v3.25.4
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Summary of Preferred Stock Issued and Outstanding
The following tables summarize the Company’s Preferred Stock issued and outstanding as of December 31, 2025 and 2024, respectively (dollar amounts in thousands):
December 31, 2025
Class of Preferred StockShares AuthorizedShares Issued and OutstandingCarrying ValueLiquidation Preference
Contractual Rate (1)
Optional Redemption Date (2)
Fixed-to-Floating Rate Conversion Date (1)(3)
Floating Annual Rate (4) (5)
 Rate as of Period End
Fixed-to-Floating Rate
Series D8,400,000 6,147,274 $148,585 $153,682 8.000 %October 15, 2027October 15, 2027
3M LIBOR + 5.695%
8.000 %
Series E9,900,000 7,456,749 180,453 186,419 7.875 %January 15, 2025January 15, 2025
3M SOFR + tenor spread adjustment of 0.26161% + 6.429%
10.595 %
Series F7,750,000 5,804,794 139,792 145,120 6.875 %October 15, 2026October 15, 2026
3M SOFR + 6.130%
6.875 %
Fixed Rate
Series G5,450,000 2,976,857 71,642 74,421 7.000 %January 15, 20277.000 %
Total31,500,000 22,385,674 $540,472 $559,642 

December 31, 2024
Class of Preferred StockShares AuthorizedShares Issued and OutstandingCarrying ValueLiquidation Preference
Contractual Rate (1)
Optional Redemption Date (2)
Fixed-to-Floating Rate Conversion Date (1)(3)
Floating Annual Rate (4) (5)
Rate as of Period End
Fixed-to-Floating Rate
Series D8,400,000 6,107,318 $147,745 $152,683 8.000 %October 15, 2027October 15, 2027
3M LIBOR + 5.695%
8.000 %
Series E9,900,000 7,343,151 177,697 183,579 7.875 %January 15, 2025January 15, 2025
3M SOFR + tenor spread adjustment of 0.26161% + 6.429%
7.875 %
Series F7,750,000 5,740,209 138,418 143,505 6.875 %October 15, 2026October 15, 2026
3M SOFR + 6.130%
6.875 %
Fixed Rate
Series G5,450,000 2,973,736 71,585 74,343 7.000 %January 15, 20277.000 %
Total31,500,000 22,164,414 $535,445 $554,110 


(1)The Company's fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date.
(2)Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock, respectively).
(3)Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnotes (4) and (5) below.
(4)Prior to July 2023, on and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock were entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference. In light of the cessation of the publication of three-month LIBOR after June 30, 2023, and pursuant to the Articles Supplementary for the Series E Preferred Stock and the applicability of the Adjustable Interest Rate (LIBOR) Act of 2021 to the Series E Preferred Stock, the calculation agent determined that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum has replaced three-month LIBOR as the successor base rate for calculations of the dividend rate payable on the Series E Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date. Additionally, pursuant to the Articles Supplementary for the Series D Preferred Stock and the applicability of the LIBOR Act of 2021 to the Series D Preferred Stock, given all of the information available to the Company to date, the Company believes that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum will automatically replace three-month LIBOR as the reference rate for calculations of the dividend rate payable on the Series D Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date.
(5)On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the spread disclosed above per year on its $25 liquidation preference.
Schedule of Dividends Payable
The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2023 through December 31, 2025:

Cash Dividend Per Share
Declaration DateRecord DatePayment DateSeries D Preferred StockSeries E Preferred StockSeries F Preferred StockSeries G Preferred Stock
December 11, 2025January 1, 2026January 15, 2026$0.50 $0.676912400 $0.4296875 $0.43750 
September 15, 2025October 1, 2025October 15, 20250.50 0.703299100 0.4296875 0.43750 
June 12, 2025July 1, 2025July 15, 20250.50 0.691771300 0.4296875 0.43750 
March 20, 2025April 1, 2025April 15, 20250.50 0.687036875 0.4296875 0.43750 
December 10, 2024January 1, 2025January 15, 20250.50 0.4921875 0.4296875 0.43750 
September 19, 2024October 1, 2024October 15, 20240.50 0.4921875 0.4296875 0.43750 
June 18, 2024July 1, 2024July 15, 20240.50 0.4921875 0.4296875 0.43750 
March 13, 2024April 1, 2024April 15, 20240.50 0.4921875 0.4296875 0.43750 
December 14, 2023January 1, 2024January 15, 20240.50 0.4921875 0.4296875 0.43750 
September 11, 2023October 1, 2023October 15, 20230.50 0.4921875 0.4296875 0.43750 
June 6, 2023July 1, 2023July 15, 20230.50 0.4921875 0.4296875 0.43750 
March 9, 2023April 1, 2023April 15, 20230.50 0.4921875 0.4296875 0.43750 
The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2023 and ended December 31, 2025:
PeriodDeclaration DateRecord DatePayment DateCash
Dividend
Per Share
Fourth Quarter 2025December 11, 2025December 22, 2025January 28, 2026$0.23 
Third Quarter 2025September 15, 2025September 25, 2025October 30, 20250.23 
Second Quarter 2025June 12, 2025June 23, 2025July 30, 20250.20 
First Quarter 2025March 20, 2025March 31, 2025April 28, 20250.20 
Fourth Quarter 2024December 10, 2024December 20, 2024January 23, 20250.20 
Third Quarter 2024September 19, 2024September 30, 2024October 28, 20240.20 
Second Quarter 2024June 18, 2024June 28, 2024July 29, 20240.20 
First Quarter 2024March 13, 2024March 25, 2024April 25, 20240.20 
Fourth Quarter 2023December 14, 2023December 26, 2023January 26, 20240.20 
Third Quarter 2023September 11, 2023September 21, 2023October 26, 20230.30 
Second Quarter 2023June 6, 2023June 16, 2023July 26, 20230.30 
First Quarter 2023March 9, 2023March 20, 2023April 26, 20230.40