Earnings Per Share

12 Months Ended

Dec. 31, 2025

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.


	For the Year Ended December 31,
	2025		2024		2023
Net income (loss)	$	491,207	$	173,085	$	(21,004)
Net (income) loss attributable to non-controlling interests	(26,175)		(12,793)		1,097
Net income (loss) attributable to ORENT	$	465,032	$	160,292	$	(19,907)

Net income (loss) attributable to dilutive OP Units	26,175		12,793		(1,097)
Net income (loss) attributable to ORENT - dilutive	$	491,207	$	173,085	$	(21,004)

Weighted average number of common shares outstanding - basic	585,286,421		325,419,692		143,668,975
Effect of dilutive unvested restricted Class I shares	39,255		38,683		16,212
Effect of dilutive OP Units	33,148,740		29,137,243		28,477,258
Weighted average number of common shares outstanding - dilutive	618,474,416		354,595,618		172,162,445

Net income (loss) per common share - basic	$	0.79	$	0.49	$	(0.14)
Net income (loss) per common share - diluted	$	0.79	$	0.49	$	(0.12)

The computation of diluted net income (loss) per common share for the years December 31, 2025, 2024, and 2023, includes 39,255, 38,683 and 16,212 dilutive restricted Class I shares and 33,148,740, 29,137,243 and 28,477,258 dilutive OP Units, respectively.