The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):



		Three Months Ended			Six Months Ended
		June 30, 2026			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