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 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 22,330 $ 18,803 $ 43,918 $ 36,172
PIK interest income 1,385 775 2,793 1,773
Total interest income 23,715 19,578 46,711 37,945
Success fee income 0 600 0 600
Dividend income 0 281 185 1,117
Other income 282 102 322 193
Total investment income 23,997 20,561 47,218 39,855
EXPENSES        
Base management fee [1] 3,439 2,898 6,684 5,727
Loan servicing fee [1] 2,260 1,923 4,388 3,797
Incentive fee [1] 2,669 2,408 5,653 4,589
Administration fee [1] 469 417 923 820
Interest expense 5,732 4,909 10,764 9,538
Amortization of deferred financing costs 441 381 870 759
Professional fees 278 232 508 513
Other general and administrative expenses 638 404 1,133 708
Expenses, before credits from Adviser 15,926 13,572 30,923 26,451
Credits to base management fee – loan servicing fee [1] (2,260) (1,923) (4,388) (3,797)
Credits to fees from Adviser - other [1] (446) (720) (2,028) (1,156)
Total expenses, net of credits 13,220 10,929 24,507 21,498
NET INVESTMENT INCOME 10,777 9,632 22,711 18,357
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 2,168 428 2,430 10,000
Total net unrealized appreciation (depreciation) 10,695 1,926 18,500 (10,673)
Net realized and unrealized gain (loss) 12,863 2,354 20,930 (673)
PREFERRED STOCK DIVIDENDS 8 0 8 0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 23,632 $ 11,986 $ 43,633 $ 17,684
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.25 $ 0.26 $ 0.52 $ 0.51
Net investment income, diluted (in USD per share) 0.25 0.26 0.52 0.51
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) 0.54 0.33 1.00 0.49
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) $ 0.54 $ 0.33 $ 1.00 $ 0.49
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 43,508,897 36,604,182 43,508,897 35,898,020
Diluted (in shares) 43,508,897 36,604,182 43,508,897 35,898,020
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 25 $ 45 $ 52 $ 64
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 22,020 17,082 42,830 32,868
PIK interest income 1,303 563 2,630 1,351
Success fee income 0 600 0 600
Dividend income 0 281 185 788
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 219 403 219 10,738
Total net unrealized appreciation (depreciation) 7,542 1,819 14,593 (13,406)
Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 0 968 0 1,842
PIK interest income 0 137 0 276
Success fee income 0 0 0 0
Dividend income 0 0 0 329
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 0 0
Total net unrealized appreciation (depreciation) (334) 34 (39) 2,245
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 285 708 1,036 1,398
PIK interest income 82 75 163 146
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 259 (1,016)
Total net unrealized appreciation (depreciation) 3,487 (88) 3,946 327
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 1,949 25 1,952 278
Total net unrealized appreciation (depreciation) $ 0 $ 161 $ 0 $ 161
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.