Income (Loss) Per Share (Tables)

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):


	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)

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):


	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