Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation arrangements by share-based payment award

The following table reflects the activity of RSUs outstanding for the periods presented:

	Number of RSUs	Weighted-Average Issue Price
Unvested, December 31, 2024	1,248,179	$	7.89
Vested	(342,406)	7.96
Granted	986,582	7.39
Forfeitures	(22,354)	8.17
Unvested, September 30, 2025	1,870,001	7.61

	Number of RSUs	Weighted-Average Issue Price
Unvested, December 31, 2023	535,768	$	9.09
Vested	(56,693)	9.63
Granted	642,152	7.52
Forfeitures	(29,033)	8.10
Unvested, September 30, 2024	1,092,194	8.17

Schedule of share-based payment arrangement by restricted stock activity

The following table reflects the activity of Restricted Shares outstanding for the periods presented that impacted the Company:

	Number of Restricted Shares	Weighted-Average Issue Price
Unvested, December 31, 2024	334,642	$	11.88
Vested	(153,195)	9.61
Granted	—	—
Forfeitures	(11,249)	10.22
Unvested, September 30, 2025	170,198	14.03

	Number of Restricted Shares	Weighted-Average Issue Price
Unvested, December 31, 2023	565,620	$	12.14
Vested	(179,228)	13.01
Granted	—	—
Forfeitures	(49,500)	10.87
Unvested, September 30, 2024	336,892	11.86

Schedule of share based compensation potential number of PSUs that may be earned and vested at various levels of performance

	Level of Performance
	Threshold	Target	Maximum
Potential Number of 2025 PSUs to be Issued	417,135	834,270	1,877,107

	Level of Performance
	Threshold	Target	Maximum
Potential Number of 2023 PSUs to be Issued	234,200	468,392	1,288,072

Schedule of share based compensation total return

The following table details the number of 2025 PSUs that may be earned and vested on the 2025 PSU Measurement Date, by each category of performance goal:

	Target 2025 PSUs	Percentage of Target 2025 PSUs Earned		Number of 2025 PSUs Earned
Three-Year Debt Reduction (Net Debt to Adjusted EBITDA)
Net debt to adjusted EBITDA greater than 6.7x (Below Threshold)	278,090	—	%	—
Net debt to adjusted EBITDA of 6.7x (Threshold) (1)	278,090	50	%	139,046
Net debt to adjusted EBITDA of 6.5x (Target) (1)	278,090	100	%	278,090
Net debt to adjusted EBITDA of 6.3x or less (Maximum) (1)	278,090	225	%	625,701
Company TSR Relative to the Custom Net Lease Peer Group:
Less than 30th percentile (Below Threshold)	278,090	—	%	—
30th percentile (Threshold) (1)	278,090	50	%	139,046
55th percentile (Target) (1)	278,090	100	%	278,090
Equal to or greater than 75th percentile (Maximum) (1)	278,090	225	%	625,701
2025 Company TSR:
Less than 5% (Below Threshold)	278,090	—	%	—
5% (Threshold) (1)	278,090	50	%	139,047
8% (Target) (1)	278,090	100	%	278,090
12% or greater (Maximum) (1)	278,090	225	%	625,701

_________

(1) If amounts fall in between these ranges, the results will be determined using linear interpolation between those percentiles, respectively.

The following table details the number of 2023 PSUs that may be earned and vested on the 2023 PSU Measurement Date, by each category of performance goal:

	Target 2023 PSUs	Percentage of Target 2023 PSUs Earned		Number of 2023 PSUs Earned
Company TSR Relative to the MSCI REIT Index:
Less than 30th percentile (Below Threshold)	175,647	—	%	—
30th percentile (Threshold) (1)	175,647	50	%	87,825
55th percentile (Target) (1)	175,647	100	%	175,647
Equal to or greater than 75th percentile (Maximum) (1)	175,647	275	%	483,027
Company TSR Relative to the Custom Net Lease Peer Group:
Less than 30th percentile (Below Threshold)	175,647	—	%	—
30th percentile (Threshold) (1)	175,647	50	%	87,825
55th percentile (Target) (1)	175,647	100	%	175,647
Equal to or greater than 75th percentile (Maximum) (1)	175,647	275	%	483,027
2023 Company TSR:
Less than 8% (Below Threshold)	117,098	—	%	—
8% (Threshold) (1)	117,098	50	%	58,551
10% (Target) (1)	117,098	100	%	117,098
12% or greater (Maximum) (1)	117,098	275	%	322,018

_________

(1) If amounts fall in between these ranges, the results will be determined using linear interpolation between those percentiles, respectively.