SHAREHOLDERS’ EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| SHAREHOLDERS’ EQUITY | NOTE 7 – SHAREHOLDERS’ EQUITY
Common Stock
On June 15, 2026, the Company paid total cash dividends of $19.2 million or $ per share to common shareholders of record as of the close of business on May 15, 2026, of which $909,000 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (“DRIP”). On July 1, 2026, the Company declared a dividend of $ per share to be paid September 15, 2026 to common shareholders of record as of the close of business on August 17, 2026.
During the six months ended June 30, 2026, the Company received, including dividends reinvested of $2.0 million, a total of $4.6 million from its DRIP. There were shares issued under the DRIP during this period.
On September 22, 2025 the Board of Directors increased our common stock Repurchase Program (the “Repurchase Program”) so that the Company is authorized to repurchase up to $100 million, in the aggregate, of the Company’s common stock. Purchases under the Repurchase Program may be made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock and may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. For the six months ended June 30, 2026, the Company did not repurchase any shares of its common stock.
Common Stock At-The-Market Sales Programs
On September 16, 2024, the Company terminated the use of its successful then-existing at-the-market sale program for its common stock and entered into a new equity distribution agreement (“September 2024 Common ATM Program”) with BMO Capital Markets Corp., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, B. Riley Securities, Inc. and Compass Point Research & Trading, LLC, as Distribution Agents, under which the Company may offer and sell shares of the Company’s common stock, $ par value per share, having an aggregate sales price of up to $150 million from time to time through the Distribution Agents, as agents or principals. Sales of the shares of common stock under the Distribution Agreement for the September 2024 Common ATM Program will be in “at-the-market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. The Distribution Agents are not required to sell any specific number or dollar amount of securities, but will use commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and the Company. For the six months ended June 30, 2026, the Company did not sell any shares of our common stock under the September 2024 Common ATM Program. Furthermore, the Company has not sold any shares under the September 2024 Common ATM Program since September 2025.
In order to continue the September 2024 Common ATM Program, on May 11, 2026, in connection with the Company’s filing of a new Registration Statement on Form S-3 with the Securities and Exchange Commission, the Company issued and filed with the Securities and Exchange Commission an updated prospectus for the September 2024 Common ATM Program and entered into an amendment to the Distribution Agreement with the Distribution Agents.
As of June 30, 2026, $44.6 million of common stock remained eligible for sale under the September 2024 Common ATM Program.
6.375% Series D Cumulative Redeemable Preferred Stock
On June 15, 2026, the Company paid $5.2 million in dividends or $ per share for the period from March 1, 2026 through May 31, 2026 to holders of record as of the close of business on May 15, 2026 of our 6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value per share, Liquidation Preference $25.00 per share (“Series D Preferred Stock”). Dividends on our Series D Preferred Stock are cumulative and payable quarterly at an annual rate of $ per share.
On July 1, 2026, the Company declared a dividend of $ per share for the period from June 1, 2026 through August 31, 2026 to be paid on September 15, 2026 to Series D Preferred shareholders of record as of the close of business on August 17, 2026.
Preferred Stock At-The-Market Sales Program
On March 5, 2025, the Company terminated the use of its successful then-existing at-the-market sale program for its Series D Preferred Stock and entered into an at market issuance sales agreement (the “2025 Preferred ATM Program”) with B. Riley, as distribution agent, under which the Company may offer and sell shares of the Company’s Series D Preferred Stock having an aggregate sales price of up to $100 million from time to time through B. Riley, as agent or principal. Sales of the shares of Series D Preferred Stock under the 2025 Preferred ATM Program, if any, will be in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made directly on or through the New York Stock Exchange (the “NYSE”) or on any other existing trading market for the Series D Preferred Stock, as applicable, or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. B. Riley is not required to sell any specific number or dollar amount of securities, but will use commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between B. Riley and the Company.
In order to continue the 2025 Preferred ATM Program, on May 11, 2026, in connection with the Company’s filing of a new Registration Statement on Form S-3 with the Securities and Exchange Commission, the Company issued and filed with the Securities and Exchange Commission an updated prospectus for the 2025 Preferred ATM Program and amended and restated its existing at-market issuance sales agreement with B. Riley Securities, Inc. to add Cantor Fitzgerald & Co. and Maxim Group LLC as additional Distribution Agents (each, a “Distribution Agent” and, together with B. Riley, collectively, the “Distribution Agents”). The Distribution Agents are not required to sell any specific number or dollar amount of securities but will use their commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and the Company.
For the six months ended June 30, 2026, the Company issued and sold shares of its Series D Preferred Stock under the 2025 Preferred ATM Program at a weighted average price of $ per share, generating gross proceeds of $9.1 million and net proceeds of $8.6 million, after offering expenses.
As of June 30, 2026, $89.9 million of Preferred Stock remained eligible for sale under the 2025 Preferred ATM Program.
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