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Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Preferred Stock Issued and Outstanding
The following tables summarize the Company’s Preferred Stock issued and outstanding as of March 31, 2023 and December 31, 2022 (dollar amounts in thousands):

March 31, 2023

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 2,980,823 71,756 74,520 7.000 %January 15, 2027
Total31,500,000 22,265,817 $537,889 $556,645 
December 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 72,218 75,000 7.000 %January 15, 2027
Total31,500,000 22,284,994 $538,351 $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 Payable
The following table presents the relevant information with respect to quarterly cash dividends declared on the Preferred Stock commencing January 1, 2022 through March 31, 2023:

Cash Dividend Per Share
Declaration DateRecord DatePayment DateSeries D Preferred StockSeries E Preferred Stock
Series F Preferred Stock
Series G Preferred Stock
March 9, 2023April 1, 2023April 15, 2023$0.50 $0.4921875 $0.4296875 $0.43750 
December 12, 2022January 1, 2023January 15, 20230.50 0.4921875 0.4296875 0.43750 
September 16, 2022October 1, 2022October 15, 20220.50 0.4921875 0.4296875 0.43750 
June 17, 2022July 1, 2022July 15, 20220.50 0.4921875 0.4296875 0.43750 
March 14, 2022April 1, 2022April 15, 20220.50 0.4921875 0.4296875 0.43750 
The following table presents cash dividends declared by the Company on its common stock with respect to the quarterly periods commencing January 1, 2022 through March 31, 2023:
PeriodDeclaration DateRecord DatePayment DateCash Dividend Per Share
First Quarter 2023March 9, 2023March 20, 2023April 26, 2023$0.40 
Fourth Quarter 2022December 12, 2022December 27, 2022January 26, 20230.40 
Third Quarter 2022September 16, 2022September 26, 2022October 26, 20220.40 
Second Quarter 2022June 17, 2022June 27, 2022July 25, 20220.40 
First Quarter 2022March 14, 2022March 24, 2022April 25, 20220.40