v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity

Note 7 – Stockholders’ Equity

Series A Preferred Stock

The Company issued 3,600,000 shares of Series A Preferred Stock in the Preferred Stock Offering.

Dividends on the Series A Preferred Stock are cumulative and payable quarterly in arrears at a rate per annum equal to 6.75% per annum of the $25.00 liquidation preference (the “Initial Rate”). Subject to certain exceptions, upon a Downgrade Event (as such term is defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”)) or where any shares of the Series A Preferred Stock remain outstanding after September 22, 2026, the Series A Preferred Stock will thereafter accrue cumulative cash dividends at a rate 1.00% higher than the Initial Rate.

Subject to certain exceptions, upon the occurrence of a Change of Control, each holder of shares of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of the Company’s shares of Class I common stock as provided for in the Articles Supplementary.

The Company may not redeem the Series A Preferred Stock prior to September 22, 2026, except in limited circumstances relating to maintaining the Company’s qualification as a REIT and in connection with a Change of Control. On and after September 22, 2026, the Company may, at its option, redeem the Series A Preferred Stock, in whole or from time-to-time in part, at a price of $25.00 per share of Series A Preferred Stock plus an amount equal to accrued and unpaid dividends (whether or not declared), if any. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by the Company or converted by the holder pursuant to its terms (as set forth in the Articles Supplementary).

On August 11, 2022, the Board authorized and approved a share repurchase program (the “Series A Preferred Repurchase Program”) pursuant to which the Company was permitted to repurchase up to the lesser of 1,000,000 shares or $15,000 of the outstanding shares of the Company’s Series A Preferred Stock through December 31, 2022. On November 10, 2022, the Board approved to extend the Series A Preferred Repurchase Program through December 31, 2023. Under the Series A Preferred Repurchase Program, repurchases of shares of the Company’s Series A Preferred Stock were to be made at management’s discretion from time to time through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. On January 30, 2023, the Board approved the termination of the Series A Preferred Repurchase Program.

The Series A Preferred Stock is listed on the New York Stock Exchange under the symbol ICR PR A.

Share Activity for Common Stock and Preferred Stock

The following tables detail the change in the Company’s outstanding shares of all classes of common and preferred stock, including restricted common stock:

Preferred Stock

 

Common Stock

 

Six months ended June 30, 2026

Series A

 

Class P

 

Class A

 

Class T

 

Class S

 

Class D

 

Class I

 

Beginning balance

 

3,544,553

 

 

8,562,777

 

 

745,881

 

 

290,345

 

 

—

 

 

48,015

 

 

472,851

 

Ending balance

 

3,544,553

 

 

8,562,777

 

 

745,881

 

 

290,345

 

 

—

 

 

48,015

 

 

472,851

 

 

 

Preferred Stock

 

Common Stock

 

Six months ended June 30, 2025

Series A

 

Class P

 

Class A

 

Class T

 

Class S

 

Class D

 

Class I

 

Beginning balance

 

3,544,553

 

 

8,562,777

 

 

745,881

 

 

290,345

 

 

—

 

 

48,015

 

 

470,980

 

Ending balance

 

3,544,553

 

 

8,562,777

 

 

745,881

 

 

290,345

 

 

—

 

 

48,015

 

 

470,980

 

 

Distributions – Common Stock and Series A Preferred Stock

The table below presents the aggregate annualized and monthly distributions declared on common stock by record date for all classes of shares since January 1, 2025.

Record date

 

Aggregate annualized gross distribution declared per share

 

 

Aggregate monthly gross distribution declared per share

 

January 31, 2025

 

$

1.2500

 

 

$

0.1042

 

February 28, 2025

 

$

1.2500

 

 

$

0.1042

 

March 31, 2025

 

$

1.2500

 

 

$

0.1042

 

April 30, 2025

 

$

1.2500

 

 

$

0.1042

 

May 31, 2025

 

$

1.2500

 

 

$

0.1042

 

June 30, 2025

 

$

1.2500

 

 

$

0.1042

 

July 31, 2025

 

$

1.2500

 

 

$

0.1042

 

August 31, 2025

 

$

1.2500

 

 

$

0.1042

 

September 30, 2025

 

$

1.2500

 

 

$

0.1042

 

October 31, 2025

 

$

1.2500

 

 

$

0.1042

 

November 30, 2025

 

$

1.2500

 

 

$

0.1042

 

December 31, 2025

 

$

1.2500

 

