Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):


	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)

________

(1) Undeclared dividends were deducted to arrive at distributed and undistributed income (loss) allocated to common stockholders. See note 11.

Schedule of Computation of Diluted Income Per Share

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):


	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