Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) $ 21,595 $ 20,557
PIK interest income 2,301 763
Total interest income 23,896 21,320
Other income 334 103
Total investment income 24,511 21,960
EXPENSES    
Base management fee [1] 3,909 3,552
Loan servicing fee [1] 2,451 2,178
Incentive fee [1] 2,699 2,704
Administration fee [1] 519 474
Interest expense 5,928 4,743
Amortization of deferred financing costs and discounts 727 518
Professional fees 307 396
Other general and administrative expenses 498 694
Expenses, before credits from Adviser 17,038 15,259
Credits to base management fee – loan servicing fee [1] (2,451) (2,178)
Credits to fees from Adviser - other [1] (1,340) (2,345)
Total expenses, net of credits 13,247 10,736
NET INVESTMENT INCOME 11,264 11,224
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) 296 57,814
Total net unrealized appreciation (depreciation) (5,638) (41,892)
Net realized and unrealized gain (loss) (5,342) 15,922
PREFERRED STOCK DIVIDENDS 468 171
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 5,454 $ 26,975
BASIC AND DILUTED PER COMMON SHARE:    
Net investment income, basic (in USD per share) $ 0.50 $ 0.50
Net increase (decrease) in net assets from operations, basic (in USD per share) 0.24 1.21
Net increase (decrease) in net assets from operations, diluted (in USD per share) $ 0.24 $ 1.21
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 22,593,069 22,311,501
Diluted (in shares) 28,364,875 22,311,501
Cash and cash equivalents    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) $ 156 $ 121
Non-Control/Non-Affiliate investments    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) 18,089 19,990
PIK interest income 1,706 763
Prepayment fee income 281 537
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) 1,711 57,724
Total net unrealized appreciation (depreciation) (368) (41,145)
Affiliate investments    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) 927 0
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized appreciation (depreciation) (881) (33)
Control investments    
INVESTMENT INCOME    
Total interest income (excluding PIK interest income) 2,423 446
PIK interest income 595 0
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized appreciation (depreciation) (4,389) (714)
Other    
NET REALIZED AND UNREALIZED GAIN (LOSS)    
Net realized gain (loss) $ (1,415) $ 90
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.