Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 20,438,000 $ 22,330,000 $ 40,995,000 $ 43,918,000
PIK interest income 900,000 1,385,000 1,663,000 2,793,000
Total interest income 21,338,000 23,715,000 42,658,000 46,711,000
Dividend income 26,000 0 26,000 185,000
Other income 84,000 67,000 187,000 107,000
Total investment income 21,569,000 23,997,000 43,529,000 47,218,000
EXPENSES        
Base management fee [1] 3,441,000 3,439,000 6,993,000 6,684,000
Loan servicing fee [1] 2,278,000 2,260,000 4,456,000 4,388,000
Incentive fee [1] 2,407,000 2,669,000 5,111,000 5,653,000
Administration fee [1] 462,000 469,000 936,000 923,000
Interest expense 5,019,000 5,732,000 9,762,000 10,764,000
Amortization of deferred financing costs 527,000 441,000 1,045,000 870,000
Professional fees 99,000 278,000 495,000 508,000
Other general and administrative expenses 515,000 638,000 1,209,000 1,133,000
Expenses, before credits from Adviser 14,748,000 15,926,000 30,007,000 30,923,000
Credits to base management fee – loan servicing fee [1] (2,278,000) (2,260,000) (4,456,000) (4,388,000)
Credits to fees from Adviser - other [1] (2,146,000) (446,000) (4,491,000) (2,028,000)
Total expenses, net of credits 10,324,000 13,220,000 21,060,000 24,507,000
NET INVESTMENT INCOME 11,245,000 10,777,000 22,469,000 22,711,000
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 7,706,000 2,168,000 65,520,000 2,430,000
Total net unrealized appreciation (depreciation) (9,963,000) 10,695,000 (51,855,000) 18,500,000
Net realized and unrealized gain (loss) (2,257,000) 12,863,000 13,665,000 20,930,000
PREFERRED STOCK DIVIDENDS 191,000 8,000 362,000 8,000
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 8,797,000 $ 23,632,000 $ 35,772,000 $ 43,633,000
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) [2] $ 0.50 $ 0.49 $ 1.00 $ 1.04
Net investment income, diluted (in USD per share) [2] 0.50 0.49 1.00 1.04
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) [2] 0.39 1.09 1.60 2.00
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) [2] $ 0.39 $ 1.09 $ 1.60 $ 2.00
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) [2] 22,329,852 21,754,449 22,320,576 21,754,449
Diluted (in shares) [2] 22,329,852 21,754,449 22,320,576 21,754,449
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 86,000 $ 25,000 $ 207,000 $ 52,000
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 19,913,000 22,020,000 39,903,000 42,830,000
PIK interest income 900,000 1,303,000 1,663,000 2,630,000
Dividend income 0 0 0 185,000
Prepayment fee income 121,000 215,000 658,000 215,000
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 7,702,000 219,000 65,426,000 219,000
Total net unrealized appreciation (depreciation) (8,476,000) 7,542,000 (49,621,000) 14,593,000
Affiliate investments        
INVESTMENT INCOME        
Dividend income 26,000 0 26,000 0
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) 3,527,000 (334,000) 3,494,000 (39,000)
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 439,000 285,000 885,000 1,036,000
PIK interest income 0 82,000 0 163,000
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 0 259,000
Total net unrealized appreciation (depreciation) (4,965,000) 3,487,000 (5,679,000) 3,946,000
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 4,000 1,949,000 94,000 1,952,000
Total net unrealized appreciation (depreciation) $ (49,000) $ 0 $ (49,000) $ 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.