The weighted average shares of common stock outstanding used to determine the Company’s net income (loss) per share reflects the following:


	Three months ended
(amounts in thousands, except number of shares and amount per share)	March 31, 2026			March 31, 2025
Numerator:
Net income (loss)	$	6,121		$	(8,092	)
Net income (loss) attributable to noncontrolling interests		2,404			(4,415	)
Series B Preferred Stock dividends		(911	)		—
Income allocated to participating Series B Preferred Stock		(337	)		—

Net income (loss) available to Class A common stockholders		2,469			(3,677	)
Adjustment for dilutive warrants		—			(1,325	)
Dilutive net income (loss) attributable to Class A common stockholders	$	2,469		$	(5,002	)
Denominator:
Weighted average Class A common stock outstanding - basic		49,210,697			37,322,177
Adjustment for dilutive warrants		—			186,950
Weighted average Class A common stock outstanding – diluted		49,210,697			37,509,127

Net income (loss) per Class A common share - basic:		0.05			(0.10	)
Net income (loss) per Class A common share – diluted:		0.05			(0.13	)

The following securities were not included in the computation because the effect would be anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Three months ended
	March 31, 2026		March 31, 2025
Class A earnout shares		625,000		1,000,000
Class B earnout shares		24,375,000		39,000,000
RSUs		796,038		1,115,929
Class A shares subject to forfeiture under the deferred settlement agreement		360,000		—

375,000 of the unvested Class A earnout shares are subject to forfeiture under the deferred settlement agreement.