v3.26.3
Redeemable Convertible Preferred Stock and Equity Transactions (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Shares Outstanding
The following table presents the summary of the Company's outstanding shares of redeemable convertible preferred stock, perpetual preferred stock, and common stock as of September 30, 2026 and December 31, 2025 (in thousands, except share and per share amounts):
Balance as ofShares Outstanding as of
Third Quarter 2026 Dividend Per Share(1)
September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Redeemable Convertible Preferred Stock:
Series H Preferred Stock(2)
$89,748 $89,748 17,950 17,950 $59.84 
Perpetual Preferred Stock:
Series E Preferred Stock$258,742 $258,742 10,329,039 10,329,039 $0.46875 
Common Stock:
Common Stock - at par value(3)(4)
$755 $808 75,881,209 81,553,982 $0.20 
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(1) As declared by the Company's board of directors.
(2) On January 14, 2026, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by two years, to January 21, 2028. Unless earlier converted, the Series H Preferred Stock will automatically convert into common stock at a rate of 299.2 shares of common stock per share of Series H Preferred Stock (subject to adjustments as described in the Articles Supplementary for the Series H Preferred Stock) on January 21, 2028. The holder of the Series H Preferred Stock has the right to convert up to 4,487 shares of Series H Preferred Stock one time in each calendar month through and including the month prior to the mandatory conversion date, upon 10 business days’ advance notice to the Company.
(3) Common stock includes shares issued pursuant to the Company's DRIP and unvested restricted shares.
(4) During three months ended September 30, 2026, the Company repurchased 7,433,748 shares of common stock at a net average price of $8.14 per share, for a total of $60.5 million. During the nine months ended September 30, 2026, the Company repurchased 13,634,199 shares of common stock at a net average price of $8.53 per share, for a total of $116.3 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of September 30, 2026. See discussion in the "Stock Repurchases" section below.
Schedule of Repurchases
The following table is a summary of the Company's repurchase activity of its common stock during the nine months ended September 30, 2026.
Nine Months Ended September 30, 2026
Shares
Amount (1)(2)
Beginning of period, authorized repurchase amount(3)
$156,322 
Repurchases paid13,634,199 $(116,322)
Remaining as of September 30, 2026$40,000 

(1) For the nine months ended, September 30, 2026 the net average purchase price was $8.53 per share.
(2) Amount includes commissions paid associated with share repurchases.
(3) As of January 1, 2026, the Company had $16.7 million of shares authorized for repurchase under the Company's share repurchase program. In each of February 2026, April 2026, July 2026, and again in September 2026, the Company’s Board of Directors approved an increase in the amount authorized under the Company's share repurchase program, to $50.0 million of the Company's common stock through December 31, 2026.
Schedule of Changes in Accumulated Other Comprehensive Income/(Loss)
The following table sets forth the changes in accumulated other comprehensive income/(loss) related to the Company's real estate securities, available for sale, measured at fair value for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands):

For The Three Months Ended
September 30, 2026September 30, 2025
Balance, Beginning of Period$(658)$(296)
Other comprehensive income/(loss)— 358 
Reclassification adjustment for amounts included in net income/(loss)658 — 
Balance, End of Period$— $62 
For the Nine Months Ended
September 30, 2026September 30, 2025
Balance, Beginning of Period$(284)$79 
Other comprehensive income/(loss)(374)(60)
Reclassification adjustment for amounts included in net income/(loss)658 43 
Balance, End of Period$— $62