​ The following discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under “Item 1A. Risk Factors” herein and in our Annual Report on Form 10-K for the year ended March 31, 2026, our actual results may differ materially from those anticipated in these forward-looking statements. Please also see the section entitled “Forward-Looking Statements” included in this quarterly report. ​ Overview ​ We are a Marshall Islands corporation headquartered in the United States and primarily focused on owning and operating VLGCs, each with a cargo-carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. Our founding executives have managed vessels in the LPG shipping market since 2002. Our fleet currently consists of twenty-five VLGC carriers, including one 93,000 cbm dual-fuel ECO-design Very Large Gas Carrier / Ammonia Carrier, one dual-fuel 84,000 cbm ECO-design VLGC; sixteen fuel-efficient 84,000 cbm ECO-design VLGCs; one 82,000 cbm modern VLGC; four time chartered-in dual-fuel panamax VLGCs; one time chartered-in ECO Panamax VLGC, and one time chartered-in modern VLGC. On June 22, 2026, we entered into a shipbuilding contract for a newbuilding dual-fuel Panamax VLGC with a cargo carrying capacity of 90,000 cbm and expected delivery from HD Hyundai Heavy Industries Co. Ltd. in the third calendar quarter of 2029. The twenty-five VLGCs in our fleet, including the six time chartered-in vessels, as of July 30, 2026, have an aggregate carrying capacity of approximately 2.1 million cbm and an average age of 9.4 years. ​ Currently, fourteen of our ECO VLGCs, including one of our time chartered-in ECO-VLGCs, and our VLGC/AC, are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. Vessels fitted with scrubbers allow us to reduce our emissions and to burn less refined fuel, which is frequently cheaper than more refined, lower sulfur grades. When the cost of more refined fuel exceeds that of less refined fuel, we are typically able to earn a higher TCE for spot voyages and to potentially contract time charters at higher rates compared to vessels without scrubbers. Additionally, one of the chartered-in dual-fuel Panamax VLGCs is equipped with a shaft generator, which generates additional electricity that can be used to reduce fuel consumption and carbon emissions. ​ On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. The vessels entered into the Helios Pool may operate either in the spot market, pursuant to contracts of affreightment, or COAs, or on time charters of two years' duration or less. As of July 30, 2026, all twenty-five of our VLGCs were employed in the Helios Pool, including our six time chartered-in VLGCs. ​ Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, Equinor ASA, Total S.A., and Sunoco LP, commodity traders such as Glencore plc, Itochu Corporation, Bayegan Group, Gunvor Group, and the Vitol Group and importers such as E1 Corp., Indian Oil Corporation, SK Gas Co. Ltd., and Astomos Energy Corporation, or subsidiaries of the foregoing. ​ We continue to pursue a balanced chartering strategy by employing our vessels on a mix of multi-year time charters, some of which may include a profit-sharing component, shorter-term time charters, spot market voyages and COAs. See “Our Fleet” below for more information and the definition of Pool-TCO. ​ ​ 19 Table of Contents Recent Developments ​ Sale of Vessels and Prepayment of Long-term Debt ​ In July 2026, we completed the sale of our 2014-built VLGC Corsair and 2015-built VLGC Constellation receiving total vessel sale proceeds, net of commission, of $166.4 million. As of June 30, 2026, the carrying value of the two vessels totaled $102.8 million and the cumulative gain on sale of the vessels is expected to be approximately $63.5 million. Prior to the completion of the sales, we prepaid the $24.2 million outstanding balance of the associated debt of Corsair during the three months ended June 30, 2026, and in July 2026, we prepaid $23.9 million of the BALCAP Facility’s then outstanding principal related to the 2015-built VLGC Constellation. ​ Dividend ​ On July 16, 2026, we announced that our Board of Directors declared an irregular cash dividend of $1.00 per common share totaling approximately $42.8 million. The dividend is payable on or about August 12, 2026 to all shareholders of record as of the close of business on July 27, 2026. ​ Executive Severance and Change in Control and Severance Plan ​ On July 24, 2026, our Board of Directors, upon the approval and recommendation of the our compensation committee, approved and adopted the Amended and Restated Executive Severance and Change in Control Severance Plan. For more information, please see the Form 8-K filed on July 30, 2026. ​ Our Fleet ​ The following table sets forth certain information regarding our fleet as of July 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Scrubber ​ ​ ​ Time ​ ​ ​ Capacity ​ ​ ​ ​ ​ ECO ​ Equipped ​ ​ ​ Charter-Out ​ ​ (Cbm) ​ Shipyard ​ Year Built ​ Vessel(1) ​ and/or Dual-Fuel ​ Employment ​ Expiration(2) Dorian VLGCs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Captain John NP(3) 82,000 Hyundai 2007 — — Pool(6) — ​ Comet(4) 84,000 Hyundai 2014 X S Pool-TCO(7) Q2 2027 ​ Corvette(4) 84,000 Hyundai 2015 X S Pool(6) — ​ Cougar(5) 84,000 Hyundai 2015 X — Pool-TCO(7) Q2 2029 ​ Concorde 84,000 Hyundai 2015 X S Pool(6) — ​ Continental 84,000 Hyundai 2015 X S Pool-TCO(7) Q2 2030 ​ Constitution 84,000 Hyundai 2015 X S Pool(6) — ​ Commodore 84,000 Hyundai 2015 X — Pool-TCO(7) Q2 2027 ​ Cresques(5) 84,000 Hanwha Ocean 2015 X S Pool(6) — ​ Cheyenne 84,000 Hyundai 2015 X S Pool(6) — ​ Clermont 84,000 Hyundai 2015 X S Pool(6) — ​ Cratis(5) 84,000 Hanwha Ocean 2015 X S Pool(6) — ​ Chaparral(5) 84,000 Hyundai 2015 X — Pool-TCO(7) Q3 2027 ​ Copernicus(5) 84,000 Hanwha Ocean 2015 X S Pool(6) — ​ Commander(4) 84,000 Hyundai 2015 X S Pool-TCO(7) Q1 2027 ​ Challenger 84,000 Hyundai 2015 X S Pool-TCO(7) ​ Q2 2030 ​ Caravelle(5) 84,000 Hyundai 2016 X S Pool(6) — ​ Captain Markos(5) 84,000 Kawasaki 2023 X DF Pool(6) — ​ Areion(3) 93,000 Hanwha Ocean 2026 X S/DF Pool(6) — ​ Total 1,603,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time chartered-in VLGCs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future Diamond(8) ​ 80,876 ​ Hyundai ​ 2020 ​ X ​ S ​ Pool(6) — ​ HLS Citrine(9) ​ 86,090 ​ Hyundai ​ 2023 ​ X ​ DF ​ Pool(6) — ​ HLS Diamond(9) ​ 86,090 ​ Hyundai ​ 2023 ​ X ​ DF ​ Pool(6) — ​ Cristobal(10) ​ 86,980 ​ Hyundai ​ 2023 ​ X ​ DF ​ Pool(6) — ​ Crystal Asteria(11) ​ 84,229 ​ Kawasaki ​ 2021 ​ X ​ DF ​ Pool(6) — ​ BW Tokyo(12) ​ 83,271 ​ Mitsubishi ​ 2009 ​ — ​ — ​ Pool(6) — ​ ​ 20 Table of Contents (1) Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint. (2) Represents calendar year quarters. (3) Vessel is capable of carrying ammonia cargo. (4) Vessel is fitted to carry ammonia cargo. (5) Operated pursuant to a bareboat chartering agreement. See Note 8 to our unaudited interim condensed consolidated financial statements. (6) “Pool” indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. (7) “Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool. (8) Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2027. (9) Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven. (10) Vessel has a Panamax beam and shaft generator and is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2030 and purchase options beginning in year seven. (11) Vessel is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2026. (12) Vessel is currently time chartered-in to our fleet with an expiration during the second calendar quarter of 2028. Vessel operates under a framework agreement in which the vessel’s revenues and charter hire-in expenses are split equally with an unrelated third party. Results of Operations – For the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 ​ Revenues ​ The following table compares our revenues for the three months ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase / ​ Percent ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (Decrease) ​ ​ ​ Change ​ Net pool revenues—related party $ 187,804,115 $ 83,842,752 $ 103,961,363 ​ 124.0 % Other revenues, net ​ 80,733 ​ 369,214 ​ (288,481) ​ (78.1) % Total $ 187,884,848 $ 84,211,966 $ 103,672,882 ​ 123.1 % ​ Revenues, which represent net pool revenues—related party and other revenues, net, were $187.9 million for the three months ended June 30, 2026, an increase of $103.7 million, or 123.1%, from $84.2 million for the three months ended June 30, 2025, primarily due to higher average TCE rates and increased available days. TCE rates rose by $36,200 per available day from $39,726 for the three months ended June 30, 2025 to $75,926 for the three months ended June 30, 2026, primarily due to higher spot rates; partially offset by higher bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $199.694 during the three months ended June 30, 2026 compared to an average of $63.500 during the three months ended June 30, 2025. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah increased from $511 during the three months ended June 30, 2025, to $863 during the three months ended June 30, 2026. Additionally, available days for our fleet increased from 2,086 for the three months ended June 30, 2025 to 2,469 for the three months ended June 30, 2026, mainly driven by an increase in the number of vessels in our fleet, and a decrease in the number of vessels drydocked. ​ Charter Hire Expenses ​ Charter hire expenses for the vessels chartered in from third parties were $22.6 million for the three months ended June 30, 2026 compared to $10.7 million for the three months ended June 30, 2025. The increase of $11.9 million, or 110.9%, was mainly driven by an increase in time chartered-in