Long-Term Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2025

Equity-based Awards

Summary of amount of recognized compensation expense

The following table summarizes the amount of recognized compensation expense associated with the EIP Plans, which are reflected in the accompanying Unaudited Condensed Consolidated Statements of Operations for the periods presented (in thousands):

	For the Three Months Ended
	March 31,
	2025		2024
Share-based compensation costs
TSUs	$	1,288	$	1,120
PRSUs		602		411
	$	1,890	$	1,531

TSUs

Equity-based Awards

Summary of information regarding restricted stock unit awards

		Weighted-
		Average Grant-
	Number of	Date Fair Value
	Units	per Unit (1)
TSUs outstanding at December 31, 2024	1,379,356	$	6.43
Granted (1)	817,666	$	5.34
Forfeited	—	$	—
Vested	(606,563)	$	5.91
TSUs outstanding at March 31, 2025	1,590,459	$	6.06

(1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued.

(2) The aggregate grant-date fair value of TSUs issued for the three months ended March 31, 2025 was $4.4 million based on a grant-date market price of $5.34 per share.

PSUs

Equity-based Awards

Summary of information regarding restricted stock unit awards

		Weighted-
		Average Grant-
	Number of	Date Fair Value
	Units	per Unit (1)
PRSUs outstanding at December 31, 2024	608,500	$	9.58
Granted (3)	495,783	$	6.84
Forfeited	—	$	—
Vested	(247,940)	$	6.20
PRSUs outstanding at March 31, 2025	856,343	$	8.97

(1) Determined by dividing the aggregate grant-date fair value of awards by the number of awards issued.

(2) The aggregate grant-date fair value of PSUs issued for the three months ended March 31, 2025 was $3.4 million based on a calculated fair value price ranging from $6.20 to $7.05 per share.

2025 PSUs

Equity-based Awards

Schedule of ranges for the assumptions used in the Monte Carlo model

	February 2025
Expected volatility	58.6	%
Dividend yield	0.00	%
Risk-free interest rate	4.22	%