EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Basic earnings per share is calculated by dividing income (loss) from continuing operations, income from discontinued operations, or net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing income (loss) from continuing operations, income from discontinued operations, or net income (loss) by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Dilutive potential common shares include shares that may be issued under warrants, including warrants issued in connection with the Oaktree Credit Agreement and private debt exchange transactions, and restricted stock and stock option awards.

Securities that could potentially dilute basic net income per share in the future that were not included in the computation of diluted net income per share as the effect would be anti-dilutive were 3,305,502 and 2,483,159 during the three months ended March 31, 2026 and 2025, respectively.

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended March 31,
	2026						2025
	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Net income (loss)	$	222,159	$	—	$	222,159	$	(19,962)	$	3,395	$	(16,567)
Net income (loss) attributable to noncontrolling interests	8,886		—		8,886		(6,592)		—		(6,592)
Net income (loss) attributable to Registrant	213,273		—		213,273		(13,370)		3,395		(9,975)
Preferred stock dividends	2,015		—		2,015		2,015		—		2,015
Net income (loss) available to common shareholders	$	211,258	$	—	$	211,258	$	(15,385)	$	3,395	$	(11,990)


	Three Months Ended March 31,
	2026		2025
Weighted average common shares outstanding:
Basic	31,915,854		30,497,512
Effect of dilutive potential common shares:
Restricted stock units, warrants, and stock options	251,392		—
Diluted	32,167,246		30,497,512

Basic net income (loss) per common share:
Continuing operations	$	6.62	$	(0.50)
Discontinued operations	—		0.11
Basic income (loss) per common share	$	6.62	$	(0.39)
Diluted net income (loss) per common share:
Continuing operations	$	6.57	$	(0.50)
Discontinued operations	—		0.11
Diluted income (loss) per common share	$	6.57	$	(0.39)