days from 370 for the three months ended June 30, 2025 to 546 for the three months ended June 30, 2026. Additionally, there was an increase in the average rate per time chartered-in day. ​ 21 Table of Contents Vessel Operating Expenses ​ Vessel operating expenses were $20.1 million during the three months ended June 30, 2026, or $10,356 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period for the technically-managed vessels that were in our fleet, decreased by $1.8 million, or 8.1% from $21.9 million for the three months ended June 30, 2025. The decrease of $1,110 per vessel per calendar day, from $11,466 for the three months ended June 30, 2025 to $10,356 per vessel per calendar day for the three months ended June 30, 2026 was mainly a result of a decrease of $1,310 per vessel per calendar day of non-capitalizable drydock-related operating expenses. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses increased by $200 from $10,108 for the three months ended June 30, 2025 to $10,308 for the three months ended June 30, 2026, mainly as a result of increases in spares and stores and repairs and maintenance costs. ​ General and Administrative Expenses ​ General and administrative expenses were $13.5 million for the three months ended June 30, 2026, a decrease of $3.4 million, or 20.2%, from $16.9 million for the three months ended June 30, 2025. The decrease was primarily driven by a decrease of $4.3 million in cash bonuses as a result in the timing of the recognition of discretionary cash bonuses in the three months ended June 30, 2025 compared to the three months ended June 30, 2026, due to the implementation of the Annual Cash Incentive Plan (the “ACIP”), which is recognized throughout the fiscal year. This was partially offset by increases of $0.4 million in employee related costs and benefits, $0.3 million in stock-based compensation, and $0.2 million in other general and administrative expenses. ​ Gain on Disposal of Vessel Gain on disposal of vessel amounted to $30.1 million for the three months ended June 30, 2026 and was attributable to the sale of the 2015-built VLGC Cobra. There was no gain on disposal of vessel for the three months ended June 30, 2025. ​ Interest and Finance Costs ​ Interest and finance costs amounted to $8.7 million for the three months ended June 30, 2026, an increase of $1.0 million, or 12.7%, from $7.7 million for the three months ended June 30, 2025. The increase of $1.0 million during this period was mainly due to (i) an increase of $0.7 million in loan expenses, (ii) a decrease of $0.5 million in capitalized interest, and (iii) an increase of $0.3 million in amortization of deferred financing fees, partially offset by (iv) a reduction of $0.5 million in interest on our long-term debt. The decrease in interest on our long-term debt was driven by a reduction in average indebtedness, excluding deferred financing fees, from $553.0 million for the three months ended June 30, 2025 to $537.9 million for the three months ended June 30, 2026. ​ Unrealized Gain / Loss on Derivatives ​ Unrealized gain on derivatives amounted to $0.9 million for the three months ended June 30, 2026, compared to a loss of $1.2 million for the three months ended June 30, 2025. The $2.1 million difference is primarily attributable to changes in forward SOFR yield curves and changes in notional amounts. ​ Operating Statistics and Reconciliation of GAAP to non-GAAP Measures ​ To supplement our financial statements presented in accordance with U.S.GAAP, we present certain operating statistics and non-GAAP measures to assist in the evaluation of our business performance. These non-GAAP measures include Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and time charter equivalent rate. These non-GAAP measures may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for net income and revenues, which are the most directly comparable measures of performance prepared in accordance with U.S. GAAP. 22 Table of Contents We use these non-GAAP measures in assessing the performance of our ongoing operations and in planning and forecasting future periods. These adjusted measures provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance. We believe that these adjusted measures, when considered together with the corresponding U.S. GAAP measures and the reconciliations to those measures, provide meaningful supplemental information to assist investors and analysts in understanding our business results and assessing our prospects for future performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ (in U.S. dollars, except fleet data) ​ June 30, 2026 ​ ​ ​ June 30, 2025 ​ ​ ​ Financial Data ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA(1) ​ $ 165,430,566 ​ $ 38,578,336 ​ ​ Fleet Data ​ ​ ​ ​ ​ ​ ​ ​ Calendar days(2) ​ 1,945 ​ 1,911 ​ ​ Time chartered-in days(3) ​ 546 ​ 370 ​ ​ Available days(4) ​ 2,469 ​ 2,086 ​ ​ Average Daily Results ​ ​ ​ ​ ​ ​ ​ ​ Time charter equivalent rate(5) ​ $ 75,926 ​ $ 39,726 ​ ​ Daily vessel operating expenses (6) ​ $ 10,356 ​ $ 11,466 ​ ​ ​ (1) Adjusted EBITDA is an unaudited non-GAAP financial measure and represents net income/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, stock-based compensation expense, impairment, and depreciation and amortization and is used as a supplemental measure by management to assess our financial and operating performance. We believe that Adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period and management makes business and resource-allocation decisions based on such comparisons. This increased comparability is achieved by excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization expense, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income/(loss) between periods. We believe that including Adjusted EBITDA as a financial and operating measure benefits investors in selecting between investing in us and other investment alternatives. ​ Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income/(loss). Adjusted EBITDA as presented below may not be computed consistently with similarly titled measures of other companies and, therefore, might not be comparable with other companies. ​ The following table sets forth a reconciliation of net income to Adjusted EBITDA (unaudited) for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ (in U.S. dollars) ​ June 30, 2026 ​ June 30, 2025 ​ ​ Net income ​ $ 138,285,022 ​ $ 10,082,101 ​ ​ Interest and finance costs ​ 8,695,333 ​ 7,714,797 ​ ​ Unrealized (gain) / loss on derivatives ​ (932,965) ​ 1,183,841 ​ ​ Realized gain on interest rate swaps ​ (286,510) ​ (539,429) ​ ​ Stock-based compensation expense ​ 2,020,619 ​ 1,757,879 ​ ​ Depreciation and amortization ​ ​ 17,649,067 ​ ​ 18,379,147 ​ ​ Adjusted EBITDA ​ $ 165,430,566 ​ $ 38,578,336 ​ ​ ​ (2) We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of vessel operating expenses that are recorded during that period. ​ (3) We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period. Time chartered-in days include 100% of time chartered-in days for our chartered-in vessel that is part of a framework agreement in which the vessel’s revenues and charter hire-in expenses are split equally with an unrelated third party. ​ (4) We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially- 23 Table of Contents managed vessels) less aggregate off hire days associated with both unscheduled and scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues. Available days include 100% of available days for our chartered-in vessel that is part of a framework agreement in which the vessel’s revenues and charter hire-in expenses are split equally with an unrelated third party. ​ (5) Time charter equivalent rate, or TCE rate, is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. TCE rate is a shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods and is a factor in management’s business decisions and is useful to investors in understanding our underlying performance and business trends. Our method of calculating TCE rate is to divide total revenues (including net pool revenues-related party which is calculated as Dorian’s portion of the net of a) Helios Pool gross revenues b) less voyage expenses of all the pool vessels and c) less the general and administrative expenses of the pool) less voyage expenses by available days for the relevant time period, which may not be calculated the same by other companies. The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in U.S. dollars, except available days) ​ Three months ended ​ ​ Numerator: ​ June 30, 2026 ​ ​ ​ June 30, 2025 ​ ​ ​ Revenues ​ $ 187,884,848 ​ $ 84,211,966 ​ ​ Voyage expenses ​ ​ (422,621) ​ ​ (1,342,756) ​ ​ Time charter equivalent ​ $ 187,462,227 ​ $ 82,869,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pool adjustment* ​ ​ (340,566) ​ ​ 895,366 ​ ​ Time charter equivalent excluding pool adjustment* ​ $ 187,121,661 ​ $ 83,764,576 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Available days ​ ​ 2,469 ​ ​ 2,086 ​ ​ TCE rate: ​ ​ ​ ​ ​ ​ ​ ​ Time charter equivalent rate ​ $ 75,926 ​ $ 39,726 ​ ​ TCE rate excluding pool adjustment* ​ $ 75,788 ​ $ 40,156 ​ ​ ​ * Adjusted for the effects of reallocations of pool profits in accordance with the pool participation agreements primarily resulting from the actual speed and consumption performance of the vessels operating in the Helios Pool exceeding the originally estimated speed and consumption levels. ​ (6) Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period. ​ Liquidity and Capital Resources ​ Our business is capital intensive, and our future success depends on our ability to maintain a high-quality fleet. As of June 30, 2026, we had cash and cash equivalents of $342.1 million and non-current restricted cash of $0.1 million. ​ Our primary source of capital during the three months ended June 30, 2026 were (i) $30.5 million in cash generated from operations and (ii) $80.7 million from proceeds net of commission and fees of the sale of our 2015-built VLGC Cobra. As of June 30, 2026, the outstanding balance of our long-term debt, net of deferred financing fees of $4.9 million, was $507.5 million including $158.7 million of principal on our long-term debt scheduled to be repaid within the next twelve months. ​ Operating expenses, including expenses to maintain the quality of our vessels in order to comply with international shipping standards and environmental laws and regulations, the funding of working capital requirements, long-term debt repayments, financing costs, commitments, as described in Note 16 to our unaudited interim condensed consolidated financial statements, for the building of VLGCs, and drydocking represent our short-term, medium-term and long-term liquidity needs as of June 30, 2026. We anticipate satisfying our liquidity needs for at least the next twelve months with cash on hand, cash from operations and, if needed, drawdowns on the revolving credit facility available under the 2023 A&R Debt Facility. We may also seek additional liquidity through alternative sources of debt financings and/or through equity financings by way of private or public offerings. However, if these sources are insufficient to satisfy our 24 Table of Contents short-term liquidity needs, or to satisfy our future medium-term or long-term liquidity needs, we may need to seek alternative sources of financing and/or modifications of our existing credit facilities and financing arrangements. There is no assurance that we will be able to obtain any such financing or modifications to our existing credit facility and financing arrangements on terms acceptable to us, or at all. ​ On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under this authorization, when in force, purchases were and may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interests of our shareholders, and market conditions. As of June 30, 2026, our total purchases under the 2022 Common Share Repurchase Authority totaled 355,511 shares for an aggregate consideration of $7.9 million. We are not obligated to make any common share repurchases. ​ On April 20, 2026, we prepaid $16.5 million of the 2023 A&R Debt Facility, the tranche related to the 2015-built VLGC Cobra. On May 6, 2026, we completed the sale of this vessel, receiving proceeds (including the purchase of bunkers, lubricants, etc.) net of commission and fees of $81.9 million. ​ On May 7, 2026, we announced that our Board of Directors declared an irregular cash dividend of $1.00 per common share to all shareholders of record as of the close of business on May 18, 2026, totaling $42.8 million. We paid $42.6 million on May 28, 2026, with the remaining $0.2 million deferred until certain shares of restricted stock vest. ​ On July 16, 2026, we announced that our Board of Directors has declared an irregular cash dividend of $1.00 per common share totaling approximately $42.8 million. The dividend is payable on or about August 12, 2026 to all shareholders of record as of the close of business on July 27, 2026. ​ These were irregular dividends. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Company’s Board of Directors may deem relevant. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time. Our dividend policy will also impact our future liquidity position. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent by the payment of such a dividend. ​ On July 13, 2026, we prepaid $23.9 million of the BALCAP Facility’s then outstanding principal related to the 2015-built VLGC Constellation. ​ On July 8, 2026, we completed the sale of our 2014-built VLGC Corsair and received proceeds net of commission of $80.8 million. ​ On July 27, 2026, we completed the sale of our 2015-built VLGC Constellation and received proceeds net of commission of $85.6 million. ​ As part of our growth strategy, we will continue to consider strategic opportunities, including the acquisition or charter-in of additional vessels. We may choose to pursue such opportunities through internal growth, joint ventures, business acquisitions, or other transactions. We expect to finance the purchase price of any future acquisitions either through internally generated funds, public or private debt financings, public or private issuances of additional equity securities or a combination of these forms of financing. ​ 25 Table of Contents Cash Flows ​ The following table summarizes our cash and cash equivalents provided by/(used in) operating, financing and investing activities for the three months ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ June 30, 2025 ​ Net cash