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Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2020
Stockholders' Equity Note [Abstract] |
Schedule of Preferred Stock Issued and Outstanding | The following tables summarize the Company’s Preferred Stock issued and outstanding as of March 31, 2020 and December 31, 2019, respectively (dollar amounts in thousands): March 31, 2020
Class of Preferred Stock |  | Shares Authorized |  | Shares Issued and Outstanding |  | Carrying Value |  | Liquidation Preference (1) |  | Contractual Rate (2) |  | Redemption Date (3) |  | Fixed-to-Floating Rate Conversion Date (2)(4) |  | Floating Annual Rate (5)
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series B |  | 6,000,000 |  |  | 3,156,087 |  |  | $ | 76,180 |  |  | $ | 80,431 |  |  | 7.750 | % |  | June 4, 2018 |  |  |  |
Series C |  | 6,600,000 |  |  | 4,181,807 |  |  | 101,102 |  |  | 106,603 |  |  | 7.875 | % |  | April 22, 2020 |  |  |  |
Fixed-to-Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series D |  | 8,400,000 |  |  | 6,123,495 |  |  | 148,134 |  |  | 156,149 |  |  | 8.000 | % |  | October 15, 2027 |  | October 15, 2027 |  | 3M LIBOR + 5.695%
Series E |  | 9,900,000 |  |  | 7,411,499 |  |  | 179,349 |  |  | 188,936 |  |  | 7.875 | % |  | January 15, 2025 |  | January 15, 2025 |  | 3M LIBOR + 6.429%
Total |  | 30,900,000 |  |  | 20,872,888 |  |  | $ | 504,765 |  |  | $ | 532,119 |  |  |  |  |  |  |  |  |
December 31, 2019
Class of Preferred Stock |  | Shares Authorized |  | Shares Issued and Outstanding |  | Carrying Value |  | Liquidation Preference |  | Contractual Rate (2) |  | Redemption Date (3) |  | Fixed-to-Floating Rate Conversion Date (2)(4) |  | Floating Annual Rate (5)
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) | The Company did not declare or accrue quarterly dividends on the Preferred Stock for the period January 15, 2020 to April 14, 2020. The liquidation preference shown as of March 31, 2020 includes such accumulated dividends.
(2) | 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.
(3) | 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).
(4) | 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 (5) below.
(5) | 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 Unpaid Dividends | On March 23, 2020, the Company announced that it had suspended quarterly dividends on its Preferred Stock that would have been payable in April 2020 to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. As a result, the Company did not declare or accrue quarterly dividends on the Preferred Stock during the three months ended March 31, 2020. The following table presents accumulated dividends on the Preferred Stock as of March 31, 2020 (dollar amounts in thousands):
Class of Preferred Stock |  | Accumulated Dividends Per Share |  | Total Accumulated Dividends
Fixed Rate |  |  |  |
Series B |  | $ | 0.4843750 |  |  | $ | 1,529 |
Series C |  | 0.4921875 |  |  | 2,058 |
Fixed-to-Floating Rate |  |  |  |
Series D |  | 0.5000000 |  |  | 3,062 |
Series E |  | 0.4921875 |  |  | 3,648 |
Total |  |  |  | $ | 10,297 |
Schedule of Dividends Declared | On March 23, 2020, the Company announced that it had suspended its quarterly dividend on common stock, commencing with the first quarter of 2020, to focus on conserving capital during the difficult market conditions resulting from the COVID-19 pandemic. As a result, the Company did not declare a cash dividend on its common stock during the three months ended March 31, 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, 2019 and ended March 31, 2020:
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 |
The following table presents the relevant information with respect to quarterly cash dividends declared on the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock commencing January 1, 2019 through December 31, 2019 and on the Series E Preferred Stock from its 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 |  | (1 | )
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 |  |  | — |  |
(1) | Cash dividend for the partial quarterly period that began on October 18, 2019 and ended on January 14, 2020.
Schedule of Public Offerings of Common Stock | The following table details the Company's public offerings of common stock during the three months ended March 31, 2020 (dollar amounts in thousands):
Share Issue Month |  | Shares Issued |  | Net Proceeds (1)
February 2020 |  | 50,600,000 |  |  | 305,274 |
January 2020 |  | 34,500,000 |  |  | 206,650 |
(1) | Proceeds are net of underwriting discounts and commissions and offering expenses

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