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

)