Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.1
Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 6, 2020, the Company announced that its board of directors declared an interim common stock dividend of $0.05 per share. The interim dividend was paid on April 29, 2020 to common stockholders of record as of April 16, 2020. On the same date, the Company’s board of directors also declared the following first quarter 2020 preferred stock dividends:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Preferred Share
Series A Preferred Stock:
 
 
 
 
 
 
April 6, 2020
 
April 16, 2020
 
April 29, 2020
 
$
0.507810

Series B Preferred Stock:
 
 
 
 
 
 
April 6, 2020
 
April 16, 2020
 
April 29, 2020
 
$
0.476560

Series C Preferred Stock:
 
 
 
 
 
 
April 6, 2020
 
April 16, 2020
 
April 29, 2020
 
$
0.453130

Series D Preferred Stock:
 
 
 
 
 
 
April 6, 2020
 
April 16, 2020
 
April 29, 2020
 
$
0.484375

Series E Preferred Stock:
 
 
 
 
 
 
April 6, 2020
 
April 16, 2020
 
April 29, 2020
 
$
0.468750



On April 13, 2020, the Company announced that it had elected to not renew the Management Agreement by and among the Company, Two Harbors Operating Company LLC, and PRCM Advisers on the basis of unfair compensation payable to the manager. Notice of non-renewal was provided pursuant to Section 13(a)(ii) of the Management Agreement. As a result, the Management Agreement will terminate and the Company will be required to pay a termination fee, to be calculated pursuant to the terms of the Management Agreement, on September 19, 2020. Following the termination of the Management Agreement, the Company will become a self-managed company. The Company expects to continue to be managed by its current senior management team, along with the other personnel currently providing services to the Company.
Events subsequent to March 31, 2020 were evaluated through the date these condensed consolidated financial statements were issued and no other additional events were identified requiring further disclosure in these condensed consolidated financial statements.