v3.23.3

Share Data and Net Assets | 12 Months Ended
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Sep. 30, 2023
Stockholders' Equity Note [Abstract] |
Share Data and Net Assets | Share Data and Net Assets The share and per share information for the years ended September 30, 2022 and September 30, 2021 disclosed in Note 5 have been retroactively adjusted to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023. Earnings per Share The following table sets forth the computation of basic and diluted earnings per share, pursuant to ASC Topic 260-10, Earnings per Share, for the years ended September 30, 2023, 2022 and 2021:
(Share amounts in thousands) |  | Year ended September 30, 2023 |  | Year ended September 30, 2022 |  | Year ended September 30, 2021
Earnings (loss) per common share — basic and diluted: |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 117,331 |  |  | $ | 29,223 |  |  | $ | 237,260 |
Weighted average common shares outstanding — basic and diluted |  | 72,119 |  |  | 60,727 |  |  | 54,039 |
Earnings (loss) per common share — basic and diluted |  | $ | 1.63 |  |  | $ | 0.48 |  |  | $ | 4.39 |
Changes in Net Assets The following table presents the changes in net assets for the years ended September 30, 2023, 2022 and 2021:
|  | Common Stock |  |  |  |  |  |
(Share amounts in thousands) |  | Shares |  | Par Value |  | Additional paid-in-capital |  | Accumulated Overdistributed Earnings |  | Total Net Assets
Balance as of September 30, 2020 |  | 46,987 |  |  | $ | 470 |  |  | $ | 1,488,713 |  |  | $ | (574,304) |  |  | $ | 914,879 |
Net investment income |  | — |  |  | — |  | — |  | 97,106 |  | 97,106
Net unrealized appreciation (depreciation) |  | — |  | — |  | — |  | 114,519 |  | 114,519
Net realized gains (losses) |  | — |  | — |  | — |  | 26,420 |  | 26,420
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  | — |  | — |  | (785) |  | (785)
Distributions to stockholders |  | — |  | — |  | — |  | (82,020) |  | (82,020)
Reclassification of additional paid-in capital |  | — |  | — |  | 74,271 |  | (74,271) |  | —
Issuance of common stock in connection with the OCSI Merger |  | 13,133 |  | 131 |  | 242,573 |  | — |  | 242,704
Issuance of common stock under dividend reinvestment plan |  | 113 |  | 1 |  | 2,169 |  | — |  | 2,170
Repurchases of common stock under dividend reinvestment plan |  | (113) |  | (1) |  | (2,169) |  | — |  | (2,170)
Balance as of September 30, 2021 |  | 60,120 |  |  | 601 |  |  | 1,805,557 |  |  | (493,335) |  |  | 1,312,823 |
Net investment income |  | — |  |  | — |  | — |  | 148,621 |  | 148,621
Net unrealized appreciation (depreciation) |  | — |  | — |  | — |  | (136,248) |  | (136,248)
Net realized gains (losses) |  | — |  | — |  | — |  | 17,179 |  | 17,179
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  | — |  | — |  | (329) |  | (329)
Distributions to stockholders |  | — |  | — |  | — |  | (118,657) |  | (118,657)
Issuance of common stock in connection with the "at the market" offering |  | 934 |  | 9 |  | 20,613 |  | — |  | 20,622
Issuance of common stock under dividend reinvestment plan |  | 166 |  | 2 |  | 3,407 |  | — |  | 3,409
Repurchase of common stock under dividend reinvestment plan |  | (95) |  | (1) |  | (1,856) |  | — |  | (1,857)
Balance as of September 30, 2022 |  | 61,125 |  |  | 611 |  |  | 1,827,721 |  |  | (582,769) |  |  | 1,245,563 |
Net investment income |  | — |  |  | — |  | — |  | 180,697 |  | 180,697
Net unrealized appreciation (depreciation) |  | — |  | — |  | — |  | (28,555) |  | (28,555)
Net realized gains (losses) |  | — |  | — |  | — |  | (33,155) |  | (33,155)
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  | — |  | — |  | (1,656) |  | (1,656)
Distributions to stockholders |  | — |  | — |  | — |  | (185,900) |  | (185,900)
