| Schedule of Changes in Stockholders' Equity |
The following table summarizes the changes in our equity for the three months ended March 31, 2026 and 2025 (dollars in thousands): | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2026 | 2025 | | | | | Senior Common Stock | | | | | | | Balance, beginning of period | $ | 1 | | $ | 1 | | | | | | Issuance of senior common stock, net | — | | — | | | | | | Balance, end of period | $ | 1 | | $ | 1 | | | | | | Common Stock | | | | | | | Balance, beginning of period | $ | 48 | | $ | 44 | | | | | | Issuance of common stock, net | — | | 1 | | | | | | | | | | | | Balance, end of period | $ | 48 | | $ | 45 | | | | | | Series F Preferred Stock | | | | | | | Balance, beginning of period | $ | 1 | | $ | 1 | | | | | | Issuance of Series F preferred stock, net | — | | — | | | | | | Redemption of Series F preferred stock, net | — | | — | | | | | | Balance, end of period | $ | 1 | | $ | 1 | | | | | | Additional Paid in Capital | | | | | | | Balance, beginning of period | $ | 841,574 | | $ | 784,389 | | | | | | Issuance of common stock and Series F preferred stock, net | 82 | | 26,971 | | | | | | | | | | | | | | | | | | Redemption of Series F preferred stock, net | (398) | | 571 | | | | | | | | | | | | Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (2) | | (16) | | | | | | Balance, end of period | $ | 841,256 | | $ | 811,915 | | | | | | Accumulated Other Comprehensive Income | | | | | | | Balance, beginning of period | $ | 3,314 | | $ | 10,648 | | | | | | Comprehensive loss | 2,727 | | (4,016) | | | | | | Reclassification into interest expense | (13) | | 15 | | | | | | Balance, end of period | $ | 6,028 | | $ | 6,647 | | | | | | Distributions in Excess of Accumulated Earnings | | | | | | | Balance, beginning of period | $ | (673,168) | | $ | (623,912) | | | | | | Distributions declared to common, senior common, and preferred stockholders | (17,662) | | (16,605) | | | | | | Redemption of Series F preferred stock, net | 4 | | (10) | | | | | | Net income available to the Company | 6,969 | | 5,134 | | | | | | Balance, end of period | $ | (683,857) | | $ | (635,393) | | | | | | Total Stockholders' Equity | | | | | |
| | | | | | | | | | | | | Balance, beginning of period | $ | 171,770 | | $ | 171,171 | | | | | | Issuance of common stock and Series F preferred stock, net | 82 | | 26,972 | | | | | | | | | | | | | | | | | | Redemption of Series F preferred stock, net | (394) | | 561 | | | | | | | | | | | | Distributions declared to common, senior common, and preferred stockholders | (17,662) | | (16,605) | | | | | | Comprehensive loss | 2,727 | | (4,016) | | | | | | Reclassification into interest expense | (13) | | 15 | | | | | | Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (2) | | (16) | | | | | | Net income available to the Company | 6,969 | | 5,134 | | | | | | Balance, end of period | $ | 163,477 | | $ | 183,216 | | | | | | Non-Controlling Interest | | | | | | | Balance, beginning of period | $ | 122 | | $ | 130 | | | | | | Distributions declared to Non-controlling OP Unit holders | (12) | | (12) | | | | | | | | | | | | | | | | | | Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 2 | | 16 | | | | | | Net income available to OP Units held by Non-controlling OP Unitholders | 3 | | 2 | | | | | | Balance, end of period | $ | 115 | | $ | 136 | | | | | | Total Equity | $ | 163,592 | | $ | 183,352 | | | | |
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