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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
 
(a) Preferred Stock
 
7.50% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”)
On April 15, 2013, the Company completed the issuance of 8.0 million shares of its Series B Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. On August 15, 2025, the Company filed an articles supplementary to the amended and restated articles of incorporation, which increased the number of authorized shares of Series B Preferred Stock to 12.1 million from 8.1 million. Also on August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may, from time to time, offer and sell shares of its preferred stock having an aggregate gross sales price of up to $100.0 million. During the three months ended September 30, 2025, approximately 72,000 shares of Series B Preferred Stock were issued for gross proceeds of approximately $1.5 million.

The Company’s Series B Preferred Stock is entitled to receive a dividend at a rate of 7.50% per year on the $25.00 liquidation preference before the Company’s common stock is paid any dividends and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. Dividends on the Series B Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not authorized or declared), exclusively at the Company’s option.
The Series B Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”), until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least 66.67% of the outstanding shares of Series B Preferred Stock.
The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2024 through September 30, 2025:

Declaration Date Record DatePayment Date
Annual Dividend Rate
Dividend Per Share
August 21, 2025September 4, 2025September 30, 20257.50%$0.46875
May 19, 2025June 4, 2025June 30, 20257.500.46875
February 18, 2025March 4, 2025March 31, 20257.500.46875
November 20, 2024December 3, 2024December 31, 20247.500.46875
August 16, 2024August 30, 2024September 30, 20247.500.46875
May 21, 2024June 5, 2024June 28, 20247.500.46875
February 20, 2024March 5, 2024March 28, 20247.500.46875
6.50% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”)

On February 28, 2020, the Company amended its charter through the filing of articles supplementary to reclassify 12,650,000 shares of the Company’s authorized but unissued common stock as shares of the Company’s Series C Preferred Stock. On March 2, 2020, the Company completed the issuance of 11.0 million shares of its Series C Preferred Stock with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. The total net proceeds the Company received from the offering were approximately $266.0 million, after deducting offering expenses and the underwriting discount. On August 15, 2025, the Company filed an articles supplementary to the amended and restated articles of incorporation, which increased the number of authorized shares of Series C Preferred Stock to 16.7 million from 12.7 million. Also on August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may, from time to time, offer and sell shares of its preferred stock having an aggregate gross sales price of up to $100.0 million. During the three months ended September 30, 2025, approximately 123,000 shares of Series B Preferred Stock were issued for gross proceeds of approximately $3.0 million.
The Company’s Series C Preferred Stock is entitled to receive dividends (i) from and including the original issue date to, but excluding, March 31, 2025, at a fixed rate of 6.50% per year on the $25.00 liquidation preference and (ii) from and after March 31, 2025, at a floating rate equal to three-month London Interbank Offered Rate (“LIBOR”) plus a spread of 5.345% per year of the $25.00 per share liquidation preference before the Company’s common stock is paid any dividends, and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. In light of the discontinuance of the publication of three-month LIBOR after June 2023 and pursuant to the Adjustable Interest Rate (LIBOR) Act and the Federal Reserve’s final rules promulgated thereunder, the three-month CME Term SOFR (Secured Overnight Financing Rate) has replaced three-month LIBOR as the successor base rate and includes an additional spread adjustment of 0.26161% per year based on the recommendation from the Alternative Reference Rate Committee. Dividends on the Series C Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Series C Preferred Stock is not redeemable by the Company prior to March 31, 2025, except under circumstances where it is necessary to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and upon the occurrence of certain specified change in control transactions. On or after March 31, 2025, the Company may, at its option, subject to certain procedural requirements, redeem any or all of the shares of the Series C Preferred Stock for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the redemption date.

The Series C Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board, until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series C Preferred Stock cannot be made without the affirmative vote of holders of at least 66.67% of the outstanding shares of Series C Preferred Stock.
The following table presents cash dividends declared by the Company on its Series C Preferred Stock from January 1, 2024 through September 30, 2025:

Declaration Date Record DatePayment Date
Annual Dividend Rate
Dividend Per Share
September 2, 2025September 4, 2025September 30, 20259.90226%$0.639521
May 19, 2025June 4, 2025June 30, 20259.905780.619110
February 18, 2025March 4, 2025March 31, 20256.500000.406250
November 20, 2024December 3, 2024December 31, 20246.500000.406250
August 16, 2024August 30, 2024September 30, 20246.500000.406250
May 21, 2024June 5, 2024June 28, 20246.500000.406250
February 20, 2024March 5, 2024March 28, 20246.500000.406250
(b)  Dividends on Common Stock
 
The following table presents cash dividends declared by the Company on its common stock from January 1, 2024 through September 30, 2025:

Declaration Date
Record DatePayment DateDividend Per Share 
September 11, 2025September 30, 2025October 31, 2025$0.36(1)
June 12, 2025June 30, 2025July 31, 20250.36
March 6, 2025March 31, 2025April 30, 20250.36
December 11, 2024December 31, 2024January 31, 20250.35
September 12, 2024September 27, 2024October 31, 20240.35
June 11, 2024June 28, 2024July 31, 20240.35
March 7, 2024March 28, 2024April 30, 20240.35
(1) At September 30, 2025, the Company had accrued dividends and dividend equivalents payable of $37.3 million related to the common stock dividend declared on September 11, 2025.
(c) Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan (“DRSPP”)
 
