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Long-Term Incentive Plan Units
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Long-Term Incentive Plan Units Long-Term Incentive Plan Units
OP LTIP Units issued under the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election. Costs associated with the OP LTIP Units issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with OP LTIP Units issued under the Company's incentive plans is presented in Compensation and benefits, on the Condensed Consolidated Statement of Operations. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the three-month periods ended September 30, 2025 and 2024 was $1.0 million and $0.3 million, respectively. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the nine-month periods ended September 30, 2025 and 2024 was $2.3 million, and $0.9 million, respectively.
The below table details unvested OP LTIP Units as of September 30, 2025:
Grant RecipientNumber of Unvested OP LTIP UnitsGrant Date
Vesting Date(1)
Directors:
18,396 September 10, 2025September 9, 2026
Dedicated or partially dedicated personnel:
17,538 December 14, 2023December 14, 2025
39,740 March 19, 2024December 31, 2025
30,443 December 12, 2024December 12, 2025
18,383 December 12, 2024December 12, 2026
178,230 March 19, 2025March 19, 2026
62,172 March 19, 2025December 31, 2026
Total unvested OP LTIP Units at September 30, 2025364,902 
(1)Date at which such OP LTIP Units will vest and become non-forfeitable.
The following tables summarize issuance and exercise activity of OP LTIP Units for the three- and nine-month periods ended September 30, 2025 and 2024:
Three-Month Period Ended
September 30, 2025September 30, 2024
ManagerDirector/
Employee		TotalManagerDirector/
Employee		Total
OP LTIP Units Outstanding
(June 30, 2025 and 2024, respectively)
365,518 721,504 1,087,022 365,518 423,177 788,695 
Granted— 18,396 18,396 — 33,512 33,512 
Exercised— — — — (7,657)(7,657)
OP LTIP Units Outstanding (September 30, 2025 and 2024, respectively)365,518 739,900 1,105,418 365,518 449,032 814,550 
OP LTIP Units Unvested and Outstanding
(September 30, 2025 and 2024, respectively)		— 364,902 364,902 — 127,633 127,633 
OP LTIP Units Vested and Outstanding
(September 30, 2025 and 2024, respectively)		365,518 374,998 740,516 365,518 321,399 686,917 
Nine-Month Period Ended
September 30, 2025September 30, 2024
ManagerDirector/
Employee		TotalManagerDirector/
Employee		Total
OP LTIP Units Outstanding
(December 31, 2024 and 2023, respectively)
365,518 481,102 846,620 365,518 383,437 748,955 
Granted— 258,798 258,798 — 73,252 73,252 
Exercised— — — — (7,657)(7,657)
OP LTIP Units Outstanding (September 30, 2025 and 2024, respectively)365,518 739,900 1,105,418 365,518 449,032 814,550 
OP LTIP Units Unvested and Outstanding
(September 30, 2025 and 2024, respectively)		— 364,902 364,902 — 127,633 127,633 
OP LTIP Units Vested and Outstanding
(September 30, 2025 and 2024, respectively)		365,518 374,998 740,516 365,518 321,399 686,917 
There were an aggregate of 1,006,031 and 1,317,102 shares of common stock of the Company underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan as of September 30, 2025 and December 31, 2024, respectively.