Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) $ 20,557,000 $ 21,588,000
PIK interest income 763,000 1,408,000
Total interest income 21,320,000 22,996,000
Other income 103,000 40,000
Total investment income 21,960,000 23,221,000
EXPENSES    
Base management fee [1] 3,552,000 3,245,000
Loan servicing fee [1] 2,178,000 2,128,000
Incentive fee [1] 2,704,000 2,984,000
Administration fee [1] 474,000 454,000
Interest expense 4,743,000 5,032,000
Amortization of deferred financing costs 518,000 429,000
Professional fees 396,000 230,000
Other general and administrative expenses 694,000 495,000
Expenses, before credits from Adviser 15,259,000 14,997,000
Credits to base management fee – loan servicing fee [1] (2,178,000) (2,128,000)
Credits to fees from Adviser - other [1] (2,345,000) (1,582,000)
Total expenses, net of credits 10,736,000 11,287,000
NET INVESTMENT INCOME 11,224,000 11,934,000
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) 57,814,000 262,000
Total net unrealized appreciation (depreciation) (41,892,000) 7,805,000
Net realized and unrealized gain (loss) 15,922,000 8,067,000
PREFERRED STOCK DIVIDENDS 171,000 0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 26,975,000 $ 20,001,000
BASIC AND DILUTED PER COMMON SHARE:    
Net investment income, basic (in USD per share) [2] $ 0.50 $ 0.55
Net investment income, diluted (in USD per share) [2] 0.50 0.55
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) [2] 1.21 0.91
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) [2] $ 1.21 $ 0.91
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) [2] 22,311,501 21,754,449
Diluted (in shares) [2] 22,311,501 21,754,449
Cash and cash equivalents    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) $ 121,000 $ 27,000
Non-Control/Non-Affiliate investments    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) 19,990,000 20,810,000
PIK interest income 763,000 1,327,000
Dividend income 0 185,000
Prepayment fee income 537,000 0
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) 57,724,000 0
Total net unrealized appreciation (depreciation) (41,145,000) 7,051,000
Affiliate investments    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) 0 0
PIK interest income 0 0
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) 0 0
Total net unrealized appreciation (depreciation) (33,000) 295,000
Control investments    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) 446,000 751,000
PIK interest income 0 81,000
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) 0 259,000
Total net unrealized appreciation (depreciation) (714,000) 459,000
Other    
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) $ 90,000 $ 3,000
[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.