v3.26.1
Long-Term Incentive Plan Units
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Long-Term Incentive Plan Units Long-Term Incentive Plan Units
OP LTIP Units issued under the Company's incentive plans are generally exercisable by the holder at any time after vesting. Each OP LTIP Unit is convertible into an OP Unit on a one-for-one basis. Subject to certain conditions, the OP Units are redeemable by the holder for an equivalent number of shares of common stock of the Company or for the cash value of such shares of common stock, at the Company's election. Costs associated with the OP LTIP Units issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Total expense associated with OP LTIP Units issued under the Company's incentive plans is presented in Compensation and benefits, on the Consolidated Statement of Operations. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the three-month periods ended June 30, 2026 and 2025 was $1.5 million and $1.0 million, respectively. Total expense associated with OP LTIP Units issued under the Company's incentive plans for the six-month periods ended June 30, 2026 and 2025 was $2.5 million and $1.3 million, respectively.
The below table details unvested OP LTIP Units as of June 30, 2026:
Grant RecipientNumber of Unvested OP LTIP UnitsGrant Date
Vesting Date(1)
Directors:
18,396 September 10, 2025September 9, 2026
Dedicated or partially dedicated personnel:
18,383 December 12, 2024December 12, 2026
62,172 March 19, 2025December 31, 2026
33,506 December 17, 2025December 16, 2026
28,405 December 17, 2025December 16, 2027
95,598 March 16, 2026December 31, 2027
320,039 March 18, 2026March 18, 2027
Total unvested OP LTIP Units at June 30, 2026576,499 
(1)Date at which such OP LTIP Units will vest and become non-forfeitable.
The following table summarizes activity related to OP LTIP Units for the three- and six-month periods ended June 30, 2026 and 2025:
Three-Month Period Ended
June 30, 2026June 30, 2025
ManagerDirector/
Employee		TotalManagerDirector/
Employee		Total
OP LTIP Units outstanding—Beginning balance365,518 1,209,791 1,575,309 365,518 721,504 1,087,022 
Issued— — — — — — 
OP LTIP Units outstanding—Ending balance365,518 1,209,791 1,575,309 365,518 721,504 1,087,022 
OP LTIP Units unvested and outstanding— 576,499 576,499 — 363,262 363,262 
OP LTIP Units vested and outstanding365,518 633,292 998,810 365,518 358,242 723,760 
Six-Month Period Ended
June 30, 2026June 30, 2025
ManagerDirector/
Employee		TotalManagerDirector/
Employee		Total
OP LTIP Units outstanding—Beginning balance365,518 794,154 1,159,672 365,518 481,102 846,620 
Issued— 415,637 415,637 — 240,402 240,402 
OP LTIP Units outstanding—Ending balance365,518 1,209,791 1,575,309 365,518 721,504 1,087,022 
OP LTIP Units unvested and outstanding— 576,499 576,499 — 363,262 363,262 
OP LTIP Units vested and outstanding365,518 633,292 998,810 365,518 358,242 723,760 
As of June 30, 2026, there were an aggregate of 11,838,066 shares of common stock of the Company underlying awards, including OP LTIP Units, available for future issuance under the Company's 2026 Equity Incentive Plan as of June 30, 2026. As of December 31, 2025, there were an aggregate of 944,120 shares of common stock of the Company underlying awards, including OP LTIP Units, available for future issuance under the Company's 2017 Equity Incentive Plan.