Basic and diluted net loss per common share was calculated as follows:


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(47,122	)	$	(37,171	)
Less: Net loss attributable to noncontrolling interest		(3,930	)		(2,625	)
Net loss attributable to common stockholders — basic	$	(43,192	)	$	(34,546	)

Net loss attributable to common shares — dilutive	$	(43,192	)	$	(34,546	)

Denominator:
Weighted average shares outstanding — basic		207,026,562			191,463,848

Weighted average common shares outstanding—diluted		207,026,562			191,463,848

Net loss per share attributable to common shares— basic	$	(0.21	)	$	(0.18	)
Net loss per share attributable to common shares— diluted	$	(0.21	)	$	(0.18	)

The Company’s potentially dilutive securities, which include unvested Class B units, unvested phantom units, unvested restricted stock units, convertible Class V common shares, unexercised options, earn-out shares, escrow shares, and convertible debt have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The 2029 Notes Capped Call Transactions were excluded from the calculation of dilutive potential common shares as their effect is anti-dilutive. For the three months ended March 31, 2026 and 2025, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share attributable to common shares is the same because the Company reported a net loss for each of these periods and the effect of inclusion would be anti-dilutive. The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated as their inclusion would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2026		2025
Unvested Restricted stock units		14,750,701		16,601,162
Convertible Class V common shares		15,865,151		17,621,247
Unexercised options		4,968		150,240
Earn-out Shares		5,000,000		5,000,000
Escrow Shares		1,725,000		1,725,000
2027 Convertible notes into Class A common shares		3,005,259		18,497,110
2029 Convertible notes into Class A common shares		42,524,208		42,524,208
2031 Convertible notes into Class A common shares		44,045,470		—
		126,920,757		102,118,967