Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
ASSETS    
Investments, at fair value $ 859,124 [1] $ 796,260 [2]
Cash 596 15
Cash equivalents 31,774 2,157
Restricted cash 0 132
Interest receivable, net 5,702 5,923
Due from administrative agent 4,791 2,802
Deferred financing costs, net 1,951 1,053
Other assets, net 3,659 4,126
TOTAL ASSETS 907,597 812,468
LIABILITIES    
Line of credit at fair value (Cost of $0 and $70,600, respectively) 0 70,600
Notes payable, net of unamortized deferred financing costs and discounts of $8,644 and $2,990, respectively 397,856 254,010
Accounts payable and accrued expenses 1,188 1,230
Interest payable 3,141 2,916
Other liabilities 459 513
TOTAL LIABILITIES 406,175 333,727
Commitments and contingencies [3]
Preferred stock, $0.001 par value per share, 6,000,000 and 6,000,000 shares authorized, respectively, and 865,452 and 349,931 shares issued and outstanding, respectively 19,387 7,846
NET ASSETS    
Common stock, $0.001 par value per share, 44,000,000 and 44,000,000 shares authorized, respectively, and 22,593,069 and 22,230,587 shares issued and outstanding, respectively [4] 45 44
Capital in excess of par value 501,628 492,305
Cumulative net unrealized appreciation (depreciation) of investments (17,490) 25,249
Under distributed net investment income 5,198 6,144
Accumulated net realized losses (7,346) (52,847)
Total distributable loss (19,638) (21,454)
TOTAL NET ASSETS 482,035 470,895
TOTAL NET ASSETS $ 482,035 $ 470,895
NET ASSET VALUE PER COMMON SHARE (in USD per share) [4] $ 21.34 $ 21.18
Related Party    
LIABILITIES    
Fees due to related party $ 3,531 $ 4,458
Fees due to Adviser | Related Party    
LIABILITIES    
Fees due to related party [5] 2,921 3,889
Fee due to Administrator | Related Party    
LIABILITIES    
Fees due to related party [5] 610 569
Non-Control/Non-Affiliate investments    
ASSETS    
Investments, at fair value 696,317 [6] 750,904 [7]
Affiliate investments    
ASSETS    
Investments, at fair value 53,911 [8] 7,438 [9]
Control investments    
ASSETS    
Investments, at fair value $ 108,896 [10] $ 37,918 [11]
[1] Cumulative gross unrealized depreciation for federal income tax purposes is $59.7 million; cumulative gross unrealized appreciation for federal income tax purposes is $34.1 million. Cumulative net unrealized depreciation is $25.5 million, based on a tax cost of $884.7 million.
[2] Cumulative gross unrealized depreciation for federal income tax purposes is $66.1 million; cumulative gross unrealized appreciation for federal income tax purposes is $85.8 million. Cumulative net unrealized appreciation is $19.7 million, based on a tax cost of $776.5 million
[3] Refer to Note 11—Commitments and Contingencies for additional information.
[4] Issued and outstanding shares of common stock and net asset value per share have been adjusted on a retroactive basis to reflect the 1-for-2 reverse stock split (the “Reverse Stock Split”) effected on April 4, 2024. Refer to Note 2—Summary of Significant Accounting Policies for additional information.
[5] Refer to Note 4—Related Party Transactions for additional information.
[6] Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
[7] Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
[8] Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
[9] Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
[10] Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.
[11] Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.