Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.23.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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 5,095,565  $ 123,066  8.125  % April 27, 2027 April 27, 2027
3M Rate + 5.660%
Series B July 19, 2017 10,498,082  253,866  7.625  % July 27, 2027 July 27, 2027
3M Rate + 5.352%
Series C November 27, 2017 9,984,585  241,647  7.250  % January 27, 2025 January 27, 2025
3M Rate + 5.011%
Total 25,578,232  $ 618,579 
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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 a floating base rate, to be determined pursuant to the articles supplementary designating the terms of each respective series of preferred stock, plus the spread indicated within each preferred class. For Series A and Series B, the Company will determine the base rate based on quotations for deposits in U.S. dollars for the dividend period to be provided by nationally-recognized banks in the London interbank market. If the Company is unable to obtain such quotations with respect to any dividend payment, then the base rate in effect for such future dividend payment will be the base rate in effect for the immediately preceding dividend period. For Series C, the Company will appoint a third-party calculation agent that will determine, in its sole discretion, the base rate that is most comparable to three-month LIBOR.
Rollforward of Common Stock The following table presents a reconciliation of the common shares outstanding for the six months ended June 30, 2023 and 2022:
Number of common shares
Common shares outstanding, December 31, 2021 85,977,831 
Issuance of common stock 9,038 
Non-cash equity award compensation (1)
121,408 
Common shares outstanding, June 30, 2022 86,108,277 
Common shares outstanding, December 31, 2022 86,428,845 
Issuance of common stock 10,125,875 
Repurchase of common stock (593,453)
Non-cash equity award compensation (1)
204,268 
Common shares outstanding, June 30, 2023 96,165,535 
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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 and six months ended June 30, 2023 and 2022:
Three Months Ended Six Months Ended
June 30, June 30,
(dollars in thousands) 2023 2022 2023 2022
Class of Stock Amount Per Share Amount Per Share Amount Per Share Amount Per Share
Series A Preferred Stock $ 2,588  $ 0.51  $ 2,920  $ 0.51  $ 5,290  $ 1.02  $ 5,840  $ 1.02 
Series B Preferred Stock $ 5,003  $ 0.48  $ 5,481  $ 0.48  $ 10,109  $ 0.96  $ 10,961  $ 0.96 
Series C Preferred Stock $ 4,524  $ 0.45  $ 5,347  $ 0.45  $ 9,081  $ 0.90  $ 10,694  $ 0.90 
Common Stock
 $ 43,560  $ 0.45  $ 58,844  $ 0.68  $ 101,941  $ 1.05  $ 117,655  $ 1.36 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss at June 30, 2023 and December 31, 2022 was as follows:
(in thousands) June 30,
2023		 December 31,
2022
Available-for-sale securities:
Unrealized gains $ 4,009  $ 47,656 
Unrealized losses (313,095) (326,367)
Accumulated other comprehensive loss
 $ (309,086) $ (278,711)