The Company uses the two-class method to calculate net (loss) income per share. No dividends were declared or paid for the three months ended March 31, 2026 and 2025. Undistributed earnings for each period are allocated equally to participating securities based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. The Company’s basic net (loss) income per share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average shares of common stock outstanding during the period. The Company’s diluted net (loss) income per share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average shares of common stock outstanding and, when dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is reflected in diluted net (loss) income per share by application of the treasury stock method and if-converted method.

The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share attributable to common stockholders for the three months ended March 31 (in thousands, except share and per share amounts):


	Three Months Ended March 31,
		2026	2025
			Class A		Class V		Class A		Class V
Numerator:
Net (loss) income attributable to common stockholders, basic			$	(88,736)	$	(3,379)	$	47,617	$	1,868

Reallocation of undistributed earnings			—		—		187		(187)
Net (loss) income attributable to common stockholders, diluted			(88,736)		(3,379)		47,804		1,681

Denominator:
Weighted average shares outstanding, basic			219,979,680		8,377,623		213,611,704		8,377,623
Effect of dilutive potential common shares			—		—		24,620,905		—
Weighted average shares outstanding, diluted			219,979,680		8,377,623		238,232,609		8,377,623

Basic net (loss) income per share			$	(0.40)	$	(0.40)	$	0.22	$	0.22
Diluted net (loss) income per share			$	(0.40)	$	(0.40)	$	0.20	$	0.20


	Three Months Ended March 31,
		2026	2025
RSUs		14,701,819	913,504
Convertible notes		14,149,300	—
Stock options		9,603,189	—
Common stock issuable under the ESPP		703,226	—
Warrants to purchase Class A common stock		271,962	—

The Capped Calls entered into in connection with the 2030 Convertible Notes were excluded from the calculation of diluted net (loss) income per share as the effect would have been anti-dilutive. There were no Class V securities that were excluded in the computation of diluted net (loss) income per share for the periods presented.