v3.25.2
SHAREHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table summarizes the stock-based compensation expense incurred by the Company for the three and six months ended June 30, 2025 and 2024:
Three months ended
June 30,		Six months ended
June 30,
2025202420252024
Stock-based compensation$259,066 $— $502,687 $— 
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 June 30, 2025 and December 31, 2024:
As of
June 30, 2025
As of
December 31, 2024
Converted upon Spin-Off88,685 88,685 
Granted135,269 115,644 
Vested(35,476)(805)
Forfeited(3,125)— 
Balance185,353 203,524 
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 six months ended June 30, 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(3,125)13.12 
Balance as of June 30, 2025185,353 $13.02