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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Restricted Stock Units Activity | The following table summarizes restricted stock unit grants by grantee type during the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31, |  | Grantee Type |  | Number of Restricted Stock Units Granted |  | Vesting Period |  | Grant Date Fair Value (In thousands)
2025 |  | Directors |  | 20,248 |  |  | 1 year |  | $ | 360 |
2025 |  | Associates |  | 919,850 |  |  | 1-3 years |  | $ | 19,260 |
2024 |  | Directors |  | 13,834 |  |  | 1 year |  | $ | 350 |
2024 |  | Associates |  | 839,166 |  |  | 1-3 years |  | $ | 21,847 |
2023 |  | Directors |  | 12,036 |  |  | 1 year |  | $ | 350 |
2023 |  | Associates |  | 634,109 |  |  | 1-3 years |  | $ | 19,759 |
The following table provides a summary of restricted stock unit activity under the 2010 and 2017 Plans for the year ended December 31, 2025:
Year Ended December 31, 2025
Restricted Stock | Total number of Time-Based Restricted Stock Units, AFFO shares and Project Orion shares |  | Aggregate Intrinsic Value (in millions) |  | Number of Market Performance-Based Restricted Stock Units(1) |  | Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2024 | 998,276 |  |  | $ | 21.4 |  |  | 309,045 |  |  | $ | 6.6 |
Granted | 879,664 |  |  |  |  | 60,434 |  |  |
Performance adjustment(2) | (7,910) |  |  |  |  | (40,275) |  |  |
Vested | (462,874) |  |  |  |  | (53,370) |  |  |
Forfeited | (120,351) |  |  |  |  | (18,247) |  |  |
Non-vested as of December 31, 2025 | 1,286,805 |  |  | $ | 16.5 |  |  | 257,587 |  |  | $ | 3.3 |
Shares vested, but not released(3) | 46,890 |  |  | 0.6 |  | — |  |  | — |
Total outstanding restricted stock units | 1,333,695 |  |  | $ | 17.1 |  |  | 257,587 |  |  | $ | 3.3 |
(1)The number of market performance-based restricted stock units granted are reflected within this table based upon the number of shares of common stock issuable upon achievement of the performance metric at target. (2)Represents the decrease in the number of original performance units awarded based on the final performance criteria achievement at the end of the defined performance period. (3)For certain vested restricted stock units, common stock issuance is contingent upon the first to occur of: (1) termination of service; (2) change in control; (3) death; or (4) disability, as defined in the 2010 Plan. Of these vested time-based restricted stock units 46,890 belong to an active member of the Board of Directors and the date of issuance is therefore unknown at this time. The weighted average grant date fair value of these units is $8.42 per unit. Holders of these certain vested restricted stock units are entitled to receive dividends, but are not entitled to vote until such stock is issued.
Schedule of OP Units Activity | The following table summarizes OP unit grants under the 2017 Plan during the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31, |  | Grantee Type |  | Number of OP Units Granted |  | Vesting Period |  | Grant Date Fair Value (In thousands)
2025 |  | Directors |  | 75,963 |  |  | 1 year |  | $ | 1,285 |
2025 |  | Associates |  | 565,391 |  |  | 3 years |  | $ | 12,012 |
2024 |  | Directors |  | 43,478 |  |  | 1 year |  | $ | 1,100 |
2024 |  | Associates |  | 662,200 |  |  | 3 years |  | $ | 16,969 |
2023 |  | Directors |  | 37,827 |  |  | 1 year |  | $ | 1,100 |
2023 |  | Associates |  | 357,254 |  |  | 1-3 years |  | $ | 11,917 |
The following table provides a summary of the OP unit activity under the 2017 Plan for the year ended December 31, 2025:
Year Ended December 31, 2025
OP Units |  | Number of Time-Based OP Units and AFFO OP Units |  | Aggregate Intrinsic Value (in millions) |  | Number of Market Performance-Based OP Units |  | Aggregate Intrinsic Value (in millions)
Non-vested as of December 31, 2024 |  | 562,985 |  |  | $ | 12.0 |  |  | 567,969 |  |  | $ | 12.2 |
Granted |  | 541,571 |  |  |  |  | 99,783 |  |  |
Performance adjustment |  | — |  |  |  |  | (77,033) |  |  |
Vested |  | (242,746) |  |  |  |  | (102,113) |  |  |
Forfeited |  | (107,686) |  |  |  |  | (117,788) |  |  |
Non-vested as of December 31, 2025 |  | 754,124 |  |  | $ | 9.7 |  |  | 370,818 |  |  | $ | 4.8 |
Shares vested, but not released |  | 612,210 |  |  | 7.9 |  |  | 181,770 |  |  | — |
Total outstanding OP units |  | 1,366,334 |  |  | $ | 17.6 |  |  | 552,588 |  |  | $ | 4.8 |
Schedule of Market Performance Vesting Percentage | In the event that the RMZ Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of RSUs, as applicable, set forth below:
Performance Level Thresholds |  | RMZ Relative Market Performance |  | Market Performance Vesting Percentage
High Level |  | above 75 th percentile |  | 200 | %
Target Level |  | 50 th percentile |  | 100 | %
Threshold Level |  | 25 th percentile |  | 50 | %
Below Threshold Level |  | below 25 th percentile |  | 0 | %
Schedule of Assumptions Used in Valuations | Assumptions used in the valuations are summarized as follows:
Award Date |  | Expected Stock Price Volatility (1) |  | Risk-Free Interest Rate |  | Dividend Yield (2)
2023 |  | 28 | % |  | 4.77 | % |  | N/A
2024 |  | 29 | % |  | 4.29 | % |  | N/A
2025 |  | 28 | % |  | 4.00 | % |  | N/A
(1)Volatility is based on historical stock price. (2)Dividends are assumed to be reinvested and therefore not applicable.
Schedule of Stock Options Activity | The following table provides a summary of option activity for the year ended December 31, 2025:
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Terms (Years)
Outstanding as of December 31, 2024 | 67,998 |  |  | $ | 9.81 |  |  | 1.8
Exercised | (23,000) |  |  | 9.81 |  |  |
Outstanding as of December 31, 2025 | 44,998 |  |  | $ | 9.81 |  |  | 0.9
Exercisable as of December 31, 2025 | 44,998 |  |  | $ | 9.81 |  |  | 0.9

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