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Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Schedule of Preferred Stock Issued and Outstanding
The following table summarizes the Company’s Preferred Stock issued and outstanding as of September 30, 2021 and December 31, 2020, respectively (dollar amounts in thousands):

September 30, 2021

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
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%
Series F7,750,000 5,750,000 138,569 143,750 6.875 %October 15, 2026October 15, 2026
3M SOFR + 6.130%
Total32,050,000 22,441,081 $542,232 $561,027 
December 31, 2020

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, Series E Preferred Stock and Series F Preferred Stock, respectively). Refer above for disclosure regarding the optional redemption of the Company's Series C Preferred Stock.
(3)Beginning on the respective fixed-to-floating rate conversion date, each of the Series D Preferred Stock, Series E Preferred Stock and Series F 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. On and after the fixed-to-floating rate conversion date, the Series F Preferred Stock is entitled to receive a dividend at a floating rate equal to three-month SOFR plus the spread disclosed above per year on its $25 liquidation preference.
Schedule of Dividends Declared The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2020 through September 30, 2021:
Cash Dividend Per Share
Declaration DateRecord DatePayment DateSeries B Preferred StockSeries C Preferred StockSeries D Preferred StockSeries E Preferred StockSeries F Preferred Stock
September 13, 2021October 1, 2021October 15, 2021$0.484375 $— 
(1)
$0.50 $0.4921875 $0.4679 
(2)
June 14, 2021July 1, 2021July 15, 20210.484375 0.4921875 0.50 0.4921875 — 
March 15, 2021April 1, 2021April 15, 20210.484375 0.4921875 0.50 0.4921875 — 
December 7, 2020January 1, 2021January 15, 20210.484375 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 
(3)
0.9843750 
(3)
1.00 
(3)
0.9843750 
(3)
— 

(1)Refer above for disclosure regarding the optional redemption of the Company's Series C Preferred Stock.
(2)Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021.
(3)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.
The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2020 and ended September 30, 2021:
PeriodDeclaration DateRecord DatePayment DateCash Dividend Per Share
Third Quarter 2021September 13, 2021September 23, 2021October 25, 2021$0.100 
Second Quarter 2021June 14, 2021June 24, 2021July 26, 20210.100 
First Quarter 2021March 15, 2021March 25, 2021April 26, 20210.100 
Fourth Quarter 2020December 7, 2020December 17, 2020January 25, 20210.100 
Third Quarter 2020September 14, 2020September 24, 2020October 26, 20200.075 
Second Quarter 2020June 15, 2020July 1, 2020July 27, 20200.050