v3.25.4

Taxes and Distributions | 12 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Taxes and Distributions | 8. TAXES AND DISTRIBUTIONS Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal tax regulations, which may materially differ from amounts determined in accordance with GAAP. These book-to-tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are reclassified to undistributed net investment income, accumulated net realized gain or paid-in-capital, as appropriate. Distributions from net realized capital gains, if any, are normally declared and paid annually, but the Company may make distributions on a more frequent basis to comply with the distribution requirements for RICs under the Code. As of September 30, 2025 and 2024, the cost of investments for federal income tax purposes approximates the amortized cost reported in the Consolidated Schedule of Investments. The following amounts were reclassified for tax purposes ($ in thousands):
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Increase (Decrease) in paid-in capital |  | $ | (3,462 | ) |  | $ | (2,800 | ) |  | $ | (1,703 | )
Increase (Decrease) in accumulated net realized gain |  |  | 68 |  |  |  | (11,993 | ) |  |  | (1,494 | )
Increase in undistributed net investment income |  |  | 3,394 |  |  |  | 14,793 |  |  |  | 3,197 |
The following reconciles net (decrease) increase in net assets resulting from operations to taxable income ($ in thousands):
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Net increase (decrease) in net assets resulting from operations |  | $ | 32,725 |  |  | $ | 48,852 |  |  | $ | (33,807 | )
Net realized (gain) loss on investments |  |  | 52,434 |  |  |  | 33,646 |  |  |  | 156,757 |
Net change in unrealized (appreciation) depreciation on investments and debt |  |  | (39,108 | ) |  |  | (22,428 | ) |  |  | (57,417 | )
Other book-to-tax differences |  |  | (1,551 | ) |  |  | 9,268 |  |  |  | (6,006 | )
Other non-deductible expenses |  |  | 3,372 |  |  |  | 3,245 |  |  |  | 5,766 |
Taxable income before dividends paid deduction |  | $ | 47,872 |  |  | $ | 72,583 |  |  | $ | 65,293 |
The components of undistributed taxable income on a tax basis and reconciliation to accumulated deficit on a book basis are as follows:
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Undistributed net investment income – tax basis |  | $ | 45,948 |  |  | $ | 65,962 |  |  | $ | 62,710 |
Short-term realized loss carried forward |  |  | (6,164 | ) |  |  | (3,397 | ) |  |  | (1,699 | )
Long-term realized loss carried forward |  |  | (336,619 | ) |  |  | (287,545 | ) |  |  | (379,074 | )
Distributions payable and other book to tax differences |  |  | (31,184 | ) |  |  | (37,435 | ) |  |  | 83,860 |
Net unrealized appreciation (depreciation) on investments and debt |  |  | 51,398 |  |  |  | 12,290 |  |  |  | (10,141 | )
Total accumulated deficit – book basis |  | $ | (276,621 | ) |  | $ | (250,125 | ) |  | $ | (244,344 | )
The tax characteristics of distributions declared are as follows:
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Ordinary income (including short-term gains, if any) |  | $ | 62,684 |  |  | $ | 57,420 |  |  | $ | 49,571 |
Long-term capital gain |  |  | — |  |  |  | — |  |  |  | — |
Total distributions |  | $ | 62,684 |  |  | $ | 57,420 |  |  | $ | 49,571 |
Total distributions declared per share |  | $ | 0.96 |  |  | $ | 0.88 |  |  | $ | 0.76 |

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