v3.26.1
Stock-Based Compensation and Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stock-Based Compensation and Equity Stock-Based Compensation and Equity
Stock-Based Compensation

We maintain a stock-based compensation plan, which is more fully described in the 2025 Annual Report. There were no stock-based compensation awards outstanding as of June 30, 2026 and December 31, 2025.
Equity

Special Cash Distributions

In December 2025, our Board of Trustees declared a special cash distribution of $5.10 per share, totaling approximately $75.6 million. The distribution was paid on January 20, 2026 to shareholders of record as of January 2, 2026.

In January 2026, our Board of Trustees declared a special cash distribution of $6.75 per share, totaling approximately $100.0 million. The distribution was paid on February 17, 2026 to shareholders of record as of January 30, 2026.

In March 2026, our Board of Trustees declared a special cash distribution of $3.30 per share, totaling approximately $49.0 million. The distribution was paid on April 14, 2026 to shareholders of record as of March 30, 2026.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net (loss) income — basic and diluted$(6,194)$(81,540)$18,804 $(81,048)
Weighted-average shares outstanding – basic and diluted14,814,075 14,814,075 14,814,075 14,814,075 
 
For the three and six months ended June 30, 2026 and 2025, there were no potentially dilutive securities. Therefore, basic earnings per share equals diluted earnings per share for the three and six months ended June 30, 2026 and 2025.
Reclassifications Out of Accumulated Other Comprehensive Loss

We did not have Accumulated other comprehensive loss as of June 30, 2026 or December 31, 2025. The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Three Months Ended June 30, 2025
Foreign Currency Translation AdjustmentsTotal
Beginning balance$(39,754)$(39,754)
Net current period other comprehensive loss(569)(569)
Ending balance$(40,323)$(40,323)
Six Months Ended June 30, 2025
Foreign Currency Translation AdjustmentsTotal
Beginning balance$(40,157)$(40,157)
Other comprehensive loss before reclassifications(1,279)(1,279)
Amounts reclassified from accumulated other comprehensive loss to:
Loss on sale of real estate, net (Note 12)
1,113 1,113 
Total1,113 1,113 
Net current period other comprehensive loss(166)(166)
Ending balance$(40,323)$(40,323)