Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity Note Disclosure

2022 Share Repurchase Program

During the nine month period ended September 30, 2024, the Company completed discrete open market repurchases under the 2022 Repurchase Plan of 65,481 shares for approximately $3.4 million, excluding excise tax. The Company completed the repurchases under the 2022 Repurchase Plan on March 15, 2024. The repurchased shares were subsequently retired.

2023 Share Repurchase Program

On April 27, 2023, the board of directors (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 Securities Exchange Act of 1924, as amended (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 and nine months ended September 30, 2024, the Company repurchased 97,679 and 795,178 shares, respectively, for approximately $5.4 million and $44.1 million, excluding excise tax. As of September 30, 2024, the remaining dollar value of shares that may be repurchased under the 2023 Repurchase Plan was $55.9 million, excluding excise tax. As of September 30, 2024, all repurchased shares were retired.

Preferred Stock

The table below presents a summary of the perpetual preferred stock outstanding at September 30, 2024 and December 31, 2023.

Series	Description	Initial date of issuance	Total Shares Outstanding(1)	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 and $2.2 million for each of the three and nine months ended September 30, 2024 and 2023.

On October 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 December 13, 2024 to stockholders of record as of December 1, 2024.