Restricted Unit Awards

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

18. Restricted Unit Awards

The Partnership’s Equity Incentive Plan permits the grant of restricted units and other awards to the employees of Greystone Manager, the Partnership, or any affiliate of either, and members of the Board of Managers for up to 1.0 million BUCs. As of March 31, 2025, there were approximately 185,000 restricted units and other awards available for future issuance under the Equity Incentive Plan. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. Unvested RUAs are typically entitled to receive distributions during the restriction period. The Equity Incentive Plan provides for accelerated vesting of the RUAs if there is a change in control related to the Partnership, the General Partner, or the general partner of the General Partner, or upon death or disability of the Equity Incentive Plan participant.

The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $234,000 and $332,000 for the three months ended March 31, 2025 and 2024, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations.

The following table summarizes the RUA activity for the three months ended March 31, 2025 and for the year ended December 31, 2024:


	Restricted Units Awarded			Weighted average Grant-date Fair Value
Unvested as of January 1, 2024		95,600			18.18
Granted		109,581			16.62
Vested		(105,722	)		17.70
Unvested as of December 31, 2024		99,459			16.96
Granted		142,102			12.36
Forfeited		(15,350	)		14.46
Unvested as of March 31, 2025		226,211		$	14.24

The unrecognized compensation expense related to unvested RUAs granted under the Equity Incentive Plan was approximately $2.2 million as of March 31, 2025. The remaining compensation expense is expected to be recognized over a weighted average period of 1.3 years. The total intrinsic value of unvested RUAs was approximately $2.8 million as of March 31, 2025.