Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Of Share Based Compensation Restricted Stock Units

The following table includes the number of RSUs granted, vested, forfeited and outstanding to certain employees of the Adviser, officers of the Company and non-employee Board members under the 2018 LTIP and 2023 LTIP:


Grant Date	Shares Granted		Shares Vested		Shares Forfeited		Shares Outstanding
December 10, 2019		73,701		73,701		—		—
May 11, 2020		179,858		173,750		6,108		—
February 15, 2021		191,506		185,099		6,407		—
February 17, 2022		185,111		74,621		5,301		105,189
April 11, 2023		186,770		52,761		4,644		129,365
April 3, 2024		191,937		31,780		2,998		157,159
April 4, 2025		229,371		—		—		229,371
Total		1,238,254		591,712		25,458		621,084

Schedule of Number of RSUs Outstanding

As of December 31, 2025, the number of RSUs granted, vested, forfeited and outstanding was as follows (dollars in thousands):


Dates	Number of RSUs				Value (1)
Outstanding December 31, 2023		569,732			$	27,467
Granted		191,937				11,315
Vested		(93,353	)	(2)		(4,464	)
Forfeited		(4,786	)			(247	)
Outstanding December 31, 2024		663,530			$	34,071
Granted		229,371				12,510
Vested		(268,446	)	(2)		(10,972	)
Forfeited		(3,371	)			(197	)
Outstanding December 31, 2025		621,084			$	35,412

(1)

Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $54.54 for the April 4, 2025 grant, $58.95 for the April 3, 2024 grant, $63.04 for the April 11, 2023 grant, $54.14 for the February 17, 2022 grant, $36.56 for the February 15, 2021 grant and $30.82 for the May 11, 2020 grant. Related to the accelerated RSU award vestings, the NAV per share on the date of modification was $54.56.

(2)

Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 191,340 shares of Common Stock being issued for the year ended December 31, 2025, and 73,520 shares of Common Stock being issued for the year ended December 31, 2024, as shown on the consolidated statements of stockholders' equity.

Schedule of Outstanding RSUs

The vesting schedule for the outstanding RSUs is as follows:


Vest Date	RSUs Vesting (1)
February 17, 2026		105,189
April 3, 2026		22,451
April 4, 2026		67,252
April 11, 2026		21,561
April 3, 2027		22,451
April 4, 2027		54,040
April 11, 2027		107,804
April 3, 2028		112,256
April 4, 2028		54,040
April 4, 2029		54,040
		621,084

(1)

As of December 31, 2025, upon the successful completion of a Company Listing Event or change of control of the Company, 260,200 RSUs would vest immediately, instead of vesting on the final time vesting date according to the schedule above.

Schedule of Nonvested Performance-Based Units Activity

As of December 31, 2025, the number of performance shares earned was as follows (dollars in thousands):


Dates	Number of performance shares				Value (1)
Outstanding December 31, 2024		23,794			$	1,433
Earned		31,726				1,911
Vested		(55,520	)	(2)		(3,344	)
Forfeited		—				—
Outstanding December 31, 2025		—			$	—

(1)

Value is based on the number of performance shares granted multiplied by the most recent NAV per share on the date the share is granted, which was $60.23 for the shares earned during the year ended December 31, 2023 and shares deemed to be earned on June 10, 2025.

(2)

Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 26,721 shares of Common Stock being issued for the year ended December 31, 2025, as shown on the consolidated statements of stockholders’ equity.