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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity
The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
Grantee TypeNumber of
Restricted Stock
Units Granted		Vesting
Period
Grant Date
Fair Value
(In thousands)
2025 Directors 20,248 
 1 year
$360 
2025 Associates 919,850 
 1-3 years
$19,260 
2024Directors13,834 
 1 year
$350 
2024Associates839,166 
 1-3 years
$21,847 
2023Directors12,036 
 1 year
$350 
2023Associates634,109 
 1-3 years
$19,759 
The following table provides a summary of restricted stock unit activity under the 2010 and 2017 Plans for the year ended December 31, 2025:
Year Ended December 31, 2025
Restricted StockTotal number of Time-Based Restricted Stock Units, AFFO shares and Project Orion sharesAggregate Intrinsic Value (in millions)
Number of Market Performance-Based Restricted Stock Units(1)
Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2024
998,276 $21.4 309,045 $6.6 
Granted
879,664 60,434 
Performance adjustment(2)
(7,910)(40,275)
Vested
(462,874)(53,370)
Forfeited
(120,351)(18,247)
Non-vested as of December 31, 2025
1,286,805 $16.5 257,587 $3.3 
Shares vested, but not released(3)
46,890 0.6— — 
Total outstanding restricted stock units
1,333,695 $17.1 257,587 $3.3 
(1)The number of market performance-based restricted stock units granted are reflected within this table based upon the number of shares of common stock issuable upon achievement of the performance metric at target.
(2)Represents the decrease in the number of original performance units awarded based on the final performance criteria achievement at the end of the defined performance period.
(3)For certain vested restricted stock units, common stock issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested time-based restricted stock units 46,890 belong to an active member of the Board of Directors and the date of issuance is therefore unknown at this time. The weighted average grant date fair value of these units is $8.42 per unit. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote until such stock is issued.
Schedule of OP Units Activity
The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
Grantee TypeNumber of
OP Units Granted		Vesting
Period
Grant Date Fair Value
(In thousands)
2025Directors75,963 
 1 year
$1,285 
2025Associates565,391 
3 years
$12,012 
2024Directors43,478 
 1 year
$1,100 
2024Associates662,200 
 3 years
$16,969 
2023Directors37,827 
 1 year
$1,100 
2023Associates357,254 
 1-3 years
$11,917 
The following table provides a summary of the OP unit activity under the 2017 Plan for the year ended December 31, 2025:
Year Ended December 31, 2025
OP UnitsNumber of Time-Based OP Units and AFFO OP UnitsAggregate Intrinsic Value (in millions)Number of Market Performance-Based OP UnitsAggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2024
562,985 $12.0 567,969 $12.2 
Granted
541,571 99,783 
Performance adjustment
— (77,033)
Vested
(242,746)(102,113)
Forfeited
(107,686)(117,788)
Non-vested as of December 31, 2025
754,124 $9.7 370,818 $4.8 
Shares vested, but not released
612,210 7.9 181,770 — 
Total outstanding OP units
1,366,334 $17.6 552,588 $4.8 
Schedule of Market Performance Vesting Percentage In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below:
Performance Level ThresholdsRMZ Relative Market PerformanceMarket Performance Vesting Percentage
High Level
above 75th percentile
200 %
Target Level
50th percentile
100 %
Threshold Level
25th percentile
50 %
Below Threshold Level
below 25th percentile
0 %
Schedule of Assumptions Used in Valuations Assumptions used in the valuations are summarized as follows:
Award Date
Expected Stock Price Volatility (1)
Risk-Free Interest Rate
Dividend Yield (2)
202328 %4.77 %N/A
202429 %4.29 %N/A
202528 %4.00 %N/A
(1)Volatility is based on historical stock price.
(2)Dividends are assumed to be reinvested and therefore not applicable.
Schedule of Stock Options Activity
The following table provides a summary of option activity for the year ended December 31, 2025:
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2024
67,998 $9.81 1.8
Exercised
(23,000)9.81 
Outstanding as of December 31, 2025
44,998 $9.81 0.9
Exercisable as of December 31, 2025
44,998 $9.81 0.9