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Equity-Based Compensation
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

Note 11 – Equity-Based Compensation

With each stock grant, the Company awards each of its three independent directors an equal number of restricted shares. The table below summarizes total stock grants as of September 30, 2024 with a vesting date after January 1, 2023.

Grant Date

Class of common stock granted

Total number of shares granted

 

Grant Date Fair Value Per Share

 

Total Fair Value of Grant

 

Proportion of total shares that vest annually

 

Vesting Date Year 1

Vesting Date Year 2

Vesting Date Year 3

December 1, 2020

Class I

 

1,393

 

$

21.54

 

$

30

 

 

1/3

 

12/1/2021

12/1/2022

12/1/2023

October 14, 2021

Class I

 

1,477

 

$

20.31

 

$

30

 

 

1/3

 

10/14/2022

10/14/2023

10/14/2024

October 3, 2022

Class I

 

1,534

 

$

19.55

 

$

30

 

 

1/3

 

10/3/2023

10/3/2024

10/3/2025

September 29, 2023

Class I

 

1,722

 

$

17.42

 

$

30

 

 

1/3

 

9/29/2024

9/29/2025

9/29/2026

September 12, 2024

Class I

 

1,812

 

$

16.56

 

$

30

 

 

1/3

 

9/12/2025

9/12/2026

9/12/2027

Under the Company’s Independent Director Restricted Share Plan (the “RSP”), restricted shares generally vest over a three-year vesting 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 grant date. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. Compensation expense associated with the restricted shares issued to the independent directors was $8 and $23, in the aggregate, for the three and nine months ended September 30, 2024, respectively. Compensation expense associated with the restricted shares issued to the independent directors was $7 and $22, in the aggregate, for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, the Company had $60 of unrecognized compensation expense related to the unvested restricted shares, in the aggregate. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 1.29 years. The total fair value at the vesting date for restricted shares that vested during the nine months ended September 30, 2024 and 2023 was $9 and zero, respectively.

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

 

 

Restricted Shares

 

 

Weighted Average Grant Date Fair Value Per Share

 

Outstanding at December 31, 2023

 

 

3,237

 

 

$

18.53

 

Granted

 

 

1,812

 

 

 

16.56

 

Vested

 

 

(574

)

 

 

17.42

 

Converted

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

4,475

 

 

$

17.88