Stock-based Payments and Director Fees (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of management fees and director fees

The following table sets forth the Company’s stock-based independent director fees ($ in thousands):

Stock-based Management Fees and Director Fees

	For the three months ended March 31,
	2022				2021
	Number of shares	Amount of expense recognized			Number of shares	Amount of expense recognized
Management fees	39,558	$	—	(1)	—	$	—
Independent director fees	7,765	88			3,945	50
Totals	47,323	$	88		3,945	$	50

(1)Management fees were fully expensed during the fourth quarter of 2021, the period in which the services were provided. However, the shares associated with these services were approved and issued by the Board during the first quarter of 2022.

Schedule of grants of restricted stock

Under the Company’s 2014 Director Equity Plan and 2016 Equity Incentive Plan the Company made grants of restricted stock to its Directors and to employees of its Manager and Servicer as set forth the table below:

	Employee and Service Provider Grants			Director Grants
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Three months ended March 31, 2021
December 31, 2020 outstanding unvested share grants	163,083	$	11.07	—	$	—
Shares vested	—	—		(2,000)	12.00
Shares forfeited	—	—		—	—

	Employee and Service Provider Grants			Director Grants
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Shares granted(1)	—	—		2,000	12.00
March 31, 2021 outstanding unvested share grants	163,083	$	11.07	—	$	—

(1)Shares granted vest immediately.

	Employee and Service Provider Grants			Director Grants
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Three months ended March 31, 2022
December 31, 2021 outstanding unvested share grants	228,365	$	12.05	8,000	$	12.53
Shares vested	—	—		—	—
Shares forfeited	(17,335)	11.93		—	—
Shares granted(1)	22,765	11.42		—	—
March 31, 2022 outstanding unvested share grants	233,795	$	12.00	8,000	$	12.53

(1)Vesting is ratable over one-year and 1.5-year period from grant date. Weighted average remaining life of grants at March 31, 2022 is one-year and 1.5 years, respectively.

Schedule of restricted stock plan grants, expense

The following table presents the expenses for the Company's restricted stock plan ($ in thousands):

	Three months ended March 31,
	2022		2021
Restricted stock grants	$	225	$	207
Director grants	25		24
Total expenses for plan grants	$	250	$	231