XML 40 R22.htm IDEA: XBRL DOCUMENT v3.25.3
Financial Highlights
 12 Months Ended
Sep. 30, 2025
Investment Company [Abstract]  
Financial Highlights Financial Highlights
(Share amounts in thousands)Year ended
September 30,
2025		Year ended
September 30,
2024		Year ended
September 30,
2023(7)		Year ended
September 30,
2022(7)		Year ended
September 30,
2021(7)
Net asset value per share at beginning of period$18.09$19.63$20.38$21.84$19.47
Net investment income (1)1.772.182.512.451.80
Net unrealized appreciation (depreciation) (1)(6)(8)(1.18)0.25(0.17)(2.23)2.19
Net realized gains (losses) (1)(0.20)(1.70)(0.46)0.280.49
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)——(0.02)(0.01)(0.02)
Distributions of net investment income to stockholders(1.64)(2.27)(2.61)(1.95)(1.52)
Issuance of common stock————(0.57)
Tax return of capital (0.20)————
Net asset value per share at end of period$16.64$18.09$19.63$20.38$21.84
Per share market value at beginning of period $16.31$20.12$18.00$21.18$14.52
Per share market value at end of period $13.05$16.31$20.12$18.00$21.18
Total return (2)(9.32)%(8.47)%27.30%(6.71)%57.61%
Common shares outstanding at beginning of period82,24577,22561,12560,12046,987
Common shares outstanding at end of period88,08682,24577,22561,12560,120
Net assets at beginning of period$1,487,811$1,515,764$1,245,563$1,312,823$914,879
Net assets at end of period$1,465,813$1,487,811$1,515,764$1,245,563$1,312,823
Average net assets (3)$1,486,192$1,520,016$1,437,728$1,308,518$1,150,662
Ratio of net investment income to average net assets (3)10.27%11.52%12.57%11.36%8.44%
Ratio of total expenses to average net assets (3)12.42%14.23%14.19%8.68%9.65%
Ratio of net expenses to average net assets (3)10.99%13.59%13.81%8.45%9.51%
Ratio of portfolio turnover to average investments at fair value33.27%35.96%26.12%26.99%39.66%
Weighted average outstanding debt (4)$1,559,548$1,683,757$1,659,701$1,361,151$964,390
Average debt per share (1)$18.12$20.94$23.01$22.41$17.85
Asset coverage ratio at end of period (5)197.50%188.14%187.74%188.64%201.68%
 __________
(1)Calculated based upon weighted average shares outstanding for the period.
(2)Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load.
(3)Calculated based upon the weighted average net assets for the period.
(4)Calculated based upon the weighted average of principal debt outstanding for the period.
(5)
Based on outstanding senior securities of $1,495.0 million, $1,663.8 million, $1,660.0 million, $1,350.0 million and $1,280.0 million as of September 30, 2025, 2024, 2023, 2022 and 2021, respectively.
(6)The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the years ended September 30, 2025, 2024, 2023, 2022 and 2021 as it includes the effect of the timing of equity issuances.
(7)
The share and per share information disclosed in this table has been retroactively adjusted as necessary 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.
(8)For the year ended September 30, 2023, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OSI2 Merger. For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OCSI Merger.
Senior Securities
Information about our senior securities (including debt securities and other indebtedness) is shown in the following table as of the fiscal years ended September 30 for the years indicated below.
Class and Year(1)Total Amount Outstanding Exclusive of Treasury Securities (2)Asset Coverage Per Unit(3)Involuntary Liquidating Preference Per Unit(4)Average Market Value Per Unit(5)
Syndicated Facility and Prior ING Facility
Fiscal 2016$472,495 2,208 — N/A
Fiscal 2017226,495 2,274 — N/A
Fiscal 2018241,000 2,330 — N/A
Fiscal 2019314,825 2,949 — N/A
Fiscal 2020414,825 2,272 — N/A
Fiscal 2021495,000 2,017 — N/A
Fiscal 2022540,000 1,886 — N/A
Fiscal 2023430,000 1,877 — N/A
Fiscal 2024430,000 1,881 — N/A
Fiscal 2025545,000 1,975 — N/A
Citibank Facility
Fiscal 2021$135,000 2,017 — N/A
Fiscal 2022160,000 1,886 — N/A
OSI2 Citibank Facility
Fiscal 2023$280,000 1,877 — N/A
Fiscal 2024280,000 1,881 — N/A
Sumitomo Facility
Fiscal 2016$43,800 2,208 — N/A
Fiscal 201729,500 2,274 — N/A
Secured Borrowings
Fiscal 2016$18,929 2,208 — N/A
Fiscal 201713,489 2,274 — N/A
Fiscal 201812,314 2,330 — N/A
2019 Notes
Fiscal 2016$250,000 2,208 — N/A
Fiscal 2017250,000 2,274 — N/A
Fiscal 2018228,825 2,330 — N/A
2024 Notes
Fiscal 2016$75,000 2,208 — 993.70 
Fiscal 201775,000 2,274 — 1,006.74 
Fiscal 201875,000 2,330 — 1,010.72 
Fiscal 201975,000 2,949 — 1,012.76 
Class and Year(1)Total Amount Outstanding Exclusive of Treasury Securities (2)Asset Coverage Per Unit(3)Involuntary Liquidating Preference Per Unit(4)Average Market Value Per Unit(5)
2025 Notes
Fiscal 2020$300,000 2,272 — N/A
Fiscal 2021300,000 2,017 — N/A
Fiscal 2022300,000 1,886 — N/A
Fiscal 2023300,000 1,877 — N/A
Fiscal 2024300,000 1,881 — N/A
2027 Notes
Fiscal 2021$350,000 2,017 — N/A
Fiscal 2022350,000 1,886 — N/A
Fiscal 2023350,000 1,877 — N/A
Fiscal 2024350,000 1,881 — N/A
Fiscal 2025350,000 1,975 — N/A
2028 Notes
Fiscal 2016$86,250 2,208 — 999.29 
Fiscal 201786,250 2,274 — 1,007.51 
Fiscal 201886,250 2,330 — 994.82 
Fiscal 201986,250 2,949 — 993.33 
2029 Notes
Fiscal 2023$300,000 1,877 — N/A
Fiscal 2024300,000 1,881 — N/A
Fiscal 2025300,000 1,975 — N/A
2030 Notes
Fiscal 2025$300,000 1,975 — N/A
Total Senior Securities
Fiscal 2016$946,474 2,208 — 
Fiscal 2017680,734 2,274 — 
Fiscal 2018643,389 2,330 — 
Fiscal 2019476,075 2,949 — 
Fiscal 2020714,825 2,272 — 
Fiscal 20211,280,000 2,017 — 
Fiscal 20221,350,000 1,886 — 
Fiscal 20231,660,000 1,877 — 
Fiscal 20241,660,000 1,881 — 
Fiscal 20251,495,000 1,975 — 
______________ 
(1)This table excludes any SBA-guaranteed debentures outstanding during the relevant periods because the SEC has granted the Company exemptive relief that permits it to exclude such debentures from the definition of senior securities in the asset coverage ratio the Company is required to maintain under the Investment Company Act.
(2)Total amount of each class of senior securities outstanding at the end of the period, presented in thousands.
(3)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company's consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit.”
(4)The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information that the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities.
(5)Calculated on a daily average basis.