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Stockholders’ Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Summary of Preferred Stock Issued and Outstanding | The following table summarizes the Company’s Preferred Stock issued and outstanding as of December 31, 2024 and 2023 (dollar amounts in thousands):
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) (5)
Fixed-to-Floating Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series D |  | 8,400,000 |  |  | 6,107,318 |  |  | $ | 147,745 |  |  | $ | 152,683 |  |  | 8.000 | % |  | October 15, 2027 |  | October 15, 2027 |  | 3M LIBOR + 5.695%
Series E |  | 9,900,000 |  |  | 7,343,151 |  |  | 177,697 |  |  | 183,579 |  |  | 7.875 | % |  | January 15, 2025 |  | January 15, 2025 |  | 3M LIBOR + 6.429%
Series F |  | 7,750,000 |  |  | 5,740,209 |  |  | 138,418 |  |  | 143,505 |  |  | 6.875 | % |  | October 15, 2026 |  | October 15, 2026 |  | 3M SOFR + 6.130%
Fixed Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series G |  | 5,450,000 |  |  | 2,973,736 |  |  | 71,585 |  |  | 74,343 |  |  | 7.000 | % |  | January 15, 2027 |  |  |  |
Total |  | 31,500,000 |  |  | 22,164,414 |  |  | $ | 535,445 |  |  | $ | 554,110 |  |  |  |  |  |  |  |  |
(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 the Series E Preferred Stock and the applicability of the Adjustable Interest Rate (LIBOR) Act of 2021 to the Series E Preferred Stock, the calculation agent determined that three-month CME Term SOFR plus the applicable tenor spread adjustment of 0.26161% per annum has replaced three-month LIBOR as the successor base rate for calculations of the dividend rate payable on the Series E Preferred Stock for dividend periods from and after the respective fixed-to-floating rate conversion date. Additionally, pursuant to the Articles Supplementary for the Series D Preferred Stock and the applicability of the LIBOR Act of 2021 to the Series D 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 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, 2022 through December 31, 2024:
|  |  |  |  |  |  |  |  |  | Cash Dividend Per Share |
Declaration Date |  | Record Date |  | Payment Date |  |  |  |  |  | Series D Preferred Stock |  | Series E Preferred Stock |  | Series F Preferred Stock |  | Series G Preferred Stock |
December 10, 2024 |  | January 1, 2025 |  | January 15, 2025 |  |  |  |  |  | $ | 0.50 |  |  | $ | 0.4921875 |  |  | $ | 0.4296875 |  |  | $ | 0.43750 |  |
September 19, 2024 |  | October 1, 2024 |  | October 15, 2024 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
June 18, 2024 |  | July 1, 2024 |  | July 15, 2024 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
March 13, 2024 |  | April 1, 2024 |  | April 15, 2024 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
December 14, 2023 |  | January 1, 2024 |  | January 15, 2024 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
September 11, 2023 |  | October 1, 2023 |  | October 15, 2023 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
June 6, 2023 |  | July 1, 2023 |  | July 15, 2023 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
March 9, 2023 |  | April 1, 2023 |  | April 15, 2023 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
December 12, 2022 |  | January 1, 2023 |  | January 15, 2023 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
September 16, 2022 |  | October 1, 2022 |  | October 15, 2022 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
June 17, 2022 |  | July 1, 2022 |  | July 15, 2022 |  |  |  |  |  | 0.50 |  |  | 0.4921875 |  |  | 0.4296875 |  |  | 0.43750 |  |
March 14, 2022 |  | April 1, 2022 |  | April 15, 2022 |  |  |  |  |  | 0.50 |  |  | 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 and ended December 31, 2024:
Period |  | Declaration Date |  | Record Date |  | Payment Date |  | Cash Dividend Per Share
Fourth Quarter 2024 |  | December 10, 2024 |  | December 20, 2024 |  | January 23, 2025 |  | $ | 0.20 |
Third Quarter 2024 |  | September 19, 2024 |  | September 30, 2024 |  | October 28, 2024 |  | 0.20 |
Second Quarter 2024 |  | June 18, 2024 |  | June 28, 2024 |  | July 29, 2024 |  | 0.20 |
First Quarter 2024 |  | March 13, 2024 |  | March 25, 2024 |  | April 25, 2024 |  | 0.20 |
Fourth Quarter 2023 |  | December 14, 2023 |  | December 26, 2023 |  | January 26, 2024 |  | 0.20 |
Third Quarter 2023 |  | September 11, 2023 |  | September 21, 2023 |  | October 26, 2023 |  | 0.30 |
Second Quarter 2023 |  | June 6, 2023 |  | June 16, 2023 |  | July 26, 2023 |  | 0.30 |
First Quarter 2023 |  | March 9, 2023 |  | March 20, 2023 |  | April 26, 2023 |  | 0.40 |
Fourth Quarter 2022 |  | December 12, 2022 |  | December 27, 2022 |  | January 26, 2023 |  | 0.40 |
Third Quarter 2022 |  | September 16, 2022 |  | September 26, 2022 |  | October 26, 2022 |  | 0.40 |
Second Quarter 2022 |  | June 17, 2022 |  | June 27, 2022 |  | July 25, 2022 |  | 0.40 |
First Quarter 2022 |  | March 14, 2022 |  | March 24, 2022 |  | April 25, 2022 |  | 0.40 |

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2 + Details
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