v3.26.1
Mandatorily Redeemable Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Summary of Mandatorily Redeemable Instruments Activity Related to the Special Limited Partner

The following table details the Mandatorily Redeemable Instruments activity for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance at the beginning of the year

 

$

105,325

 

 

$

101,753

 

 

$

45,784

 

(Repurchase) Issuance

 

 

(53,321

)

 

 

—

 

 

 

54,440

 

Distributions declared

 

 

3,772

 

 

 

4,299

 

 

 

2,971

 

Reclassification to distributions payable/paid

 

 

(3,772

)

 

 

(4,299

)

 

 

(2,971

)

Redemption value adjustment

 

 

2,790

 

 

 

3,572

 

 

 

1,529

 

Ending balance

 

$

54,794

 

 

$

105,325

 

 

$

101,753

 

 
Summary of Future Payments Due Under Mandatorily Redeemable Instruments he following table details the future payments due under the Company’s Mandatorily Redeemable Instruments as of December 31, 2025 ($ in thousands):

Year

 

Total(1)

 

2026

 

$

54,794

 

2027

 

 

—

 

2028

 

 

—

 

2029

 

 

—

 

2030

 

 

—

 

Thereafter

 

 

—

 

Total future payments

 

$

54,794

 

(1) Redemptions of Mandatorily Redeemable Instruments are subject to the share repurchase plan’s 2% monthly and 5% quarterly caps after satisfying repurchase requests from stockholders.