Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2023
Mar. 31, 2022
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 18,803 $ 12,048 $ 36,172 $ 23,777
PIK interest income 775 914 1,773 2,051
Total interest income 19,578 12,962 37,945 25,828
Success fee income 600 3,231 600 4,794
Dividend income 281 1,037 1,117 2,098
Other income 102 30 193 707
Total investment income 20,561 17,260 39,855 33,427
EXPENSES        
Base management fee [1] 2,898 2,479 5,727 4,999
Loan servicing fee [1] 1,923 1,520 3,797 2,982
Incentive fee [1] 2,408 1,971 4,589 4,062
Administration fee [1] 417 401 820 780
Interest expense 4,909 3,020 9,538 6,027
Amortization of deferred financing costs 381 274 759 563
Professional fees 232 207 513 471
Other general and administrative expenses 404 315 708 699
Expenses, before credits from Adviser 13,572 10,187 26,451 20,583
Credits to base management fee – loan servicing fee [1] (1,923) (1,520) (3,797) (2,982)
Credits to fees from Adviser - other [1] (720) (102) (1,156) (2,029)
Total expenses, net of credits 10,929 8,565 21,498 15,572
NET INVESTMENT INCOME 9,632 8,695 18,357 17,855
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 428 233 10,000 13,413
Net unrealized appreciation (depreciation) of investments 1,926 (625) (10,673) (10,862)
Net realized and unrealized gain (loss) 2,354 (392) (673) 2,551
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 11,986 $ 8,303 $ 17,684 $ 20,406
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.26 $ 0.25 $ 0.51 $ 0.52
Net investment income, diluted (in USD per share) 0.26 0.25 0.51 0.52
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) 0.33 0.24 0.49 0.59
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) $ 0.33 $ 0.24 $ 0.49 $ 0.59
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 36,604,182 34,304,371 35,898,020 34,304,371
Diluted (in shares) 36,604,182 34,304,371 35,898,020 34,304,371
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 45 $ 0 $ 64 $ 0
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 17,082 10,614 32,868 20,768
PIK interest income 563 914 1,351 2,051
Success fee income 600 3,231 600 3,231
Dividend income 281 517 788 1,509
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 403 0 10,738 472
Net unrealized appreciation (depreciation) of investments 1,819 (1,083) (13,406) 3,569
Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 968 739 1,842 1,806
PIK interest income 137 0 276 0
Success fee income 0 0 0 1,563
Dividend income 0 520 329 589
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 0 13,408
Net unrealized appreciation (depreciation) of investments 34 (2,795) 2,245 (17,822)
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 708 695 1,398 1,203
PIK interest income 75 0 146 0
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 (1,016) 0
Net unrealized appreciation (depreciation) of investments (88) 3,253 327 3,391
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 25 233 278 (467)
Net unrealized appreciation (depreciation) of investments $ 161 $ 0 $ 161 $ 0
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.