The Company calculates its basic and diluted earnings per share using the two-class method for all periods presented, which defines unvested stock-based compensation awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The unvested restricted shares of the Company's common stock granted to certain current and former employees of affiliates of the Manager and affiliates of the Manager qualify as participating securities. These restricted shares have the same rights as the Company’s other shares of common stock, including participating in any dividends, and therefore are included in the Company’s basic and diluted earnings per share calculation. For the three months ended June 30, 2026 and 2025, $0.6 million and $0.6 million, respectively, of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plans. For the six months ended June 30, 2026 and 2025, $1.3 million and $1.2 million, respectively, of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plans. See Note 13 for details.



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	13,132	$	20,631	$	32,071	$	34,350
Preferred stock dividends(1)	(3,148)		(3,148)		(6,296)		(6,296)
Participating securities' share in earnings	(630)		(602)		(1,255)		(1,213)


Net income attributable to common stockholders	$	9,354	$	16,881	$	24,520	$	26,841
Weighted average common shares outstanding, basic	77,043,597		79,474,862		77,644,716		80,221,098

Weighted average common shares outstanding, diluted	78,025,668		80,208,877		78,535,839		80,918,798
Earnings per common share, basic(2)	$	0.12	$	0.21	$	0.32	$	0.33
Earnings per common share, diluted(2)	$	0.12	$	0.21	$	0.31	$	0.33

(2)Basic and diluted earnings per common share are computed independently based on the weighted average shares of common stock outstanding. Diluted earnings per common share includes the impact of participating securities outstanding. The sum of the quarterly earnings (loss) per common share amounts may not agree to the total for the six months ended June 30, 2026 and 2025.