v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders' Equity
Note 10 - Stockholders' Equity
The following table presents the components of cumulative distributions to stockholders at September 30, 2026 and December 31, 2025.
Cumulative Distributions to StockholdersSeptember 30, 2026December 31, 2025
Preferred dividends$190,594 $180,829 
Common stock dividends2,771,024 2,486,222 
Totals$2,961,618 $2,667,051 
Preferred Stock
At September 30, 2026 and December 31, 2025, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof. At September 30, 2026, 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share, were designated as shares of 7.00% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") with the powers, designations, preferences and other rights as set forth therein and a total of 40,000 shares of our authorized preferred stock remained available for designation as future series.
At September 30, 2026 and December 31, 2025, we had 7,676 and 7,048 shares of Series C Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $191,899 and $176,196 in the aggregate, respectively. At September 30, 2026 and December 31, 2025, there were no accrued or unpaid dividends on the Series C Preferred Stock. Shares designated as Series C Preferred Stock but unissued, which are available under the Preferred C ATM Sales Agreement, totaled 2,324 and 2,952 at September 30, 2026 and December 31, 2025.
On January 29, 2020, the Company entered into an Equity Sales Agreement (the “Preferred C ATM Sales Agreement”) with B. Riley Securities, Inc. (formerly B. Riley FBR, Inc.) and BUCKLER, as sales agents (individually and collectively, the “Agents"), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one or more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Preferred C ATM Sales Agreement relates to a proposed “at-the-market” offering program. Under the Preferred C ATM Sales Agreement, we will pay the agent designated to sell our shares an aggregate commission of up to 2.0% of the gross sales price per share of our Series C Preferred Stock sold through the designated agent under the Preferred C ATM Sales Agreement. On June 20, 2024, the Preferred C ATM Sales Agreement was amended to add BTIG, LLC, as a sales agent. During the nine months ended September 30, 2026, we sold 628 shares under the Preferred C ATM Sales Agreement for proceeds of $13,002, net of issuance costs and commissions of approximately $164.
Preferred Stock Repurchase Program
On July 26, 2022, the Board authorized a repurchase program of up to an aggregate of 2,000 shares of the Company’s outstanding Series C Preferred Stock ("Series C Preferred Stock Repurchase Program"). Under the Series C Preferred Stock Repurchase Program, shares of Series C Preferred Stock may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, in consultation with the Pricing Committee of the Board, subject to the requirements of the Exchange Act and related rules. We are not required to repurchase any shares under the Series C Preferred Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such
repurchased shares are treated as authorized but unissued. We did not repurchase any shares under the Series C Preferred Stock Repurchase Program during the nine months ended September 30, 2026.
Common Stock
At September 30, 2026 and December 31, 2025, we were authorized to issue up to 250,000 and 175,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 148,415 and 111,915 shares of common stock issued and outstanding at September 30, 2026 and December 31, 2025, respectively.
On July 26, 2023 we entered into an Equity Sales Agreement (the “2023 Common stock ATM Sales Agreement”), with BUCKLER, JonesTrading Institutional Services LLC, Citizens JMP Securities, LLC (formerly JMP Securities LLC), Ladenburg Thalmann & Co. Inc. and B. Riley Securities, Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the 2023 Common Stock ATM Sales agreement, we could initially offer and sell over a period of time and from time to time, up to 15,000 shares of our common stock, par value $0.001 per share. On October 25, 2023, the 2023 Common stock ATM Sales Agreement was amended to add StockBlock Securities LLC, as a sales agent and on June 20, 2024 it was further amended to add BTIG, LLC as a sales agent. On August 23, 2024, the 2023 Common stock ATM Sales Agreement was amended to increase by 25,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement. On September 20, 2024, the 2023 Common stock ATM Sales Agreement was further amended to add Janney Montgomery Scott LLC ("Janney"), as a sales agent. On February 13, 2025, the 2023 Common stock ATM Sales Agreement was further amended to increase by 15,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement. On July 25, 2025, the 2023 Common stock ATM Sales Agreement was further amended to increase by 9,500 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement. On January 28, 2026, the 2023 Common stock ATM Sales Agreement was further amended to increase by 15,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement and to remove Janney as a sales agent, and add Huntington Securities, Inc. as a sales agent. On July 24, 2026, the 2023 Common stock ATM Sales Agreement was further amended to increase by 25,000 the number of shares of our common stock that may be offered and sold under the 2023 Common stock ATM Sales Agreement.
