v3.26.1
STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Distribution Amount Per Share
The Board authorized the following monthly distribution amounts per share, payable to stockholders as of the record date for the applicable month, for the periods indicated below:
Period Commencing
Period Ending
Monthly Distribution Amount
January 2023
September 2023
$0.0350
October 2023
December 2023
$0.0367
January 2024
December 2024
$0.0375
January 2025
June 2026
$0.0283
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 December 31, 2025 (dollar amounts in thousands):
Restricted Stock Grants (2022 Plan)
Restricted Stock Units (Manager Plan) (1)
Grant Date Fair Value (2)
Outstanding as of December 31, 2022
66,667 
— 
Granted
73,059 
— 
$
480 
Vested
(66,667)
— 
N/A
Forfeited
— 
— 
N/A
Outstanding as of December 31, 2023
73,059 
— 
Granted
39,409 
3,370,474 
$
20,766 
Vested
(73,059)
(759,113)
N/A
Forfeited
— 
— 
N/A
Outstanding as of December 31, 2024
39,409 
2,611,361 
Granted
67,323 
2,186,565 
$
11,765 
Vested
(49,261)
(1,123,491)
N/A
Forfeited
— 
— 
N/A
Outstanding as of December 31, 2025
57,471 
3,674,435 
____________________________________
(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 December 31, 2025:
Restricted Stock Grants (2022 Plan)
Restricted Stock Units (Manager Plan)
Vesting Year
2026
57,471 
1,852,347 
2027
— 
1,093,234 
2028
— 
728,854 
Total
57,471 
3,674,435