Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2026

The Company’s outstanding Preferred Stock as of September 30, 2026 and December 31, 2025 are detailed below:


As of September 30, 2026
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,277	$	206,925		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,811		245,262		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N		1,849		627		31,332		7.250	%	$	3.62500	$	1.00	N/A
				18,715	$	483,519


As of December 31, 2025
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class L		10,350		8,902	$	222,543		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,465		261,636		5.250	%	$	1.31250	$	1.00	12/20/2022
Class N		1,849		1,381		69,017		7.250	%	$	3.62500	$	1.00	N/A
				20,748	$	553,196

Summary of Repurchased Preferred Stock

During the nine months ended September 30, 2026, the Company repurchased the following preferred stock:


Class of Preferred Stock	Depositary Shares Repurchased		Purchase Price (in thousands)		Redemption Gain/(Loss) (in thousands)
Class L		624,716	$	12,459	$	2,628
Class M		654,969	$	13,323	$	2,548
Class N (1)		753,707	$	48,235	$	(5,176	)

(1)

In connection with the repurchase of 516,750 Class N depositary shares, the Company issued 549,250 common shares for net proceeds of $13.8 million. All of the 753,707 Class N depositary shares repurchased in the table above and the 549,250 common shares issued were separately authorized by the Company’s Board of Directors and not part of the Company’s publicly announced programs or previous authorizations.

Summary of Dividends Declared Per Share

The following table provides a summary of the dividends declared per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Common Shares	$	0.28000	$	0.25000	$	0.80000	$	0.75000
Class L Depositary Shares	$	0.32031	$	0.32031	$	0.96093	$	0.96093
Class M Depositary Shares	$	0.32813	$	0.32813	$	0.98439	$	0.98439
Class N Depositary Shares	$	0.90625	$	0.90625	$	2.71875	$	2.71875