v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity
Note 10 - Stockholders' Equity
The following table presents the components of cumulative distributions to stockholders at March 31, 2025 and December 31, 2024.
Cumulative Distributions to StockholdersMarch 31, 2025December 31, 2024
Preferred dividends$171,791 $168,791 
Common stock dividends2,268,830 2,214,748 
Totals$2,440,621 $2,383,539 
Preferred Stock
At March 31, 2025 and December 31, 2024, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof. At March 31, 2025, 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share were designated as shares of 7.00% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") with the powers, designations, preferences and other rights as set forth therein and a total of 40,000 shares of our authorized preferred stock remained available for designation as future series.
At March 31, 2025 and December 31, 2024, we had 6,864 and 6,847 shares of Series C Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $171,600 and $171,175 in the aggregate, respectively. At March 31, 2025 and December 31, 2024, there were no accrued or unpaid dividends on the Series C Preferred Stock. Shares designated as Series C Preferred Stock but unissued, which are available under the Preferred C ATM Sales Agreement, totaled 3,136 and 3,153 at March 31, 2025 and December 31, 2024.
On January 29, 2020, the Company entered into an Equity Sales Agreement (the “Preferred C ATM Sales Agreement”) with B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.) and BUCKLER, as sales agents (individually and collectively, the “Agents"), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one or more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Preferred C ATM Sales Agreement relates to a proposed “at-the-market” offering program. Under the Preferred C ATM Sales Agreement, we will pay the agent designated to sell our shares an aggregate commission of up to 2.0% of the gross sales price per share of our Series C Preferred Stock sold through the designated agent under the Preferred C ATM Sales Agreement. On June 20, 2024, the Preferred C ATM Sales Agreement was amended to add BTIG, LLC, as a sales agent. During the three months ended March 31, 2025, we sold 17 shares under this agreement for proceeds of $279, net of issuance costs and commissions of approximately $106.
Preferred Stock Repurchase Program
On July 26, 2022, the Board authorized a repurchase program of up to an aggregate of 2,000 shares of the Company’s outstanding Series C Preferred Stock ("Series C Preferred Stock Repurchase Program"). Under the Series C Preferred Stock Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, in consultation with the Pricing Committee of the Board, subject to the requirements of the Exchange Act and related rules. We are not required to repurchase any shares under the Series C Preferred Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. We did not repurchase any shares under the Series C Preferred Stock Repurchase Program during the three months ended March 31, 2025.
Common Stock
At March 31, 2025 and December 31, 2024, we were authorized to issue up to 125,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 82,416 and 62,412 shares of common stock issued and outstanding at March 31, 2025 and December 31, 2024, respectively.
On July 26, 2023 we entered into an Equity Sales Agreement (the “2023 Common stock ATM Sales Agreement”), with BUCKLER, JonesTrading Institutional Services LLC, Citizens JMP Securities, LLC (formerly JMP Securities LLC), Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2023 Common Stock ATM Sales agreement, we may offer and sell over a period of time and from time to time, up to 15,000 shares of our common stock, par value $0.001 per share. On October 25, 2023, the 2023 Common stock ATM Sales Agreement was amended to add StockBlock Securities LLC, as a sales agent and on June 20, 2024 it was
further amended to add BTIG, LLC as a sales agent. On August 23, 2024, the 2023 Common stock ATM Sales Agreement was amended to increase by 25,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement. On September 20, 2024, the 2023 Common stock ATM Sales Agreement was further amended to add Janney Montgomery Scott LLC, as a sales agent. On February 13, 2025, the 2023 Common stock ATM Sales Agreement was further amended to increase by 15,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement.
During the three months ended March 31, 2025, we sold 19,992 common shares under this agreement for proceeds of $371,412, net of issuance costs and commissions of approximately $3,143. See Note 13 - Related Party Transactions for discussion of additional transactions with BUCKLER.
During the three months ended March 31, 2025, we issued 1 common shares under our Common Stock Dividend Reinvestment Program ("DRIP") for net proceeds of $25.
Common Stock Repurchase Program
 At March 31, 2025 and December 31, 2024, there were 2,217 authorized shares remaining under the Company's common stock repurchase authorization (the "Common Stock Repurchase Program"). Under the Common Stock Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Exchange Act, and related rules. We are not required to repurchase any shares under the Common Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. In the second quarter of 2025, through April 8, 2025, we repurchased (667) common shares under this authorization for a cost of $(10,031) with BUCKLER. See Note 13 - Related Party Transactions for discussion of additional transactions with BUCKLER.
Equity Capital Activities
The following tables present our equity transactions for the three months ended March 31, 2025 and for the year ended December 31, 2024.
Transaction TypeCompletion DateNumber of Shares
Per Share price (1)
Net Proceeds (costs)
March 31, 2025
Preferred C ATM Sales AgreementJanuary 22, 2025 - January 23, 202517 $16.08 $279 
2023 Common stock ATM Sales AgreementJanuary 2, 2025 - March 19, 202519,992 $18.58 $371,412 
DRIP shares issuedJanuary 27, 2025 - March 27, 20251 $18.47 $25 
December 31, 2024
2023 Common stock ATM Sales AgreementJuly 26, 2024 - December 27, 202413,619 $19.50 $265,614 
DRIP shares issuedJanuary 25, 2024 - December 30, 20245 $18.95 $86 
Common stock repurchasedJanuary 22, 2024 - January 25, 2024(70)$19.31 $(1,344)
(1)Weighted average price
Dividends
A cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $1,001 in the aggregate, will be paid on April 28, 2025, to holders of record on April 15, 2025. We have also declared cash dividends of $0.14583 per
outstanding share of Series C Preferred Stock payable May 27, 2025, to holders of record on May 15, 2025, and payable June 27, 2025, to holders of record on June 15, 2025.
A cash dividend of $0.24 per outstanding common share, or $19,661 in the aggregate, will be paid on April 29, 2025, to holders of record on April 15, 2025. We have also declared a cash dividend of $0.24 per outstanding common share payable May 29, 2025, to holders of record on May 15, 2025.
The following table presents our Series C Preferred Stock dividend transactions for the three months ended March 31, 2025.
Record DatePayment Date
Rate per Series C Preferred Share
Aggregate amount paid to holders of record
January 15, 2025January 27, 2025$0.14583 $998 
February 15, 2025February 27, 2025$0.14583 1,001 
March 15, 2025March 27, 2025$0.14583 1,001 
Total dividends paid$3,000 
The following table presents our common stock dividend transactions for the three months ended March 31, 2025.
Record DatePayment DateRate per common shareAggregate amount paid to holders of record
January 15, 2025January 30, 2025$0.24 $16,009 
February 14, 2025February 27, 2025$0.24 18,384 
March 17, 2025March 27, 2025$0.24 19,689 
Total dividends paid$54,082