The Company calculates its basic and diluted earnings per share using the two-class method for all periods presented, which defines unvested stock-based compensation awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The unvested restricted shares of the Company's common stock granted to certain current and former employees of affiliates of the Manager and affiliates of the Manager qualify as participating securities. These restricted shares have the same rights as the Company’s other shares of common stock, including participating in any dividends, and therefore are included in the Company’s basic and diluted earnings per share calculation. For the three months ended June 30, 2025 and 2024, $0.6 million and $0.5 million, respectively, of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plans. For the six months ended June 30, 2025 and 2024, $1.2 million and $1.1 million, respectively, of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plans. See Note 12 for details.

The computation of diluted earnings per common share is based on the weighted average number of participating securities outstanding plus the incremental shares that would be outstanding assuming exercise of the Warrants. The number of incremental common shares is calculated utilizing the treasury stock method. As discussed below in Note 12, on May 8, 2024, all of the Warrants were exercised on a net settlement basis, resulting in the issuance of 2,647,059 shares of the Company's common stock. As of June 30, 2025 and 2024, there were no Warrants outstanding.



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	20,631	$	24,715	$	34,350	$	41,459
Preferred stock dividends(1)	(3,148)		(3,148)		(6,296)		(6,296)
Participating securities' share in earnings	(602)		(541)		(1,213)		(1,082)


Net income attributable to common stockholders	$	16,881	$	21,026	$	26,841	$	34,081
Weighted average common shares outstanding, basic	79,474,862		79,456,745		80,221,098		78,662,740

Weighted average common shares outstanding, diluted	80,208,877		80,907,705		80,918,798		79,604,665
Earnings per common share, basic(2)	$	0.21	$	0.26	$	0.33	$	0.43
Earnings per common share, diluted(2)	$	0.21	$	0.26	$	0.33	$	0.43

(2)Basic and diluted earnings per common share are computed independently based on the weighted average shares of common stock outstanding. Diluted earnings per common share includes the impact of participating securities outstanding. Prior to the May 8, 2024 Warrant exercise, diluted earnings per common share included any incremental shares that would be outstanding assuming the exercise of the Warrants. The sum of the quarterly earnings (loss) per common share amounts may not agree to the total for the six months ended June 30, 2025 and 2024.