Net Increase (Decrease) in Net Assets per Common Share

12 Months Ended

Jun. 30, 2025

Net Increase (Decrease) in Net Assets per Common Share

Basic earnings (loss) per share is calculated by dividing the net increase (decrease) in net assets resulting from operations, less preferred stock dividends plus net gain (loss) on repurchase and accretion to redemption value of redeemable preferred stock, by the weighted average number of common shares outstanding for that period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding using the if-converted method for the 5.50% Preferred Stock, the 6.50% Preferred Stock (see Note 9) and for the year ended June 30, 2024, the 2025 Notes (see Note 5).

Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive.

During the year ended June 30, 2025, conversion of our convertible instruments had an anti-dilutive effect and therefore, conversion is not assumed.

The following information sets forth the computation of basic and diluted earnings per common share during the years ended June 30, 2025, 2024, and 2023:


	For the Year Ended June 30,
		2025		2024		2023
Net increase (decrease) in net assets resulting from operations - basic		$	(593,762)	$	147,416	$	(172,473)
Adjustment for dividends on Convertible Preferred Stock		—		80,100		—
Adjustment for interest on Convertible Notes		—		—		—
Adjustment for Incentive Fee on Convertible Instruments		—		(16,020)		—
Net increase (decrease) in net assets resulting from operations - diluted		$	(593,762)	$	211,496	$	(172,473)

Weighted average common shares outstanding - basic		440,314,909		412,703,365		398,514,965
Weighted average common shares from assumed conversion of Convertible Preferred Stock		—		212,573,371		—
Weighted average common shares from assumed conversion of Convertible Notes		—		—		—
Weighted average shares of common stock outstanding - diluted		440,314,909		625,276,736		398,514,965

Earnings (loss) per share - basic		$	(1.35)	$	0.36	$	(0.43)
Earnings (loss) per share - diluted		$	(1.35)	$	0.34	$	(0.43)