Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 15 - Subsequent Events

Series C Preferred Stock

On July 26, 2022, the Board authorized a repurchase program of up to an aggregate of 2,000 shares of the Company’s outstanding Series C Preferred Stock ("Series C Preferred Stock Repurchase Program"). Under the Series C Preferred Stock 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, in consultation with the Pricing Committee of the Board, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Series C Preferred Stock 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.

A cash dividend of $0.14583 per outstanding share of Series C Preferred Stock, or $998 in the aggregate, was paid on July 27, 2022 to holders of record on July 15, 2022. We have also declared cash dividends of $0.14583 per outstanding share of Series C Preferred Stock payable August 29, 2022 to holders of record on August 15, 2022 and payable September 27, 2022 to holders of record on September 15, 2022.

Common Stock

Through July 26, 2022, we issued 4,048 shares under our 2021 Common stock ATM Sales Agreement for proceeds of $28,488 net of issuance costs and commissions of $295.

A cash dividend of $0.10 per outstanding common share, or $11,426 in the aggregate, will be paid on July 29, 2022 to holders of record on July 15, 2022. We have also declared a cash dividend of $0.10 per outstanding common share payable August 29, 2022 to holders of record on August 15, 2022.

On July 26, 2022, we submitted Articles of Amendment with the State of Maryland to increase the number of authorized shares of common stock, from 200,000 shares to 300,000 shares to be effective as of July 26, 2022.