Earnings per Share of Common Stock

The table below provides information on the basic and diluted EPS computations, including the number of shares of

common stock used for purposes of these computations.


	Three Months Ended March 31,
(in thousands, except for share and per share amounts)	2026	2025
Basic Earnings
Net income (loss) from continuing operations	$(200,087)	$82,410
Less: Income attributable to non-controlling interest	1,642	2,460
Less: Income attributable to participating shares	2,059	2,228
Basic earnings - continuing operations	$(203,788)	$77,722
Basic earnings - discontinued operations	$—	$(445)

Diluted Earnings
Net income (loss) from continuing operations	(200,087)	82,410
Less: Income attributable to non-controlling interest	1,642	2,460
Less: Income attributable to participating shares	2,059	2,228
Add: Expenses attributable to dilutive instruments	131	131
Diluted earnings - continuing operations	$(203,657)	$77,853
Diluted earnings - discontinued operations	$—	$(445)

Number of Shares
Basic — Average shares outstanding	163,674,011	165,166,276
Effect of dilutive securities — Unvested participating shares	3,976,138	2,557,243
Diluted — Average shares outstanding	167,650,149	167,723,519

EPS Attributable to RC Common Stockholders:
Basic - continuing operations	$(1.25)	$0.47
Basic - discontinued operations	$0.00	$0.00
Basic - total	$(1.25)	$0.47

Diluted - continuing operations	$(1.25)	$0.46
Diluted - discontinued operations	$0.00	$0.00
Diluted - total	$(1.25)	$0.46

In the table above, participating unvested RSAs and unvested RSUs, granted to non-employee directors of the Company,

were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-

class method used above.

Certain investors own OP units in the operating partnership. An OP unit and a share of common stock of the Company

have substantially the same economic characteristics in as much as they effectively share equally in the net income or

loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions.

The redemption is required to be satisfied in shares of common stock or cash at the Company’s option, calculated as

follows: one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common

stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests

in the operating partnership is reduced and the Company’s equity is increased. As of both March 31, 2026 and

December 31, 2025, the non-controlling interest OP unit holders owned 320,005 OP units.