| EARNINGS PER SHARE |
EARNINGS PER SHARE The Company calculates basic earnings per share by dividing net income attributable to the Class A common stock holders by the weighted-average number of Class A common stock outstanding during the period. Earnings per share presented for periods prior to the completion of the Reorganization Transactions assume that the post- reorganization equity structure of the Company existed during such period. | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Six Months Ended | | | | | | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | Basic income (loss) per share | | | | | $ | (0.09) | | $ | 0.10 | | $ | (0.57) | | $ | (0.70) | | | Net income (loss) used in the calculation of basic income (loss) per share | | | | | $ | (17,913) | | $ | 14,500 | | $ | (110,066) | | $ | (95,441) | | Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share | | | | | 192,869,271 | | 143,103,474 | | 192,474,019 | | 135,525,464 | |
The following table sets forth the computation of diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | Six Months Ended | | | | | | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | Diluted income (loss) per share | | | | | $ | (0.09) | | $ | 0.08 | | $ | (0.58) | | $ | (0.76) | | Net income (loss) used in the calculation of diluted income (loss) per share | | | | | $ | (17,913) | | $ | 30,691 | | $ | (226,926) | | $ | (264,740) | | Weighted average number of Class A common stock for the purposes of diluted income (loss) per share | | | | | 192,869,271 | | 371,717,071 | | 390,465,556 | | 349,390,820 | |
The following adjustments were made to the basic income (loss) per share as they were dilutive for the periods presented: | | | | | | | | | | | | | | | | | | | Three Months Ended | Six Months Ended | | | | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | | | Net income (loss) used in the calculation of basic income (loss) per share | | $ | (17,913) | | $ | 14,500 | | $ | (110,066) | | $ | (95,441) | | | Noncontrolling interests | | — | | 16,191 | (116,860) | | (169,299) | | | | | | | | | | | | | | | | | | | | | | | | Net income (loss) used in the calculation of diluted income (loss) per share | | $ | (17,913) | | $ | 30,691 | | $ | (226,926) | | $ | (264,740) | | | | | | | | | | Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share | | 192,869,271 | | 143,103,474 | | 192,474,019 | | 135,525,464 | | | Noncontrolling interests | | — | | 211,890,313 | | 197,991,537 | | 213,865,356 | | | | | | | | | | | | | | | | | | | | | | | | Compensatory awards | | — | | 16,723,284 | | — | | — | | | Weighted average number of Class A common stock for the purposes of diluted income (loss) per share | | 192,869,271 | | 371,717,071 | | 390,465,556 | | 349,390,820 | | |
In addition, the following potentially dilutive shares were excluded from the diluted earnings per share calculation as they were anti-dilutive for the periods presented. | | | | | | | | | | | | | | | | | | Three Months Ended | Six Months Ended | | | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | | | | | | | Exchangeable LP units | | 197,579,377 | | — | | — | | — | | Compensatory awards | | 10,738,062 | | — | | 10,889,274 | | 18,293,860 | | | | | | | | Exchangeable notes | | 53,563,706 | | 30,247,946 | | 53,563,706 | | 30,247,946 | | Total | | 261,881,145 | | 30,247,946 | | 64,452,980 | | 48,541,806 | |
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