A summary of restricted stock award activity for the three months ended March 31, 2026 and 2025 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable amortization periods.


		Three Months Ended March 31,
(Dollars and shares in thousands)		2026		2025
Stock-based awards, beginning of period		1,518		1,560
	Stock in lieu of compensation	60		61
	Stock awards	59		58
	Total stock granted	119		119
	Vested shares	(63)		(81)
	Forfeited shares	(1)		—
Stock-based awards, end of period		1,573		1,598
Amortization expense		$	2,278	$	2,468

During the first quarter of 2026, pursuant to the 2024 Incentive Plan and the Fourth Amended and Restated Alignment of Interest Program, the Company granted 101,305 shares of restricted common stock to its employees, in lieu of salary, that will cliff vest between three and eight years. Of the shares granted, 60,456 shares of restricted stock were granted in lieu of compensation from the program pool and 40,849 shares of restricted stock were awards granted from the plan pool. Also, during the first quarter of 2026, pursuant to the Second Amended and Restated Non-Executive Officer Incentive Program, the Company granted 18,103 shares of restricted stock to certain employees that will cliff vest in five years.

A summary of the Company's restricted stock unit (RSU) activity during the three months ended March 31, 2026 and 2025, respectively, is included in the table below, as well as compensation expense recognized from the amortization of the value of RSUs over the applicable amortization periods.


	Three Months Ended March 31,
(Dollars and RSUs in thousands)	2026		2025
Restricted Stock Units, beginning of period	205		123






Restricted Stock Units, end of period	205		123
Amortization expense	$	433	$	242