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Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Preferred Stock Issued and Outstanding
The following table summarizes the Company’s preferred stock issued and outstanding as of September 30, 2024 (in thousands, except for share amounts and percentages):

Shares Issued and Outstanding as of September 30, 2024
Liquidation Preference
as of
September 30, 2024(2)
Issue Date
Dividend Rate in Effect at September 30, 2024(3)
Next dividend rate reset date
Dividend rate after reset date(4)
Series A(5)
10,000,000 $250,000 March 5, 2019
3M Term SOFR(1) plus 3.65%
N/AN/A
Series B300,000 300,000 March 2, 20214.65%June 15, 2026
5 Yr U.S. Treasury plus 4.076%
Series C300,000 300,000 October 13, 20214.125%December 15, 2026
5 Yr U.S. Treasury plus 3.149%
Series D300,000 300,000 September 24, 20246.00%December 15, 2029
5 Yr U.S. Treasury plus 2.560%
Total10,900,000 $1,150,000 
(1) 3M Term SOFR includes a credit spread adjustment of 0.10%.
(2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends.
(3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are reset every five years and payable quarterly in arrears.
(4) With respect to the Series D Preferred Stock, the dividend rate during any reset period is subject to a 6.00% floor.
(5) On September 17, 2024, the Company issued a notice of redemption for all of its outstanding shares of Series A Preferred Stock.