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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 18. Stockholders' Equity (a) Preferred Stock The Company had 200,000,000 authorized shares of preferred stock, par value $0.01 per share (the "Preferred Stock"), with 22,385,674 and 22,164,414 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the Company has four outstanding series of cumulative redeemable preferred stock: 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”), 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”) and 7.000% Series G Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”). Each series of the Preferred Stock is senior to the Company’s common stock with respect to dividends and distributions upon liquidation, dissolution or winding up. In March 2023, the Board of Directors approved a $100.0 million preferred stock repurchase program. The program, which expires on March 31, 2026, allows the Company to make repurchases of shares of Preferred Stock, from time to time, in open market transactions, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws and the rules and regulations of Nasdaq. The Company did not repurchase any shares of its preferred stock during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, $97.6 million of the approved amount remained available for the repurchase of shares of Preferred Stock under the preferred stock repurchase program. The following tables summarize the Company’s Preferred Stock issued and outstanding as of September 30, 2025 and December 31, 2024, respectively (dollar amounts in thousands):
September 30, 2025
Class of Preferred Stock |  | Shares Authorized |  | Shares Issued and Outstanding |  | Carrying Value |  | Liquidation Preference |  | Contractual Rate (1) |  | Optional Redemption Date (2) |  | Fixed-to-Floating Rate Conversion Date (1)(3) |  | Floating Annual Rate (4) (5) |  | Rate as of Period End
Fixed-to-Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series D |  | 8,400,000 |  |  | 6,147,274 |  |  | $ | 148,585 |  |  | $ | 153,682 |  |  | 8.000 | % |  | October 15, 2027 |  | October 15, 2027 |  | 3M LIBOR + 5.695% |  | 8.000 | %
Series E |  | 9,900,000 |  |  | 7,456,749 |  |  | 180,453 |  |  | 186,419 |  |  | 7.875 | % |  | January 15, 2025 |  | January 15, 2025 |  | 3M SOFR + tenor spread adjustment of 0.26161% + 6.429% |  | 11.008 | %
Series F |  | 7,750,000 |  |  | 5,804,794 |  |  | 139,792 |  |  | 145,120 |  |  | 6.875 | % |  | October 15, 2026 |  | October 15, 2026 |  | 3M SOFR + 6.130% |  | 6.875 | %
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series G |  | 5,450,000 |  |  | 2,976,857 |  |  | 71,642 |  |  | 74,421 |  |  | 7.000 | % |  | January 15, 2027 |  |  |  |  |  | 7.000 | %
Total |  | 31,500,000 |  |  | 22,385,674 |  |  | $ | 540,472 |  |  | $ | 559,642 |  |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  |
Class of Preferred Stock |  | Shares Authorized |  | Shares Issued and Outstanding |  | Carrying Value |  | Liquidation Preference |  | Contractual Rate (1) |  | Optional Redemption Date (2) |  | Fixed-to-Floating Rate Conversion Date (1)(3) |  | Floating Annual Rate (4) (5) |  | Rate as of Period End
Fixed-to-Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series D |  | 8,400,000 |  |  | 6,107,318 |  |  | $ | 147,745 |  |  | $ | 152,683 |  |  | 8.000 | % |  | October 15, 2027 |  | October 15, 2027 |  | 3M LIBOR + 5.695% |  | 8.000 | %
Series E |  | 9,900,000 |  |  | 7,343,151 |  |  | 177,697 |  |  | 183,579 |  |  | 7.875 | % |  | January 15, 2025 |  | January 15, 2025 |  | 3M SOFR + tenor spread adjustment of 0.26161% + 6.429% |  | 7.875 | %
Series F |  | 7,750,000 |  |  | 5,740,209 |  |  | 138,418 |  |  | 143,505 |  |  | 6.875 | % |  | October 15, 2026 |  | October 15, 2026 |  | 3M SOFR + 6.130% |  | 6.875 | %
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series G |  | 5,450,000 |  |  | 2,973,736 |  |  | 71,585 |  |  | 74,343 |  |  | 7.000 | % |  | January 15, 2027 |  |  |  |  |  | 7.000 | %
Total |  | 31,500,000 |  |  | 22,164,414 |  |  | $ | 535,445 |  |  | $ | 554,110 |  |  |  |  |  |  |  |  |  |  |
