v3.25.1
SHAREHOLDERS' EQUITY (Tables)
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Nonvested Share Activity
The following table summarizes restricted stock (i) converted upon Spin-Off, (ii) granted, (iii) vested and (iv) forfeited for the Company’s directors and officers and employees of the Manager as of March 31, 2025 and December 31, 2024:
As of
March 31, 2025
As of
December 31, 2024
Converted upon Spin-Off88,685 88,685 
Granted135,269 115,644 
Vested(35,476)(805)
Forfeited(2,807)— 
Balance185,671 203,524 
Schedule of Restricted Stock Awards Activity
The fair value of the Company’s restricted stock awards is based on the Company’s stock price on the date of grant. The following tables summarize the restricted stock activity as of and during the three months ended March 31, 2025:
Number of shares of restricted stockWeighted-average
grant date fair value
Balance as of December 31, 2024203,524 $13.16 
Granted19,625 11.78 
Vested(34,671)13.13 
Forfeited(2,807)13.27 
Balance as of March 31, 2025185,671 $13.02