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Stockholders' Equity (Tables)

3 Months Ended

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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