v3.26.1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025, respectively (in thousands, except share and per share data):
Three Months Ended June 30,Six Months Ended June 30,
Basic Numerator2026202520262025
Net income/(loss)$16,275 $24,384 $28,567 $48,089 
Net (income)/loss from non-controlling interest(706)(1,183)(1,018)(830)
Less: Preferred stock dividends(5,916)(6,748)(11,832)(13,496)
Net income/(loss) applicable to common stock$9,653 $16,453 $15,717 $33,763 
Less: Participating securities' share in earnings(327)(522)(653)(1,046)
Basic net income/(loss) applicable to common stockholders$9,326 $15,931 $15,064 $32,717 
Diluted Numerator
Basic net income/(loss) applicable to common stockholders$9,326 $15,931 $15,064 $32,717 
Add: Net income/(loss) from non-controlling interest - OP Units898 — 1,518 — 
Diluted net income/(loss) applicable to common stockholders$10,224 $15,931 $16,582 $32,717 
Denominator
Weighted-average common shares outstanding for basic earnings per share76,367,888 82,181,403 78,137,174 82,117,897 
Weighted-average common shares outstanding for diluted earnings per share(1)(2)
84,753,839 82,181,403 86,523,125 82,117,897 
Basic earnings per share$0.12 $0.19 $0.19 $0.40 
Diluted earnings per share$0.12 $0.19 $0.19 $0.40 
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(1) The effect of the weighted average dilutive shares excluded restricted shares and stock units for the three months ended June 30, 2026 and 2025 of 38,381 and 45,576, respectively, as the effect was anti-dilutive. Weighted average dilutive shares excluded restricted shares and stock units as of the six months ended June 30, 2026 and 2025 of 57,679 and 133,619 respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 weighted average common share equivalents of convertible preferred stock for the three and six months ended June 30, 2026 and 2025, respectively, as the effect was anti-dilutive.
(2) The effect of the weighted average dilutive shares included Class A units of FBRT OP LLC for the three and six months ended June 30, 2026 of 8,385,951 as the effect was dilutive.