Stock-Based and Other Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted and Conditional Award Activity

Nonvested RSAs, RSUs, and PSUs at December 31, 2025 and changes during the years ended December 31, 2025, 2024, and 2023 were as follows:


	RSA and RSU Awards			PSU Awards
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2023	376,298	$	74.78	531,781	$	89.14
Granted	260,193	82.43		150,989	144.54
Vested (a)	(173,883)	76.50		(218,147)	104.65
Forfeited	(3,581)	82.58		(3,487)	107.72
Adjustment (b)	(11,669)	80.75		65,277	113.99
Nonvested at December 31, 2023	447,358	77.69		526,413	105.92
Granted	300,657	63.11		213,645	82.95
Vested (a)	(181,581)	74.99		(309,670)	86.19
Forfeited	(6,831)	72.38		(3,364)	101.11
Adjustment (b)	—	—		124,509	80.73
Nonvested at December 31, 2024	559,603	70.26		551,533	101.20
Granted (c)	306,628	57.67		227,702	74.78
Vested (a)	(238,872)	69.61		(239,291)	113.26
Forfeited	(11,451)	61.97		(5,810)	92.49
Adjustment (b)	—	—		159,686	71.19
Nonvested at December 31, 2025 (d)	615,908	$	64.34	693,820	$	88.40

__________

(a)The grant date fair value of shares vested during the years ended December 31, 2025, 2024, and 2023 was $43.7 million, $40.3 million, and $36.1 million, respectively. Employees and non-employee directors have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At December 31, 2025 and 2024, we had an obligation to issue 1,335,743 and 1,391,456 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $80.2 million and $78.5 million, respectively.

(b)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments to reflect the number of shares expected to be issued when the PSUs vest.

(c)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the year ended December 31, 2025, we used a risk-free interest rate of 4.3%, an expected volatility rate of 21.5%, and assumed a dividend yield of zero.

(d)At December 31, 2025, total unrecognized compensation expense related to these awards was approximately $39.2 million, with an aggregate weighted-average remaining term of 1.7 years.

W. P. Carey Inc. 10-K