Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.


	Year Ended December 31,
		2025		2024		2023
Income (loss) allocated to common stockholders – basic and diluted:
Income (loss) attributable to the Company		$	(179,839)	$	(60,300)	$	(178,489)
Less: dividends on preferred stock		(28,216)		(22,686)		(15,921)

Less: deemed dividends on redeemable preferred stock		(6,949)		(2,906)		(2,673)
Add: gain (loss) on extinguishment of preferred stock		—		3,370		3,390















Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted		$	(215,004)	$	(82,522)	$	(193,693)








Weighted average common shares outstanding:
Weighted average shares outstanding – basic and diluted		5,974		4,706		3,452








Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(35.99)	$	(17.54)	$	(56.11)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(35.99)	$	(17.54)	$	(56.11)


	Year Ended December 31,
		2025		2024		2023
Income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership		(3,262)		683		$	(2,239)

Dividends on preferred stock – Series J (inclusive of deemed dividends)		18,609		13,276		6,014
Dividends on preferred stock – Series K (inclusive of deemed dividends)		1,757		1,169		317
Dividends on preferred stock – Series L (inclusive of deemed dividends)		1,280		—		—
Dividends on preferred stock – Series M (inclusive of deemed dividends)		2,663		—		—
Total		$	21,047	$	15,128	$	4,092

Weighted average diluted shares are not adjusted for:
Effect of unvested restricted stock		7		7		—

Effect of assumed conversion of operating partnership units		97		64		42


Effect of assumed issuance of shares for term loan exit fee		—		—		175
Effect of assumed conversion of preferred stock – Series J		32,856		15,713		1,693
Effect of assumed conversion of preferred stock – Series K		3,137		1,187		93
Effect of assumed conversion of preferred stock – Series L		524		—		—
Effect of assumed conversion of preferred stock – Series M		1,084		—		—
Total		37,705		16,971		2,003