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 9 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 22,829 $ 19,522 $ 65,910 $ 60,517
PIK interest income 1,465 1,331 5,476 2,994
Total interest income 24,294 20,853 71,386 63,511
Dividend income 89 369 2,090 395
Other income 94 39 368 226
Total investment income 24,495 21,657 74,998 65,186
EXPENSES        
Base management fee [1] 4,118 3,346 12,037 10,339
Loan servicing fee [1] 2,697 2,154 7,661 6,610
Incentive fee [1] 2,569 2,594 8,080 7,705
Administration fee [1] 514 464 1,555 1,400
Interest expense 6,460 4,451 18,203 14,213
Amortization of deferred financing costs and discounts 745 609 2,168 1,654
Professional fees 230 238 925 733
Other general and administrative expenses 457 440 1,545 1,649
Expenses, before credits from Adviser 17,790 14,296 52,174 44,303
Credits to base management fee – loan servicing fee [1] (2,697) (2,154) (7,661) (6,610)
Credits to fees from Adviser - other [1] (1,603) (1,779) (3,622) (6,270)
Total expenses, net of credits 13,490 10,363 40,891 31,423
NET INVESTMENT INCOME 11,005 11,294 34,107 33,763
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (20) (3,620) (294) 61,900
Total net unrealized appreciation (depreciation) 3,014 15 2,155 (51,840)
Net realized and unrealized gain (loss) 2,994 (3,605) 1,861 10,060
PREFERRED STOCK DIVIDENDS 729 241 1,785 603
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 13,270 $ 7,448 $ 34,183 $ 43,220
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.49 $ 0.50 $ 1.51 $ 1.50
Net increase (decrease) in net assets from operations, basic (in USD per share) 0.59 0.33 1.51 1.93
Net increase (decrease) in net assets from operations, diluted (in USD per share) $ 0.56 $ 0.33 $ 1.47 $ 1.93
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 22,593,069 22,329,852 22,593,069 22,323,668
Diluted (in shares) 28,364,875 22,329,852 28,364,875 22,323,668
Cash and cash equivalents        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) $ 34 $ 161 $ 217 $ 368
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 19,797 17,596 56,087 57,499
PIK interest income 854 833 3,698 2,496
Dividend income 0 290 1,823 290
Prepayment fee income 18 396 1,154 1,054
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 0 (3,708) 1,498 61,718
Total net unrealized appreciation (depreciation) 4,243 15,208 10,710 (34,413)
Affiliate investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 853 0 2,628 0
Dividend income 89 79 267 105
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 0 0 0 0
Total net unrealized appreciation (depreciation) 1,948 662 2,423 4,156
Control investments        
INVESTMENT INCOME        
Total interest income (excluding PIK interest income) 2,145 1,765 6,978 2,650
PIK interest income 611 498 1,778 498
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 0 0 0 0
Total net unrealized appreciation (depreciation) (3,177) (15,904) (10,978) (21,583)
Other        
NET REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (20) 88 (1,792) 182
Total net unrealized appreciation (depreciation) $ 0 $ 49 $ 0 $ 0
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.