Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Portfolio Activity—Water Acquisition
On July 15, 2024, we purchased 1,985 acre-feet of water from Byron-Bethany Irrigation District (“BBID”), a multi-county water district located in Contra Costa County, California, for the 2024 water year for a total purchase price (including commissions and other closing costs) of approximately $801,000. This water was purchased pursuant to a water transfer agreement we entered into with BBID in October 2023, whereby we may elect to purchase up to 15,000 acre-feet of water per water year during years in which BBID has a surplus supply of water through February 28, 2031.
Financing Activity
Debt Activity—Loan Repayments
Subsequent to June 30, 2024, we repaid approximately $6.0 million of loans. On a weighted-average basis, these borrowings bore interest at a fixed, stated rate of 4.31% and an effective interest rate (after interest patronage, where applicable) of 3.06%.
Equity Activity
Equity Issuances
The following table provides information on equity sales that occurred subsequent to June 30, 2024 (dollars in thousands, except per-share amounts):
Type of Issuance Number of
Shares Sold		 Weighted Average Offering Price
Per Share		 Gross Proceeds
Net Proceeds(1)
Series E Preferred Stock(1)
3,195 $ 24.88  $ 79  $ 72 
(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable).
Repurchase Program
The following table summarizes repurchase activity under the Repurchase Program subsequent to June 30, 2024, (dollars in thousands, except per-share amounts):
Series B Preferred Stock:
Number of shares repurchased 42,196 
Gross repurchase price(1)
$ 902 
Weighted-average repurchase price per share $ 21.37 
Gain on repurchase $ 37 
Series C Preferred Stock:
Number of shares repurchased 60,920 
Gross repurchase price(1)
$ 1,285 
Weighted-average repurchase price per share $ 21.09 
Gain on repurchase $ 97 
(1)Inclusive of broker commissions.
Distributions
On July 9, 2024, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:
Issuance Record Date Payment Date Distribution per Share
Series B Preferred Stock: July 22, 2024 July 31, 2024 $ 0.125 
August 21, 2024 August 30, 2024 0.125 
September 20, 2024 September 30, 2024 0.125 
Total Series B Preferred Stock Distributions: $ 0.375 
Series C Preferred Stock: July 22, 2024 July 31, 2024 $ 0.125 
August 21, 2024 August 30, 2024 0.125 
September 20, 2024 September 30, 2024 0.125 
Total Series C Preferred Stock Distributions: $ 0.375 
Series D Term Preferred Stock: July 22, 2024 July 31, 2024 $ 0.104167 
August 21, 2024 August 30, 2024 0.104167 
September 20, 2024 September 30, 2024 0.104167 
Total Series D Term Preferred Stock Distributions: $ 0.312501 
Series E Preferred Stock: July 25, 2024 August 5, 2024 $ 0.104167 
August 26, 2024 September 5, 2024 0.104167 
September 25, 2024 October 4, 2024 0.104167 
Total Series E Preferred Stock Distributions: $ 0.312501 
Common Stock(1):
July 22, 2024 July 31, 2024 $ 0.0467 
August 21, 2024 August 30, 2024 0.0467 
September 20, 2024 September 30, 2024 0.0467 
Total Common Stock Distributions $ 0.1401 
(1)The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.