v3.25.2
SHAREHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Valuation Assumption
The following table presents the assumptions used in the Black-Scholes pricing model of options granted under the 2020 Plan during the three and six months ended June 30, 2025 and 2024:
Assumptions:Range
Expected term
7.0 years
Expected volatility
40% - 50%
Expected dividend yield
10% - 20%
Risk-free interest rate
0.5% - 2.0%
Expected forfeiture rate
0%
The modification date fair value of the stock options was determined using the Binomial-Lattice Model with the following assumptions on July 9, 2024:
Assumptions:
Range
Expected term
3.1 - 4.5 years
Expected volatility
31.24% - 32.41%
Expected dividend yield
15.65%
Risk-free interest rate
4.16% - 4.25%
Expected forfeiture rate
0%
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$484,502 $369,343 $1,038,251 $912,565 
Schedule of Share-based Payment Arrangement, Option, Activity
The following table summarizes the (i) non-vested options granted, (ii) vested options granted, (iii) exercised and (iv) forfeited options granted for the Company’s directors and officers and employees of the Manager and its affiliates as of June 30, 2025 and December 31, 2024:
As of
June 30, 2025		As of
December 31, 2024
Non-vested129,862 149,133 
Vested2,244,770 2,225,499 
Exercised(5,511)(5,511)
Forfeited(221,136)(200,669)
Balance2,147,985 2,168,452 
Schedule of Stock Option Activity
The following tables summarize stock option activity as of and during the six months ended June 30, 2025:
Number of optionsWeighted-average
exercise price		Weighted-average remaining contractual termAggregate intrinsic value
Outstanding as of December 31, 20242,168,452 $11.46 
Granted— — 
Exercised— — 
Forfeited(20,467)11.65 
Outstanding as of June 30, 20252,147,985 $11.46 2.77 years$— 
Exercisable as of June 30, 20252,137,314 $11.45 2.76 years$— 
Unvested as of June 30, 202510,671 $12.99 3.53 years$— 
Schedule of Nonvested Share Activity
The following table summarizes restricted stock (i) granted, (ii) vested and (iii) forfeited for the Company’s directors and officers and employees of the Manager and its affiliates as of June 30, 2025 and December 31, 2024:
As of
June 30, 2025		As of
December 31, 2024
Granted754,741 483,244 
Vested(230,724)(102,780)
Forfeited(43,247)(33,934)
Balance480,770 346,530 
Schedule of Restricted Stock Awards Activity The following table summarizes the restricted stock activity as of and during the six months ended June 30, 2025:
Number of shares of restricted stock
Weighted-average
grant date fair value
Balance as of December 31, 2024346,530 $8.72 
Granted271,497 8.37 
Vested(127,944)8.68 
Forfeited(9,313)8.80 
Balance as of June 30, 2025480,770 $8.53