Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding. The shares issuable upon settlement of any outstanding forward sale agreements, as described in Note 11 – Stockholders’ Equity, are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of shares of common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement).


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2026		2025		2026		2025
Basic:
Net income attributable to common stockholders	$	342,534	$	762,040	$	1,741,445	$	2,170,726
Weighted-average shares of common stock outstanding	1,100,560		1,067,254		1,086,503		1,059,871
Basic EPS	$	0.31	$	0.71	$	1.60	$	2.05

Diluted:
Net income attributable to common stockholders	$	342,534	$	762,040	$	1,741,445	$	2,170,726
Diluted weighted-average shares of common stock outstanding	1,100,625		1,068,369		1,086,581		1,060,732
Diluted EPS	$	0.31	$	0.71	$	1.60	$	2.05

The following section presents the basic earnings per unit (“EPU”) and diluted EPU of VICI OP, our operating partnership and the direct parent and 100% interest holder in VICI LP. VICI LP’s interests are not expressed in units. However, given that VICI OP has a unit ownership structure and the financial information of VICI OP is substantially identical with that of VICI LP, we have elected to present the EPU of VICI OP. Basic EPU is computed by dividing net income attributable to partners’ capital by the weighted-average number of units outstanding during the period. In accordance with the VICI OP limited liability company agreement, for each share of common stock issued at VICI, a corresponding unit is issued by VICI OP. Accordingly, diluted EPU reflects the additional dilution for all potentially dilutive units resulting from potentially dilutive VICI stock issuances, such as options, unvested restricted stock awards, unvested performance-based restricted stock unit awards and the units to be issued by us upon settlement of any outstanding forward sale agreements of VICI for the period such dilutive security is outstanding. The units issuable upon settlement of any outstanding forward sale agreements of VICI are reflected in the diluted EPU calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of units used in calculating diluted EPU is deemed to be increased by the excess, if any, of the number of units that would be issued upon full physical settlement of the units under any outstanding forward sale agreements for the period prior to settlement over the number of shares of VICI common stock that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). Upon VICI’s physical settlement of the shares of VICI common stock under the outstanding forward sale agreement, the delivery of shares of VICI common stock resulted in an increase in the number of VICI OP Units outstanding and resulting dilution to EPU.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per unit data)	2026		2025		2026		2025
Basic:
Net income attributable to partners	$	346,716	$	770,281	$	1,755,658	$	2,190,024
Weighted-average units outstanding	1,112,792		1,079,485		1,098,735		1,072,102
Basic EPU	$	0.31	$	0.71	$	1.60	$	2.04

Diluted:
Net income attributable to partners	$	346,716	$	770,281	$	1,755,658	$	2,190,024
Diluted weighted-average units outstanding	1,112,857		1,080,601		1,098,812		1,072,963
Diluted EPU	$	0.31	$	0.71	$	1.60	$	2.04