XML 31 R17.htm IDEA: XBRL DOCUMENT v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity
7. Stockholders' Equity
The table below summarizes the share activities of the Company's preferred stock and common stock.
Number of Shares
(In thousands)Preferred Stock
Class A
Common Stock
Class B
Common Stock
Shares outstanding at December 31, 202233,111 159,763 166 
Stock repurchases(235)— — 
Shares issued upon redemption of OP Units— 253 — 
Equity awards issued, net of forfeitures— 4,835 — 
Shares canceled for tax withholding on vested equity awards— (1,642)— 
Shares outstanding at December 31, 202332,876 163,209 166 
Exchange of notes for class A common stock— 8,245 — 
Shares issued upon redemption of OP units— 452 — 
Settlement of Wafra contingent consideration (1)
— 1,020 — 
Conversion of class B to class A common stock— 16 (16)
Equity awards issued, net of forfeitures— 1,772 — 
Shares canceled for tax withholding on vested equity awards— (512)— 
Shares outstanding at December 31, 202432,876 174,202 150 
Shares issued upon redemption of OP units — 6,128 — 
Conversion of class B to class A common stock— 150 (150)
Equity awards issued, net of forfeitures— 2,815 — 
Shares canceled for tax withholding on vested equity awards— (652)— 
Shares outstanding at December 31, 202532,876 182,643 — 
__________
(1)    In connection with the 2022 redemption of Wafra's investment in the Company's investment management business, contingent consideration was payable to Wafra based upon the Company achieving certain fundraising targets through December 31, 2023. The contingent amount was fully paid out, with $90 million paid in cash in March 2023, and the remaining $35 million in March 2024, settled 50% each in shares of the Company's Class A common stock and in cash.
Preferred Stock
In the event of a liquidation or dissolution of the Company, preferred stockholders have priority over common stockholders for payment of dividends and distribution of net assets.
The table below summarizes the preferred stock issued and outstanding at December 31, 2025:
DescriptionDividend Rate Per AnnumInitial Issuance Date
Shares Outstanding
(in thousands)
Par Value
(in thousands)
Liquidation Preference
(in thousands)
Earliest Redemption Date
Series H7.125 %April 20158,395 $84 $209,870 Currently redeemable
Series I7.15 %June 201712,867 129 321,668 Currently redeemable
Series J7.125 %September 201711,614 116 290,361 Currently redeemable
32,876 $329 $821,899 
All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up of the Company. Dividends are payable quarterly in arrears in January, April, July and October.
Each series of preferred stock is redeemable on or after the earliest redemption date for that series at $25.00 per share plus accrued and unpaid dividends (whether or not declared) prorated to their redemption dates, exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the preferred stock upon the occurrence of a change of control (as defined in the articles supplementary relating to each series of preferred stock).
Preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the preferred stock will be entitled to vote, together as a single class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of any series of
preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of each such series of preferred stock voting separately as a class for each series of preferred stock.
Common Stock
In 2025, 149,571 shares of class B common stock, which represented all issued and outstanding shares of class B common stock, were converted pursuant to their terms into an equivalent number of shares of class A common stock, and were cancelled following their conversion.
Previously, class B common stock had the same rights and privileges, and ranked equally, shared ratably in dividends and distributions, and was identical in all respects as to all matters as class A common stock, except that class B common stock had thirty-six and one-half votes per share while class A common stock has one vote per share. This had given the holders of class B common stock a right to vote that reflected the aggregate outstanding non-voting economic interest in the Company (in the form of OP units) attributed to class B common stock holders and therefore, did not provide any disproportionate voting rights. Class B common stock had been previously issued as consideration in the Company's acquisition in April 2015 of the investment management business and operations of its former manager, which was then controlled by the Company's former Executive Chairman.
Dividend Reinvestment and Direct Stock Purchase Plan
The Company's Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company's class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company's class A common stock or making optional cash purchases within specified parameters. No shares of class A common stock have been acquired under the DRIP Plan in the form of new issuances in the last three years.
Stock Repurchases
The Company does not currently have an authorized stock repurchase program.
In 2023, the Company repurchased 235,223 shares in aggregate across Series H, I and J preferred stock for approximately $4.7 million, or a weighted average price of $20.18 per share, pursuant to a $200 million stock repurchase program that expired in June 2023.
The excess or deficit of the repurchase price over the carrying value of the preferred stock results in a decrease or increase to net income attributable to common stockholders, respectively.
Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in each component of AOCI attributable to stockholders, net of immaterial tax effect.
Changes in Components of AOCI—Stockholders
(In thousands)
Foreign Currency Translation Gain (Loss)
Company's Share in AOCI of Equity Method Investments
Total
AOCI at December 31, 2022$(1,214)$(295)$(1,509)
Other comprehensive income (loss) before reclassifications2,906 (1)2,905 
Amounts reclassified from AOCI (1)
(1,246)296 (950)
Deconsolidation of investment entities (Note 2)
965 — 965 
AOCI at December 31, 2023$1,411 $— $1,411 
Other comprehensive income (loss) before reclassifications(889)— (889)
Amounts reclassified from AOCI (1)
(17)— (17)
AOCI at December 31, 2024$505 $— $505 
Other comprehensive income (loss)5,111 — 5,111 
AOCI at December 31, 2025$5,616 $— $5,616 
__________
(1)    Represent primarily the release of foreign currency cumulative translation adjustments which are included in other gain (loss) in continuing and discontinued operations on the consolidated statements of operations, as applicable, except for 2023 amounts related to equity method investments, which are included in equity method losses in discontinued operations.
The following table presents the change in a component of AOCI attributable to noncontrolling interests in investment entities for 2023. There was no activity in 2025 and 2024.
AOCI attributable to noncontrolling interests in Operating Company was immaterial.
Changes in Components of AOCI—Noncontrolling Interests in Investment Entities
(In thousands)Foreign Currency Translation Gain (Loss)
AOCI at December 31, 2022$(3,015)
Other comprehensive income (loss) before reclassifications884 
Amounts reclassified from AOCI (1)
(468)
Deconsolidation of investment entities (Note 2)
2,550 
AOCI at December 31, 2023$(49)
__________
(1)    Represent the release of foreign currency cumulative translation adjustments which are included in other gain (loss) in continuing and discontinued operations on the consolidated statements of operations.