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EQUITY AND NONCASH COMPENSATION | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
EQUITY AND NONCASH COMPENSATION | 15. EQUITY AND NONCASH COMPENSATION SMC Long-Term Incentive Plan. In connection with the consummation of the Corporate Reorganization, the Company assumed SMLP’s 2022 Long-Term Incentive Plan, as amended by the First Amendment, effective as of March 16, 2022 (the “SMLP LTIP”), and all the obligations of SMLP thereunder. The SMLP LTIP units were exchanged on a one-for-one basis with equivalent terms. In connection with the assumption of the SMLP LTIP and the Corporate Reorganization, the Board of Directors approved the amendment and restatement of the SMLP LTIP, with such amendment and restatement effective as of August 1, 2024 (such amended and restated plan, the Summit Midstream Corporation 2024 Long-Term Incentive Plan (the “SMC LTIP”)). The SMC LTIP authorizes the Compensation Committee, in its discretion, to grant awards of restricted stock, restricted stock units, stock options, stock appreciation rights and other awards related to the Company’s common stock upon such terms and conditions as it may determine appropriate and in accordance with the terms of the SMC LTIP. Significant items for the year ended December 31, 2025: •For the year ended December 31, 2025, the Company granted 149,297 time-based restricted stock units and associated dividend equivalent rights to employees in connection with the Company’s annual incentive compensation award cycle. The grant date fair value of these awards totaled $5.2 million and the awards vest ratably over a three-year period. As of December 31, 2025, the Company has 355,150 unvested phantom time-based restricted stock units outstanding. •For the year ended December 31, 2025, the Company granted 90,081 performance-based restricted stock units and associated dividend equivalent rights to certain members of management in connection with the Company’s annual incentive compensation award cycle. The grant date fair value of these awards totaled $4.4 million and the awards vest at the end of three years. As of December 31, 2025, the Company has 310,048 unvested phantom performance-based restricted stock units outstanding. •For the year ended December 31, 2025, the Company issued 18,372 shares of common stock to six independent directors in connection with their annual compensation plan. The grant date fair value of these awards totaled $0.7 million and became fully vested at the grant date. As of December 31, 2025, approximately 0.6 million shares of common stock remained available for future issuance under the SMC LTIP, which includes the impact of 0.6 million of granted but unvested restricted stock and performance-based awards, assuming the performance-based awards are settled with a 100% target payout. The following table presents phantom award activity for the periods presented inclusive of activity before and after the Corporate Reorganization:
| Units |  |  |  | Weighted-average grant date fair value
Nonvested phantom awards, December 31, 2022 | 605,142 |  |  |  |  | $ | 17.62 |
Phantom awards granted | 323,371 |  |  |  |  | 17.29 |
Phantom awards vested | (236,154) |  |  |  |  | 15.69 |
Phantom awards forfeited | (3,892) |  |  |  |  | 20.50 |
Nonvested phantom awards, December 31, 2023 | 688,467 |  |  |  |  | 17.69 |
Phantom awards granted | 377,036 |  |  |  |  | 18.52 |
Phantom awards vested | (349,064) |  |  |  |  | 17.92 |
Phantom awards forfeited | (19,129) |  |  |  |  | 15.92 |
Nonvested phantom awards, December 31, 2024 | 697,310 |  |  |  |  | 19.19 |
Phantom awards granted | 239,378 |  |  |  |  | 39.90 |
Phantom awards vested | (260,236) |  |  |  |  | 17.70 |
Phantom awards forfeited | (11,254) |  |  |  |  | 27.31 |
Nonvested phantom awards, December 31, 2025 | 665,198 |  |  |  |  | $ | 25.92 |
The intrinsic value of phantom units and restricted stock units that vested during the years ended December 31, 2023, 2024 and 2025 follows.
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
| (In thousands)
Intrinsic value of vested LTIP awards | $ | 9,633 |  |  | $ | 7,375 |  |  | $ | 3,758 |
As of December 31, 2025, the unrecognized share-based compensation related to the SMC LTIP was $7.3 million. Incremental unit-based compensation will be recorded over the remaining weighted-average vesting period of approximately 0.8 years. Share-based compensation recognized in general and administrative expense related to awards under the SMC LTIP during the years ended December 31, 2023, 2024 and 2025 follows.
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
| (In thousands)
SMC LTIP share-based compensation | $ | 7,798 |  |  | $ | 8,561 |  |  | $ | 6,566 |

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