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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Reconciliation of Common Stock Outstanding

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2025, and the twelve months ended December 31, 2024:

			THREE MONTHS ENDED MARCH 31, 2025			TWELVE MONTHS ENDED DECEMBER 31, 2024
Balance, beginning of period			350,532,006			380,964,433
Issuance of common stock			—			8,623
Conversion of OP units to common stock			—			194,767
Shares Repurchased			—			(30,794,250)
Non-vested share-based awards, net of withheld shares and forfeitures			464,163			158,433
Balance, end of period			350,996,169			350,532,006

Schedule of Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024.

			THREE MONTHS ENDED MARCH 31,
Dollars in thousands, except per share data			2025			2024
Weighted average common shares outstanding
Weighted average common shares outstanding			350,758,618			381,335,208
Non-vested shares			(1,219,619)			(1,880,401)
Weighted average common shares outstanding - basic			349,538,999			379,454,807
Weighted average common shares outstanding - basic			349,538,999			379,454,807
Dilutive effect of OP Units			—			—
Weighted average common shares outstanding - diluted			349,538,999			379,454,807
Net loss			$	(45,389)		$	(315,220)
Income allocated to participating securities			(612)			(693)
Loss attributable to non-controlling interest			516			4,384
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units			(17)			(1,341)
Net loss applicable to common stockholders - basic and diluted			$	(45,502)		$	(312,870)
Basic earnings per common share - net loss			$	(0.13)		$	(0.82)
Diluted earnings per common share - net loss			$	(0.13)		$	(0.82)

Schedule of Stock Options, Valuation Assumptions

The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.47 for the February 2025 grant using the following assumptions:

Volatility									28.0		%
Dividend assumption									Accrued
Expected term									3 years
Risk-free rate									4.35		%
Stock price (per share)									$16.17

The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.88 for the February 2025 grant using the following assumptions:

Volatility									28.0		%
Dividend assumption									Accrued
Expected term									3 years
Risk-free rate									4.35		%
Stock price (per share)									$16.17

Schedule of the Activity Under the Incentive Plan and RSU Activity

The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three months ended March 31, 2025, and 2024:

			THREE MONTHS ENDED MARCH 31,
			2025			2024
Share-based awards, beginning of period			1,799,737			2,615,562
Granted 1			919,937			1,475,811
Vested			(39,970)			(28,414)
Change in awards based on performance assessment			(59,762)			—
Forfeited			—			(19,805)
Share-based awards, end of period			2,619,942			4,043,154

1LTIP-C units are issued at the maximum number of units of the award and are reflected as such in this table until the performance conditions have been satisfied, and the exact number of awards are determinable.

Schedule of Unrecognized Compensation Cost, Nonvested Awards

The following table represents expected amortization of the Company's non-vested awards issued as of March 31, 2025:

Dollars in millions			FUTURE AMORTIZATION of non-vested shares
2025			$	9.8
2026			10.4
2027			8.2
2028			1.7
2029 and thereafter			0.6
Total			$	30.7

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