Earnings Per Share

9 Months Ended

Sep. 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 September 30, 2023		Nine Months Ended September 30, 2023		From Inception Through September 30, 2022
Net (loss) income	$	(20,651)	$	2,267	$	(2,094)
Net loss (income) attributable to non-controlling interests	2,858		(1,904)		(718)
Net (loss) income attributable to ORENT	$	(17,793)	$	363	$	(2,812)




Weighted average number of common shares outstanding - basic	156,903,346		127,652,548		17,292,975
Effect of dilutive unvested restricted Class I shares	16,212		16,212		—

Weighted average number of common shares outstanding - dilutive	156,919,558		127,668,760		17,292,975

Net (loss) income per common share - basic	$	(0.11)	$	—	$	(0.16)
Net (loss) income per common share - diluted	$	(0.11)	$	—	$	(0.16)

The computation of diluted net income (loss) per common share for the three and nine months ended September 30, 2023 includes 16,212 dilutive restricted Class I shares. The computation of diluted net income (loss) per common share for the three and nine months ended September 30, 2023 excludes 28,247,501 and 28,404,641 potentially dilutive NLT OP units because their effect would have been anti-dilutive, respectively.