Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents the net income and the weighted average number of shares outstanding used in the

earnings per share calculations. For the year ended December 31, 2024, there were no potentially dilutive

instruments outstanding.

For the year ended December 31, 2025, diluted earnings per share reflects the impact of RSUs using the treasury

stock method. As of December 31, 2025, approximately 208 shares were considered dilutive, primarily related to

RSUs subject to a three-year straight-line vesting schedule. The impact of these dilutive shares was immaterial and

did not change diluted earnings per share when rounded.


	Year Ended December 31,
	2025	2024
Numerator:
Net income attributable to common shareholders	$99,621	$39,742
Income allocated to participating securities	2,190	1,711
Income available for common shareholders	$97,431	$38,031

Denominator:
Shares outstanding	19,579,009	12,904,495
Weighted average common shares outstanding - basic	17,235,168	12,904,495
Weighted average common shares outstanding - diluted	17,235,376	12,904,495

Earnings available to common shareholders per share
Basic	$5.65	$2.95
Diluted	$5.65	$2.95