13 unchanged sentences
For the year ended December 31, 2024, the portion of our common stock dividends paid during the year deemed to be a return of capital was $0.5516 per share of common stock.
−Removed: For the year ended December 31, 2022, the portion of our common stock dividends paid during the year deemed to be a return of capital was $1.76 per share of common stock.
(For additional dividend information, see Notes 10(a) and 10(b) to the consolidated financial statements, included under Item 8 of this Annual Report on Form 10-K.)
1 unchanged sentence
federal income tax purposes commencing with our taxable year ended December 31, 1998 and, as such, anticipate distributing at least 90% of our REIT taxable income within the timeframe permitted by the Code.
−Removed: Although we may borrow funds to make distributions, cash for such distributions has generally been, and is expected to continue to be, largely generated from our results of our operations.
+Added: Although we may borrow funds to make distributions, cash for such distributions has generally been, and is expected to continue to be, largely generated from our results of operations.
The table below provides details of dividends on our common stock declared during the years 2025 and 2024:
5 unchanged sentences
2024 December 11, 2024 December 31, 2024 January 31, 2025 $0.35 (2)
−Removed: September 20, 2023 October 2, 2023 October 31, 2023 0.35
+Added: September 12, 2024 September 27, 2024 October 31, 2024 0.35
June 11, 2024 June 28, 2024 July 31, 2024 0.35
4 unchanged sentences
A portion of this dividend was considered taxable income to the recipient in 2025.
−Removed: For more information see the Company’s 2024 Dividend Tax Information on its website.
We have not established a minimum payout level for our common stock.
Dividends are declared and paid at the discretion of our Board and depend on our cash available for distribution, financial condition, ability to maintain our qualification as a REIT, and such other factors that our Board may deem relevant.
−Removed: (See Part I, Item 1A., “Risk Factors” and Item 7, “Management’s Discussion
−Removed: and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K, for information regarding the sources of funds used for dividends and for a discussion of factors, if any, which may adversely affect our ability to pay dividends.)
+Added: (See Part I, Item 1A., “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K, for information regarding the sources of funds used for dividends and for a discussion of factors, if any, which may adversely affect our ability to pay dividends.)
Purchases of Equity Securities
−Removed: On February 29, 2024, the Company announced its Board had authorized a new $200 million stock repurchase program with respect to the Company’s common stock, which will be in effect through the end of 2025.
−Removed: The Company’s prior stock repurchase program, which was adopted in March 2022, had authorized the repurchase of up to $250 million of the Company’s common stock and expired on December 31, 2023, with approximately $202.5 million remaining available at the date of expiration.
+Added: In February 2024, the Company announced its Board had authorized a $200 million stock repurchase program with respect to the Company’s common stock, which was in effect through the end of 2025.
+Added: Approximately $190 million remained available for repurchase under the stock repurchase program upon its expiration.
+Added: In February 2026, the Company’s Board authorized a new $200 million stock repurchase program with respect to the Company’s common stock, which will be in effect through December 31, 2028.
The stock repurchase program does not require the purchase of any minimum number of shares.
1 unchanged sentence
Acquisitions under the stock repurchase program may be made in the open market, through privately negotiated transactions or block trades or other means, in accordance with applicable securities laws (including, in our discretion, through the use of one or more plans adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (or the Exchange Act)).
−Removed: We did not repurchase any shares of our common stock pursuant to the stock repurchase program during the year ended December 31, 2024.
−Removed: The Company did withhold 129,949 shares (under the terms of grants under our Equity Compensation Plan (or Equity Plan)) during the first quarter of 2024 to satisfy tax and payroll withholding obligations resulting from the vesting and settlement of restricted stock awards and/or restricted stock units (RSUs).
+Added: During 2025, the Company repurchased 1,026,117 shares of its common stock through the stock repurchase program at an average cost of $9.76 per share and a total cost of approximately $10.0 million, net of fees and commissions paid to the sales agent of approximately $10,000.
+Added: The Company did not repurchase any shares of its common stock through the stock repurchase program during 2024.
+Added: The Company also withheld 493,848 and 129,429 shares (under the terms of grants under our Equity Compensation Plan (or Equity Plan)) during 2025 and 2024, respectively, to satisfy tax and payroll withholding obligations resulting from the vesting and settlement of restricted stock awards and/or restricted stock units (RSUs).
+Added: The table below provides detail of the repurchases of common stock by month for the fourth quarter of 2025.
+Added: Month Total Number of Shares Purchased Weighted Average Price Paid Per Share (1)
+Added: Total Number of Shares Repurchased as Part of Publicly Announced Repurchase Program or Employee Plan Approximate Dollar Value that May Yet be Purchased Under the Repurchase Program or Employee Plan
+Added: October 1-31, 2025:
+Added: Stock Repurchase Program — $ — — $ 195,000,000
+Added: Employee Transactions (2)
+Added: November 1-30, 2025:
+Added: Stock Repurchase Program 540,652 $ 9.25 540,652 $ 190,000,000
+Added: Employee Transactions (2)
+Added: 4,636 8.97 N/A N/A
+Added: December 1-31, 2025:
+Added: Stock Repurchase Program — $ — — $ —
+Added: Employee Transactions (2)
+Added: (1) Includes brokerage commissions.
+Added: (2) The value of shares surrendered upon the settlement of RSUs to meet income tax obligations is based on the closing price per share of our common stock on the date such settlement occurs.
Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan
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Stockholders who own common stock that is registered in a name other than their own (e.g., broker, bank or other nominee) and who want to participate in the DRSPP must either request such nominee holder to participate on their behalf or request that such nominee holder re-register our common stock in the stockholder’s name and deliver a completed enrollment form to the Plan Agent.
−Removed: During the year ended 2024, the Company did not issue any shares pursuant to its DRSPP.
−Removed: During the year ended 2023, we issued 6,666 shares of common stock through the DRSPP generating net proceeds of approximately $74,000.
+Added: During the years ended 2025 and 2024, the Company did not issue any shares pursuant to its DRSPP, and the DRSPP shelf registration statement expired by its terms on September 27, 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.