Basic and Diluted Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2026

Basic and Diluted Net Income (Loss) per Share

Basic net income (loss) per share has been computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income (loss) per share has been computed in a manner consistent with that of basic net income (loss) per share while giving effect to all shares of potentially dilutive common stock that were outstanding during the period. The following table presents the calculation of basic and diluted net income (loss) per share under the two-class method:


	Three Months Ended March 31,
	2026		2025
Net income	$	12	$	20
Less: Net (income) loss attributable to noncontrolling interests	3		(3)
Less: Preferred dividends	(16)		—

Net income (loss) attributable to Class A and Class C common stockholders - basic (a)	(1)		17
Reallocation of net income from non-redeemable noncontrolling interests to Class A and Class C common stockholders due to effect of dilutive securities (a)	—		2
Net income (loss) attributable to Class A and Class C common stockholders - diluted (a)	$	(1)	$	19







Weighted average shares of Class A and Class C common stock outstanding - basic (a)	73,641,439		69,152,460
Effect of dilutive securities:
LLC Interests	N/A		19,801,028
RSUs and PRSUs	—		1,324,385
2025 Convertible Notes	N/A		1,878,115
Weighted average shares of Class A and Class C common stock outstanding - diluted (a)	73,641,439		92,155,988

Net income (loss) per share attributable to Class A and Class C common stockholders: (a)
Basic	$	(0.01)	$	0.24
Diluted	$	(0.01)	$	0.20

(a)In prior periods, the Company presented basic and diluted net income per share separately for Class A and Class C common stock. In the current period, the Company elected to present a single net income (loss) per share amount for these classes as they have identical economic rights. Prior period amounts have been conformed to the current presentation.

Diluted EPS was computed using the “treasury stock” method for RSUs and the “if-converted” method for convertible instruments.

The Company has excluded the conversion of the Preferred Stock and the conversion of the 2027 Convertible Notes from the calculation of diluted net income per share, as the effect of either would be anti-dilutive.