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EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Schedule of Sale of Stock by Subsidiary | The following table provides information on sales of our Series E Preferred Stock during the three and six months ended June 30, 2024 (dollars in thousands, except per-share amounts):
|  |  | Three months ended June 30, |  |  |  | Six Months Ended June 30,
|  |  | 2024 |  |  |  | 2024
Number of shares sold |  |  | 800 |  |  |  |  | 12,140 |
Weighted-average offering price per share |  |  | $ | 25.00 |  |  |  |  | $ | 25.00 |
Gross proceeds |  |  | $ | 20 |  |  |  |  | $ | 304 |
Net proceeds(1) |  |  | $ | 18 |  |  |  |  | $ | 273 |
(1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts. The following table summarizes repurchase activity under the 2024 Repurchase Program during the three and six months ended June 30, 2024 (dollars in thousands, except per-share amounts):
| Three and Six Months Ended June 30, 2024 |  |  |  |  |  |
Series B Preferred Stock:
Number of shares repurchased | 54,735 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 1,133 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 20.70 |  |  |  |  |  |  |
Gain on repurchase(2) | $ | 84 |  |  |  |  |  |  |
Series C Preferred Stock:
Number of shares repurchased | 86,042 |  |  |  |  |  |  |
Gross repurchase price(1) | $ | 1,762 |  |  |  |  |  |  |
Weighted-average repurchase price per share | $ | 20.47 |  |  |  |  |  |  |
Gain on repurchase(2) | $ | 190 |  |  |  |  |  |  |
(1)Inclusive of broker commissions. (2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain (loss) on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
Schedule of Dividends Declared | The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and six months ended June 30, 2025 and 2024 are reflected in the table below.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Issuance |  | 2025 |  | 2024 |  | 2025 |  | 2024
Series B Preferred Stock |  | $ | 0.375 |  |  | $ | 0.375 |  |  | $ | 0.750 |  |  | $ | 0.750 |
Series C Preferred Stock |  | 0.375 |  |  | 0.375 |  |  | 0.750 |  |  | 0.750 |
Series D Term Preferred Stock(1) |  | 0.312501 |  |  | 0.312501 |  |  | 0.625002 |  |  | 0.625002 |
Series E Term Preferred Stock |  | 0.312501 |  |  | 0.312501 |  |  | 0.625002 |  |  | 0.625002 |
Common Stock |  | 0.1401 |  |  | 0.1398 |  |  | 0.2802 |  |  | 0.2793 |
(1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. 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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