(1)The Company's fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date. (2)Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock, respectively). (3)Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnotes (4) and (5) below. (4)Prior to July 2023, on and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock were entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference. In light of the cessation of the publication of three-month LIBOR after June 30, 2023, and pursuant to the Articles Supplementary for the Series E Preferred Stock and the applicability of the Adjustable Interest Rate (LIBOR) Act of 2021 to the Series E Preferred Stock, the calculation agent determined that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum has replaced three-month LIBOR as the successor base rate for calculations of the dividend rate payable on the Series E Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date. Additionally, pursuant to the Articles Supplementary for the Series D Preferred Stock and the applicability of the LIBOR Act of 2021 to the Series D Preferred Stock, given all of the information available to the Company to date, the Company believes that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum will automatically replace three-month LIBOR as the reference rate for calculations of the dividend rate payable on the Series D Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date. (5)On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the spread disclosed above per year on its $25 liquidation preference. For each series of Preferred Stock, on or after the respective optional redemption date disclosed, the Company may, at its option, redeem the respective series of Preferred Stock in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends. In addition, upon the occurrence of a change of control, the Company may, at its option, redeem the Preferred Stock in whole or in part, within 120 days after the first date on which such change of control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends. The Preferred Stock generally do 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, holders of the Preferred Stock voting together as a single class with the holders of all other classes or series of our preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors 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 any series of the Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of Preferred Stock whose terms are being changed. The Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into the Company’s common stock in connection with a change of control. Upon the occurrence of a change of control, each holder of Preferred Stock will have the right (unless the Company has exercised its right to redeem the Preferred Stock) to convert some or all of the Preferred Stock held by such holder into a number of shares of our common stock per share of the applicable series of Preferred Stock determined by a formula, in each case, on the terms and subject to the conditions described in the applicable Articles Supplementary for such series. (b) Dividends on Preferred Stock The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2024 through September 30, 2025:
|  |  |  |  |  | Cash Dividend Per Share |
Declaration Date |  | Record Date |  | Payment Date |  | Series D Preferred Stock |  | Series E Preferred Stock |  | Series F Preferred Stock |  | Series G Preferred Stock |
September 15, 2025 |  | October 1, 2025 |  | October 15, 2025 |  | $ | 0.50 |  |  | $ | 0.703299100 |  |  | $ | 0.4296875 |  |  | $ | 0.43750 |  |
June 12, 2025 |  | July 1, 2025 |  | July 15, 2025 |  | 0.50 |  |  | 0.691771300 |  |  | 0.4296875 |  |  | 0.43750 |  |
March 20, 2025 |  | April 1, 2025 |  | April 15, 2025 |  | 0.50 |  |  | 0.687036875 |  |  | 0.4296875 |  |  | 0.43750 |  |
December 10, 2024 |  | January 1, 2025 |  | January 15, 2025 |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
September 19, 2024 |  | October 1, 2024 |  | October 15, 2024 |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
June 18, 2024 |  | July 1, 2024 |  | July 15, 2024 |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
March 13, 2024 |  | April 1, 2024 |  | April 15, 2024 |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
(c) Common Stock The Company had 200,000,000 authorized shares of common stock, par value $0.01 per share, with 90,307,776 and 90,574,996 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. In February 2022, the Board of Directors approved a $200.0 million common stock repurchase program. In March 2023, the Board of Directors approved an upsize of the common stock repurchase program to $246.0 million. The program, which expires on March 31, 2026, allows the Company to make repurchases of shares of common stock, from time to time, in open market transactions, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws and the rules and regulations of Nasdaq. The Company did not repurchase shares of