Net Increase (Decrease) in Net Assets per Common Share

12 Months Ended

Jun. 30, 2026

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). The 2025 Notes matured on March 1, 2025 and therefore are excluded from the if-converted method of dilutive earnings per share for the years ended June 30, 2026 and June 30, 2025.

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

During the year ended June 30, 2026, all 49,182,136 shares of our issued and outstanding Convertible Preferred Stock has an anti-dilutive effect and therefore, conversion is not assumed.

During the year ended June 30, 2025, all 54,410,942 shares of our issued and outstanding Convertible Preferred Stock has an anti-dilutive effect and therefore, conversion is not assumed.

During the year ended June 30, 2024, conversion of our Convertible Notes and 3,711,904 shares of our issued and outstanding Convertible Preferred Stock has an anti-dilutive effect and therefore, conversion is not assumed. The remaining 55,335,151 shares of issued and outstanding Convertible Preferred Stock were dilutive during the year ended June 30, 2024; therefore, the effects of their assumed conversion is reflected in the diluted earnings per share below.

The following information sets forth the computation of basic and diluted earnings per common share during the year ended June 30, 2026, 2025,and 2024, respectively:


	For the Year Ended June 30,
		2026			2025		2024
Net increase (decrease) in net assets resulting from operations - basic		$	29,828		$	(593,762)	$	147,416
Adjustment for dividends on Convertible Preferred Stock		—			—		80,100

Adjustment for Incentive Fee on Convertible Instruments		—			—		(16,020)
Net increase (decrease) in net assets resulting from operations - diluted		$	29,828		$	(593,762)	$	211,496

Weighted average common shares outstanding - basic		479,866,265			440,314,909		412,703,365
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		479,866,265			440,314,909		625,276,736

Earnings (loss) per share - basic		$	0.06		$	(1.35)	$	0.36
Earnings (loss) per share - diluted		$	0.06	(1)	$	(1.35)	$	0.34
(1) Dilutive impacted from conversion is less than $0.01 per share.