provided by operating activities $ 30,471,851 ​ $ 814,474 ​ Net cash provided by/(used in) investing activities 80,548,596 ​ (3,056,789) ​ Net cash used in financing activities (96,231,501) ​ (36,999,660) ​ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ 14,731,950 ​ $ (38,950,698) ​ ​ Operating Cash Flows. Net cash provided by operating activities for the three months ended June 30, 2026 was $30.5 million, compared to $0.8 million for the three months ended June 30, 2025. The increase in cash generated from operations of $29.7 million is primarily related to increased cash flows from operating profits (refer to Results of Operations – For the three months June 30, 2026 as compared to the three months June 30, 2025, for drivers of changes in revenues and expenses for the applicable periods) partially offset by changes in working capital, mainly from amounts due from the Helios Pool as distributions from the Helios Pool are impacted by the timing of the completion of voyages, spot market rates and bunker prices. ​ Net cash flow from operating activities depends upon our overall profitability, market rates for vessels employed on voyage charters and in the Helios Pool, charter rates agreed to for time charters, the timing and amount of payments for drydocking expenditures and unscheduled repairs and maintenance, fluctuations in working capital balances and bunker costs. ​ Investing Cash Flows. Net cash provided by investing activities was $80.5 million for the three months ended June 30, 2026 compared with net cash used in investing activities of $3.1 million for the three months ended June 30, 2025. For the three months ended June 30, 2026, net cash provided by investing activities was comprised of $80.7 million in proceeds, net of commission, on the sale of our 2015-built VLGC Cobra, partially offset by $0.2 million of payments for vessels under construction (related to Areion delivered in the prior quarter) and other vessel capital expenditures. For the three months ended June 30, 2025, net cash used in investing activities was comprised of $3.1 million of capital expenditure payments for vessels under construction and vessel capital expenditures. Financing Cash Flows. Net cash used in financing activities was $96.2 million for the three months ended June 30, 2026, compared with net cash used in financing activities of $37.0 million for the three months ended June 30, 2025. For the three months ended June 30, 2026, net cash used in financing activities consisted of (i) repayments of long-term debt of $53.4 million (including $40.7 million to prepay debt associated with vessel sales); (ii) dividend payments of $42.5 million; and iii) financing costs paid of $0.3 million. For the three months ended June 30, 2025, net cash used in financing activities consisted of (i) dividend payments of $21.2 million; (ii) repayments of long-term debt of $14.0 million; and iii) payments to repurchase common shares of $1.8 million. Capital Expenditures. LPG transportation is a capital‑intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance. ​ We are generally required to complete a special survey for a vessel once every five years. Drydocking of vessels occurs every five years unless an extension is granted by the classification society to seven and one-half years and the vessel is not older than 15 years of age. Intermediate surveys are performed every two and one-half years after every special survey. Drydocking each vessel takes approximately 20 to 35 days. We spend significant amounts for scheduled drydocking (including the cost of classification society surveys) for each of our vessels. ​ As our vessels age and our fleet expands, our drydocking expenses will increase. We estimate the current cash outlay for a VLGC special survey to be approximately $2.1 million to $2.3 million per vessel (excluding any capital improvements, such as scrubbers, ballast water management systems, energy saving devices, and performance 26 Table of Contents improvement additions to the vessel that may be made during such drydockings) and the cost of an intermediate survey to be between $150,000 and $250,000 per vessel. Ongoing costs for compliance with environmental regulations are primarily included as part of our drydocking and classification society survey costs. In order to comply with current emissions regulations, we have installed scrubbers on fourteen of our vessels and have one chartered-in scrubber-equipped vessel, which allows us to burn heavy fuel oil. Our other non-dual fuel vessels currently consume compliant fuels on board (0.5% sulfur), which are readily available globally, but at a significantly higher cost. We also have one dual-fuel ECO VLGC/AC, one dual-fuel ECO VLGC and four chartered-in dual-fuel vessels that have the capability to burn LPG as fuel, which we believe provides an economic benefit