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Stockholders’ Equity (Tables)
 12 Months Ended
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 StockShares AuthorizedShares Issued and OutstandingCarrying ValueLiquidation Preference
Contractual Rate (1)
Optional Redemption Date (2)
Fixed-to-Floating Rate Conversion Date (1)(3)
Floating Annual Rate (4)
Fixed Rate
Series B6,000,000 3,156,087 $76,180 $78,902 7.750 %June 4, 2018
Series C6,600,000 4,181,807 101,102 104,545 7.875 %April 22, 2020
Fixed-to-Floating Rate
Series D8,400,000 6,123,495 148,134 153,087 8.000 %October 15, 2027October 15, 2027
3M LIBOR + 5.695%
Series E9,900,000 7,411,499 179,349 185,288 7.875 %January 15, 2025January 15, 2025
3M LIBOR + 6.429%
Total30,900,000 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 DateRecord DatePayment DateSeries B Preferred StockSeries C Preferred StockSeries D Preferred StockSeries E Preferred Stock
December 7, 2020January 1, 2021January 15, 2021$0.484375 $0.4921875 $0.50 $0.4921875 
September 14, 2020October 1, 2020October 15, 20200.484375 0.4921875 0.50 0.4921875 
June 15, 2020July 1, 2020July 15, 20200.968750 
(1)
0.9843750 
(1)
1.00 
(1)
0.9843750 
(1)
December 10, 2019January 1, 2020January 15, 20200.484375 0.4921875 0.50 0.4757800 
(2)
September 9, 2019October 1, 2019October 15, 20190.484375 0.4921875 0.50 — 
June 14, 2019July 1, 2019July 15, 20190.484375 0.4921875 0.50 — 
March 19, 2019April 1, 2019April 15, 20190.484375 0.4921875 0.50 — 
December 4, 2018January 1, 2019January 15, 20190.484375 0.4921875 0.50 — 
September 17, 2018October 1, 2018October 15, 20180.484375 0.4921875 0.50 — 
June 18, 2018July 1, 2018July 15, 20180.484375 0.4921875 0.50 — 
March 19, 2018April 1, 2018April 15, 20180.484375 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:
PeriodDeclaration DateRecord DatePayment DateCash
Dividend
Per Share
Fourth Quarter 2020December 7, 2020December 17, 2020January 25, 2021$0.100 
Third Quarter 2020September 14, 2020September 24, 2020October 26, 20200.075 
Second Quarter 2020June 15, 2020July 1, 2020July 27, 20200.050 
Fourth Quarter 2019December 10, 2019December 20, 2019January 27, 20200.200 
Third Quarter 2019September 9, 2019September 19, 2019October 25, 20190.200 
Second Quarter 2019June 14, 2019June 24, 2019July 25, 20190.200 
First Quarter 2019March 19, 2019March 29, 2019April 25, 20190.200 
Fourth Quarter 2018December 4, 2018December 14, 2018January 25, 20190.200 
Third Quarter 2018September 17, 2018September 27, 2018October 26, 20180.200 
Second Quarter 2018June 18, 2018June 28, 2018July 26, 20180.200 
First Quarter 2018March 19, 2018March 29, 2018April 26, 20180.200 
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 MonthShares Issued
Net Proceeds (1)
February 202050,600,000 $305,274 
January 202034,500,000 206,650 
November 201928,750,000 172,150 
September 201928,750,000 173,093 
July 201923,000,000 137,500 
May 201920,700,000 123,102 
March 201917,250,000 101,160 
January 201914,490,000 83,772 
November 201814,375,000 85,261 
August 201814,375,000 85,980 

(1)    Proceeds are net of underwriting discounts and commissions and offering expenses