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Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity

8. EQUITY

On October 3, 2024, the Company completed its IPO and issued 13,200,000 shares of Common Stock at an initial public offering price of $19.00 per share (“IPO Price”) and received net proceeds of $233.9 million, which were net of underwriter fees and commissions of $16.9 million. As part of the IPO, the underwriters were granted an option, exercisable within 30 days from October 3, 2024, to purchase up to an additional 1,980,000 shares of Common Stock at the IPO Price, less underwriting discounts and commissions. On October 23, 2024, the underwriters partially exercised their option by purchasing an additional 1,090,846 shares of Common Stock. The Company received net proceeds of $19.3 million, which were net of underwriter fees and commissions of $1.4 million.

Pursuant to the Company's Articles of Incorporation (the “Charter”), the Company is authorized to issue an aggregate of 450,000,000 shares of Common Stock with a par value of $0.01 per share and 50,000,000 shares of preferred stock with a par value of $0.01 per share. The Company's Board of Directors, without any action by our stockholders, may amend the Company's Charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series of stock that the Company has authority to issue.

The shares of the Company’s Common Stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Board of Directors in accordance with the Maryland General Corporation Law, and to all rights of the stockholder pursuant to the Maryland General Corporation Law.

Dividends

During the nine months ended September 30, 2025, the Board of Directors declared the following Common Stock and OP Unit quarterly dividends:

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2025

Declaration Date

 

Dividend per Share

 

 

Record Date

 

Total Amount

 

 

Payment Date

18-Mar-2025

 

$

0.215

 

 

31-Mar-2025

 

$

6,178

 

 

15-Apr-2025

13-May-2025

 

 

0.215

 

 

30-Jun-2025

 

 

6,102

 

 

15-Jul-2025

12-Aug-2025

 

 

0.215

 

 

30-Sep-2025

 

 

6,126

 

 

15-Oct-2025

 

 

$

0.645

 

 

 

 

$

18,406