v3.26.1
SHAREHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
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, 2026 and 2025:
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
Stock-based compensation$297,484 $259,066 $667,446 $502,687 
Schedule of Nonvested Share Activity
The following table summarizes restricted stock (i) converted, (ii) granted, (iii) vested and (iv) forfeited for the Company’s directors and officers and employees of the Manager as of June 30, 2026 and December 31, 2025:
As of
June 30, 2026December 31, 2025
Converted88,685 88,685 
Granted233,938 135,269 
Vested(130,131)(76,350)
Forfeited(5,568)(3,315)
Balance186,924 144,289 
Schedule of Restricted Stock Awards Activity
The fair value of the Company’s restricted stock awards is based on the Company’s stock price on the date of grant. The following tables summarize the restricted stock activity as of and during the six months ended June 30, 2026:
Number of shares of restricted stockWeighted-average
grant date fair value
Balance as of December 31, 2025144,289 $12.88 
Granted98,669 9.34 
Vested(53,781)11.79 
Forfeited(2,253)9.34 
Balance as of June 30, 2026186,924 $11.37