of $ 26.0 million , including the repayment of our debt investment of $ 9.5 million at par . recent developments distributions and dividends in april 2021 , our board of directors declared the following monthly and supplemental cash distributions to common stockholders and monthly dividends to holders of our series e term preferred stock : replace_table_token_10_th ( a ) represents a supplemental distribution to common stockholders . libor transition in general , our investments in debt securities have a term of five years , accrue interest at variable rates ( based on the one-month libor ) and , to a lesser extent , at fixed rates . most u.s. dollar libor are currently anticipated to be phased out in june 2023. libor may transition to a new standard rate , sofr , which will incorporate certain overnight repo market data collected from multiple data sets . to attain an equivalent one-month rate , we currently intend to adjust the sofr to minimize the difference between the interest that a borrower would be paying using libor versus what it will be paying using sofr . we are currently monitoring the transition and can not assure you whether sofr will become a standard rate for variable rate debt . story_separator_special_tag the decrease in the performance of a limited number of our portfolio companies was driven by the continued impact covid-19 has had or is expected to have on those portfolio companies and the markets in which they operate , including government restrictions on the portfolio companies ' ability to operate under historical conditions , shutdowns , demand for products , and general economic outlook . 68 during the year ended march 31 , 2020 , we recorded net unrealized depreciation of investments of $ 78.1 million . the realized gains ( losses ) and unrealized appreciation ( depreciation ) across our investments for the year ended march 31 , 2020 were as follows : replace_table_token_14_th the primary drivers of net unrealized depreciation of investments of $ 78.1 million for the year ended march 31 , 2020 were decreased performance of certain of our portfolio companies , a decrease in comparable multiples used to estimate the fair value of a majority of our portfolio companies , and the reversal of previously recorded unrealized appreciation of certain investments upon their exit , partially offset by the reversal of previously recorded unrealized depreciation upon the exit of certain of our investments and an increase in performance of certain of our other portfolio companies . in part , the decrease in multiples used to estimate the fair value , and to a lesser extent the performance of certain of our portfolio companies was driven by the impact covid-19 has had or is expected to have on our portfolio companies and the markets in which they operate , including government restrictions on the portfolio companies ' ability to operate under historical conditions , shutdowns , demand for products , and general economic outlook . across our entire investment portfolio , we recorded $ 14.5 million of net unrealized appreciation on our equity investments and $ 0.6 million of net unrealized depreciation on our debt investments for the year ended march 31 , 2021. at march 31 , 2021 , the fair value of our investment portfolio was less than our cost basis by $ 29.7 million , 69 as compared to march 31 , 2020 , when the fair value of our investment portfolio was less than our cost basis by $ 43.7 million , representing net unrealized appreciation of $ 13.9 million for the year ended march 31 , 2021. our entire portfolio was fair valued at 95.5 % of cost as of march 31 , 2021. the comparison of the fiscal year ended march 31 , 2020 to the fiscal year ended march 31 , 2019 can be found in our annual report on form 10-k for the fiscal year ended march 31 , 2020 located within item 7. management 's discussion and analysis of financial condition and results of operations , which is incorporated by reference herein . story_separator_special_tag style= `` white-space : nowrap `` > book-tax differences to reflect tax character , which decreased capital in excess of par value and increased underdistributed net investment income and accumulated net realized gain in excess of distributions . preferred stock dividends our board of directors declared and we paid monthly cash dividends of ( i ) $ 0.13020833 per share to holders of our series d term preferred stock per month for april 2020 through february 2021 and $ 0.008680555 per share of our series d term preferred stock for the period from march 1 , 2021 up to , but excluding , the redemption date of march 3 , 2021 , and ( ii ) $ 0.1328125 per share to holders of our series e term preferred stock for each of the twelve months from april 2020 through march 2021. in accordance with gaap , we treat these monthly dividends as an operating expense . see also  recent developmentsdistributions and dividends  for a discussion of dividends to preferred stockholders declared by our