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Income (Loss) Per Share (Tables) | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Schedule of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share | The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Income (loss) allocated to common stockholders – basic and diluted: |  |  |  |  |  |  |  |  |
Income (loss) attributable to the Company | $ | (30,396) |  |  | $ | 50,254 |  |  | $ | (50,367) |  |  | $ | 121,815 |  |  |
Less: dividends on preferred stock | (7,017) |  |  | (5,468) |  |  | (13,746) |  |  | (10,479) |  |  |
Less: deemed dividends on redeemable preferred stock | (2,530) |  |  | (669) |  |  | (3,587) |  |  | (1,351) |  |  |
Add: gain (loss) on extinguishment of preferred stock | — |  |  | 211 |  |  | — |  |  | 1,784 |  |  |
Less: net (income) loss allocated to performance stock units | — |  |  | (203) |  |  | — |  |  | (542) |  |  |
Distributed and undistributed income (loss) allocated to common stockholders – basic | $ | (39,943) |  |  | $ | 44,125 |  |  | $ | (67,700) |  |  | $ | 111,227 |  |  |
Add back: dividends on preferred stock – Series J (inclusive of deemed dividends) | — |  |  | 3,026 |  |  | — |  |  | 5,693 |  |  |
Add back: dividends on preferred stock – Series K (inclusive of deemed dividends) | — |  |  | 274 |  |  | — |  |  | 421 |  |  |
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (631) |  |  | — |  |  | — |  |  | — |  |  |
Distributed and undistributed income (loss) allocated to common stockholders – basic and diluted | $ | (40,574) |  |  | $ | 47,425 |  |  | $ | (67,700) |  |  | $ | 117,341 |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding – basic and diluted | 5,804 |  |  | 4,324 |  |  | 5,728 |  |  | 4,085 |  |  |
Effect of assumed conversion of preferred stock – Series J | — |  |  | 13,709 |  |  | — |  |  | 10,557 |  |  |
Effect of assumed conversion of preferred stock – Series K | — |  |  | 903 |  |  | — |  |  | 663 |  |  |
Effect of assumed conversion of operating partnership units | 91 |  |  | — |  |  | — |  |  | — |  |  |
Weighted average shares outstanding – diluted | 5,895 |  |  | 18,936 |  |  | 5,728 |  |  | 15,305 |  |  |
Basic income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (6.88) |  |  | $ | 10.20 |  |  | $ | (11.82) |  |  | $ | 27.23 |  |  |
Diluted income (loss) per share: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (6.88) |  |  | $ | 2.50 |  |  | $ | (11.82) |  |  | $ | 7.67 |  |  |
Schedule of Computation of Diluted Income Per Share | Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |
Income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested performance stock units |  | $ | — |  |  | $ | 203 |  |  | $ | — |  |  | $ | 542 |  |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership |  | — |  |  | 565 |  |  | (1,082) |  |  | 1,418 |  |  |  |
Dividends on preferred stock – Series J (inclusive of deemed dividends) |  | 4,834 |  |  | — |  |  | 9,434 |  |  | — |  |  |  |
Dividends on preferred stock – Series K (inclusive of deemed dividends) |  | 426 |  |  | — |  |  | 897 |  |  | — |  |  |  |
Dividends on preferred stock – Series L (inclusive of deemed dividends) |  | 668 |  |  | — |  |  | 668 |  |  | — |  |  |  |
Dividends on preferred stock – Series M (inclusive of deemed dividends) |  | 906 |  |  | — |  |  | 906 |  |  | — |  |  |  |
Total |  | $ | 6,834 |  |  | $ | 768 |  |  | $ | 10,823 |  |  | $ | 1,960 |  |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |  |  |
Effect of unvested restricted stock |  | 11 |  |  | — |  |  | 14 |  |  | — |  |  |  |
Effect of assumed conversion of operating partnership units |  | — |  |  | 55 |  |  | 92 |  |  | 53 |  |  |  |
Effect of assumed conversion of preferred stock – Series J |  | 31,926 |  |  | — |  |  | 28,392 |  |  | — |  |  |  |
Effect of assumed conversion of preferred stock – Series K |  | 3,128 |  |  | — |  |  | 2,688 |  |  | — |  |  |  |
Effect of assumed conversion of preferred stock – Series L |  | 201 |  |  | — |  |  | 101 |  |  | — |  |  |  |
Effect of assumed conversion of preferred stock – Series M |  | 246 |  |  | — |  |  | 123 |  |  | — |  |  |  |
Total |  | 35,512 |  |  | 55 |  |  | 31,410 |  |  | 53 |  |  |  |

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