EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

EQUITY

EQUITY

As of December 31, 2025 and 2024, common stock issued and outstanding were 59,638,011 and 59,484,145 shares, respectively.

The Company maintains an Employee Stock Purchase Plan (ESPP). Under the ESPP, qualified employees are permitted to purchase the Company’s common stock at 90% of the market value of the common stock on the specified stock purchase date. The ESPP is deemed compensatory and compensation costs will be accounted for under ASC 718, Stock Compensation. Employees’ payroll deductions for common stock purchases may not exceed 10% of their salaries. Employees may purchase up to 2,000 shares per period provided that the value of the shares purchased in any calendar year may not exceed $25 thousand, as calculated pursuant to the ESPP. The Company recorded expense of $0.3 million in each of 2025, 2024, and 2023, respectively. The Company issued 60,685, 56,825, and 50,319 shares of common stock related to the ESPP in 2025, 2024, and 2023, respectively.

On May 14, 2025, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million (2025 Equity Agreement) from time to time, depending on market conditions, through an at-the-market equity program over the succeeding three years. The 2025 Equity Agreement replaced the previous agreement that ended in the second quarter of 2025. Pursuant to the terms of the 2025 Equity Agreement, the Company may enter into a forward sale agreements with forward counterparties. The Company intends to use the net proceeds from equity sales, after deducting commissions and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. In 2025, the Company sold 33,497 shares of common stock through its at-the-market equity program and raised proceeds of $1.5 million, net of $15.3 thousand in commissions paid under the 2025 Equity Agreement. In 2024, the Company sold 1,638,977 shares of common stock through its previous at-the-market equity program and raised proceeds of $86.5 million, net of $0.9 million in commissions paid under the previous equity distribution agreement. The Company also incurred $0.4 million and $0.3 million of equity issuance costs in 2025 and 2024, respectively.