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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2025
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2012 Equity Compensation Plan, or the 2012 Plan. During the years ended December 31, 2025, 2024 and 2023, we awarded shares to our Trustees, officers and other employees of RMR as follows:
Year |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Value of Grants
2025 |  | 1,747,861 |  |  | $ | 2.77 |  |  | $ | 4,842 |
2024 |  | 1,031,329 |  |  | $ | 4.50 |  |  | $ | 4,641 |
2023 |  | 438,000 |  |  | $ | 7.88 |  |  | $ | 3,451 |
The value of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the date of the awards. The common shares awarded to our Trustees vest immediately. The common shares awarded to our officers and certain other employees of RMR (in those capacities) vest in five equal annual installments beginning on the date of the award. Shares forfeited are recognized as they occur. Share awards are expensed ratably over the vesting period and the value of such share awards are included in general and administrative expense in our consolidated statements of comprehensive income (loss). A summary of shares awarded, vested, forfeited and unvested under the terms of the 2012 Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:
| 2025 |  | 2024 |  | 2023
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares, beginning of year | 1,024,441 |  |  | $ | 5.47 |  |  | 609,960 |  |  | $ | 7.88 |  |  | 588,830 |  |  | $ | 8.81 |
Shares awarded | 1,747,861 |  |  | $ | 2.77 |  |  | 1,031,329 |  |  | $ | 4.50 |  |  | 438,000 |  |  | $ | 7.88 |
Shares vested | (1,008,684) |  |  | $ | 3.92 |  |  | (613,848) |  |  | $ | 6.23 |  |  | (394,470) |  |  | $ | 9.21 |
Shares forfeited | (68,584) |  |  | $ | 4.72 |  |  | (3,000) |  |  | $ | 6.75 |  |  | (22,400) |  |  | $ | 8.91 |
Unvested shares, end of year | 1,695,034 |  |  | $ | 3.64 |  |  | 1,024,441 |  |  | $ | 5.47 |  |  | 609,960 |  |  | $ | 7.88 |
The 1,695,034 unvested shares as of December 31, 2025 are scheduled to vest as follows: 531,023 shares in 2026, 465,784 shares in 2027, 415,830 shares in 2028 and 282,397 shares in 2029. As of December 31, 2025, the estimated future compensation expense for the unvested shares was $5,346. The weighted average period over which the compensation expense will be recorded is approximately 24 months. During the years ended December 31, 2025, 2024 and 2023, we recorded $3,712, $3,620 and $3,417, respectively, of compensation expense related to the 2012 Plan. At December 31, 2025, 1,661,921 of our common shares remain reserved for issuance under the 2012 Plan. Share Purchases During the years ended December 31, 2025, 2024 and 2023, we purchased our common shares from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of our common shares as follows:
Year |  | Aggregate Number of Shares Purchased |  | Weighted Average Purchase Price |  | Value
2025 |  | 245,685 |  |  | $2.69 |  | $660
2024 |  | 161,387 |  |  | $4.65 |  | $751
2023 |  | 98,571 |  |  | $8.14 |  | $802
Distributions During the years ended December 31, 2025, 2024 and 2023, we paid distributions on our common shares as follows:
|  | Annual Per Share Distribution |  | Total Distributions |  | Characterization of Distributions
Year |  |  |  | Ordinary Income |  | Capital Gain |  | Return of Capital |  | Qualified Dividend (1)
2025 |  | $0.04 |  | $6,683 |  | —% |  | —% |  | 100.00% |  | —%
2024 |  | $0.61 |  | $101,150 |  | —% |  | —% |  | 100.00% |  | —%
2023 |  | $0.80 |  | $132,430 |  | 9.30% |  | 86.15% |  | 4.55% |  | 6.25%
(1)Qualified Dividends are a subset of, and included in, the Ordinary Income amount. On January 15, 2026, we declared a regular quarterly distribution to common shareholders of record on January 26, 2026 of $0.01 per share, or $1,681. We paid this distribution on February 19, 2026. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of Sonesta. See Notes 4, 5 and 9 for further information regarding this investment.

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