v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
 
(a) Preferred Stock
 
7.50% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”)
On April 15, 2013, the Company completed the issuance of 8.0 million shares of its Series B Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. On August 15, 2025, the Company filed an articles supplementary to the amended and restated articles of incorporation, which increased the number of authorized shares of Series B Preferred Stock to 12.1 million. Also on August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may, from time to time, offer and sell shares of its preferred stock having an aggregate gross sales price of up to $100.0 million. During the three months ended March 31, 2026, 60,439 shares of Series B Preferred Stock were issued for gross proceeds of approximately $1.2 million.

The Company’s Series B Preferred Stock is entitled to receive a dividend at a rate of 7.50% per year on the $25.00 liquidation preference before the Company’s common stock is paid any dividends and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. Dividends on the Series B Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not authorized or declared), exclusively at the Company’s option.
The Series B Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”), until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least 66.67% of the outstanding shares of Series B Preferred Stock.

The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2025 through March 31, 2026:

Declaration Date Record DatePayment Date
Annual Dividend Rate
Dividend Per Share
February 19, 2026March 4, 2026March 31, 20267.50%$0.46875
November 20, 2025December 4, 2025December 31, 20257.500.46875
August 21, 2025September 4, 2025September 30, 20257.500.46875
May 19, 2025June 4, 2025June 30, 20257.500.46875
February 18, 2025March 4, 2025March 31, 20257.500.46875
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”)

On February 28, 2020, the Company amended its charter through the filing of articles supplementary to reclassify 12,650,000 shares of the Company’s authorized but unissued common stock as shares of the Company’s Series C Preferred Stock. On March 2, 2020, the Company completed the issuance of 11.0 million shares of its Series C Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. The total net proceeds the Company received from the offering were approximately $266.0 million, after deducting offering expenses and the underwriting discount. On August 15, 2025, the Company filed an articles supplementary to the amended and restated articles of incorporation, which increased the number of authorized shares of Series C Preferred Stock to 16.7 million. Also on August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may, from time to time, offer and sell shares of its preferred stock having an aggregate gross sales price of up to $100.0 million. During the three months ended March 31, 2026, 100,015 shares of Series C Preferred Stock were issued for gross proceeds of approximately $2.3 million.
The Company’s Series C Preferred Stock is entitled to receive dividends (i) from and including the original issue date to, but excluding, March 31, 2025, at a fixed rate of 6.50% per year on the $25.00 liquidation preference and (ii) from and after March 31, 2025, at a floating rate equal to three-month London Interbank Offered Rate (“LIBOR”) plus a spread of 5.345% per year of the $25.00 per share liquidation preference before the Company’s common stock is paid any dividends, and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. In light of the discontinuance of the publication of three-month LIBOR after June 2023 and pursuant to the Adjustable Interest Rate (LIBOR) Act and the Federal
Reserve’s final rules promulgated thereunder, the three-month CME Term SOFR (Secured Overnight Financing Rate) has replaced three-month LIBOR as the successor base rate and includes an additional spread adjustment of 0.26161% per year based on the recommendation from the Alternative Reference Rate Committee. Dividends on the Series C Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Company may, at its option, subject to certain procedural requirements, redeem any or all of the shares of the Series C Preferred Stock for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date.
The Series C Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board, until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series C Preferred Stock cannot be made without the affirmative vote of holders of at least 66.67% of the outstanding shares of Series C Preferred Stock.

