Earnings Per Share

9 Months Ended

Sep. 30, 2024

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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income (loss)	$	50,403	$	(20,651)	$	80,587	$	2,267
Net (income) loss attributable to non-controlling interests	(3,629)		2,858		(6,546)		(1,904)
Net income (loss) attributable to ORENT shareholders	$	46,774	$	(17,793)	$	74,041	$	363

Net income attributable to dilutive OP Units	3,629		—		6,546		—
Net income attributable to ORENT shareholders - dilutive	$	50,403	$	—	$	80,587	$	—

Weighted average number of common shares outstanding - basic	357,017,433		156,903,346		295,966,833		127,652,548
Effect of dilutive unvested grants of restricted Class I shares	38,683		16,212		38,683		16,212
Effect of dilutive OP Units	29,135,762		—		28,917,820		—
Weighted average shares of common shares outstanding - dilutive	386,191,878		156,919,558		324,923,336		127,668,760

Net income (loss) per common share - basic	$	0.13	$	(0.11)	$	0.25	$	—
Net income (loss) per common share - diluted	$	0.13	$	(0.11)	$	0.25	$	—

The computation of diluted net income per common share for the three and nine months ended September 30, 2024 includes 38,683 dilutive restricted Class I shares. The computation of diluted net income per common share for the three and nine months ended September 30, 2024 includes 29,135,762 and 28,917,820 dilutive NLT OP Units, respectively.

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.