board of directors in april 2021. dividend reinvestment plan our common stockholders who hold their shares through our transfer agent , computershare , inc. ( computershare ) , have the option to participate in a dividend reinvestment plan offered by computershare , as the plan agent . this is an opt in dividend reinvestment plan , meaning that common stockholders may elect to 72 have their cash distributions automatically reinvested in additional shares of our common stock . common stockholders who do not make such election will receive their distributions in cash . any distributions reinvested under the plan will be taxable to a common stockholder to the same extent , and with the same character , as if the common stockholder had received the distribution in cash . the common stockholder generally will have an adjusted basis in the additional common shares purchased through the plan equal to the dollar amount that would have been received if the u.s. stockholder had received the dividend or distribution in cash . the additional common shares will have a new holding period commencing on the day following the date on which the shares are credited to the common stockholder 's account . computershare purchases shares in the open market in connection with the obligations under the plan . the computershare dividend reinvestment plan is not open to holders of our preferred stock . registration statement on june 14 , 2019 , we filed a registration statement on form n-2 ( file no . 333-232124 ) , which the sec declared effective on july 24 , 2019. the registration statement permits us to issue , through one or more transactions , up to an aggregate of $ 300.0 million in securities , consisting of common stock , preferred stock , subscription rights , debt securities , and warrants to purchase common stock , preferred stock , or debt securities , including through concurrent , separate offerings of such securities . as of march 31 , 2021 , we had the ability to issue up to $ 147.5 million in securities under

liquidity and capital resources operating activities cash inflows from operating activities are primarily generated from cash collections of interest and other income from our portfolio companies , as well as from cash proceeds received from repayments of debt investments and from sales of equity investments . these cash collections are principally used to fund new investments , pay distributions to our common stockholders , make interest payments on the credit facility and the 2026 notes , make dividend payments on our mandatorily redeemable preferred stock , pay management and incentive fees to the adviser , and for other operating expenses . we may also use cash inflows from operating activities to repay outstanding borrowings under the credit facility . net cash used in operating activities for the year ended march 31 , 2021 was $ 29.7 million , as compared to net cash provided by operating activities of $ 35.3 million for the year ended march 31 , 2020. this change was primarily due to decreases in principal repayments of investments and net proceeds from the sale of investments and a decline in other liabilities , principally due to $ 13.3 million of tax payments made related to prior year deemed distributions , partially offset by a decline in purchases of investments , and an increase in fees due to adviser related to the prior year payment of $ 8.1 million of capital gains-based incentive fees that were contractually due period over period .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources operating activities cash inflows from operating activities are primarily generated from cash collections of interest and other income from our portfolio companies , as well as from cash proceeds received from repayments of debt investments and from sales of equity investments . these cash collections are principally used to fund new investments , pay distributions to our common stockholders , make interest payments on the credit facility and the 2026 notes , make dividend payments on our mandatorily redeemable preferred stock , pay management and incentive fees to the adviser , and for other operating expenses . we may also use cash inflows from operating activities to repay outstanding borrowings under the credit facility . net cash used in operating activities for the year ended march 31 , 2021 was $ 29.7 million , as compared to net cash provided by operating activities of $ 35.3 million for the year ended march 31 , 2020. this change was primarily due to decreases in principal repayments of investments and net proceeds from the sale of investments and a decline in other liabilities , principally due to $ 13.3 million of tax payments made related to prior year deemed distributions , partially offset by a decline in purchases of investments , and an increase in fees due to adviser related to the prior year payment of $ 8.1 million of capital gains-based incentive fees that were contractually due period over period .
