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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity Preferred Stock The Company is authorized to issue up to 12,500,000 shares of preferred stock, in the aggregate. The following tables summarize details about the Company's preferred stock:
| Series B Preferred Stock |  | Series C Preferred Stock |  |  |  |
Par value | $ | 0.01 |  |  | $ | 0.01 |  |  |  |  |
Liquidation value | $ | 25.00 |  |  | $ | 25.00 |  |  |  |  |
| September 30, 2024 |  | December 31, 2023
| Series B Preferred Stock |  | Series C Preferred Stock |  | Series B Preferred Stock |  | Series C Preferred Stock
Shares authorized | 6,050,000 |  | 6,450,000 |  | 6,050,000 |  | 6,450,000
Shares issued and outstanding | 1,449,609 |  | 4,922,925 |  | 1,449,609 |  | 5,000,000
Balance | $ | 34,767,000 |  |  | $ | 122,851,000 |  |  | $ | 34,767,000 |  |  | $ | 124,774,000 |
Dividends The following table provides a summary of dividends declared and paid per share:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
7.25% Series B Preferred Stock | $ | 0.453125 |  |  | $ | 0.453125 |  |  | $ | 1.359375 |  |  | $ | 1.359375 |
6.50% Series C Preferred Stock | $ | 0.406250 |  |  | $ | 0.406250 |  |  | $ | 1.218750 |  |  | $ | 1.218750 |
Stock Repurchase Program On August 8, 2024, the Company's Board of Directors authorized the repurchase of up to an aggregate amount of $10.0 million of the Company’s 7.25% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") and 6.50% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock" and, together with the Series B Preferred Stock, the "Preferred Stock") over a period of twelve months (the "Repurchase Program"). The timing, price and actual number of shares of Preferred Stock repurchased under the Repurchase Program will depend on a variety of factors, including price, market conditions and regulatory requirements. The repurchases may be made in the open market, in privately negotiated transactions or by other means, as determined by management. The Company is not required to repurchase any shares of Preferred Stock under the Repurchase Program. The following table provides a summary of stock repurchase activity under the Repurchase Program. There were no repurchases of the Series B Preferred Stock during the three months ended September 30, 2024.
Series C Preferred Stock |  |  |  |  |  |  |
Period | Total Number of Shares Purchased |  | Weighted Average Price Paid per Share |  | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a)
July 1, 2024 through July 31, 2024 | — |  |  | $ | — |  |  | — |  |  | $ | — |
August 1, 2024 through August 31, 2024 | 30,981 |  |  | $ | 13.48 |  |  | 30,981 |  |  | $ | 9,582,000 |
September 1, 2024 through September 30, 2024 | 46,094 |  |  | $ | 13.35 |  |  | 46,094 |  |  | $ | 8,966,000 |
Total | 77,075 |  |  |  |  | 77,075 |  |  |
(a)Reflects the dollar value of shares that may yet be repurchased under the Repurchase Program announced on August 12, 2024. On September 19, 2024, in anticipation of the Tender Offer (as defined below), the Company ceased Preferred Stock repurchases. Tender Offer On September 25, 2024, the Company announced and commenced a "modified Dutch auction" tender offer to purchase up to an aggregate amount paid of $9.0 million of shares of Series C Preferred Stock at a price of not less than $13.25 nor greater than $15.50 per share of Series C Preferred Stock, to the sellers in cash, less any applicable withholding taxes and without interest (the "Tender Offer"). Following the expiration of the Tender Offer on October 24, 2024, the Company accepted for purchase 688,670 shares of its Series C Preferred Stock at $14.00 per share for approximately $9.6 million in the aggregate. See Note 11, Subsequent Events.

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