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Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
Preferred Stock
The Company's Series B Preferred Stock has no stated maturity, is not convertible into any other security of the Company, and is redeemable, in whole or in part, at the Company's option beginning May 22, 2017 at a price of $25.00 per share plus accrued and unpaid distributions.
The Company's Series C Preferred Stock has no stated maturity, is not convertible into any other security of the Company, and is redeemable at the Company's option beginning August 24, 2022 at a price of $25.00 per share plus accrued and unpaid distributions.
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 
   
 December 31, 2025December 31, 2024
 Series B
Preferred Stock		Series C
Preferred Stock		Series B
Preferred Stock		Series C
Preferred Stock
Shares authorized6,050,000 6,450,000 6,050,000 6,450,000 
Shares issued and outstanding857,237 2,229,222 1,449,609 4,208,694 
Balance$20,560,000 $55,630,000 $34,767,000 $105,027,000 
Dividends
The following table provides a summary of dividends declared and paid per share:
 Years ended December 31,
 20252024
Series B Preferred Stock
$1.8125 $1.8125 
Series C Preferred Stock
$1.6250 $1.6250 
At December 31, 2025 and 2024, there were $0.6 million and $1.1 million, respectively, of accrued preferred stock dividends that are included in accounts payable, accrued expenses, and other liabilities in the consolidated balance sheets.
Stock Repurchase Programs
On August 8, 2024, the Board of Directors authorized the 2024 Repurchase Program, which expired on August 8, 2025.
On August 8, 2025, the Board of Directors authorized the 2025 Repurchase Program, which was publicly announced on August 12, 2025. The timing, price and actual number of shares of Preferred Stock repurchased under the 2025 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, block trades or by other means, as determined by management. The 2025 Repurchase Program supersedes the 2024 Repurchase Program.
There were no repurchases of the Series B Preferred Stock and Series C Preferred Stock under the 2024 Repurchase Program during the year ended December 31, 2025.
The following table provides a summary of stock repurchase activity under the 2025 Repurchase Program. There were no repurchases of the Series B Preferred Stock during the year ended December 31, 2025.
Series C Preferred Stock
Total Number of Shares PurchasedWeighted Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Balance, December 31, 2024— $— $— 
For the year ended December 31, 2025624,313 $16.14 9,924,000 
Balance, December 31, 2025624,313 $16.14 $9,924,000 
(1)Reflects the dollar value of shares that may yet be repurchased under the 2025 Repurchase Program announced on August 12, 2025.
In 2025, the Company recognized a $5.0 million deemed contribution in relation to the 2025 Repurchase Program, which represents the difference between the carrying value of the Series C Preferred Stock and the amounts paid in conjunction with the 2025 Repurchase Program. In 2024, the Company recognized a $1.1 million deemed contribution in relation to the 2024 Repurchase Program, which represents the difference between the carrying value of the Series C Preferred Stock and the amounts paid in conjunction with the 2024 Repurchase Program. The deemed contributions are included in the consolidated statements of operations to arrive at net income attributable to common shareholders.
Tender Offers
On December 27, 2024, the Company announced and commenced the December 2024 Tender Offer. Following the expiration of the December 2024 Tender Offer on January 28, 2025, the Company accepted for purchase 645,276 shares of its Series C Preferred Stock at $15.75 per share for approximately $10.2 million, excluding related fees and expenses.
On February 21, 2025, the Company announced and commenced the February 2025 Series C Offer and the February 2025 Series B Offer. Following the expiration of the February 2025 Series C Offer on March 21, 2025, the Company purchased 655,883 shares of its Series C Preferred Stock at $16.25 per share, which included 71,268 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series C Preferred Stock, for approximately $10.7 million, excluding related fees and expenses. Following the expiration of the February 2025 Series B Offer on April 4, 2025, the Company purchased 592,372 shares of its Series B Preferred Stock at $17.75 per share, which included 28,992 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series B Preferred Stock, for approximately $10.5 million, excluding related fees and expenses.
In 2025, the Company recognized a $13.4 million deemed contribution in relation to the December 2024 Tender Offer and the February 2025 Tender Offers, which represents the difference between the carrying value of the Preferred Stock and the amounts paid in conjunction with the tender offers. In 2024, the Company recognized a $6.5 million deemed contribution in relation to the February 2025 Tender Offers, which represents the difference between the carrying value of the Preferred Stock and the amounts paid in conjunction with the tender offers. The deemed contributions are included in the consolidated statements of operations to arrive at net income attributable to common shareholders.
Preferred Stock Contributions from WHLR
During the fourth quarter of 2025, WHLR entered into subscription agreements with certain investors to issue WHLR’s Series D Cumulative Convertible Preferred Stock in exchange for the Company's Series C Preferred Stock held by such investors. Immediately following the closings of such transactions, WHLR contributed a total of 54,000 shares of Series C Preferred Stock to the Company.
Immediately upon receipt of the preferred stock contributed from WHLR, the Company retired the shares in accordance with its organizational documents and applicable law. The contributed preferred stock was received by the Company free and clear of any encumbrances. The transactions did not involve any general solicitation or advertising, and the securities were acquired by WHLR for investment purposes.
Management evaluated the transactions under ASC 845, Nonmonetary Transactions, and determined that the fair value of the contributed preferred stock approximated the fair value of the WHLR Series D Preferred Stock issued in the exchanges. No gain or
loss was recognized by the Company as a result of the contributions. In 2025, the Company recognized a $0.4 million deemed contribution in relation to the preferred stock contributions from WHLR, which represents the difference between the carrying value and the fair value of the Series C Preferred Stock. In 2024, there were no preferred stock contributions from WHLR. The deemed contribution is included in the consolidated statements of operations to arrive at net income attributable to common shareholders.