The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | Six Months Ended June 30, 2026 | | Numerator - Basic | | | | | | | | | Net income (loss) | $ | 14,858 | | | | | $ | 42,732 | | | | | Noncontrolling interests’ share in earnings | (4,135) | | | | | (677) | | | | | | | | | | | | Less: Participating securities’ share in earnings | (4) | | | | | (4) | | | | | Net (income) loss - pre-IPO | — | | | | | (39,888) | | | | | Net income (loss) applicable to common shares | $ | 10,719 | | | | | $ | 2,163 | | | | | Numerator - Dilutive | | | | | | | | | Net income (loss) applicable to common shares | $ | 10,719 | | | | | $ | 2,163 | | | | | Net income (loss) attributable to dilutive convertible units and other | 4,119 | | | | | 649 | | | | | | | | | | | | | Dilutive net income (loss) available to common shares | $ | 14,838 | | | | | $ | 2,812 | | | | | Denominator | | | | | | | | Basic weighted average shares outstanding(1) | 195,011 | | | | | 194,310 | | | | | | | | | | | | Dilutive potential common shares - OP Units(2) | 76,022 | | | | | 75,918 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Diluted weighted average common shares | 271,033 | | | | | 270,228 | | | | | Earnings per common share | | | | | | | | | Basic | $ | 0.05 | | | | | $ | 0.01 | | | | | Diluted | $ | 0.05 | | | | | $ | 0.01 | | | |
_______________________________________ (1)No publicly-listed shares were outstanding as of June 30, 2025. (2)For the three and six months ended June 30, 2026, represents the dilutive impact of 76 million outstanding OP Units.
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