Equity and Mezzanine Equity (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Changes in Stockholders' Equity

The following table summarizes the changes in our equity for the three months ended March 31, 2025 and 2024 (dollars in thousands):


	Three Months Ended March 31,
	2025		2024
Senior Common Stock
Balance, beginning of period	$	1	$	1
Issuance of senior common stock, net	—		—
Balance, end of period	$	1	$	1
Common Stock
Balance, beginning of period	$	44	$	40
Issuance of common stock, net	1		—

Balance, end of period	$	45	$	40
Series F Preferred Stock
Balance, beginning of period	$	1	$	1
Issuance of Series F preferred stock, net	—		—
Redemption of Series F preferred stock, net	—		—
Balance, end of period	$	1	$	1
Additional Paid in Capital
Balance, beginning of period	$	784,389	$	730,256
Issuance of common stock and Series F preferred stock, net	26,971		197


Redemption of Series F preferred stock, net	571		55

Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(16)		(43)


Balance, end of period	$	811,915	$	730,465
Accumulated Other Comprehensive Income
Balance, beginning of period	$	10,648	$	7,758
Comprehensive income	(4,016)		5,417
Reclassification into interest expense	15		106
Balance, end of period	$	6,647	$	13,281
Distributions in Excess of Accumulated Earnings
Balance, beginning of period	$	(623,912)	$	(584,776)
Distributions declared to common, senior common, and preferred stockholders	(16,605)		(15,220)
Redemption of Series F preferred stock, net	(10)		(3)
Net income available to the Company	5,134		3,524
Balance, end of period	$	(635,393)	$	(596,475)
Total Stockholders' Equity
Balance, beginning of period	$	171,171	$	153,280
Issuance of common stock and Series F preferred stock, net	26,972		197


Redemption of Series F preferred stock, net	561		52

Distributions declared to common, senior common, and preferred stockholders	(16,605)		(15,220)
Comprehensive income	(4,016)		5,417
Reclassification into interest expense	15		106
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	(16)		(43)
Net income available to the Company	5,134		3,524
Balance, end of period	$	183,216	$	147,313
Non-Controlling Interest
Balance, beginning of period	$	130	$	986
Distributions declared to Non-controlling OP Unit holders	(12)		(93)


Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership	16		43
Net income (loss) available (attributable) to OP Units held by Non-controlling OP Unitholders	2		2
Balance, end of period	$	136	$	938
Total Equity	$	183,352	$	148,251

Schedule of Distributions Per Share

We paid the following distributions per share for the three months ended March 31, 2025 and 2024:


	For the three months ended March 31,
	2025		2024
Common Stock and Non-controlling OP Units	$	0.30	$	0.30
Senior Common Stock	0.2625		0.2625
Series E Preferred Stock	0.414063		0.414063
Series F Preferred Stock	0.375		0.375
Series G Preferred Stock	0.375		0.375