Issuance of common stock in connection with the OSI2 Merger |  | 15,860 |  | 159 |  | 333,875 |  | — |  | 334,034
Issuance of common stock in connection with the "at the market" offering |  | 69 |  | 1 |  | 1,299 |  | — |  | 1,300
Issuance of common stock under dividend reinvestment plan |  | 297 |  | 3 |  | 5,851 |  | — |  | 5,854
Repurchase of common stock under dividend reinvestment plan |  | (126) |  | (2) |  | (2,416) |  | — |  | (2,418)
Balance as of September 30, 2023 |  | 77,225 |  |  | $ | 772 |  |  | $ | 2,166,330 |  |  | $ | (651,338) |  |  | $ | 1,515,764 |
Distributions Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board of Directors and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board of Directors declares a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. If the Company’s shares are trading at a premium to net asset value, the Company typically issues new shares to implement the DRIP with such shares issued at the greater of the most recently computed net asset value per share of common stock or 95% of the current market price per share of common stock on the payment date for such distribution. If the Company’s shares are trading at a discount to net asset value, the Company typically purchases shares in the open market in connection with the Company’s obligations under the DRIP. For income tax purposes, the Company has reported its distributions for the 2022 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and stockholders for the 2022 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s stockholders. For the year ended September 30, 2023, no portion of the distributions was deemed a return of capital for tax purposes. The following table reflects the distributions per share that the Company has paid, including shares issued under the DRIP, on its common stock during the years ended September 30, 2023, 2022 and 2021:
Distribution |  | Date Declared |  | Record Date |  | Payment Date |  | Amount per Share |  | Cash Distribution (3) |  | DRIP Shares Issued |  | DRIP Shares Value (3) |  |
Quarterly |  | November 10, 2022 |  | December 15, 2022 |  | December 30, 2022 |  | $ | 0.54 |  |  | $ | 32.0 | million |  | 53,369 |  | (1) | $ | 1.1 | million |  |
Special |  | November 10, 2022 |  | December 15, 2022 |  | December 30, 2022 |  | 0.42 |  |  | 24.8 | million |  | 41,510 |  | (1) | 0.8 | million |  |
Quarterly |  | January 27, 2023 |  | March 15, 2023 |  | March 31, 2023 |  | 0.55 |  |  | 41.1 | million |  | 68,412 |  | (2) | 1.3 | million |  |
Quarterly |  | April 28, 2023 |  | June 15, 2023 |  | June 30, 2023 |  | 0.55 |  |  | 41.3 | million |  | 57,279 |  | (2) | 1.1 | million |  |
Quarterly |  | July 28, 2023 |  | September 15, 2023 |  | September 29, 2023 |  | 0.55 |  |  | 40.9 | million |  | 76,766 |  | (1) | 1.5 million |  |
Total for the year ended September 30, 2023 |  | $ | 2.61 |  |  | $ | 180.0 | million |  | 297,336 |  |  | $ | 5.9 | million |  |
Distribution |  | Date Declared |  | Record Date |  | Payment Date |  | Amount per Share |  | Cash Distribution |  | DRIP Shares Issued |  | DRIP Shares Value (3) |  |
Quarterly |  | October 13, 2021 |  | December 15, 2021 |  | December 31, 2021 |  | $ | 0.465 |  |  | $ | 27.2 | million |  | 35,990 |  | (1) | $ | 0.8 | million |  |
Quarterly |  | January 28, 2022 |  | March 15, 2022 |  | March 31, 2022 |  | 0.48 |  |  | 28.5 | million |  | 34,804 |  | (1) | 0.8 | million |  |
Quarterly |  | April 29, 2022 |  | June 15, 2022 |  | June 30, 2022 |  | 0.495 |  |  | 29.4 | million |  | 43,676 |  | (2) | 0.9 | million |  |
Quarterly |  | July 29, 2022 |  | September 15, 2022 |  | September 30, 2022 |  | 0.51 |  |  | 30.2 | million |  | 51,181 |  | (2) | 1.0 | million |  |
Total for the year ended September 30, 2022 |  | $ | 1.95 |  |  | $ | 115.3 | million |  | 165,651 |  |  | $ | 3.4 | million |  |
