Annual report pursuant to Section 13 and 15(d)

FINANCIAL HIGHLIGHTS (Tables)

v3.24.3
FINANCIAL HIGHLIGHTS (Tables)
 12 Months Ended
Sep. 30, 2024
Investment Company [Abstract]  
Schedule of Investment Company, Financial Highlights
As of and for the Year Ended September 30,
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Per Common Share Data:
Net asset value at beginning of year(A)
$ 18.79  $ 18.16  $ 18.56  $ 14.80  $ 16.44  $ 16.64  $ 16.80  $ 17.24  $ 18.12  $ 19.02 
Income from operations(B)
Net investment income
2.11  2.20  1.88  1.58  1.62  1.68  1.70  1.68  1.68  1.68 
Net realized and unrealized gain (loss) on investments
 2.05  0.07  (0.70) 3.58  (1.68) (0.30) (0.32) (0.24) (0.70) (1.00)
Net realized and unrealized gain (loss) on other
 0.18  0.02  (0.02) (0.08) (0.06) (0.02) —  (0.10) —  0.12 
Total from operations
 4.34  2.29  1.16  5.08  (0.12) 1.36  1.38  1.34  0.98  0.80 
Distributions to common stockholders from(B)(C)
Net Investment Income (1.98) (1.89) (1.52) (1.50) (1.60) (1.64) (1.68) (1.68) (1.40) (1.68)
Realized gains
—  —  —  —  —  —  —  —  (0.28) — 
Return of capital
 —  —  (0.08) (0.06) (0.02) (0.04) —  —  —  — 
Total distributions
 (1.98) (1.89) (1.60) (1.56) (1.62) (1.68) (1.68) (1.68) (1.68) (1.68)
Capital share transactions(B)
Issuance of common stock
 —  —  —  —  —  —  —  —  —  0.12 
Discounts, commissions, and offering costs
—  —  —  (0.02) —  (0.02) (0.02) (0.08) (0.10) (0.02)
Repurchase of common stock
 —  —  —  —  —  —  —  —  0.04  — 
Net anti-dilutive (dilutive) effect of equity offering(D)
0.05  0.26  0.04  0.30  0.10  0.14  0.16  (0.04) (0.10) (0.12)
Total capital share transactions
 0.05  0.26  0.04  0.28  0.10  0.12  0.14  (0.12) (0.16) (0.02)
Other, net(B)(E)
(0.02) (0.03) —  (0.04) —  —  —  0.02  (0.02) — 
Net asset value at end of period / year(A)
$ 21.18  $ 18.79  $ 18.16  $ 18.56  $ 14.80  $ 16.44  $ 16.64  $ 16.80  $ 17.24  $ 18.12 
Per common share market value at beginning of year $ 19.28  $ 16.98  $ 22.60  $ 14.82  $ 19.50  $ 19.00  $ 19.00  $ 16.26  $ 16.26  $ 17.54 
Per common share market value at end of year 24.05  19.28  16.98  22.60  14.82  19.50  19.00  19.00  16.26  16.26 
Total return(F)
36.61  % 24.85  % (19.16) % 64.93  % (15.75) % 12.55  % 9.53  % 27.90  % 11.68  % 2.40  %
Common stock outstanding at end of year(A)
22,230,587 21,754,449 17,367,398 17,152,186 15,783,425 15,172,962 14,250,990 13,080,342 11,672,211 10,565,811
Statement of Assets and Liabilities Data:
Net assets at end of year $ 470,895  $ 408,695  $ 315,487  $ 318,439  $ 233,743  $ 249,330  $ 237,092  $ 219,650  $ 201,207  $ 191,444 
Average net assets(G)
431,796  349,518  320,838  275,509  235,266  239,851  234,092  215,421  193,228  198,864 
Senior Securities Data:
Borrowings under line of credit, at cost $ 70,600  $ 47,800  $ 141,800  $ 50,500  $ 128,000  $ 66,900  $ 110,000  $ 93,000  $ 71,300  $ 127,300 
Mandatorily redeemable preferred stock 8,748  —  —  —  —  51,750  51,750  51,750  61,000  61,000 
Notes Payable 257,000  257,000  200,000  188,813  96,313  57,500  —  —  —  — 
Ratios/Supplemental Data:
Ratio of net expenses to average net assets(H)(I)
11.71  % 12.99  % 9.62  % 10.04  % 9.69  % 10.61  % 9.61  % 8.26  % 10.16  % 10.24  %
Ratio of net investment income to average net assets(J)
10.67  11.74  10.06  9.48  10.70  10.25  9.86  9.95  10.08  8.90 
(A)Based on actual shares outstanding at the beginning or end of the corresponding year, as appropriate. Per share data and shares outstanding have been adjusted on a retroactive basis to reflect the 1-for-2 Reverse Stock Split effected on April 4, 2024, as described in Note 2— Summary of Significant Accounting Policies.
(B)Based on weighted average basic per share data.
(C)The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP.
(D)During the fiscal years ended September 30, 2023, 2022, 2021, 2020, 2019, and 2018, the anti-dilution was a result of issuing common shares during the period at a price above the then-current NAV per share. During the fiscal years ended September 30, 2017, 2016, and 2015, the net dilution was a result of issuing common shares during the period at a price below the then-current NAV per share.
(E)Represents the impact of the different share amounts (weighted average shares outstanding during the fiscal year and shares outstanding at the end of the fiscal year) in the per share data calculations and rounding impacts.
(F)Total return equals the change in the ending market value of our common stock from the beginning of the fiscal year, taking into account distributions reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital or any sales load paid by a stockholder. For further information on the estimated character of our distributions to common stockholders, refer to Note 9—Distributions to Common Stockholders.
(G)Computed using the average of the balance of net assets at the end of each month of the fiscal year.
(H)Ratio of net expenses to average net assets is computed using total expenses, net of credits from the Adviser, to the base management, loan servicing, and incentive fees.
(I)Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net expenses to average net assets would have been 14.53%, 16.31%, 13.13%, 13.17%, 14.36%, 14.18%, 13.12%, 12.14%, 13.40%, and 13.65% for the fiscal years ended September 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively.
(J)Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets would have been 7.90%, 8.49%, 6.61%, 6.40%, 6.11%, 6.74%, 6.41%, 6.13%, 6.90%, and 5.55% for the fiscal years ended September 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015, respectively.