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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 21,715 $ 20,971 $ 65,633 $ 57,143
PIK interest income 1,484 845 4,277 2,618
Total interest income 23,199 21,816 69,910 59,761
Dividend income 1,050 404 1,235 1,521
Other income 1,145 268 1,467 461
Total investment income 25,689 22,823 72,907 62,678
EXPENSES        
Base management fee [1] 3,459 3,106 10,143 8,833
Loan servicing fee [1] 2,250 2,069 6,638 5,866
Incentive fee [1] 3,076 2,919 8,729 7,508
Administration fee [1] 477 417 1,400 1,237
Interest expense 5,509 5,553 16,273 15,091
Amortization of deferred financing costs 453 405 1,323 1,164
Professional fees 263 271 771 784
Other general and administrative expenses 659 402 1,792 1,110
Expenses, before credits from Adviser 16,146 15,142 47,069 41,593
Credits to base management fee – loan servicing fee [1] (2,250) (2,069) (6,638) (5,866)
Credits to fees from Adviser - other [1] (600) (1,926) (2,628) (3,082)
Total expenses, net of credits 13,296 11,147 37,803 32,645
NET INVESTMENT INCOME 12,393 11,676 35,104 30,033
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 3,315 2,955 5,745 12,955
Total net unrealized appreciation (depreciation) 3,436 (2,747) 21,936 (13,420)
Net realized and unrealized gain (loss) 6,751 208 27,681 (465)
PREFERRED STOCK DIVIDENDS 88 0 96 0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 19,056 $ 11,884 $ 62,689 $ 29,568
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) [2] $ 0.57 $ 0.62 $ 1.61 $ 1.65
Net investment income, diluted (in USD per share) [2] 0.57 0.62 1.61 1.65
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) [2] 0.88 0.63 2.88 1.62
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) [2] $ 0.88 $ 0.63 $ 2.88 $ 1.62
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING, Basic (in shares) [2] 21,754,456 18,840,233 21,754,451 18,246,084
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING, Diluted (in shares) [2] 21,754,456 18,840,233 21,754,451 18,246,084
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 45 $ 29 $ 97 $ 93
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 21,393 19,183 64,223 52,051
PIK interest income 1,400 629 4,030 1,980
Success fee income 295 335 295 935
Dividend income 1,050 42 1,235 830
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 1,417 (789) 1,636 9,949
Total net unrealized appreciation (depreciation) 3,396 2,394 17,989 (11,012)
Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 0 1,023 0 2,865
PIK interest income 0 139 0 415
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) (490) (228) (529) 2,017
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 277 736 1,313 2,134
PIK interest income 84 77 247 223
Dividend income 0 362 0 691
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 3,700 259 2,684
Total net unrealized appreciation (depreciation) 530 (4,752) 4,476 (4,425)
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 1,898 44 3,850 322
Total net unrealized appreciation (depreciation) $ 0 $ (161) $ 0 $ 0
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
[2] Per share amounts and weighted average common shares outstanding have been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information.