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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 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-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 5,750,000 138,650 143,750 6.875 %October 15, 2026October 15, 2026
3M SOFR + 6.130%
Fixed Rate
Series G5,450,000 3,000,000 72,088 75,000 7.000 %January 15, 2027
Total31,500,000 22,284,994 $538,221 $557,125 

December 31, 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-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 5,750,000 138,650 143,750 6.875 %October 15, 2026October 15, 2026
3M SOFR + 6.130%
Fixed Rate
Series G3,450,000 3,000,000 72,088 75,000 7.000 %January 15, 2027
Total29,500,000 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 DateRecord DatePayment Date
Series B Preferred Stock (1)
Series C Preferred Stock(1)
Series D Preferred StockSeries E Preferred Stock
Series F Preferred Stock
Series G Preferred Stock
March 14, 2022April 1, 2022April 15, 2022$— $— $0.50 $0.4921875 $0.4296875 $0.43750 

December 13, 2021January 1, 2022January 15, 2022— — 0.50 0.4921875 0.4296875 0.24792 
(2)
September 13, 2021October 1, 2021October 15, 20210.484375 — 0.50 0.4921875 0.4679000 
(3)
— 
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 — — 

(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:
PeriodDeclaration DateRecord DatePayment DateCash Dividend Per Share
First Quarter 2022March 14, 2022March 24, 2022April 25, 2022$0.10 
Fourth Quarter 2021December 13, 2021December 27, 2021January 25, 20220.10 
Third Quarter 2021September 13, 2021September 23, 2021October 25, 20210.10 
Second Quarter 2021June 14, 2021June 24, 2021July 26, 20210.10 
First Quarter 2021March 15, 2021March 25, 2021April 26, 20210.10