On September 27, 2022, the Company filed a shelf registration statement on Form S-3 with the SEC under the Securities Act of 1933, as amended (the “Securities Act”), for the purpose of registering common stock for sale through its DRSPP. Pursuant to Rule 462(e) under the Securities Act, this shelf registration statement became effective automatically upon filing with the SEC and registered an aggregate of 2.0 million shares of common stock. The Company’s DRSPP is designed to provide existing stockholders and new investors with a convenient and economical way to purchase shares of common stock through the automatic reinvestment of dividends and/or optional cash investments. The DRSPP shelf registration statement expired by its terms on September 27, 2025.
 
The Company did not issue any shares pursuant to its DRSPP during the nine months ended September 30, 2025 and 2024. From the inception of the DRSPP in September 2003 through September 27, 2025, the Company issued 8,848,219 shares pursuant to the DRSPP, raising net proceeds of $290.8 million.
(d)  Preferred Stock At-the-Market Offering Program
On August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may, from time to time, offer and sell shares of its Series B Preferred Stock and/or its Series C Preferred Stock having an aggregate gross sales price of up to $100.0 million, through various sales agents in transactions deemed to be “at-the-market” offerings under federal securities laws (the “Preferred Stock ATM Program”). The Company sold an aggregate of approximately 195,000 shares of preferred stock through the Preferred Stock ATM Program during the current quarter for gross sales proceeds of approximately $4.5 million. As of September 30, 2025, approximately $95.5 million remained available under the Preferred Stock ATM Program.
(e) Common Stock At-the-Market Offering Program

On August 15, 2025, the Company entered into a distribution agreement pursuant to the terms of which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $300.0 million, from time to time, through various sales agents in transactions deemed to be “at-the-market” offerings under federal securities laws (the “Common Stock ATM Program”). The prior distribution agreement entered into on February 29, 2024, which had substantially the same terms, was terminated.

The Company did not sell any shares of common stock through the Common Stock ATM Program during the nine months ended September 30, 2025 and 2024.

(f)  Stock Repurchase Program
 
On February 29, 2024, the Company announced its Board had authorized a $200 million stock repurchase program with respect to the Company’s common stock, which will be in effect through the end of 2025.
The stock repurchase program does not require the purchase of any minimum number of shares. The timing and extent to which the Company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity, regulatory requirements and other factors, and repurchases may be commenced or suspended at any time without prior notice. Acquisitions under the stock repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws (including, in the Company’s discretion, through the use of one or more plans adopted under Rule 10b5-1 promulgated under the Exchange Act of 1934, as amended (the “Exchange Act”)).

During the three and nine months ended September 30, 2025, the Company repurchased 485,652 shares of its common stock through the stock repurchase program at an average cost of $10.31 per share and a total cost of approximately $5.0 million, net of fees and commissions paid to the sales agent of approximately $5,000. The Company did not repurchase any shares of its common stock during the nine months ended September 30, 2024. At September 30, 2025, approximately $195 million remained available under the current authorization for the purchase of the Company’s common stock under the stock repurchase program.
(g) Accumulated Other Comprehensive Income/(Loss)

The following table presents changes in the balances of each component of the Company’s AOCI for the three and nine months ended September 30, 2025:
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(In Thousands)Net Unrealized Gain/(Loss) on AFS Securities
Net Unrealized Gain/(Loss) on Financing Agreements (1)
Total AOCI
Net Unrealized Gain/(Loss) on AFS Securities
Net Unrealized Gain/(Loss) on Financing Agreements (1)
Total AOCI
Balance at beginning of period$4,889 $— $4,889 $9,476 $— $9,476 
OCI before reclassifications32 — 32 (4,329)— (4,329)
Amounts reclassified from AOCI(594)— (594)(820)— (820)
Net OCI during the period (2)
(562)— (562)(5,149)— (5,149)
Balance at end of period$4,327 $— $4,327 $4,327 $— $4,327 
(1)Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk.
(2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss).
The following table presents changes in the balances of each component of the Company’s AOCI for the three and nine months ended September 30, 2024:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(In Thousands)Net Unrealized Gain/(Loss) on AFS Securities
Net Unrealized Gain/(Loss) on Financing Agreements (1)
Total AOCI
Net Unrealized Gain/(Loss) on AFS Securities
Net Unrealized Gain/(Loss) on Financing Agreements (1)
Total AOCI
Balance at beginning of period$17,652 $— $17,652 $17,698 $— $17,698 
OCI before reclassifications(202)— (202)2,410 — 2,410 
Amounts reclassified from AOCI(7,328)— (7,328)(9,986)— (9,986)
Net OCI during the period (2)
(7,530)— (7,530)(7,576)— (7,576)
Balance at end of period$10,122 $— $10,122 $10,122 $— $10,122 
(1)  Net Unrealized Gain/(Loss) on Financing Agreements at Fair Value due to changes in instrument-specific credit risk.
(2)  For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss).