| Preferred Stock |
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of December 31, 2020. 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.
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| (dollars in thousands) |
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| Class of Stock |
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Issuance Date |
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Shares Issued and Outstanding |
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Carrying Value |
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Contractual Rate |
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Redemption Eligible Date (1)
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Fixed to Floating Rate Conversion Date (2)
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Floating Annual Rate (3)
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| Fixed-to-Floating Rate: |
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| Series A |
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March 14, 2017 |
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5,750,000 |
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$ |
138,872 |
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8.125 |
% |
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April 27, 2027 |
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April 27, 2027 |
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3M LIBOR + 5.660% |
| Series B |
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July 19, 2017 |
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11,500,000 |
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278,094 |
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7.625 |
% |
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July 27, 2027 |
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July 27, 2027 |
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3M LIBOR + 5.352% |
| Series C |
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November 27, 2017 |
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11,800,000 |
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285,585 |
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7.250 |
% |
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January 27, 2025 |
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January 27, 2025 |
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3M LIBOR + 5.011% |
| Fixed Rate: |
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| Series D |
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July 31, 2018 |
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3,000,000 |
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74,964 |
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7.750 |
% |
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July 31, 2018 |
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N/A |
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N/A |
| Series E |
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July 31, 2018 |
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8,000,000 |
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199,986 |
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7.500 |
% |
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July 31, 2018 |
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N/A |
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N/A |
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Total |
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40,050,000 |
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$ |
977,501 |
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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)For the fixed-to-floating rate redeemable preferred stock, the dividend rate 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 within (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 $25.00 per share liquidation preference equal to an annual floating rate of three-month LIBOR plus the spread indicated within each preferred class.
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| Preferred Dividends Declared |
The following table presents cash dividends declared by the Company on its preferred stock during the years ended December 31, 2020, 2019 and 2018:
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| Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Preferred Share |
| Series A Preferred Stock: |
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| December 17, 2020 |
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January 12, 2021 |
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January 27, 2021 |
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$ |
0.507810 |
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| September 21, 2020 |
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October 12, 2020 |
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October 27, 2020 |
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$ |
0.507810 |
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| June 18, 2020 |
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July 10, 2020 |
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July 27, 2020 |
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$ |
0.507810 |
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| April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.507810 |
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| December 17, 2019 |
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January 10, 2020 |
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January 27, 2020 |
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$ |
0.507810 |
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| September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.507810 |
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| June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.507810 |
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| March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.507810 |
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| December 18, 2018 |
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January 11, 2019 |
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January 28, 2019 |
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$ |
0.507810 |
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| September 20, 2018 |
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October 12, 2018 |
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October 29, 2018 |
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$ |
0.507810 |
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| June 19, 2018 |
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July 12, 2018 |
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July 27, 2018 |
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$ |
0.507810 |
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| March 20, 2018 |
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April 12, 2018 |
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April 27, 2018 |
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$ |
0.507810 |
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| Series B Preferred Stock: |
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| December 17, 2020 |
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January 12, 2021 |
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January 27, 2021 |
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$ |
0.476560 |
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| September 21, 2020 |
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October 12, 2020 |
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October 27, 2020 |
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$ |
0.476560 |
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| June 18, 2020 |
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July 10, 2020 |
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July 27, 2020 |
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$ |
0.476560 |
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| April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.476560 |
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| December 17, 2019 |
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January 10, 2020 |
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January 27, 2020 |
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$ |
0.476560 |
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| September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.476560 |
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| June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.476560 |
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| March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.476560 |
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| December 18, 2018 |
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January 11, 2019 |
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January 28, 2019 |
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$ |
0.476560 |
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| September 20, 2018 |
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October 12, 2018 |
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October 29, 2018 |
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$ |
0.476560 |
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| June 19, 2018 |
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July 12, 2018 |
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July 27, 2018 |
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$ |
0.476560 |
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| March 20, 2018 |
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April 12, 2018 |
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April 27, 2018 |
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$ |
0.476560 |
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| Series C Preferred Stock: |
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| December 17, 2020 |
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January 12, 2021 |
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January 27, 2021 |
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$ |
0.453130 |
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| September 21, 2020 |
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October 12, 2020 |
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October 27, 2020 |
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$ |
0.453130 |
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| June 18, 2020 |
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July 10, 2020 |
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July 27, 2020 |
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$ |
0.453130 |
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| April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.453130 |
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| December 17, 2019 |
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January 10, 2020 |
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January 27, 2020 |
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$ |
0.453130 |
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| September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.453130 |
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| June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.453130 |
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| March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.453130 |
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| December 18, 2018 |
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January 11, 2019 |
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January 28, 2019 |
