Equity-Based Compensation

9 Months Ended

Sep. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [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 made at each grant date as of September 30, 2022.

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

March 1, 2018

Class P

1,200

$

25.00

$

30

1/3

3/1/2019

3/1/2020

3/1/2021

January 7, 2019

Class P

1,200

$

25.00

$

30

1/3

1/7/2020

1/7/2021

1/7/2022

December 2, 2019

Class I

1,197

$

25.07

$

30

1/3

12/2/2020

12/2/2021

12/2/2022

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

Under the Company’s Independent Director Restricted Share Plan, 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, 2022. Compensation expense associated with the restricted shares issued to the independent directors was $7 and $24, in the aggregate, for the three and nine months ended September 30, 2021. As of September 30, 2022, the Company had $33 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 0.79 years. The total fair value at the vesting date for restricted shares that vested during the nine months ended September 30, 2022 and 2021 was $8 and $16, respectively. There were no restricted shares that vested during the three months ended September 30, 2022 and 2021.

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

	Restricted Shares			Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2021		3,205		$	21.85
Granted		—			—
Vested		(400	)		25.00
Converted		—			—
Forfeited		—			—
Outstanding at September 30, 2022		2,805		$	21.40