The following is a summary of the basic and diluted net loss per share computation for the periods presented and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (see Note 1 — Organization and Note 8 — Stockholders’ Equity for additional details):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net loss attributable to common stockholders (in thousands)	$	(24,189)	$	(119,916)	$	(29,208)	$	(138,916)
Basic and diluted weighted-average shares outstanding	28,296,439		28,296,438		28,296,439		28,291,789
Basic and diluted net loss per share	$	(0.85)	$	(4.24)	$	(1.03)	$	(4.91)

Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common share equivalents. Series A Preferred Units are non-participating.

The Company had the following common stock equivalents on a weighted-average basis that were excluded from the calculation of diluted net loss per share attributable to stockholders as their effect would have been antidilutive. The amounts in the table below have been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (see Note 1 — Organization for additional details):


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Unvested restricted shares (1)	2,930	13,107	1,473	13,105
Common OP Units (2)	124,161	124,161	124,161	124,161
Class B Units (3)	109,865	109,865	109,865	109,865
Total weighted average antidilutive common stock equivalents	236,956	247,133	235,499	247,131

(1)Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 219,339 and 52,428 unvested restricted shares outstanding as of June 30, 2025 and 2024, respectively.

(2)Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends and the Reverse Stock Split (see Note 1 — Organization for additional details). There were 405,998 Common OP Units outstanding as of June 30, 2025 and 2024. The securities held by the Company are eliminated in consolidation.

(3)Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current redemption rate reflecting adjustments for the effect of the stock dividends and the Reverse Stock Split (see Note 1 — Organization for additional details). There were 359,250 Class B Units outstanding as of June 30, 2025 and 2024. These Class B Units were unvested as of June 30, 2025 and 2024 (see Note 9 — Related Party Transactions and Arrangements for additional information).