Stock-based Payments and Director Fees (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of management fees and director fees

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

Stock-based Management Fees and Director Fees

	For the three months ended June 30,
	2023				2022
	Number of shares	Amount of expense recognized			Number of shares	Amount of expense recognized
Independent director fees	—	$	—	(1)	9,585	$	87
Totals	—	$	—		9,585	$	87

(1)Independent director fees for the three months ended June 30, 2023, will be settled 100% in cash.

	For the six months ended June 30,
	2023			2022
	Number of shares	Amount of expense recognized		Number of shares	Amount of expense recognized
Independent director fees	13,020	$	88	17,350	$	175
Management fees	—	—		39,558	—		(1)
Totals	13,020	$	88	56,908	$	175

(1)Management fees for the six months ended June 30, 2022, 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 in the table below:

	Employee and Service Provider Grants				Director Grants
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Six months ended June 30, 2022
December 31, 2021 outstanding unvested share grants	228,365		$	12.00	8,000		$	12.60
Shares vested	—		—		—		—
Shares forfeited	(17,335)		11.93		—		—
Shares granted	22,765		11.42		—		—
March 31, 2022 outstanding unvested share grants	233,795		$	11.95	8,000		$	12.60
Shares vested	—		—		(8,000)		12.60
Shares forfeited	(17,668)		11.88		—		—
Shares granted	21,500		10.50		—		—
June 30, 2022 outstanding unvested share grants	237,627	(1)	$	11.82	—	(2)	$	—

(1)Weighted average remaining life of unvested shares for employee and service provider grants at June 30, 2022 is 2.3 years.

(2)Director shares were fully vested at June 30, 2022.

	Employee and Service Provider Grants				Director Grants
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Six months ended June 30, 2023
December 31, 2022 outstanding unvested share grants	310,262		$	10.98	—		$	—
Shares vested	(30,515)		11.56		—		—
Shares forfeited	(5,668)		10.30		—		—
Shares granted	3,000		7.34		25,000		7.15
March 31, 2023 outstanding unvested share grants	277,079		$	10.88	25,000		$	7.15
Shares vested	(9,475)		11.25		—		—
Shares forfeited	(7,084)		11.16		—		—
Shares granted	22,459		6.50		—		—
June 30, 2023 outstanding unvested share grants	282,979	(1)	$	10.52	25,000	(2)	$	7.15

(1)Weighted average remaining life of unvested shares for employee and service provider grants at June 30, 2023 is 2.0 years.

(2)Weighted average remaining life of unvested shares for director grants at June 30, 2023 is 1.7 years.

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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
Restricted stock grants	$	284	$	268	$	801	$	493
Director grants	7		8		14		33
Total expenses for plan grants	$	291	$	276	$	815	$	526