XML 45 R33.htm IDEA: XBRL DOCUMENT v3.25.2
Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividends Declared
On July 8, 2025, the Board of Directors approved a dividend in the amount of $0.13 per share of common stock payable on August 29, 2025 to stockholders of record as of July 31, 2025.
On August 7, 2025, the Board of Directors approved a dividend in the amount of $0.13 per share of common stock payable on September 30, 2025 to stockholders of record as of August 29, 2025.
Issuance of Common Shares
Subsequent to June 30, 2025, the Company issued 2,002,737 shares of common stock under the Common ATM Program which provided $26.1 million of net proceeds after $0.2 million of agent commissions and offering costs.
Management Agreement
On August 11, 2025, the Company, the Operating Partnership, and the Manager entered into the Ninth Amended and Restated Management Agreement, (such agreement, the "New Management Agreement"). Effective August 11, 2025, the New Management Agreement will replace the Management Agreement.
The New Management Agreement makes certain clarifications to the Management Agreement, including: (i) clarifying the definition of the Hurdle Amount to reference "one fourth" of the Hurdle Rate in the definition, and (ii) clarifying the definition of "Stockholders’ Common Equity" by specifying that the adjustment related to one-time events pursuant to GAAP mirrors the analogous adjustment made in the definition of "Stockholders’ Equity."