Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares of the Company’s Common Stock outstanding, which excludes any unvested RSUs, earned performance shares and PI Units issued pursuant to the 2018 LTIP or 2023 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effects of the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock. During periods of net loss, the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock is anti-dilutive and is not included in the calculation of diluted earnings (loss) per share. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts):


	For the Year Ended December 31,
	2025			2024			2023
Numerator for loss per share:
Net loss		(193,279	)	$	(194,409	)		(280,147	)
Adjustments:
Dividends on and accretion to redemption value of Redeemable Series A Preferred stock		8,793			8,801			8,828
Net income attributable to Series B Preferred stock		6,052			6,052			—
Net loss attributable to redeemable noncontrolling interests in the OP		(32,131	)		(29,162	)		(42,025	)
Net loss attributable to redeemable noncontrolling interests in consolidated VIEs		(17,993	)		(30,703	)		(22,694	)
Net loss attributable to noncontrolling interests in consolidated VIEs		(2,468	)		(4,734	)		(3,296	)
Net loss attributable to common stockholders	$	(155,532	)	$	(144,663	)	$	(220,960	)

Denominator for earnings (loss) per share:
Weighted average common shares outstanding - basic		25,734			25,263			24,712
Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1)		—			—			—
Weighted average common shares outstanding - diluted		25,734			25,263			24,712

Earnings (loss) per weighted average common share:
Basic	$	(6.04	)	$	(5.73	)	$	(8.94	)
Diluted	$	(6.04	)	$	(5.73	)	$	(8.94	)

(1)

For the year ended December 31, 2025, 2024 and 2023, excludes approximately 6,258,000 shares, 5,521,286 shares and 5,004,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.