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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 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, 202247,723 $15.82 
Granted (1)
526,788 8.90 
Vested(28,439)15.56 
Forfeitures(10,304)12.62 
Unvested, December 31, 2023535,768 9.09 
Granted (2)
978,247 7.48 
Vested
(232,789)8.93 
Forfeitures(33,047)8.07 
Unvested, December 31, 20241,248,179 7.89 
Granted (3)
986,582 7.39 
Vested
(604,539)8.07 
Forfeitures(27,041)8.17 
Unvested, December 31, 20251,603,181 7.51 
_______
(1) Represents 30,252 RSUs granted to the Board and 496,536 RSUs granted to employees of the Company.
(2) Represents 142,464 RSUs granted to the Board and 835,783 RSUs granted to employees of the Company.
(3) Represents 154,755 RSUs granted to the Board and 831,827 RSUs granted to employees of the Company.
Schedule of Share-based Payment Arrangement by Restricted Stock Activity
The following table reflects the activity of Restricted Shares outstanding for the periods presented:
 
Number of Restricted SharesWeighted-Average Issue Price
Unvested, December 31, 2022359,840 $17.16 
Vested
(274,850)16.03 
Granted
265,125 10.52 
Issued in connection with the REIT Merger221,136 10.73 
Forfeitures
(5,631)11.79 
Unvested, December 31, 2023565,620 12.14 
Vested
(179,228)13.01 
Forfeitures
(51,750)10.83 
Unvested, December 31, 2024334,642 11.88 
Vested
(153,195)12.50 
Forfeitures
(12,791)10.25 
Unvested, December 31, 2025168,656 11.44 
Schedule of Share Based Compensation Potential Number of PSUs That May Be Earned and Vested at Various Levels of Performance
Level of Performance
ThresholdTargetMaximum
Potential Number of 2025 PSUs to be Issued417,135834,2701,877,107
Level of Performance
ThresholdTargetMaximum
Potential Number of 2023 PSUs to be Issued234,200468,3921,288,072
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 EarnedNumber 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 %139,045 
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 %625,703 
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 %139,045 
55th percentile (Target) (1)
278,090 100 %278,090 
Equal to or greater than 75th percentile (Maximum) (1)
278,090 225 %625,703 
2025 Company TSR:
Less than 5% (Below Threshold)
278,090 — %— 
5% (Threshold) (1)
278,090 50 %139,045 
8% (Target) (1)
278,090 100 %278,090 
12% or greater (Maximum) (1)
278,090 225 %625,703 
_________
(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 EarnedNumber 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 
Company TSR:
Less than 8% (Below Threshold)
117,098 — %— 
8% (Threshold) (1)
117,098 50 %58,550 
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.
With respect to one-half of the GNL LTIP Units granted under the 2021 OPP, the number of GNL LTIP Units that could have become earned was determined as of the last day of the performance period (which was modified to September 11, 2023 as noted above) based on the Company’s achievement of absolute TSR levels as shown in the table below. Under this performance measure, as modified no GNL LTIP Units were earned.
Performance Level (% of Absolute GNL LTIP Units Earned)  Absolute TSR  Number of GNL LTIP Units Earned - 2021 OPP
Below Threshold % Less than 24%
Threshold25 %24%312,500 
Target 50 %30%625,000 
Maximum 100 %36%or higher1,250,000 
With respect to the remaining one-half of the GNL LTIP Units granted under the 2021 OPP, the number of GNL LTIP Units that could have become earned was determined as of the last day of the performance period (which was modified to September 11, 2023 as noted above) based on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period (which was modified to September 11, 2023 as noted above) relative to the average TSR of a peer group consisting of Lexington Realty Trust, Office Properties Income Trust and W.P. Carey, Inc. as of the last day of the performance period. Under this performance measure, as modified, 883,750 GNL LTIP Units were earned.
Performance Level (% of Relative GNL LTIP Units Earned)   Relative TSR ExcessNumber of GNL LTIP Units Earned - 2021 OPP
Below Threshold % Less than -600basis points
Threshold25 %-600basis points312,500 
Target 50 %0basis points625,000 
Maximum 100 %600basis points1,250,000