v3.26.1
Redeemable Convertible Preferred Stock and Equity Transactions
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Redeemable Convertible Preferred Stock and Equity Transactions
Note 15 - Redeemable Convertible Preferred Stock and Equity Transactions
The following table presents the summary of the Company's outstanding shares of redeemable convertible preferred stock, perpetual preferred stock, and common stock as of March 31, 2026 and December 31, 2025 (in thousands, except share and per share amounts):
Balance as ofShares Outstanding as of
First Quarter 2026 Dividend Per Share(1)
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Redeemable Convertible Preferred Stock:
Series H Preferred Stock(2)
$89,748 $89,748 17,950 17,950 $59.84 
Perpetual Preferred Stock:
Series E Preferred Stock$258,742 $258,742 10,329,039 10,329,039 $0.46875 
Common Stock:
Common Stock - at par value(3)(4)
$755 $808 77,214,904 81,553,982 $0.20 
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(1) As declared by the Company's board of directors.
(2) On January 14, 2026, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by two years, to January 21, 2028. Unless earlier converted, the Series H Preferred Stock will automatically convert into common stock at a rate of 299.2 shares of common stock per share of Series H Preferred Stock (subject to adjustments as described in the Articles Supplementary for the Series H Preferred Stock) on January 21, 2028. The holder of the Series H Preferred Stock has the right to convert up to 4,487 shares of Series H Preferred Stock one time in each calendar month through and including the month prior to the mandatory conversion date, upon 10 business days’ advance notice to the Company.
(3) Common stock includes shares issued pursuant to the Company's DRIP and unvested restricted shares.
(4) During the three months ended March 31, 2026, the Company repurchased 4,361,596 shares of common stock at a net average price of $9.13 per share, for a total of $39.8 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of March 31, 2026. See discussion in the "Stock Repurchases" section below.
During the three months ended March 31, 2026 and 2025, the Company paid an aggregate of $29.2 million and $29.5 million, respectively, of common stock distributions comprised of quarterly common dividends of $0.355 per share.
Stock Repurchases
In February 2026, the Company’s board of directors reauthorized the Company's share repurchase program to provide $50.0 million available for share repurchases through December 31, 2026. The Company’s share repurchase program authorizes share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP. Repurchases made under the program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any purchases by the Company will be determined by the Company in its reasonable business judgment and consistent with the exercise of its legal duties and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The share repurchase program does not obligate the Company to acquire any particular amount of common stock. The Company share repurchase program will remain open until it expires or until the capital committed to the applicable repurchase program has been exhausted, whichever is sooner. Repurchases under the Company’s share repurchase program may be suspended from time to time at the Company’s discretion without prior notice. As of March 31, 2026, the Company had $10.2 million remaining under the share repurchase program.
The following table is a summary of the Company's repurchase activity of its common stock during the three months ended March 31, 2026.
Three Months Ended March 31, 2026
Shares
Amount (1)(2)
Beginning of period, authorized repurchase amount$50,000 
Repurchases paid4,361,596 $(39,822)
Remaining as of March 31, 2026$10,178 
(1) For the three months ended, March 31, 2026 the net average purchase price was $9.13 per share.
(2) Amount includes commissions paid associated with share repurchases.
Dividend Reinvestment and Direct Stock Purchase Plan
The Company has adopted a dividend reinvestment and direct stock purchase plan ("DRIP") under which we registered and reserved for issuance, in the aggregate, up to 63,000,000 shares of common stock. Under the dividend reinvestment component of this plan, the Company's common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of common stock (which shares, at the Company's option, are either issued directly from the Company or purchased by the administrator on the open market). The direct stock purchase component allows stockholders, subject to the Company's approval, to purchase shares of common stock directly from us. During the three months ended March 31, 2026 and 2025, no shares common stock were issued by the Company, and 42,459 and 38,012 shares of common stock, respectively, were purchased in the open market by the DRIP administrator and allocated to DRIP participants under the dividend reinvestment component of the DRIP.
At-the-Market Sales Agreement
Pursuant to the sales agreement dated April 14, 2023 (as amended the "Sales Agreement"), the Company maintains a $200 million at-the-market offering program (the "ATM program") with a financial syndicate as sales agents (the "Agents"). Pursuant to the Sales Agreement, the Company may offer and sell shares of the Company's common stock, from time to time, and at various prices, through the Agents. Sales of the common stock, if any, made through the Agents may be made in "at the market" offerings (as defined in Rule 415 under the Securities Act of 1933, as amended), by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise, at market prices prevailing at the time of sale, in block transactions, in negotiated transactions, in any manner permitted by applicable law or as otherwise as may be agreed by the Company and any Agent.
As of March 31, 2026, the Company had not sold any shares of common stock under the ATM program, and common stock with an aggregate sales price of $200 million remains available for issuance pursuant to the ATM program.
Non-Controlling Interest
In connection with the NewPoint Transaction, the Company issued 8,385,951 OP Units, providing those unit holders interest in the operating partnership. The OP Unit holders have the right to redeem their OP Units, for either shares of common stock or cash, at the Company's option and subject to certain restrictions. In the event OP Units are redeemed, one OP Unit is equal to one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common stock at the time of redemption. When an OP Unit holder redeems an OP Unit, non-controlling interests in the operating partnership is reduced and the Company’s equity is increased. As of March 31, 2026, the non-controlling interest OP Unit holders owned 8,385,951 OP Units.
Accumulated Other Comprehensive Income/(Loss)
The following table sets forth the changes in accumulated other comprehensive income/(loss) related to the Company's real estate securities, available for sale, measured at fair value for the three months ended March 31, 2026 and 2025 (dollars in thousands):

For The Three Months Ended
March 31, 2026March 31, 2025
Balance, Beginning of Period$(284)$79 
Other comprehensive income/(loss)(772)(397)
Reclassification adjustment for amounts included in net income/(loss)— — 
Balance, End of Period$(1,056)$(318)