During the nine months ended September 30, 2026, we sold 36,901 common shares under the 2023 Common stock ATM Sales Agreement for proceeds of $639,739, net of issuance costs and commissions of approximately $5,383.
During the nine months ended September 30, 2026, we issued 7 common shares under our Common Stock Dividend Reinvestment Program ("DRIP") for net proceeds of $112.
See Note 13 - Related Party Transactions for discussion of additional transactions with BUCKLER.
Common Stock Repurchase Program
 At September 30, 2026 and December 31, 2025, there were 4,636 and 866, respectively, authorized shares remaining under the Company's common stock repurchase authorization (the "Common Stock Repurchase Program"). The Common Stock Repurchase Program authorization was increased to 5,000 shares, effective April 21, 2026. Under the Common Stock Repurchase Program, shares of common stock may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Exchange Act, and related rules. We are not required to repurchase any shares under the Common Stock Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued. During the nine months ended September 30, 2026 we repurchased (489) common shares under this authorization for a cost of $(7,162) with BUCKLER. See Note 13 - Related Party Transactions for discussion of additional transactions with BUCKLER.
Equity Capital Activities
The following tables present our equity transactions for the nine months ended September 30, 2026 and for the year ended December 31, 2025.
Transaction TypeCompletion DateNumber of Shares
Per Share price (1)
Net Proceeds (costs)
September 30, 2026
Preferred C ATM Sales AgreementJanuary 2, 2026 - September 8, 2026628 $20.70 $13,002 
2023 Common stock ATM Sales AgreementJanuary 6, 2026 - September 14, 202636,901 $17.34 $639,739 
DRIP shares issuedJanuary 26, 2026 - September 29, 20267 $16.51 $112 
Common stock repurchasedMarch 20, 2026 - September 8, 2026(489)$14.66 $(7,162)
December 31, 2025
Preferred C ATM Sales AgreementJanuary 22, 2025 - December 31, 2025201 $20.50 $4,118 
August 2025 Public OfferingAugust 5, 202518,500 $16.14 $298,502 
2023 Common stock ATM Sales AgreementJanuary 2, 2025 - July 30, 202532,290 $17.82 $575,554 
DRIP shares issuedJanuary 27, 2025 - December 29, 20257 $16.59 $111 
Common stock repurchasedApril 8, 2025 -September 22, 2025(1,351)$14.77 $(19,947)
(1)Weighted average price.
Dividends
A cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $1,119 in the aggregate, will be paid on October 27, 2026, to holders of record on October 15, 2026. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable November 27, 2026, to holders of record on November 15, 2026, and payable December 28, 2026, to holders of record on December 15, 2026.
A cash dividend of $0.24 per outstanding common share, or $35,824 in the aggregate, will be paid on October 29, 2026, to holders of record on October 15, 2026. We have also declared a cash dividend of $0.24 per outstanding common share payable November 27, 2026, to holders of record on November 16, 2026.
The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 2026.
Record DatePayment Date
Rate per Series C Preferred Share
Aggregate amount paid to holders of record
January 15, 2026January 27, 2026$0.14583 $1,041 
February 15, 2026February 27, 2026$0.14583 1,061 
March 15, 2026March 27, 2026$0.14583 1,073 
April 15, 2026April 27, 2026$0.14583 1,074 
May 15, 2026May 27, 2026$0.14583 1,091 
June 15, 2026June 29, 2026$0.14583 1,099 
July 15, 2026July 27, 2026$0.14583 1,102 
August 15, 2026August 27, 2026$0.14583 1,105 
September 15, 2026September 28, 2026$0.14583 1,119 
Total dividends paid$9,765 
The following table presents our common stock dividend transactions for the nine months ended September 30, 2026.
Record DatePayment DateRate per common shareAggregate amount paid to holders of record
January 15, 2026January 29, 2026$0.24 $27,796 
February 17, 2026February 27, 2026$0.24 28,734 
March 16, 2026March 30, 2026$0.24 29,747 
April 15, 2026April 29, 2026$0.24 29,847 
May 15, 2026May 28, 2026$0.24 31,319 
June 15, 2026June 29, 2026$0.24 31,940 
July 15, 2026July 30, 2026$0.24 34,190 
August 17, 2026August 28, 2026$0.24 35,318 
September 15, 2026September 29, 2026$0.24 35,911 
Total dividends paid$284,802