The following is a summary of the net loss per basic and diluted share computation for the years ended December 31, 2025, 2024 and 2023 and has been retroactively adjusted to reflect the stock dividends and the Reverse Stock Split (amount in thousands, except shares and per share data):


	Year ended December 31,
	2025		2024		2023
Numerator:
Net loss attributable to common stockholders	$	(71,067)	$	(203,495)	$	(86,097)
Denominator:
Denominator for basic net loss per share — weighted-average shares	28,304		28,286		28,280
Effect of dilutive securities:
Unvested restricted shares (1)	16		—		21
Common OP Units (2)	124		124		124
Class B Units (3)	110		110		110
Denominator for diluted net loss per share — weighted-average shares (4)	28,554		28,520		28,535
Basic and diluted net loss per share	$	(2.51)	$	(7.19)	$	(3.04)

(1)Weighted average number of antidilutive unvested restricted shares outstanding for the periods presented. There were 160,199, nil and 12,911 unvested restricted shares outstanding as of December 31, 2025, 2024 and 2023, respectively.

(2)Weighted average number of antidilutive Common OP Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 405,998 Common OP Units outstanding as of December 31, 2025, 2024 and 2023.

(3)Weighted average number of antidilutive Class B Units presented as shares outstanding for the periods presented, at the current conversion rate as retroactively adjusted for the effects of the stock dividends. There were 359,250 Class B Units outstanding as of December 31, 2025, 2024 and 2023.

(4)Potential common stock equivalents were excluded from the calculation of diluted net loss per share attributable to stockholders when a net loss exists as the effect would be an antidilutive per share amount.

Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common stock equivalents. Series A Preferred Units are non-participating.