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Equity | 3 Months Ended
--- | ---
Mar. 31, 2026
Stockholders' Equity Note [Abstract] |
Equity | Equity Preferred Stock. The Series D, Series E and Series F preferred stock are not redeemable by us prior to June 2, 2026, August 11, 2026 and October 12, 2026, respectively. Holders of the Series F preferred stock are entitled to receive cumulative dividends at a fixed rate equal to 6.25% from the date of issuance through October 29, 2026 and at a floating rate equal to a benchmark rate (which is expected to be the three-month term SOFR) plus a spread of 5.442% per annum beginning October 30, 2026; provided that in no event should the rate be lower than 6.125%. Common Stock. We have an equity distribution agreement with Citizens JMP Securities, LLC ("JMP"). In accordance with the terms of the agreement, we may offer and sell up to 30,000,000 shares of our common stock in "At-The-Market" equity offerings through JMP by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. At March 31, 2026, we had 23,439,335 shares available under the agreement. We have a share repurchase program providing for the repurchase of up to $150.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, through privately negotiated transactions, or otherwise in compliance with Rule 10b-18 and Rule 10b5-1 under the Exchange Act, based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. During the first quarter of 2026, we repurchased 4,117,901 shares of our common stock under our share repurchase program at a total cost of $30.7 million and an average cost of $7.46 per share. At March 31, 2026, there was $105.9 million available for repurchase under this program. Noncontrolling Interest. Noncontrolling interest relates to the operating partnership units (“OP Units”) issued to satisfy a portion of the purchase price in connection with the acquisition of the agency platform of Arbor Commercial Mortgage, LLC ("ACM") in 2016. Each of these OP Units are paired with one share of our special voting preferred shares having a par value of $0.01 per share and is entitled to one vote each on any matter submitted for stockholder approval. The OP Units are entitled to receive distributions if and when our Board of Directors authorizes and declares common stock distributions. The OP Units are also redeemable for cash, or at our option, for shares of our common stock on a one-for-one basis. At March 31, 2026, there were 16,170,218 OP Units outstanding, which represented 7.8% of the voting power of our outstanding stock. Distributions. Dividends declared (on a per share basis) during the three months ended March 31, 2026 are as follows:
Common Stock |  | Preferred Stock
|  |  |  |  |  | Dividend
Declaration Date |  | Dividend |  | Declaration Date |  | Series D |  | Series E |  | Series F
February 24, 2026 |  | $ | 0.30 |  |  | March 30, 2026 |  | $ | 0.3984375 |  |  | $ | 0.390625 |  |  | $ | 0.390625 |
Common Stock – On May 7, 2026, the Board of Directors declared a cash dividend of $0.17 per share of common stock. The dividend is payable on June 5, 2026 to common stockholders of record as of the close of business on May 22, 2026. Deferred Compensation. During the first quarter of 2026, we granted 1,056,203 shares of restricted common stock to certain employees and Board of Directors members under the Amended Omnibus Stock Incentive Plan with a total grant date fair value of $8.1 million, of which: (1) 369,386 shares with a grant date fair value of $2.8 million vested on the grant date in 2026; (2) 323,963 shares with a grant date fair value of $2.5 million will vest in 2027; (3) 324,199 shares with a grant date fair value of $2.5 million will vest in 2028; (4) 19,331 shares with a grant date fair value of $0.1 million will vest in 2029; and (5) 19,324 shares with a grant date fair value of $0.1 million will vest in 2030. During the first quarter of 2026, we granted our chief executive officer 281,690 shares of restricted common stock with a grant date fair value of $2.1 million that vest in full in the first quarter of 2029. We also granted our chief executive officer up to 1,126,760 shares of performance-based restricted stock units (“RSUs”) with a grant date fair value of $3.1 million that vest at the end of a four-year performance period based on the achievement of certain stockholder return objectives. In addition, we granted our chief operating officer 649,350 shares of performance-based RSUs with a grant date fair value of $0.6 million that vest at the end of a five-year performance period based on the achievement of certain stockholder return objectives. We also issued 79,652 fully-vested RSUs with a grant date fair value of $0.6 million to certain members of our Board of Directors, who have decided to defer the receipt of the common stock, into which the RSUs are converted, or to defer receipt of cash fees, to a future date pursuant to a pre-established deferral election. During the first quarter of 2026, we withheld 310,341 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested. Earnings Per Share (“EPS”). Basic EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, plus the additional dilutive effect of common stock equivalents during each period. Our common stock equivalents include the weighted average dilutive effect of RSUs and OP Units, and for the three months ended March 31, 2025, convertible senior unsecured notes. A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data):
|  | Three Months Ended March 31,
|  | 2026 |  | 2025
|  | Basic |  | Diluted |  | Basic |  | Diluted
Net income attributable to common stockholders (1) |  | $ | 629 |  |  | $ | 629 |  |  | $ | 30,438 |  |  | $ | 30,438 |
Net income attributable to noncontrolling interest (2) |  | — |  |  | 52 |  |  | — |  |  | 2,602 |
Net income attributable to common stockholders and noncontrolling interest (3) |  | $ | 629 |  |  | $ | 681 |  |  | $ | 30,438 |  |  | $ | 33,040 |
Weighted average shares outstanding |  | 194,194,906 |  | 194,194,906 |  | 190,060,776 |  | 190,060,776
Dilutive effect of OP Units (2) |  | — |  | 16,170,218 |  | — |  | 16,249,284
Dilutive effect of RSUs (4) |  | — |  | 1,370,607 |  | — |  | 552,260
Weighted average shares outstanding (3) |  | 194,194,906 |  |  | 211,735,731 |  | 190,060,776 |  | 206,862,320
Net income per common share (1) |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.16 |  |  | $ | 0.16 |
________________________ (1)Net of preferred stock dividends. (2)We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3)The three months ended March 31, 2025 excludes interest expense of $6.1 million, and potentially dilutive shares of 17,616,593 attributable to convertible debt since their effect would have been anti-dilutive. In August 2025, our convertible debt matured and was fully settled. (4)Represents the dilutive effect of performance-based RSUs granted to our chief executive officer and chief operating officer that vest based upon our achievement of total stockholder return objectives and RSUs granted to our chief executive officer and certain directors who have decided to defer the receipt of the common stock into which the RSUs are converted, or to defer receipt of cash fees, to a future date pursuant to a pre-established deferral election.

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