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

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) $ 82,291 $ 87,618 $ 79,480
PIK interest income 4,990 5,676 3,550
Total interest income 87,281 93,294 83,030
Dividend income 481 1,417 1,521
Prepayment fee income 1,054 1,310 644
Other income 306 600 1,239
Total investment income 89,122 96,621 86,434
EXPENSES      
Base management fee [1] 13,910 13,609 11,998
Loan servicing fee [1] 8,888 8,862 8,053
Incentive fee [1] 10,486 11,410 10,255
Administration fee [1] 2,012 1,970 1,716
Interest expense on line of credit and notes payable 19,986 21,715 20,847
Amortization of deferred financing costs 2,293 1,864 1,529
Professional fees 1,054 948 980
Other general and administrative expenses 2,148 2,217 1,478
Expenses, before credits from Adviser 60,777 62,595 56,856
Credits to base management fee – loan servicing fee [1] (8,888) (8,862) (8,053)
Credits to fees from Adviser - other [1] (7,974) (3,171) (3,389)
Total expenses, net of credits 43,915 50,562 45,414
NET INVESTMENT INCOME 45,207 46,059 41,020
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Total net realized gain (loss) 55,642 5,959 12,664
Total net unrealized appreciation (depreciation) (42,739) 42,703 (11,016)
Net realized and unrealized gain (loss) 12,903 48,662 1,648
PREFERRED STOCK DIVIDENDS 919 215 0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 57,191 $ 94,506 $ 42,668
BASIC AND DILUTED PER COMMON SHARE:      
Net investment income, basic (in USD per share) [2] $ 2.02 $ 2.11 $ 2.20
Net increase (decrease) in net assets resulting from operations, basic (in USD per share) [2] 2.56 4.34 2.29
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) [2] $ 2.55 $ 4.34 $ 2.29
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:      
Basic (in shares) [2] 22,357,574 21,781,074 18,657,961
Diluted (in shares) [2] 22,662,197 21,781,074 18,657,961
Cash and cash equivalents      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) $ 462 $ 136 $ 136
Non-Control/Non-Affiliate investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 76,084 85,698 72,656
PIK interest income 3,885 5,429 2,737
Dividend income 290 1,417 830
Prepayment fee income 1,054 1,310 200
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Total net realized gain (loss) 55,368 1,749 9,661
Total net unrealized appreciation (depreciation) (23,301) 42,276 (10,928)
Affiliate investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 698 0 3,799
PIK interest income 0 0 510
Dividend income 191 0 0
Prepayment fee income 0 0 444
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Total net realized gain (loss) 0    
Total net unrealized appreciation (depreciation) 4,773 (2,983) 3,996
Control investments      
INVESTMENT INCOME      
Total interest income (excluding PIK interest income) 5,047 1,784 2,889
PIK interest income 1,105 247 303
Dividend income 0 0 691
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Total net realized gain (loss) 0 259 2,684
Total net unrealized appreciation (depreciation) (24,211) 3,410 (4,084)
Other      
NET REALIZED AND UNREALIZED GAIN (LOSS)      
Total net realized gain (loss) $ 274 $ 3,951 $ 319
[1] Refer to Note 4—Related Party Transactions 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 for additional information.