Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Equity

Preferred Stock

The Company has authorized 100,000,000 shares of preferred stock, $0.001 par value per share. As of September 30, 2025 and December 31, 2024, the total amount of cumulative preferred dividends in arrears was $4.6 million and $4.7 million, respectively.

As of September 30, 2025 and December 31, 2024, there were 4,600,000 shares of 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series A Preferred Stock") outstanding.

As of September 30, 2025 and December 31, 2024, there were 4,820,421 shares of 6.250% Series B Fixed-Rate Reset Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series B Preferred Stock") outstanding.

As of September 30, 2025 and December 31, 2024, there were 4,000,000 shares of 8.625% Series C Fixed-Rate Reset Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series C Preferred Stock") outstanding.

As of September 30, 2025 and December 31, 2024, there were 379,668 shares of 7.00% Series D Cumulative Perpetual Redeemable Preferred Stock, $0.01 par value per share ("Series D Preferred Stock") outstanding.

The Company has commenced an "at-the-market" offering for the Series A Preferred Stock and Series B Preferred Stock (the "Preferred ATM Program"), in connection with which it has entered into equity distribution agreements with sales agents under which it is authorized to offer and sell up to $100.0 million of Series A Preferred Stock and/or Series B Preferred Stock from time to time. The Company did not issue any shares of preferred stock under the Preferred ATM Program during either of the three-month periods ended September 30, 2025 or 2024. As of September 30, 2025, the Company had remaining authorization under the Preferred ATM Program of $99.5 million.

The Company's Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock (collectively the "Series Preferred Stock") rank senior to its common stock and Convertible Non-controlling Interests. Each Series Preferred Stock ranks on a parity with all other Series Preferred Stock with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution, or winding up of the Company.

Series A

The Company's Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series A Preferred Stock became redeemable by the Company on October 30, 2024. Holders of the Company's Series A Preferred Stock generally do not have any voting rights.

Holders of the Series A Preferred Stock are entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, October 30, 2024, at a fixed rate equal to 6.750% per annum of the $25.00 per share liquidation preference and (ii) from and including October 30, 2024, at a floating rate equal to the sum of (i) the 3-month Secured Overnight Financing Rate and (ii) 5.457%, per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October.

Series B

The Company's Series B Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series B Preferred Stock is not redeemable by the Company prior to January 30, 2027, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series B Preferred Stock generally do not have any voting rights.

Holders of the Series B Preferred Stock are entitled to receive cumulative cash dividends from and including the original issue date to, but excluding, January 30, 2027 (the "Series B First Reset Date"), at a fixed rate equal to 6.250% per annum of the $25.00 per share liquidation preference. The applicable fixed rate resets on the First Reset Date and again on the fifth anniversary of the preceding reset date (each a "Series B Reset Date"), at a rate equal to the five-year treasury rate as measured

three business days prior to the Series B Reset Date plus 4.99% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October.

Series C

The Company's Series C Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series C Preferred Stock is not redeemable by the Company prior to April 30, 2028, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series C Preferred Stock generally do not have any voting rights.

Holders of the Series C Preferred Stock are entitled to receive cumulative cash dividends from and including the original issue date to, but excluding, April 30, 2028 (the "Series C First Reset Date"), at a fixed rate equal to 8.625% per annum of the $25.00 per share liquidation preference. The applicable fixed rate resets on the First Reset Date and again on the fifth anniversary of the preceding reset date (each a "Series C Reset Date"), at a rate equal to the five-year treasury rate as measured three business days prior to the Series C Reset Date plus 5.13% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October.

Series D

The Company's Series D Preferred Stock has no stated maturity and is not subject to any sinking fund. The Series D Preferred Stock is redeemable by the Company at its discretion upon not less than 30 nor more than 60 days’ notice. Holders of the Company's Series D Preferred Stock generally do not have any voting rights.

Holders of the Series D Preferred Stock are entitled to receive cumulative cash dividends from and including, September 30, 2023, at a fixed rate equal to 7.000% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each March, June, September, and December.

Common Stock

The Company has authorized 300,000,000 shares of common stock, $0.001 par value per share as of September 30, 2025. The Board of Directors may authorize the issuance of additional shares, subject to the approval of the holders of at least a majority of the shares of common stock then outstanding. As of September 30, 2025 and December 31, 2024, there were 106,066,429 and 90,678,492 shares of common stock outstanding, respectively.

Included in shares of common stock outstanding as of September 30, 2025 and December 31, 2024, are 35,152 and 16,756, respectively, of unvested restricted shares of common stock that are subject to forfeiture restrictions. Such common shares were issued to certain of the Company's directors in accordance with the Company's 2017 Equity Incentive Plan. Costs associated with restricted common stock issued under the Company's incentive plans are measured as of the grant date and expensed ratably over the vesting period. Such expenses are presented in Compensation and benefits, on the Condensed Consolidated Statement of Operations. Total expense associated with common stock issued under the Company's incentive plans for the three- and nine-month periods ended September 30, 2025 was $0.1 million and $0.2 million, respectively.

