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Equity and Mezzanine Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of Changes in Stockholders' Equity | The following table summarizes the changes in our equity for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 | 2024 |  | 2025 | 2024
Senior Common Stock |  |  |  |  |
Balance, beginning of period | $ | 1 |  | $ | 1 |  |  | $ | 1 |  | $ | 1 |
Issuance of senior common stock, net | — |  | — |  |  | — |  | — |
Balance, end of period | $ | 1 |  | $ | 1 |  |  | $ | 1 |  | $ | 1 |
Common Stock |  |  |  |  |
Balance, beginning of period | $ | 46 |  | $ | 41 |  |  | $ | 44 |  | $ | 40 |
Issuance of common stock, net | 2 |  | 2 |  |  | 4 |  | 3 |
Balance, end of period | $ | 48 |  | $ | 43 |  |  | $ | 48 |  | $ | 43 |
Series F Preferred Stock |  |  |  |  |
Balance, beginning of period | $ | 1 |  | $ | 1 |  |  | $ | 1 |  | $ | 1 |
Issuance of Series F preferred stock, net | — |  | — |  |  | — |  | — |
Redemption of Series F preferred stock, net | — |  | — |  |  | — |  | — |
Balance, end of period | $ | 1 |  | $ | 1 |  |  | $ | 1 |  | $ | 1 |
Additional Paid in Capital |  |  |  |  |
Balance, beginning of period | $ | 820,634 |  | $ | 742,114 |  |  | $ | 784,389 |  | $ | 730,256 |
Issuance of common stock and Series F preferred stock, net | 19,677 |  | 37,066 |  |  | 53,560 |  | 47,911 |
Redemption of OP Units | — |  | — |  |  | — |  | 3,865 |
Redemption of Series F preferred stock, net | 1,663 |  | 1,008 |  |  | 4,045 |  | 1,318 |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (14) |  | 17 |  |  | (34) |  | (3,145) |
Balance, end of period | $ | 841,960 |  | $ | 780,205 |  |  | $ | 841,960 |  | $ | 780,205 |
Accumulated Other Comprehensive Income |  |  |  |  |
Balance, beginning of period | $ | 4,303 |  | $ | 13,759 |  |  | $ | 10,648 |  | $ | 7,758 |
Comprehensive loss | (604) |  | (10,456) |  |  | (6,964) |  | (4,568) |
Reclassification into interest expense | — |  | 62 |  |  | 15 |  | 175 |
Balance, end of period | $ | 3,699 |  | $ | 3,365 |  |  | $ | 3,699 |  | $ | 3,365 |
Distributions in Excess of Accumulated Earnings |  |  |  |  |
Balance, beginning of period | $ | (647,794) |  | $ | (610,209) |  |  | $ | (623,912) |  | $ | (584,776) |
Distributions declared to common, senior common, and preferred stockholders | (17,231) |  | (16,168) |  |  | (50,882) |  | (46,726) |
Redemption of Series F preferred stock, net | 6 |  | 2 |  |  | 7 |  | (4) |
Net income available to the Company | 4,136 |  | 11,677 |  |  | 13,904 |  | 16,808 |
Balance, end of period | $ | (660,883) |  | $ | (614,698) |  |  | $ | (660,883) |  | $ | (614,698) |
Total Stockholders' Equity |  |  |  |  |
Balance, beginning of period | $ | 177,191 |  | $ | 145,707 |  |  | $ | 171,171 |  | $ | 153,280 |
Issuance of common stock and Series F preferred stock, net | 19,679 |  | 37,068 |  |  | 53,564 |  | 47,914 |
Redemption of OP Units | — |  | — |  |  | — |  | 3,865 |
Redemption of Series F preferred stock, net | 1,669 |  | 1,010 |  |  | 4,052 |  | 1,314 |
Distributions declared to common, senior common, and preferred stockholders | (17,231) |  | (16,168) |  |  | (50,882) |  | (46,726) |
Comprehensive loss | (604) |  | (10,456) |  |  | (6,964) |  | (4,568) |
Reclassification into interest expense | — |  | 62 |  |  | 15 |  | 175 |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | (14) |  | 17 |  |  | (34) |  | (3,145) |
Net income available to the Company | 4,136 |  | 11,677 |  |  | 13,904 |  | 16,808 |
Balance, end of period | $ | 184,826 |  | $ | 168,917 |  |  | $ | 184,826 |  | $ | 168,917 |
Non-Controlling Interest |  |  |  |  |
Balance, beginning of period | $ | 130 |  | $ | 114 |  |  | $ | 130 |  | $ | 986 |
Distributions declared to Non-controlling OP Unit holders | (13) |  | (12) |  |  | (36) |  | (172) |
Redemptions of OP Units | — |  | — |  |  | — |  | (3,865) |
Adjustment to OP Units held by Non-controlling OP Unitholders resulting from changes in ownership of the Operating Partnership | 14 |  | (17) |  |  | 34 |  | 3,145 |
Net income available to OP Units held by Non-controlling OP Unitholders | 1 |  | 44 |  |  | 4 |  | 35 |
Balance, end of period | $ | 132 |  | $ | 129 |  |  | $ | 132 |  | $ | 129 |
Total Equity | $ | 184,958 |  | $ | 169,046 |  |  | $ | 184,958 |  | $ | 169,046 |
Schedule of Distributions Per Share | We paid the following distributions per share for the three and nine months ended September 30, 2025 and 2024:
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Common Stock and Non-controlling OP Units |  | $ | 0.30 |  |  | $ | 0.30 |  |  | $ | 0.90 |  |  | $ | 0.90 |
Senior Common Stock |  | 0.2625 |  |  | 0.2625 |  |  | 0.7875 |  |  | 0.7875 |
Series E Preferred Stock |  | 0.414063 |  |  | 0.414063 |  |  | 1.242189 |  |  | 1.242189 |
Series F Preferred Stock |  | 0.375 |  |  | 0.375 |  |  | 1.125 |  |  | 1.125 |
Series G Preferred Stock |  | 0.375 |  |  | 0.375 |  |  | 1.125 |  |  | 1.125 |

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