v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity Equity
Stockholders’ Equity
In March 2025, the Company completed a follow-on primary public offering of 9,430,000 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,230,000 additional shares of common stock, at a public offering price of $31.00 per share, and entered into forward sale agreements relating
to all such shares. Through June 30, 2026, the Company physically settled 7,215,000 shares under the forward sale agreements relating to this offering, realizing net proceeds of $219.7 million. Including shares physically settled to date and assuming full physical settlement of the remaining forward sale agreements, net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses and making certain other adjustments as provided in the forward sale agreements, are expected to be $285.7 million.
In February 2026, the Company completed a follow-on primary offering of 12,499,999 shares of its common stock, including the full exercise of the underwriters' option to purchase up to 1,630,434 additional shares of common stock, at a public offering price of $32.20 per share, and entered into forward sale agreements relating to all such shares. Assuming full physical settlement of the forward sale agreements, net proceeds from this offering, after deducting underwriting discounts and commissions and other expenses and making certain other adjustments as provided in the forward sale agreements, are expected to be $382.1 million. No shares under these forward sale agreements have been settled as of June 30, 2026.
At the Market Program
In October 2024, the Company established a successor at the market common equity offering program, pursuant to which it is authorized to publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales price of up to $750 million (as amended, the "October 2024 ATM Program"). As context requires, references to the Company's "ATM Program" are to the October 2024 ATM Program and the Company's prior ATM programs. Sales may be made under the ATM Program through identified sales agents, as sales agents or, if applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and sale by the Company of shares to or through the agents, the ATM Program also permits the Company to enter into separate forward sale agreements with identified forward purchasers.
The following table presents information about the ATM Program (dollar amounts in thousands):
Program NameDate EstablishedDate TerminatedMaximum Sales Authorization
Gross Sales through
June 30, 2026(1)
October 2024 ATM ProgramOctober 2024$750,000 $455,853 
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(1)Includes sales of 4,172,182 shares under the October 2024 ATM Program that the Company completed on a forward basis and that were not settled as of June 30, 2026.
The following table details activity under the ATM Program for each period presented:
(in thousands, except share and per share data)Three months ended June 30,Six months ended June 30,
2026202520262025
Shares of common stock sold (1) (2)
1,192,173 3,664,521 1,717,614 4,299,921 
Weighted average sale price per share$30.70 $32.45 $31.05 $32.45 
Gross proceeds$36,597 $118,916 $53,324 $139,519 
Net proceeds$35,972 $117,218 $52,362 $137,512 
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(1)Includes 1,192,173, 3,664,521, 1,717,614 and 4,299,921 shares of common stock that the Company sold on a forward basis during the three and six months ended June 30, 2026 and 2025, respectively, which were not physically settled as of June 30, 2026 and 2025, respectively.
(2)During the six months ended June 30, 2026 and 2025, the Company issued 3,731,352 and 10,336,110 shares of common stock, respectively, which were previously sold on a forward basis under the ATM Program and were unsettled as of December 31, 2025 and 2024, respectively.
Dividends on Common Stock
During the six months ended June 30, 2026 and 2025, the Company’s board of directors declared the following quarterly cash dividends on common stock:
Date DeclaredRecord DateDate PaidDividend per Share of Common StockTotal Dividend
(in thousands)
May 29, 2026June 30, 2026July 14, 2026$0.32 $69,292 
March 6, 2026March 31, 2026April 14, 2026$0.31 $67,123 
May 30, 2025June 30, 2025July 14, 2025$0.30 $59,544 
March 7, 2025March 31, 2025April 11, 2025$0.295 $58,368