v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity

15. Stockholders’ Equity

Preferred Stock

The Company’s outstanding Preferred Stock as of both March 31, 2026 and December 31, 2025 is detailed below:

 

Class of
Preferred Stock

 

Shares
Authorized

 

 

Shares
Issued and
Outstanding

 

 

Liquidation
Preference
(in thousands)

 

 

Dividend
Rate

 

 

Annual
Dividend per
Depositary
Share

 

 

Par Value

 

 

Optional
Redemption
Date

Class L

 

 

10,350

 

 

 

8,902

 

 

$

222,543

 

 

 

5.125

%

 

$

1.28125

 

 

$

1.00

 

 

8/16/2022

Class M

 

 

10,580

 

 

 

10,465

 

 

 

261,636

 

 

 

5.250

%

 

$

1.31250

 

 

$

1.00

 

 

12/20/2022

Class N

 

 

1,849

 

 

 

1,381

 

 

 

69,017

 

 

 

7.250

%

 

$

3.62500

 

 

$

1.00

 

 

N/A

 

 

 

 

 

20,748

 

 

$

553,196

 

 

 

 

 

 

 

 

 

 

 

 

 

The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company’s common shares or under certain circumstances by the Company’s election, which is subject to adjustment upon occurrence of certain events. As of March 31, 2026, the Class N Preferred Stock was potentially convertible into 3.2 million shares of common stock. The Company’s Class L and Class M Preferred Stock are not convertible or exchangeable for any other securities or property of the Company.

During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. During the three months ended March 31, 2026, the Company did not repurchase any shares of preferred stock.

The Class L, M and N Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the Class L, M or N Preferred Stock may vote, including any actions by written consent, each share of the Class L, M or N Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L, M or N Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L, M or N Preferred Stock). As a result, each Class L, M or N Depositary Share is entitled to one vote.

Common Stock

During November 2025, the Company established an at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $750.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may, from time to time, enter into separate forward sale agreements with one or more banks. This program does not expire. The Company did not issue any shares under the ATM Program during the three months ended March 31, 2026. As of March 31, 2026, the Company had $750.0 million available under this ATM Program.

During November 2025, the Company established a common share repurchase program. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the three months ended March 31, 2026, the Company repurchased 23,103 shares of common stock for an aggregate purchase price of $0.5 million (weighted average price of $19.99 per share). As of March 31, 2026, the Company had $688.1 million available under this common share repurchase program.

Dividends Declared

The following table provides a summary of the dividends declared per share:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Common Shares

 

$

0.26000

 

 

$

0.25000

 

Class L Depositary Shares

 

$

0.32031

 

 

$

0.32031

 

Class M Depositary Shares

 

$

0.32813

 

 

$

0.32813

 

Class N Depositary Shares

 

$

0.90625

 

 

$

0.90625