Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of March 31, 2026:


	2026
	Number of Units				Weighted Average Grant Date Fair Value
Outstanding December 31, 2025		1,025,606			$	15.15
Granted		—				14.93
Vested		(157,619	)	(1)		16.52
Forfeited		(2,761	)			14.63
Outstanding March 31, 2026		865,226			$	14.91

(1)

Certain key employees of the Manager elected to net the taxes owed upon vesting against the shares issued resulting in 112,882 shares being issued as shown on the consolidated statements of stockholders' equity.

Summary of Granted and Vesting of Restricted Stock Units

The vesting schedule for restricted stock units as of March 31, 2026, is as follows:


		Shares Vesting
		February		March		April		Total
	2026		—		—		231,888		231,888
	2027		111,833		105,457		86,945		304,235
	2028		111,828		105,456		—		217,284
	2029		111,821		—		—		111,821
Total			335,482		210,913		318,833		865,228

Summary Information of ATM Program

The following table contains summary information of the ATM Program since its inception through March 31, 2026:


Gross Proceeds	$	12,575,493
Shares of Common Stock Issued		531,728
Gross Average Sale Price per Share of Common Stock	$	23.65

Sales Commissions	$	188,655
Offering Costs		888,249
Net Proceeds		11,498,589
Average Price Per Share, net	$	21.62

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details