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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity | 17. Stockholders’ Equity Preferred Stock The Company’s outstanding Preferred Stock is detailed below:
As of September 30, 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 |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2024
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 |  |  |  | 1,439 |  |  |  | 71,934 |  |  |  | 7.250 | % |  | $ | 3.62500 |  |  | $ | 1.00 |  |  | N/A
|  |  |  |  |  | 20,806 |  |  | $ | 556,113 |  |  |  |  |  |  |  |  |  |  |  |
The Class N Preferred Stock depositary shares are convertible by the holders at an exchange ratio of 2.3071 into the Company’s common shares or under certain circumstances by the Company’s election. As of September 30, 2025, the Class N Preferred Stock was potentially convertible into 3.2 million shares of common stock. During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock through February 28, 2026. During the nine months ended September 30, 2025, the Company repurchased the following preferred stock:
Class of Preferred Stock |  | Depositary Shares Repurchased |  |  | Purchase Price (in thousands) |
Class N |  |  | 58,342 |  |  | $ | 3,481 |
The Class L, M and N Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below. As to any matter on which the Class L, M or N Preferred Stock may vote, including any actions by written consent, each share of the Class L, M or N Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class L, M or N Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class L, M or N Preferred Stock). As a result, each Class L, M or N Depositary Share is entitled to one vote. Common Stock During September 2023, the Company established an at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents, which is scheduled to expire September 15, 2026. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. In addition, the Company may, from time to time, enter into separate forward sale agreements with one or more banks. The Company did no t issue any shares under the ATM Program during the nine months ended September 30, 2025. As of September 30, 2025, the Company had $362.5 mil lion available under this ATM Program. During February 2018, the Company established a common share repurchase program, which is scheduled to expire on February 28, 2026. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. During the nine months ended September 30, 2025, the Company repurchased 3.0 million shares of common stock for an aggregate purchase price of $58.8 million (weighted average price of $19.61 per share). As of September 30, 2025, the Company had $166.0 million ava ilable under this common share repurchase program. Dividends Declared The following table provides a summary of the dividends declared per share:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Common Shares |  | $ | 0.25000 |  |  | $ | 0.24000 |  |  | $ | 0.75000 |  |  | $ | 0.72000 |
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 |

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