31 unchanged sentences
We did not sell any unregistered shares of stock during the fiscal year ended September 30, 2025.
−Removed: See “ Capital Raising ” below for information regarding the unregistered sale of the 2027 Notes in November 2021.
Purchases of Equity Securities
5 unchanged sentences
This stock performance graph and the related textual information are not necessarily indicative of future performance.
−Removed: Per share data has been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024.
+Added: Per share data has been adjusted on a retroactive basis to reflect the Reverse Stock Split effected on April 4, 2024 for activity prior to that date.
S&P BDC Index
56 unchanged sentences
an income-based fee and a capital gains-based fee.
−Removed: The income-based fee is payable quarterly in arrears, and equals 20.0% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly (7.0% annualized) hurdle rate of our net assets (2.0% quarterly and 8.0% annualized during the period from April 1, 2020 through March 31, 2023), subject to a “catch-up” provision measured as of the end of each calendar quarter.
−Removed: The “catch-up” provision requires us to pay 100.0% of our pre-incentive fee net investment income with respect to that portion of such income, if any, that exceeds the hurdle rate but is less than 125.0% of the quarterly hurdle rate (or 2.1875%, 2.4375% during the period from April 1, 2020 through March 31, 2022, and 2.50% during the period from April 1, 2022 through March 31, 2023) in any calendar quarter (8.75% annualized, 9.75% annualized during the period from April 1, 2020 through March 31, 2022, 10.0% annualized during the period from April 1, 2022 through March 31, 2023).
−Removed: The catch-up provision is meant to provide the Adviser with 20.0% of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 125.0% of the quarterly hurdle rate in any calendar quarter (8.75% annualized, 9.75% annualized during the period from April 1, 2020 through March 31, 2022, and 10.0% annualized during the period from April 1, 2022 through March 31, 2023).
+Added: The income-based fee is payable quarterly in arrears, and equals 20.0% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly (7.0% annualized) hurdle rate of our net assets, subject to a “catch-up” provision measured as of the end of each calendar quarter.
+Added: The “catch-up” provision requires us to pay 100.0% of our pre-incentive fee net investment income with respect to that portion of such income, if any, that exceeds the hurdle rate but is less than 125.0% of the quarterly hurdle rate (or 2.1875%) in any calendar quarter (8.75% annualized).
+Added: The catch-up provision is meant to provide the Adviser with 20.0% of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 125.0% of the quarterly hurdle rate in any calendar quarter (8.75% annualized).
The income-based incentive fee is computed and paid on income that may include interest that is accrued but not yet received in cash.
4 unchanged sentences
From time to time, the Adviser has non-contractually, unconditionally and irrevocably agreed to waive a portion of the incentive fees, to the extent net investment income did not cover 100.0% of the distributions to common stockholders during the period.
−Removed: The incentive fee credit for the quarter ended September 30, 2024 was $0.1 million.
+Added: The incentive fee credit for the quarter ended September 30, 2025 was $3 thousand.
There can be no guarantee that the Adviser will continue to credit any portion of the fees under the Advisory Agreement in the future.
13 unchanged sentences
(7) Includes amortization of deferred financing costs.
−Removed: As of September 30, 2024, we had $70.6 million in borrowings outstanding under our Credit Facility and $254.0 million in notes payable, net.
+Added: As of September 30, 2025, we had $0 in borrowings outstanding under our Credit Facility and $397.9 million in notes payable, net.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources— Revolving Line of Credit” for additional information regarding the Credit Facility and “Item 7.
19 unchanged sentences
Additionally, we have assumed that the entire amount of such 5% annual return would constitute ordinary income as we have not historically realized positive capital gains (computed net of all realized capital losses) on our investments.
−Removed: Because the assumed 5% annual return is significantly below the hurdle rate of 7%
−Removed: that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5% annual return on our investments.
−Removed: (2) While the example assumes reinvestment of all dividends and distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the average cost of shares of our common stock purchased in the open market in the period beginning on or before the payment date of the distribution and ending when the plan agent has expended for such purchases all of the cash that would have been otherwise payable to participants.
+Added: Because the assumed 5% annual return is significantly below the hurdle rate of 7% that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5% annual return on our investments.
+Added: (2) While the example assumes reinvestment of all dividends and distributions at NAV, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar
+Added: amount of the dividend payable to a participant by the average cost of shares of our common stock purchased in the open market in the period beginning on or before the payment date of the distribution and ending when the plan agent has expended for such purchases all of the cash that would have been otherwise payable to participants.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for additional information regarding our dividend reinvestment plan.
1 unchanged sentence
Senior Securities
−Removed: Information about our senior securities is shown in the following table for the audited periods as of our last ten fiscal years.
−Removed: The information has been derived from our audited financial statements for each respective period, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm.
−Removed: The report of our independent registered public accounting firm, PricewaterhouseCoopers LLP, on the senior securities table as of September 30, 2024, is included elsewhere in this Annual Report.
+Added: Information about our senior securities is shown in the following table.
+Added: The information as of and for each of the years ended September 30, 2025, 2024, 2023, 2022, and 2021, is derived from our consolidated financial statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, as stated in their report which is included herein.
Class and Year Total Amount
14 unchanged sentences
September 30, 2016 $ 61,000,000 $ 2,495 $ 25.00 $ 25.55
−Removed: September 30, 2015 61,000,000 1,993 25.00 25.02
Series 2024 Term Preferred Stock (6)
5 unchanged sentences
September 30, 2024 8,748,275 2,373 25.00 N/A
+Added: September 30, 2023 — 2,311 25.00 N/A
6.125% Notes due 2023 (7)
9 unchanged sentences
September 30, 2022 150,000,000 1,904 — N/A
+Added: September 30, 2021 150,000,000 2,307 — N/A
3.75% Notes due 2027
2 unchanged sentences
September 30, 2023 50,000,000 2,311 — N/A
+Added: September 30, 2022 50,000,000 1,904 — N/A
7.75% Notes due 2028
1 unchanged sentence
September 30, 2024 57,000,000 2,436 25.00 25.55
+Added: September 30, 2023 57,000,000 2,311 25.00 25.06
+Added: 5.875% Convertible Notes due 2030
+Added: September 30, 2025 $ 149,500,000 $ 2,198 — N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented.
13 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.