v3.25.4
EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
EQUITY
9. EQUITY
The Company has one outstanding class of common stock, Class A as of December 31, 2025, 2024, and 2023. The Class A common stock is described as follows:

Class A Common Stock
 
Voting Rights
 
Holders of shares of Class A common stock are entitled to one vote per share on all matters on which stockholders generally are entitled to vote. The holders of Class A common stock do not have cumulative voting rights in the election of directors.
 
Dividend Rights
 
Subject to the rights of the holders of any preferred stock that may be outstanding and any contractual or statutory restrictions, holders of Class A common stock are entitled to receive equally and ratably, share for share, dividends as may be declared by the board of directors out of funds legally available to pay dividends. Dividends upon Class A common stock may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property, or in shares of capital stock.
 
Liquidation Rights
 
Upon liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any outstanding shares of preferred stock.
 
Other Matters
 
The shares of Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of our Class A common stock are fully paid and non-assessable.
Stock Repurchases

On April 23, 2025, the board of directors authorized the repurchase of $100.0 million of the Company’s Class A common stock from time to time without further approval. This authorization increased the remaining outstanding authorization per the April 24, 2024 authorization from $66.8 million to $100.0 million. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. As of December 31, 2025, the Company has a remaining amount available for repurchase of $90.6 million, which represents 6.5% in the aggregate of its outstanding Class A common stock, based on the closing price of $10.99 per share on such date.
The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2025, 2024, and 2023 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2024$67,604 
Additional authorizations (2)33,201 
Repurchases paid:
January 1, 2025 - January 31, 2025— — 
February 1, 2025 - February 28, 2025— — 
March 1, 2025 - March 31, 202570,506 (805)
April 1, 2025 - April 30, 2025— — 
May 1, 2025 - May 31, 2025401,396 (4,151)
June 1, 2025 - June 30, 2025234,094 (2,456)
July 1, 2025 - July 31, 202536,371 (397)
August 1, 2025 - August 31, 202543,020 (471)
September 1, 2025 - September 30, 202591,321 (1,017)
October 1, 2025 - October 31, 202545,052 (477)
November 1, 2025 - November 30, 202530,668 (320)
December 1, 2025 - December 31, 202512,111 (131)
Authorizations remaining as of December 31, 2025$90,580 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 23, 2025, the Board authorized repurchases up to $100.0 million in aggregate.

SharesAmount(1)
Authorizations remaining as of December 31, 2023$44,256 
Additional authorizations (2)31,391 
Repurchases paid:
January 1, 2024 - January 31, 2024— — 
February 1, 2024 - February 29, 2024— — 
March 1, 2024 - March 31, 202460,000 (647)
April 1, 2024 - April 30, 2024— — 
May 1, 2024 - May 31, 20242,100 (23)
June 1, 2024 - June 30, 202417,590 (189)
July 1, 2024 - July 31, 2024— — 
August 1, 2024 - August 31, 2024— — 
September 1, 2024 - September 30, 2024100,001 (1,190)
October 1, 2024 - October 31, 202414,131 (159)
November 1, 2024 - November 30, 202469,000 (789)
December 1, 2024 - December 31, 2024448,369 (5,046)
Authorizations remaining as of December 31, 2024$67,604 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 24, 2024, the Board authorized repurchases up to $75.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2022$46,737 
Repurchases paid:
March 1, 2023 - March 31, 2023250,000 (2,285)
September 1, 2023 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
Dividends

In order for the Company to maintain its qualification as a REIT under the Code, it must annually distribute at least 90% of its taxable income. The Company has paid and in the future intends to declare regular quarterly distributions to its shareholders in order to continue to qualify as a REIT.

Consistent with IRS guidance, the Company may, subject to a cash/stock election by its shareholders, pay a portion of its dividends in stock, to provide for meaningful capital retention; however, the REIT distribution requirements limit its ability to retain earnings and thereby replenish or increase capital for operations. The timing and amount of future distributions is based on a number of factors, including, among other things, the Company’s future operations and earnings, capital requirements and surplus, general financial condition and contractual restrictions. All dividend declarations are subject to the approval of the Company’s board of directors. For taxable years beginning after December 31, 2017 and before January 1, 2026, generally stockholders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations. The Company believes that its significant capital resources and access to financing will provide the financial flexibility at levels sufficient to meet current and anticipated capital requirements, including funding new investment opportunities, paying distributions to its shareholders and servicing our debt obligations.

The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2025, 2024 and 2023:
Declaration DateDividend per Share
March 14, 2025$0.23 
June 13, 20250.23 
September 15, 20250.23 
December 15, 20250.23 
Total$0.92 
March 15, 2024$0.23 
June 14, 20240.23 
September 13, 20240.23 
December 13, 20240.23 
Total$0.92 
March 15, 2023$0.23 
June 15, 20230.23 
September 15, 20230.23 
December 15, 20230.23 
Total$0.92 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2025, 2024 and 2023:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2025April 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
June 30, 2025July 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
September 30, 2025October 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
December 31, 2025January 15, 2026(1)— — — — — — — 
Total$0.690 $0.651 $— $0.033 $0.018 $0.006 $0.651 

(1)The fourth quarter dividend paid on January 15, 2026 was $0.230 and is considered a 2026 dividend for U.S. federal income tax purposes.

Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 28, 2024April 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
June 28, 2024July 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
September 30, 2024October 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
December 31, 2024January 15, 2025(1)0.230 0.195 — 0.035 0.023 — 0.195 
Total$0.920 $0.780 $— $0.140 $0.092 $— $0.780 
(1)The fourth quarter dividend paid on January 15, 2025 was $0.230 and is considered a 2024 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2023April 17, 2023$0.230 $0.230 $— $— $— $— $0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 
(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.
Changes in Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):

Year Ended December 31,
202520242023
Accumulated Other Comprehensive Income (Loss) beginning of period$(4,866)$(13,853)$(21,009)
Gain (loss) on available for sale securities, net of tax731 8,987 7,156 
Accumulated Other Comprehensive Income (Loss) end of period$(4,135)$(4,866)$(13,853)