Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On July 11, 2025, 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 under the 2025 Repurchase Program. The Board of Directors’ authorization of the 2025 Repurchase Program did not obligate us to acquire any particular amount of securities. The 2025 Share Repurchase Program expired on July 10, 2026. Under the 2025 Repurchase Program, repurchases were 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. All repurchases were 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 June 30, 2026:
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
April 2026 35,677 $ 20.67 35,677 $ 18,477,453
May 2026 46,800 20.99 46,800 17,494,958
June 2026 60,713 20.79 60,713 16,232,571
Total 143,190 $ 20.83 143,190 $ 16,232,571
(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 June 30, 2026:
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
April 2026 77,107 $ 20.19 77,107 $ 31,760,798
May 2026 106,966 20.73 106,966 29,543,482
June 2026 92,050 20.49 92,050 27,657,634
Total 276,123 $ 20.50 276,123 $ 27,657,634
(1) Excludes commissions and transaction costs.
See Notes 10, “ Equity—Repurchase Program ,” and 13, “ Subsequent Events ,” within the accompanying notes to our condensed consolidated financial statements for additional information regarding our 2025 Repurchase Program and 2026 Repurchase Program, respectively.
Item 3. Defaults Upon Senior Securities
Not applicable.
47
Item 4. Mine Safety Disclosures
Not applicable.
48
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