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REDEEMABLE SERIES A PREFERRED STOCK
 9 Months Ended
Sep. 30, 2022
Temporary Equity Disclosure [Abstract]  
REDEEMABLE SERIES A PREFERRED STOCK REDEEMABLE SERIES A PREFERRED STOCK
On July 20, 2021, the Company redeemed the remaining 87,802 shares of its Series A Preferred Stock at an aggregate total redemption price of $88.4 million. The total price consisted of $87.8 million related to the outstanding shares of Series A Preferred Stock with a face value of $1,000 per share and $0.6 million, or $6.86 per share related to the dividends earned for the period from July 1, 2021 to but not including the July 19, 2021 redemption date. The redeemed shares of the Series A Preferred Stock, along with the dividends, were recorded on the redemption date of July 20, 2021.

The Company funded the July 20, 2021 redemption with borrowings under the Credit Facility. See Note 5 for further information regarding the Company's Credit Facility.

On April 16, 2021, the Company redeemed 60,000 shares of its Series A Preferred Stock at an aggregate total redemption price of $62.3 million. The total price consisted of $60.0 million related to the face value of $1,000 per share of Series A Preferred Stock and $2.3 million, or $39.05 per share, related to the dividends to be earned for the period from April 1, 2021 through July 18, 2021. The redeemed shares of Series A Preferred Stock, along with the dividends were recorded when the Series A Preferred Stock became mandatorily redeemable on April 16, 2021.
The Company funded the April 16, 2021 redemption with a portion of the proceeds from the March 2021 Offering and the August 2020 Offering, which raised aggregate net proceeds of approximately $80.7 million.

On January 5, 2021, the Company entered into an agreement with certain of the holders of its Series A Preferred Stock (the “January 2021 Stock Repurchase Agreement”) to repurchase 10,000 shares of Series A Preferred Stock and the associated obligations pursuant to the Company’s Convertible Secured Promissory Notes outstanding in respect thereof (the “Note Obligations”) for an aggregate purchase price of approximately $8.95 million representing a discount to the face value of such shares of Series A Preferred Stock, and no make-whole payments were required. The January 2021 Stock Repurchase Agreement contains customary representations, warranties and covenants of the parties and waivers relating to the purchased shares of Series A Preferred Stock.

Upon the closing of the transactions described above, the shares of Series A Preferred Stock purchased by the Company were retired (and the underlying Note Obligations cancelled) and are not eligible for re-issuance by the Company in accordance with the terms of the Certificate of Designations for the Series A Preferred Stock.

The changes in the net carrying value of Series A Preferred Stock from December 31, 2020 to September 30, 2021 (the quarter in which the Series A Preferred Stock was redeemed in full) are set forth below (dollars in thousands):
Series A Preferred Stock
SharesAmount
Net carrying value as of December 31, 2020154,911 $137,854 
Issuance of shares to settle PIK Dividends on January 4, 20211,193 1,193 
Repurchase of 10,000 shares on January 5, 2021
(10,000)(8,913)
Accretion of discount for the three months ended March 31, 2021— 1,473 
Net carrying value as of March 31, 2021146,104 131,607 
Issuance of shares to settle PIK Dividends on April 1, 20211,051 1,051 
Redemption of 60,000 shares on April 16, 2021
(60,000)(54,327)
Accretion of discount for the three months ended June 30, 2021— 804 
Net carrying value as of June 30, 202187,155 79,135 
Issuance of shares to settle PIK Dividends on July 1, 2021647 647 
Redemption of 87,802 shares on July 20, 2021
(87,802)(79,782)
Net carrying value as of September 30, 2021— $— 

Presented below is a summary of total and per share dividends declared during fiscal year 2021 (dollars in thousands, except per share amounts):
Dividends Payable in:TotalDividends
CashPIKDividendsPer Share
Dividends payable as of December 31, 2020$3,842 $1,193 $5,035 $32.50 
  Cash Dividends @ 10% per annum
3,660 — 3,660 23.40 
  PIK Dividends @ 3% per annum
— 1,098 1,098 7.02 
Fractional PIK shares settled for cash47 (47)— — 
Less dividends settled January 4, 2021(4,009)(1,193)(5,202)(33.26)
Dividends payable as of March 31, 20213,540 1,051 4,591 32.14 
  Cash Dividends @ 10% per annum
2,179 — 2,179 25.00 
  PIK Dividends @ 3% per annum
— 654 654 7.50 
Fractional PIK shares settled for cash7 (7)— — 
Less dividends settled April 1, 2021(3,540)(1,051)(4,591)(52.68)
Dividends payable as of June 30, 20212,186 647 2,833 32.51 
Less dividends settled on July 1, 2021(2,186)(647)(2,833)(32.27)
Dividends payable as of September 30, 2021$— $— $— $—