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Equity and Mezzanine Equity (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
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