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Equity
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Equity 12. Equity
Preferred Unit Issuance and Redemption
On September 13, 2017, the Company issued 16,000,000 of 5.875% Series A Preferred Units (the “Preferred Units”) for gross proceeds of $400.0 million, or $387.5 million, net of issuance costs and expenses. Distributions on the Preferred Units were payable quarterly on March 15, June 15, September 15, and December 15 of each year, beginning on December 15, 2017, when, as and if declared by the Board of Directors, at a rate per annum of 5.875%. Distributions on the Preferred Units were discretionary and non-cumulative.
On October 7, 2019, the Company redeemed the Preferred Units in full pursuant to the tax redemption provisions of the Preferred Units at a price of $25.339757 per unit, which is equal to $25.25 per Preferred Unit plus declared and unpaid distributions to, but excluding, the redemption date.
Stock Repurchase Program
In December 2018, the Board of Directors of the Company authorized the repurchase of up to $200.0 million of common units and/or Carlyle Holdings units. As part of the Conversion, in January 2020 the Board of Directors re-authorized the December 2018 repurchase program. Under the repurchase program, shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and actual number of shares of
common stock repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. The Company did not repurchase any shares of common stock during the three months ended September 30, 2020. During the nine months ended September 30, 2020, the Company paid an aggregate of $26.4 million to repurchase and retire approximately 1.1 million shares with all of the repurchases done via open market and brokered transactions. As of September 30, 2020, $139.1 million of repurchase capacity remains under the program.
Dividends
The table below presents information regarding the quarterly dividends on the common shares, which were made at the sole discretion of the Board of Directors of the Company.
Dividend Record DateDividend Payment Date
Dividend per Common Share (1)
Dividend to Common Stockholders
(Dollars in millions, except per share data)
May 13, 2019May 20, 2019$0.19 $21.0 
August 12, 2019August 19, 20190.43 49.9 
November 12, 2019November 19, 20190.31 36.5 
February 18, 2020February 25, 20200.25 87.4 
Total 2019 Dividend Year$1.18 $194.8 
May 12, 2020May 19, 2020$0.25 $87.2 
August 11, 2020August 18, 20200.25 88.3 
November 10, 2020November 17, 20200.25 88.4 
Total 2020 Dividend Year (through Q3 2020)$0.75 $263.9 
(1) The dividends to common stockholders beginning in Q4 2019 reflect the exchange of all Carlyle Holdings partnership units to shares of common stock in The Carlyle Group Inc. in connection with the Conversion on January 1, 2020.
The Board of Directors will take into account general economic and business conditions, as well as the Company’s strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the Company’s credit facility provide certain limits on the Company’s ability to pay dividends.