Under the Company’s Employee and Director Restricted Share Plan (“RSP”), restricted shares generally vest over a one to three year vesting period from the date of the grant, subject to the specific terms of the grant. On December 17, 2025, the Company issued 9,473 restricted shares to its independent directors pursuant to the automatic grant provisions of the RSP, which become vested in equal installments of 33-1/3% on each of the first three anniversaries of December 17, 2025, subject to certain exceptions. In accordance with the RSP, restricted shares are issued to non-employee directors as compensation. Restricted shares are included in common stock outstanding on the date of the vesting. 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 non-employee directors was $130, $102 and $88 in the aggregate, for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company had $216 of unrecognized compensation expense related to the unvested restricted shares. As of December 31, 2025, the weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 1.8 years. The total fair value at the vesting date for restricted shares that vested during the years ended December 31, 2025, 2024 and 2023 was $115, $90 and $90, respectively.


	Restricted Shares
Outstanding at December 31, 2022		9,172
Granted (a)		4,834
Vested		(4,529	)
Outstanding at December 31, 2023		9,477
Granted (a)		8,346
Vested		(4,670	)
Outstanding at December 31, 2024		13,153
Granted (a)		9,473
Vested		(5,978	)
Outstanding at December 31, 2025		16,648

(a)

Restricted shares are granted at the then-current Estimated Per Share NAV.