v3.26.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share

The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):

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Three Months Ended

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March 31, 2026

Numerator - Basic

 

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Net income (loss)

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$

27,874

Noncontrolling interests’ share in earnings

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3,458

Net (income) loss - pre-IPO

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(39,888)

Net income (loss) attributable to Class A-1 common stock

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$

(8,556)

Numerator - Dilutive

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Net income (loss) attributable to Class A-1 common stock

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$

(8,556)

Net income (loss) attributable to dilutive convertible units and other

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(3,467)

Dilutive net income (loss) available to Class A-1 common stock

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$

(12,023)

Denominator

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Basic weighted average Class A-1 common stock outstanding (1)

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187,223

Dilutive potential common shares - OP Units(2)

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75,918

Diluted weighted average Class A-1 common stock outstanding

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263,141

Earnings per share of Class A-1 common stock

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Basic

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$

(0.05)

Diluted

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$

(0.05)

(1)Basic weighted average shares outstanding for the three months ended March 31, 2026 represent the Class A-1 common shares issued on the closing date of the IPO, which are the common shares outstanding as of March 31, 2026. No publicly-listed shares were outstanding as of March 31, 2025.
(2)For the three months ended March 31, 2026, represents the dilutive impact of 76 million outstanding OP Units.