Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Preferred Stock

The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of December 31, 2022. 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	5,321,451	$	128,522	8.125	%	April 27, 2027	April 27, 2027	3M LIBOR + 5.660%
Series B	July 19, 2017	10,713,154	259,066		7.625	%	July 27, 2027	July 27, 2027	3M LIBOR + 5.352%
Series C	November 27, 2017	10,057,445	243,411		7.250	%	January 27, 2025	January 27, 2025	3M LIBOR + 5.011%
Total		26,092,050	$	630,999

____________________

(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 an annual floating rate of three-month LIBOR plus the spread indicated within each preferred class. Each series that becomes callable at the time the stock begins to pay a LIBOR-based rate has existing LIBOR cessation fallback language.

Rollforward of Common Stock

	Number of common shares
Common shares outstanding, December 31, 2019	68,233,933
Issuance of common stock	15,306
Repurchase of common stock	(26,325)
Non-cash equity award compensation (1)	203,057
Common shares outstanding, December 31, 2020	68,425,971
Issuance of common stock	17,516,255
Non-cash equity award compensation (1)	35,606
Common shares outstanding, December 31, 2021	85,977,831
Issuance of common stock	324,896
Non-cash equity award compensation (1)	126,118
Common shares outstanding, December 31, 2022	86,428,845

____________________

(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 years ended December 31, 2022, 2021 and 2020:

	Year Ended
	December 31,
(dollars in thousands)	2022				2021				2020
Class of Stock	Amount		Per Share		Amount		Per Share		Amount		Per Share
Series A Preferred Stock	$	11,462	$	2.03	$	11,680	$	2.03	$	11,680	$	2.03
Series B Preferred Stock	$	21,547	$	1.91	$	21,921	$	1.91	$	21,922	$	1.91
Series C Preferred Stock	$	20,598	$	1.81	$	21,388	$	1.81	$	21,388	$	1.81
Series D Preferred Stock (1)	$	—	$	—	$	969	$	0.32	$	5,812	$	1.94
Series E Preferred Stock (1)	$	—	$	—	$	2,500	$	0.31	$	15,000	$	1.88
Common Stock	$	228,845	$	2.64	$	205,623	$	2.72	$	136,842	$	2.00

____________________

(1)On March 15, 2021, the Company redeemed all outstanding shares of the Company’s Series D Preferred Stock and Series E Preferred Stock. Holders of record as of such date received the redemption payment of $25.00, plus any accumulated and unpaid dividends thereon up to, but excluding, the redemption date.

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive (loss) income at December 31, 2022 and December 31, 2021 was as follows:

(in thousands)	December 31, 2022		December 31, 2021
Available-for-sale securities:
Unrealized gains	$	47,656	$	208,619
Unrealized losses	(326,367)		(22,273)
Accumulated other comprehensive (loss) income	$	(278,711)	$	186,346