The Company uses the two-class method in its computation of earnings per share. The Company’s Class A common shares and Class B common shares are entitled to receive distributions at different rates, with each Class B common share receiving 0.03% of the distributions paid on each Class A common share. Under the two-class method, the Company’s net income available to common shareholders is allocated between the two classes of common shares on a fully-distributed basis and reflects residual net income after amounts attributed to noncontrolling interests. In the event of a net loss, the Company determined that both classes share in the Company’s losses, and they share in the losses using the same mechanism as the distributions. The Company also has restricted share awards that have a right to non-forfeitable dividends while unvested and are contemplated as participating when the Company is in a net income position. These awards participate in distributions on a basis equivalent to other Class A common shares but do not participate in losses.

Diluted income (loss) per share calculations for both Class A common shares and Class B common shares contemplate adjustments to the numerator and the denominator under the if-converted method for the convertible Class B common shares, the exchangeable Class A units of the San Francisco Venture and the exchangeable Class A Common Units of the Operating Company. The Company uses the treasury stock method or the two-class method when evaluating dilution for restricted stock units (“RSUs”), restricted shares, and performance restricted units and shares. The more dilutive of the two methods is included in the calculation for diluted income (loss) per share.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income attributable to the Company	$	(2,580)	$	21,071	$	6,054	$	47,675
Adjustments to net (loss) income attributable to the Company	(2)		—		(6)		9
Net (loss) income attributable to common shareholders	$	(2,582)	$	21,071	$	6,048	$	47,684
Numerator—basic common shares:
Net (loss) income attributable to common shareholders	$	(2,582)	$	21,071	$	6,048	$	47,684
Less: net income allocated to participating securities	—		19		1		43
Allocation of basic net (loss) income among common shareholders	$	(2,582)	$	21,052	$	6,047	$	47,641
Numerator for basic net (loss) income available to Class A common shareholders	$	(2,581)	$	21,045	$	6,045	$	47,625
Numerator for basic net (loss) income available to Class B common shareholders	$	(1)	$	7	$	2	$	16
Numerator—diluted common shares:
Net (loss) income attributable to common shareholders	$	(2,582)	$	21,071	$	6,048	$	47,684
Reallocation of income from dilutive potential securities	—		21,495		6,212		48,813
Less: net income allocated to participating securities	—		18		1		40
Allocation of diluted net (loss) income among common shareholders	$	(2,582)	$	42,548	$	12,259	$	96,457
Numerator for diluted net (loss) income available to Class A common shareholders	$	(2,581)	$	42,541	$	12,257	$	96,441
Numerator for diluted net (loss) income available to Class B common shareholders	$	(1)	$	7	$	2	$	16
Denominator:
Basic weighted average Class A common shares outstanding	71,783,254		69,796,339		71,813,460		69,692,349
Diluted weighted average Class A common shares outstanding	71,783,254		149,430,920		149,180,581		149,267,968
Basic and diluted weighted average Class B common shares outstanding	76,096,410		79,233,544		76,096,410		79,233,544

Basic (loss) earnings per share:
Class A common shares	$	(0.04)	$	0.30	$	0.08	$	0.68
Class B common shares	$	(0.00)	$	0.00	$	0.00	$	0.00
Diluted (loss) earnings per share:
Class A common shares	$	(0.04)	$	0.28	$	0.08	$	0.65
Class B common shares	$	(0.00)	$	0.00	$	0.00	$	0.00

Anti-dilutive potential RSUs	1,580,357		—		—		—
Anti-dilutive potential Performance RSUs	6,409,588		4,489,097		5,883,921		4,489,097
Anti-dilutive potential Class A common shares from warrants	1,500,000		—		1,500,000		—
Anti-dilutive potential Restricted Shares (weighted average)	32,780		—		—		—

Anti-dilutive potential Class A common shares from exchanges (weighted average)	76,119,239		3,137,134		—		3,137,134