Quarterly report [Sections 13 or 15(d)]

EQUITY (Tables)

v3.26.1
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Stockholders Equity
The following table provides information on shares of Series E Preferred Stock tendered for optional redemption and satisfied with cash payments during the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Number of shares redeemed 27,400 — 37,760 800
Settlement payment $ 616  $ —  $ 864  $ 18 
Schedule of Sale of Stock by Subsidiary
The following table provides information on shares of common stock under the ATM Program during the three and six months ended June 30, 2026 (dollars in thousands, except per-share amounts):
Three Months Ended
June 30, 2026		 Six Months Ended June 30, 2026
Number of shares sold 1,377,392  5,121,655 
Weighted-average offering price per share $ 10.33  $ 10.03 
Gross proceeds $ 14,229  $ 51,350 
Net proceeds(1)
$ 14,056  $ 50,806 
(1)Net of underwriting commissions.
The following table summarizes repurchase activity under the Repurchase Program during the three and six months ended June 30, 2026 (dollars in thousands, except per-share amounts):
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
Series B Preferred Stock:
Number of shares repurchased 143,190  182,312 
Gross repurchase price(1)
$ 2,982  $ 3,767 
Weighted-average repurchase price per share $ 20.83  $ 20.66 
Gain on repurchase(2)
$ 203  $ 288 
Series C Preferred Stock:
Number of shares repurchased 276,123  360,898 
Gross repurchase price(1)
$ 5,660  $ 7,343 
Weighted-average repurchase price per share $ 20.50  $ 20.34 
Gain on repurchase(2)
$ 603  $ 843 
(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 summarizes repurchase activity under the Repurchase Program subsequent to June 30, 2026 (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased 85,926 
Gross repurchase price(1)
$ 1,824 
Weighted-average repurchase price per share $ 21.22 
Gain on repurchase $ 88 
Series C Preferred Stock:
Number of shares repurchased 128,234 
Gross repurchase price(1)
$ 2,689 
Weighted-average repurchase price per share $ 20.97 
Gain on repurchase $ 220 
(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 and six months ended June 30, 2026 and 2025 are reflected in the table below.
Three Months Ended June 30, Six Months Ended June 30,
Issuance 2026 2025 2026 2025
Series B Preferred Stock $ 0.375  $ 0.375  $ 0.750  $ 0.750 
Series C Preferred Stock 0.375  0.375  0.750  0.750 
Series D Term Preferred Stock(1)(2)
—  0.312501  0.104167  0.625002 
Series E Term Preferred Stock 0.312501  0.312501  0.625002  0.625002 
Common Stock 0.1401  0.1401  0.2802  0.2802 
(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 July 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: July 24, 2026 July 31, 2026 $ 0.125 
August 18, 2026 August 31, 2026 0.125 
September 21, 2026 September 30, 2026 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: July 24, 2026 July 31, 2026 $ 0.125 
August 18, 2026 August 31, 2026 0.125 
September 21, 2026 September 30, 2026 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series E Preferred Stock: July 28, 2026 August 5, 2026 $ 0.104167 
August 26, 2026 September 4, 2026 0.104167 
September 25, 2026 October 5, 2026 0.104167 
Total Series E Preferred Stock Distributions: $ 0.312501 
Common Stock: July 24, 2026 July 31, 2026 $ 0.0467 
August 18, 2026 August 31, 2026 0.0467 
September 21, 2026 September 30, 2026 0.0467 
Total Common Stock Distributions $ 0.1401