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Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Outstanding Preferred Stock

The Company’s outstanding Preferred Stock is detailed below:

 

As of March 31, 2025

Class of
Preferred Stock

 

Shares
Authorized

 

 

Shares
Issued and
Outstanding

 

 

Liquidation
Preference
(in thousands)

 

 

Dividend
Rate

 

 

Annual
Dividend per
Depositary
Share

 

 

Par Value

 

 

Optional
Redemption
Date

Class L

 

 

10,350

 

 

 

8,902

 

 

$

222,543

 

 

 

5.125

%

 

$

1.28125

 

 

$

1.00

 

 

8/16/2022

Class M

 

 

10,580

 

 

 

10,465

 

 

 

261,636

 

 

 

5.250

%

 

$

1.31250

 

 

$

1.00

 

 

12/20/2022

Class N

 

 

1,849

 

 

 

1,392

 

 

 

69,583

 

 

 

7.250

%

 

$

3.62500

 

 

$

1.00

 

 

N/A

 

 

 

 

 

20,759

 

 

$

553,762

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

Class of
Preferred Stock

 

Shares
Authorized

 

 

Shares
Issued and
Outstanding

 

 

Liquidation
Preference
(in thousands)

 

 

Dividend
Rate

 

 

Annual
Dividend per
Depositary
Share

 

 

Par Value

 

 

Optional
Redemption
Date

Class L

 

 

10,350

 

 

 

8,902

 

 

$

222,543

 

 

 

5.125

%

 

$

1.28125

 

 

$

1.00

 

 

8/16/2022

Class M

 

 

10,580

 

 

 

10,465

 

 

 

261,636

 

 

 

5.250

%

 

$

1.31250

 

 

$

1.00

 

 

12/20/2022

Class N

 

 

1,849

 

 

 

1,439

 

 

 

71,934

 

 

 

7.250

%

 

$

3.62500

 

 

$

1.00

 

 

N/A

 

 

 

 

 

20,806

 

 

$

556,113

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Repurchased Preferred Stock During the three months ended March 31, 2025, the Company repurchased the following preferred stock:

 

Class of Preferred Stock

 

Depositary Shares
 Repurchased

 

 

Purchase Price
(in thousands)

 

Class N

 

 

47,035

 

 

$

2,817

 

Summary of Dividends Declared Per Share

The following table provides a summary of the dividends declared per share:

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Common Shares

 

$

0.25000

 

 

$

0.24000

 

Class L Depositary Shares

 

$

0.32031

 

 

$

0.32031

 

Class M Depositary Shares

 

$

0.32813

 

 

$

0.32813

 

Class N Depositary Shares

 

$

0.90625

 

 

$

0.90625