Annual report [Section 13 and 15(d), not S-K Item 405]

EQUITY (Tables)

v3.25.4
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Sale of Stock by Subsidiary
The following table provides information on sales of our Series E Preferred Stock during the years ended December 31, 2025, 2024, and 2023 (dollars in thousands, except per-share amounts):
2025 2024 2023
Number of shares sold 400  16,595  237,441 
Weighted-average offering price per share $ 24.75  $ 24.98  $ 24.96 
Gross proceeds $ 10  $ 414  $ 5,925 
Net proceeds(1)
$ 9  $ 373  $ 5,342 
(1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.
The following table provides information on shares of common stock sold under the ATM Program during the years ended December 31, 2025, 2024, and 2023 (dollars in thousands, except per-share amounts):
2025 2024 2023
Number of shares sold 1,830,260  346,216  788,045 
Weighted-average offering price per share $ 9.32  $ 13.52  $ 19.34 
Gross proceeds $ 17,059  $ 4,680  $ 15,240 
Net proceeds(1)
$ 16,889  $ 4,633  $ 15,087 
(1)Net of underwriting commissions.
The following table summarizes repurchase activity under the 2024 Repurchase Program during the year ended December 31, 2024 (dollars in thousands, except per-share amounts):
For the year ended December 31, 2024
Series B Preferred Stock:
Number of shares repurchased 115,176 
Gross repurchase price(1)
$ 2,429 
Weighted-average repurchase price per share $ 21.09 
Gain on repurchase(2)
$ 133 
Series C Preferred Stock:
Number of shares repurchased 201,646 
Gross repurchase price(1)
$ 4,201 
Weighted-average repurchase price per share $ 20.83 
Gain on repurchase(2)
$ 372 
(1)Inclusive of broker commissions.
(2)The gain on the repurchase of cumulative redeemable preferred stock is included within (Loss) gain on extinguishment of cumulative redeemable preferred stock, net on our accompanying Consolidated Statements of Operations and Comprehensive Income.
The following table provides information on equity sales that occurred subsequent to December 31, 2025 (dollars in thousands, except per-share amounts):
Type of Issuance Number of
Shares Sold		 Weighted Average Offering Price
Per Share		 Gross Proceeds
Net Proceeds(1)
Common Stock – ATM Program $ 3,423,488  $ 9.72  $ 33,292  $ 32,959 
(1)Net of underwriting discounts and commissions.
Schedule of Stockholders Equity
Additionally, the following table provides information on shares of Series E Preferred Stock tendered for optional redemption and satisfied with cash payment during the years ended December 31, 2025, 2024, and 2023 (dollars in thousands):
2025 2024 2023
Number of shares redeemed 4,350 — 1,600
Settlement payment $ 102  $ —  $ 36 
The characterization of distributions on our preferred and common stock for each of the years ended December 31, 2025, 2024, and 2023 is reflected in the following table:
Ordinary
Income		 Long-term
Capital Gain		 Return of
Capital
For the Year Ended December 31, 2025
Series B Preferred Stock 47.528898  % 44.456417  % 8.014685  %
Series C Preferred Stock 47.528898  % 44.456417  % 8.014685  %
Series D Term Preferred Stock 47.528898  % 44.456417  % 8.014685  %
Series E Preferred Stock 47.528898  % 44.456417  % 8.014685  %
Common Stock —  % —  % 100.000000  %
For the Year Ended December 31, 2024
Series B Preferred Stock 47.178987  % 23.885993  % 28.935020  %
Series C Preferred Stock 47.178987  % 23.885993  % 28.935020  %
Series D Term Preferred Stock 47.178987  % 23.885993  % 28.935020  %
Series E Preferred Stock 47.178987  % 23.885993  % 28.935020  %
Common Stock —  % —  % 100.000000  %
For the Year Ended December 31, 2023
Series B Preferred Stock 30.782342  % 22.611772  % 46.605886  %
Series C Preferred Stock 30.782342  % 22.611772  % 46.605886  %
Series D Term Preferred Stock 30.782342  % 22.611772  % 46.605886  %
Series E Preferred Stock 30.782342  % 22.611772  % 46.605886  %
Common Stock —  % —  % 100.000000  %
Schedule of Dividends Declared
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the years ended December 31, 2025, 2024, and 2023 are reflected in the table below.
For the Years Ended December 31,
Issuance 2025 2024 2023
Series B Preferred Stock $ 1.500000  $ 1.500000  $ 1.500000 
Series C Preferred Stock 1.500000  1.500000  1.500000 
Series D Term Preferred Stock(1)
1.250004  1.250004  1.250004 
Series E Preferred Stock 1.250004  1.250004  1.250004 
Common Stock 0.560400  0.559500  0.553500 
(1)Dividends are treated similar to interest expense on the accompanying Consolidated Statements of Operations and Comprehensive Income.
On January 13, 2026, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance Record Date Payment Date Distribution per Share
Series B Preferred Stock: January 23, 2026 January 30, 2026 $ 0.125 
February 18, 2026 February 27, 2026 0.125 
March 23, 2026 March 31, 2026 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: January 23, 2026 January 30, 2026 $ 0.125 
February 18, 2026 February 27, 2026 0.125 
March 23, 2026 March 31, 2026 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series E Preferred Stock: January 27, 2026 February 5, 2025 $ 0.104167 
February 24, 2026 March 5, 2026 0.104167 
March 25, 2026 April 3, 2026 0.104167 
Total Series E Preferred Stock Distributions: $ 0.312501 
Common Stock: January 23, 2026 January 30, 2026 $ 0.0467 
February 18, 2026 February 27, 2026 0.0467 
March 23, 2026 March 31, 2026 0.0467 
Total Common Stock Distributions: $ 0.1401