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Stockholders' Equity and Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Issued in Public Offering

We issued common stock in a public offering as follows during the years ended December 31, 2025 and 2024:

						Shares issued						Price						Proceeds
Issuance date						(in thousands)						per share						(in thousands)
July/August 2025						27,125						$	19.70					$	534,363
September 2024						20,125						$	19.50					$	392,478

Schedule of Dividends Declared by Board of Directors

Our board of directors declared the following dividends during the years ended December 31, 2025, 2024 and 2023:

Declaration Date

Record Date

Payment Date

Amount

Frequency

12/12/25

12/31/25

1/15/26

$

0.48

Quarterly

7/16/25

9/30/25

10/15/25

0.48

Quarterly

6/11/25

6/30/25

7/15/25

0.48

Quarterly

3/13/25

3/31/25

4/15/25

0.48

Quarterly

11/1/24

12/31/24

1/15/25

0.48

Quarterly

7/24/24

9/30/24

10/15/24

0.48

Quarterly

6/13/24

6/28/24

7/15/24

0.48

Quarterly

3/15/24

3/29/24

4/15/24

0.48

Quarterly

12/15/23

12/29/23

1/15/24

0.48

Quarterly

9/15/23

9/30/23

10/16/23

0.48

Quarterly

6/15/23

6/30/23

7/17/23

0.48

Quarterly

3/16/23

3/31/23

4/14/23

0.48

Quarterly

Summary of Share Awards Granted Under the Manager Equity Plan

The table below summarizes our share awards granted or vested under the 2017 and 2022 Manager Equity Plans during the years ended December 31, 2025, 2024 and 2023 (dollar amounts in thousands):

Grant Date

Type

Amount Granted

Grant Date Fair Value

Vesting Period

March 2025

RSU

1,350,000

$

27,081

3 years

March 2024

RSU

1,300,000

26,104

3 years

November 2022

RSU

1,500,000

31,605

3 years

November 2020

RSU

1,800,000

30,078

3 years

Schedule of Common Stock Issued to Manager as Incentive Compensation

The following shares of common stock were issued, without restriction, to our Manager as part of the incentive compensation due under the Management Agreement during the years ended December 31, 2025, 2024 and 2023:

Timing of Issuance						Shares of Common Stock Issued						Price per share
August 2025						4,601						$	19.88
May 2025						256,932						$	19.58
February 2025						318,585						19.98
August 2024						90,381						19.42
May 2024						471,179						20.25
February 2024						496,170						19.68
August 2023						92,640						20.59
May 2023						377,207						16.39
March 2023						373,204						19.38

Schedule of Share-Based Compensation Expenses

The following table summarizes our share-based compensation expenses during the years ended December 31, 2025, 2024 and 2023 (in thousands):

						For the Year Ended December 31,
						2025						2024						2023
Management fees:
Manager incentive fee						$	6,873					$	17,662					$	13,703
Manager Equity Plans (1)						25,625						19,261						18,027
						32,498						36,923						31,730
General and administrative:
Equity Plans (1)						28,052						22,055						20,761
ESPP						417						470						458
						28,469						22,525						21,219
Total share-based compensation expense (2)						$	60,967					$	59,448					$	52,949

__________________________________________

(1)Share-based compensation expense relating to the 2017 and 2022 Manager Equity Plans is reflected within the Manager Equity Plans line. Share-based compensation expense relating to the 2017 and 2022 Equity Plans is reflected within the Equity Plans line.

(2)The income tax benefit associated with the share-based compensation expense for the years ended December 31, 2025, 2024 and 2023 was not material.

Schedule of Non-Vested Shares and Share Equivalents

Schedule of Non-Vested Shares and Share Equivalents (1)

			Equity Plan						Manager Equity Plan						Total						Weighted Average Grant Date Fair Value (per share)
Balance as of January 1, 2025			2,645,260						1,241,668						3,886,928						$	20.46
Granted			2,403,212						1,350,000						3,753,212						20.01
Vested			(859,506)						(1,258,332)						(2,117,838)						20.68
Forfeited			(23,185)						—						(23,185)						20.07
Balance as of December 31, 2025			4,165,781						1,333,336						5,499,117						20.04

__________________________________________

(1)Equity-based award activity for awards granted under the 2017 and 2022 Equity Plans is reflected within the Equity Plan column, and for awards granted under the 2017 and 2022 Manager Equity Plans, within the Manager Equity Plan column.

Schedule of Vesting Schedule

						Equity						Manager
						Plan						Equity Plan						Total
2026						842,712						883,336						1,726,048
2027						1,172,614						450,000						1,622,614
2028						2,150,455						—						2,150,455
Total						4,165,781						1,333,336						5,499,117

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