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Stockholders’ Equity (Tables) | 12 Months Ended
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Dec. 31, 2020
Stockholders' Equity Note [Abstract] |
Summary of Preferred Stock Issued and Outstanding | The following table summarizes the Company’s Preferred Stock issued and outstanding as of December 31, 2020 and 2019 (dollar amounts in thousands):
Class of Preferred Stock |  | Shares Authorized |  | Shares Issued and Outstanding |  | Carrying Value |  | Liquidation Preference |  | Contractual Rate (1) |  | Optional 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 |  |  |  |
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)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 optional 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 footnote (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, Series C Preferred Stock and Series D Preferred Stock commencing January 1, 2018 through December 31, 2020 and on the Series E Preferred Stock from its time of original issuance through December 31, 2020:
|  |  |  |  |  | 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 7, 2020 |  | January 1, 2021 |  | January 15, 2021 |  | $ | 0.484375 |  |  | $ | 0.4921875 |  |  | $ | 0.50 |  |  | $ | 0.4921875 |  |
September 14, 2020 |  | October 1, 2020 |  | October 15, 2020 |  | 0.484375 |  |  | 0.4921875 |  |  | 0.50 |  |  | 0.4921875 |  |
June 15, 2020 |  | July 1, 2020 |  | July 15, 2020 |  | 0.968750 |  | (1) | 0.9843750 |  | (1) | 1.00 |  | (1) | 0.9843750 |  | (1)
December 10, 2019 |  | January 1, 2020 |  | January 15, 2020 |  | 0.484375 |  |  | 0.4921875 |  |  | 0.50 |  |  | 0.4757800 |  | (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 |  |  | — |  |
(1)Preferred Stock dividends declared on June 15, 2020 included cash dividends in arrears for the quarterly period that began on January 15, 2020 and ended on April 14, 2020 and cash dividends for the quarterly period that began on April 15, 2020 and ended on July 14, 2020. (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 the quarterly periods commencing January 1, 2018 and ended December 31, 2020:
Period |  | Declaration Date |  | Record Date |  | Payment Date |  | Cash Dividend Per Share
Fourth Quarter 2020 |  | December 7, 2020 |  | December 17, 2020 |  | January 25, 2021 |  | $ | 0.100 |
Third Quarter 2020 |  | September 14, 2020 |  | September 24, 2020 |  | October 26, 2020 |  | 0.075 |
Second Quarter 2020 |  | June 15, 2020 |  | July 1, 2020 |  | July 27, 2020 |  | 0.050 |
Fourth Quarter 2019 |  | December 10, 2019 |  | December 20, 2019 |  | January 27, 2020 |  | 0.200 |
Third Quarter 2019 |  | September 9, 2019 |  | September 19, 2019 |  | October 25, 2019 |  | 0.200 |
Second Quarter 2019 |  | June 14, 2019 |  | June 24, 2019 |  | July 25, 2019 |  | 0.200 |
First Quarter 2019 |  | March 19, 2019 |  | March 29, 2019 |  | April 25, 2019 |  | 0.200 |
Fourth Quarter 2018 |  | December 4, 2018 |  | December 14, 2018 |  | January 25, 2019 |  | 0.200 |
Third Quarter 2018 |  | September 17, 2018 |  | September 27, 2018 |  | October 26, 2018 |  | 0.200 |
Second Quarter 2018 |  | June 18, 2018 |  | June 28, 2018 |  | July 26, 2018 |  | 0.200 |
First Quarter 2018 |  | March 19, 2018 |  | March 29, 2018 |  | April 26, 2018 |  | 0.200 |
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, 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 |
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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