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Shareholders' Equity and Share-Based Compensation (Notes)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Shareholders' Equity and Share-based Compensation SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION
Preferred Stock. The Company’s Board of Directors has designated 6,600,000 shares of the Company’s preferred stock for issuance as Series C Preferred Stock, of which the Company has 4,460,000 of such shares outstanding as of March 31, 2025. The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless redeemed, repurchased, or converted into common stock pursuant to the terms of the Series C Preferred Stock. Except under certain limited circumstances described in Article IIIC of the Company’s Restated Articles of Incorporation, the Company may not redeem the Series C Preferred Stock prior to April 15, 2025. On or after that date, the Series C Preferred Stock may be redeemed at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. Because the Series C Preferred Stock is redeemable only at the option of the issuer, it is classified as equity on the Company’s consolidated balance sheet.
The Series C Preferred Stock paid a cumulative cash dividend equivalent to 6.900% of the $25.00 liquidation preference per share each year until April 15, 2025. Due to the cessation of 3-month LIBOR, the original terms of the Series C Preferred Stock have been revised to state that upon April 15, 2025 and thereafter, the Company will pay cumulative cash dividends at a percentage of the $25.00 liquidation value per share equal to 3-month term SOFR plus the statutorily prescribed tenor spread adjustment of 0.26161% in addition to the original spread pursuant to the terms of the Series C Preferred Stock of 5.461% for a total spread of 5.723%. The Company paid its regular quarterly dividend of $0.43125 per share of Series C Preferred Stock on April 15, 2025 to shareholders of record as of April 1, 2025.
Common Stock. During the three months ended March 31, 2025, the Company issued 17,604,999 shares of its common stock through its at-the-market (“ATM”) program at an aggregate value of $239.7 million, net of broker commissions and fees. The Company declared monthly dividends on its common stock totaling $0.47 for the three months ended March 31, 2025. The Company’s timing, frequency, and amount of dividends declared on its common stock are determined by its Board of Directors. When declaring dividends, the Board of Directors considers the Company’s taxable income, management’s view on long-term returns, the REIT distribution requirements of the Tax Code, and maintaining compliance with dividend requirements of the Series C Preferred Stock, along with other factors that the Board of Directors may deem relevant from time to time.
Share-Based Compensation. The following table presents a rollforward of share-based awards for the periods indicated:
Three Months Ended
March 31,
 20252024
Type of AwardShares
Weighted Average
Grant Date
Fair Value
 Per Share
Shares
Weighted Average
Grant Date
Fair Value
 Per Share
Restricted stock:
Awards outstanding, beginning of period93,595 $12.78 104,282 $12.61 
Granted— — 46,544 12.50 
Vested(28,792)13.42 (76,865)12.76 
Awards outstanding, end of period64,803 $12.50 73,961 $12.39 
Target RSUs: (1)
Awards outstanding, beginning of period463,070 $12.64 394,497 $13.06 
Granted152,870 14.06 214,755 12.50 
Vested(125,948)12.77 (68,896)14.42 
Awards outstanding, end of period489,992 $13.05 540,356 $12.66 
Target PSUs: (2)
Awards outstanding, beginning of period482,409 $12.32 276,866 $13.17 
Granted— — 322,132 12.50 
Vested— — — — 
Awards outstanding, end of period482,409 $12.32 598,998 $12.81 
(1)The number of RSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% if the recipient’s service-based vesting condition is not met to 100% if the service-based vesting condition is met.
(2)The number of PSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% to 200% based on the achievement of the performance goals defined in each grant award.

The restricted stock awards outstanding as of March 31, 2025 were all granted to employees except for 38,068 granted to the Company’s non-employee members of its Board of Directors, which will vest May 17, 2025. Restricted stock granted to employees generally vests in equal installments over a period of 3 years.
RSU and PSU awards are granted only to executive officers of the Company. RSUs vest in equal installments over a period of 3 years. PSUs vest based on performance results measured over a period of 3 years. The Company expects 102% of the remaining target PSUs outstanding as of March 31, 2025 will be settled on their vesting dates.
The Company has DERs accrued for RSUs and PSUs of $1.0 million and $1.1 million, respectively, as of March 31, 2025 compared to $0.9 million and $1.3 million, respectively, as of December 31, 2024, which is included on the Company’s consolidated balance sheet within “accrued dividends payable.”
Total share-based compensation expense recognized by the Company for the three months ended March 31, 2025 was $2.0 million compared to $4.3 million for the three months ended March 31, 2024. The following table
discloses the Company’s remaining compensation expense related to stock awards it has granted as of March 31, 2025, which will be amortized over the period disclosed:
March 31, 2025
($s in thousands)
Remaining Compensation CostWAVG Period of Recognition
Restricted stock$373 1.4 years
RSUs3,601 2.0 years
PSUs1,617 1.6 years
Total$5,591 1.8 years