v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Equity Equity
Preferred Stock. The Series D, Series E and Series F preferred stock are not redeemable by us prior to June 2, 2026, August 11, 2026 and October 12, 2026, respectively. Holders of the Series F preferred stock are entitled to receive cumulative dividends at a fixed rate equal to 6.25% from the date of issuance through October 29, 2026 and at a floating rate equal to a benchmark rate (which is expected to be the
three-month term SOFR) plus a spread of 5.442% per annum beginning October 30, 2026; provided that in no event should the rate be lower than 6.125%.
Common Stock. We have an equity distribution agreement with Citizens JMP Securities, LLC ("JMP"). In accordance with the terms of the agreement, we may offer and sell up to 30,000,000 shares of our common stock in "At-The-Market" equity offerings through JMP by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. At June 30, 2026, we had 23,439,335 shares available under the agreement.
We have a share repurchase program providing for the repurchase of up to $150.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, through privately negotiated transactions, or otherwise in compliance with Rule 10b-18 and Rule 10b5-1 under the Exchange Act, based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. During the six months ended June 30, 2026, we repurchased 7,668,592 shares of our common stock under our share repurchase program at a cost of $51.4 million, excluding broker commission fees, representing an average cost of $6.71 per share. At June 30, 2026, there was $85.2 million available for repurchase under this program.
Noncontrolling Interest. Noncontrolling interest relates to the operating partnership units (“OP Units”) issued to satisfy a portion of the purchase price in connection with the acquisition of the agency platform of Arbor Commercial Mortgage, LLC ("ACM") in 2016. Each of these OP Units are paired with one share of our special voting preferred shares having a par value of $0.01 per share and is entitled to one vote each on any matter submitted for stockholder approval. The OP Units are entitled to receive distributions if and when our Board of Directors authorizes and declares common stock distributions. The OP Units are also redeemable for cash, or at our option, for shares of our common stock on a one-for-one basis. At June 30, 2026, there were 16,170,218 OP Units outstanding, which represented 7.9% of the voting power of our outstanding stock.
Distributions. Dividends declared (on a per share basis) during the six months ended June 30, 2026 are as follows:
Common StockPreferred Stock
Dividend
Declaration DateDividendDeclaration DateSeries DSeries ESeries F
February 24, 2026$0.30 March 30, 2026$0.3984375 $0.390625 $0.390625 
May 7, 2026$0.17 June 29, 2026$0.3984375 $0.390625 $0.390625 
Common Stock – On July 29, 2026, the Board of Directors declared a cash dividend of $0.17 per share of common stock. The dividend is payable on August 28, 2026 to common stockholders of record as of the close of business on August 14, 2026.
Deferred Compensation. During 2026, we granted 1,249,730 shares of restricted common stock to certain employees and Board of Directors members under the Amended Omnibus Stock Incentive Plan with a total grant date fair value of $9.1 million, of which: (1) 395,249 shares with a grant date fair value of $3.0 million vested on the grant date in 2026; (2) 342,587 shares with a grant date fair value of $2.6 million will vest in 2027; (3) 352,135 shares with a grant date fair value of $2.6 million will vest in 2028; (4) 47,267 shares with a grant date fair value of $0.3 million will vest in 2029; and (5) 112,492 shares with a grant date fair value of $0.6 million will vest in 2030.
During 2026, we granted our chief executive officer 281,690 shares of restricted common stock with a grant date fair value of $2.1 million that vest in full in the first quarter of 2029. We also granted our chief executive officer up to 1,126,760 shares of performance-based restricted stock units (“RSUs”) with a grant date fair value of $3.1 million that vest at the end of a four-year performance period based on the achievement of certain stockholder return objectives.
During 2026, we granted our chief operating officer 649,350 shares of performance-based RSUs with a grant date fair value of $0.6 million that vest at the end of a five-year performance period based on the achievement of certain stockholder return objectives. We also awarded our chief operating officer a multi-year performance award pursuant to which he may earn between 0% and 100% of a maximum award value of $20.0 million based on the level of achievement of specified new business volume and related performance metrics during the applicable performance period. Following completion of the performance period and certification of the performance results, any portion of the award earned will be converted into and granted in the form of shares of restricted common stock. The grant date and number of shares resulting from the award will be determined at that time based on the applicable stock price specified in the award agreement. Subject to continued employment, the restricted shares will generally vest in five equal installments on the grant date and on each of the first four anniversaries of the grant date.
We also issued 93,075 fully-vested RSUs with a grant date fair value of $0.7 million to certain members of our Board of Directors, who have decided to defer the receipt of the common stock, into which the RSUs are converted, or to defer receipt of cash fees, to a future date pursuant to a pre-established deferral election.
During 2026, we withheld 322,969 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested.
Earnings Per Share (“EPS”). Basic EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, plus the additional dilutive effect of common stock equivalents during each period. Our common stock equivalents include the weighted average dilutive effect of RSUs and OP Units and for the six months ended June 30, 2025, convertible senior unsecured notes.
A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data):
Three Months Ended June 30,
20262025
BasicDiluted (1)BasicDiluted
Net (loss) income attributable to common stockholders (2)$(37,342)$(37,342)$23,952 $23,952 
Net (loss) income attributable to noncontrolling interest (3)— — — 2,015 
Net (loss) income attributable to common stockholders and noncontrolling interest (4)$(37,342)$(37,342)$23,952 $25,967 
Weighted average shares outstanding190,806,800190,806,800192,236,206192,236,206
Dilutive effect of OP Units (3)———16,173,761
Dilutive effect of RSUs (5)———593,035
Weighted average shares outstanding (4)190,806,800 190,806,800192,236,206209,003,002
Net (loss) income per common share (2)$(0.20)$(0.20)$0.12 $0.12 
Six Months Ended June 30,
20262025
Net (loss) income attributable to common stockholders (2)$(36,713)$(36,713)$54,389 $54,389 
Net (loss) income attributable to noncontrolling interest (3)— — — 4,617 
Net (loss) income attributable to common stockholders and noncontrolling interest (4)$(36,713)$(36,713)$54,389 $59,006 
Weighted average shares outstanding192,491,494192,491,494191,154,501191,154,501
Dilutive effect of OP Units (3)———16,211,314
Dilutive effect of RSUs (5)———572,759
Weighted average shares outstanding (4)192,491,494192,491,494191,154,501207,938,574
Net (loss) income per common share (2)$(0.19)$(0.19)$0.28 $0.28 
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(1)For the three and six months ended June 30, 2026, potentially dilutive securities were excluded from the computation of diluted loss per common share because their effect would have been anti-dilutive due to the net loss attributable to common stockholders incurred during the period.
(2)Net of preferred stock dividends.
(3)We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election.
(4)The three and six months ended June 30, 2025 excludes interest expense of $6.1 million and $12.2 million, respectively, and potentially dilutive shares of 17,471,534 and 17,543,663, respectively, attributable to convertible debt since their effect would have been anti-dilutive. In August 2025, our convertible debt matured and was fully settled.
(5)Represents the dilutive effect of performance-based RSUs granted to certain executive officers that vest based upon our achievement of total stockholder return objectives and RSUs granted to our chief executive officer and certain directors who have decided to defer the receipt of the common stock into which the RSUs are converted, or to defer receipt of cash fees, to a future date pursuant to a pre-established deferral election.