Earnings (Losses) Per Share

9 Months Ended

Sep. 30, 2025

3. EARNINGS (LOSSES) PER SHARE

In accordance with the provisions of ASC 260, “Earnings per Share” (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following information sets forth the computation of basic and diluted net increase (decrease) in net assets per share for the three and nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2025(1)		2024			2025(1)		2024
Net increase (decrease) in net assets resulting from operations - basic	$	23,630,637	$	(1,512,039	)	$	19,032,799	$	(3,398,529	)
Weighted average common stock outstanding – basic		12,549,643		9,244,033			10,337,858		9,295,008
Net increase (decrease) in net assets per share from operations - basic	$	1.88	$	(0.16	)	$	1.84	$	(0.37	)
Net increase (decrease) in net assets resulting from operations - basic	$	23,630,637	$	(1,512,039	)	$	19,032,799	$	(3,398,529	)
Adjustment for interest on the 2032 Convertible Notes and incentive fees, net	$	26,895	$	—		$	26,895	$	—
Adjusted net increase (decrease) in net assets resulting from operations - diluted	$	23,657,532	$	(1,512,039	)	$	19,059,694	$	(3,398,529	)
Weighted average common stock outstanding – basic		12,549,643		9,244,033			10,337,858		9,295,008
Adjustment for dilutive effect of the 2032 Convertible Notes		177,003		—			60,078		—
Adjusted weighted average common stock outstanding - diluted		12,726,646		9,244,033			10,397,936		9,295,008
Net increase (decrease) in net assets per share resulting from operations - diluted	$	1.86	$	(0.16	)	$	1.83	$	(0.37	)

(1)

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 nine months ended September 30, 2025, conversion of the 2032 Convertible Notes into 0.2 million shares was assumed as the effect on diluted earnings per share would be dilutive.