Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 20,971 $ 11,948 $ 57,143 $ 35,725
PIK interest income 845 645 2,618 2,696
Total interest income 21,816 12,593 59,761 38,421
Success fee income 335 0 935 4,794
Dividend income 404 1,149 1,521 3,247
Other income 268 42 461 749
Total investment income 22,823 13,784 62,678 47,211
EXPENSES        
Base management fee [1] 3,106 2,501 8,833 7,500
Loan servicing fee [1] 2,069 1,614 5,866 4,596
Incentive fee [1] 2,919 1,579 7,508 5,641
Administration fee [1] 417 407 1,237 1,187
Interest expense 5,553 3,150 15,091 9,177
Amortization of deferred financing costs 405 286 1,164 849
Professional fees 271 139 784 610
Other general and administrative expenses 402 346 1,110 1,045
Expenses, before credits from Adviser 15,142 10,022 41,593 30,605
Credits to base management fee – loan servicing fee [1] (2,069) (1,614) (5,866) (4,596)
Credits to fees from Adviser - other [1] (1,926) (1,571) (3,082) (3,600)
Total expenses, net of credits 11,147 6,837 32,645 22,409
NET INVESTMENT INCOME 11,676 6,947 30,033 24,802
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 2,955 (8,149) 12,955 5,264
Net unrealized appreciation (depreciation) of investments (2,747) (4,397) (13,420) (15,259)
Net realized and unrealized gain (loss) 208 (12,546) (465) (9,995)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 11,884 $ (5,599) $ 29,568 $ 14,807
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.31 $ 0.20 $ 0.82 $ 0.72
Net investment income, diluted (in USD per share) 0.31 0.20 0.82 0.72
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) 0.32 (0.16) 0.81 0.43
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) $ 0.32 $ (0.16) $ 0.81 $ 0.43
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 37,680,465 34,304,371 36,492,168 34,304,371
Diluted (in shares) 37,680,465 34,304,371 36,492,168 34,304,371
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 29 $ 1 $ 93 $ 1
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 19,183 10,550 52,051 31,318
PIK interest income 629 568 1,980 2,619
Success fee income 335 0 935 3,231
Dividend income 42 493 830 2,002
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) (789) 0 9,949 472
Net unrealized appreciation (depreciation) of investments 2,394 (5,596) (11,012) (2,027)
Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 1,023 806 2,865 2,612
PIK interest income 139 77 415 77
Success fee income 0 0 0 1,563
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 0 13,408
Net unrealized appreciation (depreciation) of investments (228) (1,272) 2,017 (19,094)
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 736 591 2,134 1,794
PIK interest income 77 0 223 0
Dividend income 362 656 691 1,245
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 3,700 (8,496) 2,684 (8,496)
Net unrealized appreciation (depreciation) of investments (4,752) 2,471 (4,425) 5,862
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 44 347 322 (120)
Net unrealized appreciation (depreciation) of investments $ (161) $ 0 $ 0 $ 0
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.