Members’/Shareholders' Equity (Tables)

12 Months Ended

Sep. 30, 2021

Equity [Abstract]

Cash Distributions Declared

The table below summarizes the following cash distributions declared to common shareholders and unitholders during the years ended 2021 and 2020:

Quarter Ended	Per Share/Unit Distribution(1)		Total Distribution
2021
September 30, 2021	$	0.28	$	5.5
June 30, 2021	$	—	$	—
March 31, 2021(2)	$	0.29	$	8.8
December 31, 2020	$	0.30	$	3.8
2020
September 30, 2020	$	0.20	$	2.5
June 30, 2020	$	0.20	$	2.5
March 31, 2020	$	0.40	$	5.0
December 31, 2019	$	0.40	$	5.0

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(1)Per unit amounts for dividends declared before the Closing Date of the Merger have been effected by giving adjustment to the 1-for-12 reverse stock split and exchange ratio of 97.796467.

(2)On February 4, 2021, the Board of Managers of REP LLC declared a $3.8 million cash dividend, paid on February 5, 2021. On March 4, 2021, the Board of Directors of the Company declared a cash dividend of $0.28 per share or $5.0 million total, paid on May 7, 2021.

Restricted Stock and Restricted Stock Unit, Activity

The following table shows a summary of the restricted shares granted during the year ended September 30, 2021:

2021 Long-Term Incentive Plan
Grant Date	Restricted Shares	Vesting Period	Average Price		Compensation Expense
					(In thousands)
February 26, 2021	198,024	8-32 months	$	13.33	$	744
March 1, 2021	3,374	12 months	$	24.21	44
March 15, 2021	158,582	N/A(1)	$	28.99	4,597
April 1, 2021	37,759	12 months	$	28.99	719
					$	6,104

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(1)On April 1, 2021, these restricted shares fully vested.

The following table presents the Company's restricted stock activity during the year ended September 30, 2021 under the 2021 LTIP:

2021 Long-Term Incentive Plan
	Restricted Shares	Weighted Average Grant Date Fair Value
Unvested at September 30, 2020	—	$	—
Granted	397,739	$	21.16
Vested	(169,370)	$	28.99
Forfeited	—	$	—
Unvested at September 30, 2021	228,369	$	15.35

The following table shows a summary of the restricted units granted and the expense during the years ended September 30, 2021 and 2020:

2018 Long-Term Incentive Plan
Grant Date	Restricted Units	Vesting Period	Average Price		Compensation Expense
					2021		2020
					(In thousands)
April 29, 2019	14,766	36 months	$	113.25	$	278	$	676
February 1, 2020	15,767	36 months	$	100.69	203		287
October 1, 2020	13,309	36 months	$	112.47	208		—
					$	689	$	963

The following table presents the Company's restricted stock unit activity during the year ended September 30, 2021 under the 2018 LTIP:

2018 Long-Term Incentive Plan
	Restricted Units	Weighted Average Grant Date Fair Value
Unvested at September 30, 2020	23,909	$	105.62
Granted	13,309	$	112.47
Vested	(10,213)	$	107.30
Forfeited	(2,706)	$	104.89
Converted(1)	(24,299)	$	108.75
Unvested at September 30, 2021	—	$	—

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(1)The holders of unvested restricted units issued under the 2018 LTIP were issued substitute awards under the 2021 LTIP at the closing of the Merger