10/14/2026 | Press release | Distributed by Public on 10/14/2026 14:47
| Item 3.03 | Material Modification to Rights of Security Holders. |
On October 13, 2026, the Company filed Articles Supplementary with the Maryland State Department of Assessments and Taxation to designate 2,300,000 shares of the Company's authorized preferred stock as shares of 9.25% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share, with a liquidation preference of $25.00 per share, with the powers, preferences and privileges as set forth in the Articles Supplementary. The Articles Supplementary were effective upon filing.
Upon issuance of the Series B Preferred Stock, the ability of the Company to make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment on, any other shares of capital stock of the Company ranking junior to or on a parity with the Series B Preferred Stock, will be subject to certain restrictions in the event that the Company does not declare distributions on the Series B Preferred Stock during any distribution period.
A summary of the material terms of the Series B Preferred Stock is set forth under the caption "Description of Series B Preferred Stock" in the Company's prospectus supplement, dated October 8, 2026, which forms a part of the Company's registration statement on Form S-3 (File No. 333-285148), and is hereby incorporated by reference into this Item 3.03.
The foregoing description is not complete and is qualified in its entirety by the full terms of the Series B Preferred Stock as set forth in the Articles Supplementary. A copy of the Articles Supplementary is filed as Exhibit 3.1 hereto, and the information in the Articles Supplementary is hereby incorporated by reference into this Item 3.03.