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SHARE-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Refer to Note 11 of the Company’s audited consolidated financial statements of its 2024 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards. Employee and Director Restricted Shares The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the nine months ended September 30, 2025 and 2024:
|  | Performance Restricted Shares |  | Service Restricted Shares
|  | Number of non-vested restricted shares |  | Weighted average grant date fair value |  | Number of non-vested restricted shares |  | Weighted average grant date fair value
Balance at December 31, 2023 |  | 1,042,688 |  |  | $ | 9.94 |  |  | 419,604 |  |  | $ | 9.18 |
Granted |  | — |  |  | — |  |  | 58,751 |  |  | 12.51 |
Vested |  | — |  |  | — |  |  | (282,916) |  |  | 9.35 |
Forfeited |  | (89,945) |  |  | 10.84 |  |  | — |  |  | — |
Balance at September 30, 2024 |  | 952,743 |  |  | $ | 9.86 |  |  | 195,439 |  |  | $ | 9.93 |
Balance at December 31, 2024 |  | 944,587 |  |  | $ | 9.87 |  |  | 191,556 |  |  | $ | 9.96 |
Granted |  | — |  |  | — |  |  | 56,322 |  |  | 13.05 |
Vested |  | (222,532) |  |  | 9.65 |  |  | (134,418) |  |  | 10.02 |
Forfeited |  | (374,474) |  |  | 9.08 |  |  | (2,212) |  |  | 9.85 |
Balance at September 30, 2025 |  | 347,581 |  |  | $ | 10.87 |  |  | 111,248 |  |  | $ | 11.45 |
At September 30, 2025, 2,932,559 (December 31, 2024: 2,834,519) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan. During the nine months ended September 30, 2025, the Company granted 56,322 RSs to independent directors as part of their remuneration for services to the Company (2024: 58,751 RSs). These will vest on the earlier of (i) the first anniversary of the date of the share issuance and (ii) the Company’s next annual general meeting, subject to the grantee’s continued service with the Company. During the vesting period, the independent directors retain voting rights on these RSs; but they are not entitled to any dividends declared until the RSs vest. For the nine months ended September 30, 2025, the total fair value of Performance and Service RSs vested was $4.9 million (2024: $2.6 million). Employee Restricted Stock Units The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the nine months ended September 30, 2025 and 2024:
|  | Performance RSUs |  | Service RSUs
|  | Number of non-vested RSUs |  | Weighted average grant date fair value |  | Number of non-vested RSUs |  | Weighted average grant date fair value
Balance at December 31, 2023 |  | 154,445 |  |  | $ | 8.03 |  |  | 110,425 |  |  | $ | 8.78 |
Granted |  | 258,148 |  |  | 11.85 |  |  | 124,425 |  |  | 11.85 |
Vested |  | — |  |  | — |  |  | (74,357) |  |  | 8.84 |
Forfeited |  | (6,229) |  |  | 9.15 |  |  | (5,806) |  |  | 10.67 |
Balance at September 30, 2024 |  | 406,364 |  |  | $ | 10.44 |  |  | 154,687 |  |  | $ | 11.15 |
Balance at December 31, 2024 |  | 403,526 |  |  | $ | 10.43 |  |  | 149,834 |  |  | $ | 11.14 |
Granted |  | 185,551 |  |  | 13.16 |  |  | 149,435 |  |  | 13.16 |
Vested |  | (38,752) |  |  | 6.82 |  |  | (62,041) |  |  | 10.46 |
Forfeited |  | (59,502) |  |  | 7.55 |  |  | (12,477) |  |  | 12.34 |
Balance at September 30, 2025 |  | 490,823 |  |  | $ | 12.10 |  |  | 224,751 |  |  | $ | 12.60 |
For the awards granted during the nine months ended September 30, 2025, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 0% and 200% of the awarded Performance RSUs, with a target of 100%. For the nine months ended September 30, 2025, the total fair value of Performance and Service RSUs vested was $1.4 million (2024: $0.7 million). Stock Compensation Expense For the nine months ended September 30, 2025, the Company recorded $4.5 million (2024: $4.6 million) of total stock compensation expense (net of forfeitures), respectively. Forfeiture recoveries were immaterial for both periods.

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