 

$

0.1042

 

January 31, 2026

 

$

1.2500

 

 

$

0.1042

 

February 28, 2026

 

$

1.2500

 

 

$

0.1042

 

March 31, 2026

 

$

1.2500

 

 

$

0.1042

 

April 30, 2026

 

$

1.2500

 

 

$

0.1042

 

May 31, 2026

 

$

1.2500

 

 

$

0.1042

 

June 30, 2026

 

$

1.2500

 

 

$

0.1042

 

The gross distribution was reduced each month for Class D and Class T of the Company’s common stock for applicable class-specific stockholder servicing fees to arrive at a lower net distribution amount paid to those classes. For a description of the stockholder servicing fees applicable to Class D, Class S and Class T shares of the Company’s common stock, please see “Note 11 – Transactions with Related Parties” below. Since the IPO and through June 30, 2026, the Company had not issued any shares of Class S common stock.

The following table shows the monthly net distribution per share for shares of Class D and Class T common stock since January 1, 2025.

Record date

 

Monthly net distribution declared per share of Class D common stock

 

 

Monthly net distribution declared per share of Class T common stock

 

January 31, 2025

 

$

0.1007

 

 

$

0.0923

 

February 28, 2025

 

$

0.1010

 

 

$

0.0934

 

March 31, 2025

 

$

0.1007

 

 

$

0.0923

 

April 30, 2025

 

$

0.1008

 

 

$

0.0928

 

May 31, 2025

 

$

0.1007

 

 

$

0.0925

 

June 30, 2025

 

$

0.1009

 

 

$

0.0929

 

July 31, 2025

 

$

0.1007

 

 

$

0.0924

 

August 31, 2025

 

$

0.1007

 

 

$

0.0924

 

September 30, 2025

 

$

0.1009

 

 

$

0.0929

 

October 31, 2025

 

$

0.1009

 

 

$

0.0930

 

November 30, 2025

 

$

0.1010

 

 

$

0.0934

 

December 31, 2025

 

$

0.1009

 

 

$

0.0931

 

January 31, 2026

 

$

0.1012

 

 

$

0.0938

 

February 28, 2026

 

$

0.1015

 

 

$

0.0949

 

March 31, 2026

 

$

0.1012

 

 

$

0.0940

 

April 30, 2026

 

$

0.1014

 

 

$

0.0946

 

May 31, 2026

 

$

0.1013

 

 

$

0.0944

 

June 30, 2026

 

$

0.1014

 

 

$

0.0947

 

Series A Preferred Stock dividends are paid quarterly in arrears based on an annualized distribution rate of 6.75% of the $25.00 per share liquidation preference, or $1.6875 per share per annum.

The tables below present the aggregate distributions declared per share for each applicable class of common stock and preferred stock during the six months ended June 30, 2026 and 2025. The tables exclude distributions declared for any month for a class of shares of stock when there were no shares of that class outstanding on the applicable record date.

 

Preferred Stock

 

Common Stock

 

Six months ended June 30, 2026

Series A

 

Class P

 

Class A

 

Class T

 

Class S

 

Class D

 

Class I

 

Aggregate gross distributions declared per share

$

0.8438

 

$

0.6252

 

$

0.6252

 

$

0.6252

 

$

—

 

$

0.6252

 

$

0.6252

 

Stockholder servicing fee per share

N/A

 

N/A

 

N/A

 

 

0.0588

 

 

—

 

 

0.0172

 

N/A

 

Net distributions declared per share

$

0.8438

 

$

0.6252

 

$

0.6252

 

$

0.5664

 

$

—

 

$

0.6080

 

$

0.6252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

Common Stock

 

Six months ended June 30, 2025

Series A

 

Class P

 

Class A

 

Class T

 

Class S

 

Class D

 

Class I

 

Aggregate gross distributions declared per share

$

0.8438

 

$

0.6252

 

$

0.6252

 

$

0.6252

 

$

—

 

$

0.6252

 

$

0.6252

 

Stockholder servicing fee per share

N/A

 

N/A

 

N/A

 

 

0.0690

 

 

—

 

 

0.0204

 

N/A

 

Net distributions declared per share

$

0.8438

 

$

0.6252

 

$

0.6252

 

$

0.5562

 

$

—

 

$

0.6048

 

$

0.6252

 

As of June 30, 2026 and December 31, 2025, distributions declared but not yet paid amounted to $1,052 and $1,051, respectively.