Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.


	Three Months Ended March 31,
		2026		2025
Income (loss) allocated to common stockholders – basic and diluted:
Income (loss) attributable to the Company		$	(63,772)	$	(19,971)
Less: dividends on preferred stock, declared and undeclared (1)		(2,714)		(6,729)

Less: deemed dividends on redeemable preferred stock		(4,600)		(1,057)
















Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted		$	(71,086)	$	(27,757)








Weighted average common shares outstanding:
Weighted average shares outstanding – basic and diluted		6,442		5,651








Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(11.03)	$	(4.91)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(11.03)	$	(4.91)

________


	Three Months Ended March 31,
		2026		2025
Income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership		$	(1,030)	$	(451)

Dividends on preferred stock – Series J (inclusive of deemed dividends)		3,842		4,600
Dividends on preferred stock – Series K (inclusive of deemed dividends)		381		471
Dividends on preferred stock – Series L (inclusive of deemed dividends)		112		—
Dividends on preferred stock – Series M (inclusive of deemed dividends)		265		—
Total		$	3,570	$	4,620

Weighted average diluted shares are not adjusted for:


Effect of assumed conversion of operating partnership units		94		92



Effect of assumed conversion of preferred stock – Series J		70,111		24,858
Effect of assumed conversion of preferred stock – Series K		6,671		2,247
Effect of assumed conversion of preferred stock – Series L		2,173		—
Effect of assumed conversion of preferred stock – Series M		5,026		—
Total		84,075		27,197