Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Reinstatement and Declaration of Dividends on Series B Preferred Stock and Series C Preferred Stock

On July 1, 2020, the Company announced that its Board of Directors (the “Board”) had reinstated the payment of dividends on its outstanding Series B Preferred Stock and Series C Preferred Stock. In accordance with the terms of the Series B Preferred Stock, the Board approved and the Company declared a preferred stock dividend of $0.93750 per share. This dividend was payable on July 31, 2020, to Series B Preferred stockholders of record as of July 15, 2020. As a result of the payment of this dividend, the Company has paid in full all accumulated but unpaid dividends on the Series B Preferred Stock, and the next quarterly dividend payable in respect of the Series B Preferred Stock will, subject to approval by the Board and declaration by the Company, be for the quarter ending, and payable on, September 30, 2020.

In addition, in accordance with the terms of the Series C Preferred Stock, the Board has approved and the Company declared a preferred stock dividend of $0.53264 per share. This dividend was payable on July 31, 2020, to Series C Preferred stockholders of record as of July 15, 2020. The dividend with respect to the Series C Preferred Stock is the first dividend being paid by the Company in respect of the Series C Preferred Stock and is a "long first dividend" payable in respect of the period commencing on March 2, 2020, the date of original issue of the Series C Preferred Stock, and ending on, and including, June 30, 2020. As a result of the payment of this dividend, the Company has paid in full all accumulated but unpaid dividends on the Series C Preferred Stock, and the next quarterly dividend payable in respect of the Series C Preferred Stock will, subject to approval by the Board and declaration by the Company, be for the quarter ending, and payable on, September 30, 2020.

Declaration of Common Stock Dividend

On August 6, 2020, the Company declared a regular cash dividend of $0.05 per share of common stock.  The dividend will be paid on October 30, 2020, to stockholders of record on September 30, 2020.