v3.25.2
STOCKHOLDERS' EQUITY (Tables)
6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Non-vested Share Activity
The following tables summarize the (i) non-vested shares of restricted stock and restricted stock units and (ii) vesting schedule of shares of restricted stock and restricted stock units for the Company’s directors, officers and employees of the Manager as of June 30, 2025 (dollar amounts in thousands):
Restricted Stock Grants (2022 Plan)
Restricted Stock Units (Manager Plan) (1)
Grant Date Fair Value (2)
Outstanding as of January 1, 2025
39,409 2,611,361 
Granted9,852 — $60 
Vested— — N/A
Forfeited— — N/A
Outstanding as of March 31, 2025
49,261 2,611,361 
Granted— 2,186,565 $11,414 
Vested— (364,378)N/A
Forfeited— — N/A
Outstanding as of June 30, 2025
49,261 4,433,548 
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(1)Each restricted stock unit represents a contingent right to receive one share of the Company’s common stock, payable 50% in the Company’s common stock and 50% in the cash value thereof.
(2)The fair value of the Company’s share awards is determined using the Company’s per share NAV on the date of grant.
Below is a summary of restricted stock and restricted stock units vesting dates as of June 30, 2025:
Restricted Stock Grants (2022 Plan)
Restricted Stock Units (Manager Plan)
Vesting Year
Remainder of 2025
49,261 759,113 
2026
— 1,852,347 
2027
— 1,093,234 
2028— 728,854 
Total
49,261 4,433,548