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 Suspicious Activity Report : we sought and obtained stockholder approval concerning similar proposals at each annual meeting of stockholders since 2008 , and with our board of directors ' subsequent approval , we issued shares of our common stock in three offerings at a price below the then current nav per share , once in may 2017 , once in march 2015 , and once in october 2012. certain sales under the previous common stock atm program in march and april of 2018 were also below the then current estimated nav per share . the resulting proceeds , in part , have allowed us to ( i ) grow our portfolio by making new investments , ( ii ) generate additional income through these new investments , ( iii ) ensure continued compliance with regulatory tests and ( iv ) increase our debt capital while still complying with our applicable debt-to-equity ratios . refer to liquidity and capital resources  equity  common stock for further discussion of our common stock . regulatory compliance our ability to seek external debt financing , to the extent that it is available under current market conditions , is further subject to the asset coverage limitations of the 1940 act , which require us to have asset coverage ( as defined in sections 18 and 61 of the 1940 act ) of at least 150 % on each of our senior securities representing indebtedness and our senior securities that are stock ( such as our two series of term preferred stock currently outstanding ) . on april 10 , 2018 , our board of directors , including a required majority ( as such term is defined in section 57 ( o ) of the 1940 act ) thereof , approved the modified asset coverage requirements set forth in section 61 ( a ) ( 2 ) of the 1940 act . as a result , our asset coverage requirements for senior securities changed from 200 % to 150 % , effective as of april 10 , 2019 , one year after the date of the board of directors ' approval . as of march 31 , 2021 , our asset coverage ratio on our senior securities representing indebtedness was 398.0 % and our asset coverage on our senior securities that are stock was 248.6 % . investment highlights investment activity during the fiscal year ended march 31 , 2021 , the following significant transactions occurred : in july 2020 , we invested $ 46.9 million in mason west , llc ( mason west ) through a combination of secured first lien debt and preferred equity . mason west , headquartered in placentia , california , is a provider of engineered seismic restraint and vibration isolation solutions . in september 2020 , mason west repaid $ 7.0 million of secured first lien debt and redeemed $ 3.1 million of preferred equity . in september 2020 , we invested an additional $ 8.0 million in psi molded plastics , inc. ( psi molded ) in the form of preferred equity and also amended certain terms of our existing debt . in december 2020 , we recapitalized our investment in old world christmas , inc. ( old world ) and invested an additional $ 27.0 million in the form of secured first lien debt . in connection with this investment , old world paid dividend income of $ 3.2 million and additional equity proceeds of $ 10.8 million , resulting in a $ 7.5 million return of preferred equity cost basis and a realized gain of $ 3.3 million . in december 2020 , we invested an additional $ 3.0 million in galaxy technologies , inc. ( galaxy ) in the form of secured second lien debt . in connection with this investment , galaxy purchased sbs industries , llc ( a subsidiary of sbs industries holdings , inc. ( sbs industries ) , one of our other portfolio companies ) . sbs industries used proceeds from the sale to partially repay our $ 11.4 million first lien debt , resulting in a realized loss of $ 8.5 million . 62 in december 2020 , we sold our investment in frontier packaging , inc. ( frontier ) , which resulted in dividend income of $ 0.9 million , success fee income of $ 0.2 million , and a realized gain of $ 14.0 million . in connection with the sale , we received net cash proceeds of $ 26.0 million , including the repayment of our debt investment of $ 9.5 million at par . recent developments distributions and dividends in april 2021 , our board of directors declared the following monthly and supplemental cash distributions to common stockholders and monthly dividends to holders of our series e term preferred stock : replace_table_token_10_th ( a ) represents a supplemental distribution to common stockholders . libor transition in general , our investments in debt securities have a term of five years , accrue interest at variable rates ( based on the one-month libor ) and , to a lesser extent , at fixed rates . most u.s. dollar libor are currently anticipated to be phased out in june 2023. libor may transition to a new standard rate , sofr , which will incorporate certain overnight repo market data collected from multiple data sets . to attain an equivalent one-month rate , we currently intend to adjust the sofr to minimize the difference between the interest that a borrower would be paying using libor versus what it will be paying using sofr . we are currently monitoring the transition and can not assure you whether sofr will become a standard rate for variable rate debt . story_separator_special_tag the decrease in the performance of a limited number of our portfolio companies was driven by the continued impact covid-19 has had or is expected to have on those portfolio companies and the markets in which they operate , including government restrictions on the portfolio companies ' ability to operate under historical conditions , shutdowns , demand for products , and general economic outlook . 