On June 25, 2019, the Company mailed a notice of full redemption (the “Notice”) of all 2,181 issued and outstanding shares of its 8.250% Series A Cumulative Redeemable Preferred Stock ($25.00 per share, $54,514 in the aggregate liquidation preference) to the holders of record of its Series A Preferred Stock as of June 14, 2019. Pursuant to this redemption, each share of Series A Preferred Stock was canceled and represented solely the right to receive cash in the amount of $25.00 per share of Series A Preferred Stock on July 26, 2019. Pursuant to the terms of the Series A Preferred Stock, holders of record of the Series A Preferred Stock on July 15, 2019 received the full monthly dividend for July. The final dividend amount of $375 was paid on July 29, 2019 and was recorded as other expense in our consolidated statements of operations.

At December 31, 2018, we had 2,181 shares of Series A Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $54,514 in the aggregate. Shares designated as Series A Preferred Stock but unissued totaled 7,429 at December 31, 2018. At December 31, 2018, there were no accrued or unpaid dividends on the Series A Preferred Stock and the Series A Preferred Stock was entitled to a dividend at a rate of 8.250% per year based on the $25.00 per share liquidation preference before the common stock was entitled to receive any dividends.

At December 31, 2019 and December 31, 2018, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof. On June 24, 2019, we filed Articles Supplementary with the State Department of Assessments and Taxation of the State of Maryland (the “Department”) to designate 10,320 shares of the Company’s authorized preferred stock, par value $0.001 per share, as additional shares of 7.875% Series B Preferred Stock, thereby increasing the aggregate number of shares of preferred stock designated as Series B Preferred Stock to 17,970 shares. At December 31, 2019, a total of 32,030 shares of our authorized preferred stock remained available for designation as future series. On January 28, 2020, we filed Articles Supplementary with the Department to designate 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share, as shares of 7.00% Series C Preferred Stock with the powers, designations, preferences and other rights as set forth therein.

On January 24, 2020, the Company mailed a notice of full redemption (the “Notice”) of all 8,383 issued and outstanding shares of its Series B Preferred Stock ($25.00 liquidation preference per share, CUSIP 042315408) to the holders of record of its Series B Preferred Stock as of January 13, 2020. Pursuant to the redemption, each share of Series B Preferred Stock will be canceled and represent solely the right to receive cash in the amount of $25.00 per share of Series B Preferred Stock on February 27, 2020. Pursuant to the terms of the Series B Preferred Stock, holders of record of the Series B Preferred Stock on February 15, 2020 will be entitled to receive the full monthly dividend of $0.16 per outstanding share of Series B Preferred Stock for February, which will be the final dividend and will be paid in the regular course of business on February 27, 2020.

At December 31, 2019 and December 31, 2018, we had 8,383 and 6,369 shares of Series B Preferred Stock, respectively, issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $209,584 and $159,232, respectively, in the aggregate. Shares designated as Series B Preferred Stock but unissued totaled 9,587 at December 31, 2019. At December 31, 2019 and December 31, 2018, there were no accrued or unpaid dividends on the Series B Preferred Stock. The Series B Preferred Stock is entitled to a dividend at a rate of 7.875% per year based on the $25.00 per share liquidation preference before the common stock is entitled to receive any dividends. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends exclusively at our option commencing on February 12, 2018 (subject to our right under limited circumstances to redeem the Series A Preferred Stock earlier in order to preserve our qualification as a REIT). The Series B Preferred Stock is senior to our common stock and rank on parity with the Series A Preferred Stock. In the event of liquidation, dissolution or winding up, the Series B Preferred Stock will receive a liquidation preference of $25.00 per share plus accumulated and unpaid dividends before distributions are paid to holders of our common stock, with no right or claim to any of our remaining assets thereafter. The Series B Preferred Stock generally does not have voting rights, except if we fail to pay dividends on the Series B Preferred Stock for eighteen months, whether or not consecutive. Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Board, until all unpaid dividends have been paid or declared and set aside for payment. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a change of control by the holders of Series B Preferred Stock.

On August 30, 2017, the Company entered into an ATM Equity Offering Sales Agreement (the “Preferred B ATM Sales Agreement”) relating to an "at-the-market" offering program for our Series B Preferred Stock. In accordance with the terms of the Preferred B ATM Sales Agreement, we may offer and sell over a period of time and from time to time, up to 2,000 shares of our Series B Preferred Stock. On June 21, 2019, the agreement was terminated. Prior to the termination, we sold 100 shares under this agreement for proceeds of $2,489, net of issuance costs and commissions of approximately $25.

