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SHAREHOLDER’S EQUITY (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2024. There was no stock award activity during the period from August 28, 2023 (date of formation) to December 31, 2023.
| As of September 30, 2024 |  |
Converted upon Spin-Off | 88,685 |  |  |
Granted | 36,363 |  |  |
Vested | (805) |  |  |
Forfeited | — |  |  |
Balance | 124,243 |  |  |
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 nine months ended September 30, 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 | 36,363 |  |  | 13.75 |
Vested | (805) |  |  | 21.64 |
Forfeited | — |  |  | — |
Balance as of September 30, 2024 | 124,243 |  |  | $ | 13.16 |
(1)Effective date of conversion upon Spin-Off.

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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