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Capital Stock
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Capital Stock Capital Stock
Preferred Stock

The Company declared dividends to Series A preferred stockholders of $3 million and $6 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2026. The Company declared dividends to Series A preferred stockholders of $3 million and $6 million, or $0.50 and $1.00 per preferred share, during the quarter and six months ended June 30, 2025.

The Company declared dividends to Series B preferred stockholders of $8 million and $16 million, or $0.61 and $1.22 per preferred share, during the quarter and six months ended June 30, 2026. The Company declared dividends to Series B preferred stockholders of $8 million and $17 million, or $0.65 and $1.30 per preferred share, during the quarter and six months ended June 30, 2025.

The Company declared dividends to Series C preferred stockholders of $6 million and $11 million, or $0.56 and $1.10 per preferred share, during the quarter and six months ended June 30, 2026. The Company declared dividends to Series C preferred stockholders of $5 million and $10 million, or $0.48 and $0.97 per preferred share, during the quarter and six months ended June 30, 2025.

The Company declared dividends to Series D preferred stockholders of $5 million and $9 million, or $0.60 and $1.18 per preferred share, during the quarter and six months ended June 30, 2026. The Company declared dividends to Series D preferred stockholders of $5 million and $10 million, or $0.63 or $1.26 per preferred share, during the quarter and six months ended June 30, 2025.

On October 30, 2021, all 5,800,000 issued and outstanding shares of Series A Preferred Stock with an outstanding liquidation preference of $145 million became callable at a redemption price equal to the liquidation preference plus accrued and unpaid dividends through, but not including, the redemption date.

On March 30, 2024, all 13,000,000 issued and outstanding shares of Series B Preferred Stock with an outstanding liquidation preference of $325 million became callable at a redemption price equal to the liquidation preference plus accrued and unpaid dividends through, but not including, the redemption date.

On March 30, 2024, all 8,000,000 issued and outstanding shares of Series D Preferred Stock with an outstanding liquidation preference of $200 million became callable at a redemption price equal to the liquidation preference plus accrued and unpaid dividends through, but not including, the redemption date.

On September 30, 2025, all 10,400,000 issued and outstanding shares of Series C Preferred Stock with an outstanding liquidation preference of $260 million became callable at a redemption price equal to the liquidation preference plus accrued and unpaid dividends through, but not including, the redemption date.

After June 30, 2023, all LIBOR tenors relevant to the Company ceased to be published or became no longer representative. The Company believes that the federal Adjustable Interest Rate (LIBOR) Act and the related regulations promulgated thereunder are applicable to each of its Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock. In light of the applicability of the law to the aforementioned preferred stock, the Company believes, given all of the information available to the Company to date, that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum have automatically replaced three-month LIBOR as the reference rate for calculations of the dividend rate payable on the relevant preferred stock for dividend periods from and after (i) March 30, 2024, in the case of the Series B Preferred Stock, (ii) September 30, 2025, in the case of the Series C Preferred Stock, and (iii) March 30, 2024, in the case of the Series D Preferred Stock.

Common Stock

In January 2024, the Company's Board of Directors updated the authorization of the Company’s share repurchase program (the “Share Repurchase Program”) to include the Company's preferred stock and increased the authorization by $33 million to $250 million. Such authorization does not have an expiration date, and at present, there is no intention to modify or otherwise rescind such authorization. Shares of the Company's common stock and preferred stock may be purchased in the open market, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be
adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at the Company's discretion and the program may be suspended, terminated or modified at any time, for any reason. Among other factors, the Company intends to only consider repurchasing shares of its common stock when the purchase price is less than the last publicly reported book value per common share. In addition, the Company does not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases.

The Company did not repurchase any of its common stock during the quarters and six months ended June 30, 2026 and 2025. The approximate dollar value of shares that may yet be purchased under the Share Repurchase Program is $250 million as of June 30, 2026.

In 2022, the Company entered into separate Distribution Agency Agreements (the “Existing Sales Agreements”) with each of Credit Suisse Securities (USA) LLC, JMP Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC. In February 2023, the Company amended the Existing Sales Agreements and entered into separate Distribution Agency Agreements (together with the Existing Sales Agreements, as amended, the “Sales Agreements”) with J.P. Morgan Securities LLC and UBS Securities LLC (replacing Credit Suisse Securities LLC) to include J.P. Morgan Securities LLC and UBS Securities LLC as additional sales agents. Pursuant to the terms of the Sales Agreements, the Company may offer and sell shares of our common stock, having an aggregate offering price of up to $500 million, from time to time in “at the market” offerings through any of the sales agents under the Securities Act of 1933. The Company did not issue any shares under the at-the-market sales program during the quarters and six months ended June 30, 2026 and 2025. The approximate dollar value of shares that may yet be issued under our at-the-market sales program is $426 million as of June 30, 2026.

During the quarter and six months ended June 30, 2026, the Company declared dividends to common shareholders of $39 million, or $0.45 per share, and $77 million, or $0.90 per share, respectively. During the quarter and six months ended June 30, 2025, the Company declared dividends to common shareholders of $31 million, or $0.37 per share, and $61 million, or $0.74 per share, respectively.
Earnings per Share (EPS)

EPS for the quarters and six months ended June 30, 2026 and 2025 are computed as follows:
For the Quarters Ended
June 30, 2026June 30, 2025
(dollars in thousands, except share and per share data)
Numerator:
Net income (loss) available to common shareholders — Basic$(4,012)$14,024 
Effect of dilutive securities:— — 
Net income available to common shareholders — Diluted$(4,012)$14,024 
Denominator:
Weighted average basic shares83,813,331 81,408,087 
Effect of dilutive securities— 1,192,021 
Weighted average dilutive shares83,813,331 82,600,108 
Net income (loss) per average share attributable to common stockholders — Basic$(0.05)$0.17 
Net income (loss) per average share attributable to common stockholders — Diluted$(0.05)$0.17 
For the Six Months Ended
June 30, 2026June 30, 2025
(dollars in thousands, except share and per share data)
Numerator:
Net income (loss) available to common shareholders — Basic$(69,019)$159,964 
Effect of dilutive securities:— — 
Net income available to common shareholders — Diluted$(69,019)$159,964 
Denominator:
Weighted average basic shares83,739,672 81,386,680 
Effect of dilutive securities— 1,178,028 
Weighted average dilutive shares83,739,672 82,564,708 
Net income (loss) per average share attributable to common stockholders — Basic$(0.82)$1.97 
Net income (loss) per average share attributable to common stockholders — Diluted$(0.82)$1.94 

For the quarter and six months ended June 30, 2026, the Company reported a net loss; therefore all potential common shares were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive. There were no anti-dilutive shares during the quarter and six months ended June 30, 2025.