v3.26.1
Equity-Based Compensation
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

NOTE 12 – EQUITY-BASED COMPENSATION

The table below summarizes total stock grants made at each grant date as of June 30, 2026 with a vesting date after January 1, 2025.

Grant Date

 

Class of common stock granted

 

Total number of shares granted

 

 

Grant Date Fair Value Per Share

 

 

Total Fair Value of Grant

 

 

Vesting Date

3/19/2024

 

Class I

 

 

2,387

 

 

$

25.01

 

 

$

60

 

 

3/19/2025

8/1/2024

 

Class I

 

 

3,335

 

 

$

24.89

 

 

$

83

 

 

8/1/2025

8/1/2025

 

Class I

 

 

3,548

 

 

$

23.39

 

 

$

83

 

 

8/1/2026

1/6/2026

 

Class I

 

 

1,172

 

 

$

23.15

 

 

$

27

 

 

1/6/2027

Under the Company’s amended and restated independent director compensation plan (the “DCP”), restricted shares generally vest over a one-year period from the date of the grant, subject to the specific terms of the grant. Restricted shares are included in common stock outstanding on the date of grant. Compensation expense associated with the restricted shares issued under the DCP was $18 and $45 for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, the Company had $20 of unrecognized compensation expense related to the restricted shares issued, in the aggregate. The weighted average remaining period that unrecognized compensation expense related to such shares will be recognized is 0.4 years. There were no restricted shares that vested during the three and six months ended June 30, 2026. The total fair value at the vesting date for restricted shares that vested during the three and six months ended June 30, 2025 was $0 and $58, respectively.

A summary of the status of the restricted shares granted under the DCP is presented below:

 

 

Restricted
Shares

 

Outstanding at December 31, 2025

 

 

3,548

 

Granted

 

 

1,172

 

Vested

 

 

 

Outstanding at June 30, 2026

 

 

4,720