Preferred Stock. The Company’s Board of Directors has designated 6,600,000 shares of the Company’s preferred stock for issuance as Series C Preferred Stock, of which the Company has 4,460,000 of such shares outstanding as of June 30, 2026. The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless redeemed, repurchased, or converted into common stock pursuant to the terms of the Series C Preferred Stock. As of April 15, 2025, the Series C Preferred Stock may be redeemed at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. In addition, the Series C Preferred Stock will now pay a quarterly cumulative cash dividend at a percentage of its $25.00 liquidation value per share equal to 3-month term SOFR plus the statutorily prescribed tenor spread adjustment of 0.26161% in addition to the spread pursuant to the terms of the Series C Preferred Stock of 5.461% for a total spread of 5.723%. The Company paid a quarterly dividend of $0.59416 per share of Series C Preferred Stock on July 15, 2026 to shareholders of record as of July 1, 2026.

Common Stock. During the six months ended June 30, 2026, the Company issued 62,149,933 shares of its common stock through its at-the-market (“ATM”) program at an aggregate value of $833 million, net of broker commissions and fees. The Company declared monthly dividends on its common stock totaling $0.51 for the three months ended June 30, 2026. The Company’s timing, frequency, and amount of dividends declared on its common stock are determined by its Board of Directors. When declaring dividends, the Board of Directors considers the Company’s taxable income, management’s view on long-term returns, the REIT distribution requirements of the Tax Code, and maintaining compliance with dividend requirements of the Series C Preferred Stock, along with other factors that the Board of Directors may deem relevant from time to time.


	Six Months Ended
	June 30,
	2026			2025
Type of Award	Shares	Weighted Average Grant Date Fair Value Per Share		Shares	Weighted Average Grant Date Fair Value Per Share
Restricted stock:
Awards outstanding, beginning of period	25,105	$	12.34	93,595	$	12.78
Granted	—	—		—	—
Vested	(16,265)	12.25		(66,860)	12.96
Awards outstanding, end of period	8,840	$	12.50	26,735	$	12.34

Target RSUs: (1)
Awards outstanding, beginning of period	738,223	$	12.79	463,070	$	12.64
Granted	569,942	13.59		399,096	12.78
Vested	(352,477)	12.59		(150,199)	12.63
Awards outstanding, end of period	955,688	$	13.34	711,967	$	12.72

Target PSUs: (2)
Awards outstanding, beginning of period	693,414	$	12.26	482,409	$	12.32
Granted	590,231	13.68		371,282	12.05
Vested	(129,870)	12.26		—	—
Forfeited	(55,185)	13.68		—	—
Awards outstanding, end of period	1,098,590	$	12.95	853,691	$	12.20

(1)The number of RSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% if the recipient’s service-based vesting condition is not met to 100% if the service-based vesting condition is met.

Restricted stock granted to employees generally vests in equal installments over a period of 3 years. RSUs generally vest in equal installments over a period of 3 years if granted to employees and one year if granted to a non-employee director. PSUs cliff vest based on performance results measured over a period of 3 years. The Company expects 134% of the remaining target PSUs outstanding as of June 30, 2026 will be settled on their vesting dates.


Dividends Payable	June 30, 2026		December 31, 2025
($s in thousands)
RSU DERs	$	1,598	$	1,578
PSU DERs	3,064		3,423
Accrued DERs	4,662		5,001

Common stock dividends	$	40,038	$	29,877
Preferred stock dividends	2,243		2,293
Accrued dividends	42,281		32,170

Total dividends payable	$	46,943	$	37,171

Total share-based compensation expense recognized by the Company for the three and six months ended June 30, 2026 was $3 million and $10 million, respectively, compared to $3 million and $6 million for the three and six months ended June 30, 2025. The following table discloses the Company’s remaining compensation expense related to stock awards it has granted as of June 30, 2026, which will be amortized over the period disclosed: