
(in thousands, except per share data)	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net increase (decrease) in net assets resulting from operations	$	130,181	$	78,887	$	172,683	$	129,224
Less: Total distributions declared	(87,950)		(83,083)		(174,683)		(164,467)
Total Earnings (loss), net of total distributions	42,231		(4,196)		(2,000)		(35,243)

Earnings (loss), net of distributions attributable to common shares	41,856		(4,196)		(2,000)		(35,244)
Add: Distributions declared attributable to common shares	87,169		82,381		173,053		162,997
Numerator for basic change in net assets per common share	129,025		78,185		171,053		127,753
Add: Income impact of assumed conversion of 2028 Convertible Notes	4,079		4,076		8,157		4,980
Numerator for diluted change in net assets per common share	$	133,104	$	82,261	$	179,210	$	132,733

Denominator
Basic weighted average common shares outstanding	185,517		176,809		184,146		173,231
Incremental shares from assumed conversion of 2028 Convertible Notes	13,387		13,387		13,387		8,329
Common shares issuable	673		581		673		599
Weighted average common shares outstanding assuming dilution	199,577		190,777		198,206		182,159

Change in net assets per common share:
Basic	$	0.70	$	0.44	$	0.93	$	0.74
Diluted	$	0.67	$	0.43	$	0.90	$	0.73

In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share.

The issuance of the 2028 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and six months ended June 30, 2026, there was no anti-dilution when applying the if-converted method for the 2028 Convertible Notes.

The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three and six months ended June 30, 2026 and 2025, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows: