v3.23.3
Share Data and Net Assets
 12 Months Ended
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 diluted72,119 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)SharesPar ValueAdditional paid-in-capitalAccumulated Overdistributed EarningsTotal Net Assets
Balance as of September 30, 202046,987 $470 $1,488,713 $(574,304)$914,879 
Net investment income— ——97,10697,106
Net unrealized appreciation (depreciation)———114,519114,519
Net realized gains (losses)———26,42026,420
(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 Merger13,133131242,573—242,704
Issuance of common stock under dividend reinvestment plan11312,169—2,170
Repurchases of common stock under dividend reinvestment plan(113)(1)(2,169)—(2,170)
Balance as of September 30, 202160,120 601 1,805,557 (493,335)1,312,823 
Net investment income— ——148,621148,621
Net unrealized appreciation (depreciation)———(136,248)(136,248)
Net realized gains (losses)———17,17917,179
(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" offering934920,613—20,622
Issuance of common stock under dividend reinvestment plan16623,407—3,409
Repurchase of common stock under dividend reinvestment plan(95)(1)(1,856)—(1,857)
Balance as of September 30, 202261,125 611 1,827,721 (582,769)1,245,563 
Net investment income— ——180,697180,697
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 Merger15,860159333,875—334,034
Issuance of common stock in connection with the "at the market" offering6911,299—1,300
Issuance of common stock under dividend reinvestment plan29735,851—5,854
Repurchase of common stock under dividend reinvestment plan (126)(2)(2,416)—(2,418)
Balance as of September 30, 202377,225 $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:
DistributionDate DeclaredRecord DatePayment DateAmount
per Share		Cash
Distribution (3)		DRIP Shares
Issued 		DRIP Shares
Value (3)
QuarterlyNovember 10, 2022December 15, 2022December 30, 2022$0.54 $32.0 million53,369 (1)$1.1 million
SpecialNovember 10, 2022December 15, 2022December 30, 20220.42 24.8 million41,510 (1)0.8 million
QuarterlyJanuary 27, 2023March 15, 2023March 31, 20230.55 41.1 million68,412 (2)1.3 million
QuarterlyApril 28, 2023June 15, 2023June 30, 20230.55 41.3 million57,279 (2)1.1 million
QuarterlyJuly 28, 2023September 15, 2023September 29, 20230.55 40.9 million76,766 (1)1.5 million
Total for the year ended September 30, 2023$2.61 $180.0 million297,336 $5.9 million
DistributionDate DeclaredRecord DatePayment DateAmount
per Share		Cash
Distribution 		DRIP Shares
Issued 		DRIP Shares
Value (3)
QuarterlyOctober 13, 2021December 15, 2021December 31, 2021$0.465 $27.2 million35,990 (1)$0.8 million
QuarterlyJanuary 28, 2022March 15, 2022March 31, 20220.48 28.5 million34,804 (1)0.8 million
QuarterlyApril 29, 2022June 15, 2022June 30, 20220.495 29.4 million43,676 (2)0.9 million
QuarterlyJuly 29, 2022September 15, 2022September 30, 20220.51 30.2 million51,181 (2)1.0 million
Total for the year ended September 30, 2022$1.95 $115.3 million165,651 $3.4 million
DistributionDate DeclaredRecord DatePayment DateAmount
per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value (3)
QuarterlyNovember 13, 2020December 15, 2020December 31, 2020$0.33 $15.0 million31,321 (2)$0.5 million
QuarterlyJanuary 29, 2021March 15, 2021March 31, 20210.36 16.4 million27,234 (2)0.5 million
QuarterlyApril 30, 2021June 15, 2021June 30, 20210.39 22.9 million25,660 (2)0.5 million
QuarterlyJuly 30, 2021September 15, 2021September 30, 20210.435 25.5 million28,358 (2)0.6 million
Total for the year ended September 30, 2021$1.515 $79.8 million112,573 $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 IssuedGross ProceedsPlacement Agent FeesNet Proceeds (1)Average Sales Price per Share (2)
"At the market" offering68,752 $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 FeesNet Proceeds (1)Average Sales Price per Share (2)
"At the market" offering933,733 $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.