|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Year Ended: |
|
September 30,
2023 |
|
|
September 30,
2022 |
|
|
Change |
|
|
% Change |
|
| Total investment income |
|
$ |
86,434 |
|
|
$ |
63,150 |
|
|
$ |
23,284 |
|
|
|
36.9 |
% |
| Total expenses, net of credits |
|
|
(45,414 |
) |
|
|
(30,871 |
) |
|
|
(14,543 |
) |
|
|
47.1 |
|
| Net investment income |
|
|
41,020 |
|
|
|
32,279 |
|
|
|
8,741 |
|
|
|
27.1 |
|
| Net investment income per common share |
|
|
1.10 |
|
|
|
0.94 |
|
|
|
0.16 |
|
|
|
17.0 |
|
| Cash distribution per common
share(A) |
|
|
0.9425 |
|
|
|
0.795 |
|
|
|
0.1475 |
|
|
|
18.6 |
|
| Net realized gain (loss) |
|
|
12,664 |
|
|
|
5,173 |
|
|
|
7,491 |
|
|
|
144.8 |
|
| Net unrealized appreciation (depreciation) |
|
|
(11,016 |
) |
|
|
(17,538 |
) |
|
|
6,522 |
|
|
|
(37.2 |
) |
| Net increase (decrease) in net assets resulting from operations |
|
|
42,668 |
|
|
|
19,914 |
|
|
|
22,754 |
|
|
|
114.3 |
|
| Weighted average yield on interest-bearing investments |
|
|
13.3 |
% |
|
|
10.4 |
% |
|
|
2.9 |
% |
|
|
27.9 |
|
| Total invested |
|
$ |
175,477 |
|
|
$ |
274,898 |
|
|
$ |
(99,421 |
) |
|
|
(36.2 |
) |
| Total repayments and proceeds |
|
|
125,191 |
|
|
|
175,750 |
|
|
|
(50,559 |
) |
|
|
(28.8 |
) |
|
|
|
|
|
| As of: |
|
September 30,
2023 |
|
|
September 30,
2022 |
|
|
Change |
|
|
% Change |
|
| Total investments, at fair value |
|
$ |
704,815 |
|
|
$ |
649,615 |
|
|
$ |
55,200 |
|
|
|
8.5 |
% |
| Fair value as a percent of cost |
|
|
97.6 |
% |
|
|
99.0 |
% |
|
|
(1.4 |
)% |
|
|
(1.4 |
) |
| Net asset value per common share |
|
$ |
9.39 |
|
|
$ |
9.08 |
|
|
$ |
0.31 |
|
|
|
3.4 |
|
| (A) |
Includes a $0.02 per common share supplemental distribution paid to common stockholders in September 2023.
|
Fourth Fiscal Quarter 2023 Highlights:
| |
• |
|
Portfolio Activity: Invested $27.4 million in existing portfolio companies. |
| |
• |
|
Equity Issuance: Issued 4,908,211 shares of common stock at a weighted-average price of $10.01 per share
through our at-the-market program, generating net proceeds of $48.3 million. |
| |
• |
|
Debt Issuance: Completed an offering of $57.0 million aggregate principal amount of 7.75% Notes due
2028. |
Fourth Fiscal Quarter 2023 Results:
Total investment income increased by $0.9 million, or 4.1%, for the quarter ended September 30, 2023, compared to the prior quarter ended
June 30, 2023, primarily due to a $1.5 million increase in interest income. The increase in interest income was driven by increases in both the weighted average yield and weighted average principal balance of our interest-bearing
investments.
Total expenses increased by $1.6 million, quarter over quarter, primarily due to a $1.7 million increase in the net base
management fee, driven mainly by a decrease in portfolio company fee credits from new deal originations quarter over quarter.
Net investment income for
the quarter ended September 30, 2023 was $11.0 million, or $0.28 per share, and covered distributions paid of $0.2675 by 105%.
The net increase
in net assets resulting from operations was $13.1 million, or $0.33 per share, for the quarter ended September 30, 2023, compared to $11.9 million, or $0.32 per share, for the quarter ended June 30, 2023. The current quarter
increase was primarily driven by $2.4 million of net unrealized appreciation recognized during the quarter.
Fiscal Year Ended 2023 Results:
Total investment income during the years ended September 30, 2023 and 2022 was $86.4 million and $63.2 million, respectively. The year
over year increase was primarily due to a $29.0 million increase in interest income, driven by an increase in the weighted average principal balance of our interest-bearing investment portfolio of $109.5 million, or 21.2%, year over year,
and an increase in the weighted average yield from 10.4% during the year ended September 30, 2022 to 13.3% during the year ended September 30, 2023.
-2-