The below table details unvested restricted common stock as of September 30, 2025:

Grant Recipient	Number of Shares of Unvested Restricted Common Stock	Grant Date	Vesting Date(1)
Directors:
	16,756	December 27, 2024	December 26, 2025
	18,396	September 10, 2025	September 9, 2026
Total unvested restricted shares of common stock at September 30, 2025	35,152

(1)Date at which such common shares will vest and become non-forfeitable.

The Company has an "at-the-market" offering program for shares of its common stock (the "Common ATM Program"), in connection with which it has entered into equity distribution agreements with sales agents. Under the current equity distribution agreements the Company is authorized to offer and sell up to $300.0 million of common stock from time to time. During the three-month period ended September 30, 2025, the Company issued 8,156,876 shares of common stock under the Common ATM Program which provided $110.0 million of net proceeds after $0.9 million of agent commissions and offering costs. During the three-month period ended September 30, 2024, the Company issued 5,612,166 shares of common stock under the Common ATM Program which provided $72.7 million of net proceeds after $1.1 million of agent commissions and offering

costs. During the nine-month period ended September 30, 2025, the Company issued 15,335,664 shares of common stock under the Common ATM Program which provided $205.4 million of net proceeds after $1.7 million of agent commissions and offering costs. During the nine-month period ended September 30, 2024, the Company issued 7,715,891 shares of common stock under the Common ATM Program which provided $99.6 million of net proceeds after $1.4 million of agent commissions and offering costs. As of September 30, 2025, the Company had a remaining authorization to issue $92.9 million of common shares.

The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the three- and nine-month periods ended September 30, 2025 and 2024:

	Three-Month Period Ended		Nine-Month Period Ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Shares of Common Stock Outstanding (as of June 30, 2025 and 2024 and December 31, 2024 and 2023, respectively)	97,891,157	85,041,913	90,678,492	83,000,488
Share Activity:
Shares of common stock issued	8,156,876	5,612,166	15,335,664	7,715,891
Shares of common stock issued in connection with incentive fee payment	—	—	33,877	—
Restricted common stock issued under equity incentive plan	18,396	—	18,396	—
Shares of common stock repurchased	—	—	—	(62,300)
OP Units exercised	—	7,657	—	7,657
Shares of Common Stock Outstanding—Ending Balance	106,066,429	90,661,736	106,066,429	90,661,736

If all Convertible Non-controlling Interests that have been previously issued were to become fully vested and exchanged for shares of common stock as of September 30, 2025 and December 31, 2024, the Company's issued and outstanding shares of common stock would increase to 107,218,207 and 91,571,472 shares, respectively.

In March 2023, the Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to $50 million of the Company's common stock (the "2023 Repurchase Plan"), which extended the Company’s ability to repurchase common stock beyond the 1.55 million shares authorized under the previous plan. The 2023 Repurchase Plan is open-ended in duration and allow the Company to make repurchases from time to time on the open market or in negotiated transactions, including under Rule 10b5-1 plans. Repurchases under the 2023 Repurchase Plan are at the Company's discretion, subject to applicable law, share availability, price and financial performance, among other considerations. During the nine-month period ended September 30, 2024, the Company repurchased 62,300 shares at an average price per share of $11.00 and a total cost of $0.7 million. No shares were repurchased during the three- or nine-month periods ended September 30, 2025 or the three-month period ended September 30, 2024. As of September 30, 2025, the Company has authorization to repurchase an additional $45.1 million of the Company's common stock under the 2023 Repurchase Plan.

Distributions to Stockholders

The following table summarizes cash dividends accrued by the Company on its common and preferred stock during the three- and nine-month periods ended September 30, 2025 and 2024:

(In thousands, except per share amounts)	Three-Month Period Ended								Nine-Month Period Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Class of Stock	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Series A Preferred Stock	$	2,869	$	0.62	$	1,941	$	0.42	$	8,529	$	1.85	$	5,823	$	1.27
Series B Preferred Stock	1,883		0.39		1,883		0.39		5,649		1.17		5,649		1.17
Series C Preferred Stock	2,156		0.54		2,156		0.54		6,468		1.62		6,468		1.62
Series D Preferred Stock	166		0.44		166		0.44		498		1.31		498		1.31
Series E Preferred Stock	—		—		688		0.72		—		—		1,868		1.95
Common Stock	40,625		0.39		34,796		0.39		114,953		1.17		105,224		1.21