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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity Preferred Stock The Company's Series B Preferred Stock has no stated maturity, is not convertible into any other security of the Company, and is redeemable, in whole or in part, at the Company's option beginning May 22, 2017 at a price of $25.00 per share plus accrued and unpaid distributions. The Company's Series C Preferred Stock has no stated maturity, is not convertible into any other security of the Company, and is redeemable at the Company's option beginning August 24, 2022 at a price of $25.00 per share plus accrued and unpaid distributions. 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 |  |  |  |  |
| December 31, 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 |  |  | 4,208,694 |  |  | 1,449,609 |  |  | 5,000,000 |
Balance | $ | 34,767,000 |  |  | $ | 105,027,000 |  |  | $ | 34,767,000 |  |  | $ | 124,774,000 |
Dividends The following table provides a summary of dividends declared and paid per share:
| Years ended December 31,
| 2024 |  | 2023
Series B Preferred Stock | $ | 1.8125 |  |  | $ | 1.8125 |
Series C Preferred Stock | $ | 1.6250 |  |  | $ | 1.6250 |
At December 31, 2024 and 2023, there were $1.1 million and $1.2 million, respectively, of accrued preferred stock dividends that are included in accounts payable, accrued expenses, and other liabilities in the consolidated balance sheets. Stock Repurchase Program On August 8, 2024, the Board of Directors authorized 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. On September 19, 2024, in anticipation of the September 2024 Tender Offer, the Company ceased Preferred Stock repurchases. On November 12, 2024, the Company recommenced Preferred Stock repurchases following the expiration of the September 2024 Tender Offer. On December 20, 2024, in anticipation of the December 2024 Tender Offer, the Company ceased Preferred Stock repurchases. 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 year ended December 31, 2024.
Series C Preferred Stock |  |  |  |  |
| Total Number of Shares Purchased |  | Weighted Average Price Paid per Share |  | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
Balance, December 31, 2023 | — |  |  | $ | — |  |  | $ | — |
For the year ended December 31, 2024 | 102,636 |  |  | $ | 13.54 |  |  | 8,609,000 |
Balance, December 31, 2024 | 102,636 |  |  | $ | 13.54 |  |  | $ | 8,609,000 |
(1)Reflects the dollar value of shares that may yet be repurchased under the Repurchase Program announced on August 12, 2024. Tender Offers On September 25, 2024, the Company announced and commenced the September 2024 Tender Offer, and upon its expiration 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, which included 45,813 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series C Preferred Stock. On December 27, 2024, the Company announced and commenced the December 2024 Tender Offer. Following the expiration of the December 2024 Tender Offer on January 28, 2025, the Company accepted for purchase 645,276 shares of its Series C Preferred Stock at $15.75 per share for approximately $10.2 million. See Note 15, Subsequent Events. In 2024, the Company recognized a $7.6 million deemed contribution in relation to the Stock Repurchase Program and the Tender Offers, which represents the difference between the carrying value of the Series C Preferred Stock and the amounts paid in conjunction with the Stock Repurchase Program and the Tender Offers. The deemed contribution is included in the consolidated statement of operations to arrive at net income attributable to common shareholders.

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