On June 24, 2019, we entered into an Equity Sales Agreement (the “Preferred B ATM Sales Agreement”) with BUCKLER, and B. Riley FBR, Inc. ("FBR"), as sales agents, relating to an "at-the-market" offering program for our Series B Preferred Stock. In accordance with the terms of the Preferred B ATM Sales Agreement, we may offer and sell over a period of time and from time to time, up to 9,000 shares of our Series B Preferred Stock. During the year ended December 31, 2019, we sold 1,914 shares under this agreement for proceeds of $47,306, net of issuance costs and commissions of approximately $689.

Also on June 24, 2019, we adopted a 2019 Series B Preferred Stock Dividend Reinvestment and Stock Purchase Plan (the “2019 Plan”) relating to the offer and sale of up to 2,500 shares of our Series B Preferred Stock pursuant to the terms of the 2019 Plan (the “DRIP Offering”). The 2019 Plan permits (i) current holders of our Series B Preferred Stock to reinvest all or a portion of the cash dividends on their shares of Series B Preferred Stock into shares of Series B Preferred Stock and to separately purchase additional shares of Series B Preferred Stock and (ii) other interested investors to purchase shares of Series B Preferred Stock. During the year ended December 31, 2019, we issued sixteen shares under the DRIP Offering.

On January 23, 2020, the Company and ACM, entered into an Underwriting Agreement (the “Underwriting Agreement”) with B. Riley FBR, Inc., as representative of the several underwriters named therein (collectively, the “Underwriters”), including, but not limited to, BUCKLER, with respect to (i) the sale by the Company of 3,000 shares (the “Firm Shares”) of the Company’s new 7.00% Series C Preferred Stock ($25.00 liquidation preference per share), $0.001 par value, to the Underwriters with an offering price to the public of $25.00 per share, and (ii) the grant by the Company to the Underwriters of an option to purchase all or part of 450 additional shares of the Series C Preferred Stock during the 30-day period following the execution of the Underwriting Agreement with the same offering price per share to the public to cover over-allotments. On January 24, 2020, the Underwriters exercised the Option to purchase all of the Option Shares. On January 28, 2020, the Company completed the sale of the Shares for total gross proceeds of approximately $86,250 before deduction of underwriting discounts and commissions and offering expenses payable by the Company.

On January 29, 2020, the Company entered into an Equity Sales Agreement with B. Riley FBR, Inc. and BUCKLER, as sales agents (individually and collectively, the “Agents’), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one of more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Equity Sales Agreement relates to a proposed “at-the-market” offering. The Company intends to use the net proceeds from the offering as a portion of the funds used to redeem 100% of the outstanding Series B Preferred Stock as described above.

On May 26, 2017, we entered into an ATM Equity Offering Sales Agreement (the “Common stock ATM Sales Agreement”) relating to the shares of our common stock. In accordance with the terms of the Common stock ATM Sales Agreement, we could offer and sell over a period of time and from time to time, up to 5,000 shares of our common stock par value $0.001 per share. The Common stock ATM Sales Agreement related to a proposed "at-the-market" offering program. On October 2, 2017, the Sales Agreement was amended and on February 16, 2019 the agreement was terminated. For the year ended December 31, 2019, we sold 884 shares under this agreement. Proceeds from the sale of the 884 shares were $18,540, net of issuance costs of approximately $263.

On February 15, 2019, we entered into an Equity Sales Agreement (the “Common stock ATM Sales Agreement”) with BUCKLER, JMP Securities LLC and Ladenburg Thalmann & Co. Inc., as sales agents, relating to the shares of our common stock. In accordance with the terms of the Common stock ATM Sales Agreement, we may offer and sell over a period of time and from time to time, up to 7,000 shares of our common stock par value $0.001 per share. The Common stock ATM Sales Agreement relates to an "at-the-market" offering program. Under the agreement, we will pay the agent designated to sell our shares, an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent, under the agreement. We did not sell any shares or pay any fees under this agreement during the year ended December 31, 2019.

At December 31, 2018, there were 1,874 authorized shares remaining under our common stock repurchase program (the “Repurchase Program”). On June 4, 2019, the Board increased the repurchase authorization under the Repurchase Program to 9,000 shares. From April 1, 2019 to June 3, 2019, we repurchased 250 common shares and during the period from June 4, 2019 to December 31, 2019 we repurchased 750 common shares. At December 31, 2019, there were 8,250 authorized shares remaining under the current repurchase authorization. Under the Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued.



