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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity The Company was authorized to issue up to 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2025 and December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company had 111,759,135 and 111,376,884 shares of Class A common stock issued and outstanding, respectively. The Company was authorized to issue up to 10,000,000 shares of Class B common stock, $0.01 par value at March 31, 2025 and December 31, 2024. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of March 31, 2025 or December 31, 2024. The Company was authorized to issue up to 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2025 and December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company had 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share), 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share), and 300,000 shares of 6.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2025 (in thousands, except for share amounts and percentages):
| Shares Issued and Outstanding as of March 31, 2025 |  |  |  | Liquidation Preference as of March 31, 2025(1) |  | Issue Date |  | Dividend Rate in Effect at March 31, 2025(2) |  | Next dividend rate reset date |  | Dividend rate after reset date(3)
Series B | 300,000 |  |  |  |  | $ | 300,000 |  |  | March 2, 2021 |  | 4.65% |  | June 15, 2026 |  | 5 Yr U.S. Treasury plus 4.076%
Series C | 300,000 |  |  |  |  | 300,000 |  |  | October 13, 2021 |  | 4.125% |  | December 15, 2026 |  | 5 Yr U.S. Treasury plus 3.149%
Series D | 300,000 |  |  |  |  | 300,000 |  |  | September 24, 2024 |  | 6.00% |  | December 15, 2029 |  | 5 Yr U.S. Treasury plus 2.560%
Total | 900,000 |  |  |  |  | $ | 900,000 |  |  |  |  |  |  |  |  |
(1) 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.
(2) Dividends on preferred stock are discretionary and non-cumulative. When declared, 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.
(3) With respect to the Series D Preferred Stock, the dividend rate during any reset period is subject to a 6.00% floor.

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