Earnings Per Share

3 Months Ended

Mar. 31, 2026

18 — Earnings Per Share

Basic earnings (loss) per share is calculated under the Two-Class Method using basic Net income (loss) available to Class A Common Stockholders, divided by the weighted average number of shares of Class A Common Stock outstanding during the period.

Diluted earnings (loss) per share is calculated using diluted Net income (loss) available to Class A Common Stockholders divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities.

The Company's potentially dilutive securities consist of (i) unvested RSUs and shares issuable under the ESPP, with the dilutive effect calculated using the Treasury Stock Method; (ii) unvested PRSUs, with the dilutive effect calculated using the Contingently Issuable Method; and (iii) non-controlling interest THG units and Series A Convertible Preferred Stock, with the dilutive effect calculated using the more dilutive of the If-Converted Method and the Two-Class Method.

In periods in which the Company reports a net loss attributable to Class A Common Stockholders, diluted net loss per share attributable to Class A Common Stockholders is equal to basic net loss per share because potentially dilutive shares of Class A Common Stock are not assumed to be issued if their effect is anti-dilutive.

The following table summarizes the basic and diluted earnings (loss) per share calculations for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
		2026		2025

Basic Earnings (Loss) per Share		in thousands (except per share amounts)
Net income (loss) available to Class A Common Stockholders		$	(6,521)	$	6,041
Weighted average shares of Class A Common Stock outstanding		101,034		90,047
Basic earnings (loss) per share		$	(0.06)	$	0.07

Diluted Earnings (Loss) per Share
Net income (loss) available to Class A Common Stockholders		$	(6,521)	$	22,786
Weighted average shares of Class A Common Stock outstanding		101,034		346,311
Diluted earnings (loss) per share		$	(0.06)	$	0.07

Net income available to Class A Common Stockholders
Net income (loss)		$	(12,745)	$	27,293
Net (income) loss attributable to non-controlling interest		8,254		(18,922)
Accretion of Series A Convertible Preferred Stock		(2,030)		(1,875)
Undistributed earnings allocated to Series A Convertible Preferred Stock		—		(455)
Net income (loss) available to Class A Common Stockholders, Basic		(6,521)		6,041
Undistributed earnings reallocated to Series A Convertible Preferred Stock		—		—
Adjustment for potentially dilutive THG units		—		16,685
Adjustment for potentially dilutive Series A Convertible Preferred Stock		—		—
Adjustment for potentially dilutive share-based compensation awards		—		60
Net income (loss) available to Class A Common Stockholders, Diluted		$	(6,521)	$	22,786

Weighted Average Shares of Class A Common Stock Outstanding
Weighted average shares of Class A Common Stock outstanding, Basic		101,034		90,047
Adjustment for potentially dilutive THG units		—		255,172
Adjustment for potentially dilutive Series A Convertible Preferred Stock		—		—
Adjustment for potentially dilutive share-based compensation awards		—		1,092
Weighted average shares of Class A Common Stock outstanding, Diluted		101,034		346,311

The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings (loss) per share of Class A Common Stock as their effect would be anti-dilutive for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
		2026	2025

		in thousands
THG units		245,102	—
Series A Convertible Preferred Stock		6,785	6,785
Unvested shares associated with share-based compensation awards		8,007	4,297

Total		259,894	11,082