Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events

Subsequent Events

Note 11—Subsequent Events

On November 7, 2019, the Company’s board of directors declared a quarterly cash dividend of $0.375 per share of 6.00% Series B Participating Preferred Stock payable on December 31, 2019 to stockholders of record as of December 14, 2019.

On November 7, 2019, the Company’s board of directors declared a quarterly cash dividend of $0.05 per share of common stock and Common units payable on January 15, 2020 to stockholders and unitholders of record as of January 1, 2020.

On November 7, 2019, the Company’s board of directors declared an annual dividend of $30.00 per Series A preferred unit payable on January 15, 2020 to holders of record on January 1, 2020. The Company accrues for the dividends on the Series A preferred units throughout the year. However, dividends on the Series A preferred units are paid annually.

On November 7, 2019, the Board has reevaluated the Stock Repurchase Program and determined that it is advisable and in the best interest of the Company to authorize and approve additional repurchases of the Company’s Common Stock and to authorize and approve repurchases of the Company’s Series B Participating Preferred Stock under the Stock Repurchase Program for an aggregate cost not to exceed $51,863,817.13.