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

December 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) (5)
Fixed-to-Floating Rate
Series D8,400,000 6,107,318 $147,745 $152,683 8.000 %October 15, 2027October 15, 2027
3M LIBOR + 5.695%
Series E9,900,000 7,343,151 177,697 183,579 7.875 %January 15, 2025January 15, 2025
3M LIBOR + 6.429%
Series F7,750,000 5,740,209 138,418 143,505 6.875 %October 15, 2026October 15, 2026
3M SOFR + 6.130%
Fixed Rate
Series G5,450,000 2,973,736 71,585 74,343 7.000 %January 15, 2027
Total31,500,000 22,164,414 $535,445 $554,110 


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) (5)
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)The Company's fixed rate preferred stock is entitled to receive a dividend at the contractual rate shown, 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 footnotes (4) and (5) below.
(4)Prior to July 2023, on and after the fixed-to-floating rate conversion date, each of the Series D Preferred Stock and Series E Preferred Stock were 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. In light of the cessation of the publication of three-month LIBOR after June 30, 2023, and pursuant to the Articles Supplementary for each of the Series D Preferred Stock and Series E Preferred Stock and the applicability of the Adjustable Interest Rate (LIBOR) Act of 2021 to the Series D Preferred Stock and Series E Preferred Stock, given all of the information available to the Company to date, the Company believes that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum will automatically replace three-month LIBOR as the reference rate for calculations of the dividend rate payable on the Series D Preferred Stock and Series E Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date.
(5)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, 2021 through December 31, 2023:

Cash Dividend Per Share
Declaration DateRecord DatePayment Date
Series B Preferred Stock (1)
Series C Preferred Stock (1)
Series D Preferred StockSeries E Preferred StockSeries F Preferred StockSeries G Preferred Stock
December 14, 2023January 1, 2024January 15, 2024$— $— $0.50 $0.4921875 $0.4296875 $0.43750 
September 11, 2023October 1, 2023October 15, 2023— — 0.50 0.4921875 0.4296875 0.43750 
June 6, 2023July 1, 2023July 15, 2023— — 0.50 0.4921875 0.4296875 0.43750 
March 9, 2023April 1, 2023April 15, 2023— — 0.50 0.4921875 0.4296875 0.43750 
December 12, 2022January 1, 2023January 15, 2023— — 0.50 0.4921875 0.4296875 0.43750 
September 16, 2022October 1, 2022October 15, 2022— — 0.50 0.4921875 0.4296875 0.43750 
June 17, 2022July 1, 2022July 15, 2022— — 0.50 0.4921875 0.4296875 0.43750 
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)Refer above for disclosure regarding the optional redemption of the Company's Series B Preferred Stock and Series C Preferred Stock.
(2)Cash dividend for the short initial dividend period that began on November 24, 2021 and ended on 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 December 31, 2023:
PeriodDeclaration DateRecord DatePayment DateCash
Dividend
Per Share
Fourth Quarter 2023December 14, 2023December 26, 2023January 26, 2024$0.200 
Third Quarter 2023September 11, 2023September 21, 2023October 26, 20230.300 
Second Quarter 2023June 6, 2023June 16, 2023July 26, 20230.300 
First Quarter 2023March 9, 2023March 20, 2023April 26, 20230.400 
Fourth Quarter 2022December 12, 2022December 27, 2022January 26, 20230.400 
Third Quarter 2022September 16, 2022September 26, 2022October 26, 20220.400 
Second Quarter 2022June 17, 2022June 27, 2022July 25, 20220.400 
First Quarter 2022March 14, 2022March 24, 2022April 25, 20220.400 
Fourth Quarter 2021December 13, 2021December 27, 2021January 25, 20220.400 
Third Quarter 2021September 13, 2021September 23, 2021October 25, 20210.400 
Second Quarter 2021June 14, 2021June 24, 2021July 26, 20210.400 
First Quarter 2021March 15, 2021March 25, 2021April 26, 20210.400