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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Rental revenue $ 85,487 $ 57,224 $ 167,845 $ 112,970
Income from investments in leases - Financing receivables 16,516 8,873 31,083 19,180
Total revenues 102,003 66,097 198,928 132,150
Expenses        
Rental property operating 9,536 10,010 16,684 17,203
General and administrative 9,881 6,074 17,213 7,512
Impairment charges 0 0 22,734 0
Management fee 29,564 18,622 57,471 34,838
Performance participation allocation 30,040 18,331 60,497 30,896
Depreciation and amortization 35,947 26,226 71,206 52,063
Total expenses 114,968 79,263 245,805 142,512
Other income (expense)        
Income from unconsolidated real estate affiliates 40,625 76,077 245,476 185,464
Gain (loss) on dispositions of real estate 0 0 724 (2,180)
Interest expense (37,426) (22,739) (75,564) (42,913)
Interest income 50,070 24,154 98,852 44,334
Other income (expense), net 28,840 (2,970) 17,735 (3,813)
Total other income, net 82,109 74,522 287,223 180,892
Net income before income taxes 69,144 61,356 240,346 170,530
Income tax expense 1,924 (198) 3,470 81
Net income 67,220 61,554 236,876 170,449
Net income attributable to non-controlling interests (2,935) (3,206) (10,759) (9,733)
Net income attributable to ORENT shareholders $ 64,285 $ 58,348 $ 226,117 $ 160,716
Net income per common share– basic (in USD per share) $ 0.08 $ 0.11 $ 0.28 $ 0.31
Net income per common share – diluted (in USD per share) $ 0.08 $ 0.11 $ 0.28 $ 0.31
Weighted-average common shares outstanding, basic (in shares) 830,831,557 545,932,592 801,922,125 510,324,741
Weighted-average common shares outstanding, diluted (in shares) 869,255,186 577,685,020 840,227,739 541,697,950