Net Income (Loss) Per Class A Common Share (Tables)

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income	$	263,845	$	199,230	$	460,242	$	317,169


Less:
Net income attributable to non-controlling interests	164,211		132,090		268,635		209,695
Net income attributable to Class A Common Stockholders prior to distributions	99,634		67,140		191,607		107,474
Reallocation of earnings to unvested participating restricted stock units(a)	(23,105)		(17,841)		(56,304)		(49,556)
Net income attributable to Class A Common Stockholders - Basic	76,529		49,299		135,303		57,918

Net income (loss) assuming exchange of non-controlling interest	81,858		27,918		87,046		(347)
Net income attributable to Class A Common Stockholders - Diluted	$	158,387	$	77,217	$	222,349	$	57,571
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	171,184,988		150,527,419		165,205,826		133,901,421
Exchange of Common Units to Class A Common Stock	214,480,631		227,818,528		219,749,696		238,747,805
Weighted-Average Shares of Common Stock Outstanding - Diluted	385,665,619		378,345,947		384,955,522		372,649,226
Net income available to Class A common stock per share
Basic	$	0.45	$	0.33	$	0.82	$	0.43
Diluted	$	0.41	$	0.20	$	0.58	$	0.15
Dividends declared per share of Class A Common Stock(b)	$	0.59	$	0.59	$	1.79	$	1.53

(a)No undistributed losses were allocated to unvested participating RSUs during the three and nine months ended September 30, 2026 and 2025, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.

(b)Dividends declared reflects the calendar date of the declaration for each distribution. The third quarter dividends were declared on October 29, 2026 and are payable on November 23, 2026.