v3.26.1
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based compensation arrangements by share-based payment award
The following table reflects the activity of RSUs outstanding for the periods presented:
 
Number of RSUsWeighted-Average Issue Price
Unvested, December 31, 20251,603,181 $7.51 
Vested
(558,758)7.59 
Granted
751,892 9.05 
Forfeitures
(1,586)9.46 
Unvested, June 30, 20261,794,729 8.13 
 
Number of RSUsWeighted-Average Issue Price
Unvested, December 31, 20241,248,179 $7.89 
Vested
(342,406)7.96 
Granted
986,582 7.39 
Forfeitures
(21,237)8.16 
Unvested, June 30, 20251,871,118 7.61 
Schedule of share-based payment arrangement by restricted stock activity
The following table reflects the activity of Restricted Shares outstanding for the periods presented that impacted the Company:
 
Number of Restricted SharesWeighted-Average Issue Price
Unvested, December 31, 2025168,656 $11.44 
Vested
(99,929)11.48 
Granted
— — 
Forfeitures
— — 
Unvested, June 30, 202668,727 11.38 
 
Number of Restricted SharesWeighted-Average Issue Price
Unvested, December 31, 2024334,642 $11.88 
Vested
(153,195)9.61 
Granted
— — 
Forfeitures
(11,249)10.22 
Unvested, June 30, 2025170,198 14.03 
Schedule of share based compensation potential number of PSUs that may be earned and vested at various levels of performance
Level of Performance
ThresholdTargetMaximum
Potential Number of 2026 PSUs to be Issued (1)
353,744707,5161,591,842
Potential Number of 2025 PSUs to be Issued (2)
417,135834,2701,877,107
_________
(1) The PSU Performance Period for the 2026 PSUs began on January 1, 2026 and ends on December 31, 2028 (the “2026 PSU Measurement Date”) and is generally subject to the applicable employee’s continued employment through the 2026 PSU Measurement Date.
(2) The PSU Performance Period for the 2025 PSUs began on January 1, 2025 and ends on December 31, 2027 (the “2025 PSU Measurement Date”) and is generally subject to the applicable employee’s continued employment through the 2025 PSU Measurement Date.
Level of Performance
ThresholdTargetMaximum
Potential Number of 2023 PSUs to be Issued234,200468,3921,288,072
Schedule of share based compensation total return
The following table details the number of 2026 PSUs that may be earned and vested on the 2026 PSU Measurement Date and the number of 2025 PSUs that may be earned and vested on the 2025 PSU Measurement Date, by each category of performance goal:
2026 PSUs2025 PSUs
Target Percentage EarnedNumber EarnedTargetPercentage EarnedNumber Earned
Three-Year Debt Reduction (Net Debt to Adjusted EBITDA):
Net debt to adjusted EBITDA greater than 6.7x (Below Threshold)
235,839 — %— 278,090 — %— 
Net debt to adjusted EBITDA of 6.7x (Threshold) (1)
235,839 50 %117,915 278,090 50 %139,045 (2)
Net debt to adjusted EBITDA of 6.5x (Target) (1)
235,839 100 %235,839 278,090 100 %278,090 (2)
Net debt to adjusted EBITDA of 6.3x or less (Maximum) (1)
235,839 225 %530,614 278,090 225 %625,703 
Company TSR Relative to the 2026 and 2025 Custom Net Lease Peer Group:
Less than 30th percentile (Below Threshold)
235,839 — %— 278,090 — %— 
30th percentile (Threshold) (1)
235,839 50 %117,915 278,090 50 %139,045 (2)
55th percentile (Target) (1)
235,839 100 %235,839 278,090 100 %278,090 (2)
Equal to or greater than 75th percentile (Maximum) (1)
235,839 225 %530,614 278,090 225 %625,703 
2026 and 2025 Company TSR:
Less than 5% (Below Threshold)
235,839 — %— 278,090 — %— 
5% (Threshold) (1)
235,839 50 %117,915 278,090 50 %139,045 (2)
8% (Target) (1)
235,839 100 %235,839 278,090 100 %278,090 (2)
12% or greater (Maximum) (1)
235,839 225 %530,614 278,090 225 %625,703 
_________
(1) If amounts fall in between these ranges, the results will be determined using linear interpolation between those percentiles, respectively.
(2) Amounts may not equal the exact total number of PSUs issued due to rounding.
The following table details the number of 2023 PSUs that may be earned and vested on the 2023 PSU Measurement Date, by each category of performance goal:
2023 PSUs
TargetPercentage EarnedNumber Earned
Company TSR Relative to the MSCI REIT Index:
Less than 30th percentile (Below Threshold)
175,647 — %— 
30th percentile (Threshold) (1)
175,647 50 %87,825 
55th percentile (Target) (1)
175,647 100 %175,647 
Equal to or greater than 75th percentile (Maximum) (1)
175,647 275 %483,027 
Company TSR Relative to the 2023 Custom Net Lease Peer Group:
Less than 30th percentile (Below Threshold)
175,647 — %— 
30th percentile (Threshold) (1)
175,647 50 %87,825 
55th percentile (Target) (1)
175,647 100 %175,647 
Equal to or greater than 75th percentile (Maximum) (1)
175,647 275 %483,027 
2023 Company TSR:
Less than 8% (Below Threshold)
117,098 — %— 
8% (Threshold) (1)
117,098 50 %58,550 
10% (Target) (1)
117,098 100 %117,098 
12% or greater (Maximum) (1)
117,098 275 %322,018 
_________
(1) If amounts fall in between these ranges, the results will be determined using linear interpolation between those percentiles, respectively.