v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Redeemable Preferred Stock
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of June 30, 2025. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company, each series of preferred stock will rank on parity with one another and rank senior to the Company’s common stock with respect to the payment of the dividends and the distribution of assets.
(dollars in thousands)
Class of StockIssuance DateShares Issued and OutstandingCarrying ValueContractual Rate
Redemption Eligible Date (1)
Fixed to Floating Rate Conversion Date (2)
Floating Annual Rate (3)
Series AMarch 14, 20175,050,221 $121,971 8.125 %April 27, 2027April 27, 2027
3M Rate + 5.660%
Series BJuly 19, 201710,159,200 245,670 7.625 %July 27, 2027July 27, 2027
3M Rate + 5.352%
Series CNovember 27, 20179,661,396 233,826 7.250 %January 27, 2025January 27, 2025
3M Rate + 5.011%
Total24,870,817 $601,467 
____________________
(1)Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption eligible date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company.
(2)The dividend rate on the fixed-to-floating rate redeemable preferred stock will remain at an annual fixed rate of the $25.00 per share liquidation preference from the issuance date up to but not including the transition date disclosed within. Effective as of the fixed-to-floating rate conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed in footnote (3) below.
(3)On and after the fixed-to-floating rate conversion date, dividends will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to a floating base rate plus the spread indicated with respect to each series of preferred stock. The floating base rate with respect to each series of preferred stock, following the applicable conversion date, is the three-month CME Term SOFR plus a tenor spread of 0.26161%.
For each series of preferred stock, the Company may redeem the stock on or after the redemption eligible date in whole or in part, at any time or from time to time. The Company may also purchase shares of preferred stock from time to time in the open market by tender or in privately negotiated transactions. Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus any accumulated and unpaid dividends thereon up to, but excluding, the redemption date. Through June 30, 2025, the Company had declared and paid all required quarterly dividends on the Company’s preferred stock.
Preferred Share Repurchase Program
In June 2022, the Company’s board of directors authorized the repurchase of up to an aggregate of 5,000,000 shares of the Company’s preferred stock, which includes each series shown in the table above under the heading Redeemable Preferred Stock. Preferred shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to trading plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, or by any combination of such methods. The manner, price, number and timing of preferred share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The preferred share repurchase program does not require the purchase of any minimum number of shares, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. The preferred share repurchase program does not have an expiration date.
The following table summarizes the Company’s purchases of its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock and 7.25% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the preferred share repurchase program during the six months ended June 30, 2024. No shares of the Company’s preferred stock were repurchased during the three and six months ended June 30, 2025 or the three months ended June 30, 2024.
Six Months Ended
(dollars in thousands)June 30, 2024
Class of StockNumber of SharesAggregate Cost
Series A Preferred Stock35,047 $809 
Series B Preferred Stock280,060 $6,370 
Series C Preferred Stock170,502 $3,923 
Total(1)
485,609 $11,102 
____________________
(1)The difference between the aggregate cost and the carrying value of the preferred stock repurchased resulted in a total gain attributable to common stockholders of $0.6 million for the six months ended June 30, 2024.

Common Stock
As of June 30, 2025, the Company had 104,132,453 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding for the three and six months ended June 30, 2025 and 2024:
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Common shares outstanding, beginning of period
104,025,096 103,474,944 103,680,321 103,206,457 
Issuance of common stock
5,692 3,967 12,218 8,025 
Non-cash equity award compensation (1)
101,665 143,328 439,914 407,757 
Common shares outstanding, end of period
104,132,453 103,622,239 104,132,453 103,622,239 
___________________
(1)See Note 16 - Equity Incentive Plans for further details regarding the Company’s equity incentive plans.
Distributions to Stockholders
The following table presents cash dividends declared by the Company on its preferred and common stock during the three and six months ended June 30, 2025 and 2024:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands, except per share amounts)
2025202420252024
Class of StockAmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Series A Preferred Stock$2,564 $0.51 $2,564 $0.51 $5,129 $1.02 $5,129 $1.02 
Series B Preferred Stock$4,842 $0.48 $4,842 $0.48 $9,683 $0.96 $9,683 $0.96 
Series C Preferred Stock$5,833 $0.60 $4,378 $0.45 $11,613 $1.20 $8,756 $0.90 
Common Stock
$40,956 $0.39 $46,945 $0.45 $88,212 $0.84 $94,026 $0.90 

Dividend Reinvestment and Direct Stock Purchase Plan
The Company sponsors a dividend reinvestment and direct stock purchase plan through which stockholders may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. Stockholders may also make optional cash purchases of shares of the Company’s common stock subject to certain limitations detailed in the plan prospectus. The plan allows for the issuance of up to an aggregate of 937,500 shares of the Company’s common stock. As of June 30, 2025, 161,835 shares have been issued under the plan for total proceeds of approximately $6.7 million, of which 5,692 and 12,218 shares were issued for total proceeds of $0.1 million and $0.2 million during the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2024, 3,967 and 8,025 shares were issued for total proceeds of $0.1 million and $0.1 million, respectively.
Common Share Repurchase Program
The Company’s common share repurchase program allows for the repurchase of up to an aggregate of 9,375,000 shares of the Company’s common stock. Common shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act, or by any combination of such methods. The manner, price, number and timing of common share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The common share repurchase program does not require the purchase of any minimum number of shares, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. The common share repurchase program does not have an expiration date. As of June 30, 2025, a total of 3,637,028 shares of common stock had been repurchased by the Company under the program for an aggregate cost of $208.5 million. No shares of common stock were repurchased during the six months ended June 30, 2025 or 2024.
At-the-Market Offerings
The Company is party to an equity distribution agreement under which the Company is authorized to sell shares of its common stock from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. On July 30, 2024, the Company entered into an amendment to the equity distribution agreement, which increased the maximum number of shares of common stock available for sale under the agreement to 15,000,000. No shares were sold under the “at the market” equity distribution agreements during the six months ended June 30, 2025 or 2024.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss at June 30, 2025 and December 31, 2024 was as follows:
(in thousands)June 30,
2025		December 31,
2024
Available-for-sale securities:
Unrealized gains$29,239 $3,328 
Unrealized losses(142,118)(323,852)
Accumulated other comprehensive loss
$(112,879)$(320,524)
Reclassifications out of Accumulated Other Comprehensive Loss
The Company reclassifies unrealized gains and losses on AFS securities in accumulated other comprehensive loss to net (loss) income upon the recognition of any realized gains and losses on sales as individual securities are sold. For the three and six months ended June 30, 2025, the Company reclassified unrealized losses on sold AFS securities of $17.4 million and $64.3 million, respectively, from accumulated other comprehensive loss to loss on investment securities on the consolidated statements of comprehensive (loss) income. For the three and six months ended June 30, 2024, the Company reclassified unrealized losses on sold AFS securities of $9.4 million and $16.0 million, respectively, from accumulated other comprehensive loss to loss on investment securities on the consolidated statements of comprehensive (loss) income.