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 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 21,486 $ 20,438 $ 43,081 $ 40,995
PIK interest income 1,710 900 4,011 1,663
Total interest income 23,196 21,338 47,092 42,658
Dividend income 1,911 26 2,001 26
Other income 30 84 274 187
Total investment income 25,992 21,569 50,503 43,529
EXPENSES        
Base management fee [1] 4,010 3,441 7,919 6,993
Loan servicing fee [1] 2,513 2,278 4,964 4,456
Incentive fee [1] 2,812 2,407 5,511 5,111
Administration fee [1] 522 462 1,041 936
Interest expense 5,815 5,019 11,743 9,762
Amortization of deferred financing costs and discounts 696 527 1,423 1,045
Professional fees 388 99 695 495
Other general and administrative expenses 590 515 1,088 1,209
Expenses, before credits from Adviser 17,346 14,748 34,384 30,007
Credits to base management fee – loan servicing fee [1] (2,513) (2,278) (4,964) (4,456)
Credits to fees from Adviser - other [1] (679) (2,146) (2,019) (4,491)
Total expenses, net of credits 14,154 10,324 27,401 21,060
NET INVESTMENT INCOME 11,838 11,245 23,102 22,469
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (570) 7,706 (274) 65,520
Total net unrealized appreciation (depreciation) 4,779 (9,963) (859) (51,855)
Net realized and unrealized gain (loss) 4,209 (2,257) (1,133) 13,665
PREFERRED STOCK DIVIDENDS 588 191 1,056 362
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 15,459 $ 8,797 $ 20,913 $ 35,772
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.52 $ 0.50 $ 1.02 $ 1.00
Net increase (decrease) in net assets from operations, basic (in USD per share) 0.68 0.39 0.92 1.60
Net increase (decrease) in net assets from operations, diluted (in USD per share) $ 0.63 $ 0.39 $ 0.92 $ 1.60
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 22,593,069 22,329,852 22,593,069 22,320,576
Diluted (in shares) 28,364,875 22,329,852 28,364,875 22,320,576
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 27 $ 86 $ 183 $ 207
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 18,201 19,913 36,290 39,903
PIK interest income 1,138 900 2,844 1,663
Dividend income 1,823 0 1,823 0
Prepayment fee income 855 121 1,136 658
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (213) 7,702 1,498 65,426
Total net unrealized appreciation (depreciation) 6,835 (8,476) 6,467 (49,621)
Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 848 0 1,775 0
Dividend income 88 26 178 26
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 0 0 0 0
Total net unrealized appreciation (depreciation) 1,356 3,527 475 3,494
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 2,410 439 4,833 885
PIK interest income 572 0 1,167 0
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 0 0 0 0
Total net unrealized appreciation (depreciation) (3,412) (4,965) (7,801) (5,679)
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (357) 4 (1,772) 94
Total net unrealized appreciation (depreciation) $ 0 $ (49) $ 0 $ (49)
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.