v3.26.3
EQUITY (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Stockholders Equity
The following table provides information on shares of Series E Preferred Stock tendered for optional redemption and satisfied with cash payments during the three and nine months ended September 30, 2026 and 2025 (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Number of shares redeemed27,60060065,3601,400
Settlement payment$621 $13 $1,485 $31 
Schedule of Sale of Stock by Subsidiary
The following table provides information on shares of common stock sold under the ATM Program during the three and nine months ended September 30, 2026 and 2025 (dollars in thousands, except per-share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Number of shares sold156,273 122,743 5,277,928 122,743 
Weighted-average offering price per share$9.90 $9.28 $10.02 $9.28 
Gross proceeds$1,547 $1,140 $52,896 $1,140 
Net proceeds(1)
$1,531 $1,128 $52,337 $1,128 
(1)Net of underwriting commissions.
The following table summarizes repurchase activity under the Repurchase Program during the three and nine months ended September 30, 2026 (dollars in thousands, except per-share amounts):
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Series B Preferred Stock:
Number of shares repurchased168,578 350,890 
Gross repurchase price(1)
$3,531 $7,298 
Weighted-average repurchase price per share$20.94 $20.80 
Gain on repurchase(2)
$220 $507 
Series C Preferred Stock:
Number of shares repurchased288,245 649,143 
Gross repurchase price(1)
$5,974 $13,316 
Weighted-average repurchase price per share$20.72 $20.51 
Gain on repurchase(2)
$564 $1,408 
(1)Inclusive of broker commissions.
(2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
The following table summarizes repurchase activity under the Repurchase Program subsequent to September 30, 2026 (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased86,067 
Gross repurchase price(1)
$1,690 
Weighted-average repurchase price per share$19.63 
Gain on repurchase$225 
Series C Preferred Stock:
Number of shares repurchased96,805 
Gross repurchase price(1)
$1,901 
Weighted-average repurchase price per share$19.64 
Gain on repurchase$294 
(1)Inclusive of broker commissions.
Schedule of Dividends Declared
The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and nine months ended September 30, 2026 and 2025 are reflected in the table below.
Three Months Ended September 30,Nine Months Ended September 30,
Issuance2026202520262025
Series B Preferred Stock$0.375 $0.375 $1.125 $1.125 
Series C Preferred Stock0.375 0.375 1.125 1.125 
Series D Term Preferred Stock(1)(2)
— 0.312501 0.104167 0.937503 
Series E Preferred Stock0.312501 0.312501 0.937503 0.937503 
Common Stock0.1401 0.1401 0.4203 0.4203 
(1)Dividends are treated similarly to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
(2)The Series D Term Preferred Stock was redeemed in full on January 30, 2026.
On October 13, 2026, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:October 23, 2026October 30, 2026$0.125 
November 19, 2026November 30, 20260.125 
December 21, 2026December 31, 20260.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:October 23, 2026October 30, 2026$0.125 
November 19, 2026November 30, 20260.125 
December 21, 2026December 31, 20260.125 
Total Series C Preferred Stock Distributions:$0.375 
Series E Preferred Stock:October 28, 2026November 5, 2026$0.104167 
November 25, 2026December 4, 20260.104167 
December 28, 2026January 5, 20270.104167 
Total Series E Preferred Stock Distributions:$0.312501 
Common Stock:October 23, 2026October 30, 2026$0.0467 
November 19, 2026November 30, 20260.0467 
December 21, 2026December 31, 20260.0467 
Total Common Stock Distributions$0.1401