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v3.25.3

Equity-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of share-based compensation arrangements by share-based payment award | The following table reflects the activity of RSUs outstanding for the periods presented:
|  | Number of RSUs |  | Weighted-Average Issue Price
Unvested, December 31, 2024 |  | 1,248,179 |  |  | $ | 7.89 |
Vested |  | (342,406) |  |  | 7.96 |
Granted |  | 986,582 |  |  | 7.39 |
Forfeitures |  | (22,354) |  |  | 8.17 |
Unvested, September 30, 2025 |  | 1,870,001 |  |  | 7.61 |
|  | Number of RSUs |  | Weighted-Average Issue Price
Unvested, December 31, 2023 |  | 535,768 |  |  | $ | 9.09 |
Vested |  | (56,693) |  |  | 9.63 |
Granted |  | 642,152 |  |  | 7.52 |
Forfeitures |  | (29,033) |  |  | 8.10 |
Unvested, September 30, 2024 |  | 1,092,194 |  |  | 8.17 |
Schedule of share-based payment arrangement by restricted stock activity | The following table reflects the activity of Restricted Shares outstanding for the periods presented that impacted the Company:
|  | Number of Restricted Shares |  | Weighted-Average Issue Price
Unvested, December 31, 2024 |  | 334,642 |  |  | $ | 11.88 |
Vested |  | (153,195) |  |  | 9.61 |
Granted |  | — |  |  | — |
Forfeitures |  | (11,249) |  |  | 10.22 |
Unvested, September 30, 2025 |  | 170,198 |  |  | 14.03 |
|  | Number of Restricted Shares |  | Weighted-Average Issue Price
Unvested, December 31, 2023 |  | 565,620 |  |  | $ | 12.14 |
Vested |  | (179,228) |  |  | 13.01 |
Granted |  | — |  |  | — |
Forfeitures |  | (49,500) |  |  | 10.87 |
Unvested, September 30, 2024 |  | 336,892 |  |  | 11.86 |
Schedule of share based compensation potential number of PSUs that may be earned and vested at various levels of performance |
|  | Level of Performance
|  | Threshold |  | Target |  | Maximum
Potential Number of 2025 PSUs to be Issued |  | 417,135 |  | 834,270 |  | 1,877,107
|  | Level of Performance
|  | Threshold |  | Target |  | Maximum
Potential Number of 2023 PSUs to be Issued |  | 234,200 |  | 468,392 |  | 1,288,072
Schedule of share based compensation total return | The following table details the number of 2025 PSUs that may be earned and vested on the 2025 PSU Measurement Date, by each category of performance goal:
|  |  |  |  |  | Target 2025 PSUs |  | Percentage of Target 2025 PSUs Earned |  | Number of 2025 PSUs Earned |  |  |  |  |  |
Three-Year Debt Reduction (Net Debt to Adjusted EBITDA) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net debt to adjusted EBITDA greater than 6.7x (Below Threshold) |  |  |  |  |  | 278,090 |  |  | — | % |  | — |  |  |  |  |  |  |
Net debt to adjusted EBITDA of 6.7x (Threshold) (1) |  |  |  |  |  | 278,090 |  |  | 50 | % |  | 139,046 |  |  |  |  |  |  |
Net debt to adjusted EBITDA of 6.5x (Target) (1) |  |  |  |  |  | 278,090 |  |  | 100 | % |  | 278,090 |  |  |  |  |  |  |
Net debt to adjusted EBITDA of 6.3x or less (Maximum) (1) |  |  |  |  |  | 278,090 |  |  | 225 | % |  | 625,701 |  |  |  |  |  |  |
Company TSR Relative to the Custom Net Lease Peer Group: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 30th percentile (Below Threshold) |  |  |  |  |  | 278,090 |  |  | — | % |  | — |  |  |  |  |  |  |
30 th percentile (Threshold) (1) |  |  |  |  |  | 278,090 |  |  | 50 | % |  | 139,046 |  |  |  |  |  |  |
55 th percentile (Target) (1) |  |  |  |  |  | 278,090 |  |  | 100 | % |  | 278,090 |  |  |  |  |  |  |
Equal to or greater than 75 th percentile (Maximum) (1) |  |  |  |  |  | 278,090 |  |  | 225 | % |  | 625,701 |  |  |  |  |  |  |
2025 Company TSR: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 5% (Below Threshold) |  |  |  |  |  | 278,090 |  |  | — | % |  | — |  |  |  |  |  |  |
5% (Threshold) (1) |  |  |  |  |  | 278,090 |  |  | 50 | % |  | 139,047 |  |  |  |  |  |  |
8% (Target) (1) |  |  |  |  |  | 278,090 |  |  | 100 | % |  | 278,090 |  |  |  |  |  |  |
12% or greater (Maximum) (1) |  |  |  |  |  | 278,090 |  |  | 225 | % |  | 625,701 |  |  |  |  |  |  |
_________ (1) If amounts fall in between these ranges, the results will be determined using linear interpolation between those percentiles, respectively. The following table details the number of 2023 PSUs that may be earned and vested on the 2023 PSU Measurement Date, by each category of performance goal:
|  |  |  |  |  | Target 2023 PSUs |  | Percentage of Target 2023 PSUs Earned |  | Number of 2023 PSUs Earned
Company TSR Relative to the MSCI REIT Index: |  |  |  |  |  |  |  |  |  |
Less than 30 th percentile (Below Threshold) |  |  |  |  |  | 175,647 |  |  | — | % |  | — |
30 th percentile (Threshold) (1) |  |  |  |  |  | 175,647 |  |  | 50 | % |  | 87,825 |
55 th percentile (Target) (1) |  |  |  |  |  | 175,647 |  |  | 100 | % |  | 175,647 |
Equal to or greater than 75 th percentile (Maximum) (1) |  |  |  |  |  | 175,647 |  |  | 275 | % |  | 483,027 |
Company TSR Relative to the Custom Net Lease Peer Group: |  |  |  |  |  |  |  |  |  |
Less than 30th percentile (Below Threshold) |  |  |  |  |  | 175,647 |  |  | — | % |  | — |
30 th percentile (Threshold) (1) |  |  |  |  |  | 175,647 |  |  | 50 | % |  | 87,825 |
55 th percentile (Target) (1) |  |  |  |  |  | 175,647 |  |  | 100 | % |  | 175,647 |
Equal to or greater than 75 th percentile (Maximum) (1) |  |  |  |  |  | 175,647 |  |  | 275 | % |  | 483,027 |
2023 Company TSR: |  |  |  |  |  |  |  |  |  |
Less than 8% (Below Threshold) |  |  |  |  |  | 117,098 |  |  | — | % |  | — |
8% (Threshold) (1) |  |  |  |  |  | 117,098 |  |  | 50 | % |  | 58,551 |
10% (Target) (1) |  |  |  |  |  | 117,098 |  |  | 100 | % |  | 117,098 |
12% or greater (Maximum) (1) |  |  |  |  |  | 117,098 |  |  | 275 | % |  | 322,018 |
_________ (1) If amounts fall in between these ranges, the results will be determined using linear interpolation between those percentiles, respectively.

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