its common stock during the three months ended September 30, 2025. During the nine months ended September 30, 2025, the Company repurchased 231,200 shares of its common stock pursuant to the common stock repurchase program for a total cost of approximately $1.5 million, including fees and commissions paid to the broker, representing an average repurchase price of $6.50 per common share. The Company did not repurchase shares of its common stock during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company repurchased 587,347 shares of its common stock pursuant to the common stock repurchase program for a total cost of approximately $3.5 million, including fees and commissions paid to the broker, representing an average repurchase price of $5.95 per common share. As of September 30, 2025, $188.2 million of the approved amount remained available for the repurchase of shares of the Company's common stock under the common stock repurchase program. (d) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2024 through September 30, 2025:
Period |  | Declaration Date |  | Record Date |  | Payment Date |  | Cash Dividend Per Share
Third Quarter 2025 |  | September 15, 2025 |  | September 25, 2025 |  | October 30, 2025 |  | $ | 0.23 |
Second Quarter 2025 |  | June 12, 2025 |  | June 23, 2025 |  | July 30, 2025 |  | 0.20 |
First Quarter 2025 |  | March 20, 2025 |  | March 31, 2025 |  | April 28, 2025 |  | 0.20 |
Fourth Quarter 2024 |  | December 10, 2024 |  | December 20, 2024 |  | January 23, 2025 |  | 0.20 |
Third Quarter 2024 |  | September 19, 2024 |  | September 30, 2024 |  | October 28, 2024 |  | 0.20 |
Second Quarter 2024 |  | June 18, 2024 |  | June 28, 2024 |  | July 29, 2024 |  | 0.20 |
First Quarter 2024 |  | March 13, 2024 |  | March 25, 2024 |  | April 25, 2024 |  | 0.20 |
(e) Equity Distribution Agreements On August 10, 2021, the Company entered into an equity distribution agreement (the “Common Equity Distribution Agreement”) with a sales agent, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, having a maximum aggregate sales price of up to $100.0 million from time to time through the sales agent. The Company has no obligation to sell any of the shares of common stock issuable under the Common Equity Distribution Agreement and may at any time suspend solicitations and offers under the Common Equity Distribution Agreement. There were no shares of the Company's common stock issued under the Common Equity Distribution Agreement during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, approximately $100.0 million of common stock remains available for issuance under the Common Equity Distribution Agreement. On June 13, 2025, the Company entered into an equity distribution agreement (the “Preferred Equity Distribution Agreement”) with a sales agent, pursuant to which the Company may offer and sell shares of its Preferred Stock, having a maximum aggregate gross sales price of up to $50.0 million from time to time through the sales agent. The Company has no obligation to sell any of the shares of Preferred Stock issuable under the Preferred Equity Distribution Agreement and may at any time suspend solicitations and offers under the Preferred Equity Distribution Agreement. The Preferred Equity Distribution Agreement replaced the Company's prior preferred equity distribution agreement with a sales agent dated March 29, 2019, as amended on March 2, 2022 (collectively, the “Prior Preferred Equity Distribution Agreement”), pursuant to which approximately $100.0 million of aggregate value of the Company's preferred stock remained available for issuance prior to termination. During the three months ended September 30, 2025, the Company issued 45,765 shares of Preferred Stock under the Preferred Equity Distribution Agreement, at an average price of $23.64 per share, resulting in total net proceeds to the Company of approximately $1.1 million. During the nine months ended September 30, 2025, the Company issued 221,260 shares of Preferred Stock under the Preferred Equity Distribution Agreement, at an average price of $23.19 per share, resulting in total net proceeds to the Company of approximately $5.1 million. There were no shares of Preferred Stock issued under the Prior Preferred Equity Distribution Agreement during the three and nine months ended September 30, 2024. As of September 30, 2025, approximately $44.9 million of Preferred Stock remains available for issuance under the Preferred Equity Distribution Agreement.

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