A summary of the changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands except per share amounts):


	Common Stock				Additional Paid-in		Dividends Paid in Excess
	Shares		Amount		Capital		of Earnings			Total
Balance, March 31, 2026		60,467	$	605	$	1,250,223	$	(161,410	)	$	1,089,418
Net earnings		—		—		—		22,585			22,585
Accumulated other comprehensive income		—		—		—		—			—
Dividends declared — $0.485 per share		—		—		—		(30,934	)		(30,934	)
Shares issued pursuant to ATM Program, net		1,461		14		39,776		—			39,790
Shares issued pursuant to dividend reinvestment		—		—		17		—			17
Stock-based compensation and settlements		4		—		1,628		—			1,628
Balance, June 30, 2026		61,932	$	619	$	1,291,644	$	(169,759	)	$	1,122,504

Balance, December 31, 2025		59,816	$	598	$	1,229,340	$	(157,809	)	$	1,072,129
Net earnings								49,214			49,214
Accumulated other comprehensive income		—		—		—		—			—
Dividends declared — $0.97 per share		—		—		—		(61,164	)		(61,164	)
Shares issued pursuant to ATM Program, net		2,111		21		59,691		—			59,712
Shares issued pursuant to dividend reinvestment		—		—		33		—			33
Stock-based compensation and settlements		5		—		2,580		—			2,580
Balance, June 30, 2026		61,932	$	619	$	1,291,644	$	(169,759	)	$	1,122,504


	Common Stock				Accumulated Other Comprehensive			Additional Paid-in			Dividends Paid In Excess
	Shares		Amount		Income			Capital			Of Earnings			Total
Balance, March 31, 2025		55,441	$	554	$	(2,237	)	$	1,099,862		$	(137,059	)	$	961,120
Net earnings		—		—		—			—			14,014			14,014
Accumulated other comprehensive income		—		—		183			—			—			183
Dividends declared — $0.47 per share		—		—		—			—			(27,394	)		(27,394	)
Shares issued pursuant to equity offering, net		1,150		12		—			32,751			—			32,763
Shares issued pursuant to ATM Program, net		—		—		—			(70	)		—			(70	)
Shares issued pursuant to dividend reinvestment		1		—		—			16			—			16
Stock-based compensation/settlements		—		—		—			1,790			—			1,790
Balance, June 30, 2025		56,592	$	566	$	(2,054	)	$	1,134,349		$	(150,439	)	$	982,422

Balance, December 31, 2024		55,027	$	550	$	(1,864	)	$	1,088,390		$	(124,993	)	$	962,083
Net earnings		—		—		—			—			28,800			28,800
Accumulated other comprehensive loss		—		—		(190	)		—			—			(190	)
Dividends declared — $0.94 per share		—		—		—			—			(54,246	)		(54,246	)
Shares issued pursuant to equity offering, net		1,150		12		—			32,751			—			32,763
Shares issued pursuant to ATM Program, net		407		4		—			10,938			—			10,942
Shares issued pursuant to dividend reinvestment		1		—		—			32			—			32
Stock-based compensation/settlements		7		—		—			2,238			—			2,238
Balance, June 30, 2025		56,592	$	566	$	(2,054	)	$	1,134,349		$	(150,439	)	$	982,422

On March 2, 2026, our Board of Directors granted 276,225 restricted stock units (“RSU” or “RSUs”), under our Third Amended and Restated 2004 Omnibus Incentive Compensation Plan. On March 1, 2025, our Board of Directors granted 293,605 RSUs under our Third Amended and Restated 2004 Omnibus Incentive Compensation Plan.

In February 2026, we completed a follow-on public offering of 4.0 million shares of common stock in connection with forward sales agreements. We expect to settle the forward sales agreements, typically within 12 months, via physical delivery of the outstanding shares of common stock in exchange for gross cash proceeds of approximately $129.9 million. As of June 30, 2026, no shares were settled.

In July 2024, we completed a follow-on public offering of 4.0 million shares of common stock in connection with forward sales agreements. During the year ended December 31, 2025, we settled all 4.0 million shares and realized net proceeds of $113.6 million after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreement.

In February 2023, we established and, in February 2024, we amended, an at-the-market equity offering program (the “ATM Program”), pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $350.0 million through a consortium of banks acting as our sales agents or acting as forward sellers on behalf of any forward purchasers pursuant to forward sales agreements. 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, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or as otherwise agreed to with the applicable agent.

The use of forward sales agreements allow us to establish a share price for the sale of shares of common stock at the time the forward sales agreements become effective, but defer receiving the proceeds from the sale of shares of common stock until a later date. To account for the forward sales agreements, we considered the accounting guidance governing financial instruments and derivatives. To date, we have concluded that our forward sales agreements are not liabilities as they do not embody obligations to repurchase our shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to our shares.

We also evaluated whether the forward sales agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. We concluded that the forward sales agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies that are based on observable markets or indices besides those related to the market for our own stock price and operations, and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

We also consider the potential dilution resulting from the forward sales agreements on our earnings per share calculations. We use the treasury stock method to determine the dilution resulting from the forward sales agreements during the period of time prior to settlement.

During the six months ended June 30, 2026 and June 30, 2025, no shares of common stock were issued under the ATM Program. Future sales, if any, will depend on a variety of factors to be determined by us from time to time, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

During the three and six months ended June 30, 2026, we settled 1,460,545 and 2,110,545 shares of common stock, respectively subject to outstanding forward sales agreements and realized net proceeds of $39.8 million and $59.7 million, respectively, after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreement. During the three and six months ended June 30, 2025, we settled 406,727 shares of common stock subject to outstanding forward sales agreements and realized net proceeds of $10.9 million after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreement.

The following table summarizes activity under our ATM Program in connection with forward sales agreements for the six months ended June 30, 2026 and 2025 ($ in thousands):


			For the Six Months Ended June 30, 2026				As of June 30, 2026
Period Entered Into Forward Sales Agreements	Shares Sold		Shares Settled		Net Proceeds Received		Shares Remaining		Anticipated Gross Proceeds Remaining
Three Months Ended December 31, 2024		650,000		650,000	$	19,922		—	$	—
Three Months Ended September 30, 2025		1,018,695		1,018,695		27,548		—		—
Three Months Ended December 31, 2025		441,850		441,850		12,242		—		—
Three Months Ended June 30, 2026		1,812,000		—		—		1,812,000		60,614
Total		3,922,545		2,110,545	$	59,712		1,812,000	$	60,614

We expect to settle outstanding forward sales agreements, typically within 12 months of the respective agreement dates, via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the forward sales agreements, subject to certain conditions.

For the six months ended June 30, 2026, we paid regular quarterly dividends of $60.1 million or $0.97 per share. For the six months ended June 30, 2025, we paid regular quarterly dividends of $53.4 million or $0.94 per share.

Our dividend reinvestment plan provides our common stockholders with a convenient and economical method of acquiring additional shares of common stock by reinvesting all or a portion of their dividend distributions. During the six months ended June 30, 2026 and 2025, we issued 1,067 and 1,123 shares of common stock, respectively, under the dividend reinvestment plan and received proceeds of approximately $33 thousand and $32 thousand, respectively.

Stock-based compensation expense using the fair value method was $2.7 million and $3.4 million for the six months ended June 30, 2026 and 2025, respectively, and is included in general and administrative expense on our consolidated statements of operations.