Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.23.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 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 September 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, 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 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 SOFR plus a tenor spread of 0.26161%.
Rollforward of Common Stock The following table presents a reconciliation of the common shares outstanding for the nine months ended September 30, 2023 and 2022:
Number of common shares
Common shares outstanding, December 31, 2021 85,977,831 
Issuance of common stock 272,847 
Non-cash equity award compensation (1)
121,189 
Common shares outstanding, September 30, 2022 86,371,867 
Common shares outstanding, December 31, 2022 86,428,845 
Issuance of common stock 10,129,458 
Repurchase of common stock (593,453)
Non-cash equity award compensation (1)
221,575 
Common shares outstanding, September 30, 2023 96,186,425 
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(1)See Note 18 - 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 nine months ended September 30, 2023 and 2022:
Three Months Ended Nine Months Ended
September 30, September 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  $ 7,878  $ 1.53  $ 8,760  $ 1.53 
Series B Preferred Stock $ 5,003  $ 0.48  $ 5,480  $ 0.48  $ 15,112  $ 1.44  $ 16,441  $ 1.44 
Series C Preferred Stock $ 4,524  $ 0.45  $ 5,347  $ 0.45  $ 13,605  $ 1.35  $ 16,041  $ 1.35 
Common Stock
 $ 43,560  $ 0.45  $ 59,052  $ 0.68  $ 145,501  $ 1.50  $ 176,707  $ 2.04 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss at September 30, 2023 and December 31, 2022 was as follows:
(in thousands) September 30,
2023		 December 31,
2022
Available-for-sale securities:
Unrealized gains $ 594  $ 47,656 
Unrealized losses (660,602) (326,367)
Accumulated other comprehensive loss
 $ (660,008) $ (278,711)