Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule of Preferred Stock Issued and Outstanding

The following table summarizes the Company’s Preferred Stock issued and outstanding as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands):

Class of Preferred Stock	Shares Authorized	Shares Issued and Outstanding	Carrying Value		Liquidation Preference		Contractual Rate (1)		Optional Redemption Date (2)	Fixed-to-Floating Rate Conversion Date (1)(3)	Floating Annual Rate (4)
Fixed Rate
Series B	6,000,000	3,156,087	$	76,180	$	78,902	7.750	%	June 4, 2018
Series C	6,600,000	4,181,807	101,102		104,545		7.875	%	April 22, 2020
Fixed-to-Floating Rate
Series D	8,400,000	6,123,495	148,134		153,087		8.000	%	October 15, 2027	October 15, 2027	3M LIBOR + 5.695%
Series E	9,900,000	7,411,499	179,349		185,288		7.875	%	January 15, 2025	January 15, 2025	3M LIBOR + 6.429%
Total	30,900,000	20,872,888	$	504,765	$	521,822

(1)Each series of fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference. Each series of fixed-to-floating rate preferred stock is entitled to receive a dividend at the contractual rate shown, respectively, per year on its $25 liquidation preference up to, but excluding, the fixed-to-floating rate conversion date.

(2)Each series of Preferred Stock is not redeemable by the Company prior to the respective optional redemption date disclosed except under circumstances intended to preserve the Company’s qualification as a REIT and except upon occurrence of a Change in Control (as defined in the Articles Supplementary designating the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, respectively). Refer to Note 20 for disclosure regarding the optional redemption of the Company's Series C Preferred Stock.

(3)Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend on a floating rate basis according to the terms disclosed in footnote (4) below.

(4)On and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month LIBOR plus the respective spread disclosed above per year on its $25 liquidation preference.

Schedule of Dividends Declared

The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2020 through June 30, 2021:

			Cash Dividend Per Share
Declaration Date	Record Date	Payment Date	Series B Preferred Stock			Series C Preferred Stock			Series D Preferred Stock			Series E Preferred Stock
June 14, 2021	July 1, 2021	July 15, 2021	$	0.484375		$	0.4921875		$	0.50		$	0.4921875
March 15, 2021	April 1, 2021	April 15, 2021	0.484375			0.4921875			0.50			0.4921875
December 7, 2020	January 1, 2021	January 15, 2021	0.484375			0.4921875			0.50			0.4921875
September 14, 2020	October 1, 2020	October 15, 2020	0.484375			0.4921875			0.50			0.4921875
June 15, 2020	July 1, 2020	July 15, 2020	0.968750		(1)	0.9843750		(1)	1.00		(1)	0.9843750		(1)

(1)Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020.

The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2020 and ended June 30, 2021:

Period	Declaration Date	Record Date	Payment Date	Cash Dividend Per Share
Second Quarter 2021	June 14, 2021	June 24, 2021	July 26, 2021	$	0.100
First Quarter 2021	March 15, 2021	March 25, 2021	April 26, 2021	0.100
Fourth Quarter 2020	December 7, 2020	December 17, 2020	January 25, 2021	0.100
Third Quarter 2020	September 14, 2020	September 24, 2020	October 26, 2020	0.075
Second Quarter 2020	June 15, 2020	July 1, 2020	July 27, 2020	0.050