7 unchanged sentences
While the statements above concerning our distribution policy represent our current expectations, any actual distribution payable will be determined by our Board of Directors based upon the circumstances at the time of declaration and the actual number of common shares then outstanding, and any common distribution payable may vary from such expected amounts.
−Removed: For federal income tax purposes, distributions to our stockholders generally consist of ordinary income, capital gains, nontaxable return of capital, or a combination of those items.
+Added: For federal income tax purposes, distributions to our stockholders generally consist of ordinary income, capital gains, non-taxable return of capital, or a combination of those items.
Distributions that exceed our current and accumulated earnings and profits (calculated for tax purposes) constitute a non-taxable return of capital rather than a dividend and will not be taxable to the extent of the stockholder’s basis in its shares of our stock, which basis will be reduced by an amount equal to such non-taxable distribution.
11 unchanged sentences
We did not sell any unregistered shares of stock during the three months or year ended December 31, 2025.
−Removed: Issuer Purchaser of Equity Securities
−Removed: On May 17, 2024, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our Series B Preferred Stock and up to $35.0 million of our Series C Preferred Stock (collectively, the “Repurchase Program”).
−Removed: 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.
+Added: Issuer Purchases of Equity Securities
+Added: 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 Preferred Stock, par value $0.001 (the “Series C Preferred Stock”) (collectively, the “2024 Repurchase Program”).
+Added: The Board of Directors’ authorization of the 2024 Repurchase Program expired on May 17, 2025.
+Added: On July 11, 2025, our Board of Directors approved a new share repurchase program authorizing us to repurchase up to $20.0 million of our Series B Preferred Stock and up to $35.0 million of our Series C Preferred Stock (collectively, the “2025 Repurchase Program”).
+Added: The Board of Directors’ authorization of the 2025 Repurchase Program may be suspended at any time, does not obligate us to acquire any particular amount of securities, and expires on July 10, 2026.
Under the 2025 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.
−Removed: Table of Content
−Removed: Any repurchases will be made during applicable trading window periods or pursuant to applicable Rule 10b5-1 trading plans.
−Removed: We currently have $17.6 million of Series B Preferred Stock remaining and $30.8 million of Series C Preferred Stock remaining that may be repurchased under the Repurchase Program.
−Removed: The following table summarizes repurchase activity under the Repurchase Program during the year ended December 31, 2024 (dollars in thousands, except per-share amounts):
−Removed: For the year ended December 31, 2024
−Removed: Series B Preferred Stock:
−Removed: Number of shares repurchased
−Removed: Gross repurchase price (1)
−Removed: Weighted-average repurchase price per share
−Removed: Gain on repurchase (2)
−Removed: Series C Preferred Stock:
−Removed: Number of shares repurchased
−Removed: Gross repurchase price (1)
−Removed: Weighted-average repurchase price per share
−Removed: Gain on repurchase (2)
−Removed: (1) Inclusive of broker commissions.
−Removed: (2) The gain on the repurchase of cumulative redeemable preferred stock is included within Gain (loss) on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.
−Removed: We did not purchase any class of our equity securities registered under Section 12 of the Exchange Act during the three months or year ended December 31, 2023.
−Removed: Stock Performance Graph
−Removed: The following graph compares the cumulative stockholder return (assuming reinvestment of distributions) of our common stock with that of the Standard and Poor’s 500 Index (“S&P 500”) and the FTSE NAREIT All REIT Index (“FNAR”), which is a market capitalization-weighted index that includes all REITs that are listed on the New York Stock Exchange, the American Stock Exchange, or the Nasdaq National Market List.
−Removed: The stock performance graph assumes $100 was invested on December 31, 2019.
−Removed: Table of Content
−Removed: As of December 31,
−Removed: Index 2019 2020 2021 2022 2023 2024
−Removed: LAND $ 100.00 $ 117.37 $ 277.29 $ 154.12 $ 125.61 $ 94.21
−Removed: S&P 500 100.00 116.26 147.52 118.84 147.64 182.05
−Removed: FNAR 100.00 90.26 123.57 88.08 94.89 93.73
+Added: Any repurchases will be made during applicable trading window periods or pursuant to Rule 10b5-1 trading plans.
+Added: No shares of Series B Preferred Stock or Series C Preferred Stock were repurchased under either the 2024 Repurchase Program or the 2025 Repurchase Program during the year ended December 31, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.