v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of 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%.
Schedule of Preferred Stock Repurchases
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.
Schedule of Common Stock Outstanding Roll Forward 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.
Schedule of Dividends Declared
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 
Schedule of Accumulated Other Comprehensive Income (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)