| Schedule of common stock by class |
As of June 30, 2026 and December 31, 2025, the Company had authorized the following classes of common stock (in thousands):
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Shares Authorized |
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Classification |
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Par Value Per Share |
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June 30, 2026 |
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December 31, 2025 |
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Class A-I Shares |
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$ |
0.01 |
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50,000 |
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50,000 |
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Class A-II Shares |
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$ |
0.01 |
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50,000 |
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50,000 |
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Class T Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class S Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class D Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class I Shares |
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$ |
0.01 |
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500,000 |
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500,000 |
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Class E Shares |
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$ |
0.01 |
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100,000 |
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100,000 |
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Total |
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2,200,000 |
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2,200,000 |
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Common Stock The following table details the movement in the Company’s outstanding shares of common stock for the six months ended June 30, 2026(1):
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For the six months ended June 30, 2026 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Total |
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Beginning Balance, January 1, 2026 |
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223 |
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538,117 |
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2,756,989 |
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2,608,875 |
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134,170 |
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6,038,374 |
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Common stock issued - primary offerings |
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2,224 |
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92,810 |
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- |
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1,054,476 |
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- |
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1,149,510 |
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Common stock issued - distribution reinvestment |
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34 |
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7,913 |
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60,571 |
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61,517 |
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1,312 |
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131,347 |
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Independent directors’ restricted stock grant(2) |
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- |
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- |
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- |
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- |
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31,948 |
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31,948 |
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Common stock repurchased |
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- |
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(17,150 |
) |
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(47,238 |
) |
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(21,853 |
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- |
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(86,241 |
) |
Ending Balance, June 30, 2026 |
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2,481 |
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621,690 |
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2,770,322 |
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3,703,015 |
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167,430 |
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7,264,938 |
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(1)As of June 30, 2026, there were no Class S or D shares issued and outstanding. (2)The independent directors’ restricted stock grant amounted to an aggregate award of $384,973 for the six months ended June 30, 2026. The Company compensates each of its independent directors with an annual retainer of $175,000, consisting of approximately $78,750 in cash and $96,250 in the form of an annual grant of restricted stock. The cost of each grant is amortized over the one-year service period for each grant. See “— Share Based Compensation” below for details.
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| Summary of distributions made to shareholders of common stock |
The following table summarizes the aggregate distributions declared on the Company’s common stock during the periods presented. For the six months ended June 30, 2026, distributions were declared on the Company’s Class T, Class I, Class A-I, Class A-II and Class E common stock, which were the only classes of common stock outstanding during that period. For the six months ended June 30, 2025, distributions were declared on the Company’s Class I, Class A-I, Class A-II and Class E common stock, which were the only classes of common stock outstanding during that period.
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For the three months ended June 30, 2026 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Aggregate gross distributions declared per share of common stock |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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Distribution fee per share of common stock (1) |
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$ |
(0.02364 |
) |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Net distributions declared per share of common stock |
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$ |
0.10614 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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$ |
0.12978 |
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For the three months ended June 30, 2025 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Aggregate gross distributions declared per share of common stock |
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$ |
- |
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$ |
0.12421 |
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$ |
0.12421 |
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$ |
0.12421 |
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$ |
0.12421 |
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Distribution fee per share of common stock (1) |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Net distributions declared per share of common stock |
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$ |
- |
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$ |
0.12421 |
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$ |
0.12421 |
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$ |
0.12421 |
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$ |
0.12421 |
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For the six months ended June 30, 2026 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Aggregate gross distributions declared per share of common stock |
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$ |
0.25956 |
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$ |
0.25956 |
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$ |
0.25956 |
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$ |
0.25956 |
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$ |
0.25956 |
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Distribution fee per share of common stock (1) |
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$ |
(0.04652 |
) |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Net distributions declared per share of common stock |
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$ |
0.21304 |
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$ |
0.25956 |
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$ |
0.25956 |
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$ |
0.25956 |
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$ |
0.25956 |
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For the six months ended June 30, 2025 |
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Class T Common Stock |
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Class I Common Stock |
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Class A-I Common Stock |
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Class A-II Common Stock |
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Class E Common Stock |
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Aggregate gross distributions declared per share of common stock |
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$ |
- |
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$ |
0.23728 |
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$ |
0.23728 |
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$ |
0.19959 |
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$ |
0.23728 |
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Distribution fee per share of common stock (1) |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Net distributions declared per share of common stock |
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$ |
- |
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$ |
0.23728 |
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$ |
0.23728 |
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$ |
0.19959 |
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$ |
0.23728 |
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(1)Distribution fees only apply to Class T, Class S and Class D common shares. For purposes of calculating NAV, the Company recognizes the distribution fees as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, the Company accrues the lifetime cost, up to the applicable fee limit, of the distribution fees as an offering cost at the time the Company sells Class T, Class S or Class D common shares. As of June 30, 2026 and December 31, 2025, the Company had accrued $1,397 and $132 of distribution fees, respectively, under GAAP payable to the Dealer Manager related to the sale of Class T shares.
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| Summary of share based compensation activity |
The following summarizes the activity for Class E common stock issued pursuant to the Director Compensation Plan during the six months ended June 30, 2026 and 2025 (in thousands, except share and per share data):
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For the six months ended June 30, 2026 |
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As of June 30, 2026 |
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Type |
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Restricted Stock |
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Weighted Average Grant Date Fair Value (per share) |
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Remaining Amortization Period |
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Unrecognized Compensation Cost |
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Unvested restricted shares as of December 31, 2025 |
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34,560 |
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$ |
11.14 |
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0 months |
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$ |
- |
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Granted |
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31,948 |
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$ |
12.05 |
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12 months |
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$ |
385 |
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Forfeited |
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- |
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Vested |
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(34,560 |
) |
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Unvested restricted shares as of June 30, 2026 |
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31,948 |
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For the six months ended June 30, 2025 |
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As of June 30, 2025 |
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Type |
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Restricted Stock |
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Weighted Average Grant Date Fair Value
(per share) |
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Remaining Amortization Period |
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Unrecognized Compensation Cost |
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Unvested restricted shares as of December 31, 2024 |
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38,156 |
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$ |
10.09 |
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2 months |
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$ |
64 |
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Granted |
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34,560 |
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$ |
11.14 |
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12 months |
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$ |
385 |
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Forfeited |
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- |
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Vested |
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- |
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Unvested restricted shares as of June 30, 2025 |
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72,716 |
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