Basic (loss) earnings per share of common stock is calculated by dividing net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted (loss) earnings per share is calculated by dividing net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding, plus any potentially dilutive securities, if dilutive. Potentially dilutive securities are calculated using the treasury stock method.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net (loss) income	$	(139,443)	$	(69,959)	$	(266,654)	$	50,205
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(11,377)		(11,100)		(25,637)		(22,501)
Less: Preferred dividends and accretion on redeemable non-controlling interests	33,230		—		70,451		—
Less: Dividends and accretion of redeemable preferred stock	657		20,957		657		42,798

Less: Convertible preferred stock dividend	4,511		4,082		8,864		5,549

Net (loss) income attributable to common stockholders - Basic	$	(166,464)	$	(83,898)	$	(320,989)	$	24,359
Less: Adjustments attributable to dilutive securities	—		—		—		—
Net (loss) income attributable to common stockholders - Diluted	$	(166,464)	$	(83,898)	$	(320,989)	$	24,359
Weighted Average Common Stock Outstanding - Basic	118,163,955		114,880,817		117,430,787		114,491,338
Weighted Average Common Stock Outstanding - Diluted	118,163,955		114,880,817		117,430,787		115,260,452

(Loss) earnings per share:
Basic	$	(1.41)	$	(0.73)	$	(2.73)	$	0.21
Diluted (1)	$	(1.41)	$	(0.73)	$	(2.73)	$	0.21

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For the three months ended June 30, 2026 and 2025, 24,240,147 and 20,443,245 shares of common stock, respectively, have been excluded from the calculation of Diluted loss per share because the impact would be anti-dilutive. For the six months ended June 30, 2026 and 2025, 24,011,773 and 13,590,885 shares of common stock, respectively, have been excluded from the calculation of Diluted (loss) earnings per share because the impact would be anti-dilutive.

For the three months ended June 30, 2026 and 2025, 3,892,566 and 3,892,566 of warrants, respectively, have been excluded from the calculation of Diluted (loss) earnings per share because the impact would be anti-dilutive. For the six months ended June 30, 2026 and 2025, 3,892,566 and 3,721,455 of warrants, respectively, have been excluded from the calculation of Diluted (loss) earnings per share because the impact would be anti-dilutive.

As of June 30, 2026, there were no changes to the number of the Company’s outstanding equity classified stock warrants. The weighted average exercise price was $9.64 and $9.76 as of June 30, 2026 and December 31, 2025, respectively. The weighted average exercise price as of June 30, 2026 includes adjustments for quarterly dividend payments.