Earnings per Share of Common Stock

The table below provides information on the basic and diluted EPS computations, including the number of shares of

common stock used for purposes of these computations.


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands, except for share and per share amounts)	2026	2025	2026	2025
Basic Earnings
Net income (loss) from continuing operations	$(99,683)	$(48,751)	$(299,770)	$33,659
Less: Income attributable to non-controlling interest	1,848	1,814	3,490	4,274
Less: Income attributable to participating shares	2,055	2,214	4,114	4,442
Basic earnings - continuing operations	$(103,586)	$(52,779)	$(307,374)	$24,943
Basic earnings - discontinued operations	$—	$(4,926)	$—	$(5,371)

Diluted Earnings
Net income (loss) from continuing operations	(99,683)	(48,751)	(299,770)	33,659
Less: Income attributable to non-controlling interest	1,848	1,814	3,490	4,274
Less: Income attributable to participating shares	2,055	2,214	4,114	4,442
Add: Expenses attributable to dilutive instruments	131	131	262	262
Diluted earnings - continuing operations	$(103,455)	$(52,648)	$(307,112)	$25,205
Diluted earnings - discontinued operations	$—	$(4,926)	$—	$(5,371)

Number of Shares
Basic — Average shares outstanding	165,101,861	167,749,917	164,366,053	166,465,234
Effect of dilutive securities — Unvested participating shares	7,679,319	2,923,171	6,807,340	2,854,767
Diluted — Average shares outstanding	172,781,180	170,673,088	171,173,393	169,320,001

EPS Attributable to RC Common Stockholders:
Basic - continuing operations	$(0.63)	$(0.31)	$(1.87)	$0.15
Basic - discontinued operations	$0.00	$(0.03)	$0.00	$(0.03)
Basic - total	$(0.63)	$(0.34)	$(1.87)	$0.12

Diluted - continuing operations	$(0.63)	$(0.31)	$(1.87)	$0.15
Diluted - discontinued operations	$0.00	$(0.03)	$0.00	$(0.03)
Diluted - total	$(0.63)	$(0.34)	$(1.87)	$0.12

In the table above, participating unvested RSAs and unvested RSUs, granted to non-employee directors of the Company,

were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-

class method used above.

Certain investors own OP units in the operating partnership. An OP unit and a share of common stock of the Company

have substantially the same economic characteristics in as much as they effectively share equally in the net income or

loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions.

The redemption is required to be satisfied in shares of common stock or cash at the Company’s option, calculated as

follows: one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common

stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests

in the operating partnership is reduced and the Company’s equity is increased. As of both June 30, 2026 and

December 31, 2025, the non-controlling interest OP unit holders owned 320,005 OP units.