Year Ended December 31,

(in thousands, except per share amounts)

2025

2024

2023

Net income (loss) attributable to BKV

$

179,156

$

(138,651)

$

123,556

Accretion of Class B Units to redemption value

(1,422)

—

Net income (loss) including accretion of Class B Units to redemption value

$

177,734

$

(138,651)

$

123,556

Basic weighted average common shares outstanding

86,581

71,288

60,730

Add: dilutive effect of TRSUs

173

—

172

Add: dilutive effect of PRSUs

69

—

3,478

Diluted weighted average of common shares outstanding

86,823

71,288

64,380

Weighted average number of outstanding securities excluded from the calculation of diluted loss per share

TRSUs

—

264

—

PRSUs

—

2,523

—

Net income (loss) per common share attributable to BKV:

Basic

$

2.05

$

(1.94)

$

2.03

Diluted

$

2.05

$

(1.94)

$

1.92