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Stock-Based Incentive Plans | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Incentive Plans | STOCK-BASED INCENTIVE PLANS We are externally managed by our Manager and do not currently have any employees. However, as of September 30, 2025, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through our issuance of stock-based instruments. Under our two current stock incentive plans, a maximum of 10,400,000 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of September 30, 2025, there were 5,980,325 shares available under our current stock incentive plans. The following table details the movement in our outstanding shares of restricted class A common stock and the weighted- average grant date fair value per share:
| Restricted Class A Common Stock |  | Weighted-Average Grant Date Fair Value Per Share
Balance as of December 31, 2024 | 2,142,759 |  | $21.13
Granted | 511,012 |  | 17.88
Vested | (1,027,285) |  | 21.17
Forfeited | (43,832) |  | 19.41
Balance as of September 30, 2025 | 1,582,654 |  | $20.10
These shares generally vest in installments over a period of three years, pursuant to the terms of the respective award agreements and the terms of our current stock incentive plans. The 1,582,654 shares of restricted class A common stock outstanding as of September 30, 2025 will vest as follows: 304,010 shares will vest in 2025; 863,026 shares will vest in 2026; and 415,618 shares will vest in 2027. As of September 30, 2025, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $30.2 million based on the grant date fair value of shares granted. This cost is expected to be recognized over a weighted-average period of 1.0 year from September 30, 2025.

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