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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	18,070	$	93,056	$	(411,179)	$	287,498
Less: Preferred stock dividends	(2,314)		(2,314)		(6,943)		(6,943)

Less: Net (income) loss attributable to noncontrolling interests	(685)		(3,137)		15,605		(10,046)
Less: Net income attributable to participating securities	(430)		(519)		(1,879)		(1,650)
Net income (loss) attributable to common stockholders	$	14,641	$	87,086	$	(404,396)	$	268,859



Denominator:
Weighted average shares of common stock outstanding – basic and diluted	220,509,521		234,586,980		224,182,859		232,720,272




Earnings per share - Basic and Diluted
Net income (loss) attributable to common stockholders	$	0.07	$	0.37	$	(1.80)	$	1.16