The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2025 through March 31, 2026:

Declaration Date Record DatePayment Date
Annual Dividend Rate
Dividend Per Share
February 19, 2026March 4, 2026March 31, 20269.27855%$0.579910
November 20, 2025December 4, 2025December 31, 20259.608110.613850
September 2, 2025September 4, 2025September 30, 20259.902260.639521
May 19, 2025June 4, 2025June 30, 20259.905780.619110
February 18, 2025March 4, 2025March 31, 20256.500000.406250
(b) Dividends on Common Stock
 
The following table presents cash dividends declared by the Company on its common stock from January 1, 2025 through March 31, 2026:

Declaration Date
Record DatePayment DateDividend Per Share 
March 5, 2026March 31, 2026April 30, 2026$0.36(1)
December 11, 2025December 31, 2025January 30, 20260.36
September 11, 2025September 30, 2025October 31, 20250.36
June 12, 2025June 30, 2025July 31, 20250.36
March 6, 2025March 31, 2025April 30, 20250.36
(1) At March 31, 2026, the Company had accrued dividends and dividend equivalents payable of $37.7 million related to the common stock dividend declared on March 5, 2026.
(c) Preferred Stock At-the-Market Offering Program
On August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may, from time to time, offer and sell shares of its Series B Preferred Stock and/or its Series C Preferred Stock having an aggregate gross sales price of up to $100.0 million, through various sales agents in transactions deemed to be “at-the-market” offerings under federal securities laws (the “Preferred Stock ATM Program”). The Company sold an aggregate of 160,454 shares of preferred stock through the Preferred Stock ATM Program during the current quarter for gross sales proceeds of approximately $3.6 million. As of March 31, 2026, approximately $86.9 million remained available under the Preferred Stock ATM Program.
(d) Common Stock At-the-Market Offering Program

On August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $300.0 million, from time to time, through various sales agents in transactions deemed to be “at-the-market” offerings under federal securities laws (the “Common Stock ATM Program”). The prior distribution agreement entered into on February 29, 2024, which had substantially the same terms, was terminated.
The Company did not sell any shares of common stock through the Common Stock ATM Program during the three months ended March 31, 2026 and 2025.

(e) Stock Repurchase Program
 
On February 29, 2024, the Company announced its Board had authorized a $200 million stock repurchase program with respect to the Company’s common stock, which was in effect through the end of 2025. Approximately $190 million remained available for repurchase under the stock repurchase program upon its expiration. On February 12, 2026, the Company’s Board authorized a new $200 million stock repurchase program with respect to the Company’s common stock, which will be in effect through December 31, 2028.
The stock repurchase program does not require the purchase of any minimum number of shares. The timing and extent to which the Company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity, regulatory requirements and other factors, and repurchases may be commenced or suspended at any time without prior notice. Acquisitions under the stock repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws (including, in the Company’s discretion, through the use of one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act of 1934, as amended (the “Exchange Act”)).

During the three months ended March 31, 2026, the Company repurchased 500,660 shares of its common stock through the stock repurchase program at an average cost of approximately $10.00 per share and a total cost of approximately $5.0 million, net. The Company did not repurchase any shares of its common stock during the three months ended March 31, 2025. At March 31, 2026, approximately $195 million remained available under the current authorization for the purchase of the Company’s common stock under the stock repurchase program.
(f) Accumulated Other Comprehensive Income/(Loss)

The following tables present changes in the balances of each component of the Company’s AOCI for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31, 2026
(In Thousands)Net Unrealized Gain/(Loss) on AFS Securities
Net Unrealized Gain/(Loss) on Financing Agreements (1)
Total AOCI
Balance at beginning of period$3,675 $— $3,675 
OCI before reclassifications(753)— (753)
Amounts reclassified from AOCI— — — 
Net OCI during the period (2)
(753)— (753)
Balance at end of period$2,922 $— $2,922 
Three Months Ended March 31, 2025
(In Thousands)Net Unrealized Gain/(Loss) on AFS Securities
Net Unrealized Gain/(Loss) on Financing Agreements (1)
Total AOCI
Balance at beginning of period$9,476 $— $9,476 
OCI before reclassifications(1,034)— (1,034)
Amounts reclassified from AOCI(226)— (226)
Net OCI during the period (2)
(1,260)— (1,260)
Balance at end of period$8,216 $— $8,216 
(1) Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk.
(2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss).