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Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Summary of Preferred Stock Issued and Outstanding

The following tables summarize the Company’s Preferred Stock issued and outstanding as of December 31, 2019 and 2018, respectively (dollar amounts in thousands):

December 31, 2019

Class of Preferred Stock		Shares Authorized			Shares Issued and Outstanding			Carrying Value				Liquidation Preference				Contractual Rate (1)			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		N/A		N/A
Series C		6,600,000			4,181,807			101,102				104,545				7.875	%		April 22, 2020		N/A		N/A
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

December 31, 2018

Class of Preferred Stock		Shares Authorized			Shares Issued and Outstanding			Carrying Value				Liquidation Preference				Contractual Rate (1)			Redemption Date (2)		Fixed-to-Floating Rate Conversion Date (1)(3)		Floating Annual Rate (4)
Fixed Rate
Series B		6,000,000			3,000,000			$	72,397			$	75,000			7.750	%		June 4, 2018		N/A		N/A
Series C		4,140,000			3,600,000			86,862				90,000				7.875	%		April 22, 2020		N/A		N/A
Fixed-to-Floating Rate
Series D		5,750,000			5,400,000			130,496				135,000				8.000	%		October 15, 2027		October 15, 2027		3M LIBOR + 5.695%
Total		15,890,000			12,000,000			$	289,755			$	300,000

⁽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 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).

⁽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 ⁽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 Payable

The following table presents the relevant information with respect to quarterly cash dividends declared on the Series B Preferred Stock and Series C Preferred Stock commencing January 1, 2017 through December 31, 2019 and on each of the Series D Preferred Stock and Series E Preferred Stock from its respective time of original issuance through December 31, 2019:

						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
December 10, 2019		January 1, 2020		January 15, 2020		$	0.484375			$	0.4921875			$	0.50			$	0.47578		(2)
September 9, 2019		October 1, 2019		October 15, 2019		0.484375				0.4921875				0.50				—
June 14, 2019		July 1, 2019		July 15, 2019		0.484375				0.4921875				0.50				—
March 19, 2019		April 1, 2019		April 15, 2019		0.484375				0.4921875				0.50				—
December 4, 2018		January 1, 2019		January 15, 2019		0.484375				0.4921875				0.50				—
September 17, 2018		October 1, 2018		October 15, 2018		0.484375				0.4921875				0.50				—
June 18, 2018		July 1, 2018		July 15, 2018		0.484375				0.4921875				0.50				—
March 19, 2018		April 1, 2018		April 15, 2018		0.484375				0.4921875				0.50				—
December 7, 2017		January 1, 2018		January 15, 2018		0.484375				0.4921875				0.51			(1)	—
September 14, 2017		October 1, 2017		October 15, 2017		0.484375				0.4921875				—				—
June 14, 2017		July 1, 2017		July 15, 2017		0.484375				0.4921875				—				—
March 16, 2017		April 1, 2017		April 15, 2017		0.484375				0.4921875				—				—

⁽¹⁾  Cash dividend for the partial quarterly period that began on October 13, 2017 and ended on January 14, 2018.

⁽²⁾  Cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020.

The following table presents cash dividends declared by the Company on its common stock with respect to each of the quarterly periods commencing January 1, 2017 and ended December 31, 2019:

Period		Declaration Date		Record Date		Payment Date		Cash Dividend Per Share
Fourth Quarter 2019		December 10, 2019		December 20, 2019		January 27, 2020		$	0.20
Third Quarter 2019		September 9, 2019		September 19, 2019		October 25, 2019		0.20
Second Quarter 2019		June 14, 2019		June 24, 2019		July 25, 2019		0.20
First Quarter 2019		March 19, 2019		March 29, 2019		April 25, 2019		0.20
Fourth Quarter 2018		December 4, 2018		December 14, 2018		January 25, 2019		0.20
Third Quarter 2018		September 17, 2018		September 27, 2018		October 26, 2018		0.20
Second Quarter 2018		June 18, 2018		June 28, 2018		July 26, 2018		0.20
First Quarter 2018		March 19, 2018		March 29, 2018		April 26, 2018		0.20
Fourth Quarter 2017		December 7, 2017		December 18, 2017		January 25, 2018		0.20
Third Quarter 2017		September 14, 2017		September 25, 2017		October 25, 2017		0.20
Second Quarter 2017		June 14, 2017		June 26, 2017		July 25, 2017		0.20
First Quarter 2017		March 16, 2017		March 27, 2017		April 25, 2017		0.20

Schedule of Company's Public Offerings of Common Stock

The following table details the Company's public offerings of common stock during the three years ended December 31, 2019 (dollar amounts in thousands):

Share Issue Month		Shares Issued			Net Proceeds (1)
November 2019		28,750,000			$	172,150
September 2019		28,750,000			173,093
July 2019		23,000,000			137,500
May 2019		20,700,000			123,102
March 2019		17,250,000			101,160
January 2019		14,490,000			83,772
November 2018		14,375,000			85,261
August 2018		14,375,000			85,980

⁽¹⁾ 

Proceeds are net of underwriting discounts and commissions and offering expenses

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