v3.26.3
Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Equity Equity
Forward Equity Offering
In August 2026, the Company completed a public offering to sell 11,000,000 shares of common stock at a price of $20.50 per share, subject to certain adjustments, in connection with forward sale agreements. The underwriters exercised in full their option to purchase an additional 1,650,000 shares, for an aggregate of 12,650,000 shares. The Company expects to settle the forward sale agreements by the September 2027 maturity date. As of September 30, 2026, the Company anticipates the forward sale agreements will provide net proceeds of approximately $247.7 million. The Company has not settled any part of the forward sale agreements as of September 30, 2026.
At-the-Market Program
The Company has entered into an at-the-market common equity offering program (the “ATM Program”) through which it may, from time to time, publicly offer and sell shares of common stock. The Company’s ATM Program also provides for forward sale agreements, enabling the Company to set the price of shares upon pricing the offering, while delaying the issuance of shares and the receipt of the net proceeds.
The following table presents information about the Company’s ATM Programs that were in place during 2026 and 2025:
(in thousands)Program SizeTotal Shares SoldTotal Shares SettledTotal Shares Unsettled as of September 30, 2026Total Net Proceeds Anticipated or Received from Shares Sold
Program
2024$400,000 10,531 (a)2,188 8,343 (b)$200,041 
(a)After considering the shares of common stock sold subject to forward sale agreements, the Company has $200.0 million of capacity remaining under the ATM Program at September 30, 2026.
(b)The Company has the option to settle all outstanding shares of common stock from forward sale agreements at any time before contracted settlement dates that are commonly structured as approximately twelve-months from each respective sale date for net proceeds of approximately $161.6 million.
The following table presents activity under the Company’s ATM Programs:
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
(in thousands, except per share amounts)2026202520262025
Shares of common stock sold1,814 — 7,722— 
Weighted average gross sales price$21.43 $— $20.13 $— 
Shares of common stock settled— — — — 
Net proceeds received$— $— $— $— 
Inclusive of the forward equity offering, the total outstanding net proceeds from forward sale agreements, if settled as of September 30, 2026, are approximately $409.3 million.
Stock Repurchase Program
The Company has a stock repurchase program (the “Repurchase Program”), which authorizes the Company to repurchase up to $150.0 million of the Company’s common stock. On February 13, 2026, the Company’s Board of Directors re-authorized the Repurchase Program for a twelve-month period ending on March 14, 2027. The Repurchase Program may be extended, suspended, or discontinued at any time. Under the Repurchase Program, repurchases of the Company’s stock can be made in the open market or through private transactions from time to time over the twelve-month period, depending on prevailing market conditions and compliance with applicable legal and regulatory requirements. The timing, manner, price, and amount of any repurchases of common stock under the Repurchase Program will be determined at the Company’s discretion, using available cash resources. During the nine months ended September 30, 2026 and 2025, no shares of the Company’s common stock were repurchased under the Repurchase Program.