Quarterly report [Sections 13 or 15(d)]

Stockholders' Equity (Tables)

v3.26.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026. 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 Common Stock Outstanding Roll Forward The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
2026 2025
Common shares outstanding, beginning of period
 104,806,311  103,680,321 
Issuance of common stock
 3,293  6,526 
Non-cash equity award compensation (1)
234,649  338,249 
Common shares outstanding, end of period
 105,044,253  104,025,096 
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(1)See Note 15 - 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, 2026 and 2025:
Three Months Ended
March 31,
(in thousands, except per share amounts)
 2026 2025
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 $ 5,401  $ 0.56  $ 5,780  $ 0.60 
Common Stock
 $ 36,097  $ 0.34  $ 47,256  $ 0.45 
Schedule of Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss at March 31, 2026 and December 31, 2025 was as follows:
(in thousands) March 31,
2026		 December 31,
2025
Available-for-sale securities:
Unrealized gains $ 15,981  $ 44,382 
Unrealized losses (60,259) (44,469)
Accumulated other comprehensive loss
 $ (44,278) $ (87)