Earnings Per Share

6 Months Ended

Jun. 30, 2023

Basic net income/(loss) per common share is determined by dividing net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period, excluding unvested restricted Class I shares. The restricted Class I shares are considered to be participating securities because they contain non-forfeitable rights to distributions. The restricted Class I shares participate equally with all classes of common shares, therefore net income/(loss) has not been presented separately.

All classes of common shares are allocated net income/(loss) at the same rate per share and receive the same gross distribution per share.


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Net income	$	9,633	$	22,918
Net income attributable to non-controlling interests	(1,787)		(4,762)
Net income attributable to ORENT	$	7,846	$	18,156




Weighted average number of common shares outstanding - basic	127,321,209		112,784,711
Effect of dilutive unvested restricted Class I shares	16,212		16,212

Weighted average number of common shares outstanding - dilutive	127,337,421		112,800,923

Net income per common share - basic	$	0.06	$	0.16
Net income per common share - diluted	$	0.06	$	0.16

The computation of diluted net income (loss) per common share for the three and six months ended June 30, 2023 includes 16.2 thousand dilutive restricted Class I shares. The computation of diluted net income (loss) per common share for the three and six months ended June 30, 2023 excludes 27.8 million and 28.4 million potentially dilutive NLT OP units because their effect would have been anti-dilutive.