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Pay vs Performance Disclosure
 12 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

Pay Versus Performance

In accordance with the final rule adopted by the SEC in August 2022 implementing Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we are providing the following table that sets forth certain compensation measures for certain of our officers alongside certain performance metrics for the Company and industry peers:

                 

Value of initial
fixed $100 investment based on:

        

Year

  

Summary
Compensation
Table Total
for PEO(1)

  

Compensation
Actually Paid
to PEO(2)

  

Average
Summary
Compensation
Table Total
for Non-PEO
NEOs(1)

  

Average
Compensation
Actually Paid
to Non-PEO
NEOs(2)

  

Company
TSR

  

Peer
Group
TSR(3)

  

Net
Investment
Income
($ in thousands)

  

NAV
Per
Share

2023

  

$

1,925,000.00

  

$

1,925,000.00

  

$

890,000.00

  

$

890,000.00

  

213.27

  

176.69

  

6,510

  

$

70.75

2022

  

$

1,181,921.00

  

$

1,181,921.00

  

$

614,928.00

  

$

614,928.00

  

196.27

  

131.45

  

3,431

  

$

57.49

2021

  

$

774,223.85

  

$

774,223.85

  

$

472,307.69

  

$

472,307.69

  

240.61

  

154.34

  

18,523

  

$

57.08

____________

(1)      For each of fiscal year 2022 and 2023, the PEO was David A. Lorber and the non-PEO NEO was Ellida McMillan. On January 1, 2021, the Company completed the Internalization, prior to which there was a different PEO and non-PEO NEO. Effective January 1, 2021, Mr. Lorber became the PEO and Ms. McMillan became the non-PEO NEO and the prior PEO and non-PEO NEO (concurrently with the Company commencing operations under an internalized management structure) ceased serving in such roles. The prior PEO and non-PEO NEO were not employees of the Company, and the Company did not directly compensate them.

(2)      No adjustments are applicable pursuant to Item 402(v)(2)(iii) of Regulation S-K.

(3)      The “peer group” for Total Shareholder Return (“TSR”) is the S&P BDC Index.

    
Company Selected Measure Name TSR    
Named Executive Officers, Footnote For each of fiscal year 2022 and 2023, the PEO was David A. Lorber and the non-PEO NEO was Ellida McMillan. On January 1, 2021, the Company completed the Internalization, prior to which there was a different PEO and non-PEO NEO. Effective January 1, 2021, Mr. Lorber became the PEO and Ms. McMillan became the non-PEO NEO and the prior PEO and non-PEO NEO (concurrently with the Company commencing operations under an internalized management structure) ceased serving in such roles. The prior PEO and non-PEO NEO were not employees of the Company, and the Company did not directly compensate them.    
PEO Total Compensation Amount [1] $ 1,925,000 $ 1,181,921 $ 774,223.85
PEO Actually Paid Compensation Amount [2] 1,925,000 1,181,921 774,223.85
Non-PEO NEO Average Total Compensation Amount [1] 890,000 614,928 472,307.69
Non-PEO NEO Average Compensation Actually Paid Amount [2] $ 890,000 614,928 472,307.69
Adjustment to Non-PEO NEO Compensation Footnote

The executive compensation actually paid by the Company to the PEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $774,223.85 to $1,925,000.00, or 148.6%. The executive compensation actually paid by the Company to the non-PEO NEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $472,307.69 to $890,000.00, or 88.4%. For the same period, cumulative total shareholder return of the Company was 113.27%, compared with the cumulative total shareholder return of the S&P BDC Index of 76.69%. For the same period, net investment income decreased from $18,522,719 to $6,510,166, or 64.9%, and net asset value per share increased from $57.08 to $70.75, or 23.9%.

