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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Repurchase Program On July 11, 2025, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our Series B Preferred Stock and up to $35.0 million of our Series C Preferred Stock (collectively, the “2025 Repurchase Program”). The Board’s authorization of the 2025 Repurchase Program may be suspended at any time, does not obligate us to acquire any particular amount of securities, and expires on July 10, 2026. Under the 2025 Repurchase Program, repurchases are intended to be implemented through open market transactions on U.S. exchanges and/or privately-negotiated transactions facilitated by a third-party broker acting as agent for us in accordance with applicable securities laws. Any repurchases will be made during applicable trading window periods or pursuant to Rule 10b5-1 trading plans. Financing Activity Debt Activity—Loan Repayments Subsequent to June 30, 2025, we repaid a $10.4 million bond upon maturity. The bond bore interest at a stated rate of 4.45%. Distributions On July 10, 2025, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance |  | Record Date |  | Payment Date |  | Distribution per Share
Series B Preferred Stock: |  | July 21, 2025 |  | July 31, 2025 |  | $ | 0.125 |
|  | August 20, 2025 |  | August 29, 2025 |  | 0.125 |
|  | September 22, 2025 |  | September 30, 2025 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | July 21, 2025 |  | July 31, 2025 |  | $ | 0.125 |
|  | August 20, 2025 |  | August 29, 2025 |  | 0.125 |
|  | September 22, 2025 |  | September 30, 2025 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | July 21, 2025 |  | July 31, 2025 |  | $ | 0.104167 |
|  | August 20, 2025 |  | August 29, 2025 |  | 0.104167 |
|  | September 22, 2025 |  | September 30, 2025 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Series E Preferred Stock: |  | July 25, 2025 |  | August 4, 2025 |  | $ | 0.104167 |
|  | August 27, 2025 |  | September 5, 2025 |  | 0.104167 |
|  | September 24, 2025 |  | October 3, 2025 |  | 0.104167 |
Total Series E Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock: |  | July 21, 2025 |  | July 31, 2025 |  | $ | 0.0467 |
|  | August 20, 2025 |  | August 29, 2025 |  | 0.0467 |
|  | September 22, 2025 |  | September 30, 2025 |  | 0.0467 |
Total Common Stock Distributions |  | $ | 0.1401 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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