Distribution |  | Date Declared |  | Record Date |  | Payment Date |  | Amount per Share |  | Cash Distribution |  | DRIP Shares Issued |  | DRIP Shares Value (3) |  |
Quarterly |  | November 13, 2020 |  | December 15, 2020 |  | December 31, 2020 |  | $ | 0.33 |  |  | $ | 15.0 | million |  | 31,321 |  | (2) | $ | 0.5 | million |  |
Quarterly |  | January 29, 2021 |  | March 15, 2021 |  | March 31, 2021 |  | 0.36 |  |  | 16.4 | million |  | 27,234 |  | (2) | 0.5 | million |  |
Quarterly |  | April 30, 2021 |  | June 15, 2021 |  | June 30, 2021 |  | 0.39 |  |  | 22.9 | million |  | 25,660 |  | (2) | 0.5 | million |  |
Quarterly |  | July 30, 2021 |  | September 15, 2021 |  | September 30, 2021 |  | 0.435 |  |  | 25.5 | million |  | 28,358 |  | (2) | 0.6 | million |  |
Total for the year ended September 30, 2021 |  | $ | 1.515 |  |  | $ | 79.8 | million |  | 112,573 |  |  | $ | 2.2 | million |  |
__________ (1) New shares were issued and distributed. (2) Shares were purchased on the open market and distributed. (3) Totals may not sum due to rounding. Common Stock Issuances On January 23, 2023, in connection with the OSI2 Merger, the Company issued an aggregate of 15,860,200 shares of common stock to former OSI2 stockholders. On March 19, 2021, in connection with the OCSI Merger, the Company issued an aggregate of 13,133,337 shares of common stock to former OCSI stockholders. There were no other common stock issuances during the year ended September 30, 2021. During the year ended September 30, 2023, the Company issued 171,645 shares of common stock as part of the DRIP. During the year ended September 30, 2022, the Company issued an aggregate of 70,794 shares of common stock as part of the DRIP. On February 7, 2022, the Company entered into an equity distribution agreement by and among the Company, Oaktree, Oaktree Administrator and Keefe, Bruyette & Woods, Inc., JMP Securities LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., as placement agents, in connection with the issuance and sale by the Company of shares of common stock, having an aggregate offering price of up to $125.0 million. The equity distribution agreement was amended on February 8, 2023 to allow for the sale of shares of the Company’s common stock having an aggregate offering price of up to $125 million under the Company’s current registration statement and on August 8, 2023 to add Jefferies LLC as an additional placement agent and to remove SMBC Nikko Securities America, Inc. as replacement agent. Sales of the common stock may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. In connection with the "at the market" offering, the Company issued and sold 68,752 shares of common stock during the year ended September 30, 2023 for net proceeds of $1.3 million (net of offering costs).
|  | Number of Shares Issued |  | Gross Proceeds |  | Placement Agent Fees |  | Net Proceeds (1) |  | Average Sales Price per Share (2)
"At the market" offering |  | 68,752 |  |  | $ | 1,384 |  |  | $ | 14 |  |  | $ | 1,370 |  |  | $ | 20.13 |
(1) Net proceeds excludes offering costs of $0.1 million. (2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses. In connection with the "at the market" offering, the Company issued and sold 933,733 shares of common stock during the year ended September 30, 2022 for net proceeds of $20.6 million (net of offering costs).
|  | Number of Shares Issued |  | Gross Proceeds |  | Placement Agent Fees |  | Net Proceeds (1) |  | Average Sales Price per Share (2)
"At the market" offering |  | 933,733 |  |  | $ | 21,049 |  |  | $ | 210 |  |  | $ | 20,839 |  |  | $ | 22.54 |
__________ (1) Net proceeds excludes offering costs of $0.2 million. (2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses.

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