| 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):
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2025 |
|
2024 |
|
2023 |
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|
| Number of shares sold |
400 |
|
|
16,595 |
|
|
237,441 |
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|
| Weighted-average offering price per share |
$ |
24.75 |
|
|
$ |
24.98 |
|
|
$ |
24.96 |
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|
|
| Gross proceeds |
$ |
10 |
|
|
$ |
414 |
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|
$ |
5,925 |
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|
|
Net proceeds(1)
|
$ |
9 |
|
|
$ |
373 |
|
|
$ |
5,342 |
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|
(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):
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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):
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For the year ended December 31, 2024 |
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|
| Series B Preferred Stock: |
| Number of shares repurchased |
|
|
|
|
115,176 |
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|
|
Gross repurchase price(1)
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|
|
|
$ |
2,429 |
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|
|
| Weighted-average repurchase price per share |
|
|
|
|
$ |
21.09 |
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|
|
Gain on repurchase(2)
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|
|
|
$ |
133 |
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| Series C Preferred Stock: |
| Number of shares repurchased |
|
|
|
|
201,646 |
|
|
|
Gross repurchase price(1)
|
|
|
|
|
$ |
4,201 |
|
|
|
| Weighted-average repurchase price per share |
|
|
|
|
$ |
20.83 |
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|
|
Gain on repurchase(2)
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|
|
|
$ |
372 |
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|
(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):
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| 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.
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| 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.
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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:
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| 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
|
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|
|
|
|
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| 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
|
|
|
|
|
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| Series E Preferred Stock: |
|
January 27, 2026 |
|
February 5, 2025 |
|
$ |
0.104167 |
|
|
|
February 24, 2026 |
|
March 5, 2026 |
|
0.104167 |
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|
|
March 25, 2026 |
|
April 3, 2026 |
|
0.104167 |
|
| Total Series E Preferred Stock Distributions: |
|
$ |
0.312501
|
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|
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| 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
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