Transaction Type	Completion Date	Number of Shares		Per Share price ⁽¹⁾		Net Proceeds
December 31, 2019
Preferred B ATM Sales Agreement	June 6, 2019-June 19, 2019	100		$	24.81	$	2,489
Preferred B ATM Sales Agreement	June 25, 2019-December 31, 2019	1,914		$	24.74	$	47,306
Common Stock ATM Sales Agreement	January 4, 2019-January 11, 2019	884		$	20.98	$	18,540
January Public Offering	January 17, 2019	6,900		$	20.00	$	137,946
February Public Offering	February 22, 2019-February 27, 2019	8,280		$	19.98	$	165,374
Common stock repurchases	May 31, 2019-December 31, 2019	(1,000	)	$	17.77	$	(17,768	)

December 31, 2018
Series B Preferred equity distribution agreement	January 2, 2018-January 26, 2018	107		$	24.62	$	2,632
DRIP	August 21, 2018-December 10, 2018	840		$	22.61	$	19,001
Common stock ATM Sales Agreement	December 11, 2018-December 19, 2018	883		$	21.53	$	19,013

December 31, 2017
Series B Preferred ATM Sales Agreement	August 31, 2017-December 30, 2017	612		$	24.44	$	14,968
Common stock follow-on public offering	June 30, 2017	4,500		$	25.96	$	116,693
DRIP	September 12, 2017-October 6, 2017	619		$	26.44	$	16,500



2019 Record Date	Payment Date	Rate per Series A Preferred Share		Aggregate amount paid to holders of record
January 15, 2019	January 28, 2019	$	0.17	$	374.8
February 15, 2019	February 27, 2019	$	0.17	374.8
March 15, 2019	March 27, 2019	$	0.17	374.8
April 15, 2019	April 29, 2019	$	0.17	374.8
May 15, 2019	May 28, 2019	$	0.17	374.8
June 15, 2019	June 27, 2019	$	0.17	374.8
Total dividends paid				$	2,249



2018 Record Date	Payment Date	Rate per Series A Preferred Share		Aggregate amount paid to holders of record
January 15, 2018	January 29, 2018	$	0.17	$	374.8
February 15, 2018	February 27, 2018	$	0.17	374.8
March 15, 2018	March 27, 2018	$	0.17	374.8
April 15, 2018	April 27, 2018	$	0.17	374.8
May 15, 2018	May 29, 2018	$	0.17	374.8
June 15, 2018	June 27, 2018	$	0.17	374.8
July 15, 2018	July 27, 2018	$	0.17	374.8
August 15, 2018	August 27, 2018	$	0.17	374.8
September 15, 2018	September 27, 2018	$	0.17	374.8
October 15, 2018	October 29, 2018	$	0.17	374.8
November 15, 2018	November 27, 2018	$	0.17	374.8
December 15, 2018	December 27, 2018	$	0.17	374.8
Total dividends paid				$	4,498



2017 Record Date	Payment Date	Rate per Series A Preferred Share		Aggregate amount paid to holders of record
January 15, 2017	January 27, 2017	$	0.17	$	374.8
February 15, 2017	February 27, 2017	$	0.17	374.8
March 15, 2017	March 27, 2017	$	0.17	374.8
April 15, 2017	April 27, 2017	$	0.17	374.8
May 15, 2017	May 30, 2017	$	0.17	374.8
June 15, 2017	June 27, 2017	$	0.17	374.8
July 15, 2017	July 27, 2017	$	0.17	374.8
August 15, 2017	August 28, 2017	$	0.17	374.8
September 15, 2017	September 27, 2017	$	0.17	374.8
October 15, 2017	October 27, 2017	$	0.17	374.8
November 15, 2017	November 27, 2017	$	0.17	374.8
December 15, 2017	December 27, 2017	$	0.17	374.8
Total dividends paid				$	4,498



2019 Record Date	Payment Date	Rate per Series B Preferred Share		Aggregate amount paid to holders of record
January 15, 2019	January 28, 2019	$	0.16	$	1,045
February 15, 2019	February 27, 2019	$	0.16	1,045
March 15, 2019	March 27, 2019	$	0.16	1,045
April 15, 2019	April 29, 2019	$	0.16	1,045
May 15, 2019	May 28, 2019	$	0.16	1,045
June 15, 2019	June 27, 2019	$	0.16	1,059
July 15, 2019	July 29, 2019	$	0.16	1,100
August 15, 2019	August 27, 2019	$	0.16	1,142
September 15, 2019	September 27, 2019	$	0.16	1,168
October 15, 2019	October 28, 2019	$	0.16	1,190
November 15, 2019	November 27, 2019	$	0.16	1,210
December 15, 2019	December 27, 2019	$	0.16	1,291
Total dividends paid				$	13,385



