Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2021
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) $ 79,480 $ 49,759 $ 47,414
PIK interest income 3,550 4,229 2,545
Total interest income 83,030 53,988 49,959
Success fee income 935 4,794 202
Dividend income 1,521 3,462 2,256
Other income 948 906 1,377
Total investment income 86,434 63,150 53,794
EXPENSES      
Base management fee [1] 11,998 10,247 8,674
Loan servicing fee [1] 8,053 6,329 5,579
Incentive fee [1] 10,255 7,511 5,746
Administration fee [1] 1,716 1,610 1,438
Interest expense on line of credit and notes payable 20,847 12,966 11,513
Amortization of deferred financing costs 1,529 1,175 1,347
Professional fees 980 803 806
Other general and administrative expenses 1,478 1,362 1,101
Expenses, before credits from Adviser 56,856 42,003 36,204
Credits to base management fee – loan servicing fee [1] (8,053) (6,329) (5,579)
Credits to fees from Adviser - other [1] (3,389) (4,803) (2,953)
Total expenses, net of credits 45,414 30,871 27,672
NET INVESTMENT INCOME 41,020 32,279 26,122
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 12,664 5,173 3,180
Net unrealized appreciation (depreciation) (11,016) (17,538) 54,997
Net realized and unrealized gain (loss) 1,648 (12,365) 58,177
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 42,668 $ 19,914 $ 84,299
BASIC AND DILUTED PER COMMON SHARE:      
Net investment income, basic (in USD per share) $ 1.10 $ 0.94 $ 0.79
Net investment income, diluted (in USD per share) 1.10 0.94 0.79
Net increase (decrease) in net assets resulting from operations, basic (in USD per share) 1.14 0.58 2.54
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) $ 1.14 $ 0.58 $ 2.54
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:      
Basic (in shares) 37,315,922 34,351,663 33,234,482
Diluted (in shares) 37,315,922 34,351,663 33,234,482
Cash and cash equivalents      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) $ 136 $ 11 $ 0
Non-Control/Non-Affiliate investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 72,656 43,771 40,953
PIK interest income 2,737 4,014 2,545
Success fee income 935 3,231 202
Dividend income 830 2,181 1,645
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 9,661 504 4,179
Net unrealized appreciation (depreciation) (10,928) (3,960) 33,786
Affiliate investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 3,799 3,523 4,815
PIK interest income 510 215 0
Success fee income 0 1,563 0
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 0 13,408 0
Net unrealized appreciation (depreciation) 3,996 (21,920) 16,742
Control investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 2,889 2,454 1,646
PIK interest income 303 0 0
Dividend income 691 1,281 611
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 2,684 (8,496) 0
Net unrealized appreciation (depreciation) (4,084) 8,342 4,819
Other      
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) 319 (243) (999)
Net unrealized appreciation (depreciation) $ 0 $ 0 $ (350)
[1] Refer to Note 4—Related Party Transactions for additional information.