Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) $ 87,618 $ 79,480 $ 49,759
PIK interest income 5,676 3,550 4,229
Total interest income 93,294 83,030 53,988
Success fee income 380 935 4,794
Dividend income 1,417 1,521 3,462
Other income 1,530 948 906
Total investment income 96,621 86,434 63,150
EXPENSES      
Base management fee [1] 13,609 11,998 10,247
Loan servicing fee [1] 8,862 8,053 6,329
Incentive fee [1] 11,410 10,255 7,511
Administration fee [1] 1,970 1,716 1,610
Interest expense on line of credit and notes payable 21,715 20,847 12,966
Amortization of deferred financing costs 1,864 1,529 1,175
Professional fees 948 980 803
Other general and administrative expenses 2,217 1,478 1,362
Expenses, before credits from Adviser 62,595 56,856 42,003
Credits to base management fee – loan servicing fee [1] (8,862) (8,053) (6,329)
Credits to fees from Adviser - other [1] (3,171) (3,389) (4,803)
Total expenses, net of credits 50,562 45,414 30,871
NET INVESTMENT INCOME 46,059 41,020 32,279
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 5,959 12,664 5,173
Total net unrealized appreciation (depreciation) 42,703 (11,016) (17,538)
Net realized and unrealized gain (loss) 48,662 1,648 (12,365)
PREFERRED STOCK DIVIDENDS 215 0 0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 94,506 $ 42,668 $ 19,914
BASIC AND DILUTED PER COMMON SHARE:      
Net investment income, basic (in USD per share) [2] $ 2.11 $ 2.20 $ 1.88
Net investment income, diluted (in USD per share) [2] 2.11 2.20 1.88
Net increase (decrease) in net assets resulting from operations, basic (in USD per share) [2] 4.34 2.29 1.16
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) [2] $ 4.34 $ 2.29 $ 1.16
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:      
Basic (in shares) [2] 21,781,074 18,657,961 17,175,832
Diluted (in shares) [2] 21,781,074 18,657,961 17,175,832
Cash and cash equivalents      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) $ 136 $ 136 $ 11
Non-Control/Non-Affiliate investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 85,698 72,656 43,771
PIK interest income 5,429 2,737 4,014
Success fee income 380 935 3,231
Dividend income 1,417 830 2,181
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 1,749 9,661 504
Total net unrealized appreciation (depreciation) 42,276 (10,928) (3,960)
Affiliate investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 0 3,799 3,523
PIK interest income 0 510 215
Success fee income 0 0 1,563
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 0 0 13,408
Total net unrealized appreciation (depreciation) (2,983) 3,996 (21,920)
Control investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 1,784 2,889 2,454
PIK interest income 247 303 0
Dividend income 0 691 1,281
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 259 2,684 (8,496)
Total net unrealized appreciation (depreciation) 3,410 (4,084) 8,342
Other      
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 3,951 319 (243)
Total net unrealized appreciation (depreciation) $ 0 $ 0 $ 0
[1] Refer to Note 4—Related Party Transactions 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 for additional information.