XML 52 R43.htm IDEA: XBRL DOCUMENT
v3.22.1

Stockholders' Equity (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (dollar amounts in thousands): March 31, 2022
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-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%
Series F |  | 7,750,000 |  |  | 5,750,000 |  |  | 138,650 |  |  | 143,750 |  |  | 6.875 | % |  | October 15, 2026 |  | October 15, 2026 |  | 3M SOFR + 6.130%
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series G |  | 5,450,000 |  |  | 3,000,000 |  |  | 72,088 |  |  | 75,000 |  |  | 7.000 | % |  | January 15, 2027 |  |  |  |
Total |  | 31,500,000 |  |  | 22,284,994 |  |  | $ | 538,221 |  |  | $ | 557,125 |  |  |  |  |  |  |  |  |
December 31, 2021
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-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%
Series F |  | 7,750,000 |  |  | 5,750,000 |  |  | 138,650 |  |  | 143,750 |  |  | 6.875 | % |  | October 15, 2026 |  | October 15, 2026 |  | 3M SOFR + 6.130%
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series G |  | 3,450,000 |  |  | 3,000,000 |  |  | 72,088 |  |  | 75,000 |  |  | 7.000 | % |  | January 15, 2027 |  |  |  |
Total |  | 29,500,000 |  |  | 22,284,994 |  |  | $ | 538,221 |  |  | $ | 557,125 |  |  |  |  |  |  |  |  |
(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 D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock, respectively). (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, 2021 through March 31, 2022:
|  |  |  |  |  | Cash Dividend Per Share |
Declaration Date |  | Record Date |  | Payment Date |  | Series B Preferred Stock (1) |  | Series C Preferred Stock(1) |  | Series D Preferred Stock |  | Series E Preferred Stock |  | Series F Preferred Stock |  | Series G Preferred Stock |
March 14, 2022 |  | April 1, 2022 |  | April 15, 2022 |  | $ | — |  |  | $ | — |  |  | $ | 0.50 |  |  | $ | 0.4921875 |  |  | $ | 0.4296875 |  |  | $ | 0.43750 |  |
December 13, 2021 |  | January 1, 2022 |  | January 15, 2022 |  | — |  |  | — |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.24792 |  | (2)
September 13, 2021 |  | October 1, 2021 |  | October 15, 2021 |  | 0.484375 |  |  | — |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4679000 |  | (3) | — |  |
June 14, 2021 |  | July 1, 2021 |  | July 15, 2021 |  | 0.484375 |  |  | 0.4921875 |  |  | 0.50 |  |  | 0.4921875 |  |  | — |  |  | — |  |
March 15, 2021 |  | April 1, 2021 |  | April 15, 2021 |  | 0.484375 |  |  | 0.4921875 |  |  | 0.50 |  |  | 0.4921875 |  |  | — |  |  | — |  |
(1)The Company redeemed all outstanding shares of its Series B Preferred Stock and Series C Preferred Stock in December 2021 and July 2021, respectively. (2)Cash dividend for the short initial dividend period that began on November 24, 2021 and ended January 14, 2022. (3)Cash dividend for the long initial dividend period that began on July 7, 2021 and ended on October 14, 2021. The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2021 and ended March 31, 2022:
Period |  | Declaration Date |  | Record Date |  | Payment Date |  | Cash Dividend Per Share
First Quarter 2022 |  | March 14, 2022 |  | March 24, 2022 |  | April 25, 2022 |  | $ | 0.10 |
Fourth Quarter 2021 |  | December 13, 2021 |  | December 27, 2021 |  | January 25, 2022 |  | 0.10 |
Third Quarter 2021 |  | September 13, 2021 |  | September 23, 2021 |  | October 25, 2021 |  | 0.10 |
Second Quarter 2021 |  | June 14, 2021 |  | June 24, 2021 |  | July 26, 2021 |  | 0.10 |
First Quarter 2021 |  | March 15, 2021 |  | March 25, 2021 |  | April 26, 2021 |  | 0.10 |

X
- Definition Tabular disclosure of information related to dividends declared, including paid and unpaid dividends. + References No definition available. + Details
Name: | us-gaap_DividendsDeclaredTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration