Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

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, 2025	1,603,181	$	7.51
Vested	(396,015)	7.55
Granted	654,879	9.00
Forfeitures	—	—
Unvested, March 31, 2026	1,862,045	8.03

	Number of RSUs	Weighted-Average Issue Price
Unvested, December 31, 2024	1,248,179	$	7.89
Vested	(148,020)	8.00
Granted	831,827	7.36
Forfeitures	(16,498)	8.12
Unvested, March 31, 2025	1,915,488	7.65

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, 2025	168,656	$	11.44
Vested	—	—
Granted	—	—
Forfeitures	—	—
Unvested, March 31, 2026	168,656	11.44

	Number of Restricted Shares	Weighted-Average Issue Price
Unvested, December 31, 2024	334,642	$	11.88
Vested	—	—
Granted	—	—
Forfeitures	(9,375)	10.19
Unvested, March 31, 2025	325,267	11.93

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 2026 PSUs to be Issued (1)	353,744	707,516	1,591,842
Potential Number of 2025 PSUs to be Issued (2)	417,135	834,270	1,877,107

_________

(1) The PSU Performance Period for the 2026 PSUs began on January 1, 2026 and ends on December 31, 2028 (the “2026 PSU Measurement Date”) and is generally subject to the applicable employee’s continued employment through the 2026 PSU Measurement Date.

(2) The PSU Performance Period for the 2025 PSUs began on January 1, 2025 and ends on December 31, 2027 (the “2025 PSU Measurement Date”) and is generally subject to the applicable employee’s continued employment through the 2025 PSU Measurement Date.

	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 2026 PSUs that may be earned and vested on the 2026 PSU Measurement Date and the number of 2025 PSUs that may be earned and vested on the 2025 PSU Measurement Date, by each category of performance goal:

	2026 PSUs				2025 PSUs
	Target	Percentage Earned		Number Earned	Target	Percentage Earned		Number Earned
Three-Year Debt Reduction (Net Debt to Adjusted EBITDA):
Net debt to adjusted EBITDA greater than 6.7x (Below Threshold)	235,839	—	%	—	278,090	—	%	—
Net debt to adjusted EBITDA of 6.7x (Threshold) (1)	235,839	50	%	117,915	278,090	50	%	139,045	(2)
Net debt to adjusted EBITDA of 6.5x (Target) (1)	235,839	100	%	235,839	278,090	100	%	278,090	(2)
Net debt to adjusted EBITDA of 6.3x or less (Maximum) (1)	235,839	225	%	530,614	278,090	225	%	625,703
Company TSR Relative to the 2026 and 2025 Custom Net Lease Peer Group:
Less than 30th percentile (Below Threshold)	235,839	—	%	—	278,090	—	%	—
30th percentile (Threshold) (1)	235,839	50	%	117,915	278,090	50	%	139,045	(2)
55th percentile (Target) (1)	235,839	100	%	235,839	278,090	100	%	278,090	(2)
Equal to or greater than 75th percentile (Maximum) (1)	235,839	225	%	530,614	278,090	225	%	625,703
2026 and 2025 Company TSR:
Less than 5% (Below Threshold)	235,839	—	%	—	278,090	—	%	—
5% (Threshold) (1)	235,839	50	%	117,915	278,090	50	%	139,045	(2)
8% (Target) (1)	235,839	100	%	235,839	278,090	100	%	278,090	(2)
12% or greater (Maximum) (1)	235,839	225	%	530,614	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.

(2) Amounts may not equal the exact total number of PSUs issued due to rounding.

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:

	2023 PSUs
	Target	Percentage Earned		Number 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 2023 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	%	58,550
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.