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EQUITY (Tables)
 6 Months Ended
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,
20242024
Number of shares sold800 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 repurchased54,735 
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 repurchased86,042 
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,
Issuance2025202420252024
Series B Preferred Stock$0.375 $0.375 $0.750 $0.750 
Series C Preferred Stock0.375 0.375 0.750 0.750 
Series D Term Preferred Stock(1)
0.312501 0.312501 0.625002 0.625002 
Series E Term Preferred Stock0.312501 0.312501 0.625002 0.625002 
Common Stock0.1401 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:
IssuanceRecord DatePayment DateDistribution per Share
Series B Preferred Stock:July 21, 2025July 31, 2025$0.125 
August 20, 2025August 29, 20250.125 
September 22, 2025September 30, 20250.125 
Total Series B Preferred Stock Distributions:$0.375 
Series C Preferred Stock:July 21, 2025July 31, 2025$0.125 
August 20, 2025August 29, 20250.125 
September 22, 2025September 30, 20250.125 
Total Series C Preferred Stock Distributions:$0.375 
Series D Term Preferred Stock:July 21, 2025July 31, 2025$0.104167 
August 20, 2025August 29, 20250.104167 
September 22, 2025September 30, 20250.104167 
Total Series D Term Preferred Stock Distributions:$0.312501 
Series E Preferred Stock:July 25, 2025August 4, 2025$0.104167 
August 27, 2025September 5, 20250.104167 
September 24, 2025October 3, 20250.104167 
Total Series E Preferred Stock Distributions:$0.312501 
Common Stock:July 21, 2025July 31, 2025$0.0467 
August 20, 2025August 29, 20250.0467 
September 22, 2025September 30, 20250.0467 
Total Common Stock Distributions$0.1401