Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.23.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Preferred Stock
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of March 31, 2023. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company, each series of preferred stock will rank on parity with one another and rank senior to the Company’s common stock with respect to the payment of the dividends and the distribution of assets.
(dollars in thousands)
Class of Stock Issuance Date Shares Issued and Outstanding Carrying Value Contractual Rate
Redemption Eligible Date (1)
Fixed to Floating Rate Conversion Date (2)
Floating Annual Rate (3)
Series A March 14, 2017 5,321,451  $ 128,522  8.125  % April 27, 2027 April 27, 2027
3M LIBOR + 5.660%
Series B July 19, 2017 10,713,154  259,066  7.625  % July 27, 2027 July 27, 2027
3M LIBOR + 5.352%
Series C November 27, 2017 10,057,445  243,411  7.250  % January 27, 2025 January 27, 2025
3M LIBOR + 5.011%
Total 26,092,050  $ 630,999 
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(1)Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption eligible date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company.
(2)The dividend rate on the fixed-to-floating rate redeemable preferred stock will remain at an annual fixed rate of the $25.00 per share liquidation preference from the issuance date up to but not including the transition date disclosed within. Effective as of the fixed-to-floating rate conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed in footnote (3) below.
(3)On and after the fixed-to-floating rate conversion date, the dividend will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to an annual floating rate of three-month LIBOR plus the spread indicated within each preferred class. Each series that becomes callable at the time the stock begins to pay a LIBOR-based rate has existing LIBOR cessation fallback language.
Rollforward of Common Stock The following table presents a reconciliation of the common shares outstanding for the three months ended March 31, 2023 and 2022:
Number of common shares
Common shares outstanding, December 31, 2021 85,977,831 
Issuance of common stock 4,868 
Non-cash equity award compensation (1)
50,355 
Common shares outstanding, March 31, 2022 86,033,054 
Common shares outstanding, December 31, 2022 86,428,845 
Issuance of common stock 10,121,107 
Non-cash equity award compensation (1)
114,366 
Common shares outstanding, March 31, 2023 96,664,318 
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(1)See Note 17 - Equity Incentive Plans for further details regarding the Company’s Equity Incentive Plans.
Dividends Declared
The following table presents cash dividends declared by the Company on its preferred and common stock during the three months ended March 31, 2023 and 2022:
Three Months Ended
March 31,
(dollars in thousands) 2023 2022
Class of Stock Amount Per Share Amount Per Share
Series A Preferred Stock $ 2,702  $ 0.51  $ 2,920  $ 0.51 
Series B Preferred Stock $ 5,106  $ 0.48  $ 5,480  $ 0.48 
Series C Preferred Stock $ 4,557  $ 0.45  $ 5,347  $ 0.45 
Common Stock
 $ 58,381  $ 0.60  $ 58,811  $ 0.68 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss at March 31, 2023 and December 31, 2022 was as follows:
(in thousands) March 31,
2023		 December 31,
2022
Available-for-sale securities:
Unrealized gains $ 32,908  $ 47,656 
Unrealized losses (185,688) (326,367)
Accumulated other comprehensive loss
 $ (152,780) $ (278,711)