Loss Per Share

Due to the impact of the Reorganization Transactions, the Company’s capital structure for the period prior to the IPO is not comparable. As a result, the presentation of net loss per share for the periods prior to such transactions is not meaningful and only loss per share for the period subsequent to the IPO is presented herein.

The Company computes earnings per share (“EPS”) of Class A common stock. Basic EPS is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of Class A common stock outstanding. The Company’s Class B common stock and RSUs are nonparticipating securities because holders are not entitled to dividends or dividend equivalent payments.

For the calculation of diluted EPS, net loss attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities. Diluted EPS attributable to common stockholders is computed by dividing the resulting net loss attributable to common stockholders by the weighted-average number of common stock outstanding, adjusted to give effect to dilutive elements including RSUs and convertible Class X Umbrella Units and LTIP Units to the extent these are dilutive.

The following table presents the calculation of basic and diluted net loss per share for the period following the IPO (in thousands, except share and per share amounts):


	Period from December 18, 2025 to December 31, 2025


Numerator:
Net loss	$	(23,867)
Net loss attributable to redeemable noncontrolling interest	(21,543)
Net loss attributable to Andersen Group Inc. stockholders, basic	$	(2,324)
Net loss attributable to Andersen Group Inc. stockholders, diluted	$	(23,867)

Denominator:
Weighted average number of shares of Class A common stock outstanding, basic	12,650,000
Effect of dilutive Class X Umbrella Units	98,294,464
Weighted average number of shares of Class A common stock outstanding, diluted	110,944,464

Net loss per share:
Loss per share attributable to Class A common stockholders, basic	$	(0.18)
Loss per share attributable to Class A common stockholders, diluted	$	(0.22)

The effect of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect would be anti-dilutive. The following table contains outstanding share totals with a potentially dilutive impact:


			December 31, 2025

RSUs			5,419,378
AT Umbrella LLC LTIP Units			976,563
Total			6,395,941

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Andersen Group Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures