v3.26.1
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Preferred Stock
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of June 30, 2026. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company, each series of preferred stock will rank on parity with one another and rank senior to the Company’s common stock with respect to the payment of the dividends and the distribution of assets.
(dollars in thousands)
Class of StockIssuance DateShares Issued and OutstandingCarrying ValueContractual Rate
Redemption Eligible Date (1)
Fixed to Floating Rate Conversion Date (2)
Floating Annual Rate (3)
Series AMarch 14, 20175,050,221 $121,971 8.125 %April 27, 2027April 27, 2027
3M Rate + 5.660%
Series BJuly 19, 201710,159,200 245,670 7.625 %July 27, 2027July 27, 2027
3M Rate + 5.352%
Series CNovember 27, 20179,661,396 233,826 7.250 %January 27, 2025January 27, 2025
3M Rate + 5.011%
Total24,870,817 $601,467 
____________________
(1)Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption eligible date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company, including the change of control expected in connection with the CCM Merger.
(2)The dividend rate on the fixed-to-floating rate redeemable preferred stock will remain at an annual fixed rate of the $25.00 per share liquidation preference from the issuance date up to but not including the transition date disclosed within. Effective as of the fixed-to-floating rate conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed in footnote (3) below.
(3)On and after the fixed-to-floating rate conversion date, dividends will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to a floating base rate plus the spread indicated with respect to each series of preferred stock. The floating base rate with respect to each series of preferred stock, following the applicable conversion date, is the three-month CME Term SOFR plus a tenor spread of 0.26161%.
Schedule of Common Stock Outstanding Roll Forward The following table presents a reconciliation of the common shares outstanding for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Common shares outstanding, beginning of period
105,044,253 104,025,096 104,806,311 103,680,321 
Issuance of common stock
3,332 5,692 6,625 12,218 
Non-cash equity award compensation (1)
85,423 101,665 320,072 439,914 
Common shares outstanding, end of period
105,133,008 104,132,453 105,133,008 104,132,453 
___________________
(1)See Note 15 - Equity Incentive Plans for further details regarding the Company’s equity incentive plans.
Schedule of Dividends Declared
The following table presents cash dividends declared by the Company on its preferred and common stock during the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands, except per share amounts)
2026202520262025
Class of StockAmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Series A Preferred Stock$2,564 $0.51 $2,564 $0.51 $5,129 $1.02 $5,129 $1.02 
Series B Preferred Stock$4,842 $0.48 $4,842 $0.48 $9,683 $0.96 $9,683 $0.96 
Series C Preferred Stock$5,460 $0.56 $5,833 $0.60 $10,861 $1.12 $11,613 $1.20 
Common Stock
$36,089 $0.34 $40,956 $0.39 $72,186 $0.68 $88,212 $0.84 
Schedule of Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss at June 30, 2026 and December 31, 2025 was as follows:
(in thousands)June 30,
2026		December 31,
2025
Available-for-sale securities:
Unrealized gains$11,523 $44,382 
Unrealized losses(57,259)(44,469)
Accumulated other comprehensive loss
$(45,736)$(87)