v3.26.1
OPERATING PARTNERSHIP UNITS
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
OPERATING PARTNERSHIP UNITS OPERATING PARTNERSHIP UNITS
As of both March 31, 2026 and December 31, 2025, there were 1,593,328 Class C OP Units outstanding that were not held by the Company, which are entitled to distributions, but have limited voting rights. After the Class C OP Units have been outstanding for at least one year, the holder may require the Operating Partnership to exchange all or a portion of such holder’s Class C OP Units for cash or, at the option of the Company, shares of Class C Common Stock on a one-for-one basis.
On February 3, 2025, the Company entered into the Fourth Amended and Restated Limited Partnership Agreement (the “Amended OP Agreement”) of the Operating Partnership, to, among other things, incorporate prior amendments to the Third Amended and Restated Partnership Agreement, and designate and set forth the terms of the Class X OP Units. As of March 31, 2026, the Operating Partnership had awarded a total of 895,043 Class X OP Units to employees. Class X OP Units generally are entitled to receive the same current distributions that are paid on the Class C OP Units.
OP Unit and Stock Compensation Expense
Stock compensation expense for the OP Unit awards and for stock issued to the board of directors for the three months ended March 31, 2026 and 2025, was as follows (in thousands):
Three Months Ended
March 31,
20262025
Class X OP Units$744 $424 
Class C Common Stock issued to the board of directors60 60 
Total stock compensation expense$804 $484 
As of March 31, 2026, total unrecognized compensation expense related to the Class X OP Unit awards was $10.0 million with a weighted average remaining term of 3.6 years.
Distributions and Allocations
Class C OP Units and Class X OP Units received the following distributions and allocations of net income (loss) during the three months ended March 31, 2026 and 2025, as follows (in thousands):
Three Months Ended
March 31,
20262025
Class C and Class X OP Units distributions paid$740 $439 
Class C and Class X OP Units net loss allocation$(208)$—