v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
In May 2022, our board of directors approved a share repurchase program for our Series C Preferred Stock. During the three and six months ended June 30, 2026, we repurchased and retired 47,222 and 111,910 shares of Series C Preferred Stock, respectively (three and six months ended June 30, 2025: 96,803 and 186,949 shares). As of June 30, 2026, we had authority to repurchase 242,221 additional shares of our Series C Preferred Stock under the current preferred stock share repurchase program.
Holders of our Series C Preferred Stock are entitled to receive dividends at an annual rate of 7.50% of the liquidation preference of $25.00 per share or $1.875 per share per annum until September 27, 2027. After September 27, 2027, holders are entitled to receive dividends at a floating rate equal to three-month CME Term SOFR and the applicable credit spread adjustment (0.26161%) plus a spread of 5.289% of the liquidation preference of $25.00 per share per annum. Dividends are cumulative and payable quarterly in arrears.
We have the option to redeem shares of our Series C Preferred Stock on or after September 27, 2027 for $25.00 per share, plus any accumulated and unpaid dividends through the date of the redemption. Shares of Series C Preferred Stock are not redeemable, convertible into or exchangeable for any other property or any other securities of the Company before that time, except under circumstances intended to preserve our qualification as a REIT or upon the occurrence of a change in control.
Common Stock
As of June 30, 2026, we had 21,992,905 shares of our common stock remaining available for sale from time to time in at-the-market or privately negotiated transactions under our equity distribution agreement with placement agents. These shares are registered with the SEC under our shelf registration statement (as amended and/or supplemented). The table below shows
issuances of our common stock under equity distribution agreements during the three and six months ended June 30, 2026 and 2025.
Three Months Ended June 30,Six Months Ended June 30,
Shares in ones, $ in thousands2026202520262025
Shares sold14,847,506 282,750 30,542,095 4,494,807 
Fees paid to placement agents1,495 27 3,187 484 
Cash proceeds, net of fees paid to placement agents (1)
118,109 2,163 251,741 38,231 
(1)During the three and six months ended June 30, 2026, we also paid other costs of $139,000 related to issuances of common stock.
During the three and six months ended June 30, 2026 and 2025, we did not repurchase any shares of our common stock. As of June 30, 2026, we had authority to repurchase 1,816,359 shares of our common stock through our common stock share repurchase program.
Accumulated Other Comprehensive Income
Our other comprehensive income (loss) during the three and six months ended June 30, 2025 related to gains and losses on MBS that were not accounted for under the fair value option. Gains and losses on MBS that are accounted for under the fair value option are recorded on our condensed consolidated statements of comprehensive income (loss) within “Gain (loss) on investments, net”.
Dividends
The tables below summarize the dividends we declared during the three and six months ended June 30, 2026 and 2025.
$ in thousands, except per share amountsDividends Declared
Series C Preferred StockPer ShareIn Aggregate
Three months ended June 30, 20260.46875 3,165 
Six months ended June 30, 20260.93750 6,355 
Three months ended June 30, 20250.46875 3,297 
Six months ended June 30, 20250.93750 6,638 
$ in thousands, except per share amountsDividends Declared
Common StockPer ShareIn Aggregate
Three months ended June 30, 20260.36 34,713 
Six months ended June 30, 20260.72 64,762 
Three months ended June 30, 20250.34 22,545 
Six months ended June 30, 20250.68 44,965