Quarterly report [Sections 13 or 15(d)]

SUBSEQUENT EVENTS (Tables)

v3.26.1
SUBSEQUENT EVENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Schedule of Sale of Stock by Subsidiary The following table provides information on shares of common stock sold under the 2023 ATM Program during the three months ended March 31, 2026 (dollars in thousands, except per-share amounts):
Three Months Ended March 31,
2026
Number of shares sold 3,744,263 
Weighted-average offering price per share $ 9.91 
Gross proceeds $ 37,121 
Net proceeds(1)
$ 36,750 
(1)Net of underwriting commissions.
The following table summarizes repurchase activity under the 2025 Repurchase Program during the three months ended March 31, 2026 (dollars in thousands, except per-share amounts):
Three Months Ended March 31, 2026
Series B Preferred Stock:
Number of shares repurchased 39,122 
Gross repurchase price(1)
$ 785 
Weighted-average repurchase price per share $ 20.07 
Gain on repurchase(2)
$ 85 
Series C Preferred Stock:
Number of shares repurchased 84,775 
Gross repurchase price(1)
$ 1,683 
Weighted-average repurchase price per share $ 19.85 
Gain on repurchase(2)
$ 240 
(1)Inclusive of broker commissions.
(2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
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.
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.
Schedule of Dividends Declared
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three months ended March 31, 2026 and 2025 are reflected in the table below.
Three Months Ended March 31,
Issuance 2026 2025
Series B Preferred Stock $ 0.375  $ 0.375 
Series C Preferred Stock 0.375  0.375 
Series D Term Preferred Stock(1)(2)
0.104167  0.312501 
Series E Term Preferred Stock 0.312501  0.312501 
Common Stock 0.1401  0.1401 
(1)Dividends are treated similarly to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
(2)The Series D Term Preferred Stock was redeemed in full on January 30, 2026.
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