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

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase (decrease) in net assets resulting from operations $ 57,191 $ 94,506 $ 42,668
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Purchase of investments (396,796) (177,649) (175,477)
Principal repayments on investments 262,753 133,471 107,505
Proceeds from sale of investments 89,838 6,750 18,005
Increase in investments due to paid-in-kind interest or other (4,910) (5,525) (3,699)
Net change in premiums, discounts and amortization (846) 170 114
Net realized loss (gain) on investments and other (55,642) (5,959) (12,664)
Net unrealized depreciation (appreciation) of investments 42,739 (42,703) 11,016
Amortization of deferred financing costs 2,293 1,864 1,529
Changes in assets and liabilities:      
Decrease (increase) in interest receivable, net 221 177 (3,363)
Decrease (increase) in funds due from administrative agent (1,989) 134 263
Decrease (increase) in other assets, net 457 (1,224) (572)
Increase (decrease) in accounts payable and accrued expenses (42) 224 506
Increase (decrease) in interest payable 225 (40) 439
Increase (decrease) in other liabilities (54) (1,063) 1,046
Net cash provided by (used in) operating activities (5,489) 3,240 (10,860)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from line of credit 332,000 221,200 149,000
Repayments on line of credit (402,600) (198,400) (243,000)
Proceeds from issuance of notes payable 147,258 0 57,000
Financing costs (6,603) (686) (3,522)
Proceeds from issuance of common stock 9,583 10,998 87,394
Proceeds from issuance of preferred stock 11,541 7,846 0
Offering costs for issuance of common stock (144) (154) (1,311)
Distributions paid to common stockholders (55,480) (43,141) (35,407)
Net cash provided by (used in) financing activities 35,555 (2,337) 10,154
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS 30,066 903 (706)
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 2,304 1,401 2,107
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF YEAR 32,370 2,304 1,401
Supplemental Cash Flow Elements      
CASH PAID DURING YEAR FOR INTEREST 19,761 21,755 20,408
NON-CASH ACTIVITIES [1] 0 0 2,416
Adviser      
Changes in assets and liabilities:      
Increase (decrease) in fee due to related party [2] (968) 17 1,768
Administrator      
Changes in assets and liabilities:      
Increase (decrease) in fee due to related party [2] 41 90 56
Investment, Unaffiliated and Affiliated Issuer, Excluding Other      
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net realized loss (gain) on investments and other (55,368) (2,008) (12,345)
Net unrealized depreciation (appreciation) of investments 42,739 (42,703) 11,016
Other      
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net realized loss (gain) on investments and other $ (274) $ (3,951) $ (319)
[1] Non-cash activities relate to estimated tax liabilities and escrows associated with portfolio company exits and the following transactions:
•In October 2022, our investment in Targus Cayman HoldCo Ltd. was sold for net proceeds of approximately $8.0 million, resulting in a realized gain of approximately $5.9 million. As part of the proceeds, we received an interest in B. Riley Financial, Inc. 6.75% senior notes in the amount of $2.4 million.
[2] Refer to Note 4—Related Party Transactions for additional information.