Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity Note Disclosure

. STOCKHOLDERS’ EQUITY

2022 Share Repurchase Plan

During the three months ended March 31, 2024, the Company completed discrete open market repurchases under the 2022 Repurchase Plan of 65,800 shares for approximately $3.4 million, excluding excise tax. As of March 31, 2024, the Company has repurchased the full $100.0 million that had been authorized under the 2022 Repurchase Plan. The repurchased shares will be retired.

2023 Share Repurchase Plan

On April 27, 2023, the Board approved a new stock repurchase program (the “2023 Repurchase Plan”) that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The 2023 Repurchase Plan has no time deadline and will continue until otherwise modified, completed, or terminated by the Board at any time in its sole discretion. During the three months ended March 31, 2024, the Company completed open market repurchases under the 2023 Share Repurchase Plan of 5,441 shares for approximately $0.3 million, excluding excise tax.

Preferred Stock

The table below presents a summary of the perpetual preferred stock outstanding at March 31, 2024 and December 31, 2023.

Series	Description	Initial date of issuance	Total Shares Outstanding	Liquidation Preference per Share (in dollars)		Carrying Value (in thousands)		Per Annum Dividend Rate		Redemption Period
Series A(1)	5.75% Cumulative Perpetual	December 2021	2,000	$	25	$	50,000	5.75	%	n/a

(1)     Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

Dividends

Dividends paid on our Series A preferred stock were $0.7 million for each of the three months ended March 31, 2024 and 2023, respectively.

On April 25, 2024, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on June 15, 2024 to stockholders of record as of June 1, 2024.