v3.26.1
EQUITY AND NONCASH COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity
The following table presents phantom award activity for the periods presented inclusive of activity before and after the Corporate Reorganization:
UnitsWeighted-average grant date fair value
Nonvested phantom awards, December 31, 2022605,142 $17.62 
Phantom awards granted
323,371 17.29 
Phantom awards vested
(236,154)15.69 
Phantom awards forfeited
(3,892)20.50 
Nonvested phantom awards, December 31, 2023688,467 17.69 
Phantom awards granted
377,036 18.52 
Phantom awards vested
(349,064)17.92 
Phantom awards forfeited
(19,129)15.92 
Nonvested phantom awards, December 31, 2024697,310 19.19 
Phantom awards granted
239,378 39.90 
Phantom awards vested
(260,236)17.70 
Phantom awards forfeited
(11,254)27.31 
Nonvested phantom awards, December 31, 2025665,198 $25.92 
Schedule of Intrinsic Values
The intrinsic value of phantom units and restricted stock units that vested during the years ended December 31, 2023, 2024 and 2025 follows.
Year ended December 31,
202520242023
(In thousands)
Intrinsic value of vested LTIP awards$9,633 $7,375 $3,758 
Schedule of Unit-Based Compensation Recognized in General and Administrative Expense
Share-based compensation recognized in general and administrative expense related to awards under the SMC LTIP during the years ended December 31, 2023, 2024 and 2025 follows.
Year ended December 31,
202520242023
(In thousands)
SMC LTIP share-based compensation
$7,798 $8,561 $6,566