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$ |
0.453130 |
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| September 20, 2018 |
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October 12, 2018 |
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October 29, 2018 |
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$ |
0.453130 |
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| June 19, 2018 |
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July 12, 2018 |
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July 27, 2018 |
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$ |
0.453130 |
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| March 20, 2018 |
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April 12, 2018 |
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April 27, 2018 |
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$ |
0.453130 |
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| Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Preferred Share |
| Series D Preferred Stock: |
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| December 17, 2020 |
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January 1, 2021 |
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January 15, 2021 |
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$ |
0.484375 |
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| September 21, 2020 |
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October 1, 2020 |
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October 15, 2020 |
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$ |
0.484375 |
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| June 18, 2020 |
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July 1, 2020 |
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July 15, 2020 |
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$ |
0.484375 |
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| April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.484375 |
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| December 17, 2019 |
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January 1, 2020 |
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January 15, 2020 |
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$ |
0.484375 |
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| September 19, 2019 |
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October 1, 2019 |
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October 15, 2019 |
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$ |
0.484375 |
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| June 19, 2019 |
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July 1, 2019 |
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July 15, 2019 |
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$ |
0.484375 |
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| March 19, 2019 |
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April 1, 2019 |
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April 15, 2019 |
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$ |
0.484375 |
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| December 18, 2018 |
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January 1, 2019 |
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January 28, 2019 |
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$ |
0.484375 |
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| September 20, 2018 |
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October 1, 2018 |
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October 15, 2018 |
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$ |
0.484375 |
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| Series E Preferred Stock: |
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| December 17, 2020 |
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January 1, 2021 |
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January 15, 2021 |
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$ |
0.468750 |
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| September 21, 2020 |
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October 1, 2020 |
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October 15, 2020 |
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$ |
0.468750 |
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| June 18, 2020 |
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July 1, 2020 |
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July 15, 2020 |
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$ |
0.468750 |
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| April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.468750 |
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| December 17, 2019 |
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January 1, 2020 |
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January 15, 2020 |
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$ |
0.468750 |
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| September 19, 2019 |
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October 1, 2019 |
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October 15, 2019 |
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$ |
0.468750 |
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| June 19, 2019 |
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July 1, 2019 |
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July 15, 2019 |
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$ |
0.468750 |
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| March 19, 2019 |
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April 1, 2019 |
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April 15, 2019 |
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$ |
0.468750 |
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| December 18, 2018 |
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January 1, 2019 |
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January 28, 2019 |
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$ |
0.468750 |
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| September 20, 2018 |
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October 1, 2018 |
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October 15, 2018 |
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$ |
0.468750 |
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| Schedule of Stock by Class |
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Number of common shares |
| Common shares outstanding, December 31, 2017 |
174,496,587 |
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| Issuance of common stock |
72,616,483 |
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Issuance of restricted stock (1)
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972,651 |
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| Common shares outstanding, December 31, 2018 |
248,085,721 |
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| Issuance of common stock |
24,439,436 |
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Issuance of restricted stock (1)
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412,074 |
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| Repurchase of common stock |
(1,500) |
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| Common shares outstanding, December 31, 2019 |
272,935,731 |
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| Issuance of common stock |
61,225 |
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Issuance of restricted stock (1)
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812,226 |
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| Repurchase of common stock |
(105,300) |
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| Common shares outstanding, December 31, 2020 |
273,703,882 |
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____________________
(1)Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,221,995 restricted shares remained subject to vesting requirements at December 31, 2020.
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| Common Dividends Declared |
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| Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Common Share |
| December 17, 2020 |
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December 30, 2020 |
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January 29, 2021 |
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$ |
0.170000 |
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| September 21, 2020 |
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October 1, 2020 |
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October 29, 2020 |
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$ |
0.140000 |
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| June 18, 2020 |
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June 30, 2020 |
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July 29, 2020 |
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$ |
0.140000 |
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| April 6, 2020 |
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April 16, 2020 |
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April 29, 2020 |
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$ |
0.050000 |
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| December 17, 2019 |
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December 31, 2019 |
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January 24, 2020 |
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$ |
0.400000 |
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| September 19, 2019 |
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September 30, 2019 |
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October 28, 2019 |
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$ |
0.400000 |
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| June 19, 2019 |
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July 1, 2019 |
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July 29, 2019 |
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$ |
0.400000 |
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| March 19, 2019 |
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March 29, 2019 |
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April 29, 2019 |
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$ |
0.470000 |
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| December 18, 2018 |
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December 31, 2018 |
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January 28, 2019 |
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$ |
0.470000 |
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| September 20, 2018 |
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October 1, 2018 |
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October 29, 2018 |
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$ |
0.311630 |
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| July 13, 2018 |
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July 25, 2018 |
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July 30, 2018 |
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$ |
0.158370 |
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| June 19, 2018 |
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June 29, 2018 |
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July 27, 2018 |
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$ |
0.470000 |
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| March 20, 2018 |
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April 2, 2018 |
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April 27, 2018 |
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$ |
0.470000 |
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