Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Preferred Stock
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of December 31, 2024. 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 5,050,221  $ 121,971  8.125  % April 27, 2027 April 27, 2027
3M Rate + 5.660%
Series B July 19, 2017 10,159,200  245,670  7.625  % July 27, 2027 July 27, 2027
3M Rate + 5.352%
Series C November 27, 2017 9,661,396  233,826  7.250  % January 27, 2025 January 27, 2025
3M Rate + 5.011%
Total 24,870,817  $ 601,467 
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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, dividends will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to a floating base rate plus the spread indicated with respect to each series of preferred stock. The original floating base rate applicable to each preferred series was three-month USD-LIBOR, which ceased to be published on June 30, 2023. Under the Adjustable Interest Rate (LIBOR) Act, and the regulations promulgated thereunder, the replacement reference rate for three-month USD-LIBOR is three-month CME Term SOFR plus a tenor spread adjustment of 0.26161%. As a result, based on the terms of the LIBOR Act, the Company expects that the floating base rate with respect to each series of preferred stock, following the applicable conversion date, will be three-month CME Term SOFR plus a tenor spread of 0.26161%.
Schedule of Preferred Stock and Rollforward of Common Stock
The following table summarizes the Company’s purchases of its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock and 7.25% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock under the preferred share repurchase program during the years ended December 31, 2024, 2023 and 2022:
Year Ended
December 31,
(dollars in thousands) 2024 2023 2022
Class of Stock Number of Shares Aggregate Cost Number of Shares Aggregate Cost Number of Shares Aggregate Cost
Series A Preferred Stock 35,047  $ 809  236,183  $ 4,723  428,549  $ 7,793 
Series B Preferred Stock 280,060  $ 6,370  273,894  $ 5,349  786,846  $ 13,784 
Series C Preferred Stock 170,502  $ 3,923  225,547  $ 4,741  1,742,555  $ 29,825 
Total(1)
485,609  $ 11,102  735,624  $ 14,813  2,957,950  $ 51,402 
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(1)The difference between the aggregate cost and the carrying value of the preferred stock repurchased resulted in a total gain attributable to common stockholders of $0.6 million, $3.0 million and $20.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The following table presents a reconciliation of the common shares outstanding for the years ended December 31, 2024, 2023 and 2022:
Number of common shares
Common shares outstanding, December 31, 2021 85,977,831 
Issuance of common stock 324,896 
Non-cash equity award compensation (1)
126,118 
Common shares outstanding, December 31, 2022 86,428,845 
Issuance of common stock 17,149,490 
Repurchase of common stock (593,453)
Non-cash equity award compensation (1)
221,575 
Common shares outstanding, December 31, 2023 103,206,457 
Issuance of common stock 18,987 
Non-cash equity award compensation (1)
454,877 
Common shares outstanding, December 31, 2024 103,680,321 
____________________
(1)See Note 20 - Equity Incentive Plans for further details regarding the Company’s equity incentive plans.
Schedule of Dividends Declared
The following table presents cash dividends declared by the Company on its preferred and common stock during the years ended December 31, 2024, 2023 and 2022:
Year Ended
December 31,
(dollars in thousands) 2024 2023 2022
Class of Stock Amount Per Share Amount Per Share Amount Per Share
Series A Preferred Stock $ 10,258  $ 2.04  $ 10,460  $ 2.04  $ 11,462  $ 2.04 
Series B Preferred Stock $ 19,366  $ 1.92  $ 20,087  $ 1.92  $ 21,547  $ 1.92 
Series C Preferred Stock $ 17,512  $ 1.80  $ 18,060  $ 1.80  $ 20,598  $ 1.80 
Common Stock
 $ 187,906  $ 1.80  $ 192,220  $ 1.95  $ 228,845  $ 2.64 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss at December 31, 2024 and December 31, 2023 was as follows:
(in thousands) December 31,
2024		 December 31,
2023
Available-for-sale securities:
Unrealized gains $ 3,328  $ 23,305 
Unrealized losses (323,852) (199,734)
Accumulated other comprehensive loss
 $ (320,524) $ (176,429)