Basic and Diluted Net Income per Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Calculation of Basic and Diluted Net Income per Share

The following table presents the calculation of basic and diluted net income per share under the two-class method:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	24	$	41	$	36	$	61
Less: Net income attributable to noncontrolling interests	(2)		(7)		1		(10)
Less: Preferred dividends	(15)		(10)		(31)		(10)

Net income attributable to Class A and Class C common stockholders - basic (a)	7		24		6		41
Reallocation of net income from non-redeemable noncontrolling interests to Class A and Class C common stockholders due to effect of dilutive securities (a)	—		5		—		7
Net income attributable to Class A and Class C common stockholders - diluted (a)	$	7	$	29	$	6	$	48







Weighted average shares of Class A and Class C common stock outstanding - basic (a)	79,280,681		67,801,800		76,476,638		68,473,399
Effect of dilutive securities:
LLC Interests	N/A		19,801,028		N/A		19,801,028
RSUs and PRSUs	362,626		1,000,864		541,924		1,267,710
2025 Convertible Notes	N/A		659,565		N/A		1,309,723
Weighted average shares of Class A and Class C common stock outstanding - diluted (a)	79,643,307		89,263,257		77,018,562		90,851,860

Net income per share attributable to Class A and Class C common stockholders: (a)
Basic	$	0.08	$	0.35	$	0.08	$	0.59
Diluted	$	0.08	$	0.32	$	0.08	$	0.52

(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 per share amount for these classes as they have identical economic rights. Prior period amounts have been conformed to the current presentation.