|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the Year Ended: |
|
September 30,
2024 |
|
|
September 30,
2023 |
|
|
Change |
|
|
% Change |
|
| Total investment income |
|
$ |
96,621 |
|
|
$ |
86,434 |
|
|
$ |
10,187 |
|
|
|
11.8 |
% |
| Total expenses, net of credits |
|
|
(50,562 |
) |
|
|
(45,414 |
) |
|
|
(5,148 |
) |
|
|
11.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
46,059 |
|
|
|
41,020 |
|
|
|
5,039 |
|
|
|
12.3 |
|
| Net investment income per common
share(A) |
|
|
2.11 |
|
|
|
2.20 |
|
|
|
(0.09 |
) |
|
|
(4.1 |
) |
| Cash distribution per common
share(A) |
|
|
1.98 |
|
|
|
1.89 |
|
|
|
0.09 |
|
|
|
4.8 |
|
| Net realized gain (loss) |
|
|
5,959 |
|
|
|
12,664 |
|
|
|
(6,705 |
) |
|
|
(52.9 |
) |
| Net unrealized appreciation (depreciation) |
|
|
42,703 |
|
|
|
(11,016 |
) |
|
|
53,719 |
|
|
|
(487.6 |
) |
| Net increase (decrease) in net assets resulting from operations |
|
|
94,506 |
|
|
|
42,668 |
|
|
|
51,838 |
|
|
|
121.5 |
|
| Weighted average yield on interest-bearing investments |
|
|
13.9 |
% |
|
|
13.3 |
% |
|
|
0.6 |
% |
|
|
4.5 |
|
| Total invested |
|
$ |
177,649 |
|
|
$ |
175,477 |
|
|
$ |
2,172 |
|
|
|
1.2 |
|
| Total repayments and proceeds |
|
|
136,270 |
|
|
|
125,191 |
|
|
|
11,079 |
|
|
|
8.8 |
|
|
|
|
|
|
| As of: |
|
September 30,
2024 |
|
|
September 30,
2023 |
|
|
Change |
|
|
% Change |
|
| Total investments, at fair value |
|
$ |
796,260 |
|
|
$ |
704,815 |
|
|
$ |
91,445 |
|
|
|
13.0 |
% |
| Fair value as a percent of cost |
|
|
103.3 |
% |
|
|
97.6 |
% |
|
|
5.7 |
% |
|
|
5.8 |
|
| Net asset value per common
share(A) |
|
$ |
21.18 |
|
|
$ |
18.79 |
|
|
$ |
2.39 |
|
|
|
12.7 |
|
| (A) |
Per common share amounts have been adjusted on a retroactive basis to reflect the 1-for-2 reverse stock split effected on April 4, 2024. |
Fourth Fiscal Quarter 2024 Highlights:
| |
• |
|
Portfolio Activity: Invested $28.5 million in existing portfolio companies. |
| |
• |
|
Portfolio Mix: Secured first lien assets continue to be over 70% of our debt investments, at cost, while
the weighted average yield on debt investments was consistent at 14.0%. |
| |
• |
|
Credit Facility Availability: Increased the committed facility amount by $25.0 million to
$293.7 million and ended the quarter with availability in excess of $200 million. |
Fourth Fiscal Quarter 2024 Results:
Total investment income decreased by $2.0 million, or 7.7%, for the quarter ended September 30, 2024, compared to the prior quarter ended
June 30, 2024, driven by a $2.2 million decrease in other income. The decrease in other income was driven primarily by a $1.1 million decrease in prepayment fee income and a $0.9 million decrease in dividend income quarter over
quarter.
Total expenses decreased by $0.5 million, or 4.0%, quarter over quarter primarily due to a $0.5 million decrease in the net incentive
fee, driven by lower pre-incentive fee net investment income quarter over quarter.
Net investment income for the
quarter ended September 30, 2024 was $11.0 million, or $0.50 per share.
The net increase in net assets resulting from operations was
$31.8 million, or $1.46 per share, for the quarter ended September 30, 2024, compared to $19.1 million, or $0.88 per share, for the quarter ended June 30, 2024. The current quarter increase in net assets resulting from operations
was primarily driven by $20.8 million of net unrealized appreciation recognized during the quarter.
Fiscal Year Ended 2024 Results:
Total investment income during the years ended September 30, 2024 and 2023 was $96.6 million and $86.4 million, respectively. The year over year
increase was primarily due to a $10.3 million increase in interest income, driven by an increase in the weighted average principal balance of our interest-bearing investment portfolio of $39.0 million, or 6.2%, year over year, and an
increase in the weighted average yield from 13.3% during the year ended September 30, 2023 to 13.9% during the year ended September 30, 2024.
-2-
