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SHARE-BASED COMPENSATION
 9 Months Ended
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 SharesService 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, 20231,042,688 $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, 2024952,743 $9.86 195,439 $9.93 
Balance at December 31, 2024944,587 $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, 2025347,581 $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, 2023154,445 $8.03 110,425 $8.78 
Granted258,148 11.85 124,425 11.85 
Vested— — (74,357)8.84 
Forfeited(6,229)9.15 (5,806)10.67 
Balance at September 30, 2024406,364 $10.44 154,687 $11.15 
Balance at December 31, 2024403,526 $10.43 149,834 $11.14 
Granted185,551 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, 2025490,823 $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.