v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

14. Earnings Per Share

The Company calculates basic earnings per share using the two-class method because classes of the Company's common shares receive different gross distributions per share. Under the two-class method, the Company first determines its distributed deficit, which is calculated as the net loss attributable to common shareholders adjusted for management fees, performance participation allocation and gross distributions declared during the period. The distributed deficit is then allocated to each class of common shares, on a pro-rata basis according to the weighted-average number of shares outstanding during the period, and adjusted for class-specific fees and gross distributions declared to arrive at each classes net income (loss) per share. Net income (loss) attributable to each class of common shares is then divided by the weighted-average number of each class of common shares outstanding during the period.

 

 

 

For the Three Months March 31, 2026

 

Net loss available to common shareholders

 

$

(2,959

)

Management fees

 

 

2,173

 

Performance participation allocation

 

 

4,068

 

Gross distributions declared on common shares(1)

 

 

(21,818

)

Undistributed deficit

 

$

(18,536

)

 

 

 

 

For the Three Months Ended March 31, 2026

 

 

Class S

 

 

Class F-S

 

 

Class I

 

 

Class F-I

 

 

Class E

 

 

Total

 

Undistributed deficit

 

$

(4,340

)

 

$

(5,893

)

 

$

(2,655

)

 

$

(3,495

)

 

$

(2,153

)

 

$

(18,536

)

Management fees

 

 

(879

)

 

 

(478

)

 

 

(532

)

 

 

(284

)

 

 

—

 

 

 

(2,173

)

Performance participation allocation

 

 

(1,051

)

 

 

(1,493

)

 

 

(634

)

 

 

(890

)

 

 

—

 

 

 

(4,068

)

Gross distributions declared on common shares(1)

 

 

4,691

 

 

 

7,012

 

 

 

2,839

 

 

 

4,165

 

 

 

3,111

 

 

 

21,818

 

Net income (loss) avilable to common shareholders:

 

$

(1,579

)

 

$

(852

)

 

$

(982

)

 

$

(504

)

 

$

958

 

 

$

(2,959

)

Weighted-average shares outstanding

 

 

13,556,971

 

 

 

18,408,828

 

 

 

8,294,282

 

 

 

10,916,453

 

 

 

6,724,368

 

 

 

57,900,901

 

Net income (loss) per common share, basic and diluted

 

$

(0.12

)

 

$

(0.05

)

 

$

(0.12

)

 

$

(0.05

)

 

$

0.14

 

 

$

(0.05

)
(1)
Includes shareholder servicing fees paid or payable during the period.

During the three months ended March 31, 2026, the Special Limited Partner held Class E Operating Partnership units, which may be converted into Class E common shares. The Company analyzed the Class E Operating Partnership units for their dilutive impact to earnings per share using the "if-converted" method and determined that they are dilutive. Below is a reconciliation of basic earnings per share to diluted earnings per share for Class E common shares:

 

Basic Earnings per Share

 

 

Dilution Effect

 

 

Diluted Earnings per Share

 

Net income (loss):

$

958

 

 

$

(1

)

 

$

957

 

Weighted-average shares outstanding

 

6,724,368

 

 

 

25,000

 

 

 

6,749,368

 

Net income (loss) per common share, basic and diluted

$

0.14

 

 

$

(0.04

)

 

$

0.14

 

For the three months ended March 31, 2025, basic and diluted earnings per share was $0.15 for all share classes and the Company did not use the two-class method because it did not incur class-specific fees and gross distributions declared on common shares were the same for all classes.