(in thousands, except per share data)

Three Months Ended March 31,

Numerator:

2025

2024

Net loss

$

(5,629

)

$

(1,938

)

Less: Preferred equity return on Fortress preferred equity

(3,497

)

(3,022

)

Less: Preferred equity accretion to redemption value

(997

)

(1,379

)

Less: Preferred OP units return

(170

)

(139

)

Plus: Net loss attributable to noncontrolling interest

1,352

839

Net loss attributable to common stockholders

$

(8,941

)

$

(5,639

)

Denominator

Basic weighted-average common shares

36,681

35,875

Dilutive potential common shares

—

—

Diluted weighted-average common shares

36,681

35,875

Net loss per common share- basic and diluted

$

(0.24

)

$

(0.16

)