| Earnings Per Share |
14. Earnings Per Share The Company calculates basic earnings per share using the two-class method because classes of the Company’s common shares receive different gross distributions per share. Under the two-class method, the Company first determines its distributed deficit, which is calculated as the net loss attributable to common shareholders adjusted for management fees, performance participation allocation and gross distributions declared during the period. The distributed deficit is then allocated to each class of common shares, on a pro-rata basis according to the weighted-average number of shares outstanding during the period, and adjusted for class-specific fees and gross distributions declared to arrive at each classes net income (loss) per share. Net income (loss) attributable to each class of common shares is then divided by the weighted-average number of each class of common shares outstanding during the period.
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For the Three Months
Ended June 30, 2026 |
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For the Six Months
Ended June 30, 2026 |
|
Net loss available to common shareholders |
|
$ |
(1,887 |
) |
|
$ |
(4,847 |
) |
Management fees |
|
|
2,711 |
|
|
|
4,884 |
|
Performance participation allocation |
|
|
4,222 |
|
|
|
8,290 |
|
Gross distributions declared on common shares(1) |
|
|
(25,762 |
) |
|
|
(47,580 |
) |
Undistributed deficit |
|
$ |
(20,716 |
) |
|
$ |
(39,253 |
) |
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For the Three Months Ended June 30, 2026 |
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|
Class S |
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Class F-S |
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Class I |
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|
Class F-I |
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Class E |
|
|
Total |
|
Undistributed deficit |
|
$ |
(5,720 |
) |
|
$ |
(5,590 |
) |
|
$ |
(3,255 |
) |
|
$ |
(3,601 |
) |
|
$ |
(2,550 |
) |
|
$ |
(20,716 |
) |
Management fees |
|
|
(1,223 |
) |
|
|
(481 |
) |
|
|
(698 |
) |
|
|
(309 |
) |
|
|
— |
|
|
|
(2,711 |
) |
Performance participation allocation |
|
|
(1,274 |
) |
|
|
(1,351 |
) |
|
|
(728 |
) |
|
|
(869 |
) |
|
|
— |
|
|
|
(4,222 |
) |
Gross distributions declared on common shares(1) |
|
|
6,542 |
|
|
|
7,054 |
|
|
|
3,731 |
|
|
|
4,543 |
|
|
|
3,892 |
|
|
|
25,762 |
|
Net income (loss) available to common shareholders: |
|
$ |
(1,675 |
) |
|
$ |
(368 |
) |
|
$ |
(950 |
) |
|
$ |
(236 |
) |
|
$ |
1,342 |
|
|
$ |
(1,887 |
) |
Weighted-average shares outstanding |
|
|
18,755,626 |
|
|
|
18,331,843 |
|
|
|
10,673,330 |
|
|
|
11,808,352 |
|
|
|
8,362,309 |
|
|
|
67,931,460 |
|
Net income (loss) per common share, basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.16 |
|
|
$ |
(0.03 |
) |
(1)Includes shareholder servicing fees paid or payable during the period.
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For the Six Months Ended June 30, 2026 |
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Class S |
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Class F-S |
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Class I |
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Class F-I |
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Class E |
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Total |
|
Undistributed deficit |
|
$ |
(10,084 |
) |
|
$ |
(11,456 |
) |
|
$ |
(5,918 |
) |
|
$ |
(7,087 |
) |
|
$ |
(4,707 |
) |
|
$ |
(39,253 |
) |
Management fees |
|
|
(2,102 |
) |
|
|
(959 |
) |
|
|
(1,229 |
) |
|
|
(594 |
) |
|
|
— |
|
|
|
(4,884 |
) |
Performance participation allocation |
|
|
(2,326 |
) |
|
|
(2,843 |
) |
|
|
(1,362 |
) |
|
|
(1,759 |
) |
|
|
— |
|
|
|
(8,290 |
) |
Gross distributions declared on common shares(1) |
|
|
11,233 |
|
|
|
14,066 |
|
|
|
6,571 |
|
|
|
8,709 |
|
|
|
7,001 |
|
|
|
47,580 |
|
Net income (loss) available to common shareholders: |
|
$ |
(3,279 |
) |
|
$ |
(1,192 |
) |
|
$ |
(1,938 |
) |
|
$ |
(731 |
) |
|
$ |
2,294 |
|
|
$ |
(4,847 |
) |
Weighted-average shares outstanding |
|
|
16,170,659 |
|
|
|
18,370,123 |
|
|
|
9,490,378 |
|
|
|
11,364,866 |
|
|
|
7,547,863 |
|
|
|
62,943,889 |
|
Net income (loss) per common share, basic and diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.30 |
|
|
$ |
(0.08 |
) |
(1)Includes shareholder servicing fees paid or payable during the period. During the three and six months ended June 30, 2026, the Special Limited Partner held Class E Operating Partnership units, which may be converted into Class E shares. The Company analyzed the Class E Operating Partnership units for their dilutive impact to earnings per share using the “if-converted” method and determined that they are dilutive. Below is a reconciliation of basic earnings per share to diluted earnings per share for Class E shares:
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For the Three Months Ended June 30, 2026 |
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|
Basic Earnings per Share |
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|
Dilution Effect |
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|
Diluted Earnings per Share |
|
Net income (loss): |
$ |
1,342 |
|
|
$ |
(8 |
) |
|
$ |
1,334 |
|
Weighted-average shares outstanding |
|
8,362,309 |
|
|
|
191,649 |
|
|
|
8,553,958 |
|
Net income (loss) per common share, basic and diluted |
$ |
0.16 |
|
|
$ |
(0.04 |
) |
|
$ |
0.16 |
|
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For the Six Months Ended June 30, 2026 |
|
|
Basic Earnings per Share |
|
|
Dilution Effect |
|
|
Diluted Earnings per Share |
|
Net income (loss): |
$ |
2,294 |
|
|
$ |
(9 |
) |
|
$ |
2,285 |
|
Weighted-average shares outstanding |
|
7,547,863 |
|
|
|
108,324 |
|
|
|
7,656,187 |
|
Net income (loss) per common share, basic and diluted |
$ |
0.30 |
|
|
$ |
(0.08 |
) |
|
$ |
0.30 |
|
For the three and six months ended June 30, 2025, the basic and diluted earnings per share was $0.12 and $0.27, respectively, for all share classes and the Company did not use the two-class method because it did not incur class-specific fees and gross distributions declared on common shares were the same for all classes.
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