v3.26.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
12.
Earnings Per Share

Basic earnings/(loss) per common share is determined by dividing net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. All classes of common shares are allocated income/(loss) at the same rate per share and receive the same gross distribution per share before class-specific fees and accruals/allocations. To the extent that class-specific fees and accruals/allocations are applicable they will be deducted to arrive at class specific net income/(loss) per share and net distribution rate per share.

The following tables detail net income/(loss) per common share ($ in thousands, except per share data):

 

 

Year Ended December 31, 2025

 

 

 

Class S

 

 

Class I

 

 

Class F-S

 

 

Class F-I

 

 

Class D-S

 

 

Class D-X

 

 

Class E

 

 

Total

 

Net income attributable to FNLR shareholders

 

$

—

 

 

$

726

 

 

$

2,116

 

 

$

11,597

 

 

$

11,471

 

 

$

77

 

 

$

764

 

 

$

26,751

 

Weighted average common shares outstanding - basic

 

 

2

 

 

 

5,922

 

 

 

12,050

 

 

 

58,609

 

 

 

37,177

 

 

 

166

 

 

 

1,882

 

 

 

115,809

 

Net income per common share - basic

 

$

—

 

 

$

0.12

 

 

$

0.18

 

 

$

0.20

 

 

$

0.31

 

 

$

0.46

 

 

$

0.41

 

 

$

0.23

 

Net income attributable to dilutive OP units

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

218

 

 

$

218

 

Net income attributable to FNLR shareholders - dilutive

 

$

—

 

 

$

726

 

 

$

2,116

 

 

$

11,597

 

 

$

11,471

 

 

$

77

 

 

$

982

 

 

$

26,969

 

Effect of dilutive OP units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

527

 

 

 

527

 

Weighted average common shares outstanding - diluted

 

 

2

 

 

 

5,922

 

 

 

12,050

 

 

 

58,609

 

 

 

37,177

 

 

 

166

 

 

 

2,409

 

 

 

116,336

 

Net income per common share - diluted

 

$

—

 

 

$

0.12

 

 

$

0.18

 

 

$

0.20

 

 

$

0.31

 

 

$

0.46

 

 

$

0.41

 

 

$

0.23

 

 

 

 

Year Ended December 31, 2024

 

 

 

Class S

 

 

Class I

 

 

Class F-S

 

 

Class F-I

 

 

Class F-I X

 

 

Class B-X

 

 

Class C

 

 

Class D-S

 

 

Class D-X

 

 

Class E

 

 

Total

 

Net income

 

$

—

 

 

$

—

 

 

$

69

 

 

$

1,991

 

 

$

607

 

 

$

367

 

 

$

228

 

 

$

3,524

 

 

$

4,725

 

 

$

94

 

 

$

11,605

 

Weighted average
   number of common
   shares outstanding

 

 

—

 

 

 

—

 

 

 

596

 

 

 

17,826

 

 

 

2,003

 

 

 

1,351

 

 

 

579

 

 

 

16,518

 

 

 

16,327

 

 

 

303

 

 

 

55,503

 

Net income
   per common share
   - basic and diluted

 

$

—

 

 

$

—

 

 

$

0.12

 

 

$

0.11

 

 

$

0.30

 

 

$

0.27

 

 

$

0.39

 

 

$

0.21

 

 

$

0.29

 

 

$

0.31

 

 

$

0.21

 

 

 

 

For the period from January 24, 2023 (Date of Formation) through December 31, 2023

 

 

 

Class S

 

 

Class I

 

 

Class F-S

 

 

Class F-I

 

 

Class F-I X

 

 

Class B-X

 

 

Class C

 

 

Class D-S

 

 

Class D-X

 

 

Class E

 

 

Total

 

Net loss

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(1,238

)

 

$

(1,112

)

 

$

(3,824

)

 

$

—

 

 

$

—

 

 

$

(107

)

 

$

(6,281

)

Weighted average
   number of common
   shares outstanding

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

407

 

 

 

271

 

 

 

873

 

 

 

—

 

 

 

—

 

 

 

36

 

 

 

1,587

 

Net loss
   per common share
   - basic and diluted

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(3.04

)

 

$

(4.10

)

 

$

(4.38

)

 

$

—

 

 

$

—

 

 

$

(2.97

)

 

$

(3.96

)