Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Earnings Per Share, Basic and Diluted

The following is a summary of the basic and diluted net loss per share computation for the periods presented and has been retroactively adjusted to reflect the Reverse Stock Split (see Note 1 — Organization for additional details):


	Year Ended December 31,
(In thousands, except share and per share data)	2024		2023		2022
Net loss and Net loss attributable to common stockholders	$	(140,591)	$	(105,924)	$	(45,896)
Adjustments to net loss attributable to common stockholders	—		—		(80)
Adjusted net loss and net loss attributable to common stockholders	$	(140,591)	$	(105,924)	$	(45,976)
Basic and diluted weighted average shares outstanding	2,487,827		2,226,721		1,729,264
Basic and diluted net loss per share	$	(56.51)	$	(47.57)	$	(26.59)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share as their effect would have been antidilutive for the periods presented and has been retroactively adjusted to reflect the Reverse Stock Split (see Note 1 — Organization for additional details).


	Year Ended December 31,
	2024	2023	2022
Unvested restricted shares (1)	74,328	29,105	13,691
Class A Units (2)	—	—	—

LTIP Units (3)	—	314,706	501,605
Total weighted-average anti-dilutive common share equivalents	74,328	343,811	515,296

__________

(1)There were 101,197, 36,198, and 18,134 unvested restricted shares (adjusted for the Reverse Stock Split) outstanding as of December 31, 2024, 2023 and 2022, respectively.

(2) Formerly known as OP Units. As of December 31, 2024, 2023 and 2022 there were no Class A Units outstanding.

(3)There were zero, zero, and 501,605 LTIP Units outstanding (adjusted for the Reverse Stock Split) as of December 31, 2024, 2023 and 2022, respectively (see Note 12 — Equity-Based Compensation for additional information).