68 during the year ended march 31 , 2020 , we recorded net unrealized depreciation of investments of $ 78.1 million . the realized gains ( losses ) and unrealized appreciation ( depreciation ) across our investments for the year ended march 31 , 2020 were as follows : replace_table_token_14_th the primary drivers of net unrealized depreciation of investments of $ 78.1 million for the year ended march 31 , 2020 were decreased performance of certain of our portfolio companies , a decrease in comparable multiples used to estimate the fair value of a majority of our portfolio companies , and the reversal of previously recorded unrealized appreciation of certain investments upon their exit , partially offset by the reversal of previously recorded unrealized depreciation upon the exit of certain of our investments and an increase in performance of certain of our other portfolio companies . in part , the decrease in multiples used to estimate the fair value , and to a lesser extent the performance of certain of our portfolio companies was driven by the impact covid-19 has had or is expected to have on our portfolio companies and the markets in which they operate , including government restrictions on the portfolio companies ' ability to operate under historical conditions , shutdowns , demand for products , and general economic outlook . across our entire investment portfolio , we recorded $ 14.5 million of net unrealized appreciation on our equity investments and $ 0.6 million of net unrealized depreciation on our debt investments for the year ended march 31 , 2021. at march 31 , 2021 , the fair value of our investment portfolio was less than our cost basis by $ 29.7 million , 69 as compared to march 31 , 2020 , when the fair value of our investment portfolio was less than our cost basis by $ 43.7 million , representing net unrealized appreciation of $ 13.9 million for the year ended march 31 , 2021. our entire portfolio was fair valued at 95.5 % of cost as of march 31 , 2021. the comparison of the fiscal year ended march 31 , 2020 to the fiscal year ended march 31 , 2019 can be found in our annual report on form 10-k for the fiscal year ended march 31 , 2020 located within item 7. management 's discussion and analysis of financial condition and results of operations , which is incorporated by reference herein . story_separator_special_tag style= `` white-space : nowrap `` > book-tax differences to reflect tax character , which decreased capital in excess of par value and increased underdistributed net investment income and accumulated net realized gain in excess of distributions . preferred stock dividends our board of directors declared and we paid monthly cash dividends of ( i ) $ 0.13020833 per share to holders of our series d term preferred stock per month for april 2020 through february 2021 and $ 0.008680555 per share of our series d term preferred stock for the period from march 1 , 2021 up to , but excluding , the redemption date of march 3 , 2021 , and ( ii ) $ 0.1328125 per share to holders of our series e term preferred stock for each of the twelve months from april 2020 through march 2021. in accordance with gaap , we treat these monthly dividends as an operating expense . see also  recent developmentsdistributions and dividends  for a discussion of dividends to preferred stockholders declared by our board of directors in april 2021. dividend reinvestment plan our common stockholders who hold their shares through our transfer agent , computershare , inc. ( computershare ) , have the option to participate in a dividend reinvestment plan offered by computershare , as the plan agent . this is an opt in dividend reinvestment plan , meaning that common stockholders may elect to 72 have their cash distributions automatically reinvested in additional shares of our common stock . common stockholders who do not make such election will receive their distributions in cash . any distributions reinvested under the plan will be taxable to a common stockholder to the same extent , and with the same character , as if the common stockholder had received the distribution in cash . the common stockholder generally will have an adjusted basis in the additional common shares purchased through the plan equal to the dollar amount that would have been received if the u.s. stockholder had received the dividend or distribution in cash . the additional common shares will have a new holding period commencing on the day following the date on which the shares are credited to the common stockholder 's account . computershare purchases shares in the open market in connection with the obligations under the plan . the computershare dividend reinvestment plan is not open to holders of our preferred stock . registration statement on june 14 , 2019 , we filed a registration statement on form n-2 ( file no . 333-232124 ) , which the sec declared effective on july 24 , 2019. the registration statement permits us to issue , through one or more transactions , up to an aggregate of $ 300.0 million in securities , consisting of common stock , preferred stock , subscription rights , debt securities , and warrants to purchase common stock , preferred stock , or debt securities , including through concurrent , separate offerings of such securities . as of march 31 , 2021 , we had the ability to issue up to $ 147.5 million in securities under