    
Compensation Actually Paid vs. Total Shareholder Return

The executive compensation actually paid by the Company to the PEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $774,223.85 to $1,925,000.00, or 148.6%. The executive compensation actually paid by the Company to the non-PEO NEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $472,307.69 to $890,000.00, or 88.4%. For the same period, cumulative total shareholder return of the Company was 113.27%, compared with the cumulative total shareholder return of the S&P BDC Index of 76.69%. For the same period, net investment income decreased from $18,522,719 to $6,510,166, or 64.9%, and net asset value per share increased from $57.08 to $70.75, or 23.9%.

    
Compensation Actually Paid vs. Net Income

The executive compensation actually paid by the Company to the PEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $774,223.85 to $1,925,000.00, or 148.6%. The executive compensation actually paid by the Company to the non-PEO NEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $472,307.69 to $890,000.00, or 88.4%. For the same period, cumulative total shareholder return of the Company was 113.27%, compared with the cumulative total shareholder return of the S&P BDC Index of 76.69%. For the same period, net investment income decreased from $18,522,719 to $6,510,166, or 64.9%, and net asset value per share increased from $57.08 to $70.75, or 23.9%.

    
Compensation Actually Paid vs. Company Selected Measure

The executive compensation actually paid by the Company to the PEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $774,223.85 to $1,925,000.00, or 148.6%. The executive compensation actually paid by the Company to the non-PEO NEO during the three-year period from October 1, 2020 to September 30, 2023 increased from $472,307.69 to $890,000.00, or 88.4%. For the same period, cumulative total shareholder return of the Company was 113.27%, compared with the cumulative total shareholder return of the S&P BDC Index of 76.69%. For the same period, net investment income decreased from $18,522,719 to $6,510,166, or 64.9%, and net asset value per share increased from $57.08 to $70.75, or 23.9%.

    
Total Shareholder Return Vs Peer Group The “peer group” for Total Shareholder Return (“TSR”) is the S&P BDC Index.    
Tabular List, Table

Restrictions imposed by the 1940 Act restrict the Compensation Committee’s ability to use nondiscretionary or formulaic Company performance goals or criteria to determine executive incentive compensation. The Compensation Committee instead considers several financial performance metrics, along with other factors including operational goals and individual performance criteria, in determining the appropriate compensation for the NEOs. Subject to the restrictions imposed by the 1940 Act, in the Company’s assessment, the following list of performance measures represent the most important performance measures used to link compensation actually paid to our NEOs, for the most recently completed fiscal year, to Company performance:

•        Net asset value per share

•        Net asset value

•        Net investment income per share

    
Total Shareholder Return Amount $ 213.27 196.27 240.61
Peer Group Total Shareholder Return Amount [3] 176.69 131.45 154.34
Net Income (Loss) $ 6,510 $ 3,431 $ 18,523
Company Selected Measure Amount 70.75 57.49 57.08
Measure:: 1      
Pay vs Performance Disclosure      
Name Net asset value per share    
Measure:: 2      
Pay vs Performance Disclosure      
Name Net asset value    
Measure:: 3      
Pay vs Performance Disclosure      
Name Net investment income per share    
PEO [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 1,925,000    
PEO Name David A. Lorber    
NEO [Member]      
Pay vs Performance Disclosure      
Non-PEO NEO Average Compensation Actually Paid Amount $ 890,000    
[1] For each of fiscal year 2022 and 2023, the PEO was David A. Lorber and the non-PEO NEO was Ellida McMillan. On January 1, 2021, the Company completed the Internalization, prior to which there was a different PEO and non-PEO NEO. Effective January 1, 2021, Mr. Lorber became the PEO and Ms. McMillan became the non-PEO NEO and the prior PEO and non-PEO NEO (concurrently with the Company commencing operations under an internalized management structure) ceased serving in such roles. The prior PEO and non-PEO NEO were not employees of the Company, and the Company did not directly compensate them.
[2] No adjustments are applicable pursuant to Item 402(v)(2)(iii) of Regulation S-K.
[3] The “peer group” for Total Shareholder Return (“TSR”) is the S&P BDC Index.