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SUBSEQUENT EVENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Subsequent Events [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 nine months ended September 30, 2024 (dollars in thousands, except per-share amounts):
|  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30,
|  |  | 2024 |  |  |  | 2024
Number of shares sold |  |  | 3,595 |  |  |  |  | 15,735 |
Weighted-average offering price per share |  |  | $ | 24.89 |  |  |  |  | $ | 24.98 |
Gross proceeds |  |  | $ | 89 |  |  |  |  | $ | 393 |
Net proceeds(1) |  |  | $ | 81 |  |  |  |  | $ | 354 |
(1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts. The following table provides information on shares of common stock sold under the ATM Program during the three and nine months ended September 30, 2025 (dollars in thousands, except per-share amounts):
|  |  | Three and Nine Months Ended September 30, |  |
|  |  | 2025 |  |  |  |
Number of shares sold |  |  | 122,743 |  |  |  |  |
Weighted-average offering price per share |  |  | $ | 9.28 |  |  |  |  |
Gross proceeds |  |  | $ | 1,140 |  |  |  |  |
Net proceeds(1) |  |  | $ | 1,128 |  |  |  |  |
(1)Net of underwriting commissions. The following table summarizes repurchase activity under the 2024 Repurchase Program during the three and nine months ended September 30, 2024 (dollars in thousands, except per-share amounts):
| Three Months Ended September 30, 2024 |  |  |  | Nine Months Ended September 30, 2024 |  |
Series B Preferred Stock:
Number of shares repurchased | 60,441 |  |  |  |  | 115,176 |  |  |
Gross repurchase price(1) | $ | 1,296 |  |  |  |  | $ | 2,429 |  |  |
Weighted-average repurchase price per share | $ | 21.44 |  |  |  |  | $ | 21.09 |  |  |
Gain on repurchase(2) | $ | 49 |  |  |  |  | $ | 133 |  |  |
Series C Preferred Stock:
Number of shares repurchased | 115,604 |  |  |  |  | 201,646 |  |  |
Gross repurchase price(1) | $ | 2,440 |  |  |  |  | $ | 4,201 |  |  |
Weighted-average repurchase price per share | $ | 21.10 |  |  |  |  | $ | 20.83 |  |  |
Gain on repurchase(2) | $ | 182 |  |  |  |  | $ | 372 |  |  |
(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. The following table provides information on equity sales that occurred subsequent to September 30, 2025 (dollars in thousands, except per-share amounts):
Type of Issuance |  | Number of Shares Sold |  | Weighted Average Offering Price Per Share |  | Gross Proceeds |  | Net Proceeds(1)
Common Stock – ATM Program |  | $ | 959,432 |  |  | $ | 9.26 |  |  | $ | 8,884 |  |  | $ | 8,795 |
(1)Net of underwriting discounts and commissions.
Schedule of Dividends Declared | The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and nine months ended September 30, 2025 and 2024 are reflected in the table below.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Issuance |  | 2025 |  | 2024 |  | 2025 |  | 2024
Series B Preferred Stock |  | $ | 0.375 |  |  | $ | 0.375 |  |  | $ | 1.125 |  |  | $ | 1.125 |
Series C Preferred Stock |  | 0.375 |  |  | 0.375 |  |  | 1.125 |  |  | 1.125 |
Series D Term Preferred Stock(1) |  | 0.312501 |  |  | 0.312501 |  |  | 0.937503 |  |  | 0.937503 |
Series E Term Preferred Stock |  | 0.312501 |  |  | 0.312501 |  |  | 0.937503 |  |  | 0.937503 |
Common Stock |  | 0.1401 |  |  | 0.1401 |  |  | 0.4203 |  |  | 0.4194 |
(1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income. On October 14, 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: |  | October 24, 2025 |  | October 31, 2025 |  | $ | 0.125 |
|  | November 17, 2025 |  | November 26, 2025 |  | 0.125 |
|  | December 22, 2025 |  | December 31, 2025 |  | 0.125 |
Total Series B Preferred Stock Distributions: |  | $ | 0.375 |
Series C Preferred Stock: |  | October 24, 2025 |  | October 31, 2025 |  | $ | 0.125 |
|  | November 17, 2025 |  | November 26, 2025 |  | 0.125 |
|  | December 22, 2025 |  | December 31, 2025 |  | 0.125 |
Total Series C Preferred Stock Distributions: |  | $ | 0.375 |
Series D Term Preferred Stock: |  | October 24, 2025 |  | October 31, 2025 |  | $ | 0.104167 |
|  | November 17, 2025 |  | November 26, 2025 |  | 0.104167 |
|  | December 22, 2025 |  | December 31, 2025 |  | 0.104167 |
Total Series D Term Preferred Stock Distributions: |  | $ | 0.312501 |
Series E Preferred Stock: |  | October 27, 2025 |  | November 5, 2025 |  | $ | 0.104167 |
|  | November 25, 2025 |  | December 5, 2025 |  | 0.104167 |
|  | December 29, 2025 |  | January 5, 2026 |  | 0.104167 |
Total Series E Preferred Stock Distributions: |  | $ | 0.312501 |
Common Stock: |  | October 24, 2025 |  | October 31, 2025 |  | $ | 0.0467 |
|  | November 17, 2025 |  | November 26, 2025 |  | 0.0467 |
|  | December 22, 2025 |  | December 31, 2025 |  | 0.0467 |
Total Common Stock Distributions |  | $ | 0.1401 |

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- Definition Tabular disclosure of sales of stock or previously unissued stock made by subsidiary or equity method investee to investors outside the consolidated group. This includes stock issued in a business combination in exchange for shares of an acquired entity. + References No definition available. + Details
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