| Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share |
The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts):
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Numerator for loss per share: |
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Net loss |
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$ |
(41,187 |
) |
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$ |
(69,964 |
) |
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$ |
(84,548 |
) |
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$ |
(109,115 |
) |
Adjustments: |
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Dividends on and accretion to redemption value of Redeemable Series A Preferred stock |
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2,198 |
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2,198 |
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4,396 |
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4,397 |
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Net income attributable to Series B Preferred stock |
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1,513 |
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1,513 |
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3,026 |
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3,026 |
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Net loss attributable to redeemable noncontrolling interests in the OP |
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(8,884 |
) |
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(10,494 |
) |
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(18,170 |
) |
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(16,369 |
) |
Net loss attributable to redeemable noncontrolling interests in consolidated VIEs |
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(4,177 |
) |
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(3,968 |
) |
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(7,977 |
) |
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(9,671 |
) |
Net loss attributable to noncontrolling interests in consolidated VIEs |
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(573 |
) |
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(528 |
) |
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(1,091 |
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(1,343 |
) |
Net loss attributable to common stockholders |
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$ |
(31,264 |
) |
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$ |
(58,685 |
) |
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$ |
(64,732 |
) |
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$ |
(89,155 |
) |
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Denominator for earnings (loss) per share: |
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Weighted average common shares outstanding - basic |
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26,113 |
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25,724 |
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26,113 |
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25,594 |
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Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) |
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— |
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— |
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— |
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— |
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Weighted average common shares outstanding - diluted |
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26,113 |
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25,724 |
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26,113 |
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25,594 |
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Earnings (loss) per weighted average common share: |
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Basic |
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$ |
(1.20 |
) |
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$ |
(2.28 |
) |
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$ |
(2.48 |
) |
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$ |
(3.48 |
) |
Diluted |
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$ |
(1.20 |
) |
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$ |
(2.28 |
) |
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$ |
(2.48 |
) |
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$ |
(3.48 |
) |
(1)For the three months ended June 30, 2026 and 2025, excludes approximately 6,600,000 shares and 6,479,455 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. For the six months ended June 30, 2026 and 2025, excludes approximately 6,501,000 shares and 6,609,127 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. |