Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On May 17, 2024, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our 6.00% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”) and up to $35.0 million of our 6.00% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock” and, collectively, the “Repurchase Program”). The Board’s authorization of the Repurchase Program may be suspended or discontinued at any time, does not obligate us to acquire any particular amount of securities, and expires on May 17, 2025. Under the Repurchase Program, repurchases are intended to be implemented through open market transactions on U.S. exchanges and/or in privately-negotiated transactions facilitated by a third-party broker acting as agent for us in accordance with applicable securities laws. Any repurchases will be made during applicable trading window periods or pursuant to applicable Rule 10b5-1 trading plans.
The following table provides information with respect to our purchases of our Series B Preferred Stock during the three months ended September 30, 2024:
Period Total Number of Shares Purchased Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Program Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
July 2024 33,334 $ 21.36 33,334 $ 18,155,882
August 2024 20,962 21.54 20,962 17,704,316
September 2024 6,145 21.35 6,145 17,573,097
Total 60,441 $ 21.42 60,441 $ 17,573,097
(1) Excludes commissions and transaction costs.
The following table provides information with respect to our purchases of our Series C Preferred Stock during the three months ended September 30, 2024:
Period Total Number of Shares Purchased Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Program Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
July 2024 47,788 $ 21.09 47,788 $ 32,232,501
August 2024 55,770 21.06 55,770 31,057,706
September 2024 12,046 21.16 12,046 30,802,763
Total 115,604 $ 21.08 115,604 $ 30,802,763
(1) Excludes commissions and transaction costs.
See Note 8, “ Equity—Repurchase Program ,” within the accompanying notes to our condensed consolidated financial statements for additional information regarding our Repurchase Program.
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Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
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