Stockholders' Equity and Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Dividends Declared by Board of Directors

Our board of directors declared the following dividends during the years ended December 31, 2023, 2022 and 2021:

Declaration Date	Record Date	Ex-Dividend Date	Payment Date	Amount		Frequency
12/15/23	12/29/23	12/28/23	1/15/24	$	0.48	Quarterly
9/15/23	9/30/23	9/29/23	10/16/23	0.48		Quarterly
6/15/23	6/30/23	6/29/23	7/17/23	0.48		Quarterly
3/16/23	3/31/23	3/30/23	4/14/23	0.48		Quarterly
12/9/22	12/30/22	12/29/22	1/13/23	0.48		Quarterly
9/16/22	9/30/22	9/29/22	10/14/22	0.48		Quarterly
6/15/22	6/30/22	6/29/22	7/15/22	0.48		Quarterly
3/14/22	3/31/22	3/30/22	4/15/22	0.48		Quarterly
12/15/21	12/31/21	12/30/21	1/14/22	0.48		Quarterly
9/15/21	9/30/21	9/29/21	10/15/21	0.48		Quarterly
6/14/21	6/30/21	6/29/21	7/15/21	0.48		Quarterly
3/11/21	3/31/21	3/30/21	4/15/21	0.48		Quarterly

Summary of Share Awards Granted Under the Manager Equity Plan

The table below summarizes our share awards granted or vested under the 2017 and 2022 Manager Equity Plans during the years ended December 31, 2023, 2022 and 2021 (dollar amounts in thousands):

Grant Date	Type	Amount Granted	Grant Date Fair Value		Vesting Period
November 2022	RSU	1,500,000	$	31,605	3 years
November 2020	RSU	1,800,000	30,078		3 years
September 2019	RSU	1,200,000	29,484		(1)
April 2018	RSU	775,000	16,329		3 years

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(1)Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period.

Schedule of Common Stock Issued to Manager as Incentive Compensation

The following shares of common stock were issued, without restriction, to our Manager as part of the incentive compensation due under the Management Agreement during the years ended December 31, 2023, 2022 and 2021:

Timing of Issuance	Shares of Common Stock Issued	Price per share
August 2023	92,640	20.59
May 2023	377,207	16.39
March 2023	373,204	19.38
November 2022	21,390	20.92
August 2022	108,374	23.94
May 2022	647,128	22.69
February 2022	1,068,828	23.78
November 2021	18,649	26.08
August 2021	97,151	25.79
May 2021	267,378	24.54
February 2021	332,002	22.55

Schedule of Share-Based Compensation Expenses

The following table summarizes our share-based compensation expenses during the years ended December 31, 2023, 2022 and 2021 (in thousands):

	For the Year Ended December 31,
	2023		2022		2021
Management fees:
Manager incentive fee	$	13,703	$	24,903	$	35,135
Manager Equity Plans (1)	18,027		18,693		19,448
	31,730		43,596		54,583
General and administrative:
Equity Plans (1)	20,761		21,219		19,838
ESPP	459		273		—
	21,219		21,492		19,838
Total share-based compensation expense (2)	$	52,949	$	65,089	$	74,421

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(1)Share-based compensation expense relating to the 2017 and 2022 Manager Equity Plans is reflected within the Manager Equity Plans line. Share-based compensation expense relating to the 2017 and 2022 Equity Plans is reflected within the Equity Plans line.

(2)The income tax benefit associated with the share-based compensation expense for the years ended December 31, 2023, 2022 and 2021 was not material.

Schedule of Non-Vested Shares and Share Equivalents

Schedule of Non-Vested Shares and Share Equivalents (1)

	Equity Plan	Manager Equity Plan	Total	Weighted Average Grant Date Fair Value (per share)
Balance as of January 1, 2023	2,513,847	1,825,000	4,338,847	$	20.65
Granted	914,694	—	914,694	18.93
Vested	(687,743)	(950,000)	(1,637,743)	18.56
Forfeited	(169,070)	—	(169,070)	22.76
Balance as of December 31, 2023	2,571,728	875,000	3,446,728	21.08

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(1)Equity-based award activity for awards granted under the 2017 and 2022 Equity Plans is reflected within the Equity Plan column, and for awards granted under the 2017 and 2022 Manager Equity Plans, within the Manager Equity Plan column.

Schedule of Vesting Schedule

	Equity	Manager
	Plan	Equity Plan	Total
2024	1,674,540	500,000	2,174,540
2025	583,200	375,000	958,200
2026	313,988	—	313,988
Total	2,571,728	875,000	3,446,728