Quarterly report [Sections 13 or 15(d)]

SUBSEQUENT EVENTS

v3.26.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Farm Credit Facility
On April 27, 2026, we entered into a new revolving line of credit with Farm Credit of Central Florida, ACA (“Farm Credit CFL”) that provides for borrowings of up to $37.0 million (the “Farm Credit Facility”). The Farm Credit Facility matures on April 1, 2030, and borrowings thereunder bear interest at a variable rate equal to the prime rate less 0.50%, prior to the effect of any interest patronage. The Farm Credit Facility also includes an unused commitment fee of 0.15% per annum on the undrawn portion.
Availability under the Farm Credit Facility is subject to a maximum loan-to-value ratio of 60% of the value of the pledged collateral, and amounts owed under the Farm Credit Facility are guaranteed by us and each of our subsidiaries that owns a property pledged as collateral pursuant to the loan documents.
In connection with entering into the Farm Credit Facility, we incurred total closing costs of approximately $226,000. We do not currently have any borrowings outstanding under the Farm Credit Facility.
Registration Statement
On April 7, 2026, we filed a universal registration statement on Form S-3, as amended (File No. 333-294917), with the SEC (the “2026 Registration Statement”) to replace the 2023 Registration Statement. The 2026 Registration Statement, which was declared effective by the SEC on April 23, 2026, permits us to issue up to an aggregate of $1.0 billion in securities consisting of common stock, preferred stock, warrants, debt securities, depository shares, subscription rights, and units, including through separate or concurrent offerings of two or more securities.
At-the-Market Program
On April 24, 2026, we entered into equity distribution agreements with Virtu Americas LLC and Lucid Capital Markets, LLC (each a “Sales Agent”), that currently permit us to issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $500.0 million (the “2026 ATM Program”).
Equity Issuances
The following table provides information on equity sales that occurred subsequent to March 31, 2026 (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 Programs(2)
1,377,392 $ 10.33  $ 14,229  $ 14,056 
(1)Net of underwriting discounts and commissions.
(2)Includes shares of common stock sold under the 2023 ATM Program and the 2026 ATM Program.
Repurchase Program
The following table summarizes repurchase activity under the 2025 Repurchase Program subsequent to March 31, 2026 (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased 49,877 
Gross repurchase price(1)
$ 1,039 
Weighted-average repurchase price per share $ 20.83 
Gain on repurchase $ 71 
Series C Preferred Stock:
Number of shares repurchased 121,406 
Gross repurchase price(1)
$ 2,478 
Weighted-average repurchase price per share $ 20.41 
Gain on repurchase $ 276 
(1)Inclusive of broker commissions.
Distributions
On April 14, 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: April 24, 2026 April 30, 2026 $ 0.125 
May 20, 2026 May 29, 2026 0.125 
June 23, 2026 June 30, 2026 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: April 24, 2026 April 30, 2026 $ 0.125 
May 20, 2026 May 29, 2026 0.125 
June 23, 2026 June 30, 2026 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series E Preferred Stock: April 27, 2026 May 5, 2026 $ 0.104167 
May 27, 2026 June 5, 2026 0.104167 
June 25, 2026 July 2, 2026 0.104167 
Total Series E Preferred Stock Distributions: $ 0.312501 
Common Stock: April 24, 2026 April 30, 2026 $ 0.0467 
May 20, 2026 May 29, 2026 0.0467 
June 23, 2026 June 30, 2026 0.0467 
Total Common Stock Distributions $ 0.1401