Net Income (Loss) Per Class A Common Share (Tables)

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income	$	319,672	$	30,111	$	196,397	$	117,939


Less:
Net income attributable to non-controlling interests	226,246		15,170		104,424		77,605
Net income attributable to Class A Common Stockholders prior to distributions	93,426		14,941		91,973		40,334
Reallocation of earnings to unvested participating restricted stock units(a)	(20,740)		(10,591)		(29,814)		(27,474)
Net income attributable to Class A Common Stockholders - Basic	72,686		4,350		62,159		12,860

Net income (loss) assuming exchange of non-controlling interest	77,890		(24,089)		2,277		(31,526)
Net income (loss) attributable to Class A Common Stockholders - Diluted	$	150,576	$	(19,739)	$	64,436	$	(18,666)
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	164,670,334		133,404,634		162,166,694		125,450,638
Exchange of Common Units to Class A Common Stock	220,797,816		236,738,149		222,427,895		244,302,400
Weighted-Average Shares of Common Stock Outstanding - Diluted	385,468,150		370,142,783		384,594,589		369,753,038
Net income (loss) available to Class A common stock per share
Basic	$	0.44	$	0.03	$	0.38	$	0.10
Diluted	$	0.39	$	(0.05)	$	0.17	$	(0.05)
Dividends declared per share of Class A Common Stock(b)	$	0.59	$	0.41	$	1.20	$	0.94

(a)No undistributed losses were allocated to unvested participating RSUs during the three and six months ended June 30, 2026 and 2025, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.

(b)Dividends declared reflects the calendar date of the declaration for each distribution. The second quarter dividends were declared on August 4, 2026 and are payable on August 28, 2026.