XML 51 R35.htm IDEA: XBRL DOCUMENT v3.22.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Stock The following table presents information related to the Company's purchases of its common stock during the year ended December 31, 2021:
Period (1)Total Number of Shares PurchasedWeighted Average Price Paid per Share (2)Total Number of Shares Purchased as Part of Publicly Announced Program (3)Maximum Approximate Dollar Value that May Yet Be Purchased Under the Program (4)
August 1, 2021 to August 31, 2021150,870 $10.72 398,006$12,980,553 
September 1, 2021 to September 30, 2021107,885 11.39 505,89111,751,409 
October 1, 2021 to October 31, 202161,104 11.59 566,99511,043,506 
Total319,859 $11.11 566,995 $11,043,506 
(1)Based on trade date. The Repurchase Program was announced on November 4, 2015 and does not have an expiration date.
(2)Includes brokerage commissions and clearing fees.
(3)Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021.
(4)The maximum dollar amount authorized was $25.0 million.
The following table includes a summary of preferred stock issued and outstanding as of December 31, 2021 ($ and shares in thousands):
Preferred Stock SeriesIssuance DateShares OutstandingCarrying ValueAggregate Liquidation Preference (1)Optional Redemption
Date (2)		Rate (3)(4)
Series A Preferred StockAugust 3, 20121,663 $40,110 $41,580 August 3, 20178.25 %
Series B Preferred StockSeptember 27, 20123,728 90,187 93,191 September 17, 20178.00 %
Series C Preferred StockSeptember 17, 20193,729 90,175 93,220 September 17, 20248.000 %
Total9,120 $220,472 $227,991 
(1)The Company's Preferred Stock has a liquidation preference of $25.00 per share.
(2)Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption. Shares of the Company’s Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at the Company’s option. Shares of the Company's Series C Preferred Stock may be redeemable earlier than the optional redemption date under certain circumstances intended to preserve its qualification as a REIT for Federal income tax purposes.
(3)The initial dividend rate for the Series C Preferred Stock, from and including the date of original issue to, but not including, September 17, 2024, is 8.000% per annum of the $25.00 per share liquidation preference. On and after September 17, 2024, dividends on the Series C Preferred Stock will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the then three-month LIBOR plus a spread of 6.476% per annum.
(4)Dividends are payable quarterly in arrears on the 17th day of each March, June, September and December and holders are entitled to receive cumulative cash dividends at the respective state rate per annum before holders of common stock are entitled to receive any cash dividends.
The below details privately negotiated exchange agreements with existing holders of the Company's preferred shares exchanged for common shares and, in certain cases, cash consideration during the 2020 and 2021. Subsequent to each transaction closed, the Preferred Stock exchanged pursuant to the exchange agreement was reclassified as authorized but unissued shares of preferred stock without designation as to class or series ($ in thousands).
Preferred Shares Exchanged
DateShares of Series A Preferred StockShares of Series B Preferred StockShares of Series C Preferred StockTotal Preferred Stock Par ValueCommon Shares ExchangedCash Consideration
September 30, 2020
210,662 404,187 427,467 $26,058 1,226,544 $6,337 
October 2, 2020
— — 260,000 6,500 300,000 1,670 
March 17, 2021
153,325 350,609 — 12,598 937,462 — 
June 14, 2021— 86,478 154,383 6,022 429,802 —