v3.26.1
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Components of Share-Based Compensation
The fair value of PSUs consider the probability of achieving the cumulative distributable earnings per share targets and additionally, assign a value to the relative total shareholder return metric using a Monte Carlo simulation under a risk-neutral premise by applying the following assumptions.
2025 PSU Grants
Expected volatility of the Company's class A common stock (1)
49.8%
Risk-free rate (per annum) (2)
3.9%
__________
(1)    Based upon historical volatility of the Company's stock and those of a specified peer group.
(2)    Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date.
Equity-based compensation cost is presented on the consolidated statement of operations, as follows.
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)
2026202520262025
Compensation expense $7,792 $10,725 $15,189 $18,345 
Administrative expense148 148 294 239 
$7,940 $10,873 $15,483 $18,584 
Schedule of Nonvested Shares Under Director Stock Plan and Equity Incentive Plan
Changes in unvested equity awards are summarized below.
Weighted Average
Grant Date Fair Value
Restricted Stock
LTIP units (1)
DSUs
RSUs (2)
PSUs (3)
TotalPSUsAll Other Awards
Unvested shares and units at December 31, 2025
4,045,582 125,000 45,894 659,992 931,484 5,807,952 $10.45 $11.60 
Granted1,895,846 — 33,856 — — 1,929,702 — 15.66 
Vested(1,784,808)— (46,180)(256,024)— (2,087,012)— 12.45 
Forfeited(27,692)— — — (397,262)(424,954)11.63 11.23 
Unvested shares and units at June 30, 2026
4,128,928 125,000 33,570 403,968 534,222 5,225,688 9.57 12.89 
__________
(1)    LTIP units that do not meet their market condition for vesting at the end of their measurement period are reflected as forfeitures.
(2    RSUs that do not meet their performance condition for vesting at the end of their measurement period are reflected as forfeitures.
(3)    Number of PSUs granted does not reflect potential increases or decreases that could result from the final outcome based upon the total shareholder return measured at the end of the performance period. PSUs for which the probability of meeting the distributable earnings target changes during the measurement period are reflected as either additional units granted or forfeited. Forfeiture also reflects PSUs issued in 2023 that had a market condition based upon total shareholder return that was not met upon expiration of its measurement period in March 2026.