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).

During the three months ended September 30, 2026, all 47,505,179 shares of our issued and outstanding Convertible Preferred Stock had an anti-dilutive effect and therefore, conversion is not assumed.

During the three months ended September 30, 2025, conversion of all our Convertible Preferred Stock had a dilutive effect and their conversion is assumed.

The following information sets forth the computation of basic and diluted earnings per common share during the three months ended September 30, 2026 and September 30, 2025:


	For the Three Months Ended September 30,
		2026			2025
Net increase (decrease) in net assets resulting from operations - basic		$	(53,448)		$	48,087
Adjustment for dividends on Convertible Preferred Stock		—			20,134

Adjustment for Incentive Fee on Convertible Instruments		—			(461)
Net increase (decrease) in net assets resulting from operations - diluted		$	(53,448)		$	67,760

Weighted average common shares outstanding - basic		524,466,279			461,356,032
Weighted average common shares from assumed conversion of Convertible Preferred Stock		—			415,300,986

Weighted average shares of common stock outstanding - diluted		524,466,279			876,657,018

Earnings (loss) per share - basic		$	(0.10)		$	0.10
Earnings (loss) per share - diluted		$	(0.10)	(1)	$	0.08