SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Nonvested Share Activity

The following table summarizes restricted stock (i) converted upon Spin-Off, (ii) granted, (iii) vested and (iv) forfeited for the Company’s directors and officers and employees of the Manager as of December 31, 2024. There was no stock award activity during the period from August 28, 2023 (date of formation) to December 31, 2023.

	As of December 31, 2024
Converted upon Spin-Off	88,685
Granted	115,644
Vested	(805)
Forfeited	—
Balance	203,524

Schedule of Restricted Stock Awards Activity

The fair value of the Company’s restricted stock awards is based on the Company’s stock price on the date of grant. The following tables summarize the restricted stock activity as of and during the year ended December 31, 2024:

	Number of shares of restricted stock	Weighted-average grant date fair value
Balance as of July 9, 2024(1)	88,685	$	13.00
Granted	115,644	13.34
Vested	(805)	21.64
Forfeited	—	—
Balance as of December 31, 2024	203,524	$	13.16

(1)Effective date of conversion upon Spin-Off.