Income (Loss) Per Share (Tables)

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Income (loss) allocated to common stockholders – basic and diluted:
Income (loss) attributable to the Company	$	127,993	$	(30,396)	$	64,221	$	(50,367)
Less: dividends on preferred stock, declared and undeclared (1)	(2,714)		(7,017)		(5,428)		(13,746)

Less: deemed dividends on redeemable preferred stock	(4,600)		(2,530)		(9,200)		(3,587)









Distributed and undistributed income (loss) allocated to common stockholders – basic	$	120,679	$	(39,943)	$	49,593	$	(67,700)
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—		(631)		—		—

Add back: dividends on preferred stock – Series J (inclusive of deemed dividends)	3,843		—		7,685		—
Add back: dividends on preferred stock – Series K (inclusive of deemed dividends)	381		—		762		—
Add back: dividends on preferred stock - Series L (inclusive of deemed dividends)	111		—		223		—
Add back: dividends on preferred stock - Series M (inclusive of deemed dividends)	265		—		530		—
Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted	$	125,279	$	(40,574)	$	58,793	$	(67,700)








Weighted average common shares outstanding:
Weighted average shares outstanding – basic	6,443		5,804		6,442		5,728
Effect of assumed conversion of preferred stock – Series J	59,292		—		64,701		—
Effect of assumed conversion of preferred stock – Series K	5,641		—		6,156		—
Effect of assumed conversion of preferred stock - Series L	1,838		—		2,006		—
Effect of assumed conversion of preferred stock - Series M	4,251		—		4,639		—

Effect of assumed conversion of operating partnership units	—		91		—		—
Weighted average shares outstanding – diluted	77,465		5,895		83,944		5,728

Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	18.73	$	(6.88)	$	7.70	$	(11.82)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	1.62	$	(6.88)	$	0.70	$	(11.82)

________

(1) Undeclared dividends were deducted to arrive at distributed and undistributed income (loss) allocated to common stockholders. See note 11.

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$	1,729	$	—	$	699	$	(1,082)

Dividends on preferred stock – Series J (inclusive of deemed dividends)	—		4,834		—		9,434
Dividends on preferred stock – Series K (inclusive of deemed dividends)	—		426		—		897
Dividends on preferred stock – Series L (inclusive of deemed dividends)	—		668		—		668
Dividends on preferred stock – Series M (inclusive of deemed dividends)	—		906		—		906
Total	$	1,729	$	6,834	$	699	$	10,823

Weighted average diluted shares are not adjusted for:
Effect of unvested restricted stock	—		11		—		14

Effect of assumed conversion of operating partnership units	93		—		93		92



Effect of assumed conversion of preferred stock – Series J	—		31,926		—		28,392
Effect of assumed conversion of preferred stock – Series K	—		3,128		—		2,688
Effect of assumed conversion of preferred stock – Series L	—		201		—		101
Effect of assumed conversion of preferred stock – Series M	—		246		—		123
Total	93		35,512		93		31,410