In order to qualify as a REIT, the Company must distribute at least 90% of its taxable income. In addition, the Company must distribute 100% of its taxable income in order to not be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute substantially all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for loan and lease losses and depreciation) and tax loss carryforwards, in certain circumstances the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow funds to make sufficient distribution payments.

The Company’s 2024 distributions are, and will be, determined by the Company's Board, which will also consider the composition of any distributions declared, including the option of paying a portion in cash and the balance in additional shares of common stock.

For the three and six months ended June 30, 2024 and 2023, the Company did not pay any common share distributions.

The following table presents distributions declared (on a per share basis) for the six months ended June 30, 2024 and the year ended December 31, 2023 with respect to the Company's Series C Preferred Stock and Series D Preferred Stock:


	Series C Preferred Stock					Series D Preferred Stock
	Date Paid	Total Distribution Paid		Distribution Per Share		Date Paid	Total Distribution Paid		Distribution Per Share
		(in thousands)					(in thousands)
2024
June 30	July 31	$	2,587	$	0.5390625	July 31	$	2,219	$	0.4921875
March 31	April 30		2,588		0.5390625	April 30		2,219		0.4921875
2023
December 31	January 30, 2024	$	2,588	$	0.5390625	January 30, 2024	$	2,268	$	0.4921875
September 30	October 30		2,587		0.5390625	October 30		2,268		0.4921875
June 30	July 31		2,588		0.5390625	July 31		2,268		0.4921875
March 31	May 1		2,587		0.5390625	May 1		2,268		0.4921875