Subsequent Events

9 Months Ended

Sep. 30, 2021

In October 2021, the Company issued 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), with an aggregate liquidation preference of $300.0 million ($1,000 per share). The Company will pay dividends on the Series C Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $1,000 per share at a rate per annum equal to: (i) 4.125% through December 15, 2026, and payable quarterly in arrears beginning on December 15, 2021, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 3.149% per reset period from December 15, 2026 and reset every five years and payable quarterly in arrears.

The Company may redeem shares of the Series C Preferred Stock at its option, in whole or in part, from time to time, on any dividend payment date on or after December 15, 2026, for cash at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Company may also redeem shares of the Series C Preferred Stock at the Company’s option under certain other limited conditions. The Series C Preferred Stock ranks on a parity with the Series A and Series B Preferred Stock.

On November 3, 2021, the Company’s board of directors approved quarterly dividends for the Company’s Class A common stock and Series A, Series B and Series C Preferred Stock. The following table summarizes the details of the dividends that were declared:

Title of each class

Cash dividend per share

Record Date

Payment Date

Class A Common Stock

0.185

December 17, 2021

January 5, 2022

Series A Preferred Stock

0.384375

November 30, 2021

December 15, 2021

Series B Preferred Stock

11.625

November 30, 2021

December 15, 2021

Series C Preferred Stock

7.104167

November 30, 2021

December 15, 2021