over traditional fuel. Please see “Item 1A. Risk Factors—Risks Relating to Our Company— We may incur increasing costs for the drydocking, maintenance or replacement of our vessels as they age, and, as our vessels age, the risks associated with older vessels could adversely affect our ability to obtain profitable charters” in our Annual Report on Form 10-K for the year ended March 31, 2026. ​ On June 22, 2026, we entered into an agreement for a newbuilding dual-fuel Panamax VLGC with a cargo carrying capacity of 90,000 cbm and is expected to be delivered from HD Hyundai Heavy Industries Co., Ltd. in the third calendar quarter of 2029. As of June 30, 2026 we had approximately $115.3 million of contractual commitments outstanding related to the newbuilding that we expect to settle during certain milestones through the expected delivery of the vessel. ​ Debt Obligations ​ For information relating to our secured term loan facilities and Japanese financing arrangements, refer to Note 10 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2026 and Note 8 to our unaudited interim condensed consolidated financial statements for June 30, 2026 included herein. ​ Off-Balance Sheet Arrangements ​ We currently do not have any off‑balance sheet arrangements. ​ Critical Accounting Estimates ​ The following is an update to the Critical Accounting Estimates set forth in “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended March 31, 2026. ​ Impairment of long-lived assets. We review our vessels for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. In addition, we compare independent appraisals to our carrying value for indicators of impairment to our vessels. When such indicators are present, an asset is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the asset over its remaining useful life and its eventual disposition to its carrying amount. An impairment charge is recognized if the carrying value is in excess of the estimated future undiscounted net operating cash flows. The impairment loss is measured based on the excess of the carrying amount over the fair market value of the asset. The new lower cost basis would result in a lower annual depreciation than before the impairment. ​ Our estimates of fair market value assume that our vessels are all in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind. Our estimates are based on information available from various industry sources, including: ​ ● reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values; ● news and industry reports of similar vessel sales; ● approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated; 27 Table of Contents ● offers that we may have received from potential purchasers of our vessels; and ● vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers. As we obtain information from various industry and other sources, our estimates of fair market value are inherently uncertain. In addition, vessel values are highly volatile; as such, our estimates may not be indicative of the current or future fair market value of our vessels or prices that we could achieve if we were to sell them. ​ As of June 30, 2026, independent appraisals of the commercially and technically managed vessels in our fleet resulted in indications of impairment on one vessel in our fleet and, in accordance with ASC 360 Property, Plant, and Equipment an undiscounted cash flow test was performed on that vessel. We determined estimated net operating cash flows for this vessel by applying various assumptions regarding future time charter equivalent revenues net of commissions, operating expenses, scheduled drydockings, expected offhire and scrap values and concluded that no impairment charge was necessary because we believe the vessel carrying value is recoverable, and, as a result no impairment charges were recognized for each of the three months ended June 30, 2026 and 2025. ​ In addition, we performed a sensitivity analysis as of June 30, 2026 to determine the effect on recoverability of changes in daily TCE rates. The sensitivity analysis suggests that we would not incur an impairment charge on the vessel with an indicator of impairment if daily TCE rates based on the 10-year historical average spot market rates were reduced by 30%. An impairment charge of approximately $4.0 million on this vessel would be triggered by a reduction of 40% in the 10-year historical average spot market rates. ​ The amount, if any, and timing of any impairment charges we may recognize in the future will depend upon the then current and expected future charter rates and vessel values, which may differ materially from those used in our estimates as of June 30, 2026. ​ Recent Accounting Pronouncements ​ Refer to Note 2 to our unaudited interim condensed consolidated financial statements included herein for a discussion of recent accounting pronouncements. ​