Earnings Per Share

3 Months Ended

Mar. 31, 2026

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) per common share 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
	March 31, 2026		March 31, 2025
Net income	$	169,656	$	108,895
Net income attributable to non-controlling interests	(7,824)		(6,527)
Net income attributable to ORENT shareholders	$	161,832	$	102,368

Net income attributable to dilutive OP Units	7,824		6,527
Net income attributable to ORENT shareholders - dilutive	$	169,656	$	108,895

Weighted average common shares outstanding - basic	772,689,856		474,322,703
Effect of dilutive unvested grants of restricted Class I shares	47,652		39,255
Effect of dilutive OP Units	38,138,636		30,950,520
Weighted average common shares outstanding - dilutive	810,876,144		505,312,478

Net income per common share - basic	$	0.21	$	0.22
Net income per common share - diluted	$	0.21	$	0.22

The computation of diluted net income per common share for the three months ended March 31, 2026 includes 47,652 dilutive restricted Class I shares and 38,138,636 dilutive OP Units. The computation of diluted net income per common share for the three months ended March 31, 2025 includes 39,255 dilutive restricted Class I shares and 30,950,520 dilutive OP Units.