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Shareholders' Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
Preferred Stock
The Company is authorized to issue up to 12,500,000 shares of preferred stock, in the aggregate. The following tables summarize details about the Company's preferred stock:
Series B
Preferred Stock		Series C
Preferred Stock
Par value$0.01 $0.01 
Liquidation value$25.00 $25.00 
September 30, 2024December 31, 2023
Series B
Preferred Stock		Series C
Preferred Stock		Series B
Preferred Stock		Series C
Preferred Stock
Shares authorized6,050,0006,450,0006,050,0006,450,000
Shares issued and outstanding1,449,6094,922,9251,449,6095,000,000
Balance$34,767,000 $122,851,000 $34,767,000 $124,774,000 
Dividends
The following table provides a summary of dividends declared and paid per share:
Three months ended September 30,Nine months ended September 30,
2024202320242023
7.25% Series B Preferred Stock
$0.453125 $0.453125 $1.359375 $1.359375 
6.50% Series C Preferred Stock
$0.406250 $0.406250 $1.218750 $1.218750 
Stock Repurchase Program
On August 8, 2024, the Company's Board of Directors authorized the repurchase of up to an aggregate amount of $10.0 million of the Company’s 7.25% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") and 6.50% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock" and, together with the Series B Preferred Stock, the "Preferred Stock") over a period of twelve months (the "Repurchase Program"). The timing, price and actual number of shares of Preferred Stock repurchased under the Repurchase Program will depend on a variety of factors, including price, market conditions and regulatory requirements. The repurchases may be made in the open market, in privately negotiated transactions or by other means, as determined by management. The Company is not required to repurchase any shares of Preferred Stock under the Repurchase Program.
The following table provides a summary of stock repurchase activity under the Repurchase Program. There were no repurchases of the Series B Preferred Stock during the three months ended September 30, 2024.
Series C Preferred Stock
PeriodTotal Number of Shares PurchasedWeighted Average Price Paid per ShareTotal Number of Shares Purchased As Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (a)
July 1, 2024 through July 31, 2024— $— — $— 
August 1, 2024 through August 31, 202430,981 $13.48 30,981 $9,582,000 
September 1, 2024 through September 30, 202446,094 $13.35 46,094 $8,966,000 
Total77,075 77,075 
(a)Reflects the dollar value of shares that may yet be repurchased under the Repurchase Program announced on August 12, 2024.
On September 19, 2024, in anticipation of the Tender Offer (as defined below), the Company ceased Preferred Stock repurchases.
Tender Offer
On September 25, 2024, the Company announced and commenced a "modified Dutch auction" tender offer to purchase up to an aggregate amount paid of $9.0 million of shares of Series C Preferred Stock at a price of not less than $13.25 nor greater than $15.50 per share of Series C Preferred Stock, to the sellers in cash, less any applicable withholding taxes and without interest (the "Tender Offer"). Following the expiration of the Tender Offer on October 24, 2024, the Company accepted for purchase 688,670 shares of its Series C Preferred Stock at $14.00 per share for approximately $9.6 million in the aggregate. See Note 11, Subsequent Events.