2018 Record Date	Payment Date	Rate per Series B Preferred Share		Aggregate amount paid to holders of record
January 15, 2018	January 29, 2018	$	0.16	$	1,039
February 15, 2018	February 27, 2018	$	0.16	1,045
March 15, 2018	March 27, 2018	$	0.16	1,045
April 15, 2018	April 27, 2018	$	0.16	1,045
May 15, 2018	May 29, 2018	$	0.16	1,045
June 15, 2018	June 27, 2018	$	0.16	1,045
July 15, 2018	July 27, 2018	$	0.16	1,045
August 15, 2018	August 27, 2018	$	0.16	1,045
September 15, 2018	September 27, 2018	$	0.16	1,045
October 15, 2018	October 29, 2018	$	0.16	1,045
November 15, 2018	November 27, 2018	$	0.16	1,045
December 15, 2018	December 27, 2018	$	0.16	1,045
Total dividends paid				$	12,534



2017 Record Date	Payment Date	Rate per Series B Preferred Share		Aggregate amount paid to holders of record
January 15, 2017	January 27, 2017	$	0.16	$	927
February 15, 2017	February 27, 2017	$	0.16	927
March 15, 2017	March 27, 2017	$	0.16	927
April 15, 2017	April 27, 2017	$	0.16	927
May 15, 2017	May 30, 2017	$	0.16	927
June 15, 2017	June 27, 2017	$	0.16	927
July 15, 2017	July 27, 2017	$	0.16	927
August 15, 2017	August 28, 2017	$	0.16	927
September 15, 2017	September 27, 2017	$	0.16	962
October 15, 2017	October 27, 2017	$	0.16	987
November 15, 2017	November 27, 2017	$	0.16	998
December 15, 2017	December 27, 2017	$	0.16	1,019
Total dividends paid				$	11,382



2019 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 15, 2019	January 28, 2019	$	0.19	$	8,540
February 15, 2019	February 28, 2019	$	0.19	9,851
March 15, 2019	March 27, 2019	$	0.19	11,423
April 15, 2019	April 29, 2019	$	0.19	11,424
May 15, 2019	May 28, 2019	$	0.19	11,424
June 17, 2019	June 27, 2019	$	0.19	11,350
July 16, 2019	July 29, 2019	$	0.17	10,114
August 15, 2019	August 27, 2019	$	0.17	10,099
September 16, 2019	September 27, 2019	$	0.17	10,075
October 15, 2019	October 28, 2019	$	0.17	10,059
November 15, 2019	November 27, 2019	$	0.17	10,059
December 16, 2019	December 27, 2019	$	0.17	10,059
Total dividends paid				$	124,477



2018 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 16, 2018	January 29, 2018	$	0.19	$	8,046
February 15, 2018	February 27, 2018	$	0.19	8,046
March 15, 2018	March 28, 2018	$	0.19	8,045
April 13, 2018	April 27, 2018	$	0.19	8,046
May 15, 2018	May 30, 2018	$	0.19	8,046
June 15, 2018	June 28, 2018	$	0.19	8,045
July 16, 2018	July 27, 2018	$	0.19	8,045
August 15, 2018	August 28, 2018	$	0.19	8,045
September 17, 2018	September 27, 2018	$	0.19	8,117
October 15, 2018	October 29, 2018	$	0.19	8,118
November 15, 2018	November 27, 2018	$	0.19	8,118
December 17, 2018	December 27, 2018	$	0.19	8,307
Total dividends paid				$	97,024



2017 Record Date	Payment Date	Rate per common share		Aggregate amount paid to holders of record
January 17, 2017	January 30, 2017	$	0.19	$	6,984
February 15, 2017	February 27, 2017	$	0.19	6,984
March 15, 2017	March 30, 2017	$	0.19	6,983
April 17, 2017	April 28, 2017	$	0.19	6,984
May 15, 2017	May 30, 2017	$	0.19	6,984
June 15, 2017	June 29, 2017	$	0.19	6,983
July 17, 2017	July 27, 2017	$	0.19	7,839
August 15, 2017	August 28, 2017	$	0.19	7,839
September 15, 2017	September 28, 2017	$	0.19	7,870
October 16, 2017	October 27, 2017	$	0.19	7,956
November 15, 2017	November 27, 2017	$	0.19	7,957
December 15, 2017	December 28, 2017	$	0.19	8,046
Total dividends paid				$	89,409