Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 19,522,000 $ 21,715,000 $ 60,517,000 $ 65,633,000
PIK interest income 1,331,000 1,484,000 2,994,000 4,277,000
Total interest income 20,853,000 23,199,000 63,511,000 69,910,000
Dividend income 369,000 1,050,000 395,000 1,235,000
Other income 39,000 55,000 226,000 162,000
Total investment income 21,657,000 25,689,000 65,186,000 72,907,000
EXPENSES        
Base management fee [1] 3,346,000 3,459,000 10,339,000 10,143,000
Loan servicing fee [1] 2,154,000 2,250,000 6,610,000 6,638,000
Incentive fee [1] 2,594,000 3,076,000 7,705,000 8,729,000
Administration fee [1] 464,000 477,000 1,400,000 1,400,000
Interest expense 4,451,000 5,509,000 14,213,000 16,273,000
Amortization of deferred financing costs 609,000 453,000 1,654,000 1,323,000
Professional fees 238,000 263,000 733,000 771,000
Other general and administrative expenses 440,000 659,000 1,649,000 1,792,000
Expenses, before credits from Adviser 14,296,000 16,146,000 44,303,000 47,069,000
Credits to base management fee – loan servicing fee [1] (2,154,000) (2,250,000) (6,610,000) (6,638,000)
Credits to fees from Adviser - other [1] (1,779,000) (600,000) (6,270,000) (2,628,000)
Total expenses, net of credits 10,363,000 13,296,000 31,423,000 37,803,000
NET INVESTMENT INCOME 11,294,000 12,393,000 33,763,000 35,104,000
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) (3,620,000) 3,315,000 61,900,000 5,745,000
Total net unrealized appreciation (depreciation) 15,000 3,436,000 (51,840,000) 21,936,000
Net realized and unrealized gain (loss) (3,605,000) 6,751,000 10,060,000 27,681,000
PREFERRED STOCK DIVIDENDS 241,000 88,000 603,000 96,000
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 7,448,000 $ 19,056,000 $ 43,220,000 $ 62,689,000
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income (in USD per share) [2] $ 0.50 $ 0.57 $ 1.50 $ 1.61
Net investment income, diluted (in USD per share) [2] 0.50 0.57 1.50 1.61
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) [2] 0.33 0.88 1.93 2.88
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) [2] $ 0.33 $ 0.88 $ 1.93 $ 2.88
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) [2] 22,329,852 21,754,456 22,323,668 21,754,451
Diluted (in shares) [2] 22,329,852 21,754,456 22,323,668 21,754,451
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 161,000 $ 45,000 $ 368,000 $ 97,000
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 17,596,000 21,393,000 57,499,000 64,223,000
PIK interest income 833,000 1,400,000 2,496,000 4,030,000
Success fee income 0 295,000 0 295,000
Dividend income 290,000 1,050,000 290,000 1,235,000
Prepayment fee income 396,000 1,090,000 1,054,000 1,305,000
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) (3,708,000) 1,417,000 61,718,000 1,636,000
Total net unrealized appreciation (depreciation) 15,208,000 3,396,000 (34,413,000) 17,989,000
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 1,765,000 277,000 2,650,000 1,313,000
PIK interest income 498,000 84,000 498,000 247,000
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 0 259,000
Total net unrealized appreciation (depreciation) (15,904,000) 530,000 (21,583,000) 4,476,000
Affiliate investments        
INVESTMENT INCOME        
Dividend income 79,000 0 105,000 0
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) 662,000 (490,000) 4,156,000 (529,000)
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 88,000 1,898,000 182,000 3,850,000
Total net unrealized appreciation (depreciation) $ 49,000 $ 0 $ 0 $ 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.