EARNINGS PER SHARE AND EQUITY

12 Months Ended

Dec. 31, 2025

14. EARNINGS PER SHARE AND EQUITY

Basic earnings per ordinary share (“EPS”) is calculated by dividing net income (loss) attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below.


	Year Ended December 31,
(in thousands, except share and per share data)	2025		2024		2023
Net income from continuing operations	$	501,064	$	8,682	$	243,817
Net income	501,064		8,682		243,817
Less: Dividends on preferred shares	17,243		32,763		31,795
Less: Loss on redemption of preferred shares	6,327		7,998		—
Net (loss) income attributable to shareholders	$	477,494	$	(32,079)	$	212,022
Weighted Average Ordinary Shares Outstanding - Basic	102,563,486		101,538,835		99,908,214
Weighted Average Ordinary Shares Outstanding - Diluted	103,846,914		101,538,835		100,425,777

Earnings (loss) per share:
Basic	$	4.66	$	(0.32)	$	2.12
Diluted	$	4.60	$	(0.32)	$	2.11

There were no shares excluded from the calculation of Diluted EPS for the years ended December 31, 2025, 2024 and 2023, respectively, because the impact would be anti-dilutive.

Ordinary shares issued to certain directors as compensation were 1,869, 6,148 and 26,287 for the years ended December 31, 2025, 2024 and 2023, respectively.

Ordinary Shares

In May 2024, in connection with the Internalization and termination of the Management Agreement, the Company issued 1,866,949 ordinary shares, par value $0.01 per share, at a price of $80.34 per share, to its Former Manager.

Preferred Shares

In March 2023, in a public offering, the Company issued 2,600,000 shares of 9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds before expenses of $63.0 million.

In October 2024, the Company redeemed in full the outstanding 4,180,000 8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $1.6 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of October 29, 2024.

In February 2025, the Company redeemed in full the outstanding 4,940,000 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $2.4 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of February 16, 2025.