The Company’s net loss and weighted average number of shares outstanding for the years ended December 31, 2025, 2024 and 2023 consisted of the following ($ and shares in thousands):


	For the Years Ended December 31,
	2025			2024			2023
Net loss attributable to JPMREIT stockholders	$	(9,780	)	$	(9,743	)	$	(8,326	)
Weighted-average shares of common stock outstanding, basic and diluted		66,691			18,731			8,069

The calculation of basic and diluted net loss per share amounts for the years ended December 31, 2025, 2024 and 2023 consisted of the following ($ in thousands except earnings per share):


	For the Years Ended December 31,
	2025			2024			2023
Basic and Diluted Net Loss per Share Attributable to JPMREIT Stockholders
Numerator:
Net loss attributable to JPMREIT stockholders	$	(9,780	)	$	(9,743	)	$	(8,326	)
Denominator:
Weighted-average shares of common stock outstanding		66,691			18,731			8,069
Basic and diluted net loss per share of common stock	$	(0.15	)	$	(0.52	)	$	(1.03	)

For the years ended December 31, 2025, 2024 and 2023, unvested Class E common shares awarded to the Company’s independent directors are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive. There were no other potentially dilutive, unvested common shares for the years ended December 31, 2025, 2024 and 2023.