Note 9 - Debt Outstanding

12 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Debt Disclosure [Text Block]

(9) Debt Outstanding

On October 20, 2021, the Company completed a public offering of 4.875% notes due 2026 in the aggregate principal amount of $40,250,000 (the “2026 Notes”), which included the full exercise of the underwriters’ overallotment option. The initial net proceeds received were approximately $38,607,000 after considering the impact of issuance costs and underwriter discounts. The 2026 Notes bear interest at 4.875% per annum, payable on the last day of each calendar quarter and at maturity, beginning December 31, 2021. The effective interest rate, which reflects the amortization of issuance costs over the term of the loan, during both fiscal years 2025 and 2024 was 5.7%. Total interest expense for both fiscal years 2025 and 2024 comprises $2.0 million of contractual interest and $0.3 million related to the amortization of debt issuance costs. The 2026 Notes mature on December 31, 2026.

The 2026 Notes are direct unsecured obligations, rank equally in right of payment with any of the Company’s future unsecured unsubordinated indebtedness, senior to any of the Company’s future indebtedness that expressly provides that it is subordinate to the 2026 Notes, effectively subordinate to all of the Company’s future secured indebtedness, and structurally subordinate to all future indebtedness and other obligations of any of the Company’s future subsidiaries.