Quarterly report [Sections 13 or 15(d)]

Stockholders' Equity (Tables)

v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Preferred Stock
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of March 31, 2025. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company, each series of preferred stock will rank on parity with one another and rank senior to the Company’s common stock with respect to the payment of the dividends and the distribution of assets.
(dollars in thousands)
Class of Stock Issuance Date Shares Issued and Outstanding Carrying Value Contractual Rate
Redemption Eligible Date (1)
Fixed to Floating Rate Conversion Date (2)
Floating Annual Rate (3)
Series A March 14, 2017 5,050,221  $ 121,971  8.125  % April 27, 2027 April 27, 2027
3M Rate + 5.660%
Series B July 19, 2017 10,159,200  245,670  7.625  % July 27, 2027 July 27, 2027
3M Rate + 5.352%
Series C November 27, 2017 9,661,396  233,826  7.250  % January 27, 2025 January 27, 2025
3M Rate + 5.011%
Total 24,870,817  $ 601,467 
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(1)Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption eligible date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company.
(2)The dividend rate on the fixed-to-floating rate redeemable preferred stock will remain at an annual fixed rate of the $25.00 per share liquidation preference from the issuance date up to but not including the transition date disclosed within. Effective as of the fixed-to-floating rate conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed in footnote (3) below.
(3)On and after the fixed-to-floating rate conversion date, dividends will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to a floating base rate plus the spread indicated with respect to each series of preferred stock. The floating base rate with respect to each series of preferred stock, following the applicable conversion date, is the three-month CME Term SOFR plus a tenor spread of 0.26161%.
Schedule of Preferred Stock Repurchases
The following table summarizes the Company’s purchases of its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock and 7.25% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the preferred share repurchase program during the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(dollars in thousands) 2025 2024
Class of Stock Number of Shares Aggregate Cost Number of Shares Aggregate Cost
Series A Preferred Stock —  $ —  35,047  $ 809 
Series B Preferred Stock —  —  280,060  6,370 
Series C Preferred Stock —  —  170,502  3,923 
Total(1)
—  $ —  485,609  $ 11,102 
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(1)The difference between the aggregate cost and the carrying value of the preferred stock repurchased resulted in a total gain attributable to common stockholders of $0.6 million for the three months ended March 31, 2024.
Schedule of Common Stock Outstanding Roll Forward The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2025 and 2024:
Number of common shares
Common shares outstanding, December 31, 2023 103,206,457 
Issuance of common stock 4,058 
Non-cash equity award compensation (1)
264,429 
Common shares outstanding, March 31, 2024 103,474,944 
Common shares outstanding, December 31, 2024 103,680,321 
Issuance of common stock 6,526 
Non-cash equity award compensation (1)
338,249 
Common shares outstanding, March 31, 2025 104,025,096 
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(1)See Note 19 - Equity Incentive Plans for further details regarding the Company’s equity incentive plans.
Schedule of Dividends Declared
The following table presents cash dividends declared by the Company on its preferred and common stock during the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(in thousands, except per share amounts)
 2025 2024
Class of Stock Amount Per Share Amount Per Share
Series A Preferred Stock $ 2,565  $ 0.51  $ 2,565  $ 0.51 
Series B Preferred Stock $ 4,841  $ 0.48  $ 4,841  $ 0.48 
Series C Preferred Stock $ 5,780  $ 0.60  $ 4,378  $ 0.45 
Common Stock
 $ 47,256  $ 0.45  $ 47,081  $ 0.45 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss at March 31, 2025 and December 31, 2024 was as follows:
(in thousands) March 31,
2025		 December 31, 2024
Available-for-sale securities:
Unrealized gains $ 19,450  $ 3,328 
Unrealized losses (182,802) (323,852)
Accumulated other comprehensive loss
 $ (163,352) $ (320,524)